Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

股票代码：002202 股票简称：金风科技 公告编号：2025-029 金风科技股份有限公司 关于召开 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 股类别股东会议的通知 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。 金风科技第八届董事会第三十二次会议决议召开公司 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（H 股类别股东会议通知参见公司 H 股公告）， 会议采取现场投票与网络投票相结合的方式召开，现将有关事项通知 如下： 一、召开会议的基本情况 1、会议届次：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 2、会议的召集人：公司董事会 3、会议召开的合法、合规性：本次召开股东大会及类别股东会 议的议案经公司第八届董事会第三十二次会议审议通过，符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议的召开日期、时间： 就同一议案进行网络投票时，仅 ...

股票代码：002202 股票简称：金风科技 公告编号：2025-028 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 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量。 二、公司前十名无限售条件股东持股情况 序号 股东名称 持股数量（股） 持股比例（%） 1 香港中央结算（代理人）有 限公司 772,490,033 18.28% 2 新疆风能有限责任公司 497,510,186 11.78% 3 和谐健康保险股份有限公司 －万能产品 473,505,172 11.21% 4 中国三峡新能源（集团）股 份有限公司 386,909,686 9.16% 5 香港中央结算有限公司 89,441,159 2.12% 6 中国农业银行股份有限公司 －中证 500 交易型开放式指 数证券投资基金 42,698,694 1.01% 7 中国证券金融股份有限公司 29,626,904 0.70% 8 全国社保基金一零二组合 17,508,463 0.41% 9 博时基金管理有限公司－社 保基金 16012 组合 13,069,996 0.31% 10 华伟娟 12,6 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][8]. Core Insights - The company's wind turbine business shows improved profitability, with a record high backlog of orders. The 2024 annual report and the 2025 Q1 report highlight significant growth in revenue and net profit [2][6]. - In 2024, the company achieved a revenue of 566.99 billion yuan, a year-on-year increase of 12.37%, and a net profit attributable to shareholders of 18.60 billion yuan, up 39.78% year-on-year. For Q1 2025, revenue reached 94.72 billion yuan, reflecting a 35.72% year-on-year growth, with net profit increasing by 70.84% to 5.68 billion yuan [6][9]. - The company's gross margin for 2024 was 13.80%, a decrease of 3.34 percentage points, while the net margin improved by 0.25 percentage points to 3.27% [6]. Summary by Sections Financial Performance - The company reported a total revenue of 566.99 billion yuan in 2024, with a net profit of 18.60 billion yuan, and for Q1 2025, revenue was 94.72 billion yuan with a net profit of 5.68 billion yuan [6][9]. - The gross margin for 2024 was 13.80%, and the net margin was 3.27% [6]. Order Backlog and Sales - The company achieved a record high order backlog of 47.4 GW by the end of 2024, with external orders accounting for approximately 45.1 GW [6]. - The sales of wind turbines and components contributed 68.65% to total revenue in 2024, with a significant increase in the sales capacity of large wind turbines [6]. International Business and R&D - The international business generated revenue of 120.08 billion yuan in 2024, a year-on-year increase of 53.14%, with a gross margin of 13.84% [6]. - R&D investment reached 28.03 billion yuan in 2024, representing 4.94% of total revenue, aimed at enhancing technological and product competitiveness [6].

业绩简评 盈利预测、估值与评级 根据公司一季报及我们对行业最新判断，预测2025-2027 年归母净利润分别为27、34、39 亿元，对应PE 为13、10、99 倍，维持"买入"评级。 风险提示 零部件价格波动风险、行业竞争加剧的风险、因电价政策不及预期而导致的资产减值的风险。 销售毛利率有所降低，预计主要受上网电价下降影响：公司一季度综合毛利率为21.8%，同比下降 3.11pct，我们认为主要受上网电价下降影响发电业务盈利能力有所降低，制造端毛利率或仍保持环比改 善趋势。从上网电价看，公司24 年上半年上网电价约0.48 元/度，下半年受部分地区新能源现货交易推 进影响整体上网电价下降至0.33 元/度，预计25Q1 公司上网电价同比仍保持相对较低水平，我们测算上 网电价下降对公司一季度收入影响预计约5-7 亿元，加回后整体综合毛利率同比保持增长。根据公司业 绩演示材料数据显示，一季度行业中标均价稳中有升，持续看好公司制造端盈利逐步回暖趋势。 资本结构环比改善，现金流净流出同比收窄：截至一季度末，公司资产负债率为73.05%，环比下降 0.91pct，资本结构边际改善，抗风险能力逐步提升。一季度公司经营 ...

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 9.472 billion yuan, a year-on-year increase of 35.72%, and a net profit of 568 million yuan, up 70.84%, driven by high wind turbine shipments, reduced expense ratios, and significant gains in fair value of financial assets [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved wind turbine shipments of 2.59 GW, a year-on-year increase of 80.16%, with shipments of turbines 6 MW and above reaching 1.82 GW, up 168.39% [2]. - The expense ratio for Q1 2025 was 14.19%, a decrease of 4.86 percentage points year-on-year, with specific reductions in sales, management, R&D, and financial expense ratios [2]. - The fair value change in financial assets for Q1 2025 was 147 million yuan, reflecting a year-on-year increase of 253.99% [2]. Group 2: Order Backlog and Market Expansion - As of the end of March 2025, the company had a robust order backlog of 51.09 GW, a year-on-year increase of 51.81%, with external orders at 48.62 GW, up 50.25% [3]. - The company is actively expanding its international customer base, with overseas orders reaching 6.91 GW, a year-on-year increase of 26.08% [3]. - The average bidding price for wind turbines in December 2024 was 1,527 yuan/kW, reflecting a month-on-month increase of 4.1%, indicating a recovery in domestic wind turbine prices [3]. Group 3: Business Development and Shareholder Confidence - The company's global self-operated wind power plant capacity stood at 8.04 GW as of the end of March 2025, with an additional 4.12 GW under construction [4]. - A share repurchase plan was announced on April 26, 2025, with intentions to repurchase 300 to 500 million yuan of A-shares over the next 12 months, demonstrating confidence in the company's future [4]. Group 4: Profit Forecast and Valuation - Due to strong downstream demand, the company has revised its profit forecasts for 2025-2027, projecting net profits of 2.736 billion yuan, 3.247 billion yuan, and 3.659 billion yuan, respectively [5]. - The target price for A-shares has been adjusted to 10.40 yuan, corresponding to a 16 times PE ratio for 2025, maintaining an "overweight" rating [5]. - The target price for H-shares is set at 6.57 HKD, reflecting a certain discount based on the past year's PE ratios [5].

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange has been implemented for over a year, with 452 companies participating and focusing on enhancing core business awareness, innovation capabilities, and investor returns [1][2]. Group 1: Company Performance - Companies practicing the "Quality Return Dual Improvement" initiative have shown significant performance growth in 2024, with Changying Precision reporting a revenue of approximately 16.934 billion yuan and a net profit of about 772 million yuan, reflecting increases of 23.28% and 800.24% respectively [1]. - Zhongji Xuchuang achieved a revenue of 23.862 billion yuan and a net profit of approximately 5.171 billion yuan, with year-on-year increases of 122.64% and 137.93% respectively [1]. Group 2: Investor Returns - 452 companies have proposed practical measures to enhance investor returns, including increased cash dividends and share buybacks, with Ningde Times announcing a total cash dividend of 25.372 billion yuan for 2024 and BYD declaring a cash dividend of 12.077 billion yuan [2]. - 132 companies have responded to the new "National Nine Articles" by arranging for quarterly and mid-term dividends, with Ping An Bank implementing a mid-term dividend of 4.774 billion yuan, achieving a payout ratio of 18.4% [2]. Group 3: Market Response - Since the launch of the initiative, 232 companies have conducted share buybacks totaling 32.138 billion yuan, with Kailaiying planning to repurchase shares worth between 600 million and 1.2 billion yuan [2][3]. - Major shareholders and management have shown confidence in future company development through share purchases, with Rongsheng Petrochemical's controlling shareholder increasing holdings by 1.188 billion yuan from January to July 2024 and planning further purchases [3]. Group 4: Market Capitalization - The 452 participating companies represent a total market capitalization of 16.43 trillion yuan, accounting for nearly 50% of the Shenzhen market's total market value, with 334 companies having a market cap exceeding 10 billion yuan [4]. - The market capitalization change of these companies has outperformed the overall Shenzhen market, indicating strong market recognition of the "Quality Return Dual Improvement" concept [4]. Group 5: Innovation and R&D - Companies involved in the initiative have significantly increased their R&D investment as a percentage of revenue, with 18 companies, including iFlytek and Goldwind Technology, winning national science and technology progress awards, representing 45% of the total awarded companies in the Shenzhen market [5]. - The Shenzhen Stock Exchange aims to continue promoting the quality and investment value of listed companies through the "Quality Return Dual Improvement" initiative [5].

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - The offshore wind industry is experiencing significant opportunities for expansion, particularly in international markets such as the UK and Azerbaijan, where Chinese companies are expected to play a crucial role in local manufacturing and project supply [6][11]. - The energy storage and hydrogen sectors are poised for growth, with CATL's introduction of sodium-ion batteries marking a significant technological advancement that could reduce reliance on lithium [6][7]. Summary by Sections Wind Power - The offshore wind industry is seeing increased investment, with the UK government committing £300 million to enhance its offshore wind manufacturing capabilities [6][28]. - A memorandum was signed between Azerbaijan and Chinese companies for a 2 GW offshore wind project, indicating a growing demand for offshore wind in emerging markets [6][28]. - The wind power index rose by 3.73% in the week of April 21-25, outperforming the CSI 300 index by 3.35 percentage points, with a current PE_TTM of approximately 19.70 times [5][12]. Solar Power - The solar power sector is witnessing a mixed performance, with the photovoltaic equipment index increasing by 0.74%, while the solar cell component index slightly decreased [5]. - The current PE_TTM for the solar sector stands at about 30.51 times, reflecting ongoing interest and investment in solar technologies [5]. Energy Storage and Hydrogen - CATL launched new battery products, including sodium-ion batteries, which are expected to accelerate the development of the sodium-ion battery industry due to their advantages over lithium-ion batteries [6][7]. - The energy storage index increased by 2.07%, with a current PE_TTM of 24.34 times, indicating strong growth potential in this segment [5]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market is expected to thrive [7]. - In solar power, companies such as Dier Laser and Longi Green Energy are highlighted for their growth potential, especially in the context of policy support and industry self-regulation [7]. - In energy storage, companies like Sungrow Power Supply and Shuneng Electric are recommended due to their strong competitive positions and growth prospects [7]. - For hydrogen energy, attention is drawn to Huaguang Huaneng and Yihua Tong, which are positioned well in the electrolyzer and fuel cell system markets [7].

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 金风科技股份有限公司投资者关系活动记录表 | | 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 中信证券 华鹏伟 | | | 汇丰银行 许冰莹 中信建投 陈思同 | | 人员姓名 | 中金公司 车昀佶 花旗银行 刘显达 | | | 财通证券 张一驰 天风证券 孙潇雅 | | 时间 | 2025年4月28日 | | 地点 | 线上会议 | | 总裁 上市公司接待人 | 曹志刚 | | | 副总裁兼董事会秘书 马金儒 | | 员姓名 | 首席财务官 王宏岩 | | | 副总裁兼风电产业集团总经理 陈秋华 2025年一季度国内风电行业招标情况？ | | | 答：根据公开信息，2025年1-3月，国内公开招标市场新增招标量28.6GW， 比去年同期增长了22.7%，按市场分类，陆上新增招标容量2 ...

Goldwind Science & Technology (02208) Q1 2025 Earnings Call April 28, 2025 04:00 AM ET Moderator Distinguished investors, good afternoon. I would like to welcome you to join us for Goldwyn Defiance and Technology twenty twenty five Q1 results. The management team joining us here today President of the company, Mr. Cao Chu Gong Madam Majin Ru, VP Board Secretary and the Company Secretary Mr. Wang Fong Yan, CFO and Mr. Chen Chunghua, Group VP and the GM of the Wind Power Industry Group. The meeting will be di ...