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].

一、项目进展情况 证券代码：002487 证券简称：大金重工 公告编号：2024-040 大金重工股份有限公司 关于公司首个自主运输海外海工项目 首船产品顺利到港交付的自愿性披露公告 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。 公司供应丹麦 Thor 海上风电场项目第一个批次单桩产品顺利抵达目的港 了从自有风电母港建造并发运至客户目的港的"一站式服务"，获得了海外客户 更高的信任度和更好的满意度，这对公司全球化业务的进一步拓展将起到积极促 进作用。 大金重工股份有限公司（以下简称"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"）于 2023 年 5 月与莱茵集团（RWE）签订了丹 麦 Thor 海上风电场项目（以下简称"该项目"或"项目"）供货合同，蓬莱大金将为 该项目建造和交付 36 根 TP-less（无过渡段）单桩，并负责将全部单桩产品运输 至客户指定地点。该风电场位于丹麦北海，距 Thorsminde 大约 22 公里处，总装 机容量 1GW，项目建成后能够为 100 多万户丹麦家庭供应绿色电力，是迄今为 止丹麦最大的海上风电场 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company has over 20 years of experience in the wind power equipment manufacturing industry, transitioning from domestic to global manufacturing [1][15]. - The company has successfully expanded its overseas operations, particularly in the European offshore wind market, becoming the only supplier in the Asia-Pacific region to deliver offshore products to Europe [2][15]. - The company's revenue from overseas operations has significantly increased, with a notable rise in the proportion of revenue from offshore projects [2][4]. - The company has a strong focus on high-margin offshore projects while reducing its exposure to lower-margin onshore wind tower projects [2][4]. - The company has achieved impressive gross margins in its wind tower and new energy generation businesses, indicating strong profitability [1][4][25]. Summary by Sections Company Overview - The company was established in 2000 and has evolved from producing construction steel structures to becoming a leading manufacturer of clean energy equipment [1][15]. - It became the first listed company in its industry in China in 2010 and has since expanded its production capabilities and market reach [1][15]. Market Opportunities - The global wind power market is expected to grow significantly, with a projected CAGR of 9.4% from 2023 to 2028 [33]. - China's wind power installation capacity is also on the rise, with expectations of adding over 75 GW annually in the coming years [33][40]. Financial Performance - The company reported a revenue of 4.33 billion yuan in 2023, a decrease of 15.3% year-on-year, primarily due to strategic divestments in lower-performing projects [7][22]. - The forecasted net profits for 2024, 2025, and 2026 are 529.81 million yuan, 795.03 million yuan, and 1.11 billion yuan, respectively, indicating a recovery and growth trajectory [5][7]. Strategic Initiatives - The company is implementing a "dual-sea strategy" to enhance its global presence and capitalize on the growing demand for offshore wind power [2][15]. - It has established key offshore manufacturing bases in China and is actively pursuing projects in Europe, which are expected to contribute significantly to future revenues [2][15]. Product and Service Development - The company is expanding its product offerings to include next-generation floating foundation solutions in collaboration with international partners [17]. - It has also initiated the development of a dedicated shipping fleet to support the transportation of large offshore products, enhancing its operational capabilities [18][17].

证券代码：002487 证券简称：大金重工 公告编号：2024-039 大金重工股份有限公司 关于签署欧洲波罗的海地区某海上风电场 单桩基础制造和供应合同的公告 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、合同签署概况 近日，大金重工股份有限公司（以下简称"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"）与欧洲某海工企业签署了《单桩基础制 造和供应合同》（以下简称"本合同"或"合同"），蓬莱大金将为波罗的海地 区某海上风电项目（以下简称"本项目"或"项目"）提供10根超大型单桩产品， 合同总金额约4,600万欧元（按欧元兑人民币7.84的汇率计算，折合人民币约 3.61亿元）。根据合同约定，该笔订单将于2025年交付完成。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第1号——主板上市公司规范运作》等有关法律法规、规范性文件和《公司 章程》的规定，上述合同属于公司日常经营性合同，不需要经过公司董事会和股 东大会审议，亦无需独立董事发表独立意见。 二、项目概述 该海上风电项目位于欧洲波罗的海地区，业主方为全 ...

法律意见 北京海润天睿律师事务所 关于大金重工股份有限公司 2024 年第二次临时股东大会的 法 律 意 见 致：大金重工股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受大金重工股份有限公司（以 下简称"公司"）的委托，指派律师出席公司 2024 年第二次临时股东大会（以下 简称"本次股东大会"）对本次股东大会进行律师见证并发表法律意见。 为出具本法律意见，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供的本所出具本法律意见所必需的原始书 面材料、副本材料、电子文档或口头证言真实、完整、有效，不存在虚假陈述、 重大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 本所律师同意将本法律 ...

证券代码：002487 证券简称：大金重工 公告编号：2024-038 大金重工股份有限公司 2024 年第二次临时股东大会决议公告 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： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更前次股东大会决议的情形。 6、本次股东大会的召集、召开与表决程序符合《公司法》《公司章程》及 《股东大会议事规则》等有关法律、法规及规范性文件规定。 7、会议出席情况： 一、会议召开和出席情况 1、会议召开时间： （1）现场会议时间：2024 年 9 月 20 日 星期五 14:30 （2）网络投票时间：2024 年 9 月 20 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 20 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票的 具体时间为 2024 年 9 月 20 日 9:15-15:00 期间的任意时间。 2、会议召开地点：辽宁省阜新市新邱区新邱大街 155 号 3、会议召开方式：现场表决与网络投票相结合 4 ...

公司董事、高级管理人员孙晓乐先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：002487 证券简称：大金重工 公告编号：2024-037 大金重工股份有限公司 关于公司董事、高级管理人员减持股份的预披露公告 大金重工股份有限公司（以下简称"公司"）于近日收到公司董事、高级管 理人员孙晓乐先生提交的《减持公司股份计划告知函》，现将有关情况公告如下： 一、股东的基本情况 1、股东名称：孙晓乐 2、股东持股情况：截至本公告披露日，孙晓乐先生持有 1,359,819 股，占公 司总股本的 0.21%。 二、本次减持计划主要内容 1、减持原因：个人资金需求 2、股份来源：公司股权激励计划授予的限制性股票 3、拟减持数量及比例：上述股东拟减持数量不超过 339,955 股，占公司总股 本 0.05%（若在减持期间，公司有送股、资本公积转增股本等股份变动事项，上 述拟减持股份数量将相应进行调整）。 4、减持方式：集中竞价交易方式或者大宗交易方式。 6、减持价格：根据市场价格确定 7、上述股东不存在《深圳证券 ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's revenue and profit in Q2 2024 declined year-on-year but increased significantly quarter-on-quarter [5] - Q2 2024 revenue: 893 million yuan, down 25.96% YoY, up 92.91% QoQ - Net profit attributable to shareholders: 121 million yuan, down 38.92% YoY, up 128.16% QoQ - Gross margin: 27.00%, down 0.47% YoY, down 4.60% QoQ - Net margin: 13.53%, down 2.87% YoY, up 2.09% QoQ - In H1 2024, the company's revenue was 1.356 billion yuan, down 34.20% YoY, mainly due to slow domestic customer activity and delayed deliveries [5] - Net profit attributable to shareholders: 174 million yuan, down 36.23% YoY - Gross margin: 28.57%, up 4.61% YoY - Net margin: 12.82%, down 0.41% YoY - Overseas business accounted for 56% of total revenue, with continuous order deliveries [5] - Domestic/overseas revenue: 598 million yuan/758 million yuan, accounting for 44.08%/55.92% of total revenue - Gross margin for domestic/overseas business: 29.81%/27.59%, up 8.37%/0.45% YoY - The company has successfully delivered multiple offshore projects in Europe, including the Moray West project in Scotland and the NOY-lles D'Yeu et Noirmoutier project in France [5] Financial Performance - Operating cash flow improved significantly in H1 2024, with a net operating cash flow of 247 million yuan, up 199.75% YoY [6] - Inventory as of June 30, 2024: 2.004 billion yuan, up 12.09% YoY [6] - Accounts receivable: 1.431 billion yuan, down 23.38% YoY [6] Profit Forecast and Valuation - The company's net profit attributable to shareholders is expected to be 514 million yuan in 2024 and 715 million yuan in 2025 [6] - EPS is forecasted to be 0.81 yuan/share in 2024 and 1.12 yuan/share in 2025 [6] - The company is given a 2024 PE range of 25-30x, with a reasonable value range of 20.16-24.20 yuan [6] Financial Projections - Revenue is expected to grow from 4.837 billion yuan in 2024E to 7.067 billion yuan in 2026E, with a CAGR of 20.5% [7] - Net profit is projected to increase from 514 million yuan in 2024E to 953 million yuan in 2026E [7] - Gross margin is expected to improve from 23.8% in 2024E to 26.3% in 2026E [7] Comparable Company Analysis - The average PE ratio for comparable companies is 16.49x for 2024E, 11.30x for 2025E, and 9.17x for 2026E [8] - The average PS ratio for comparable companies is 1.61x for 2024 and 1.21x for 2025 [9] Financial Ratios and Efficiency - The company's ROE is expected to increase from 6.1% in 2023 to 10.5% in 2026 [10] - Asset turnover ratio is projected to improve from 0.40 in 2023 to 0.56 in 2026 [11] - The company's debt-to-asset ratio is expected to remain stable, ranging from 30.5% to 31.8% from 2024E to 2026E [11]

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）。 证券代码：002487 证券简称：大金重工 公告编号：2024-036 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 ...

电力设备/风电设备 公 司 研 究 大金重工（002487.SZ） 2024 年 09 月 03 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 20.17 | | 一年最高最低 ( 元 ) | 29.30/16.32 | | 总市值 ( 亿元 ) | 128.63 | | 流通市值 ( 亿元 ) | 127.26 | | 总股本 ( 亿股 ) | 6.38 | | 流通股本 ( 亿股 ) | 6.31 | | 近 3 个月换手率 (%) | 93.72 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-09 2024-01 2024-05 大金重工 沪深300 数据来源：聚源 相关研究报告 《海外海工先发优势明显，静待项目 启动—公司信息更新报告》-2024.5.4 《德国订单上调金额，海外海工强者 恒 强 — 公 司 信 息 更 新 报 告 》 -2023.12.18 《英国上调海风竞拍价格上限，欧洲 出口企业有望率先受益 ...