| --- | --- | --- | |-------------------------------|--------|-----------| | | | | | 发行股数 ( 百万 ) | | 637.75 | | 流通股 ( 百万 ) | | 630.58 | | 总市值 ( 人民币 百万 ) | | 14,680.99 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 334.35 | | 主要股东 | | | | 阜新金胤能源咨询有限公司 | | 38.93 | 相关研究报告 《大金重工》20230829 《大金重工》20221103 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：风电设备 证券分析师：陶波 bo.tao@bocichina.com 证券投资咨询业务证书编号：S1300520060002 证券分析师：曹鸿生 (8621)20328513 hongsheng.cao@bocichina.com 证券投资咨询业务证书编号：S1300523070002 公司公布 2023 年年报及 2024 年一季报，2023 年公司实现营收 43.25 亿元，同比 -15.3 ...

Table of Contents Dajin Heavy Industry Environmental Social Governance Appendix Table of Contents 8 Road to Sustainable Development 69 Appendix Environmental 27 Boosting Ecologically Harmonious Development Social 42 Securing Employee Health and Safety 48 Creating a Harmonious Workplace 2 About the Report 3 Letter from the Chairman 4 About Us 56 Building a Sustainable Supply Chain Governance 64 Business Ethics and Anti-corruption 01 02 03 Dajin Heavy Industry Co., Ltd | 2023 Sustainability Report 1 4 Company ...

Dajin Heavy Industry Co., Ltd. Annual Report 2023(Summary) Section I Important Reminders, Contents and Definitions Dajin Heavy Industry Co., Ltd. Annual Report 2023(Summary) April 2024 1 The Board of Directors, the Board of Supervisors, directors, supervisors and senior executives of the Company guarantee that the contents of this annual report are true, accurate and complete, free from false records, misleading statements or major omissions, and bear individual and joint legal liabilities. Jin Xin, the per ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company's overseas business revenue share has significantly increased, with 2023 revenue from wind power equipment, new energy generation, and other businesses being 4.146 billion, 132 million, and 47 million respectively. The gross margins for wind power equipment and new energy generation are 20.76% and 89.65%, with the former showing a year-on-year increase of 5.65 percentage points [4]. - In 2023, domestic and overseas revenue accounted for 60.36% and 39.64% respectively, with year-on-year changes of -38.84% and +104.63%. The gross margins were 20.97% and 27.20% respectively. The export business is led by offshore products, with nearly 100,000 tons shipped annually, and sales increasing over 4000% year-on-year [4]. - The company has secured a capacity lock agreement with a European offshore wind developer for up to 400,000 tons of capacity from now until 2030, receiving a one-time payment of 14 million euros. This positions the company favorably to benefit from the recovering global offshore wind demand and the shortage of overseas capacity [8]. - The company's operating cash flow improved significantly, with a net cash flow of -96 million in Q1 2024, compared to 809 million in 2023, which was a year-on-year increase of 620.76% [9]. - The company is expected to achieve net profits of 623 million and 894 million in 2024 and 2025 respectively, with corresponding EPS of 0.98 and 1.40 yuan per share. The valuation is set at a PE ratio of 25-30x for 2024, leading to a reasonable value range of 24.43-29.32 yuan [9]. Summary by Sections Financial Performance - The company's revenue for 2023 was 4.325 billion, a year-on-year decrease of 15.3%. The net profit was 425 million, down 5.6% year-on-year. The gross margin for 2023 was 23.44%, an increase of 6.72 percentage points year-on-year [10][17]. - The forecast for 2024 and 2025 indicates revenues of 5.666 billion and 7.400 billion respectively, with net profits projected at 623 million and 894 million [21]. Product Segmentation - Revenue from wind tower piles in 2023 was 4.146 billion, with a gross margin of 20.76%. The revenue from power generation was 132 million, with a gross margin of 89.65% [12]. - The company anticipates a significant increase in revenue from its high-margin overseas business, contributing to improved overall profitability [17]. Market Position - The company is positioned as a leading exporter of offshore wind power products, benefiting from a global market forecasted to grow at a CAGR of 28% from 2024 to 2028 [8]. - The company has a competitive edge due to the shortage of offshore wind infrastructure capacity globally, particularly in Europe [8].

[Table_Main] 公司研究|工业|资本货物 证券研究报告 [Table_Title] 全球化布局，海外海上业务发展提速 大金重工(002487)公司点评报告 2024 年 05 月 07 日 ——大金重工(002487.SZ)2023 年年报及 2024 年一季报点评 [Table_Summary] 事件： 公司发布 2023 年年报及 2024 年一季报：公司 2023 年营收 43.25 亿元， 同比下滑 15.30%；归母 4.25 亿元，同比下滑 5.58%。2023 年公司营收下 滑主要系公司对部分存在风险的国内陆上产品项目主动去化。公司利润下 滑主要系：1）某海外项目执行时间延长，公司与客户经协商，减少该项目 的结算金额，影响约 9100 万元净利润。2）阜新彰武风场转固形成的折旧 摊销及相关财务费用，影响净利润约 1600 万元。 2024Q1 公司营收 4.63 亿元，同比下滑 45.83%；归母 0.53 亿元，同比下 滑 29.12%。2024Q1 公司业绩下滑主要系一季度为行业淡季，同时公司计 提公允价值变动和资产减值等损失约 1000 万元。 报告要点： 出海业务占比提升，公司 ...

电力设备/风电设备 大金重工（002487.SZ） 2024 年 05 月 04 日 ——公司信息更新报告 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 亚太唯一实现向欧洲交付海工产品的供应商，先发优势稳固 公 司 研 究 海外海工先发优势明显，静待项目启动 2023 年公司合计出货 50.8 万吨，其中欧洲海工发货接近 10 万吨，全年海外收入 占比上升至 40%，2023 年是实现规模化出口交付的元年。2023 年总签单量较 2022 年同比增长超 50%，预计在 2024-2026 年陆续交付，储备订单充足。当前正在参 与的海外海工项目总需求超过 300 万吨，稳步推进全球海工战略。 出口海工产能持续扩张，运输船、发电成为新增长点 风险提示：海外政策变动、海上风电项目建设不及预期、原材料价格波动、行 业竞争加剧风险、公司海外中标情况不及预期、公司产能释放不及预期。 财务摘要和估值指标 数据来源：聚源、开源证券研究所 | --- | --- | --- | --- ...

大金重工（002487.SZ） 2024 年 05 月 04 日 2023 年是海外海风项目批量交付元年，Q4 利润受非自身因素承压 当前海外产品生产集中于蓬莱基地，公司正在积极打造具备全类型超大风电、油 气海工基础批量生产能力的世界超级工厂，唐山曹妃甸基地有望于 2025 年 3 月 投产。同时，公司也在布局专注特种运输船的盘锦海工基地，2025 年陆续交付 两艘海上风电装备特种运输船。此外，阜新彰武西六家子 250MW 风电项目已实 现并网发电，唐山曹妃甸十里海 250MW 渔光互补光伏项目力争年内建成。 -60% -40% -20% 0% 20% 40% 2023-05 2023-09 2024-01 大金重工 沪深300 《英国上调海风竞拍价格上限，欧洲 出口企业有望率先受益—公司信息更 新报告》-2023.11.20 《多年海外布局开始兑现，Q2 毛利率 创三年新高—公司信息更新报告》 -2023.8.30 请务必参阅正文后面的信息披露和法律声明 1 / 4 ——公司信息更新报告 亚太唯一实现向欧洲交付海工产品的供应商，先发优势稳固 | --- | --- | --- | --- | --- | - ...

Investment Rating - The report gives a "Recommended" rating for the company, highlighting its growth potential and strategic positioning in the wind power industry [3][104]. Core Insights - The company is focusing on expanding its industrial layout while maintaining its core business in wind power equipment manufacturing. It aims to enhance its global market share through its "Dual Sea" strategy and capacity expansion [2][39]. - The company has seen a significant increase in its overseas marine engineering and domestic marine contributions, which accounted for approximately 51% of the wind power segment's revenue in 2023, up 17 percentage points from the previous year [2][78]. - The company plans to achieve a production capacity of over 3 million tons and operate more than 10 self-owned transport vessels, positioning itself as a leader in the global wind power marine equipment sector [2][39]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 4.325 billion yuan, a decrease of 15.3% year-on-year, primarily due to proactive reduction in domestic land project risks. The net profit attributable to the parent company was 425 million yuan, down 5.6% year-on-year [42][49]. - The company forecasts revenues of 5.513 billion yuan, 6.722 billion yuan, and 8.074 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 27%, 22%, and 20% [3][104]. Business Strategy - The company has been actively expanding into the offshore wind power sector since 2020, aiming to capture a leading market share in developed economies over the next 3-5 years [2][39]. - The company is also investing in wind farm development and operation, with plans to build 2 million kilowatts of new energy projects within three years [39][64]. Market Position - The company has established a strong presence in the global wind power equipment manufacturing industry, with a significant increase in export volumes and contributions to total revenue, rising from nearly 17% in 2022 to close to 40% in 2023 [2][78]. - The report indicates that the company is well-positioned to benefit from the growing demand in the wind power sector, supported by its strategic initiatives and operational capabilities [3][104].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [4][24]. Core Insights - The company has established itself as a mainstream supplier of offshore wind power equipment in Europe, with significant growth potential in its marine engineering export business due to increasing demand in the offshore wind sector [10][11][14]. - In 2023, the company reported a revenue of 4.325 billion yuan, a decrease of 15.3% year-on-year, and a net profit of 425 million yuan, down 5.6% year-on-year. The first quarter of 2024 saw a further decline in revenue to 463 million yuan, a 45.83% decrease year-on-year [7][10]. - The company has seen a significant increase in its marine engineering export business, with overseas shipments rising over 4000% and revenue increasing by more than 4300% [10][11]. Financial Performance - The company’s revenue and profit are expected to recover in the coming years, with projected revenues of 5.137 billion yuan in 2024 and 5.787 billion yuan in 2025, reflecting year-on-year growth of 18.8% and 12.7% respectively [9][15]. - The net profit is projected to increase to 636 million yuan in 2024 and 778 million yuan in 2025, with corresponding year-on-year growth rates of 49.6% and 22.3% [9][15]. - The gross margin is expected to improve from 23.4% in 2023 to 25.3% in 2024, indicating enhanced profitability [9][20]. Business Segments - The company’s domestic tower and pile business is undergoing strategic contraction, while its marine engineering export business is thriving, particularly with the successful delivery of products for the MorayWest project in the UK [10][11]. - The company is focusing on expanding its production and logistics capabilities to support its global strategy, including the construction of new facilities in Tangshan and Panjin [13][14]. Market Position - The company has secured a significant order volume in the European offshore wind market, with a 50% year-on-year increase in overseas orders, positioning it among the top suppliers in this region [11][14]. - A recent agreement with a European offshore wind developer includes a locked production capacity of up to 400,000 tons of offshore wind foundation structures, further solidifying the company's market position [11][14].

证券研究报告·公司点评报告·风电设备 大金重工（002487） 2023 年年报及 2024 年一季报点评：2023 年 出口兑现盈利能力提升，远期构建出口海工 "产销运"一体 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5,106 | 4,325 | 5,073 | 6,685 | 9,048 | | 同比（ % ） | 15.21 | (15.30) | 17.28 | 31.79 | 35.35 | | 归母净利润（百万元） | 450.28 | 425.16 | 654.52 | 888.03 | 1,195.35 | | 同比（ % ） | (22.02) | (5.58) | 53.95 | 35.68 | 34.61 | | EPS- ...