Core Viewpoint - The financial performance of Dajin Heavy Industry in Q1 2025 shows significant revenue and profit growth, alongside effective cost control, but raises concerns regarding accounts receivable and cash flow management [2][3][4][5][6][7]. Revenue and Profit Growth - The company achieved total operating revenue of 1.141 billion yuan, a year-on-year increase of 146.36% - The net profit attributable to shareholders reached 231 million yuan, up 335.90% year-on-year - The net profit excluding non-recurring items was 246 million yuan, reflecting a year-on-year increase of 448.47% [2]. Cost Control and Expense Optimization - Total expenses (selling, administrative, and financial) amounted to 19.29 million yuan, representing only 1.69% of revenue, a significant decrease of 89.17% compared to 15.62% in the same period last year [3]. Accounts Receivable and Cash Flow - As of the end of the reporting period, accounts receivable stood at 1.488 billion yuan, which is 314.11% of the latest annual net profit - Operating cash flow per share was -0.44 yuan, a decline of 190.05% year-on-year, indicating pressure on cash flow management [4]. Profitability and Capital Return - The gross margin was 30.95%, a decrease of 1.85 percentage points year-on-year - The net profit margin was 20.25%, reflecting a year-on-year increase of 76.94%, indicating improved operational efficiency despite a slight decline in gross margin [5]. Asset and Liability Situation - Interest-bearing liabilities increased from 183 million yuan in the same period last year to 1.507 billion yuan, a rise of 723.29%, suggesting financing needs for business expansion or capital expenditures [6]. Overall Summary - Overall, Dajin Heavy Industry's Q1 2025 performance is impressive with substantial revenue and profit growth and effective cost control, but high accounts receivable and negative cash flow warrant attention regarding financial management and operational efficiency [7].

电站业务持续贡献优质增量盈利。截至2024 年末，公司已投运250MW 辽宁阜新风电场。根据公司公 告，公司唐山250MW 渔光互补项目已于近期完成首批并网，公司预计将于2025 年年中前后完成全容量 并网，我们预计有望进一步增厚发电收益。此外，公司在河北区域也有风电场项目计划后续启动开发建 设。 盈利预测与估值 考虑到公司海外海风项目确收由FOB 切换至DAP 模式，以及公司在手的部分海外海工产品单位盈利有 进一步上修空间，我们分别上调2025/2026年净利润预测28.0%/22.4%至9.00 亿元/11.08 亿元。公司当前 股价对应2025/2026 年19.6/15.9 倍市盈率。我们持续看好公司作为国产海工企业出海引领者，在海外海 风需求高景气周期中持续强化出海业务竞争力，我们维持跑赢行业评级。我们同步上调公司目标价 28.9%至33.9 元，对应2025/2026 年24.0/19.5 倍市盈率，较当前股价有22.5%的上行空间。 风险 1Q25 业绩高于市场预期 公司公布1Q25 业绩：收入11.41 亿元，同比+146.4%，环比-22.6%；归母净利润2.31 亿元，同比 +335.9% ...

长江商报奔腾新闻记者 徐佳 作为全球领先海风海工龙头，大金重工（002487.SZ）海外拓展收获颇丰。 4月21日晚间，大金重工发布一季报。2025年一季度，大金重工实现营业收入11.4亿元，同比增长 146.36%；归属于上市公司股东的净利润（净利润，下同）2.31亿元，同比增长335.91%；扣除非经常性 损益的净利润（扣非净利润，下同）2.46亿元，同比增长448.47%。 据大金重工发布的年报显示，2024年，大金重工实现营业收入37.8亿元，同比下降12.61%；净利润和扣 非净利润分别为4.74亿元、4.33亿元，同比增长11.46%、17.7%。 其中，因大金重工进一步降低盈利能力差、回款风险大的国内业务规模，2024年公司营收规模有所降 低。但受益于出口海工产品高附加值带来的高盈利，公司净利润和扣非净利润均实现止跌回升。 2024年，大金重工的毛利率、净利率分别为29.83%、12.54%，同比提升6.59、2.71个百分点，且连续三 年持续提升。 年报显示，2024年，大金重工的国内业务板块实现营业收入20.47亿元，同比下降21.6%，占营业收入的 比例由上年的60.36%下降至54.15 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company reported Q1 2025 results that exceeded expectations, with revenue, profit, and net profit increasing by 146%, 336%, and 448% year-on-year, respectively [1][33]. - The company has successfully entered the high-barrier and high-value European offshore wind market, with expectations for domestic onshore and offshore wind businesses to also exceed forecasts [33]. Financial Data and Valuation - Total revenue is projected to grow from 4,325 million in 2023 to 6,020 million in 2025E, reflecting a year-on-year growth of 59% [2]. - The net profit is expected to increase from 425 million in 2023 to 927 million in 2025E, corresponding to a 96% year-on-year growth [2]. - The company’s PE ratio is projected to decrease from 41.6 in 2023 to 19.1 in 2025E, indicating improved valuation metrics [2]. Quarterly Performance Analysis - Q1 2025 saw the highest quarterly revenue and net profit in the last 15 years, with a gross margin of 30.95% and a net margin of 20.25% [7][8]. - The company’s operational segment is expected to contribute approximately 40 million in net profit for Q1 2025 [8]. Business Segment Insights - The company has a robust presence in the European offshore wind market, with a forecasted compound annual growth rate of 36% for offshore wind installations in Europe from 2024 to 2027 [18]. - Domestic onshore wind business is anticipated to exceed expectations, with a significant increase in wind power bidding volumes projected for 2024 [28][29]. Investment Recommendations - The company is expected to achieve net profits of 927 million and 1,196 million in 2025 and 2026, respectively, with a corresponding PE of 19X and 15X [7][33].

重要的消息有哪些 1.近日，中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》（以下简称《意见》）， 对自由贸易试验区建设工作作出系统部署。《意见》强调，经过5年左右的首创性、集成式探索，实现 自由贸易试验区制度型开放水平、系统性改革成效、开放型经济质量全面提升，以贸易、投资、资金流 动、交通运输、人员往来自由便利和数据安全有序流动为重点的政策体系更加完善，科技创新和产业创 新深度融合，现代产业集群能级跃升，新质生产力加快发展，打造开放层次更高、营商环境更优、辐射 作用更强的改革开放新高地。（新华社） 2.商务部新闻发言人就美国以关税手段胁迫其他国家限制对华经贸合作事答记者问。有记者问：据多家 境外媒体报道，消息人士透露，特朗普政府正准备在关税谈判中向其他国家施压，要求其他国家限制与 中国的贸易往来，以换取美方关税豁免。请问发言人对此有何评论？答：我们注意到有关报道。近期， 美国打着所谓"对等"旗号对所有贸易伙伴滥施关税，同时又胁迫各方与其开启所谓"对等关税"谈判。这 是打着"对等"的幌子，在经贸领域推行霸权政治、实施单边霸凌。绥靖换不来和平，妥协也得不到尊 重。为一己一时私利，以损害别人利益来换取 ...

CONTENTS About Us | About the Report | 02 | | --- | --- | | Letter from the Chairman | 03 | | About Us | 04 | | Key Performance in Sustainability | 07 | Environmental | Responding to Climate Change | 25 | | --- | --- | | Strengthening Environmental Management | 32 | | Environmental Key Performance Data | 39 | Sustainable Development Management Penglai Facility Practices SBTi Targets and Leads | Sustainable Development Governance Framework | 13 | | --- | --- | | Materiality Assessment | 14 | | Stakeholder Co ...

证券代码：002487 证券简称：大金重工 公告编号：2025-031 大金重工股份有限公司 二、监事会会议审议情况 审议通过《关于 2025 年第一季度报告的议案》。 监事会意见：经审核，监事会认为董事会编制和审核公司 2025 年第一季度 报告的程序符合法律、法规和中国证监会的规定，报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见巨潮资讯网（www.cninfo.com.cn）。 表决结果：3 票赞成，0 票反对，0 票弃权。 三、备查文件 第五届监事会第十三次会议决议的公告 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"）第五届监事会第十三次会议于 2025 年 4 月 18 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 2025 年 4 月 14 日以直接送达或电子邮件方式送达各位监事。本 次会议由监事会主席杨琦女士主持，应出席监事 3 人，实际出席监事 3 人，会 议的召集、召开程序符合《中华人民共和国 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-030 大金重工股份有限公司 第五届董事会第十九次会议决议的公告 三、备查文件 1、经与会董事签字并加盖董事会印章的董事会决议； 2、经与会委员签字并加盖委员会印章的专门委员会决议。 特此公告！ 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"）第五届董事会第十九次会议 于 2025 年 4 月 18 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 2025 年 4 月 14 日以直接送达或电子邮件方式送达 各位董事。本次会议由董事长金鑫先生主持，应出席董事 7 人，实际出席董事 7 人，会议的召集、召开程序符合《中华人民共和国公司法》等相关法律法规、 规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 审议通过《关于 2025 年第一季度报告的议案》。 具体内容详见巨潮资讯网（www.cninfo.com.cn）。 审计委员会已审议通过此议案。 表决结果：7 票赞成，0 票反对，0 票弃权。 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,140,711,583.07, representing a 146.36% increase compared to ¥463,029,555.69 in the same period last year[3] - Net profit attributable to shareholders was ¥230,953,964.97, a significant increase of 335.91% from ¥52,982,634.00 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥245,567,665.88, up 448.47% from ¥44,772,995.10 in the previous year[3] - Basic earnings per share rose to ¥0.36, a 350.00% increase from ¥0.08 in the same period last year[3] - The gross margin and net margin improved to 30.95% and 20.25%, respectively, with the quarterly net profit reaching the highest level since the company went public[14] - Total operating revenue for the current period reached ¥1,140,711,583.07, a significant increase from ¥463,029,555.69 in the previous period, representing a growth of approximately 146.2%[19] - Net profit for the current period was ¥230,953,964.97, compared to ¥52,982,634.00 in the previous period, indicating an increase of about 335.5%[20] - Basic and diluted earnings per share were both ¥0.36, compared to ¥0.08 in the previous period, representing a growth of 350%[20] Assets and Liabilities - The company's total assets increased by 10.24% to ¥12,745,878,101.91 from ¥11,561,949,391.14 at the end of the previous year[3] - Total liabilities rose to ¥5,243,176,478.56, up from ¥4,289,940,130.40, marking an increase of about 22.3%[18] - The total equity attributable to the parent company increased to ¥7,502,701,623.35 from ¥7,272,009,260.74, reflecting a growth of approximately 3.2%[18] Cash Flow - The net cash flow from operating activities was negative at -¥277,885,317.05, worsening from -¥95,805,559.80 in the previous year[10] - The company's cash flow from operating activities amounted to ¥1,030,436,714.35, compared to ¥987,092,103.71 in the previous period, showing an increase of approximately 4.4%[21] - The net cash flow from operating activities was -$277.89 million, compared to -$95.81 million in the previous period, indicating a decline in operational performance[22] - Cash inflow from investment activities totaled $70.62 million, significantly down from $2.04 billion in the previous period, reflecting reduced investment returns[22] - The net cash flow from financing activities was $982.19 million, a substantial increase from -$433.14 million in the previous period, indicating improved financing conditions[22] - The company reported cash outflows from operating activities totaling $1.31 billion, compared to $1.08 billion in the previous period, showing increased operational costs[22] Research and Development - The company reported a significant increase in research and development expenses, which amounted to ¥15,717,939.09, up 44.65% from ¥10,865,982.72 year-on-year[9] - Research and development expenses for the current period were ¥15,717,939.09, up from ¥10,865,982.72, indicating a growth of about 44.5%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 58,864[12] - The largest shareholder, Fuxin Jinyin Energy Consulting Co., Ltd., holds 38.93% of the shares, totaling 248,300,500 shares[12] Market Performance - The company reported a significant increase in the shipment volume of offshore engineering products, achieving the highest level for the same period in history[14] - More than half of the export pile foundation orders are for TP-less single pile products, indicating a strong demand in the market[14] Future Outlook - The company has a robust order delivery plan, expecting to maintain high production levels for export products in the future[14] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[23] Other Financial Metrics - The company's effective tax rate increased significantly, with income tax expenses rising to ¥47,263,810.78, a 690.06% increase from ¥5,982,300.16 in the same period last year[9] - The total operating costs for the current period were ¥830,982,139.37, compared to ¥405,964,051.44 in the previous period, indicating an increase of about 104.8%[19] - The deferred income tax assets decreased slightly to ¥73,646,466.77 from ¥74,600,863.26, a decline of about 1.3%[18] Audit and Reliability - The first quarter report was not audited, which may affect the reliability of the financial data presented[24]

大金重工 20250420 摘要 Q&A 大金重工在欧洲海上风电市场的布局和发展情况如何？ 大金重工在欧洲海上风电市场的布局已经持续多年，目前进入了收获期。过去 两年的订单开始逐步释放利润，今年（2025 年）从去年（2024 年）四季度开始 进入交付期，预计今年也是订单接单的大年。由于欧洲海上风电装机加速，公 司准备充分，在塔桩市场占有率持续提升，进入新的成长周期。大金重工明显 领先于国内其他公司，竞争格局良好，预计今年和明年的增长确定性强，到后 • 欧洲海上风电市场拍卖量激增，2024 年达 20 吉瓦，同比增长 46%，预计 2025 年超 30 吉瓦，为大金重工带来增长机遇。公司已成为欧洲海上风电 塔桩市场领先者，显著领先国内同行，竞争格局良好，未来增长确定性强。 • 大金重工凭借成本、工艺和服务优势成功进入海外市场，战略上坚定布局 海外海风，收缩国内陆风业务。公司拥有蓬莱、曹妃甸和盘锦三大基地， 依托港口资源保障产能和交付能力。 • 大金重工产品质量、交付效率和服务获海外客户认可，已获大量订单。今 年下半年将有两艘运输船交付，并规划 10-20 台船队，提升交付能力和盈 利能力。公司同时布局漂浮式全 ...