[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•2023年年报点评 当前价： 10.34元 天顺风能（002531） 电力设备 目标价： 13.09元（6个月） 海工产能布局完善，出海有望提速 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2ry0]2 3年实现营业收入 77.3亿元，同比增长 14.7%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 8亿元，同比增长26.5%；扣非归母净利润7.6亿元，同比增长20.4%。2024 年第一季度公司实现营收10.5亿元，同比下降22.7%；实现归母净利润1.5亿 执业证号：S1250520100002 电话：021-58351923 元，同比下降24.8%；扣非归母净利润1.5亿元，同比下降21.1%。 邮箱：hch@swsc.com.cn  盈利能力有所提升，研发投入持续增长。盈利端：2023年公司销售毛利率/净利 联系人：李昂 率分别为 22.8%/10.1%，同比增长 3.8pp/1pp；24Q1 毛利率/净利率分别为 30.4%/14.1%，分别同比+4.2pp/- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook based on its strategic focus on offshore wind energy and expected growth in profits [5]. Core Views - The company has successfully transitioned from onshore to offshore wind energy, achieving significant revenue in its offshore segment, with a reported revenue of 1.51 billion yuan and a sales volume of 121,600 tons in 2023 [4]. - The company is expected to benefit from the increasing domestic and international demand for offshore wind energy, with projected net profits of 1.36 billion yuan, 1.86 billion yuan, and 2.35 billion yuan for 2024, 2025, and 2026 respectively [5]. - The report highlights improvements in the company's existing business profitability, with a focus on enhancing quality and efficiency [4]. Financial Summary - For 2023, the company reported total revenue of 7.727 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 795 million yuan, reflecting a 27% increase [4]. - The gross margin for 2023 was 22.8%, up by 4 percentage points from the previous year, while the net profit margin was 10.1%, an increase of 1 percentage point [4]. - The first quarter of 2024 saw a decline in revenue to 1.054 billion yuan, down 23% year-on-year, with a net profit of 148 million yuan, a decrease of 25% [4]. - The company’s return on equity (ROE) is projected to improve from 8.9% in 2023 to 16.4% by 2026 [3][4].

2024年4月30日 公司研究 积极扩张海工产能，打开业绩成长空间 ——天顺风能（002531.SZ）2023 年年报及 2024 年一季报点评 要点 买入（维持） 当 前价：10.34元 事件：公司发布2023年年报，2023年实现营收77.27亿元，同比增长14.67%； 实现归母净利润7.95亿元，同比增长26.53%（较调整后的2022年数据）；2023 年公司拟向全体股东每10股派发现金红利0.75元（含税）。公司同时发布2024 作者 年一季报，24Q1实现营收10.54亿元，同比减少22.67%；实现归母净利润1.48 分析师：殷中枢 亿元，同比减少24.83%，环比增长97.06%。 执业证书编号：S0930518040004 010-58452071 23 年公司原有业务盈利改善，新增海工业务贡献业绩增量。根据国家能源局， yinzs@ebscn.com 23年全国风电新增装机容量75.9GW，同比增长102%。在风电装机高景气的背 分析师：郝骞 景下，公司原有业务盈利能力得到改善。2023 年，公司风塔及相关产品营收同 执业证书编号：S0930520050001 比减少 18.65%至32 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown a significant increase in revenue and profit, with a 2023 revenue of RMB 77.27 billion, up 14.67% year-on-year, and a net profit of RMB 7.95 billion, up 26.53% year-on-year [4][6] - The company is expanding its offshore engineering capacity and diversifying into new business areas, including new materials and technologies [4][5] - The acquisition of Jiangsu Changfeng has started to contribute to revenue, with offshore products generating RMB 15.11 billion in revenue in 2023 [4][5] - The company is strategically reducing its focus on tower and blade businesses to prioritize high-quality development, resulting in a decrease in revenue but an increase in profitability [4][5] - The wind power generation business is performing well, with a capacity of 1,383.8 MW and revenue of RMB 12.46 billion, up 30.55% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of RMB 77.27 billion, with a net profit of RMB 7.95 billion, reflecting a year-on-year growth of 14.67% and 26.53% respectively [4][6] - The first quarter of 2024 saw a net profit of RMB 1.48 billion, down 24.83% year-on-year but up 97.06% quarter-on-quarter [4][7] Business Expansion - The company has successfully acquired Jiangsu Changfeng, contributing RMB 15.11 billion in revenue from offshore products in 2023 [4][5] - The company is expanding its offshore engineering production capacity, with four production bases already operational and additional capacities under construction [4][5] Strategic Focus - The company is shifting its focus from expanding scale to high-quality development, leading to a decrease in revenue from tower and blade products but an increase in profitability [4][5] - The wind power generation segment has shown strong growth, with significant increases in both capacity and revenue [4][5] Valuation - The report adjusts the earnings per share forecast for 2024-2026 to RMB 0.83, RMB 1.12, and RMB 1.52 respectively, with corresponding price-to-earnings ratios of 12.5, 9.3, and 6.8 [4][5]

证券代码：002531 证券简称：天顺风能 公告编号：2024-024 天顺风能（苏州）股份有限公司 关于第一期员工持股计划第三个锁定期届满暨解锁条件未 达成的公告 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"）第一期员工持股计划（"本员 工持股计划"）第三个锁定期于 2024 年 4 月 27 日届满，鉴于公司 2023 年度业 绩未达到本员工持股计划第三个解锁期公司层面的业绩考核指标，本员工持股计 划第三个解锁期解锁条件未成就。根据中国证监会《关于上市公司实施员工持股 计划试点的指导意见》以及《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》等相关规定，现将有关事项公告如下： 一、本员工持股计划批准及实施情况 公司分别于 2020 年 11 月 24 日召开第四届董事会 2020 年第十次临时会议、 于 2020 年 12 月 25 日召开 2020 年度第三次临时股东大会，审议通过了第一期员 工持股计划相关议案，同意公司实施第一期员工持股计划。具体内容详见公司于 2020 年 11 月 2 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Views - The company has shown significant results from its strategic transformation, with expectations for continued growth in its offshore and zero-carbon businesses [2][4] - In 2023, the company achieved a revenue of 7.727 billion yuan, a year-on-year increase of 14.67%, and a net profit attributable to shareholders of 795 million yuan, up 26.53% year-on-year [3][4] - The report highlights a clear differentiation among the company's business segments, with traditional tower and blade segments declining while the offshore and power generation segments drive growth [4][6] Financial Performance Summary - Revenue for 2023 was 7.727 billion yuan, with a projected increase to 9.498 billion yuan in 2024, representing a year-on-year growth of 22.9% [5][9] - Net profit for 2023 was 795 million yuan, expected to rise to 1.264 billion yuan in 2024, reflecting a growth rate of 58.9% [5][9] - The gross margin improved to 22.8% in 2023, with expectations to reach 23.6% in 2024 [5][9] - Earnings per share (EPS) for 2023 was 0.44 yuan, projected to increase to 0.70 yuan in 2024 [5][9] Business Segment Analysis - The traditional tower segment saw a revenue decline of 19% to 3.202 billion yuan, while the power generation segment grew by 31% to 1.246 billion yuan due to new wind farm contributions [4][6] - The offshore segment generated 1.511 billion yuan in revenue, contributing approximately 120 million yuan to net profit, indicating its potential as a core growth driver [4][6] - The zero-carbon business, with a total installed capacity of 1,383.8 MW, generated 1.25 billion yuan in revenue, showing a year-on-year increase of about 31% [6] Future Outlook - The company is expected to focus on enhancing its offshore business, with several production bases set to come online between 2024 and 2025, which will support future growth [4][6] - The report anticipates that the zero-carbon business will continue to grow, with new wind projects expected to contribute to revenue in the coming years [6][8] - Profit forecasts for 2024 and 2025 have been adjusted to 1.264 billion yuan and 1.642 billion yuan, respectively, with a new forecast for 2026 at 2.126 billion yuan [6][8]

证券研究报告 | 年报点评报告 2024年05月05日 天顺风能（002531.SZ） 2024 年海风建设高确定，桩基龙头乘风起 公司公布2023年年报&2024一季报。2023年公司实现营业收入77.27亿元，同比+14.67%；实 买入（维持） 现归母净利7.95亿元，同比+26.53%，扣非归母净利7.64亿元，同比+20.39%。其中，2023Q4公 司营收为13.20亿元，同比-55.21%；归母净利0.75亿元，同比-69.18%；2024Q1公司实现营收10.54 股票信息 亿元，同比-22.67%，归母净利1.48亿元，同比-24.83%；扣非归母净利1.5亿元，同比-21.07%。 行业 风电设备 海工并表后，公司整体盈利水平提升。2023 年公司毛利率/净利率分别为 22.81%/10.12%，同比 前次评级 买入 +3.83pcts/0.98pcts，有所改善；分板块看，2023年海风实现毛利率16.33%，高于陆塔毛利率12.90% 4月30日收盘价(元) 10.38 （同比+1.48pcts）。2024Q1公司毛利率/净利率分别为30.39%/14.12%，同比+4.16pcts/ ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [8][12][13]. Core Insights - The company has shown significant results from its strategic transformation, with growth expected in its offshore and zero-carbon businesses [4][6]. - In 2023, the company achieved a revenue of 7.727 billion yuan, a year-on-year increase of 14.67%, and a net profit of 795 million yuan, up 26.53% year-on-year [4][5]. - The company is focusing on enhancing its offshore business, which is anticipated to become a core growth driver in the future [6][8]. Financial Performance Summary - **2023 Financials**: Revenue reached 77.27 billion yuan, with a net profit of 7.95 billion yuan, and an EPS of 0.44 yuan. The company proposed a cash dividend of 0.75 yuan per 10 shares [4][5]. - **2024 Projections**: Expected revenue of 9.498 billion yuan, with a net profit forecast of 1.264 billion yuan, reflecting a significant growth trajectory [5][9]. - **Segment Performance**: The traditional tower segment saw a revenue decline of 19% to 3.202 billion yuan, while the power generation segment grew by 31% to 1.246 billion yuan, driven by new wind farm contributions [5][6]. Business Segment Analysis - **Offshore Business**: The offshore segment generated 1.511 billion yuan in revenue, with a gross margin of 16.33%. This segment is expected to grow significantly due to new capacity and market demand [5][6]. - **Zero-Carbon Initiatives**: The company is investing in zero-carbon projects, with ongoing developments in wind power projects that are expected to contribute to future revenues [8][9]. Capacity and Production - The company has established multiple production bases for its offshore wind business, with significant capacities planned for the coming years, including a 50,000-ton facility in Germany [6][8]. - The offshore business is projected to have a shipment volume of approximately 120,000 tons in 2023, indicating substantial growth potential [8][9]. Future Outlook - The company is adjusting its profit forecasts, expecting net profits of 1.264 billion yuan in 2024 and 1.642 billion yuan in 2025, with a dynamic PE ratio of 14.8 and 11.4 respectively [8][9]. - The strategic focus on offshore and zero-carbon businesses is expected to enhance the company's market position and financial performance in the long term [6][8].

[Table_Main] 公司研究|工业|资本货物 证券研究报告 天顺风能(002531)公司点评报告 2024年04月29日 [Tab海le_T工itle产] 能布局领先，有望优先受益海风复苏 [Table_Inves 买t] 入|维持 ——天顺风能（002531.SZ）2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [当Ta前b价le_：T a rgetPr9ic.4e0] 元 公司发布2023年年报及2024年一季报：2023年公司营收77.27亿元，同 比增长14.67%；归母净利润7.95亿元，同比增长26.60%。2024Q1公司 [基Ta本bl数e_据Ba se] 营收10.54亿元，同比/环比下滑22.67%/20.18%；归母1.48亿元，同比/ 52周最高/最低价（元）： 16.36 / 8.15 环比提升-24.83%/97.06%。 报告要点： A股流通股（百万股）： 1786.87  海风业务占比提升，公司整体盈利能力上行 A股总股本（百万股）： 1796.88 2023年公司销售海工类产品12.16万吨，营收15.11亿元，毛利率16.33%。 ...

证券研究报告·公司点评报告·风电设备 天顺风能（002531） 2023 年报及 2024 一季报点评：完善海工国 2024年 04月 30日 内外布局，推进结构转型未来可期 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 [Table_EPS] 021-60199793 盈利预测与估值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 营业总收入（百万元） 6,738 7,727 10,308 12,809 16,060 证券分析师 郭亚男 同比（%） (17.55) 14.67 33.40 24.27 25.38 归母净利润（百万元） 628.51 795.23 1,357.39 1,804.27 2,231.65 执业证书：S0600523070003 同比（%） (52.00) 26.53 70.69 32.92 23.69 guoyn@dwzq.com.cn EPS-最新摊薄（元/ 0.35 0.44 0.76 1.00 1.24 股） 股价走势 P/E（现价&最新摊 26.87 21.24 12.44 9.36 7.57 薄 ...