Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's revenue and profit in Q2 2024 declined year-on-year but increased significantly quarter-on-quarter [5] - Q2 2024 revenue: 893 million yuan, down 25.96% YoY, up 92.91% QoQ - Net profit attributable to shareholders: 121 million yuan, down 38.92% YoY, up 128.16% QoQ - Gross margin: 27.00%, down 0.47% YoY, down 4.60% QoQ - Net margin: 13.53%, down 2.87% YoY, up 2.09% QoQ - In H1 2024, the company's revenue was 1.356 billion yuan, down 34.20% YoY, mainly due to slow domestic customer activity and delayed deliveries [5] - Net profit attributable to shareholders: 174 million yuan, down 36.23% YoY - Gross margin: 28.57%, up 4.61% YoY - Net margin: 12.82%, down 0.41% YoY - Overseas business accounted for 56% of total revenue, with continuous order deliveries [5] - Domestic/overseas revenue: 598 million yuan/758 million yuan, accounting for 44.08%/55.92% of total revenue - Gross margin for domestic/overseas business: 29.81%/27.59%, up 8.37%/0.45% YoY - 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 [5] Financial Performance - Operating cash flow improved significantly in H1 2024, with a net operating cash flow of 247 million yuan, up 199.75% YoY [6] - Inventory as of June 30, 2024: 2.004 billion yuan, up 12.09% YoY [6] - Accounts receivable: 1.431 billion yuan, down 23.38% YoY [6] Profit Forecast and Valuation - The company's net profit attributable to shareholders is expected to be 514 million yuan in 2024 and 715 million yuan in 2025 [6] - EPS is forecasted to be 0.81 yuan/share in 2024 and 1.12 yuan/share in 2025 [6] - The company is given a 2024 PE range of 25-30x, with a reasonable value range of 20.16-24.20 yuan [6] Financial Projections - Revenue is expected to grow from 4.837 billion yuan in 2024E to 7.067 billion yuan in 2026E, with a CAGR of 20.5% [7] - Net profit is projected to increase from 514 million yuan in 2024E to 953 million yuan in 2026E [7] - Gross margin is expected to improve from 23.8% in 2024E to 26.3% in 2026E [7] Comparable Company Analysis - The average PE ratio for comparable companies is 16.49x for 2024E, 11.30x for 2025E, and 9.17x for 2026E [8] - The average PS ratio for comparable companies is 1.61x for 2024 and 1.21x for 2025 [9] Financial Ratios and Efficiency - The company's ROE is expected to increase from 6.1% in 2023 to 10.5% in 2026 [10] - Asset turnover ratio is projected to improve from 0.40 in 2023 to 0.56 in 2026 [11] - The company's debt-to-asset ratio is expected to remain stable, ranging from 30.5% to 31.8% from 2024E to 2026E [11]

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）。 证券代码：002487 证券简称：大金重工 公告编号：2024-036 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 ...

电力设备/风电设备 公 司 研 究 大金重工（002487.SZ） 2024 年 09 月 03 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 20.17 | | 一年最高最低 ( 元 ) | 29.30/16.32 | | 总市值 ( 亿元 ) | 128.63 | | 流通市值 ( 亿元 ) | 127.26 | | 总股本 ( 亿股 ) | 6.38 | | 流通股本 ( 亿股 ) | 6.31 | | 近 3 个月换手率 (%) | 93.72 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-09 2024-01 2024-05 大金重工 沪深300 数据来源：聚源 相关研究报告 《海外海工先发优势明显，静待项目 启动—公司信息更新报告》-2024.5.4 《德国订单上调金额，海外海工强者 恒 强 — 公 司 信 息 更 新 报 告 》 -2023.12.18 《英国上调海风竞拍价格上限，欧洲 出口企业有望率先受益 ...

电力设备/风电设备 公 司 研 究 大金重工（002487.SZ） 2024 年 09 月 03 日 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 20.17 | | 一年最高最低 ( 元 ) | 29.30/16.32 | | 总市值 ( 亿元 ) | 128.63 | | 流通市值 ( 亿元 ) | 127.26 | | 总股本 ( 亿股 ) | 6.38 | | 流通股本 ( 亿股 ) | 6.31 | | 近 3 个月换手率 (%) | 93.72 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-09 2024-01 2024-05 大金重工 沪深300 数据来源：聚源 相关研究报告 《海外海工先发优势明显，静待项目 启动—公司信息更新报告》-2024.5.4 《德国订单上调金额，海外海工强者 恒 强 — 公 司 信 息 更 新 报 告 》 -2023.12.18 《英国上调海风竞拍价格上限，欧洲 出口企业有望率先受益 ...

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]

公司点评报告 海外海工驱动盈利增长，现金流改善明显 -大金重工（002487.SZ）24H1 业绩点评 2024年8月30日 ● 事件: 8 月 29 日,公司发布公告,2024H1 营收 13.56 亿,同比-34.20%,归 母净利润 1.74亿,同比-36.23%,扣非净利润 1.61亿,同比-35.62%。24Q2 单季营收 8.93亿,同比-25.96%,环比+92.91%,归母净利润1.21亿,同比 -38.92%,环比+128.16%,扣非净利润1.16亿,同比-34.72%,环比+158.66%。 符合预期。 ● 海外业务占风电装备板块比重超 60%,驱动盈利增长。2024H1 公司国内 业务营收 5.98亿元,同比下降 48.04%,毛利率 29.81%,同比提升 8.37pcts。 2024H1 年出口业务营收 7.58 亿元,同比减少 16.72%,占风电装备板块比重 超 60%,毛利率 27.59%,同比提升 0.45pcts。公司海外业务以单桩基础为核 心产品,从出口塔简向规模化出口高毛利的海工产品,产品结构不断优化,盈 利水平大幅提升。 ● 多品类海风基础产品陆续发运欧洲。今年以来 ...

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]

公 司 报 告 公 司 半 年 报 点 评 证 券 研 究 报 告 大金重工(002487.SZ) 电力设备及新能源 2024 年 09 月 01 日 国内塔筒业务下滑拖累业绩，出口业务保持高盈利水平 推荐（维持） 股价：20.37 元 | --- | --- | |------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 电力设备及新能源 | | 公司网址 | www.dajin.cn | | 大股东 / 持股 | 阜新金胤能源咨询有限公司 /38.93% | | 实际控制人 | 金鑫 | | 总股本 ( 百万股 ) | 638 | | 流通 A 股 ( 百万股 | ) 631 | | 流通 B/H 股 ( | 百万股 ) | | 总市值（亿元） | 130 | | 流通 A 股市值 ( | 亿元 ) 129 | | 每股净资产 ( 元 ) | 10.93 | | 资产负债率 (%) | 33.8 | 行情走势图 大金重工 == 沪深300指数 证券分析师 皮秀 投资咨询资格编号 S1060517 ...