Summary of Conference Call Records Industry Overview - **Export Chain Recovery**: The export chain is expected to recover, with strong demand driven by "grab export" and "transfer export" effects. Analysts are optimistic about companies directly benefiting from this trend [6][7]. - **Light Industry Sector**: Companies with significant exports to the U.S. previously faced declines due to U.S.-China trade tensions, but these pressures are easing, leading to potential valuation recovery [6]. Key Points on Companies - **Dajin Heavy Industry**: - **Company Profile**: Dajin Heavy Industry is a global leader in offshore wind and marine engineering, with a rapidly increasing overseas revenue share. The company has secured a contract worth approximately 1 billion RMB for a major offshore wind project in Europe, expected to start deliveries in 2027 [7]. - **Growth Prospects**: Analysts from Dongwu Securities are optimistic about the company's ability to fulfill overseas orders, supported by ongoing subsidy policies in key European markets such as the UK and Denmark [7]. - **Subsidy Policies**: The UK government has allocated over £544 million for the seventh round of contracts for difference, while Denmark plans to initiate offshore wind auctions with significant financial support [7]. - **SBTi Certification**: Dajin Heavy Industry has become the first marine engineering company to receive SBTi certification, which may enhance its competitive edge and market share as developers seek to use certified suppliers for additional incentives [7]. - **Profit Forecast**: The projected net profit for 2025-2027 is 930 million, 1.26 billion, and 1.64 billion RMB, representing growth rates of 96%, 35%, and 30% respectively. A target price of 39.5 RMB is set based on a 20x PE ratio for 2026 [7]. - **Risks**: Potential risks include increased competition, unfavorable policy changes, and lower-than-expected export order fulfillment [7]. Other Important Insights - **Investment in Technology**: The People's Bank of China and other departments are committed to supporting technological innovation through various funding strategies [2]. - **Regulatory Developments**: The China Securities Regulatory Commission is working on policies to enhance the long-term capital inflow into the market, particularly for the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. - **Infrastructure Development**: The central government is focusing on strengthening urban infrastructure construction and promoting new types of urban infrastructure [4]. - **Market Performance of Related Stocks**: Notable stock performances include Dajin Heavy Industry (+0.53%), Gongchuang Turf (+2.51%), and Zhiou Technology (+4.64%), while Zhejiang Ziran saw a decline of -1.55% [8].

Core Viewpoint - The company, Dajin Heavy Industry, is experiencing robust growth in its overseas offshore wind power business, highlighted by significant contract wins in Europe, which are expected to enhance its revenue and profitability in the coming years [1][2]. Group 1: Contract Wins and Financial Impact - Dajin Heavy Industry's subsidiary, Penglai Dajin, signed a contract with a European energy company for the supply of super-large monopile products, valued at approximately 1 billion RMB, representing about 26.46% of the company's audited revenue for 2024 [1]. - This contract follows another significant contract signed in March, worth approximately 1.35 million USD (around 986 million RMB), which accounted for about 22.8% of the company's audited revenue for 2023 [1]. - The company's export revenue from 2022 to 2024 shows a steady increase, with figures of 838 million RMB, 1.715 billion RMB, and 1.733 billion RMB, respectively, indicating a growing share of overseas business [2]. Group 2: Profitability and Financial Performance - Dajin Heavy Industry reversed a two-year decline in profitability, achieving a net profit of 474 million RMB in 2024, a year-on-year increase of 11.46%, and a non-net profit of 433 million RMB, up 17.7% [2]. - The company's gross margin and net margin have been on the rise for three consecutive years, reflecting improved profitability from high-value-added offshore products [2]. - In Q1 2025, the company reported a significant surge in performance, with revenue of 1.141 billion RMB, a year-on-year increase of 146.36%, and a net profit of 231 million RMB, up 335.91% [2]. Group 3: Future Outlook - Dajin Heavy Industry anticipates a high level of activity in its overseas offshore wind power shipments over the next three years, driven by a strong order backlog and bidding situation [3]. - The company aims to increase its share of quality orders in the European offshore wind infrastructure sector to further enhance its financial performance [3]. - As of Q1 2025, the company's contract liabilities stood at 1.489 billion RMB, a year-on-year increase of 50.71%, indicating a healthy order book [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see significant growth driven by overseas orders, with a projected revenue increase of 51.52% in 2025 and a net profit growth of 96.25% [1][8] - The company has secured a major contract worth approximately 1 billion RMB for the supply of large monopile foundations for a European offshore wind project, with deliveries expected to start in 2027 [8] - The company has become the first offshore engineering enterprise to pass the Science Based Targets initiative (SBTi) audit, which is expected to enhance its market share and attract more clients [8] Financial Projections - Total revenue is projected to increase from 3,780 million RMB in 2024 to 9,133 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.42% [1][9] - The net profit attributable to the parent company is expected to rise from 473.88 million RMB in 2024 to 1,636.57 million RMB in 2027, with a CAGR of about 30.01% [1][9] - The earnings per share (EPS) is forecasted to grow from 0.74 RMB in 2024 to 2.57 RMB in 2027, indicating strong profitability growth [1][9] Market Data - The company's closing price is reported at 28.43 RMB, with a market capitalization of approximately 18,131.21 million RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 38.26 in 2024 to 11.08 in 2027, suggesting an attractive valuation as earnings grow [1][9]

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

证券代码：002487 证券简称：大金重工 公告编号：2025-034 大金重工股份有限公司 关于签署欧洲某海上风电场 单桩基础制造、供应和运输合同的公告 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 2、类似交易情况：最近三年公司与交易对手方未发生类似交易。 四、合同主要内容 1、各方权利义务：业主方综合统筹项目开展，蓬莱大金作为承包商建造超 大型单桩产品，并承担海运服务，将产品运输至对方指定地点。 2、交易价格：约人民币10亿元。 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"）与欧洲某能源企业签署了《单桩基础制 造、供应和运输合同》（以下简称"本合同"或"合同"），蓬莱大金将为欧洲 某海上风电项目（以下简称"本项目"或"项目"）提供超大型单桩产品，合同 总金额折合人民币约10亿元，占公司2024年度经审计营业收入的比例约 26.46%。 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 ...

Group 1 - The company, Daikin Heavy Industries, announced the signing of a contract worth approximately 1 billion RMB for the manufacturing, supply, and transportation of monopile foundations for an offshore wind farm in Europe [1] - The contract is expected to account for about 26.46% of the company's audited revenue for the fiscal year 2024 [1] - The signing and execution of this contract are anticipated to have a positive impact on the company's future operating performance [1]

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].

北京海润天睿律师事务所 关于大金重工股份有限公司 2024 年度股东大会的 法律意见 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮政编码：100022 电话：(010) 65219696 传真：(010)88381869 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 年度股东大会的 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 年度股东大会（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（试行）》等规定及本法 律意见出具日以前已经发生 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-033 大金重工股份有限公司 2024 年年度股东大会决议公告 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。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议时间：2025 年 5 月 9 日 星期五 14:30 （2）网络投票时间：2025 年 5 月 9 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 2025 年 5 月 9 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 2025 年 5 月 9 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、会议召集人：公司董事会 5、会议主持人：董事长金鑫先生 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、 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, recommending companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, attention is drawn to companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic wind power market, despite concerns about the sustainability of this growth [7][8] - The price recovery trend in the wind turbine market is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]