作为可再生能源之一，风电发展速度正在加快。 根据中国电力企业联合会发布《中国电力行业年度发展报告2025》，非化石能源发电新增装机成为新增主体，风电和太阳能发电在新增装 机总容量中占比高达82.6%。 随着"双碳"目标深入推进，风电设备制造也面临可持续发展挑战。例如，产能扩张与碳排放产生矛盾，风机的全生命周期碳管理存在边界 模糊、供应链数据缺失等痛点，海外市场更因严苛的绿色贸易政策抬高了准入门槛。如今，有越来越多的风电企业通过建立ESG委员会在 内的可持续发展治理架构，自上而下来推动企业可持续发展。 日前，三一重能副总经理、ESG领导小组负责人廖旭东接受了21世纪经济报道记者专访。他表示，公司正在通过实施"绿电双轨制"、研发 新技术等方式减少自身碳排放。随着供应链合规等成为国际市场的"入场券"，风电企业必须因势而动，将碳减排、绿色制造、供应链责任 等纳入全流程管理，推动环境、社会与治理三位一体协同落地。这对于企业来说，既是挑战，也是机遇。 廖旭东。资料图 三层架构驱动ESG治理 《21世纪》：三一重能是否制定了具体的可持续发展路线图？ 廖旭东：企业想要实现可持续发展需要设置清晰的目标，但目标的制定也需要审慎， ...

中国经济网北京8月4日讯三一重能(688349.SH)今日股价下跌，截至收盘报25.12元，跌幅1.61%。该股 目前处于破发状态。 三一重能首次公开发行股票募集资金总额为561,091.43万元，募集资金净额为547,069.86万元。三一重能 实际募资净额比原拟募集资金多243,890.72万元。三一重能于2022年6月17日披露的招股说明书显示，该 公司原拟募集资金303,179.14万元，拟用于"新产品与新技术开发项目""新建大兆瓦风机整机生产线项 目""生产线升级改造项目""风机后市场工艺技术研发项目""三一张家口风电产业园建设项目""补充流动 资金"。 三一重能首次公开发行股票的发行费用合计14,021.58万元(不包含增值税)，其中，保荐及承销费用 11,739.30万元。 本次发行由保荐机构相关子公司跟投，跟投机构为中信证券投资有限公司，获配股数为376.5714万股， 占首次公开发行股票数量的比例为2.00%，获配金额1.12亿元，限售期为24个月。 三一重能于2022年6月22日在上交所科创板上市，发行新股18828.57万股，发行价格为29.80元/股，保荐 机构(主承销商)为中信证券， ...

Investment Projects - The company plans to raise 1.88 billion yuan, with 1.088 billion yuan allocated for the production of 1,000 units of 8MW and above onshore wind turbine gearboxes, and 793 million yuan for the production of 800 units of large offshore wind turbine gearboxes in Shantou [2] - The total investment for the projects amounts to 2.524671 billion yuan, with 1.8808 billion yuan expected to be funded through the raised capital [2] Financial Performance - The company reported revenues of 2.487 billion yuan in the first half of 2025, an increase of 81% compared to 1.372 billion yuan in the same period last year [5] - Net profit for the same period was 393 million yuan, up 67.56% from 235 million yuan year-on-year [5] - The company forecasts revenues between 3.94 billion and 4.07 billion yuan for the first nine months of 2025, representing a growth of 61.39% to 66.92% compared to 2.44 billion yuan in the previous year [5] Historical Financial Data - The company's revenue for 2022, 2023, and 2024 was reported at 3.1 billion yuan, 4.442 billion yuan, and 3.715 billion yuan respectively, with net profits of 540 million yuan, 634 million yuan, and 534 million yuan [3] - Total assets as of December 31, 2024, were 6.662 billion yuan, with a debt-to-asset ratio of 57.20% [4] Ownership Structure - The actual controllers of the company, Liu Jianguo and Kong Jinfeng, hold a combined 41.98% of the shares, with Liu Jianguo directly owning 30.53% and Kong Jinfeng 7.63% [7] - Major shareholders include Nanjing Chenrui with 27.48%, Sany Heavy Energy with 25.2%, and Binjing Investment with 13.74% post-IPO [11] Corporate History - The company was established in 2011 and initially operated under the name Beijing Sany Gearbox Equipment Co., Ltd. It acquired production equipment from Sany Heavy Energy in 2017 to enhance its manufacturing capabilities [6]

证券之星消息，8月1日风电设备板块较上一交易日上涨1.57%，通裕重工领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300185 | 通裕重工 | 2.96 | 6.47% | 267.72万 | | 7.82亿 | | 688660 | 电气风电 | 14.76 | 4.98% | 76.69万 | | 11.31亿 | | 301040 | 中环海陆 | 26.91 | 4.34% | 0 6.42万 | | 2697 | | 688349 | 三一重能 | 25.53 | 3.23% | 5.59万 | | 1.43亿 | | 002487 | 大全車工 | 32.85 | 2.91% | 17.08万 | | 5.58亿 | | 301155 | 海力风电 | 67.99 | 2.19% | 3.31万 | | 2.25亿 | | 30 ...

就此来看，主营风电齿轮箱业务的德力佳无疑存在这一问题。 数据显示，在2023年，该公司有96%的收入来自于前五大客户，这其中，超过8成的收入又来自于三家 大客户—三一重能、金风科技、远景能源。 与此同时，上述三家客户均持有该公司的股权，也就构成了关联交易。 德力佳IPO：远景能源关键时刻撤退 三一重能 、 金风科技 能否"救主"？ 对于IPO企业而言，最为关键的是业绩可持续性。 尽管有关联交易的助力，但在2024年，该公司的收入还是出现了16.36%的降幅。 其背后的关键是该公司的作为关联交易大客户的远景能源关键时刻掉链子，2024年对其贡献的收入大降 了72.81%。 不过，好在关键时刻三一重能站了出来，为其带来了13亿的收入，且同比增长达到了50%。 就是否存在着对应关联交易过于依赖的质疑，该公司则晒出了来自非关联方— 东方电气 、 运达股份 、 明阳智能 这三家公司的订单，以证明其并不是全依靠关联交易，且具有业绩持续性。 显然，德力佳再次耍了一个小把戏。 在该公司给出的订单中，是以台为主，但就价格来看，不同功率的产品，价格相差很大，每台超过10万 元。 远景能源撤退 数据显示，在该公司的股东中，有三家风 ...

21世纪经济报道记者雷椰李德尚玉北京报道 作为可再生能源之一，风电发展速度正在加快。 根据中国电力企业联合会发布《中国电力行业年度发展报告2025》，非化石能源发电新增装机成为新增 主体，风电和太阳能发电在新增装机总容量中占比高达82.6%。 随着"双碳"目标深入推进，风电设备制造也面临可持续发展挑战。例如，产能扩张与碳排放产生矛盾， 风机的全生命周期碳管理存在边界模糊、供应链数据缺失等痛点，海外市场更因严苛的绿色贸易政策抬 高了准入门槛。如今，有越来越多的风电企业通过建立ESG委员会在内的可持续发展治理架构，自上而 下来推动企业可持续发展。 日前，三一重能副总经理、ESG领导小组负责人廖旭东接受了21世纪经济报道记者专访。他表示，公司 正在通过实施"绿电双轨制"、研发新技术等方式减少自身碳排放。随着供应链合规等成为国际市场 的"入场券"，风电企业必须因势而动，将碳减排、绿色制造、供应链责任等纳入全流程管理，推动环 境、社会与治理三位一体协同落地。这对于企业来说，既是挑战，也是机遇。 《21世纪》：三一重能是否制定了具体的可持续发展发展路线图？ 廖旭东：企业想要实现可持续发展需要设置清晰的目标，但目标的制定也 ...

Core Viewpoint - The wind power industry is experiencing a significant rebound in the average monthly bidding price for land-based wind turbines starting from the end of 2024, continuing into mid-2025, indicating a potential industry-wide profitability reversal [1][2]. Group 1: Price Recovery Factors - Four main reasons support the current price recovery of wind turbines: 1) The industry market share has reached a relatively stable state, and continuous losses are unsustainable, with the signing of price discipline agreements promoting improved competition [2]. 2) The pace of turbine large-scale production has slowed, focusing on optimizing existing product lines [2]. 3) The previously relied-upon transfer of power station business may face downward risks, leading to more cautious acquisition of loss-making orders [2]. 4) Leading manufacturers are focusing on domestic offshore wind and exports, reducing competition in the domestic land-based wind sector [2]. Group 2: Profitability Outlook - The industry is expected to see a profitability reversal, with net profit margins projected to increase by 1-2 percentage points in the second half of 2025 due to a decrease in expense ratios, and a potential gross margin increase of 3-5 percentage points year-on-year starting in 2026, driven by rising delivery prices and cost improvements [3]. Group 3: Long-term Growth Drivers - The manufacturing segment is likely to benefit structurally from the increasing share of high-priced, high-margin products in domestic offshore wind and exports, with projections indicating that by 2025, these products will account for approximately 28% of total output value for turbine manufacturers, potentially rising to 46% by around 2028 [4].

Core Viewpoint - The industrial economy of Rizhao is experiencing a high-quality development curve, characterized by the simultaneous growth of traditional industries and emerging production capacities in the face of global economic challenges [2][4]. Group 1: Industrial Growth and Development - Rizhao's industrial sector is witnessing a significant transformation, with companies like Dongshenhaiyue Electronics achieving production capacity that has already surpassed the total output of the previous year within the first half of the year [2]. - The local government has initiated activities to support businesses, such as "I solve problems for enterprises," which has successfully addressed numerous market and resource needs for local companies [3]. - The SANY Heavy Energy wind power equipment manufacturing base is expected to achieve an annual output value exceeding 2.5 billion yuan upon reaching full production capacity, contributing significantly to the East China renewable energy sector [3][4]. Group 2: Government Support and Policy Initiatives - The Rizhao government has implemented mechanisms to enhance economic operation supervision and promote innovation, focusing on upgrading traditional industries and nurturing high-quality enterprises [4]. - The government has acted as a facilitator for businesses, leading to substantial financial gains for companies involved in key projects, such as the use of electronic detonators in major infrastructure projects [4]. Group 3: Emerging Industries and Market Trends - The Jinma Industrial Group is capitalizing on the growing market for lightweight materials, particularly in the automotive and aerospace sectors, indicating a strategic shift towards high-end manufacturing [5]. - A joint investment of 3 billion yuan by Jinma Industrial Group and China Shipbuilding Technology is set to establish a manufacturing base for wind power equipment, which will produce 200 sets of wind power main engines annually [5]. - The overall industrial profit in Rizhao has increased by over two times, with industrial added value growing by 8.1%, showcasing the robust performance of the industrial sector [5].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Insights - The domestic wind power industry is expected to see long-term demand remain optimistic, with significant cost advantages in electricity generation. The share of wind power development is likely to increase under the backdrop of comprehensive new energy market entry [3][4] - The wind turbine price is expected to rebound due to multiple factors, leading to a recovery in profitability for turbine manufacturers. The competitive landscape is improving as companies focus on profitability rather than just market share [3][25] - Emerging markets are anticipated to experience a turning point in wind power demand, with significant export opportunities for Chinese wind turbines. The export capacity is projected to reach 5.2GW in 2024, a year-on-year increase of 42% [3][25] Summary by Sections Domestic Wind Power Industry Development - The long-term outlook for the domestic wind power industry remains positive, with a projected CAGR of 106% for the retirement of old wind turbines from 2025 to 2030, creating demand for new equipment [3][12] - The average new installed capacity for onshore wind is expected to be 120GW in 2025, while offshore wind is projected at 10GW [12] Wind Turbine Manufacturing Industry - The report highlights a recovery in profitability for wind turbine manufacturers, with a 5%-10% increase in bidding prices for turbines in 2024 [3][25] - The average new installed capacity for onshore and offshore wind turbines is expected to reach 5.9MW and 10.0MW respectively by 2024, reflecting a significant increase from 2020 [20][24] Export Market Potential - The report emphasizes the growing international market for Chinese wind turbines, with a projected CAGR of 44% from 2020 to 2024 for exports [3][25] - The report notes that the international brand influence of Chinese wind turbines has been increasing, leading to a significant rise in overseas orders [3][25] Cost Reduction and Technological Advancements - The average cost of onshore wind power is expected to decrease to 0.1-0.15 yuan/KWh by 2025, down from 1.5 yuan/KWh in 2002, representing an 88% reduction [24] - The average cost of offshore wind power is projected to decline to 0.3 yuan/KWh by 2025, down from 1.3 yuan/KWh in 2009, a 74% decrease [24] Competitive Landscape - The report indicates that the competitive landscape is improving, with a focus on fair competition and self-regulation among manufacturers to mitigate "involution" in the industry [3][42] - The concentration of the wind turbine manufacturing industry is increasing, with the top five manufacturers accounting for 75% of new installations by 2024 [33][34]