Key Points 1. Half-Year Report and Business Performance - **Tower and Blade Business**: Continued strategic contraction with reduced deliveries. Tower deliveries of about 40,000 tons, blade deliveries similar to Q1 at over 130 sets of molds. Both segments essentially broke even due to low deliveries. Expected delivery volume for the year not to exceed 300,000 tons due to strict restrictions on orders with poor profitability and cash flow. - **Offshore Wind Business**: Impacted by project start-ups, with limited revenue recognition. Only 6 piles (about 10,000 tons) from the Hainan Lingao project recognized in Q2, resulting in a near 20 million yuan loss. Multiple projects expected to enter delivery phase in H2, with expected delivery volume of about 250,000 tons. - **Zero Carbon Business**: Profit from wind power generation decreased by about 500 million yuan year-on-year due to lower wind speeds, but the company continued to expand its generation business. Added grid-connected projects include the Hubei Shaoyang project and the Guangxi 200 MW project, with wind power generation profit reaching 145 million yuan in Q2. 2. Future Outlook and Project Progress - **Offshore Wind Business**: Multiple projects expected to enter delivery phase in H2, including Qingzhou 6, Hua Nan Lingao, Hua Neng Yuhuan, Guangxi Qinzhou, China Resources Lianjiang, and Rui'an projects. Expected full-year delivery volume of about 250,000 tons. - **Future Outlook**: Optimistic about the offshore wind industry, with tight supply of jacket piles, high prices, and favorable payment terms. Expected Poland offshore wind project to enter delivery phase next year. - **German Factory**: Progress normal, bank financing issue resolved, expected to become a major force in the overseas market. 3. Financial Condition and Financing Plans - **Debt Ratio**: Exceeded 60%, a historical high, due to business transformation and capacity construction. Plans to alleviate financial pressure through subsidiary equity financing, expected to raise 1-1.5 billion yuan, with expected improvement in interest expenses in H2. - **Cash Flow**: Tense overall, but new energy business has strong profitability. Plans to solve part of the financial issues through subsidiary financing, expected to raise about 1 billion yuan. 4. Wind Power and Onshore Wind Business - **Wind Power Generation**: Added 200 MW grid-connected project in early 2024, expected to have fewer grid-connected projects this year, with next year expected to be a major year. Plans to continue to obtain indicators in Hubei, Guangxi, Henan, and Jilin to secure more grid-connected projects. - **Onshore Wind Business**: Expected to recover profitability in H2, but the full-year profit target needs to be reduced to about 100 million yuan. Focus on cash flow, prioritizing orders with good cash flow. 5. Q&A - **Offshore Wind Project Delivery and Start-up in H1**: Slower delivery and start-up speed in H1, but still high expectations for the full year. Multiple projects in hand, including Qingzhou 6, Qingzhou 5, Longyuan Sheyang, Hainan Hua Neng Lingao, Hua Neng Zhejiang Yuhuan, Guangxi new project, China Resources Lianjiang offshore, and Rui'an No. 1 project, expected to be completed this year. - **Profitability of Offshore Wind Projects**: Stable in Shenyang and Hainan projects, with individual project profits approaching 20 million yuan. Overall, delivery and cash flow are good, prices are ideal, and supply is tight. - **Debt Ratio and Interest Payment Pressure**: Group's debt ratio exceeded 60%, a historical high, mainly due to business transformation and policy reasons leading to difficulties in refinancing. Subsidiary equity financing initiated in April and May, expected to be completed in August, with a financing scale of 1-1.5 billion yuan. This will alleviate financial pressure, with expected improvement in interest expenses in H2. - **Bidding Situation in Guangdong Province**: Mainly involves installation and equipment bidding, not offshore wind resource bidding. Provincial sea area bidding is ongoing, including the Double Eleven and Yangjiang projects. As for the pilot resource bidding of overseas sea areas, there is no clear start time yet. - **Certification and Customer Situation of Tongzhou Bay Project**: Developers in Japan and South Korea are very active, but offshore wind projects require time. European offshore wind projects started earlier and many projects have entered the implementation stage. Expected to start implementing projects next year. Japan and South Korea are also gradually advancing, but a large number of projects are expected to start in 2027. Europe has started earlier and Japan and South Korea are also gradually advancing. - **Order Form of Tongzhou Bay Project**: Originally planned to use jacket piles, but after design modification, finally determined to use monopile form. The first project of the Tongzhou Bay project will use monopile form. - **Transportation or Ship Bottleneck**: Currently unable to determine whether transportation will become a bottleneck, but Tongzhou Bay is not our main overseas market. We have a 500,000-ton monopile factory in Germany, which is reasonably balanced and can respond to various situations. - **Progress of German Factory**: Progress normal, bank financing issue resolved, overall progress controllable. - **Order Form of Poland Project**: Originally planned to use jacket piles, but after consultation with customers, finally changed to monopile form. Monopiles can save costs and meet construction conditions. - **Expected Time for Signing Poland Project Orders**: Expected to be signed within one or two months, but delivery will start next year. - **Profitability of Onshore Wind Projects in H2**: Profitability may be reduced to about 1 billion yuan. The main reason is that the order volume is not large, resulting in depreciation amortization affecting profits. In addition, we pay more attention to cash flow than profit margin. Under the tight financial situation, we will allocate more resources to the offshore wind and power generation businesses, which will also affect the profitability of the onshore wind projects. - **Grid Connection Rhythm of Wind Power Projects**:核准的项目还有 600 兆瓦在湖北、2400 兆瓦在河南，这些项目要到明年才能并网。今年并网的可能性较低。今年广西新核准了 200 兆瓦，但最终批复还未完成。我们希望在湖北、广西、河南和吉林继续拿指标，争取今年能动起来，改善明年年底前的并网情况。今年并网量较少，预计明年将是并网大年。 - **Consideration of Rolling Development and Transfer of Power Stations**: Although financially tight, the group has strong profitability in new energy, especially in the offshore wind business. Plans to solve about 10 billion yuan of financial needs through subsidiary financing, and currently does not need to carry out the rolling development and transfer of power stations. In the future, it may consider this strategy after more power stations are grid-connected.

证券代码：002531 证券简称：天顺风能 公告编号：2024-034 天顺风能（苏州）股份有限公司 2024 年半年度业绩预告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024 年 01 月 01 日至 2024 年 06 月 30 日 2、预计的经营业绩：亏损 扭亏为盈 同向上升 同向下降 | --- | --- | --- | |----------------------------|-------------------------------------|---------------------------| | 项 目 | 本报告期 | 上年同期 | | | 盈利： 21,240 万元– 25,960 万元 | | | 归属于上市公司股东的净利润 | 比上年同期下降： 55.23%-63.37% | 盈利： 57,980.4180 万元 | | | 盈利： 21,690 万元– 26,510 万元 | | | 扣除非经常性损益后的净利润 | 比上年同期下降： 52.10%-60.81% | 盈利： 5 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-035 天顺风能（苏州）股份有限公司 关于子公司签署日常经营合同的自愿性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、本合同为日常经营销售合同，合同的签订符合行业特点，符合公司在海 上风电基础领域的经营计划，有利于双方进一步深化合作关系，协同上下游企业 发展； 2、合同在履行过程中可能存在违约风险；受不可预计或不可抗力等因素的 影响，可能存在无法全部履行或终止履行的风险。敬请广大投资者谨慎决策，注 意防范投资风险。 一、 合同签署概况 近日，天顺风能（苏州）股份有限公司全资子公司江苏长风海洋装备制造有 限公司（简称"江苏长风"），南通长风新能源装备科技有限公司（简称"南通 长风"，江苏长风和南通长风统称"公司"），分别承接华润连江外海海上风电 场项目合计 9 台导管架制作加工项目（简称"华润连江项目"），总计 16,411.5 吨。 上述合同系日常经营性合同，不构成关联交易，也不构成《上市公司重大资 产重组管理办法》规定的重大资产重组，无需提交公司董事会和股东大会审议。 二 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-033 天顺风能（苏州）股份有限公司 4、本次利润分配实施方案距离 2023 年年度股东大会审议通过利润分配方案 时间未超过两个月。 二、本次实施的利润分配方案 本公司 2023 年年度权益分派方案为：以公司现有总股本 1,796,878,658 股 为基数，向全体股东每 10 股派 0.750000 元人民币现金（含税；扣税后，通过深 股通持有股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和 证券投资基金每 10 股派 0.675000 元；持有首发后限售股、股权激励限售股及无 限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税， 待个人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、 股权激励限售股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有 基金份额部分按 10%征收，对内地投资者持有基金份额部分实行差别化税率征 收）。 2023年度利润分配实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天顺风能（苏州）股份有限公司 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-032 天顺风能（苏州）股份有限公司 为满足业务发展对资金的需求，天顺风能（苏州）股份有限公司（"公司"） 全资子公司苏州天顺风能设备有限公司（"苏州设备"）拟向国家开发银行苏州 市分行申请授信 33,000 万元人民币。授信主要用于流动资金贷款、开立银行承 兑汇票、票据贴现、非融资性保函、国内信用证等业务。公司拟为其授信事项提 供最高额连带责任保证担保。 公司为苏州设备提供的连带责任保证担保已经第五届董事会 2024 年第一次 会议和 2023 年年度股东大会审议通过，被担保方及担保金额在以上董事会及股 东大会审批范围之内，无需提交公司董事会、股东大会再次审议。具体内容详见 2024 年 04 月 27 日、2024 年 05 月 24 日披露于《证券时报》及巨潮资讯网 （www.cninfo.com.cn）上的《关于 2024 年度担保额度预计的公告》（公告编号： 2024-014）及《2023 年年度股东大会决议公告》（公告编号：2024-027）。 二、被担保人基本情况 （一）苏州天顺风能设备有限公司 关于为全资子公司提供担保的公告 本公 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-031 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押展期的公告 三、 其他说明 股东名称 是否为控股股东 或第一大股东及 其一致行动人 本次质押展期 数量（万股） 占其所持股 份比例（%） 占公司总股 本比例（%） 是否为 限售股 是否为补 充质押 质押起始日 原质押到日 展期后质押 到期日 质权人 质押用途 上海天神 是 496 0.94 0.28 否 否 2023/6/14 2024/6/13 2025/6/13 招商证券 质押展期 62 0.12 0.03 2023/12/21 2024/6/13 2025/6/13 69 0.13 0.04 2024/1/23 2024/6/13 2025/6/13 10 0.02 0.01 2024/2/2 2024/6/13 2025/6/13 140 0.26 0.08 2024/2/5 2024/6/13 2025/6/13 合计 - 777 1.47 0.43 - - - - -- - 一、 本次股份质押展期的基本情况 本次质押展期不存在平仓风险或被强制过户风险。上海天神的股份质押风险 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-030 天顺风能（苏州）股份有限公司 关于为全资子公司提供担保的公告 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。 特别提示: 1、截至本公告披露日，公司实际担保额超过 2023 年年度经审计净资产的 50%； 2、公司及控股子公司未对合并报表范围外的公司提供担保； 3、公司及控股子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉 而应承担损失的情况。 一、担保情况概述 为满足业务发展对资金的需求，天顺风能（苏州）股份有限公司（"公司"） 全资子公司苏州天顺风能设备有限公司（"苏州设备"）拟向平安银行股份有限 公司苏州分行申请授信 40,000 万元人民币；全资子公司苏州天顺复合材料科技 有限公司（"苏州复合材料"）拟向交通银行股份有限公司常熟分行申请授信 10,000 万元人民币。授信主要用于流动资金贷款、开立银行承兑汇票、票据贴 现、非融资性保函、国内信用证等业务。公司拟为其授信事项提供最高额连带责 任保证担保。 公司为苏州设备、苏州复合材料提供的连带责任保证担保已经第五届董事会 202 ...

关于湖北沙洋一期200MW风电场并网的自愿性公告 证券代码：002531 证券简称：天顺风能 公告编号：2024-029 天顺风能（苏州）股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或重大遗漏。 一、基本情况 近日，公司接到全资子公司沙洋县天尚风力发电有限公司的报告，湖北沙洋一期200MW风 电场（"沙洋一期项目"）全部机组已实现并网。沙洋一期项目位于湖北省荆门市，预计年平 均上网发电量449.771GWh。 二、对公司的影响 沙洋一期项目是公司落地湖北省政府奖励的60万千瓦新能源项目建设指标的具体举措。相 关内容详见2022年3月16日发布于《证券时报》及巨潮资讯网上的《关于获取湖北省新能源项 目建设指标的公告》（公告编号：2022-009）。 项目的全容量并网，将进一步增加公司新能源装机容量，优化电源结构，对公司未来经营 业绩有一定的提升作用。截止目前，公司累计在营风电场并网容量1583.8MW，另有600MW风电 项目正在积极筹备开工。 后续公司将严格按照工程建设管理的有关要求，做好工程收尾、工程结算、专项验收、达 标投产等各项工作。 天顺风能（苏州） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 7.7 billion yuan in 2023, representing a year-on-year increase of 15%, and a net profit of 800 million yuan, which is a 27% increase year-on-year. However, in Q1 2024, the revenue decreased to 1.05 billion yuan, a decline of 23% year-on-year, with a net profit of 150 million yuan, down 25% year-on-year [5][6]. Summary by Sections Annual Performance - The growth in 2023 was primarily driven by the offshore engineering and power generation segments. The offshore engineering business contributed 1.5 billion yuan in revenue with a gross margin of 16%, while the land tower business saw a revenue decline of 19% to 3.2 billion yuan, with a gross margin of 12.9%, an increase of 1.5 percentage points. The power generation segment achieved a revenue of 1.25 billion yuan, up 31% year-on-year, maintaining a gross margin of 65%. The blade business revenue fell by 8% to 1.6 billion yuan, with a gross margin of 12%, up 1.7 percentage points. The company also recognized credit impairment losses and asset impairment losses of 130 million yuan and 40 million yuan, respectively, impacting profits [6]. Quarterly Performance - In Q1 2024, the overall revenue decline was attributed to the off-season for both offshore and onshore wind sectors, leading to lower shipment volumes. The land tower revenue decreased due to limited scale effects, while the offshore engineering segment was also affected by seasonal factors. The power generation segment, however, saw growth due to increased operational scale. The company reported a positive impact on profits from credit impairment losses of 40 million yuan [6]. Financial Indicators - The company reported a significant improvement in operating cash flow, with net inflows of 1.8 billion yuan in 2023 and 500 million yuan in Q1 2024. As of the end of Q1 2024, inventory and contract liabilities increased to 2.5 billion yuan and 800 million yuan, respectively, compared to the end of 2023, indicating a solid foundation for future shipments [6]. Future Outlook - The company is actively expanding its offshore wind capacity both domestically and internationally and has achieved large-scale shipments of jacket foundations. It is expected to benefit from the growth in offshore wind installations, leading to significant performance increases. The projected net profit for 2024 is approximately 1.36 billion yuan, corresponding to a PE ratio of about 14.3 times [6].

证券代码：002531 证券简称：天顺风能 公告编号：2024-028 天顺风能（苏州）股份有限公司 关于控股股东部分股份解质押的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 天顺风能（苏州）股份有限公司（"公司"）于近日接到控股股东上海天神 投资管理有限公司（"上海天神"）的通知，上海天神将其所持公司 0.63%的股 份办理了解除质押业务，质权人为国投证券股份有限公司（"国投证券"，曾用 名安信证券股份有限公司）；将其所持公司 0.56%的股份办理了质押业务，质权 人为云南国际信托有限公司（"云南信托"）；将其所持公司 1.01%的股份办理 质押展期业务，质权人为招商证券股份有限公司（"招商证券"）。具体情况如 下： 二、 本次股份质押及质押展期的基本情况 | 股东 | 是否为控股股东 | 本次质押数 | 占其所持 | 占公司总股 | 是否为限售股 | 是否为补 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | ...