1月23日晚间，洛阳新强联（300850）回转支承股份有限公司（以下简称"新强联"）发布公告称，预计 2025年度实现归属于上市公司股东的净利润为7.8亿元至9.2亿元，同比增长1093.07%至1307.21%。 谈及业绩变动原因，新强联表示，受益于风电行业需求回暖，装机需求持续释放，公司依托技术优势进 一步扩大了市场份额。在产能利用率保持较高水平的背景下，公司通过优化成本管控、提升高附加值产 品比重，实现了产品毛利率的稳步提高。 三一重能股份有限公司方面在接受投资者调研时透露，2025年国内风机订单中标均价较上年有一定提 升。其背后动力是，风电行业已认识到"内卷式"竞争的危害，并多措并举推动风机价格明显回升。 与此同时，2025年，我国风电企业坚持自主创新，一方面推进风电机组大型化、轻量化，不断提升单机 容量，降低单位千瓦成本；另一方面深化数字化、智能化应用，依托工业物联网、大数据、智能算法等 实现研发、生产、运维全流程数字化，我国风电领域创新能力和综合竞争力进一步增强。 另外，一位行业分析师对《证券日报》记者表示，海上风电与海外市场的需求驱动，正成为推动行业中 长期增长的双重引擎。 海上风电方面，《全球 ...

机构调研策略周报（2026.01.19-2026.01.23） 投资要点 ➢ 机构调研热门行业情况 证券研究报告/投资策略 机械设备、电力设备等行业关注度较高 本周（2026 年 1 月 19 日-2026 年 1 月 23 日），一级行业中，按机构被调研 总次数从高到低排序，机械设备、电子、汽车、基础化工的关注度较高，其中机 械设备、电力设备的近 5 天调研机构家数较多。近 30 天（2025 年 12 月 24 日 —2026 年 1 月 23 日），一级行业中，按机构被调研总次数从高到低排序，机 械设备、电子、基础化工、电力设备和汽车的关注度较高，其中机械设备、计算 机的近一个月调研机构家数较多。 ➢ 机构调研热门公司情况 本周机构调研情况，按照近 5 天机构调研次数排名，调研次数较多且机构评级 家数大于 10 家的公司为洁美科技、鸿路钢构、耐普矿机等。 大金重工调研核心围绕 2025 年业绩高增长及海外驱动，预计归母净利润同比大 增 121.58%–153.23%。业绩创历史新高主要得益于海外业务强劲，上半年出口 占比近 79%，欧洲单桩份额居首，手握超百亿订单。 耐普矿机调研重点披露其全球首创的高合 ...

大金重工（002487）日前披露的投资者关系活动记录表显示，公司于1月22日召开业绩说明会，就公司 发布的2025年度业绩预告等情况与机构投资者进行交流。 1月21日晚间，大金重工发布2025年度业绩预告，公司预计2025年归属于上市公司股东的净利润为10.5 亿元至12亿元，比上年同期增长121.58%至153.23%。增长原因包括三方面：来自海外海风项目的交付 量和交付金额快速增长；交付出口海工产品的建造标准提升，带来更高附加值；公司通过提供海风装备 建造、运输、本地化安装等系统化服务，执行项目价值量进一步提高。 大金重工在本次活动中介绍，对现有能源进行存量替代、以及新增用电需求，叠加独特的自然资源禀 赋，使得欧洲发展海风成为"必选项"。北海、波罗的海以及英法西部沿岸的大西洋海域具有风速高、水 浅的特征，海上风能资源丰富，当前渗透率非常低，当地现有海风装机量无法满足需求，未来海上风电 还有很好的增长空间。 今年多个国家预计在商业化漂浮式海上风电项目上取得进展，包括英国、法国、韩国等地项目。英国 AR7浮式项目中标单价较高，对后续拍卖创造了良好基础。 "除了英国外，德国、日本、荷兰、波兰也是公司重点市场。" ...

1月23日，A股三大指数集体上涨。截至收盘，沪指涨0.33%报4136.16点，深成指涨0.79%报14439.66点，创业板指涨0.63% 报3349.5点。从板块行情上来看，今日表现较好的是HIT电池、天基互联和空间站概念，而算力概念、CPO概念和天然气等 板块下跌。 | 新版篇: *9,39% | HIT电池 +9.38% | | | F5G概念 冷流入 : : 06.3亿 注册版: -3.7% | | | | --- | --- | --- | --- | --- | --- | --- | | 钙钛矿电池 净流入:91.0亿 | 164.31Z | TOPCon电池 123.1亿 | | 光通信模块 | | | | | | +9.15% | | -138.8亿 -2.52% | | 算力概念 | | | | | | | | -214.3 Z -2.32% | | | | 天基互联 | | CPO概念 -188.2 Z- -2.52% | | | | BC电池 70.74Z +8.66% | | 130.1 亿 +8.51% | | | | | | 3D玻璃 | | | | PCB | 页岩气 | | ...

大金重工分析师会议 调研日期：2026年01月22日 调研行业：风电设备 参与调研的机构：东兴、融通、招商证券、国华兴益保险、西部 证券股份等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：大金重工 所属行业：风电设备 接待时间：2026-01-22 上市公司接待人员：公司管 ...

Core Viewpoint - 大金重工 is experiencing significant growth, with projected net profits for 2025 expected to reach between 1.05 billion to 1.2 billion yuan, marking a substantial increase compared to the previous year [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of 10.50 billion to 12.00 billion yuan for the fiscal year 2025, representing a year-on-year growth of 121.58% to 153.23% [1][3]. - For the first three quarters of 2025, the company reported a revenue of 45.95 billion yuan, a year-on-year increase of 99.25%, with a net profit of 8.87 billion yuan, up 214.63% [3]. - The export revenue for the first half of 2025 reached 22.43 billion yuan, nearly doubling year-on-year and accounting for 78.95% of total revenue [1][7]. Market Position and Strategy - 大金重工 is a leading global supplier of offshore wind power equipment, with a strong focus on expanding its overseas market presence [1][5]. - The company is actively pursuing a Hong Kong listing to strengthen its global strategic layout [2][7]. - The company has established a global floating business center and is collaborating with top international floating foundation solution providers to develop next-generation products [5][6]. Research and Development - R&D expenses have been increasing, with a reported 1.93 billion yuan in R&D costs for the first three quarters of 2025, reflecting a year-on-year growth of 228.65% [5][6]. - The R&D expense ratio for 2025 is reported at 4.19%, indicating a commitment to maintaining industry-leading technological innovation [5]. International Orders and Contracts - As of mid-2025, the company has accumulated over 10 billion yuan in overseas orders, primarily for delivery in the next two years, with projects covering multiple offshore wind farms in Europe [6][7]. - The company has also secured two shipbuilding orders from international clients, totaling approximately 585 million yuan, to be delivered by 2027 [6].

| 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 晨会纪要（R3） 晨会纪要 2026 年 01 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4122.58 | 0.14 | | 深证成指 | 14327.05 | 0.50 | | 创业板指 | 3328.65 | 1.01 | | 科创 50 | 1541.64 | 0.41 | | 北证 50 | 1530.24 | 0.69 | | 沪深 300 | 4723.71 | 0.01 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 一、财信研究观点 二、重要财经资讯 【宏观经济 ...

Summary of the Conference Call for 大金重工 (Dajin Heavy Industry) Company Overview - 大金重工 is a global diversified industrial group established in 2000, headquartered in Beijing, China. The company specializes in providing competitive, safe, and reliable products and solutions, primarily in the offshore and onshore wind power sectors, including a full range of towers, transition pieces, foundations, large piles, deep-sea jackets, floating foundations, and offshore substations. [3][3][3] - The company employs over 3,000 staff globally and has a customer and sales network across more than 30 countries and regions. It is recognized as the largest supplier of wind power towers and offshore wind foundation equipment in the world and is the first domestic company to export offshore wind equipment to Europe. [3][3][3] Financial Performance - For the fiscal year 2025, the company expects to achieve a net profit attributable to shareholders of between 1.05 billion to 1.2 billion, representing a year-on-year growth of 121.58% to 153.23%. The growth is attributed to three main factors: rapid increase in delivery volume and value from overseas offshore wind projects, higher added value from improved construction standards of exported offshore products, and enhanced project value through systematic services including construction, transportation, and localized installation. [29][29][29] Industry Insights - The company believes that the long-term outlook for offshore wind power in Europe remains strong despite past fluctuations in installation volumes. Factors such as the need for energy replacement and new electricity demand, combined with favorable natural resources, make offshore wind development a necessity in Europe. [30][30][31] - The recent AR7 auction in the UK, which auctioned 8.4 GW of offshore wind projects, exceeded market expectations and set historical highs for project scale and subsidy amounts. This has increased developer participation enthusiasm. [32][32][32] Market Expansion - The company is focusing on key markets including Germany, Japan, the Netherlands, and Poland. In Germany, significant project auctions are expected, and the company has a high market share in the offshore wind foundation sector. [34][34][34] - Japan has approved several offshore wind projects expected to be auctioned this year, presenting good entry opportunities for the company. [34][34][34] - The company has completed its layout in the Polish market and has local installation and inspection project experience. [35][35][35] Project and Service Development - The company anticipates progress in commercial floating offshore wind projects in multiple countries, including the UK, France, and South Korea. The high bid prices for floating projects in the UK AR7 auction create a solid foundation for future auctions. [36][36][36] - The company plans to gradually provide localized services to clients, enhancing its systematic service capabilities. [36][36][36] - The company expects to operate 2-3 self-owned vessels this year, each capable of transporting 15,000 to 20,000 tons of products, which will positively impact project revenue levels. [38][38][38] Operational Capacity - The company has established ports in Denmark and Germany to support local services for projects in the Baltic and North Sea regions, respectively, and is actively seeking new ports to cover additional European offshore project demands. [39][39][39] - The current production schedule for overseas projects is tight, with multiple new projects expected to be shipped this year. [40][40][40] Currency Impact - The company indicated that currency exchange rates have not significantly impacted overall performance. [42][42][42] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic focus, financial expectations, market insights, and operational developments.

Core Viewpoint - The company, Dajin Heavy Industry, has successfully transformed into a leading global supplier of offshore wind power core equipment, leveraging opportunities from the global energy revolution during the 14th Five-Year Plan period [1][2] Group 1: Global Strategy and Market Position - Dajin Heavy Industry has delivered over 200 oversized monopiles to core projects in Europe, achieving a market share of 29.1%, making it the number one supplier in Europe [1] - The company is the only supplier in the Asia-Pacific region to achieve bulk exports to Europe, with export revenue accounting for nearly 80% of its total revenue [1] - The company possesses the largest offshore wind power manufacturing base and export port globally, establishing a strong capacity barrier [1] Group 2: Technological Advancements and Projects - The company has developed its first ultra-large deck barge, "KING ONE," which has successfully launched, marking a technological leap from heavy transport vessels to roll-on/roll-off ships, and has secured orders from countries like South Korea and Norway [1] - Dajin Heavy Industry's projects include the Zhangwu 250MW onshore wind power and the Tangshan Shili Hai 250MW fish-solar complementary project, which have cumulatively delivered 1.875 billion kWh of clean electricity [1] - The Tangshan 950MW project has commenced construction, pushing the company's self-owned installed capacity towards 1500MW, successfully creating a commercial loop of "equipment manufacturing + renewable energy operation" [1] Group 3: Capital and Future Plans - In 2022, the company raised 3.059 billion yuan through a private placement to strengthen its production capacity for advanced upgrades and wind farm construction [2] - The company plans to submit an H-share listing application to the Hong Kong Stock Exchange by September 2025, aiming to establish an "A+H" dual capital platform to support its full-chain service system [2] - Looking ahead to the 15th Five-Year Plan, the company will focus on the high-value offshore wind power market, transitioning from a "product supplier" to a "system service provider" [2]

Group 1: Financial Performance - The company expects to achieve a net profit attributable to shareholders of between 1.2 billion and 1.5 billion, representing a year-on-year growth of 121.58% to 153.23% compared to 2025's 0.5 billion [2] - Growth drivers include increased delivery volume and value from overseas offshore wind projects, higher construction standards for exported marine engineering products, and enhanced project value through integrated services [2] Group 2: Market Outlook - The company believes that offshore wind energy development in Europe is a "must" due to existing energy replacement needs and new electricity demand, with significant growth potential in the North Sea and Baltic Sea regions [2] - The recent AR7 auction in the UK offered 8.4 GW of offshore wind projects, exceeding market expectations, with historical highs in project scale and subsidy amounts [3] - The company has high confidence in the market for 2026, particularly in Germany, Japan, the Netherlands, and Poland, with significant project auctions expected [3] Group 3: Project Developments - The company is actively participating in tenders for offshore wind projects in Japan and South Korea, which are emerging markets [6] - Multiple countries are expected to make progress in commercial floating offshore wind projects this year, including the UK, France, and South Korea [4] - The company plans to gradually provide localized services to enhance its systematic service capabilities, which can effectively address client bottlenecks [5] Group 4: Operational Capacity - The company anticipates the operation of 2-3 self-owned vessels this year, each capable of transporting 15,000 to 20,000 tons of products per trip, positively impacting project revenue [6] - Current project scheduling and shipping are tight, with multiple new overseas projects expected to be shipped this year [7] - The company is continuously seeking new ports to expand its local service capacity across Europe [7]