股票代码：002202 股票简称：金风科技 公告编号：2024-018 金风科技股份有限公司 欢迎广大投资者积极参与！ 特此公告。 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 武钢先生、副总裁兼董事会秘书马金儒女士、首席财务官王宏岩先生、 独立董事魏炜先生。 为充分尊重投资者，提高交流的针对性，现就公司 2023 年度网 上业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和 建议。投资者可于 2024 年 4 月 16 日（星期二）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。 关于举行 2023 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。 | 金风科技股份有限公司（以下简称"公司"）2023 年年度报告已 于 2024 年 3 月 29 日公布，为便于广大投资者进一步了解公司 2023 年度报告和经营情况，公司将于 2024 年 4 月 18 日（星期四）下午 16:00- ...

| | | 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 | 美银证券 夏汝君 | | | | 瑞银证券 林俊亨 | | | 人员姓名 | 花旗银行 刘显达 | | | | 中泰证券 吴鹏 | | | | 太平洋证券 刘强 | | | | 宽远资产 沙海丽 | | | 时间 | 2024年4月11日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 副总裁及董事会秘书 马金儒 | | | | 首席财务官 王宏岩 | | | 员姓名 | 投资者关系经理 于洋 | | | 投资者关系活动 | 2023年国内风电机组招标情况？ | | | | 答：2023年，国内风电整机新增招标86.3GW，仍保持较高水平。其中，陆 | | | | 上新增招标77.4GW，海上新增招标8.9GW。按区域划分，北方区域招标容 | | | | 量占比接近71%，南方区 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4][3]. Core Views - The company reported a revenue of 50.457 billion yuan in 2023, an increase of 8.7% year-on-year, while the net profit attributable to shareholders was 1.331 billion yuan, a decrease of 44.2% [2][7]. - The share of large wind turbines is continuously increasing, with the company maintaining the largest market share in the wind turbine sector. In 2023, the company sold 13.77 GW of turbine capacity, with over 50% being 4MW (including) to 6MW units, and a 29.36% year-on-year increase in sales capacity for units of 6MW and above [2][8]. - The company has a robust order backlog, with a total of 30.40112 GW of orders on hand, a year-on-year increase of 12.13%. This includes 4.67747 GW from overseas orders [2][8]. - Wind farm projects have become a significant profit growth point, with revenue from wind power projects reaching 6.431 billion yuan, and investment income from the transfer of wind farm project equity increasing by 54.07% [2][8]. Financial Summary - The company’s revenue is projected to be 50.199 billion yuan in 2024, with a slight decrease of 0.5%, followed by increases of 10.3% and 9.9% in 2025 and 2026, respectively [8][9]. - The estimated EPS for 2024, 2025, and 2026 is 0.57, 0.69, and 0.77 yuan per share, respectively [3][8]. - The report estimates a reasonable value of 8.60 yuan per share for A shares and HKD 3.41 for H shares based on a 15x PE ratio for 2024 [3][8].

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with revenue of 50.46 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 1.33 billion yuan, a year-on-year decrease of 44.2% [2] - The company is expected to benefit from the recovery of the wind power industry in 2024, with significant growth in revenue and net profit projected for the next three years [3][4] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 21.14 billion yuan, a year-on-year increase of 4.3% and a quarter-on-quarter increase of 104.9%. The net profit for Q4 was 70 million yuan, a year-on-year increase of 277.6% and a quarter-on-quarter increase of 644% [2] - The gross profit margin for 2023 was 17.1%, and the net profit margin was 3%, both showing a decline compared to the previous year [2] - The company’s total revenue for 2024 is projected to be 57.43 billion yuan, with a year-on-year growth rate of 13.82% [4] Business Segments - Wind farm investment and development revenue reached 10.9 billion yuan in 2023, a year-on-year increase of 58%. The overall gross margin for wind farm business was 47.3%, down 18 percentage points year-on-year [2] - The company shipped 17.1 GW of wind turbines in 2023, a decrease of 10.5% year-on-year, but still maintained a 20% market share in the domestic market, ranking first for thirteen consecutive years [2] - The company’s energy storage business achieved a breakthrough in 2023, establishing a capacity of 3 GWh and ranking among the top four in the country for bidding volume [2] Future Outlook - The company is expected to see a significant rebound in net profit in 2024, with a projected year-on-year growth rate of 52.6% [3] - The global wind power market presents vast opportunities, and the company is focusing on technological innovation and optimizing product sales structure to enhance profitability [3][4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant decline in net profit by 44.16% year-on-year, but revenue increased by 8.66% to RMB 50.46 billion in 2023. The net profit attributable to shareholders was RMB 1.33 billion, with a notable increase in Q4 2023 net profit by 277.61% year-on-year and 644.38% quarter-on-quarter [3][5] - The company has a stable wind turbine sales volume, with a total of 13.77 GW sold in 2023, a slight decrease of 0.71% year-on-year. The sales of units of 6 MW and above increased by 29.36% to 6.15 GW, indicating a trend towards larger units [3][6] - The company’s order backlog reached 30.40 GW by the end of 2023, a growth of 12.13% compared to the end of 2022, which supports future growth [3] - The gross margin for the wind turbine and components sales segment improved by 0.18 percentage points to 6.41% in 2023, with a significant improvement in the second half of the year [3][6] - The wind power service segment saw a revenue decline of 7.18% to RMB 5.24 billion, but the after-service revenue increased by 22.19% to RMB 3.03 billion, indicating diversification in service offerings [3][6] - The wind farm development business revenue surged by 57.96% to RMB 10.91 billion, although the gross margin decreased by 18.09 percentage points to 47.30% due to the implementation of a productized sales model [3][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 50.46 billion, with a net profit of RMB 1.33 billion, reflecting a year-on-year decrease of 44.16% [3][5] - The EBITDA for 2023 was RMB 1.72 billion, down from RMB 4.01 billion in 2022 [6][7] - The diluted earnings per share (EPS) for 2023 was RMB 0.32, a decrease of 44.67% compared to the previous year [5][7] Revenue Breakdown - Wind turbine sales accounted for a total of 13.77 GW, with a slight decrease of 0.71% year-on-year, while larger units (6 MW and above) saw a 29.36% increase [3][6] - The wind power service revenue was RMB 5.24 billion, down 7.18%, but after-service revenue grew by 22.19% to RMB 3.03 billion [3][6] - Wind farm development revenue increased by 57.96% to RMB 10.91 billion, despite a decrease in gross margin [3][6] Future Outlook - The company has adjusted its earnings forecasts for 2024-2026, predicting EPS of RMB 0.51, RMB 0.62, and RMB 0.75 respectively, with corresponding P/E ratios of 15.5, 12.8, and 10.6 [3][6] - The order backlog and growth in larger wind turbine sales are expected to support stable growth moving forward [3][6]

FF301 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2024年4月2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 | 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：2024-017 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：本次拟提供担保的被担保对象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 金风科技股份有限公司（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"）的南非控股子公司 Goldwind New Energy South Africa Proprietary Limited（下称"金风新能源南非"） 与南非能源公司 Ummbila Emoyeni (RF) Proprietary Limited（下称 "Ummbila SPV"）签署了《风电场项目设计、采购、施工合同》，由金 风新能源南非负责项目的设计、采购及施工工作。 Seriti Green Asset Management Proprietary Limited（ ...

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].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 50.46 billion yuan in 2023, an increase of 8.66% year-on-year, while the net profit attributable to shareholders was 1.33 billion yuan, a decrease of 44.16% year-on-year [2][11] - The company expects wind turbine shipments to reach 18-20 GW in 2024, representing a growth of over 12% compared to 2023 [3][14] - The company is focusing on the development of larger wind turbine models, with the 6MW+ model accounting for 59% of Q4 sales [3][14] Summary by Sections Financial Performance - In 2023, total revenue was 50.46 billion yuan, with a net profit of 1.33 billion yuan, reflecting a significant decline in profitability [2][11] - The gross margin for 2023 was 17.1%, a decrease of 0.5 percentage points from the previous year [11] - Q4 2023 revenue was 21.14 billion yuan, up 4.3% year-on-year, and net profit was 0.07 billion yuan, up 278% year-on-year [11] Wind Turbine Sales and Orders - The company sold 13.8 GW of wind turbines in 2023, slightly exceeding expectations, with Q4 sales of 4.9 GW [3][14] - The total order volume as of Q4 2023 was 30.4 GW, with a slight decrease of 4% from the previous quarter [14] Wind Farm Development - Revenue from wind farm investment and development reached 10.9 billion yuan in 2023, an increase of 58% year-on-year [15] - The company expects revenue from productized power station products to exceed 10 billion yuan in 2024 [15] Service and Other Business Segments - Revenue from wind power services was 5.24 billion yuan in 2023, a decrease of 7%, while after-sales service revenue increased by 23% [4][15] - The company achieved a breakthrough in energy storage, establishing a production capacity of 3 GWh [4][15] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 1.51 billion yuan, 1.83 billion yuan, and 2.02 billion yuan respectively [16] - The corresponding P/E ratios for 2024-2026 are projected to be 21, 17, and 16 times [16]

| | | 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. ...