Investment Rating - The investment rating for the company is "Buy" based on a relative price increase expectation of over 15% within six months [13]. Core Insights - The company reported a significant year-on-year increase in performance for Q1 2025, with total revenue reaching 9.472 billion yuan, a growth of 35.72%, and a net profit attributable to shareholders of 568 million yuan, up 70.84% [2][3]. - The sales capacity for the first quarter was 2.59 GW, marking an 80.16% increase compared to the previous year, with large megawatt units (6 MW and above) accounting for 70.47% of total sales [3][8]. - The company’s gross profit margin for Q1 was 21.8%, reflecting a year-on-year decline of 4.3 percentage points but a quarter-on-quarter increase of 12.5 percentage points [3]. - Operating cash flow showed a significant improvement, with a net outflow of 1.636 billion yuan, a reduction of 72.97% from the previous year [3]. Order Backlog and Forecast - As of March 31, 2025, the company had a total order backlog of 51.1 GW, a year-on-year increase of 51.81%, with external orders at 48.6 GW, including 6.9 GW from overseas [8]. - The company expects revenues of 72.68 billion yuan, 75.36 billion yuan, and 83.93 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 3.06 billion yuan, 3.49 billion yuan, and 4.24 billion yuan [8][9].

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade relations is expected to benefit large-scale energy storage [2][5]. - The wind power sector is witnessing significant contract wins, such as a €1 billion order for offshore wind foundations, indicating a robust pipeline for future projects [5][6]. - The electric grid sector is advancing with the integration of artificial intelligence, as outlined in the State Grid's white paper, which aims to enhance the digital transformation of the power industry [7][8]. Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at addressing structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and ongoing discussions about supply-side reforms [5]. - Companies to watch include Sungrow Power and Canadian Solar, which are expected to benefit from improved market conditions and technological advancements [5]. Wind Power - Major contracts, such as the €1 billion order from a European energy company, highlight the growth potential in the offshore wind market [5][6]. - The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026, indicating a strong future demand for wind power infrastructure [5][6]. Electric Grid - The State Grid's white paper emphasizes the integration of AI in power production, which is expected to support the construction of a new type of power system [7][8]. - The upcoming high-voltage direct current projects are projected to commence in December 2025, reinforcing the growth trajectory of the electric grid sector [8]. New Energy Vehicles & Lithium Batteries - The report notes a decline in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% indicates seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with significant developments in solid-state battery technology being reported by companies like BETTERRY and Guoxuan High-Tech [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province to support the hydrogen economy [10][12]. - The report highlights the establishment of hydrogen highways, which are expected to facilitate the adoption of hydrogen vehicles and meet the goals set for the 14th Five-Year Plan [8][12].

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" [1] Core Views - The offshore wind power sector is progressing steadily with major projects expected to commence in the first half of 2025, and over 25GW of projects approved and awaiting bidding nationwide, indicating a record year for bidding in 2025. The average annual installed capacity for offshore wind during the 14th Five-Year Plan is expected to exceed 20GW, significantly surpassing the previous plan's levels. Onshore wind installations are projected to exceed 90GW in 2025, with stable main unit prices and cost reductions driving a rebound in profitability. The export of Chinese wind turbines is gaining momentum, with high growth in orders expected from 2025 to 2026, leading to significant profit elasticity in manufacturing. The profitability of components is expected to decline from 2022 to 2024 but is anticipated to recover in 2025 [4][5]. Summary by Sections Industry News - The wind power sector has seen a general increase in stock prices over the past two weeks, with the top three performing segments being complete machines (+3.1%), blades (+2.9%), and mooring systems (+1.7%). The top three individual stocks in terms of growth are Lixing Co. (+9.6%), Zhongcai Technology (+8.6%), and Guoda Special Materials (+7.9%) [3]. Market Performance - As of 2025, the cumulative publicly tendered capacity for wind turbines nationwide is 46.3GW (+75%), with onshore wind accounting for 36.8GW (+57%) and offshore wind for 9.6GW (+213%). The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,774 CNY/kW. For 2024, the total publicly tendered capacity is expected to reach 107.4GW (+61%) [7][11]. Investment Recommendations - Four key areas to focus on include: 1) Leading companies in tower/pile production with high capacity and 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, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Times New Materials, Hewei Electric, Riyue Co., and Sany Renewable Energy [5][6].

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade tensions is seen as a significant benefit for large-scale energy storage [2][5]. - In the wind energy sector, major contracts and investments are being made, indicating a robust growth trajectory for leading turbine manufacturers [5][6]. - The report emphasizes the integration of artificial intelligence in the power grid, suggesting that companies involved in grid informatization will benefit from this trend [7][8]. Summary by Relevant Sections Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at resolving structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [2][5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and the publication of a white paper on artificial intelligence in the power sector [5][8]. - Recommended companies include Sungrow Power, Canadian Solar, and others that are expected to benefit from the easing of trade tensions and new pricing policies [5][8]. Wind Energy - Major contracts, such as a €1 billion order from a European offshore wind project, highlight the growth potential in this sector. The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026 [5][6]. - Companies like Goldwind and Envision are expected to see improved profitability as they expand their international presence [5][6]. Electric Grid - The National Grid's white paper on artificial intelligence outlines a comprehensive plan for integrating AI into power production, which is expected to enhance operational efficiency [7][8]. - The report notes that the upcoming high-voltage direct current projects are set to commence in December 2025, indicating a significant investment phase for related companies [7][8]. New Energy Vehicles & Lithium Batteries - The report indicates a slowdown in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% suggests seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with companies like BETTERRY and Guoxuan High-Tech launching new solid-state battery products [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province. This is expected to create new opportunities in the hydrogen sector [10][12]. - The report highlights the importance of hydrogen highways as a key application for hydrogen vehicles, with several provinces implementing toll exemptions to promote this initiative [10][12].

本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景 路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 23 日（周五） 15:00-17:30。届时公司高管将在线就公司 2024 年度业绩、公司治理、 发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 金风科技股份有限公司 股票代码：002202 股票简称：金风科技 公告编号：2025-031 金风科技股份有限公司 关于参加新疆辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，金风科技（以下简称"公司"） 将参加由新疆上市公司协会根据新疆证监局工作部署，联合深圳市全 景网络有限公司举办的"2025 年新疆辖区上市公司投资者网上集体 接待日活动"，现将相关事项公告如下： 董事会 2025 年 5 月 16 日 ...

Group 1 - The core viewpoint of the articles highlights the significant rebound of Goldwind Technology's H shares, which have increased over 50% since early April, outperforming the Hang Seng China Enterprises Index, which rose 18% during the same period [1][2] - Morgan Stanley noted that Goldwind Technology's stock price dropped 21% on April 7, providing an attractive entry point due to its lack of exposure to the U.S. market, and the subsequent strong Q1 2025 performance and positive management comments confirmed a recovery trend [1][2] - The stock is currently trading at a price-to-book ratio of 0.55 times for the fiscal year 2026, and Morgan Stanley maintains an "overweight" rating on the stock [1] Group 2 - Arctech, a solar tracker manufacturer, shares similarities with Goldwind Technology, including no exposure to the U.S. market and a stock price that remains over 5% lower than its level before April 7 [1][5] - Despite weak Q1 earnings and order momentum, Morgan Stanley believes this is related to the nature of solar tracker products, which can exhibit volatility in quarterly shipments and orders [1][5] - Morgan Stanley maintains an "overweight" rating on Arctech, anticipating that order growth could catalyze a strong rebound similar to that of Goldwind Technology [1][5] Group 3 - The investment logic for Arctech is supported by a positive outlook for solar demand in emerging markets, particularly in the Middle East, where it is expected to maintain a leading market share due to its technological and cost advantages [6] - The company is projected to alleviate concerns regarding future order acquisition, benefiting from the growth in solar demand in emerging markets [6] Group 4 - The irregularity of quarterly orders and bookings for tracker companies is attributed to the nature of solar farm development, where trackers are often ordered last and require timely delivery for installation [7] - The order-to-sales cycle is short and highly project-dependent, leading to fluctuations in quarterly shipments and orders for tracker companies focused on large utility-scale projects [7]

日（即 2025 年 5 月 13 日）登记在册的前十名股东和前十名无限售条 件股东持股情况公告如下： 股票代码：002202 股票简称：金风科技 公告编号：2025-030 金风科技股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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。 金风科技（下称"公司"）于 2025 年 4 月 25 日召开的第八届董事 会第三十二次会议、第八届监事会第十六次会议审议通过了《关于公 司以集中竞价交易方式回购公司 A 股股份的议案》，该议案尚需提交 公司 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东会议 及 2025 年第一次 H 股类别股东会议审议。具体内容详见公司分别于 2025 年 4 月 26 日、4 月 30 日披露的《第八届董事会第三十二次会议 决议公告》（编号：2025-022）、《第八届监事会第十六次会议决议公告》 （编号：2025-023）、《关于以集中竞价交易方式回购公司 A 股股份的 公告》（编号：2025-025）、《关于召开 2025 年第一次临时股东 ...

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 5 月 15 日 002202.SZ 增持 原评级：增持 市场价格:人民币 9.32 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.9) 14.4 2.4 15.9 相对深圳成指 (8.9) 9.7 5.6 9.6 发行股数 (百万) 4,225.07 流通股 (百万) 4,128.40 总市值 (人民币 百万) 39,377.63 3 个月日均交易额 (人民币 百万) 422.47 主要股东 香港中央结算(代理人)有限公司 18.28% (18%) (6%) 7% 20% 32% 45% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 May-25 金风科技 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 13 日收市价为标准 相关研究报告 《金风科技》20240829 《金风科技》20240403 《金风科技》20230827 中银国际证券股份有限公司 具备证券投 ...

Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]

Group 1: Domestic Wind Power Market - In Q1 2025, the newly installed wind power capacity in China was 14.6 GW, a year-on-year decrease of 5.7% [3] - As of the end of Q1 2025, the cumulative installed wind power capacity reached 535.4 GW, accounting for 15.6% of the total installed power capacity, while thermal power's share decreased to 42.3% [3] Group 2: International Market Expansion - Goldwind Technology has expanded its business to 47 countries across 6 continents, with installed capacity exceeding 1 GW in North America, Australia, Asia (excluding China), and South America [3] - As of March 31, 2025, the company's external orders amounted to 6,909 MW, representing a year-on-year growth of 26.1% [3] Group 3: Product Development and Innovation - The GWHV12 platform has achieved over 10 GW in single-platform deliveries for two consecutive years, while the GWHV17 platform covers low, medium, and high wind speeds [4] - The newly launched GWH204 Ultra model addresses complex scenarios such as rural and mountainous wind power [4] - The GWHV20 platform has successfully delivered its first 1 million kW project in the same year of commissioning, showcasing high installation efficiency [4] - The new GWH300-20 (25) MW model aims to reduce the Levelized Cost of Energy (LCOE) by 10% in deep-sea applications [4] Group 4: Wind Power Service Business - By the end of 2024, the company's operational capacity in wind power services approached 40 GW, reflecting a year-on-year growth of nearly 30% [5] - In 2024, wind power service revenue reached 550,703.14 million yuan, with after-service revenue of 391,297.04 million yuan, marking a year-on-year increase of 29.26% [5] Group 5: Green Production and Operations - Goldwind Technology emphasizes resource conservation and environmental friendliness, with ISO 14001 certification covering mixed towers, energy storage, and carbon management by the end of 2024 [6] - Ten factories have established energy management systems and received ISO 50001 certification, while four factories achieved national-level green factory certification and another four received provincial-level certification [6]