[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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [17] Core Insights - The company has established a significant first-mover advantage in the overseas offshore wind market, with expectations for project launches in the near future [3][4] - In 2023, the company achieved total shipments of 508,000 tons, with nearly 100,000 tons delivered to Europe, marking the year as the beginning of large-scale export deliveries [4] - The total order volume in 2023 increased by over 50% compared to 2022, with expectations for deliveries from 2024 to 2026, indicating a robust order backlog [4] - The company is expanding its offshore production capacity, with new growth points in transport vessels and power generation [5] - The company is actively developing a world-class manufacturing facility capable of producing all types of large offshore wind and oil & gas equipment, with a new base expected to commence operations in March 2025 [18] Financial Summary - In 2023, the company reported revenue of 4.325 billion yuan, a year-over-year decrease of 15.3%, and a net profit of 425 million yuan, down 5.6% year-over-year [17] - The gross margin for 2023 was 23.4%, with a net margin of 9.8% [5] - The company forecasts a net profit of 651 million yuan for 2024, 860 million yuan for 2025, and 1.024 billion yuan for 2026, with corresponding EPS of 1.02, 1.35, and 1.61 yuan [17] - The P/E ratio is projected to decrease from 31.5 in 2023 to 20.6 in 2024, and further to 13.1 by 2026 [5][17]

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- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and market position [7]. Core Insights - The company reported a revenue of 4.325 billion in 2023, a year-on-year decrease of 15.30%, with a net profit attributable to shareholders of 425 million, down 5.58% year-on-year. However, the operating cash flow showed a significant increase of 620.76% to 809 million [1]. - The company's overseas marine engineering business has seen a substantial increase, with export revenue rising by 104.63% to 1.715 billion, now accounting for 40% of total revenue. The gross margin for this segment improved by 18.25 percentage points to 27.20% [1]. - The development of power stations is emerging as a new growth driver, with revenue from power generation reaching 132 million, benefiting from the commissioning of a 250MW project [1]. - The gross margin for Q1 2024 significantly improved to 31.60%, up 12.60 percentage points year-on-year, indicating effective cost management and operational efficiency [1]. - The company holds a strong order backlog in overseas markets, with a 50% increase in total overseas orders in 2023, positioning it favorably for future revenue growth [1]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 4.325 billion, with a net profit of 425 million and an EPS of 0.67. The operating cash flow was notably strong at 809 million [1]. - The gross margin for 2023 was reported at 23.44%, an increase of 6.72 percentage points year-on-year, while the net margin improved to 9.83% [1]. Business Segments - Domestic revenue fell by 38.84% to 2.610 billion, while the gross margin improved to 20.97%. The decline was attributed to slow domestic offshore wind development and risk management strategies [1]. - The export business, primarily in marine engineering, saw a significant increase in revenue and volume, with a total shipment exceeding 60,000 tons [1]. Growth Drivers - The company is expanding its power generation business, with new projects expected to contribute significantly to future revenues. The gross margin for this segment is exceptionally high at 89.65% [1]. - The ongoing development of offshore wind projects in Europe presents a substantial growth opportunity, with the company being a key supplier in this market [1]. Future Outlook - Revenue projections for 2024 and 2025 are estimated at 5.724 billion and 8.047 billion, respectively, with net profits expected to reach 616 million and 848 million [1]. - The company is well-positioned to benefit from the increasing demand for offshore wind energy, supported by its strategic initiatives and strong order backlog [1].

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大金重工股份有限公司 对外担保管理制度 （2024 年修订） 第一章 总 则 第一条 为规范大金重工股份有限公司(以下简称"公司")对外担保的管理， 保护公司财产安全，控制财务和经营风险，依据《中华人民共和国公司法》、《中 华人民共和国民法典》、中国证券监督管理委员会（以下简称"证监会"）颁布的 相关规范性文件和《大金重工股份有限公司章程》（以下简称"《公司章程》"）， 特制定本制度。 （二）相对控股，即公司在该子公司中持股比例超过 30%（含 30%）但低于 50%（含 50%）。但公司为该子公司的第一大股东，对该子公司具有控制性的影响。 按照企业会计准则，其财务报表应合并到公司的财务报表之中。 （三）控制性影响，即公司在该子公司中持股比例低于 30%，但公司派出的 董事人数占该公司董事会成员半数以上，实际控制其经营与决策。按照企业会计 准则，其财务报表也应合并到公司的财务报表之中。 第二章 担保管理的原则 第六条 公司对外担保应当遵循安全、平等、自愿、公平、诚信、互利的原 第二条 公司全体董事及高级管理人员应当审慎对待和严格控制对外担保产 生的债务风险。 第三条 公司的控股子公司对外担保，公司派出董事、监 ...

大金重工股份有限公司 审计报告及财务报表 二○二三年度 信会师报字[2024]第 ZG11375 号 大金重工股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-104 | 审计报告 信会师报字[2024]第 ZG11375 号 大金重工股份有限公司全体股东： 一、 审计意见 我们审计了大金重工股份有限公司（以下简称"大金重工"）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及 母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动 表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大 ...