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]

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, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units 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]

Investment Rating - The report maintains an "Overweight" rating for the wind power support infrastructure within the electric equipment and new energy industry [2] Core Insights - The wind power sector is becoming a crucial part of China's electricity supply structure, with significant optimization in wind power support structures and a shift towards mixed steel-concrete towers [5][33] - The domestic wind power market is expected to grow, with a projected cumulative installed capacity of approximately 520.7 GW by the end of 2024, marking an 18% year-on-year increase [55] - The report highlights the global wind power industry maintaining a high level of prosperity, with substantial growth potential in installed capacity [64] Summary by Sections 1. Wind Power as a Key Component of China's Energy Supply - Wind power support structures are continuously optimized, with a notable shift from traditional steel towers to mixed steel-concrete towers, which are gaining market acceptance [5][33] - The average cost of onshore wind power in China has significantly decreased, with a 67% reduction since 2017, making it more competitive compared to coal [14] - The average installed capacity of onshore wind turbines in China is projected to reach 5.89 MW by 2024, reflecting a 9.6% year-on-year increase [21] 2. Global Wind Power Industry Outlook - The global wind power installed capacity is expected to grow from 1,136 GW in 2024 to 2,118 GW by 2030, indicating a compound annual growth rate of 10.9% [68] - The report notes that the global wind power market is driven by energy security and carbon reduction goals, with significant policy support from the EU [64] 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in the wind power support infrastructure sector, such as 大金重工 (Dajin Heavy Industry), 泰胜风能 (Taisheng Wind Power), and 海力风电 (Haili Wind Power) [5][42] - The report emphasizes the importance of companies that can benefit from the booming global wind power market, particularly those with strong manufacturing capabilities and established reputations in Europe [5][41]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported better-than-expected performance with a revenue of 3.78 billion yuan in 2024, a decrease of 12.6% year-on-year, while the net profit attributable to shareholders increased by 11.5% to 470 million yuan [1] - The company is focusing on expanding its export of offshore engineering products, which has led to improved profitability and a significant increase in revenue from this segment [2][3] - The establishment of a floating foundation business center and participation in global tenders are part of the company's strategy to enhance its market position in the offshore wind sector [4] Financial Performance Summary - In 2024, the company achieved a gross margin of 29.83%, up 6.4 percentage points year-on-year, and a net profit margin of 12.54%, up 2.7 percentage points [1] - For Q1 2025, the company reported a revenue of 1.141 billion yuan, a year-on-year increase of 146.36%, and a net profit of 231 million yuan, up 335.91% year-on-year [1] - The company expects net profits to reach 898 million yuan, 1.181 billion yuan, and 1.514 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5] Business Segment Insights - The revenue from the export of offshore engineering products reached 1.733 billion yuan in 2024, with a gross margin of 38.5% [2] - The company's renewable energy segment generated 220 million yuan in revenue in Q1 2025, a 64% increase year-on-year, driven by the profitability of a 250MW wind power project [3] - The company has completed the layout of three major offshore engineering export bases, targeting the global offshore engineering market [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has exceeded performance expectations with significant growth in offshore wind product profitability, driven by an increase in export orders and a strategic shift towards international markets [1][2][3] - The company is positioned as a leader in the offshore wind tower and pile market, with forecasts indicating substantial profit growth in the coming years [4] Financial Performance Summary - For the year 2024, the company reported revenue of 3.78 billion, a decrease of 12.6% year-on-year, while net profit attributable to shareholders was 474 million, an increase of 11.5% year-on-year [1] - In Q1 2025, the company achieved revenue of 1.141 billion, a remarkable increase of 146.36% year-on-year, and net profit attributable to shareholders reached 231 million, up 335.91% year-on-year [1] - The gross margin for 2024 was 29.83%, an increase of 6.4 percentage points year-on-year, while the net margin was 12.54%, up 2.7 percentage points year-on-year [1] Export and Market Strategy - The company has seen a significant increase in the proportion of revenue from export marine engineering products, with a gross margin of 38.5% for the year, reflecting a strategic pivot away from less profitable domestic operations [2] - The establishment of three major export marine engineering bases has been completed, targeting the global marine engineering market [2] New Energy Sector Growth - The new energy generation business reported revenue of 220 million, a growth of 64.0% year-on-year, with a gross margin of 78.5%, primarily driven by the profitability of a 250MW wind power project [3] - The company has plans for further development in the new energy sector, including a 1GW wind power project in Hebei [3] Future Profitability Forecast - The company is projected to achieve net profits of 898 million, 1.181 billion, and 1.514 billion for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.5, 14.8, and 11.6 [4][5]

Core Viewpoint - The report highlights the strong performance of Dajin Heavy Industry, with significant growth in revenue and net profit, driven by high demand in the offshore engineering sector and favorable currency exchange rates [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.141 billion yuan, representing a year-on-year increase of 146.36% [1] - The net profit attributable to shareholders was 246 million yuan, up 448.47% year-on-year and 40.03% quarter-on-quarter [1] - Gross margin and net margin improved to 30.95% and 20.25%, respectively, marking the highest quarterly net profit since the company's listing [1] Export and Market Position - The export of offshore engineering products reached a historical high in Q1 2025, with a significant increase in shipment volume [1] - The company aims to capture the leading market share in the offshore wind power sector in developed economies over the next 3-5 years, having successfully entered the European market [2] Growth Strategies - Dajin Heavy Industry is developing its "second growth curve" by expanding into offshore wind power equipment and has secured multiple overseas project orders since 2022 [2] - The company is also working on a "third growth curve" by collaborating with leading floating foundation solution providers and establishing a global floating business center [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 5.5 billion, 7 billion, and 8.5 billion yuan, respectively, with net profits projected at 848 million, 1.221 billion, and 1.594 billion yuan [3] - The estimated EPS for the same years is 1.33, 1.91, and 2.50 yuan, with a target price range of 26.6 to 33.25 yuan based on a PE ratio of 20-25 times for 2025 [3]

Core Viewpoint - The company, Dajin Heavy Industry, reported significant growth in its Q1 2025 financial results, with a notable increase in both revenue and net profit, driven by high-margin export orders in the offshore wind sector [1][2][3]. Financial Performance - In Q1 2025, Dajin Heavy Industry achieved a revenue of 1.14 billion yuan, representing a year-on-year increase of 146.36% [2]. - The net profit for the same period reached 231 million yuan, showing a remarkable growth of 335.91% [2]. - The company's gross margin and net margin for Q1 2025 were 30.95% and 20.25%, respectively [2]. Market Activity - Dajin Heavy Industry's stock price has increased significantly, rising over 40% since early February, closing at 27.15 yuan per share on April 23 [1][3]. - The company received substantial support from social security funds, with notable increases in shareholdings from various funds [1][3]. Export and International Expansion - The company has been actively expanding its overseas market presence, particularly in Europe, where it has completed several major offshore wind projects [4]. - In 2024, Dajin Heavy Industry's export revenue reached 1.733 billion yuan, a slight increase of 1.07%, while domestic revenue decreased [5]. - The company is also targeting emerging markets in Asia, including Japan and South Korea, with plans for significant offshore wind installations by 2030 [6].