证券研究报告 | 公司深度 | 风电设备 大金重工(002487) 报告日期：2025 年 03 月 12 日 风电出海选塔桩，塔桩龙头看大金 ——大金重工深度报告 投资要点 ❑ 全球塔桩龙头企业，深耕海外订单亮眼 风电装机不及预期；行业政策不及预期；原材料价格波动；市场竞争加剧。 投资评级: 增持(首次) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 大金重工是风电塔桩出海龙头，高壁垒、高盈利率先享受出海红利。大金重工于 2000 年成立，坚持深耕风电装备制造领域，主要产品为塔筒、管桩、导管架、 浮式基础、过渡段等。实施"新两海"战略以来，成效显著，2023 年在欧洲市 场取得订单份额位居前列，是目前亚太区唯一实现向欧洲批量交付海上风电基础 结构的供应商。2021-2024H1，公司海外收入占比持续提升，从 2021 年的 16.4% 提升至 55.9%，受益于海外海上单桩产品占比持续提升，盈利能力显著提升。 ❑ 塔桩供需边际改善，量增价稳周期向上 1）量：欧洲方面，欧洲海风并网节点明确，塔桩需求逐步释放。欧洲能源安全 诉求加速海风迈入增长新周 ...

Investment Rating - The report gives a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.53 billion, 7.81 billion, and 10.59 billion yuan for 2024-2026, representing year-on-year growth of +6.6%, +72.3%, and +35.5%, respectively, with corresponding PE ratios of 30.5, 17.7, and 13.0X [4][15]. - The company is a leader in the offshore wind tower market and is benefiting from the acceleration of offshore wind construction, particularly in overseas markets [4][15]. - The company is executing a dual-sea strategy, successfully exporting offshore wind towers and monopiles, with production capacity expansion to support this growth [4][15]. Summary by Sections Domestic Offshore Wind Demand - Domestic offshore wind installation demand is expected to be released, with continuous shipments from the company. The domestic offshore wind projects that were previously delayed are now resuming, with significant projects in Guangdong and Jiangsu expected to start construction [4][15]. - The domestic offshore wind competition capacity for 2023 is 25.8GW, and for 2024 it is 25.35GW, indicating a robust pipeline for future growth [4][15]. International Offshore Wind Demand - International offshore wind demand is beginning to ramp up, with the company positioned as a leading exporter of offshore wind towers and monopiles. The global offshore wind installation is projected to see significant growth starting in 2026, particularly in Europe, where new installations are expected to reach 8.40GW in 2026 [2][4]. - The company has already exported nearly 100,000 tons of offshore wind towers and monopiles in 2023, with a full order book for future deliveries [2][4]. Export Capacity and Advantages - The company has established three major offshore engineering bases in Penglai, Tangshan, and Panjin, with a combined export capacity of 1.5 million tons once fully operational. Additionally, the company is developing its own fleet of large deck transport vessels to enhance its export capabilities [2][4]. - The company’s international orders are robust, and it has received recognition from overseas clients, further solidifying its position as a leader in offshore wind exports [2][4]. Financial Performance and Projections - The company’s revenue from wind tower manufacturing is expected to grow significantly, with projected year-on-year growth rates of -5%, +48%, and +28% for 2024-2026 [9][10]. - The company’s revenue structure has been upgraded, with a CAGR of 26.53% from 2019 to 2023, and it is anticipated that the profitability will improve as the company continues to push for offshore wind exports [24][30].

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Views - The wind power sector is experiencing significant growth, with land-based wind power tenders increasing substantially since the beginning of the year. The offshore wind project by Three Gorges Group has commenced full construction [1][4] - 2025 is expected to be a record year for tenders, with over 25GW of projects approved and awaiting bidding. The average annual installation of offshore wind power during the 14th Five-Year Plan is projected to exceed 20GW, significantly surpassing the previous plan [4] - The industry is anticipated to see a historical high in installed capacity for land-based wind power, exceeding 90GW in 2025, with stable main engine prices and a rebound in profitability driven by technological cost reductions [4] Summary by Sections Industry News - The report highlights the significant increase in land-based wind power tenders and the commencement of major offshore projects [1][4] Market Performance - Recent performance in the wind power sector has shown a divergence, with the top-performing segments being castings (+11.4%), blades (+10.4%), and bearings (+5.6%). Notable individual stock performances include Guangda Special Materials (+14.8%) and Times New Material (+14.8%) [3] Investment Recommendations - The report suggests focusing on four key areas: 1) Leading companies in tower/pile production with high export potential 2) Leading submarine cable companies with expected recovery and opening export markets 3) Leading complete machine manufacturers with domestic profitability bottoming out and accelerating exports 4) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025 - Recommended companies include Goldwind Technology, Oriental Cable, Times New Material, Hewei Electric, Sany Renewable Energy, Daikin Heavy Industries, Sun Moon Shares, Zhongji United, and Jinlei Shares [5] Tender and Installation Data - As of 2025, the cumulative public tender capacity for wind turbines in China has reached 24.3GW (+151%), with land-based wind turbine tender capacity at 23.7GW (+145%). The average winning bid price for land-based wind turbines (excluding towers) in 2025 is 1,499 CNY/kW [11] - In 2024, the total public tender capacity for wind turbines was 107.4GW (+61%), with land-based capacity at 99.1GW (+70%) and offshore capacity at 8.4GW (-3%) [11] Company Announcements - The report notes the full construction of the 800MW offshore wind project by Three Gorges Group and the commencement of a 500kW wind power project in Xinjiang by Sany Renewable Energy [10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [7][10]. Core Insights - The company is a leading player in the wind power infrastructure sector, with significant growth in overseas business and market share expected to increase. The company has successfully penetrated the high-barrier European market and is building a one-stop service system for manufacturing and transportation, which is anticipated to enhance cost control and competitive advantage [7]. - Recent measures from multiple European countries, including the UK and Germany, are expected to accelerate offshore wind construction, leading to a projected increase in overseas orders. The company anticipates delivering over 200,000 tons overseas this year, representing a year-on-year growth of 20-30%, which supports stable performance [7]. - The company is expanding its production capacity and optimizing service capabilities, with plans for new export bases in Penglai, Tangshan, and Panjin. The Penglai base is currently the largest offshore wind power base globally, with an annual capacity of 700,000 tons [7]. Company Overview - Industry: Machinery Equipment [3] - A-share price as of March 4, 2025: RMB 21.28 [3] - Market capitalization: RMB 134.26 billion [3] - Major shareholder: Fuxin Jinyin Energy Consulting Co., Ltd. (38.93%) [3] - Recent stock performance: 7.2% increase over the past month, but a decline of 6.2% over three months and 1.1% over the year [3]. Financial Projections - Expected net profits for 2024, 2025, and 2026 are RMB 448 million, RMB 711 million, and RMB 997 million, respectively, with year-on-year growth rates of 5.4%, 58%, and 40% [9]. - Earnings per share (EPS) are projected to be RMB 0.7, RMB 1.1, and RMB 1.56 for the same years [9]. - The company’s price-to-earnings (P/E) ratios for 2025 and 2026 are estimated to be 19 and 14, respectively [7][9].

证券代码：002487 证券简称：大金重工 公告编号：2025-014 大金重工股份有限公司 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，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，是丹麦迄今为止最大的海上风电 场。 近日，本项目最后一个批次的 10 根单桩已经顺利抵达欧洲某目的港，至此 蓬莱大金为丹麦 Thor 海上风电场项目建造的 36 根单桩全部交付完毕。本项目是 公司与莱茵集团（RWE）合作的首个海上风电项目，同时也是首个公司自主运输 的海外海工项目，大金重工负责提供单桩产品的建造、海运、交付"一站式服务"， 成功实现交付模式从 FOB 模式（在装运港货物越过船舷完成交货）向 DAP 模式 （目的地交货）跨越式升级，实现"重大件出海门到门"的承诺。 二、 对 ...

关于开立募集资金专户 并签署募集资金四方监管协议的公告 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。 证券代码：002487 证券简称：大金重工 公告编号：2025-013 大金重工股份有限公司 唐山大金海洋工程装备制造有限公司（以下简称"甲方二"，"甲方一"与 "甲方二"合称为"甲方"） 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准大金重工股份有限公司非公开发行股 票的批复》（证监许可【2022】2256 号）核准，大金重工股份有限公司（以下简 称"公司"）向特定对象发行 82,088,349 股 A 股股票，每股面值人民币 1.00 元， 每股发行认购价格为人民币 37.35 元，共募集资金人民币 3,065,999,835.15 元， 扣除承销费用、会计师费用等发行费用共计人民币 6,892,064.48 元（不含税）， 公司募集资金净额为人民币 3,059,107,770.67 元。上述募集资金于 2022 年 12 月 9 日到位，经立信会计师事务所（特殊普通合伙）验证，并由其出具信会师报字 [2022]第 ZG12544 号验资报告 ...

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

北京海润天睿律师事务所 关于大金重工股份有限公司 2025 年第一次临时股东大会的 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 法 律 意 见 致：大金重工股份有限公司 关于大金重工股份有限公司 2025 年第一次临时股东大会的 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 2025 年第一次临时股东大会（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 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-009 大金重工股份有限公司 2025 年第一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、会议召开时间： 5、会议主持人：董事长金鑫先生 （1）现场会议时间：2025 年 1 月 20 日 星期一 14:30 （2）网络投票时间：2025 年 1 月 20 日 1、本次股东大会未出现否决提案的情形； 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 1 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 2025 年 1 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 2、本次股东大会未涉及变更前次股东大会决议的情形。 4、会议召集人：公司董事会 一、会议召开和出席情况 1、审议通过《关于变更部分募投项目暨投资建设河北唐山曹妃甸海工基地 一期的议案》； 审 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-012 大金重工股份有限公司 关于公司董事、高级管理人员减持期限届满 暨未减持公司股份的公告 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。 大金重工股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日披露了 《关于公司董事、高级管理人员减持股份的预披露公告》（公告编号：2024-037）， 公司董事、总经理孙晓乐先生计划自上述公告披露之日起 15 个交易日后的 3 个 月内（2024 年 10 月 21 日至 2025 年 1 月 20 日），以集中竞价交易方式或者大 宗交易方式减持公司股份不超过 339,955 股，占公司总股本的 0.05%。 | 股东名称 | 股份性质 | 本次减持前持有股份数 | | 本次减持后持有股份数 | | | --- | --- | --- | --- | --- | --- | | | | 股数 | 占公司总股本比例 | 股数 | 占公司总股本比例 | | 孙晓乐 ...