Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was impacted by the phase of domestic offshore projects, with a year-on-year revenue decline of 34.2% to 1.356 billion yuan and a net profit decline of 36.2% to 174 million yuan. However, the comprehensive gross margin improved by 4.6 percentage points to 28.57% compared to the first half of 2023. The company is expected to benefit from a rich backlog of overseas orders and the upcoming launch of offshore wind projects, leading to a maintained "Buy" rating [4][5] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 1.356 billion yuan, down 34.2% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 36.2% year-on-year. The comprehensive gross margin was 28.57%, an increase of 4.6 percentage points from the first half of 2023 [4] - For Q2 2024, the company reported operating revenue of 893 million yuan, a year-on-year decrease of 26.0%, and a net profit of 121 million yuan, down 38.9% year-on-year [4] - The company has revised down its profit forecasts for 2024-2026, now expecting net profits of 496 million yuan, 742 million yuan, and 912 million yuan respectively, with corresponding EPS of 0.78, 1.16, and 1.43 yuan [4] Market Position and Strategy - The company is the only supplier in the Asia-Pacific region to achieve bulk delivery of offshore engineering products to Europe, solidifying its first-mover advantage. In the first half of 2024, export revenue reached 758 million yuan, accounting for 55.9% of total revenue [5] - The company has completed all product deliveries for the Moray West project in Scotland and is actively advancing multiple offshore engineering projects across different regions [5] - The company has developed its own shipping management capabilities, transitioning from a FOB model to a DAP model, and plans to establish its own shipbuilding base and specialized transport fleet [6] Financial Projections - The company’s projected operating revenue for 2024 is 4.339 billion yuan, with a slight increase of 0.3% year-on-year, followed by significant growth in 2025 and 2026 [7] - The projected net profit for 2024 is 496 million yuan, reflecting a year-on-year increase of 16.7%, with further growth expected in subsequent years [7] - Key financial ratios indicate an improvement in gross margin and net margin, with gross margin projected at 26.5% for 2024 and net margin at 11.4% [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q2 2024 performance met market expectations, with significant quarter-over-quarter growth in revenue and net profit [6] - The company's overseas wind power business is accelerating, with overseas revenue accounting for over 60% of the wind equipment manufacturing segment, up 16 percentage points year-over-year [6] - The company has secured multiple overseas orders, including a 400,000-ton offshore wind foundation production agreement with a European developer, positioning it as a global leader in offshore wind exports [6] Financial Performance Summary - In H1 2024, the company reported revenue of 1.356 billion yuan, down 34.20% year-over-year, and net profit of 174 million yuan, down 36.23% year-over-year, primarily due to delays in domestic wind power project construction [2][6] - In Q2 2024, revenue was 893 million yuan, down 25.96% year-over-year but up 92.91% quarter-over-quarter, while net profit was 121 million yuan, down 38.92% year-over-year but up 128.16% quarter-over-quarter [6] - The company's gross margin in H1 2024 reached 28.57%, up 4.61 percentage points year-over-year, with the wind equipment segment achieving a gross margin of 22.65%, up 0.92 percentage points year-over-year [6] Future Outlook - The company is expected to achieve revenue of 4.448 billion yuan in 2024, 6.943 billion yuan in 2025, and 8.770 billion yuan in 2026, with year-over-year growth rates of 2.84%, 56.10%, and 26.31%, respectively [6] - Net profit is forecasted to be 560 million yuan in 2024, 920 million yuan in 2025, and 1.222 billion yuan in 2026, with year-over-year growth rates of 31.28%, 64.89%, and 32.74%, respectively [6] - The company's EPS is projected to be 0.88 yuan in 2024, 1.44 yuan in 2025, and 1.92 yuan in 2026, with corresponding P/E ratios of 23x, 14x, and 10x [6] Industry and Market Position - The company operates in the power equipment/wind power equipment industry [4] - It is one of the leading domestic tower manufacturers, with a strong position in the global offshore wind market [6]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's overseas offshore engineering business drives profit growth, with significant improvement in cash flow [1]. - The company has optimized its product structure, focusing on high-margin offshore products, which has led to a substantial increase in profitability [1]. - The company is well-positioned to benefit from the growing European offshore wind market, with a strong execution of its "New Two Seas" strategy [1]. - The development of power stations is creating new growth momentum for the company [1]. Financial Performance Summary - In H1 2024, the company reported revenue of 1.356 billion, a year-on-year decrease of 34.20%, and a net profit of 174 million, down 36.23% [1]. - The company's Q2 2024 revenue was 893 million, a year-on-year decrease of 25.96%, but a quarter-on-quarter increase of 92.91% [1]. - The gross margin for H1 2024 was 28.57%, an increase of 4.61 percentage points year-on-year [2]. - The operating cash flow for H1 2024 was 247 million, an increase of 495 million compared to the same period last year, indicating improved profitability structure and collection quality [2]. Future Projections - The company is expected to achieve revenues of 5.724 billion and 8.047 billion in 2024 and 2025, respectively, with net profits of 616 million and 848 million [2]. - The earnings per share (EPS) is projected to be 0.97 yuan and 1.33 yuan for 2024 and 2025, respectively, corresponding to a price-to-earnings (PE) ratio of 21.10 times and 15.32 times [2].

证券研究报告 | 2024年09月02日 大金重工（002487.SZ） 优于大市 海风出口顺利推进，国内制造业务拖累业绩 国内制造业务拖累业绩，上半年现金流大幅改善。上半年公司实现营收 13.56 亿元，同比-34.20%；归母净利润 1.74 亿元，同比-36.23%。上半年销售毛 利率 28.57%，同比+4.61pct；净利率 12.82%，同比-0.41pct。上半年公司 经营现金流净额 2.47 亿元，同比增长 4.95 亿元。 二季度业绩环比大幅增长，国内业务拖累毛利率。二季度公司实现营收 8.93 亿元，同比-25.96%，环比+92.91%；归母净利润 1.21 亿元，同比-38.92%， 环比+128.16%。二季度毛利率 27.00%，同比-0.47pct，环比-4.60pct，净利 率 13.53%，同比-2.87pct，环比+2.09pct。 国内收入大幅下滑，出口毛利率稳步提升。上半年风电装备收入 12.23 亿元， 同比-38.65%，毛利率 22.65%，同比+0.92pct.；新能源发电收入 1.18 亿元， 同比+164.26%，毛利率 85.87%，同比-14.13%。上 ...

证券代码：002487 证券简称：大金重工 公告编号：2024-035 大金重工股份有限公司 关于独家供应法国 NOY-lles D'Yeu et Noirmoutier 海上风电场 单桩基础交付完毕的自愿性披露公告 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、项目进展情况 大金重工股份有限公司（以下简称"大金重工"或"公司"）于 2022 年 10 月中 标法国 NOY-lles D'Yeu et Noirmoutier 海上风电场项目（以下简称"本项目"或"项 目"），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"）为 该项目独家供应全部 61 根单桩基础。 2024 年 9 月 2 日 公司供应法国 NOY-lles D'Yeu et Noirmoutier 海上风电场项目 最后一个批次单桩从蓬莱大金港发运 二、对公司的影响 该项目是大金重工在欧洲海上风电市场签下的首个独家供应的海工项目， NOY-lles D'Yeu et Noirmoutier 由 Ocean Winds、Sumitomo Corporation 和 Caiss ...

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 [2][5] Core Views - The company's revenue for H1 2024 was 1.356 billion yuan, a year-on-year decrease of 34.2%, with net profit attributable to the parent company at 174 million yuan, down 36.23% [2] - Despite the decline, the company has improved its product and market structure, with overseas business accounting for over 60% of revenue, up 16 percentage points year-on-year [2] - The company has successfully delivered multiple offshore projects in Europe, including the Moray West project in Scotland and the NOY-lles D'Yeu et Noirmoutier project in France [2] - The report forecasts revenue growth of 9%, 38%, and 32% for 2024-2026, with net profit growth of 33%, 59%, and 46% respectively [2] Financial Performance - In Q2 2024, the company's revenue was 893 million yuan, down 25.96% year-on-year but up 92.91% quarter-on-quarter [2] - Gross margin for H1 2024 was 28.57%, an increase of 4.61 percentage points year-on-year, while net margin was 12.82%, down 0.41 percentage points [2] - Operating cash flow for H1 2024 was 247 million yuan, an increase of 495 million yuan compared to the same period last year [2] Market and Product Strategy - The company has optimized its product and market structure, focusing on offshore wind power projects, which now account for over 57% of total revenue [2] - The company has reduced its scale in low-yield, poor-payment onshore wind tower projects, improving profitability and cash flow quality [2] Project Updates - The company has completed the delivery of the Moray West project in Scotland, including 48 ultra-large monopiles, 30 transition pieces, and 12 offshore towers [2] - For the NOY-lles D'Yeu et Noirmoutier project in France, 41 out of 61 monopiles have been delivered, with the final batch expected to be shipped soon [2] - The company has also shipped the first batch of products for the Thor offshore wind project in Denmark and completed the trial production for the NSC offshore wind project in Germany [2] Valuation and Forecast - The report forecasts the company's revenue for 2024-2026 to be 4.72 billion, 6.53 billion, and 8.59 billion yuan, respectively [2][4] - Net profit attributable to the parent company is expected to be 566 million, 902 million, and 1.312 billion yuan for 2024-2026, with corresponding P/E ratios of 23x, 14x, and 10x [2][4] - The company's EPS is projected to be 0.89, 1.41, and 2.06 yuan for 2024-2026, with a PB ratio of 1.8x, 1.6x, and 1.4x respectively [4][6]

Investment Rating - The report maintains a "Recommendation" rating for the company [1][4]. Core Insights - The company's revenue for the first half of 2024 was 1.356 billion yuan, a decrease of 34.2% year-on-year, with a net profit of 174 million yuan, down 36.23% year-on-year [2][3]. - The decline in domestic tower business significantly impacted overall performance, while export business remained profitable with a gross margin of 27.59% [3][4]. - The company is transitioning from a FOB (Free on Board) model to a DAP (Delivered at Place) model, enhancing competitiveness in securing overseas offshore wind pile orders [4]. Financial Performance Summary - Revenue for Q2 2024 was 893 million yuan, a decrease of 25.96% year-on-year, with a net profit of 121 million yuan, down 38.92% year-on-year [2]. - The company’s export revenue was 758 million yuan, accounting for approximately 56% of total revenue, despite a year-on-year decrease of 16.72% [3]. - The company’s net profit forecast for 2024-2026 is adjusted to 485 million, 655 million, and 900 million yuan respectively, with corresponding dynamic P/E ratios of 26.8, 19.8, and 14.4 [4][7]. Business Outlook - The company has secured significant overseas projects, including the French NOY project and the Danish Thor project, which are expected to contribute to future revenue [3][4]. - The domestic wind power demand is currently weak, affecting the performance of other manufacturing bases outside of the main production site [3]. - The company is actively pursuing new energy development projects in Hebei province, indicating potential growth in the renewable energy sector [4].

证券代码：002487 证券简称：大金重工 大金重工股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |---------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关 ...

证券代码：002487 证券简称：大金重工 公告编号：2024-033 大金重工股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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"）将于 2024 年 9 月 20 日（星 期五）召开公司 2024 年第二次临时股东大会，现将有关事项通知如下： 一、召开会议基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的有关规定。 （1）现场表决：股东本人出席现场会议或通过授权委托书委托他人出席现 场会议。 （2）网络投票：公司将通过深圳证券交易所系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股东可以在 上述网络投票时间内通过上述系统行使表决权。 公司股东只能选择现场投票和网络投票中的一种表决方式，如果同一表决 权出现重复投票表决的，以第一次投票表决结果为准。 6 ...

大金重工股份有限公司 2024 年半年度 汇总表第 1 页 | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公 | 上市公司核算 | 2024 年期初往 | 2024 年 | 1-6 月往来 | 2024 年 1-6 月往来资金 | 2024 年 | 1-6 | 月 | 2024 年 6 | 月 | 往来形 | 往来性质 （经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 累计发生金额（不 | | 偿还累计发生 | | | 末往来资金 | | | | | | | 司的关联关系 | 的会计科目 | 来资金余额 | | 含利息） | 的利息(如 | 金额 | | | 余额 | | 成原因 | 来、 非经营性 往来） | | | | | | | | | 有) | | | | | | | | | 上市公司的子公司 | 大金重工欧洲有限责任公司 宁波金胤重工科技有限公司 | 子公司 子公司 | 其他应收款 其他应收款 | 35.72 | ...