证券研究报告 | 2026年03月27日 大金重工（002487.SZ） 优于大市 在手海外订单充沛，持续推进海风全链条布局 全年业绩增长 133%，盈利能力大幅提升。2025 年公司实现营收 61.74 亿元， 同比+63.34%；归母净利润 11.03 亿元，同比+132.82%；扣非净利润 10.77 亿元，同比+148.68%。2025 年公司毛利率 31.18%，同比+1.35pct.；净利率 17.87%，同比+5.33pct.。 四季度业绩符合预期，确收结构影响毛利率。四季度公司实现营收 15.78 亿 元，同比+7.12%，环比-10.04%；归母净利润 2.16 亿元，同比+12.59%，环 比-36.60%。四季度公司毛利率 31.36%，同比-2.60pct.，环比-4.55pct.； 净利率 13.69%，同比+0.67pct.，环比-5.73pct.。 深化运输与港口布局，签订多个外部造船订单。2025 年 10 月，公司自制的 首艘甲板运输船 KING ONE 号在盘锦造船基地顺利吉水，2026 年 2 月启动首 航任务。此外，公司陆续与韩国和挪威船东签署外部造船订单，订单金额合 ...

证券研究报告 | 2026年03月27日 全年业绩增长 133%，盈利能力大幅提升。2025 年公司实现营收 61.74 亿元， 同比+63.34%；归母净利润 11.03 亿元，同比+132.82%；扣非净利润 10.77 亿元，同比+148.68%。2025 年公司毛利率 31.18%，同比+1.35pct.；净利率 17.87%，同比+5.33pct.。 四季度业绩符合预期，确收结构影响毛利率。四季度公司实现营收 15.78 亿 元，同比+7.12%，环比-10.04%；归母净利润 2.16 亿元，同比+12.59%，环 比-36.60%。四季度公司毛利率 31.36%，同比-2.60pct.，环比-4.55pct.； 净利率 13.69%，同比+0.67pct.，环比-5.73pct.。 海外收入增长165%，海外毛利占比高达81%。2025年公司实现海外收入45.97 亿元，同比+165.3%，毛利率 33.95%，同比-4.53pct.；实现国内收入 15.77 亿元，同比-23.0%，毛利率 23.13%，同比+0.63pct.。2025 年海外收入占比 达 74%，毛利润占比达 81%。 在手 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [5] Core Insights - Tesla plans to procure $2.9 billion worth of photovoltaic equipment, indicating strong demand in the solar sector [1] - The UK offshore wind sector is expected to accelerate with the early launch of AR8, highlighting growth opportunities in wind energy [1] - The report emphasizes the importance of key players in the lithium battery, energy storage, and electric equipment sectors, suggesting potential investment opportunities [7][23] Summary by Sections Lithium Battery Sector - The battery industry index decreased by 0.71%, but the lithium battery sector showed strong performance with significant gains in key stocks like Fulin Precision (+20.3%) and Wanrun New Energy (+6.4%) [11] - The ongoing geopolitical tensions in the Middle East are impacting lithium battery material costs, particularly for iron-lithium [13] - A new project by Jiujiang Tinci to produce 500,000 tons of electrolyte annually is set to commence in March 2026, significantly boosting supply [16] - The demand for 5μm separators is rapidly increasing, with limited companies capable of stable production, leading to a 60% price premium over standard products [17][18] Energy Storage Sector - Global energy storage battery shipments are projected to reach 550 GWh in 2025, a 79% increase from 2024, with major contributions from Chinese companies [23] - The average bid for a large-scale energy storage project in Zhangjiakou ranges from 0.479 to 0.577 yuan/Wh, indicating competitive pricing in the market [24] Electric Equipment Sector - The State Grid is accelerating investment in power grid construction, with a reported 80.6% increase in fixed asset investment in the first two months of the year [28] - New regulations in Shandong allow energy storage to participate in both energy and ancillary service markets, enhancing revenue opportunities for storage facilities [25][27] Photovoltaic Sector - Recent reports indicate a decline in silicon material prices, with multi-crystalline silicon averaging 45.0 yuan/kg, reflecting a supply-demand imbalance [29] - Tesla's procurement plans signal a robust outlook for the photovoltaic equipment market, with key players identified for investment [1][7]

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。 大金重工股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召开了第 五届董事会第二十四次会议、2026 年 1 月 30 日召开了 2026 年第一次临时股东 会，审议通过了《关于 2026 年度公司及子公司提供担保额度的议案》，同意 2026 年度公司与下属子公司互相提供担保额度总计不超过 423.01 亿元。担保范围包 括但不限于申请综合授信（包括贷款、银行承兑汇票、信用证、保函等信用品种）、 融资租赁等融资行为以及其他日常经营活动等。担保方式包括但不限于连带责任 担保、抵（质）押担保等方式。上述担保额度的有效期自公司股东会审议通过之 日起 12 个月之内有效，具体内容详见巨潮资讯网。公司股东会授权公司、子公 司董事长（执行董事）或财务负责人均有权在前述额度范围内签署相关的协议及 其他法律文件。 近日，公司全资子公司蓬莱大金海洋重工有限公司（以下简称"蓬莱大金"） 拟向平安银行股份有限公司沈阳分行（以下简称"平安银行"）申请不超过 4 亿元人民币综合授信额度，在授信额度有效期内，已清偿额度可循 ...

[Table_Page] 投资策略周报|电力设备 证券研究报告 [Table_Title] 电力设备行业周报 国内外共振，电新产业迎来新一轮景气周期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-22 | [Table_PicQuote] 相对市场表现 -20% -3% 14% 30% 47% 64% 03/25 06/25 08/25 10/25 01/26 03/26 电力设备 沪深300 | [分析师： Table_Author]陈昕 | | | --- | --- | | | SAC 执证号：S0260522080008 | | | SFC CE No. BWV823 | | | 010-59136699 | | | gfchenxin@gf.com.cn | | 分析师： | 黄华栋 | | | SAC 执证号：S0260526020005 | | | 020-66336091 | | | huanghuadong@gf.com.cn | | 分析师： | ...

Core Viewpoint - The article highlights the increasing interest of brokerage firms in various sectors, particularly in wind power, photovoltaics, and storage chips, indicating potential investment opportunities in these areas [1][5][8]. Group 1: Brokerage Research Trends - Over 940 A-share listed companies have been researched by brokerages this year, with a focus on sectors such as electronics, machinery, electrical equipment, and chemicals [1]. - Notably, 25 companies have attracted attention from at least 30 brokerages, indicating a high level of interest [1]. Group 2: Key Companies and Their Performance - Daikin Heavy Industries has been the most researched company, with over 90 brokerages conducting investigations, and it has seen a stock price increase of 35.45% this year [2][4]. - Other notable companies include: - TianShun Wind Energy: 63.27% increase, researched by 58 brokerages [4]. - JinkoSolar: 28.01% increase, researched by 52 brokerages [4]. - Huajin Technology: -4.17% decrease, researched by 52 brokerages [4]. - Nepean Mining: -2.27% decrease, researched by 50 brokerages [4]. Group 3: Sector Focus - The wind power and photovoltaic sectors are highlighted as key areas of interest, with significant research activity driven by government policies promoting renewable energy [5][6]. - The storage chip sector is also gaining traction, with a notable price increase in storage products, leading to heightened research interest from brokerages [8]. Group 4: Future Market Outlook - Brokerages maintain an optimistic outlook for the market, with strategies focusing on undervalued sectors and the potential for a broader market revaluation [9]. - Key investment themes include renewable energy, traditional industries, and consumer goods, indicating a diversified approach to future investments [9].

[Table_Page] 跟踪分析|电力设备 证券研究报告 [Table_Title] 风电行业 碳关税压力+绿电直连政策推进，海风有望加快发展 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-20 | [Table_PicQuote] 相对市场表现 -20% -4% 12% 28% 44% 60% 03/25 05/25 08/25 10/25 01/26 03/26 电力设备 沪深300 [分析师： Table_Author]陈昕 SAC 执证号：S0260522080008 SFC CE No. BWV823 010-59136699 gfchenxin@gf.com.cn 分析师： 曹瑞元 SAC 执证号：S0260521090002 021-38003752 caoruiyuan@gf.com.cn 请注意，曹瑞元并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- ...

Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [3][37]. Core Insights - The wind power industry is experiencing a recovery in profitability and an optimization of its structure, driven by stabilizing wind turbine prices, accelerated onshore wind installations, and favorable offshore wind policies. Long-term benefits are anticipated from breakthroughs in deep-sea technology and global expansion [3]. - The first quarter of 2025 saw a domestic public tender capacity for wind power units reach 28.6 GW, representing a year-on-year increase of 22.7%. The average bidding price for 3MW wind turbines in Q3 2025 was 1610 RMB/KW, up 9.2% year-on-year [22][3]. Summary by Sections Wind Power Sector Weekly Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index increased by 0.19%, while the Shenwan Electric Equipment Index rose by 4.55%, ranking second among 31 industry indices. The wind power equipment index surged by 11.74%, outperforming other sectors [12][15]. - Notable performers in the wind power equipment sector included Tongyu Heavy Industry, Shuangyi Technology, and Dajin Heavy Industry, while Haigang Co., Feiwo Technology, and Xiangdian Co. saw significant declines [19][3]. Raw Material Prices and Tender Information - The report indicates fluctuations in raw material prices, with iron ore futures closing at 811.5 RMB/ton, up 39.5 RMB/ton, and casting pig iron at 3110 RMB/ton, up 70 RMB/ton. The price of epoxy resin increased significantly to 19166.67 RMB/ton, up 3566.67 RMB/ton [25][2]. - The average bidding price for 3MW wind turbines reflects a positive trend, indicating a healthy demand in the market [22]. Company and Industry Events - The report highlights key projects under China's 14th Five-Year Plan, focusing on the development of major energy bases and the promotion of clean energy. Specific projects in Guangdong and Zhejiang provinces are set to enhance offshore wind capacity significantly, with investments totaling over 500 billion RMB [31][32][33][35].

欧洲海风建设提速，AR7/AR8 项目启动及关税取消驱动需求，预计 2026 年起国内产业链订单进入业绩兑现期。 单桩为欧洲海风主流基础（占比 94%），中性预期下年需求 15GW， 对应近千亿元市场空间，欧洲单价较国内高出 1-2 万元/吨。 欧洲本土产能存在 58 万吨缺口，且 Sif、SeAH 等扩产进度不及预期， 导致 Hornsea3 等项目订单外溢至中国厂商。 中国企业原材料与人工成本优势显著，单吨钢材成本比欧盟低 3,000- 7,000 元，足以覆盖约 4,000 元/吨的额外海运费。 大金重工欧洲市占率达 30%，具备 16 米大直径单桩生产能力及自建船 队，运输成本比第三方低 40%，先发优势明显。 海力、天顺预计 2026 年实现欧洲订单从 0 到 1 突破，天顺德国 50 万 吨基地已进入设备调试阶段，业绩弹性可期。 大金重工利润增长点向产业链延伸：2026 年起运输船队增厚利润， 2027-2028 年造船、母港及海上安装将贡献弹性。 欧洲塔桩市场供需情况梳理 20260318 摘要 Q&A 欧洲海上风电市场的整体发展趋势如何？有哪些宏观层面的积极信号？ 欧洲本土单桩产能的现状、扩产 ...

Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [7][22]. Core Viewpoints - The explosive growth of the AI Agent application OpenClaw is becoming a significant catalyst in the global AI industry chain, with a total token call volume reaching 10.4 trillion tokens in March 2026, marking a 30% week-on-week increase [6][15]. - The report highlights the potential for the Chinese wind power industry chain to expand its overseas market share due to cost and delivery advantages, particularly in light of the UK's recent policy changes that eliminate import tariffs on wind power components [20][21]. - The OpenClaw ecosystem is expected to create a transmission path from application growth to increased token demand, leading to an expansion in computing power, data center construction, and upgrades in electrical infrastructure [18]. Summary by Sections Investment Viewpoints - The report suggests focusing on companies such as Goldwind Technology, Daikin Heavy Industries, and others within the wind power sector due to their competitive advantages in cost and delivery [21]. - The electric power equipment sector is expected to benefit from the growth in AI applications and the wind power industry, maintaining a positive outlook for long-term investments [7][22]. Industry Dynamics - The report notes that the AI industry is transitioning from single-round reasoning to multi-round automated reasoning, significantly increasing the demand for computing power [17]. - The UK has announced the cancellation of import tariffs on 33 wind power components, which is expected to accelerate offshore wind installations and increase equipment import demand [20]. - The report emphasizes the importance of regulatory support for the healthy expansion of the OpenClaw ecosystem, which is crucial for the long-term stability of the AI Agent industry [17]. Key Companies and Profit Forecasts - The report provides profit forecasts for several companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with specific recommendations for investment [10][23].