中信证券股份有限公司 关于大金重工股份有限公司 进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为大金重工 股份有限公司（以下简称"大金重工"、"上市公司"、"公司"）非公开发行 A 股股 票的保荐机构，据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法 律、法规和规范性文件的规定，对大金重工 2025 年度使用闲置募集资金和闲置 自有资金进行现金管理事项进行了审慎核查，核查情况及核查意见如下： 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，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 ） ， ...

中信证券股份有限公司 关于大金重工股份有限公司 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核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为大金重工 股份有限公司（以下简称"大金重工"、"上市公司"、"公司"）非公开发行 A 股股 票的保荐机构，据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》 等相关法律、法规和规范性文件的规定，对大金重工拟变更部分募投项目之事项 进行了核查，核查情况及核查意见如下： 一、关于本次变更项目的概述 截至 2024 年 12 月 31 日，公司原募投项目募集资金使用情况如下： 单位：万元 1 | 项目名称 | 原项目投资 | 截至期末累 | 募集资金剩 | 项目状态 | | --- | --- | --- | --- | --- | | | 总额 | 计投入金额 | 余金额 | | | 辽宁阜新彰武西六家 ...

大金重工股份有限公司 第五届董事会第十七次会议决议的公告 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。 一、董事会会议召开情况 证券代码：002487 证券简称：大金重工 公告编号：2025-001 大金重工股份有限公司（以下简称"公司"）第五届董事会第十七次会议于 2025 年 1 月 3 日在公司会议室以现场投票结合通讯表决方式召开，召开本次会 议的通知及会议资料于 2024 年 12 月 27 日以直接送达或电子邮件方式送达各位 董事。本次会议由董事长金鑫先生主持，应出席董事 7 人，实际出席董事 7 人， 会议的召集、召开程序符合《中华人民共和国公司法》等相关法律法规、规范性 文件和《公司章程》的有关规定。 二、董事会会议审议情况 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》； 具体内容详见巨潮资讯网（www.cninfo.com.cn）。 战略与可持续发展委员会、审计委员会已审议通过该议案；保荐机构对此出 具了核查意见；此议案尚需提交股东大会审议。 表决结果：7 票赞成，0 票反对，0 票弃权。 2、审议通过《关 ...

证券代码：002487 证券简称：大金重工 公告编号：2025-002 大金重工股份有限公司 第五届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 大金重工股份有限公司（以下简称"公司"）第五届监事会第十一次会议于 2025 年 1 月 3 日在公司会议室以现场投票表决方式召开，召开本次会议的通知 及会议资料于 2024 年 12 月 27 日以直接送达或电子邮件方式送达各位监事。本 次会议由监事会主席杨琦女士主持，应出席监事 3 人，实际出席监事 3 人，会议 的召集、召开程序符合《中华人民共和国公司法》等相关法律法规、规范性文件 和《公司章程》的有关规定。 二、监事会会议审议情况 2、审议通过《关于 2025 年度使用闲置募集资金和闲置自有资金进行现金管 理的议案》； 监事会意见：公司根据有关法律法规及公司《募集资金使用管理办法》等规 定，使用闲置募集资金进行现金管理，有利于提高资金使用效率，能够获得一定 的投资效益，不会影响募集资金项目建设和募集资金使用，不存在变相改变募集 资金用途的行为，符合公司和全 ...

证券代码：002487 证券简称：大金重工 公告编号：2024-046 公司股东大会授权公司董事长及子公司董事长（执行董事）在年度审议担保 额度范围内签署与本次担保有关的各项法律文件（包括但不限于申请书、合同、 协议等文件），授权期限自股东大会审议通过之日起至上述银行审批的期限终止 之日止。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第一次临时股东大 会，审议通过了《关于 2024 年度公司及子公司向银行申请授信及提供担保额度 预计的议案》，同意 2024 年度公司与下属子公司互相提供担保额度总计不超过 130 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决议通过之日起 12 个月之内有效，具体内容详见公司于 巨潮资讯网（www.cninfo.com.cn)上刊登的《关于 2024 年度公司及子公司向银行 申请 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 大金重工（002487）公司季报点评 2024 年 11 月 13 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 12 日收盘价（元） ] | 23.13 | | 52 周股价波动（元） | 16.32-27.77 | | 总股本 / 流通 A 股（百万股） | 638/631 | | 总市值 / 流通市值（百万元） | 14751/14593 | | 相关研究 | | | [Table_ReportInfo] 《 24H1 海外收入占比 56% ，订单持续交付》 | | | 2024.09.09 | | | 《出口单桩一马当先，盈利能力持续提升》 | | | 2024.05.11 | | | 《出口海工业务快速增长，产品结构持续优 | | | ...

证券代码：002487 证券简称：大金重工 公告编号：2024-045 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。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第一次临时股东大 会，审议通过了《关于 2024 年度公司及子公司向银行申请授信及提供担保额度 预计的议案》，同意 2024 年度公司与下属子公司互相提供担保额度总计不超过 130 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决议通过之日起 12 个月之内有效，具体内容详见公司于 巨潮资讯网（www.cninfo.com.cn)上刊登的《关于 2024 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公告》（公告编号：2023-092）。 近日，公司 ...

Investment Rating - The report maintains a "Buy" rating for Dajin Heavy Industry (002487 SZ) [1] Core Views - Overseas and domestic offshore engineering margins are improving, and the company's overseas advantages remain solid [1] - The company's Q3 performance was affected by cross-quarter revenue recognition, but overseas offshore engineering profitability remains stable [4] - The company secured a new offshore engineering order in Europe, with a contract value of 46 million euros, expected to be delivered in 2025 [5] - The company successfully completed its first self-transported offshore engineering project, enhancing service value [6] Financial Performance - In Q3 2024, the company achieved revenue of 950 million yuan, a year-on-year decrease of 25 3%, and a quarter-on-quarter increase of 6 4% [4] - Net profit attributable to shareholders in Q3 2024 was 108 million yuan, a year-on-year decrease of 20 1%, and a quarter-on-quarter decrease of 10 6% [4] - For 2024-2026, the company is expected to achieve net profits of 496 million yuan, 742 million yuan, and 912 million yuan, respectively [4] - The company's PE ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [4] Overseas Expansion - The company has completed multiple overseas offshore engineering projects, including the MorayWest offshore wind farm in Scotland and the NOY-lles D'Yeu et Noirmoutier offshore wind farm in France [5] - The company signed a contract to supply 10 ultra-large monopiles for a Baltic Sea offshore wind project, with delivery expected in 2025 [5] - The company's subsidiary, Penglai Dajin, successfully transported the first batch of monopiles for the Thor offshore wind farm project in Denmark, marking its first self-transported offshore engineering project [6] Financial Forecasts - Revenue for 2024-2026 is projected to be 4 34 billion yuan, 6 65 billion yuan, and 8 06 billion yuan, respectively [7] - Net profit attributable to shareholders for 2024-2026 is expected to be 496 million yuan, 742 million yuan, and 912 million yuan, respectively [7] - The company's gross margin is forecasted to be 26 5%, 25 1%, and 24 8% for 2024-2026, respectively [7] - ROE is expected to improve from 6 8% in 2024 to 10 3% in 2026 [7] Valuation Metrics - The company's P/E ratio for 2024-2026 is projected to be 29 8x, 19 9x, and 16 2x, respectively [7] - The P/B ratio for 2024-2026 is expected to be 2 0x, 1 8x, and 1 7x, respectively [7] - EV/EBITDA for 2024-2026 is forecasted to be 19 5x, 15 4x, and 10 5x, respectively [8]

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong growth potential and market share expansion in the wind power industry [3][5] Core Views - The company's performance in Q3 2024 met expectations, with a significant shift towards offshore wind power projects, which now account for over 60% of total revenue [2] - Revenue for the first three quarters of 2024 was RMB 2.306 billion, down 30.81% YoY, while net profit attributable to shareholders was RMB 282 million, down 30.88% YoY [2] - Gross margin improved to 27.19% in the first three quarters of 2024, up 2.99 percentage points YoY, driven by the optimization of the business structure towards offshore projects [2] - The company successfully delivered multiple offshore projects, including the MorayWest offshore wind farm in Scotland and the NOY-llesD'Yeu et Noirmoutier project in France, with new projects for the Baltic region set for delivery in 2025 [3] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 3.7 billion, RMB 6.0 billion, and RMB 7.7 billion, with growth rates of -15%, 62%, and 28% respectively [3] - Net profit attributable to shareholders is expected to be RMB 437 million, RMB 809 million, and RMB 1.163 billion for 2024-2026, with growth rates of 3%, 85%, and 44% respectively [3] - The company's PE ratio is forecasted to be 34x, 19x, and 13x for 2024-2026, reflecting strong earnings growth potential [3] Business Structure and Profitability - The company's offshore and domestic offshore business accounted for over 60% of total revenue in Q3 2024, up 10 percentage points YoY [2] - Gross margin for Q3 2024 was 25.22%, up 0.64 percentage points YoY, while net margin was 11.38%, up 0.74 percentage points YoY [2] - The company's transformation towards offshore wind power has significantly improved profitability, with gross margin reaching 27.19% in the first three quarters of 2024 [2] Key Financial Metrics - The company's ROE is expected to improve from 6.05% in 2024 to 13.12% in 2026, driven by higher profitability and efficiency [6] - EPS is projected to grow from RMB 0.69 in 2024 to RMB 1.82 in 2026, reflecting strong earnings growth [6] - The company's debt-to-asset ratio is expected to remain stable, ranging from 27.86% to 33.51% over the forecast period [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 revenue was 950 million yuan, a decrease of 25.3% year-on-year, while the net profit attributable to the parent company was 110 million yuan, down 20.1% year-on-year. The gross margin was 25.2%, showing a slight increase [2] - The company's Q3 offshore wind export shipments were 40,000 tons, but only 18,000 tons were recognized due to the DAP recognition model. The net profit per ton has increased compared to the first half of the year [2] - The Q3 wind farm revenue was only 20 million yuan due to lower wind conditions, compared to 100 million yuan in the first half of the year. Solar project construction is proceeding normally, with expected revenue contributions starting next year [2] Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.31 billion yuan, a year-on-year decrease of 30.8%, and a net profit of 280 million yuan, down 30.9% year-on-year. The operating cash flow for the same period was 550 million yuan, an increase of 279.6% [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 450 million yuan, 820 million yuan, and 1.11 billion yuan respectively, with growth rates of 7%, 81%, and 35% [3] - The company's P/E ratios for 2024-2026 are projected to be 33x, 18x, and 14x respectively [3] Market Data - The closing price of the company's stock is 23.63 yuan, with a market capitalization of approximately 15.07 billion yuan [5] - The company has a price-to-book ratio of 2.13 and a debt-to-asset ratio of 38.78% [6] Future Outlook - The company anticipates that the domestic onshore and offshore wind sectors will face challenges due to insufficient capacity utilization, leading to lower-than-expected net profit per ton. Additionally, some overseas project deliveries have been delayed [3]