证券代码：002487 证券简称：大金重工 公告编号：2024-046 公司股东大会授权公司董事长及子公司董事长（执行董事）在年度审议担保 额度范围内签署与本次担保有关的各项法律文件（包括但不限于申请书、合同、 协议等文件），授权期限自股东大会审议通过之日起至上述银行审批的期限终止 之日止。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第一次临时股东大 会，审议通过了《关于 2024 年度公司及子公司向银行申请授信及提供担保额度 预计的议案》，同意 2024 年度公司与下属子公司互相提供担保额度总计不超过 130 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）、借款、融资租赁等融资或开展其他日常经营业务等， 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 有效期自公司股东大会决议通过之日起 12 个月之内有效，具体内容详见公司于 巨潮资讯网（www.cninfo.com.cn)上刊登的《关于 2024 年度公司及子公司向银行 申请 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has experienced a significant decline in revenue and net profit in the first three quarters of 2024, with revenue at 2.306 billion yuan, down 30.81% year-on-year, and net profit at 282 million yuan, down 30.88% year-on-year. This decline is attributed to adjustments in the export offshore delivery model and seasonal factors affecting the power generation business [6][8] - Despite the decline in revenue, the company's gross margin improved by 2.99 percentage points year-on-year to 27.19%, while the net margin remained stable [6] - The company successfully transitioned its offshore business to a higher value-added "manufacturing + transportation" DAP model, with overseas offshore business maintaining high profitability and excellent payment collection [7] - The company expects a recovery in net profit, projecting 463 million yuan for 2024 and 702 million yuan for 2025, with corresponding EPS of 0.73 yuan and 1.10 yuan per share [8][10] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 950 million yuan, down 25.31% year-on-year but up 6.38% quarter-on-quarter. The net profit for the same period was 108 million yuan, down 20.09% year-on-year and down 10.55% quarter-on-quarter [6] - The gross margin for Q3 2024 was 25.22%, an increase of 0.64 percentage points year-on-year, while the net margin was 11.38%, up 0.74 percentage points year-on-year [6] Cash Flow and Balance Sheet - The company's operating cash flow significantly improved, with a net cash flow of 552 million yuan in the first three quarters of 2024, an increase of 279.63% year-on-year [8] - As of September 30, 2024, the company had inventory of 2.166 billion yuan, up 32.65% year-on-year, and contract liabilities of 1.684 billion yuan, up 293.84% year-on-year [8] Market Position and Outlook - The company is expected to benefit from the growth potential of its export offshore business, with a reasonable valuation range of 22.03 to 27.53 yuan based on a PE ratio of 20-25x for 2025 [8][10] - The offshore business now accounts for over 60% of total revenue, marking a significant increase from the previous year [7]

证券代码：002487 证券简称：大金重工 公告编号：2024-045 大金重工股份有限公司 关于提供担保的进展公告 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。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第一次临时股东大 会，审议通过了《关于 2024 年度公司及子公司向银行申请授信及提供担保额度 预计的议案》，同意 2024 年度公司与下属子公司互相提供担保额度总计不超过 130 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）、借款、融资租赁等融资或开展其他日常经营业务等， 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 有效期自公司股东大会决议通过之日起 12 个月之内有效，具体内容详见公司于 巨潮资讯网（www.cninfo.com.cn)上刊登的《关于 2024 年度公司及子公司向银行 申请授信额度及提供担保额度预计的公告》（公告编号：2023-092）。 近日，公司 ...

Investment Rating - The report maintains a "Buy" rating for Dajin Heavy Industry (002487 SZ) [1] Core Views - Overseas and domestic offshore engineering margins are improving, and the company's overseas advantages remain solid [1] - The company's Q3 performance was affected by cross-quarter revenue recognition, but overseas offshore engineering profitability remains stable [4] - The company secured a new offshore engineering order in Europe, with a contract value of 46 million euros, expected to be delivered in 2025 [5] - The company successfully completed its first self-transported offshore engineering project, enhancing service value [6] Financial Performance - In Q3 2024, the company achieved revenue of 950 million yuan, a year-on-year decrease of 25 3%, and a quarter-on-quarter increase of 6 4% [4] - Net profit attributable to shareholders in Q3 2024 was 108 million yuan, a year-on-year decrease of 20 1%, and a quarter-on-quarter decrease of 10 6% [4] - For 2024-2026, the company is expected to achieve net profits of 496 million yuan, 742 million yuan, and 912 million yuan, respectively [4] - The company's PE ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [4] Overseas Expansion - The company has completed multiple overseas offshore engineering projects, including the MorayWest offshore wind farm in Scotland and the NOY-lles D'Yeu et Noirmoutier offshore wind farm in France [5] - The company signed a contract to supply 10 ultra-large monopiles for a Baltic Sea offshore wind project, with delivery expected in 2025 [5] - The company's subsidiary, Penglai Dajin, successfully transported the first batch of monopiles for the Thor offshore wind farm project in Denmark, marking its first self-transported offshore engineering project [6] Financial Forecasts - Revenue for 2024-2026 is projected to be 4 34 billion yuan, 6 65 billion yuan, and 8 06 billion yuan, respectively [7] - Net profit attributable to shareholders for 2024-2026 is expected to be 496 million yuan, 742 million yuan, and 912 million yuan, respectively [7] - The company's gross margin is forecasted to be 26 5%, 25 1%, and 24 8% for 2024-2026, respectively [7] - ROE is expected to improve from 6 8% in 2024 to 10 3% in 2026 [7] Valuation Metrics - The company's P/E ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [7] - The P/B ratio for 2024-2026 is expected to be 2 0x, 1 8x, and 1 7x, respectively [7] - EV/EBITDA for 2024-2026 is forecasted to be 19 5x, 15 4x, and 10 5x, respectively [8]

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong growth potential and market share expansion in the wind power industry [3][5] Core Views - The company's performance in Q3 2024 met expectations, with a significant shift towards offshore wind power projects, which now account for over 60% of total revenue [2] - Revenue for the first three quarters of 2024 was RMB 2.306 billion, down 30.81% YoY, while net profit attributable to shareholders was RMB 282 million, down 30.88% YoY [2] - Gross margin improved to 27.19% in the first three quarters of 2024, up 2.99 percentage points YoY, driven by the optimization of the business structure towards offshore projects [2] - The company successfully delivered multiple offshore projects, including the MorayWest offshore wind farm in Scotland and the NOY-llesD'Yeu et Noirmoutier project in France, with new projects for the Baltic region set for delivery in 2025 [3] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 3.7 billion, RMB 6.0 billion, and RMB 7.7 billion, with growth rates of -15%, 62%, and 28% respectively [3] - Net profit attributable to shareholders is expected to be RMB 437 million, RMB 809 million, and RMB 1.163 billion for 2024-2026, with growth rates of 3%, 85%, and 44% respectively [3] - The company's PE ratio is forecasted to be 34x, 19x, and 13x for 2024-2026, reflecting strong earnings growth potential [3] Business Structure and Profitability - The company's offshore and domestic offshore business accounted for over 60% of total revenue in Q3 2024, up 10 percentage points YoY [2] - Gross margin for Q3 2024 was 25.22%, up 0.64 percentage points YoY, while net margin was 11.38%, up 0.74 percentage points YoY [2] - The company's transformation towards offshore wind power has significantly improved profitability, with gross margin reaching 27.19% in the first three quarters of 2024 [2] Key Financial Metrics - The company's ROE is expected to improve from 6.05% in 2024 to 13.12% in 2026, driven by higher profitability and efficiency [6] - EPS is projected to grow from RMB 0.69 in 2024 to RMB 1.82 in 2026, reflecting strong earnings growth [6] - The company's debt-to-asset ratio is expected to remain stable, ranging from 27.86% to 33.51% over the forecast period [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 revenue was 950 million yuan, a decrease of 25.3% year-on-year, while the net profit attributable to the parent company was 110 million yuan, down 20.1% year-on-year. The gross margin was 25.2%, showing a slight increase [2] - The company's Q3 offshore wind export shipments were 40,000 tons, but only 18,000 tons were recognized due to the DAP recognition model. The net profit per ton has increased compared to the first half of the year [2] - The Q3 wind farm revenue was only 20 million yuan due to lower wind conditions, compared to 100 million yuan in the first half of the year. Solar project construction is proceeding normally, with expected revenue contributions starting next year [2] Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.31 billion yuan, a year-on-year decrease of 30.8%, and a net profit of 280 million yuan, down 30.9% year-on-year. The operating cash flow for the same period was 550 million yuan, an increase of 279.6% [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 450 million yuan, 820 million yuan, and 1.11 billion yuan respectively, with growth rates of 7%, 81%, and 35% [3] - The company's P/E ratios for 2024-2026 are projected to be 33x, 18x, and 14x respectively [3] Market Data - The closing price of the company's stock is 23.63 yuan, with a market capitalization of approximately 15.07 billion yuan [5] - The company has a price-to-book ratio of 2.13 and a debt-to-asset ratio of 38.78% [6] Future Outlook - The company anticipates that the domestic onshore and offshore wind sectors will face challenges due to insufficient capacity utilization, leading to lower-than-expected net profit per ton. Additionally, some overseas project deliveries have been delayed [3]

证券代码：002487 证券简称：大金重工 公告编号：2024-042 大金重工股份有限公司 第五届监事会第十次会议决议的公告 本公司及监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。 一、监事会会议召开情况 大金重工股份有限公司（以下简称"公司"）第五届监事会第十次会议于 2024 年 10 月 29 日在公司会议室以现场投票表决方式召开。召开本次会议的通知及 会议资料于 2024 年 10 月 23 日以直接送达或电子邮件方式送达各位监事。会议 应到监事 3 人，实到监事 3 人，符合《中华人民共和国公司法》和《公司章程》 的规定。本次会议的召集、召开以及参与表决监事人数符合《中华人民共和国 公司法》、《公司章程》等有关法律、法规的规定。 二、监事会会议审议情况 会议由监事会主席杨琦女士主持，经参加会议监事认真审议并经以现场投 票表决方式通过如下决议： 审议通过了《关于 2024 年第三季度报告的议案》。 监事会意见：监事会认为董事会编制和审议公司 2024 年第三季度报告的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况 ...

大金重工股份有限公司 具体内容详见公司指定信息披露媒体《中国证券报》、《证券时报》及巨 潮资讯网（www.cninfo.com.cn）。 证券代码：002487 证券简称：大金重工 公告编号：2024-041 第五届董事会第十六次会议决议的公告 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。 一、董事会会议召开情况 大金重工股份有限公司（以下简称"公司"）第五届董事会第十六次会议 于 2024 年 10 月 29 日在公司会议室以现场投票结合通讯表决方式召开。召开本 次会议的通知及会议资料于2024年10月23日以直接送达或电子邮件方式发出。 应参加表决董事 7 人，实际参加表决董事 7 人，符合《中华人民共和国公司法》 和《大金重工股份有限公司章程》的规定。本次会议的召集、召开以及参与表 决董事人数符合《中华人民共和国公司法》、《公司章程》等有关法律、法规 的规定。 二、董事会会议审议情况 会议由董事长金鑫先生主持，经参加会议董事认真审议并以现场结合通讯 投票表决方式，一致通过如下决议： 审议通过《关于 2024 年第三季度报告的议案》。 2024 年 10 ...

大金重工股份有限公司 证券代码：002487 证券简称：大金重工 公告编号：2024-044 公司股东大会授权公司董事长及子公司董事长（执行董事）在年度审议担保 额度范围内签署与本次担保有关的各项法律文件（包括但不限于申请书、合同、 协议等文件），授权期限自股东大会审议通过之日起至上述银行审批的期限终止 之日止。 根据《深圳证券交易所股票上市规则》及《公司章程》相关规定，本次担保 在公司董事会、股东大会批准的年度担保额度范围内。 截至本公告披露日，公司及下属子公司的担保余额为 930,569.7 万元。其中， 公司对下属子公司的担保余额为 928,642.79 万元，占公司 2023 年经审计的净资 产比例为 134.31%，公司不存在对合并报表外公司提供担保的情况。截至目前， 公司及下属子公司无逾期或涉及诉讼的担保。 特此公告！ 关于提供担保的进展公告 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。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第 ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [2]. - Streamlined manufacturing processes, resulting in a 7% increase in production output [3]. - Employee training programs were expanded, leading to a 15% improvement in operational efficiency [4]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [2]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [3]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [1]. - Increased transparency in financial reporting, earning recognition from industry watchdogs [2].