Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][3]. Core Insights - The company reported a revenue of 50.457 billion yuan in 2023, an increase of 8.66% year-on-year, while the net profit attributable to shareholders decreased by 44.16% to 1.331 billion yuan [2]. - The company has seen a continuous increase in its order backlog, reaching a total of 30,401.12 MW by the end of 2023, which is a year-on-year growth of 12.13% [2]. - The sales capacity of large megawatt products has increased, with sales of 6 MW and above units rising by 29.36% to 6,146.59 MW [2]. - The company’s wind power service and wind farm investment businesses are expanding, contributing to overall performance [2]. Summary by Sections Revenue Performance - In Q4 2023, the company achieved a revenue of 21.138 billion yuan, a year-on-year increase of 4.26% [2]. - The total sales capacity of wind turbine units remained stable at 13,772.29 MW, consistent with 2022 [2]. Profitability - The gross margin for wind turbine and component sales increased by 0.18 percentage points to 6.41%, although it remains at a low level due to intensified market competition [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.553 billion yuan, 1.806 billion yuan, and 2.024 billion yuan respectively, reflecting a downward adjustment of 59% and 58% for 2024 and 2025 [2]. Order Backlog and Market Position - The company’s order backlog includes 10,411.49 MW for 4 MW to 6 MW units and 9,461.05 MW for units above 6 MW [2]. - The report indicates that the company’s wind turbine quality and after-sales service capabilities remain industry-leading, which is expected to support a gradual increase in market share [2]. Future Outlook - The report introduces profit forecasts for 2026, with an expected EPS of 0.48 yuan [2]. - The current A/H share prices correspond to a PE ratio of 20 and 7 times for 2024, respectively [2].

证券研究报告·公司点评报告·风电设备 金风科技（002202） 2023 年年报点评：23 年风机出货略超预期， 2024年 03月 30日 看好大型化提升优化盈利 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 46,437 50,457 68,073 71,524 74,004 执业证书：S0600523070003 同比 -8.77% 8.66% 34.91% 5.07% 3.47% guoyn@dwzq.com.cn 归母净利润（百万元） 2,383 1,331 1,512 1,826 2,019 同比 -36.12% -44.16% 13.58% 20.78% 10.57% 股价走势 EPS-最新摊薄（元/股） 0.56 0.32 0.36 0.43 0.48 金风科技 沪深300 P/E（现价&最新摊薄） 13.35 23.90 21.04 17.42 15. ...

| | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | □媒体采访 业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 长江证券 邬博华 | | | | 中金公司 车昀佶 | | | 人员姓名 | 财通证券 张一驰 | | | | 汇丰银行 许冰莹 | | | | 长江证券 司鸿厉 | | | | 东吴证券 虞佑桢 | | | 时间 | 2024年3月29日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 总裁 曹志刚 副总裁及董事会秘书 马金儒 | | | 员姓名 | 首席财务官 王宏岩 | | | | 投资者关系主管 于洋 目前全球和中国风电装机量如何？ | | | | 答：根据彭博新能源财经的数据，2023年，全球风电新增装机容量为 | | | | 118GW，相较于2022年增长36%；其中陆上风电新增装机容量为106.7GW， | | | | 同比上升37%；海上风电新增装机容量达11. ...

新疆金风科技股份有限公司投资者关系活动记录表 附件二：投资者关系活动记录表格式 证券代码： 002202 证券简称：金风科技 | | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | □媒体采访 业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 长江证券 邬博华 | | | | 中金公司 车昀佶 | | | 人员姓名 | 财通证券 张一驰 | | | | 汇丰银行 许冰莹 | | | | 长江证券 司鸿厉 | | | | 东吴证券 虞佑桢 | | | 时间 | 2024年3月29日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 总裁 曹志刚 副总裁及董事会秘书 马金儒 | | | 员姓名 | 首席财务官 王宏岩 | | | | 投资者关系主管 于洋 目前全球和中国风电装机量如何？ | | | | 答：根据彭博新能源财经的数据，2023年，全球风电新增装机容量为 | | | | 118GW，相较于 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Views - The company has achieved a record high in its order backlog, with a total of 30.4GW as of the end of 2023, representing a year-on-year increase of 12.13% [4]. - The company continues to lead the domestic market for 13 consecutive years, with a market share of 20% in new wind power installations in China [4]. - The revenue for 2023 reached 50.457 billion RMB, an increase of 8.66% year-on-year, while the net profit attributable to the parent company was 1.331 billion RMB, a decrease of 44.16% year-on-year [4]. Summary by Relevant Sections Financial Performance - Revenue (in million RMB): - 2022: 46,437 - 2023: 50,457 - 2024E: 59,135 - 2025E: 67,737 - 2026E: 75,542 - Revenue Growth Rate: - 2022: -8.17% - 2023: 8.66% - 2024E: 17.20% - 2025E: 14.55% - 2026E: 11.52% [3][4]. Profitability Metrics - Net Profit (in million RMB): - 2022: 2,383 - 2023: 1,331 - 2024E: 2,558 - 2025E: 2,831 - 2026E: 3,220 - Net Profit Growth Rate: - 2022: -31.05% - 2023: -44.16% - 2024E: 92.20% - 2025E: 10.67% - 2026E: 13.75% [3][4]. Market Position - The company has maintained its position as the top player in the domestic wind power market, with a significant increase in the proportion of large wind turbines sold, particularly those above 4MW [4]. - The company’s external orders include 20.7GW of pending execution and 9.1GW of orders won but not yet signed [4]. Future Outlook - The report adjusts the net profit forecast for 2024 to 2.558 billion RMB, reflecting a 25% decrease, and for 2025 to 2.831 billion RMB, reflecting a 31% decrease [4].

Financial Performance - The total operating revenue for 2023 was CNY 50,457,189,147.74, representing an increase of 8.66% compared to 2022[12]. - The net profit attributable to shareholders for 2023 was CNY 1,330,997,963.11, a decrease of 44.16% from the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,285,485,594.34, down 35.32% year-on-year[12]. - The basic earnings per share for 2023 was CNY 0.2879, a decline of 44.67% compared to 2022[12]. - The total operating revenue for the year reached CNY 50,457,169,147.74, with a quarterly breakdown of CNY 5.56 billion, CNY 13.44 billion, CNY 10.32 billion, and CNY 21.14 billion respectively[16]. - The total net profit for the year was impacted by non-recurring losses, with a total of CNY 45,512,368.77 recognized in this category[18]. - The company reported a strong performance in Q3 2023, with revenue reaching RMB 5.2 billion, representing a 15% increase year-over-year[100]. - The company reported a total revenue of 10 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[128]. Cash Flow and Assets - The net cash flow from operating activities for 2023 was CNY 1,854,041,184.75, a decrease of 68.48% compared to 2022[12]. - The net cash flow from operating activities for the fourth quarter was CNY 6,576,218,152.88, indicating a recovery in cash generation[16]. - The total assets at the end of 2023 amounted to CNY 143,494,599,670, an increase of 4.88% from the previous year[12]. - The total cash and cash equivalents decreased by RMB 2,208.61 million in 2023, a decline of 132.95% compared to the previous year[73]. - As of December 31, 2023, cash and cash equivalents accounted for 9.93% of total assets, down from 11.42% at the beginning of the year[75]. - Accounts receivable increased to RMB 25,548.00 million, representing 17.80% of total assets, compared to 17.75% in the previous year[75]. - The total investment during the reporting period was RMB 4,100,597,161.23, which is a significant increase of 106.97% compared to RMB 1,981,289,608.70 in the previous year[81]. Market and Product Development - The company is focusing on new product development and market expansion strategies to enhance its competitive position[12]. - The company maintained a domestic market share of 20% with a new installed capacity of 15.67 GW in China, ranking first for 13 consecutive years[41]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon neutrality initiatives[38]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[100]. - New product development includes the launch of a next-generation wind turbine, expected to improve efficiency by 15%[100]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 2 billion RMB allocated for potential mergers and acquisitions[121]. Research and Development - Research and development expenses increased by 19.01% to ¥1,890,625,695.39 in 2023, compared to ¥1,588,653,662.98 in 2022[70]. - R&D investment reached ¥2,264,684,567.32 in 2023, a 1.94% increase from ¥2,221,529,197.73 in 2022[72]. - The company has a total of 5,980 domestic patent applications, with 3,566 being invention patents, accounting for 60% of the total[50]. - The company is committed to research and development, focusing on new technologies and products to enhance market competitiveness[110]. Environmental Compliance and Sustainability - The company achieved carbon neutrality for its operational scope (Scope 1 and Scope 2) in 2023 by purchasing offsetting products[182]. - The company has established a total nitrogen discharge of 218.76 tons from its facilities, reflecting its operational capacity[170]. - The company is focused on continuous improvement in wastewater treatment processes to enhance environmental compliance and sustainability[167]. - The company invested a total of RMB 65.9439 million in environmental governance and protection, focusing on areas such as environmental monitoring, equipment modification, and maintenance[178]. - The company has implemented over 40 energy-saving and carbon reduction measures, achieving an annual electricity saving of approximately 10.31 million kWh and a reduction of carbon emissions by about 7,057 tons[178]. Governance and Management - The governance structure remains compliant with legal requirements, ensuring no significant discrepancies with regulatory standards[103]. - The company has a remuneration decision-making process based on the shareholders' meeting and performance evaluations[132]. - The company has established a governance structure that is clear in responsibilities and mutual checks, ensuring compliance with relevant laws and regulations[156]. - The board of directors includes independent members with expertise in asset evaluation and financial management, ensuring robust governance and oversight[117]. - The company has not faced any objections from its board members regarding company matters during the reporting period, indicating a unified leadership approach[139]. Strategic Partnerships and Collaborations - The company has established a strategic partnership with Tencent to develop an intelligent operation solution for wind farms, enhancing operational efficiency and safety[53]. - The company approved the establishment of a partnership with Ningbo Aosheng Equity Investment Co., Ltd. and Henan State-owned Capital Operation Group Private Fund Management Co., Ltd. to expand its market presence[137]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions[110]. Social Responsibility - Jinlong Technology has supported rural revitalization through various initiatives, benefiting over 100,000 rural students from its teacher training program across 27 provinces, with more than 1,200 teachers trained[184]. - The company has engaged in community sports initiatives, such as organizing youth basketball tournaments in Xinjiang to promote sports education[184]. - Jinlong Technology's commitment to social responsibility includes partnerships with local charities to support families affected by drought and improve living conditions in rural areas[185].

Financial Performance - The total operating revenue for 2023 was CNY 50,457,189,147.74, representing an increase of 8.66% compared to 2022[12]. - The net profit attributable to shareholders of the listed company decreased by 44.16% to CNY 1,330,997,963.11 from CNY 2,383,432,917.84 in 2022[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,285,485,594.34, down 35.32% from the previous year[12]. - The net cash flow from operating activities was CNY 1,854,041,184.75, a decrease of 68.48% compared to CNY 5,881,321,189.73 in 2022[12]. - Basic and diluted earnings per share were both CNY 0.2879, down 44.67% from CNY 0.5203 in the previous year[12]. - The weighted average return on net assets was 3.45%, a decrease of 2.93% from 6.38% in 2022[12]. - The company reported a cash flow from operating activities of CNY 6,576,218,152.88 in the fourth quarter, indicating a recovery in cash generation[16]. - The company achieved a revenue of RMB 5,045,718.91 million and a net profit attributable to the parent company of RMB 133,099.80 million in 2023[40]. - The company’s wind power segment generated revenue of CNY 49,093,966,046.74, representing an 8.71% increase compared to the previous year[58]. - The company’s wind farm development revenue surged by 57.96% to CNY 10,915,397,489.53, driven by the successful implementation of the power station product sales model[59]. Assets and Liabilities - Total assets at the end of 2023 were CNY 143,494,599,670, an increase of 4.88% from CNY 136,822,377,970 at the end of 2022[12]. - The company’s net assets attributable to shareholders decreased by 1.27% from the previous year, amounting to CNY 37,609,898,971.17[17]. - The total cash and cash equivalents decreased by RMB 2,208,607,903.17 in 2023, representing a decline of 132.95% year-on-year[71]. - Accounts receivable amounted to RMB 25,548,001,235.08, representing 17.80% of total assets, a slight increase from 17.75% year-on-year[73]. - Inventory increased to RMB 15,257,241,921.89, accounting for 10.63% of total assets, up from 7.20% at the beginning of the year[73]. - Long-term borrowings were RMB 28,150,614,439.84, representing 19.62% of total assets, a decrease from 20.73% at the beginning of the year[73]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.0 per 10 shares, totaling CNY 422,506,764.70 based on 4,225,067,647 shares[2]. - The company distributed a cash dividend of RMB 507,008,117.64 to shareholders, with a dividend payout ratio of 100% of the total distributable profit of RMB 1,908,471,498.58[149]. - The cash dividend per 10 shares was set at RMB 1.20, approved by the shareholders' meeting on June 20, 2023[146]. Market Position and Growth - The company maintained a domestic market share of 20% with a new installed capacity of 15.67 GW in China, ranking first for 13 consecutive years[41]. - The global new installed capacity reached 16.4 GW, with a market share of 13.90%, also ranking first globally[41]. - The company is focusing on expanding its market presence and enhancing its product offerings in the renewable energy sector[113]. - The company is actively involved in new product and technology development to maintain competitive advantage in the market[114]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[119]. Research and Development - The company reported a total R&D investment of 2,264,684,567.32 CNY in 2023, which is a 1.94% increase from 2,221,529,197.73 CNY in 2022[70]. - The R&D investment as a percentage of operating revenue decreased to 4.49% in 2023 from 4.78% in 2022[70]. - Investment in R&D has increased by 30%, focusing on innovative technologies in wind energy[125]. - The company has developed over 1,300 courses in its wind power knowledge tree to enhance employee training and professional skills[145]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system in accordance with GB/T 24001-2017 standards[160]. - The company has implemented measures to ensure compliance with pollution discharge standards, achieving emissions below the specified limits[162]. - The company is committed to maintaining compliance with environmental standards to mitigate water pollution[164]. - The company has implemented advanced treatment technologies to enhance wastewater management efficiency[164]. - The "Wind and Rain in China" rural teacher training program has benefited over 100,000 rural students across 27 provinces, with more than 1,200 teachers trained[182]. Governance and Compliance - The company maintains independence from any controlling shareholders, ensuring autonomy in operations and governance[103]. - The governance structure includes a board with 9 members, including 3 independent directors, promoting effective decision-making[101]. - The company has established a robust internal control system to enhance operational governance and compliance[101]. - The company reported zero significant defects in financial reporting and one important defect in non-financial reporting during the audit period[156]. - The company has implemented the new accounting policy effective from January 1, 2023, with no significant impact on the financial statements[187]. Strategic Initiatives - The company plans to enhance its core competitiveness and achieve high-quality development by focusing on five key business areas, including onshore and offshore wind power[95]. - The company will utilize a combination of self-owned funds and bank loans to meet its operational funding needs for 2024, ensuring strong debt repayment capability[96]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 2 billion RMB earmarked for potential deals[125]. - The company has implemented the "Quality Return Dual Improvement" action plan to enhance corporate quality and investment value, disclosed on February 6, 2024[100].

金风科技股份有限公司 董事会对独立董事独立性评估的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等要求，金风科技股份有限公 司（以下简称"公司"）董事会就公司在任独立董事杨剑萍、曾宪芬、 魏炜的独立性情况进行评估并出具如下专项意见： 经核查独立董事杨剑萍、曾宪芬、魏炜的任职经历以及签署的相 关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存 在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在影响 独立董事独立性的情况，符合《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》中对独立董事独立性的相关要求。 金风科技股份有限公司 董事会 2024 年 3 月 28 日 ...

金风科技股份有限公司（以下简称"公司"）2023 年度聘请德勤华永计师事 务所(特殊普通合伙)(以下简称"德勤华永")为公司境内会计师事务所，德勤•关黄 陈方会计师行（以下简称"德勤香港"）为公司境外会计师事务所（以下合称"德 勤会计师事务所"），作为公司 2023 年度财务报告及内部控制的审计机构。 根据《中华人民共和国公司法》、《上市公司治理准则》、《国有企业、上市 公司选聘会计师事务所管理办法》等法律法规和《金风科技股份有限公司董事 会审计委员会工作细则》的规定，董事会审计委员会本着勤勉尽责的原则，恪 尽职守、认真履职，现将对德勤会计师事务所 2023 年度履行监督职责情况汇报 如下。 金风科技股份有限公司 董事会审计委员会对会计师事务所 2023 年度履行监督职责情况报告 一、会计师事务所基本情况 （一）资质条件 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门 批准转制成为特殊普通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永持有财政部批准的会计师事 ...

金风科技股份有限公司 2023年度监事会工作报告 报告期内，公司监事会严格依照《中华人民共和国公司法》、《中 华人民共和国证券法》、《深圳证券交易所股票上市规则》、《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律法规以及《公司章程》、《监事会议事规则》等公司制度 的有关规定，认真履行监督职责。监事通过列席和参加公司董事会及 股东大会，对公司依法运作、经营决策、董事及高级管理人员履职情 况进行了监督和检查，维护了公司及股东的利益。 一、监事会会议情况 报告期内，公司监事会共召开了七次会议，具体情况如下： （一）2023 年 3 月 21 日，公司以现场与视频会议相结合方式召 开监事会专项会议，听取了《金风科技审计监察部 2022 年度工作总 结及 2023 年工作计划》； （二）2023 年 3 月 30 日，公司以现场与视频相结合方式召开第 八届监事会第四次会议，审议并通过了《金风科技 2022 年度监事会 工作报告》、《金风科技 2022 年度审计报告》、《金风科技 2022 年 度利润分配预案》、《金风科技 2022 年度报告、年度报告摘要及业 绩公告》、《金风科技 20 ...