Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

股票代码：002202 股票简称：金风科技 公告编号：2025-020 金风科技股份有限公司 关于为控股子公司金风新能源南非提供担保的公告 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。 特别提示：本次拟担保的被担保对象Goldwind New Energy South Africa Proprietary Limited的资产负债率超过70%，请投资者充分关注 担保风险。 一、担保情况概述 金风科技（下称"公司"）的全资子公司金风国际控股（香港）有 限公司（下称"金风国际"）的控股子公司 Goldwind New Energy South Africa Proprietary Limited（下称"金风新能源南非"）与南非能源企业 Fe Overberg Proprietary Limited（下称"Fe Overberg"）签署《风机供货 及吊装协议》，由金风新能源南非为其提供风机的供货、吊装和调试 服务。 金风科技、金风国际分别与 Fe Overberg 签署《母公司担保协议》， 联合为金风新能源南非在上述《风机供货及吊装协议》项下的履约及 违约赔偿责任 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02208 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 | RMB | | 773,572,399 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 773,572,399 | RMB | | 1 | RMB | | 773,572,399 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

股票代码：002202 股票简称：金风科技 公告编号：2025-021 金风科技股份有限公司 关于举行 2024 年度网上业绩说明会的公告 | 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（以下简称"公司"）2024 年年度报告已于 2025 年 3 月 29 日公布，为便于广大投资者进一步了解公司 2024 年年度报告和 经营情况，公司将于 2025 年 4 月 9 日（星期三）下午 16:00-17:30 举 行 2024 年度网上业绩说明会。本次业绩说明会将采用网络远程方式 举行，投资者可登录 https://eseb.cn/1n76hg5SS1a 或使用微信扫描下方 小程序码参与本次会议。 建议。投资者可于 2025 年 4 月 7 日（星期一）17:00 前将有关问题通 过电子邮件方式发送至公司邮箱：goldwind@goldwind.com，公司将 在本次会议上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 金风科技股份有限公司 出席本次年度网上业绩说明会的人员有：公司董事长兼总工程师 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 56.699 billion yuan, representing a year-on-year increase of 12.37% [8] - The net profit attributable to shareholders for 2024 is expected to be 1.860 billion yuan, with a year-on-year growth of 39.78% [8] - The gross margin for 2024 is forecasted at 13.80%, a decrease of 3.34 percentage points year-on-year [8] - The company has a record high order backlog of 47.4 GW, with external orders at 45.1 GW and overseas orders at 7.04 GW [8] Financial Performance Summary - Total revenue for 2023 was 50.457 billion yuan, with a year-on-year growth of 8.66% [1] - The net profit for 2023 was 1.331 billion yuan, reflecting a year-on-year decline of 44.16% [1] - The earnings per share (EPS) for 2024 is projected to be 0.44 yuan, with a price-to-earnings (P/E) ratio of 20.17 [1] - The company expects a gradual improvement in gross margins, with 2025 and 2026 net profit forecasts adjusted to 2.485 billion yuan and 2.968 billion yuan respectively [8] Market Data - The closing price of the company's stock is 8.88 yuan, with a market capitalization of approximately 37.519 billion yuan [5] - The price-to-book (P/B) ratio is 1.03, indicating the market's valuation relative to the company's book value [5] Operational Insights - The company achieved a sales volume of 16.05 GW in 2024, marking a year-on-year increase of 16.6% [8] - The average selling price for wind turbines is approximately 2303 yuan/kW, with a gross margin of 5.05% for the year [8] - The company’s operational cash flow for 2024 is projected to be 2.316 billion yuan, a year-on-year increase of 24.90% [9]

发展趋势 风机制造业务盈利改善有望持续，电站业务表现总体展望平稳。2025 年我们预计公司风机出货量有望 较快增长，另外公司在国内海风和出口方向的优势有望持续，同时在风机业务板块有望继续改善盈利表 现，2025 年风机制造业务有望实现盈亏平衡。电站业务在国内新能源发电消纳和电价压力下，我们预 计公司有望通过持续的电站投资和转让贡献稳定的业绩表现。 2024 年业绩基本符合市场预期 公司公布2024 年业绩：收入567.0 亿元，同比增长12.4%；归母净利润18.6 亿元，同比增长39.8%。其中 4Q24 公司：收入208.6 亿元，同比下降1.3%，归母净利润0.68 亿元，同比下降2.7%。公司2024 年业绩 基本符合市场预期，其中4Q24 盈利表现一般主要由于：1）4Q24 计提资产减值损失8.74 亿元、信用减 值损失1.67 亿元；2）我们测算4Q24 出售的约900MW 电站盈利表现一般，未能如期贡献较强盈利。 2024 年公司风机制造业务毛利率同比呈现明显提升。2024 年公司实现风机外销16.05GW，同比增长 16.6%，凭借国内陆风产品的持续降本，连同公司国内海风和出口容量的明显增长， ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][12]. Core Views - The company has a solid order backlog and is expected to see a recovery in profitability due to favorable market conditions and demand for wind energy [7][8]. - The company achieved a revenue of 566.99 billion yuan in 2024, representing a year-on-year growth of 12.37%, and a net profit of 18.60 billion yuan, up 39.78% year-on-year [6][7]. - The company holds a leading position in the wind turbine market, with a domestic market share of 22% and a global market share of 15.9% in 2024 [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 566.99 billion yuan, a 12.37% increase year-on-year, and a net profit of 18.60 billion yuan, which is a 39.78% increase year-on-year [6][7]. - The gross margin was 13.80%, down 3.34 percentage points year-on-year, while the net margin improved by 0.25 percentage points to 3.27% [7]. Market Position - The company maintained its leading position in the wind turbine sector, with a total installed capacity of 18.67 GW in 2024, ranking first in the domestic market [8]. - The company’s sales of wind turbine units reached 16.05 GW, reflecting a year-on-year increase of 16.56% [8]. Order Backlog and Future Outlook - As of the end of 2024, the company had an order backlog of 47.40 GW, a 55.93% increase year-on-year, with external orders accounting for 45.08 GW [9]. - The company is expected to benefit from the domestic "14th Five-Year Plan" and the global offshore wind market entering a favorable cycle, with projected revenues of 628.69 billion yuan, 699.31 billion yuan, and 780.17 billion yuan for 2025, 2026, and 2027 respectively [12][14].

2025 年 03 月 30 日 风机在手订单充足，盈利能力有望修复 —金风科技（002202.SZ）公司事件点评报告 买入(首次) 事件 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 9.12 | | 总市值（亿元） | 385 | | 总股本（百万股） | 4225 | | 流通股本（百万股） | 3355 | | 52 周价格范围（元） | 6.53-11.43 | | 日均成交额（百万元） | 377.07 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 金风科技 沪深300 相关研究 ▌风机龙头地位稳固，盈利能力有望修复 据彭博新能源财经统计，2024 年公司国内风电新增装机容量 达 18.67GW，国内市场份额占比 22%，排名全国第一；全球新 增装机容量 19.3GW ...

业绩简评 2025 年 3 月 28 日，公司披露 2024 年年报，全年实现营收 567 亿 元，同比增长 12.4%，实现归母净利润 18.6 亿元，同比增长 39.8%。 其中 Q4 营收 209 亿元，同比下降 1.3%，实现归母净利润 0.68 亿 元，同比下降 2.86%。 经营分析 制造业务盈利修复明显，海外收入大幅提升：受益于海外收入放 量及较早的国内拿单策略转变，2024 年公司实现风机及零部件业 务收入 389.2 亿元，同比增长 18.2%，风机及零部件业务毛利率 5.05%，同比提升 4.89pct，其中下半年制造业务毛利率为 5.68%， 环比上半年进一步提升 1.93pct。公司出海优势领先，2024 年实 现海外收入 120 亿元，同比提升 53.1%。 风电服务业务量利齐升，看好后服务收入占比持续向上：公司 2024 年风电场服务业务收入为 55.1 亿元，同比+5.1%，其中后服务收 入 39.1 亿元，同比增长 29.3%，实现毛利率 21.5%，同比增长 1.66pct。截至 2024 年末，公司国内外后服务业务在运项目容量 接近 40GW，同比增长近 30%。电力市场化 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5][13]. Core Viewpoints - The company achieved a revenue of 56.7 billion yuan in 2024, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 1.86 billion yuan, up 39.8% year-on-year [2]. - The manufacturing business shows significant profit recovery, with wind turbine and component revenue reaching 38.92 billion yuan, a growth of 18.2% year-on-year, and an overseas revenue increase of 53.1% to 12 billion yuan [3]. - The wind power service business also saw growth, with service revenue of 5.51 billion yuan, a 5.1% increase, and after-service revenue growing by 29.3% to 3.91 billion yuan [4]. - The company is expected to gradually recover profitability in the long term, driven by increased overseas revenue, expansion of after-service income, and a return to domestic wind turbine pricing [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 20.9 billion yuan, a decline of 1.3% year-on-year, and a net profit of 68 million yuan, down 2.86% year-on-year [2]. Operational Analysis - The manufacturing business's gross margin improved to 5.05%, up 4.89 percentage points year-on-year, with a further increase to 5.68% in the second half of the year [3]. - The company has a significant first-mover advantage in overseas markets, with a total installed wind power capacity of 135 GW and nearly 14 GW in asset management services [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.6 billion, 3.0 billion, and 3.4 billion yuan, respectively, with corresponding P/E ratios of 15, 13, and 11 [5].