股票代码：002202 股票简称：金风科技 公告编号：2025-069 金风科技股份有限公司 关于处置上纬新材料科技股份有限公司股份的进展公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、 | | --- | | 完整，没有虚假记载、误导性陈述或重大遗漏。 | 为优化公司资产结构，提高资产流动性及使用效率，满足公司未 来发展的资金需求，金风科技（以下简称"公司"）第七届董事会第 二十次会议及第九届董事会第四次会议同意公司全资子公司金风投 资控股有限公司（以下简称"金风投资"）通过大宗交易、集中竞价、 协议转让方式减持上纬新材料科技股份有限公司（以下简称"上纬新 材"）股份。具体内容详见公司在深圳证券交易所指定信息披露网站 巨潮资讯网（www.cninfo.com.cn）及香港联合交易所有限公司网站 （https://www.hkexnews.hk）上披露的相关公告。 一、交易进展 2025年7月8日，金风投资与上海致远新创科技设备合伙企业（有 限合伙）（简称"致远新创合伙"）签署了《关于上纬新材料科技股 份有限公司之股份转让协议》，金风投资拟以协议转让的方式向致远 新创合伙转让金风投资所持有的上纬 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDWIND SCIENCE&TECHNOLOGY CO., LTD.* 金風科技股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (Stock Code: 02208) 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 金風科技股份有限公司 馬金儒 公司秘書 北京，2025年8月28日 於本公告日期，公司執行董事為武鋼先生及曹志剛先生；公司非執行董事為高建軍先生、楊 麗迎女士及張旭東先生；公司獨立非執行董事為曾憲芬先生、劉登清先生及苗兆光先生；及 公司職工代表董事為余寧女士。 *僅供識別 股票代码：002202 股票简称：金风科技 公告编号：2025-069 金风科技股份有限公司 关于处置上纬新材料科技股份有限公司股份的进展公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完 | | --- | | 整，没有虚假记载、误导 ...

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the recovery of equipment gross margins has exceeded expectations, and the overall performance of the complete machine is expected to continue improving [5][7] - The company has shown significant revenue growth in wind power equipment, with a notable improvement in gross margins [7] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 28.54 billion RMB, representing a year-on-year increase of 41.3%, and a net profit attributable to shareholders of 1.49 billion RMB, up 7.3% year-on-year [7] - Wind power equipment revenue grew by 71.2% year-on-year, with total delivery capacity reaching 10.64 GW, a 106.6% increase [7] - The gross margin for the wind power equipment segment reached 7.97%, a significant increase of 4.22 percentage points compared to the same period last year [7] - As of June 30, the company had external orders totaling 51.8 GW, including 7.4 GW from overseas [7] Earnings Forecast and Valuation - The company’s revenue forecast for 2025-2027 has been revised upwards to 26.6 billion RMB, 38.5 billion RMB, and 44.7 billion RMB respectively, with year-on-year growth rates of 43%, 45%, and 16% [7][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 13, 9, and 8 for the years 2025, 2026, and 2027 respectively [7]

Market Overview - The wind power equipment sector experienced a decline of 1.8% on August 27, with Feiwo Technology leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the wind power equipment sector included Tianwang Electric, which rose by 2.81% to a closing price of 35.47, and Dajin Heavy Industry, which increased by 2.18% to 34.71 [1] - Conversely, Feiwo Technology saw a significant decline of 4.66%, closing at 37.42, while Jinlei Co. dropped by 4.51% to 27.31 [2] Trading Volume and Capital Flow - The wind power equipment sector saw a net outflow of 356 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2] - The trading volume for Tianwang Electric was 970,400 shares, while Dajin Heavy Industry had a trading volume of 282,500 shares [1] Individual Stock Capital Flow - Tianwang Electric had a net inflow of 497 million yuan from institutional investors, while New Qianglian experienced a net outflow of 50.27 million yuan from retail investors [3] - The capital flow data indicates that retail investors were more active in certain stocks, with significant inflows into Tianwang Electric and outflows from New Qianglian [3]

Core Viewpoint - Morgan Stanley's report indicates that Goldwind Technology (02208) exceeded expectations in its first-half performance, with a core wind turbine business gross margin of 8%, surpassing the management's annual guidance of 7% and the bank's previous forecast of 6.4% [1] Financial Performance - The operational and asset disposal income from wind farms was below expectations; however, the bank believes that the market has adequately recognized the challenges in the wind farm business [1] - The bank has raised its profit forecasts for 2025 to 2027 by 3% to 7% [1] Target Price Adjustments - The target price for H-shares has been increased by 34% to HKD 10.3 [1] - The target price for A-shares has been raised by 29% to RMB 14.6 [1] Rating Changes - The rating for H-shares has been downgraded from "Overweight" to "Neutral" [1] - The rating for A-shares remains at "Overweight" [1]

摩根大通发布研报称，金风科技（002202）(02208)上半年业绩胜预期，核心风机业务毛利率达8%，高 于管理层全年7%的指引及该行原先预期的6.4%。风电场营运与资产处置收益低于预期，但该行认为市 场对风电场业务的挑战已有充分认知。该行将2025至27年盈利预测上调3%至7%，并将H股目标价上调 34%至10.3港元，金风A股(002202.SZ)目标价升29%至14.6元人民币;H股评级由"增持"降至"中性"，重申 对A股"增持"评级。 ...

Core Viewpoint - Morgan Stanley's research report indicates that Goldwind Technology's performance in the first half of the year exceeded expectations, with a core wind turbine business gross margin of 8%, surpassing the management's annual guidance of 7% and the bank's previous expectation of 6.4% [1] Financial Performance - The operating income and asset disposal gains from wind farms were below expectations, but the bank believes that the market has adequately recognized the challenges in the wind farm business [1] - The bank has raised its profit forecasts for 2025 to 2027 by 3% to 7% [1] Target Price Adjustments - The target price for H-shares has been increased by 34% to HKD 10.3, with the rating downgraded from "Overweight" to "Neutral" [1] - The target price for A-shares has been raised by 29% to CNY 14.6, maintaining an "Overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6][7]. Core Insights - The company reported strong revenue growth of 41.26% year-on-year, reaching 28.537 billion CNY in the first half of 2025, with a net profit of 1.488 billion CNY, reflecting a 7.26% increase [1]. - The order backlog has shown robust growth, with external orders increasing by 45.58% year-on-year to 51.81 GW, including a 42.27% increase in overseas orders [2]. - The company's wind turbine sales have significantly improved, with a 106.60% increase in sales volume to 10.64 GW in the first half of 2025, driven by a recovery in domestic wind power demand [2]. - The gross margin for wind turbine and component sales improved by 4.22 percentage points to 7.97%, indicating enhanced profitability [2]. - The company is actively expanding its wind power service and investment business, achieving service revenue of 2.896 billion CNY, with a 9.56% increase in after-sales service revenue [3]. Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 19.065 billion CNY, a 44.18% year-on-year increase and a 101.28% quarter-on-quarter increase, with a net profit of 919 million CNY [1]. - The company expects net profits for 2025-2027 to be 3.221 billion CNY, 4.136 billion CNY, and 4.836 billion CNY respectively, with significant upward revisions of 23%, 35%, and 43% [4]. Market Position - The company is focusing on international and offshore business, which is expected to support its market share growth [2]. - The average operating hours for domestic units reached 1,255 hours, exceeding the national average by 168 hours, contributing to increased revenue from power generation [3]. Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 0.76 CNY, 0.98 CNY, and 1.14 CNY, with corresponding price-to-earnings (P/E) ratios of 16 and 11 for A and H shares respectively [4][5].

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry has seen a rebound in bidding prices since October last year, with continuous increases in March and June this year, exceeding a 10% rebound from the lowest point [1][4] - The domestic wind power installation capacity is expected to reach 115 GW (onshore 105 GW, offshore 10 GW), representing a year-on-year growth of 30%-40%, driven by the "install as much as possible" policy at the end of the 14th Five-Year Plan [1][4] - The offshore wind power market is expected to remain prosperous for the next two to three years, with intense competition anticipated until 2027 [1][4] Key Points and Arguments - The decline in steel prices (down nearly 20% from the beginning of the year to July) and improvements in management and scale effects have significantly enhanced the gross profit margins of wind turbine companies, leading to a potential earnings recovery that may exceed expectations [1][2][4] - The decrease in government bond yields has lowered the financing costs for state-owned enterprises, with an acceptable minimum internal rate of return (IRR) now above 5% [1][4] - The European market is experiencing strong demand as countries aim to reduce dependence on Russian oil and gas, with offshore wind power utilization hours exceeding 4,000 hours annually [1][4] Market Dynamics - Recent performance in the wind power sector has been strong, with many companies reporting better-than-expected results for the second quarter, such as Goldwind's second-quarter earnings reaching 920 million RMB, a significant increase of over 60% quarter-on-quarter [2] - The wind power sector is currently undervalued, with turbine companies trading at approximately 10 times earnings and component companies at about 15 times earnings for the next year [3][8] Future Catalysts - The main catalysts for the wind power industry include strong performance in the second quarter and anticipated better results in the third quarter, as well as new order opportunities, particularly from overseas markets like the UK and France [7] - The potential for significant profits exists once companies enter overseas markets, especially given the current strategic retreat of leading overseas wind power companies [5][6] Additional Insights - The current valuation of wind power companies is at historical lows, with major recommendations including Goldwind, Yunda, and Mingyang Smart Energy, as well as component manufacturers like Dongfang Cable and Hailey [8] - The industry is expected to benefit from a surge in overseas project bidding, which could serve as a significant catalyst for growth [7]