Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4]. Core Insights - The inverter export value has shown continuous improvement, with a year-on-year increase of 9.25% in the first five months of 2025, reaching 24 billion RMB [3][21]. - The total electricity consumption in May 2025 was 809.6 billion kWh, reflecting a year-on-year growth of 4.4%, with significant increases in the first and third industries [4][34]. - The report highlights the ongoing decline in silicon material prices, which is expected to impact the photovoltaic industry positively [22][26]. Summary by Sections New Energy Vehicles - Leap Motor launched the 2026 C16 SUV, featuring a spacious interior and advanced safety and intelligent driving systems [2][8]. - The vehicle incorporates high-strength materials and a comprehensive safety structure, achieving a top safety rating [9]. Photovoltaics - Inverter exports reached 24 billion RMB in the first five months of 2025, with May exports at 5.975 billion RMB, marking a 7.96% year-on-year increase [21]. - The domestic component export value was 79.559 billion RMB, down 24.07% year-on-year, but May saw a 7.18% increase compared to the previous month [21]. - Silicon prices have decreased, with multi-crystalline silicon prices dropping by 6.27% [22]. Electric Power Equipment - The total electricity consumption for the first five months of 2025 was 39,665 billion kWh, up 3.4% year-on-year, with significant growth in the agricultural and residential sectors [34][35]. - The report emphasizes the trend of electric power equipment companies expanding overseas, leveraging China's complete manufacturing supply chain [45]. - Key recommendations include companies involved in transformers and smart grid investments, indicating a shift towards digitalization in the power sector [45].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 40.85 RMB based on a 20x PE for 2026 [4]. Core Views - The company is expected to benefit significantly from the recovery of European offshore wind demand, with a projected doubling of order volume in 2025 compared to the previous year, driven by upcoming project deadlines and favorable market conditions [2][3]. - The company has achieved a market share of approximately 20% in the European monopile market, second only to local leader Sif, and is anticipated to continue increasing its market share due to capacity expansion and green manufacturing initiatives [3][42]. - The company’s revenue and profit forecasts for 2025-2027 indicate substantial growth, with revenues expected to reach 58 billion RMB in 2025, 73 billion RMB in 2026, and 95 billion RMB in 2027, alongside net profits of 960 million RMB, 1.3 billion RMB, and 1.83 billion RMB respectively [4][7]. Summary by Sections European Offshore Wind Market Outlook - The European offshore wind market is experiencing a recovery in project profitability due to declining interest rates and favorable policy adjustments, with a projected installation capacity of approximately 52 GW from 2025 to 2030 [2][13]. - The report estimates that the company could secure between 290,000 to 440,000 tons of monopile orders in 2025 under various market share scenarios [3][64]. Company’s Competitive Position - The company is the only domestic firm to have delivered multiple monopile projects in Europe, achieving a market share of around 20% from 2022 to 2024 [42][46]. - The company’s new production capacity at the Tangshan Caofeidian base is expected to reach 800,000 tons per year, enhancing its ability to meet the large-scale demands of European projects [3][50]. Profitability and Revenue Growth - The company’s revenue is projected to grow significantly, with a forecasted increase of 54% in 2025, followed by 26% and 29% in the subsequent years [4][7]. - The overseas revenue contribution is expected to rise, with a notable increase in profit margins from high-value offshore wind orders [65][70]. Additional Business Developments - The company is actively developing its own marine transport vessels to enhance service value and efficiency in delivering offshore wind products [78]. - The company has secured several renewable energy project indicators, with ongoing projects expected to contribute additional revenue starting in 2025 [80].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The wind power sector is expected to emerge from its "cycle," moving towards profitability and new growth opportunities [2] - The land wind cycle is showing signs of recovery, with expectations for price and volume restoration [4] - The offshore wind cycle is at a turning point, with anticipation for marginal improvements [4] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on the recovery of the wind power industry chain, highlighting companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [4] - For offshore wind, it recommends companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [4] Market Trends - The bidding data for wind power projects from January to May 2025 shows a steady growth trend, with a total scale of approximately 64.46 GW, reflecting a year-on-year increase of nearly 20% [9] - The average bidding prices for land wind power projects have stabilized, indicating a potential recovery in profitability for the wind power industry chain [9] - The export of wind turbines is a key driver for long-term industry growth, with significant increases in international bidding volumes [9]

证券代码：002487 证券简称：大金重工 公告编号：2025-037 大金重工股份有限公司 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、股东大会审议通过利润分配方案情况 大金重工股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开的 2024 年年度股东大会，审议通过了《关于 2024 年度利润分配方案的议案》，公司 2024 年度利润分配方案为：以公司截至 2024 年 12 月 31 日总股本 637,749,349 股为基 数，向全体股东每 10 股派发现金股利人民币 0.80 元（含税），共计派发现金股 利人民币 51,019,947.92 元（含税），不送红股，不以资本公积金转增股本，剩 余未分配利润结转以后年度。如在权益分派实施前，公司股本总额因新增股份上 市、股权激励授予行权、可转债转股、股份回购等事项发生变化的，公司将按照 现金分红总额固定不变的原则，相应调整每股分配比例。 本次权益分派方案披露之日至实施期间公司股本总额未发生变化。本次实施 的权益分派方案与公司股东大会审议通过的分配方案一致，距离公司股东大会审 议通过 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-037 大金重工股份有限公司 二、本次实施的利润分配方案 本公司2024年年度利润分配方案为：以公司总股本637,749,349股为基数，向 全体股东每10股派0.800000元人民币现金（含税；扣税后，通过深股通持有股份 的香港市场投资者、境外机构以及持有首发前限售股的个人和证券投资基金每10 股派0.720000元；持有首发后限售股、股权激励限售股及无限售流通股的个人股 息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时， 根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无 限售流通股的证券投资基金所涉红利税，对香港投资者持有基金份额部分按10% 征收，对内地投资者持有基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1个月（含1个月）以内，每10股补缴税款0.160000元；持股1个月以上至1年（含 1年）的，每10股补缴税款0.080000元；持股超过1年的，不需补缴税款。】 三、分红派息日期 本次分红派息股权登记日为：2025年6月20日，除权 ...

Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

证券代码：002487 证券简称：大金重工 公告编号：2025-036 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。 的净资产比例为 153.41%，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！ 大金重工股份有限公司董事会 2025 年 6 月 7 日 大金重工股份有限公司（以下简称"公司"）于 2025 年 1 月 3 日召开了第 五届董事会第十七次会议、2025 年 1 月 20 日召开了 2025 年第一次临时股东大 会，审议通过了《关于 2025 年度公司及子公司向银行申请授信额度及提供担保 额度预计的议案》，同意 2025 年度公司与下属子公司互相提供担保额度总计不 超过 200 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审议通过之日起 12 个月之内有效 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-035 大金重工股份有限公司 关于河北唐山曹妃甸 250MW 光伏项目 全容量并网的公告 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。 本项目包含大金重工十里海 125MW 渔光互补保障性光伏项目、大金重工 十里海 125MW 渔光互补市场化光伏项目两个子项目，是公司在唐山曹妃甸地 区清洁能源布局的重要举措。 本项目正式投入运行后，将为公司经营业绩带来积极影响，提升总体利润 水平。 截至目前，公司累计已投产发电的清洁能源项目总装机容量 500MW，其中 陆上风力发电 250MW，光伏发电 250MW；同时，公司将在后续实施建设的陆上 风电规模为 950MW。 特此公告！ 大金重工股份有限公司董事会 2025 年 5 月 27 日 大金重工股份有限公司（以下简称"公司"）下属子公司建设的 250MW 渔光 互补光伏项目（以下简称"本项目"）于近日全容量并网发电。 ...

Core Viewpoint - The announcement highlights the successful full-capacity grid connection of a 250MW fish-solar complementary photovoltaic project by the subsidiary of the company, which is a significant step in the clean energy layout in the Tangshan Caofeidian area [1] Group 1: Project Details - The project consists of two parts: the 125MW fish-solar complementary guaranteed photovoltaic project and the 125MW fish-solar complementary market-oriented photovoltaic project [1] - The project is expected to positively impact the company's operating performance and enhance overall profit levels [1] Group 2: Clean Energy Capacity - The company has a total installed capacity of 500MW for clean energy projects that have been put into operation, which includes 250MW from onshore wind power and 250MW from photovoltaic power [1] - Future plans include the construction of an additional 950MW of onshore wind power [1]