证券代码：688349 证券简称：三一重能 公告编号：2025-015 三一重能股份有限公司 第二届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 三一重能股份有限公司（以下简称"公司"或"三一重能"）第二届董事会 第十五次会议于 2025 年 3 月 12 日在公司会议室以现场结合通讯会议的方式召 开。根据《三一重能股份有限公司章程》（以下简称"《公司章程》"）的规定，本 次会议通知于 2025 年 3 月 7 日以邮件方式发送。本次会议应出席董事 9 人，实 际出席董事 9 人，会议由董事长周福贵先生主持，本次会议的召集、召开和表决 情况符合《中华人民共和国公司法》（以下简称"《公司法》"）及有关法律、法规 的规定。 二、董事会会议审议情况 全体董事审议并以记名投票表决方式通过下列议案： （一）审议通过《关于公司<2025 年员工持股计划（草案）>及其摘要的议 案》 董事会认为：为进一步完善公司法人治理结构，促进公司建立、健全激励约 束机制，充分调动公司董事、监事、高 ...

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Views - The wind power sector is experiencing significant growth, with land-based wind power tenders increasing substantially since the beginning of the year. The offshore wind project by Three Gorges Group has commenced full construction [1][4] - 2025 is expected to be a record year for tenders, with over 25GW of projects approved and awaiting bidding. The average annual installation of offshore wind power during the 14th Five-Year Plan is projected to exceed 20GW, significantly surpassing the previous plan [4] - The industry is anticipated to see a historical high in installed capacity for land-based wind power, exceeding 90GW in 2025, with stable main engine prices and a rebound in profitability driven by technological cost reductions [4] Summary by Sections Industry News - The report highlights the significant increase in land-based wind power tenders and the commencement of major offshore projects [1][4] Market Performance - Recent performance in the wind power sector has shown a divergence, with the top-performing segments being castings (+11.4%), blades (+10.4%), and bearings (+5.6%). Notable individual stock performances include Guangda Special Materials (+14.8%) and Times New Material (+14.8%) [3] Investment Recommendations - The report suggests focusing on four key areas: 1) Leading companies in tower/pile production with high export potential 2) Leading submarine cable companies with expected recovery and opening export markets 3) Leading complete machine manufacturers with domestic profitability bottoming out and accelerating exports 4) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025 - Recommended companies include Goldwind Technology, Oriental Cable, Times New Material, Hewei Electric, Sany Renewable Energy, Daikin Heavy Industries, Sun Moon Shares, Zhongji United, and Jinlei Shares [5] Tender and Installation Data - As of 2025, the cumulative public tender capacity for wind turbines in China has reached 24.3GW (+151%), with land-based wind turbine tender capacity at 23.7GW (+145%). The average winning bid price for land-based wind turbines (excluding towers) in 2025 is 1,499 CNY/kW [11] - In 2024, the total public tender capacity for wind turbines was 107.4GW (+61%), with land-based capacity at 99.1GW (+70%) and offshore capacity at 8.4GW (-3%) [11] Company Announcements - The report notes the full construction of the 800MW offshore wind project by Three Gorges Group and the commencement of a 500kW wind power project in Xinjiang by Sany Renewable Energy [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][3] Core Views - The company reported a revenue of 18.09 billion yuan for 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders decreased by 7% to 1.86 billion yuan, primarily due to a decline in wind turbine prices and impairment provisions [1][8] - The company has made significant progress in expanding its overseas business, with new wind turbine installation capacity reaching 9.15 GW in 2024, a 23% increase year-on-year, and a domestic market share of approximately 10.5% [2][11] - The company is actively enhancing its overseas production capacity, including a joint development agreement for a wind equipment manufacturing base in Kazakhstan and expansion of its factory in India [12][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.09 billion yuan, with a net profit of 1.86 billion yuan, and a net profit margin of 10.3%, down 3.2 percentage points year-on-year [1][8] - The fourth quarter of 2024 saw a revenue of 9.02 billion yuan, a 21% increase year-on-year, and a net profit of 1.17 billion yuan, up 20% year-on-year [1][8] Market Position - The company has a cumulative wind turbine installation capacity exceeding 31.5 GW, with a domestic market share of about 5.6% as of the end of 2024 [2][11] - The company signed contracts for a total of 1,624 MW of wind turbine sales in India, indicating strong growth in overseas orders [12][14] Profitability Forecast - The profit forecast for 2025 and 2026 has been revised down to 2.33 billion yuan and 2.82 billion yuan, respectively, reflecting a year-on-year growth of 25% and 21% [3][15] - The current stock price corresponds to a price-to-earnings ratio (PE) of 14.7 for 2025 and 12.2 for 2026 [3][15]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][3] Core Views - The company reported a revenue of 18.09 billion yuan for 2024, representing a year-on-year growth of 21%. However, the net profit attributable to shareholders decreased by 7% to 1.86 billion yuan, primarily due to a decline in wind turbine prices and impairment provisions [1][8] - The company has seen a steady increase in wind turbine sales, with a new installation capacity of 9.15 GW in 2024, up 23% year-on-year, capturing approximately 10.5% of the domestic market share [2][11] - The company is actively expanding its overseas market presence, signing contracts for a total of 1,624 MW of wind turbine sales in India, which is expected to significantly boost its overseas order volume [2][12] - The company has also made progress in establishing overseas production capacity, including a wind equipment manufacturing base in Kazakhstan and expansion of its factory in India [2][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 18.09 billion yuan, a 21% increase year-on-year, while the net profit attributable to shareholders was 1.86 billion yuan, down 7% [1][8] - The fourth quarter of 2024 saw a revenue of 9.02 billion yuan, a 21% increase year-on-year and a 138% increase quarter-on-quarter [1][8] - The net profit margin for 2024 was 10.3%, a decrease of 3.2 percentage points year-on-year [1][8] Market Position and Growth - The company’s cumulative wind turbine installation capacity exceeded 31.5 GW by the end of 2024, with a domestic market share of approximately 5.6% [2][11] - The company is focusing on enhancing its wind farm resource development, with over 2 GW of self-built wind farms currently under construction [11][12] Future Outlook - The profit forecast for 2025 and 2026 has been revised down to 2.33 billion yuan and 2.82 billion yuan, respectively, reflecting a year-on-year growth of 25% and 21% [3][15] - The current stock price corresponds to a price-to-earnings ratio (PE) of 14.7 for 2025 and 12.2 for 2026 [3][15]

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry [3][22]. Core Insights - In January 2025, the central enterprises' wind power project bidding totaled 6.24GW, indicating an increase in market concentration among leading companies [4][10]. - The total approved wind power projects in January 2025 reached 11.3GW, with 85 projects, including 81 onshore and 2 offshore projects [4][10]. - The average bidding price for onshore wind projects (including towers) was 2199 RMB/kW, while the average price excluding towers was 1598 RMB/kW [4][10]. Summary by Sections Industry Performance Review - The photovoltaic index decreased by 0.59% from February 10 to 14, 2025, while the CSI 300 index increased by 1.19%, indicating underperformance of the photovoltaic sector [9]. - The wind power index fell by 1.65% during the same period, with only a few stocks showing positive growth [9]. Industry Updates - The bidding scale for central enterprise wind power projects in January 2025 saw a year-on-year decline of 70.4%, attributed to the large-scale project releases in 2024 and ongoing project planning and approval processes [5][11]. - Despite the decline in bidding scale, there are emerging characteristics in market concentration, regional distribution, and pricing trends, highlighting the competitive edge of comprehensive wind turbine manufacturers [5][11]. Key Companies - Notable companies in the sector include Dongfang Cable, Dajin Heavy Industry, Jinlei Co., Sunshine Power, and CITIC Bo [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 2024 performance forecast with total revenue expected to reach 18.1 billion yuan, representing a year-on-year increase of 21.1%. However, the net profit attributable to shareholders is projected to decline by 7.5% to 1.86 billion yuan [7] - The company is expanding its overseas footprint with the construction of a wind power equipment factory in Kazakhstan, with a total investment of 114 million USD, expected to be completed by the end of 2025 [7] - Due to lower-than-expected scale of wind farm transfers, the earnings forecast for 2024-2026 has been adjusted downwards, with net profits projected at 1.88 billion, 2.39 billion, and 2.74 billion yuan respectively [7] Financial Summary - Total revenue for 2022 was 12.33 billion yuan, with a year-on-year growth of 20.89%. For 2023, it is expected to be 14.94 billion yuan, a growth of 21.21% [1] - The net profit attributable to shareholders for 2022 was 1.65 billion yuan, with a growth of 2.78%. The forecast for 2023 is 2.01 billion yuan, reflecting a growth of 21.78% [1] - The latest diluted EPS for 2023 is projected at 1.64 yuan per share, with a P/E ratio of 16.82 [1][8]

Financial Performance - Total operating revenue for 2024 reached CNY 1,808,908.30 million, an increase of 21.09% compared to the previous year[3] - Net profit attributable to shareholders of the parent company was CNY 185,675.80 million, a decrease of 7.46% year-on-year[3] - Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 163,409.24 million, a slight increase of 0.66%[3] - Earnings per share decreased to CNY 1.5443, down 8.11% from the previous year[3] Assets and Equity - Total assets at the end of the reporting period were CNY 4,210,952.60 million, up 26.17% from the beginning of the period[5] - Shareholders' equity attributable to the parent company increased to CNY 1,376,220.30 million, a growth of 7.57%[5] Market Performance - The company's wind turbine products maintained good profitability despite a decline in bidding prices in the wind power industry[7] - The company achieved significant growth in both domestic wind turbine sales and new orders in overseas markets[6] - The Shaoshan factory was recognized as the world's first lighthouse factory in the wind power industry[6] - The company emphasizes high-quality development amidst a competitive wind power market[6]

二、本次延期募投项目的基本情况 中信证券股份有限公司 关于三一重能股份有限公司 部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为三一重能股份有限公 司（以下简称"三一重能"或"公司"）首次公开发行股票并在科创板上市的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》等相关规定履行持续督导职责，对三一重能部分募投项目延期的事项 进行了核查，核查情况如下： 一、募集资金基本情况 2022 年 4 月 15 日，中国证券监督管理委员会印发《关于同意三一重能股份 有限公司首次公开发行股票注册的批复》（证监许可〔2022〕817 号），同意公司 首次公开发行股票的注册申请。公司首次公开发行人民币普通股 188,285,715 股， 发行价格为 29.80 元/股，募集资金总额为人民币 561,091.43 万元，扣除不含税发 行费用人民币 14,021.58 万元，实际募集资金净额为人民币 547,069.86 万元。 上述募集资金已全部到位，安永华明会计师事务所（特殊普通合伙）对本次 发行募集资金的到账情况进行了审验，并于 2022 年 6 月 17 日 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-013 二、募集资金投资项目情况 1、根据公司《首次公开发行股票并在科创板上市招股说明书》，本次发行 募集资金总额扣除发行费用后，投入以下项目的建设： 三一重能股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资金 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2025 年 1 月 23 日，三一重能股份有限公司（以下简称"三一重能"或"公 司"）召开第二届董事会第十四次会议、第二届监事会第十二次会议，审议通过 《关于部分募投项目结项并将节余募集资金永久补充流动资金的议案》，同意公 司将募投项目"三一锡林郭勒零碳智造产业园项目"、"三一重能智能风电装备 制造产业园建设项目"予以结项，并将节余募集资金用于永久补充流动资金。上 述事项在公司董事会审批权限范围内，无需提交股东大会审议。保荐机构中信证 券股份有限公司对本事项出具了明确的核查意见。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意三一重能股份有限公司首 ...

三一重能股份有限公司 第二届董事会独立董事专门会议第八次会议决议 表决结果：3 票同意，0 票反对，0 票弃权。 三一重能股份有限公司（以下简称"公司"）第二届董事会独立董事专门会 议第八次会议于 2025 年 1 月 23 日以通讯会议方式召开。本次会议应出席独立董 事人数为 3 名，实际出席独立董事人数为 3 名，独立董事邓中华先生主持本次会 议，本次会议的召集、召开及表决程序符合《中华人民共和国公司法》（以下简 称"《公司法》"）等法律、行政法规、部门规章、规范性文件和《三一重能股 份有限公司章程》（以下简称"《公司章程》"）、《三一重能股份有限公司独 立董事工作制度》等相关规定。经与会独立董事认真审议，形成决议并发表审核 意见如下： 一、审议通过《关于部分募投项目结项并将节余募集资金永久补充流动资 金的议案》 独立董事认为：本次部分募投项目结项并将节余募集资金永久补充流动资金 的事项是公司结合生产经营实际情况和募集资金使用情况，本着对股东利益负 责、对公司利益负责的原则所作出的慎重决策，不存在损害公司及全体股东特别 是中小股东利益的情形，不会对公司生产经营造成重大影响，符合公司和全体股 东的利益；决策 ...