证券代码：002531 证券简称：天顺风能 公告编号：2025-033 本次质押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在可 控范围内，不会导致公司的实际控制权发生变更，亦不涉及负担重大资产重组等 业绩补偿义务，对公司生产经营不产生实质性影响。公司将持续关注其股份质押 情况及风险，并按照有关规定及时履行信息披露义务。敬请投资者注意投资风险。 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押的公告 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（（简称（ 公司"）近日接到控股股东上海天 神投资管理有限公司（（简称（ 上海天神"）的通知，上海天神将其所持公司 0.7% 的股份办理了质押展期及补充质押业务，质权人为招商证券股份有限公司（（简称 招商证券"）。具体情况如下： | | 是否为控 股股东或 | 本次质 押股份 | 占其 | 占公 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Investment Rating - The report maintains a "Positive" investment rating for the offshore wind pile industry [12] Core Insights - Recent market attention on the pile segment has increased, with stock price fluctuations primarily driven by performance, which is closely linked to downstream construction volume and company shipment volume [5][8] - In the short term, the offshore wind pile industry is expected to benefit from increased downstream construction in Q2, leading to a dual increase in volume and profit, thereby releasing performance elasticity [9][11] - The long-term outlook suggests that deep-sea development will open up growth opportunities for the pile industry, while overseas offshore wind installations are anticipated to experience significant growth, with domestic companies accelerating overseas expansion [10][11] Summary by Sections Introduction: Volume as the Core Factor Affecting Pile Segment Performance - The report identifies that stock price movements in the pile segment are mainly influenced by performance, which is affected by downstream construction and shipment volumes [8][18] Short-term: Q2 Expected to Mark a Performance Turning Point, with Support for 2025-2026 Outlook - The offshore wind pile industry is projected to benefit from increased construction activity in Q2, with a year-to-date increase in offshore wind construction volume of 23% [9][24] - The report anticipates that the increase in shipments will lead to significant cost dilution effects, enhancing profitability for related companies [9][22] Long-term: Deep-sea Development Opens Industry Growth Space, Offshore Wind Expansion Releases Growth Elasticity - The shift towards deep-sea offshore wind is expected to create long-term growth opportunities for the pile industry, with significant growth anticipated in overseas installations [10][44] - The report highlights that domestic companies are accelerating their overseas expansion efforts, which is expected to release performance growth elasticity [10][11] Investment Recommendations - The report recommends focusing on domestic offshore wind pile companies that are expected to benefit from increased construction activity in the short term and have growth potential in the long term due to deep-sea development and overseas expansion [11][86]

证券代码：002531 证券简称：天顺风能 公告编号：2025-032 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。 重要提示: 截至本公告披露日，公司实际担保额超过公司 2024 年年度经审计净资产 的 100%； 公司及全资子公司未对合并报表范围外的公司提供担保； 3、法定代表人：严俊旭 公司及全资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 天顺风能（苏州）股份有限公司（简称"公司"）全资子公司苏州天顺风能 设备有限公司（简称"苏州设备"）为满足日常经营资金需要，向国家开发银行 苏州市分行申请授信合计 50,000 万元人民币。公司为上述授信金额以及相应的 利息、违约金、损害赔偿金、实现债权的费用等债务提供连带责任保证担保。 为苏州设备提供担保的事项已经公司第五届董事会 2025 年第二次会议和 2024 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 202 ...

Investment Rating - The report maintains an "Increase" rating for the electric power equipment industry [1] Core Insights - The humanoid robot sector is expected to see significant growth, with a projected market size exceeding 15 trillion yuan and a production milestone of over 1 million units anticipated in 2025, driven by Tesla's leadership [9][10] - The electric vehicle market is experiencing a price war among manufacturers, with a projected annual sales growth of 30% [11] - The energy storage sector is poised for robust growth, particularly in emerging markets, with a compound annual growth rate (CAGR) of 20-40% expected from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power increasing by 3.8% and electric equipment declining by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, including significant funding and product launches from various companies [5] - The energy storage market in the U.S. is projected to double its installation capacity in 2025, with significant contributions from large-scale projects [11][15] Company Highlights - Companies like CATL, BYD, and LONGi Green Energy are highlighted as key players with strong growth potential in their respective sectors [8] - Tesla's humanoid robot production is expected to ramp up significantly, with thousands of units planned for release by the end of the year [9] - The report emphasizes the importance of supply chain leaders in the humanoid robot sector, recommending companies involved in core components such as actuators and sensors [10] Investment Strategy - The report suggests a bullish outlook on the humanoid robot sector, recommending investments in leading suppliers and technology companies [9] - For the electric vehicle market, it highlights the importance of maintaining competitive pricing and anticipates continued sales growth [11] - In the energy storage sector, the report recommends focusing on companies that are well-positioned to benefit from emerging market demands and technological advancements [11]

证券代码：002531 证券简称：天顺风能 公告编号：2025-030 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押及解质押的公告 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（（简称（ 公司"）近日接到控股股东上海天 神投资管理有限公司（（简称（ 上海天神"）的通知，上海天神将其所持公司 1.685% 的股份办理了质押及补充质押业务，质权人分别为中信证券股份有限公司（（简称 中信证券"）、中国银河证券股份有限公司（（简称（ 银河证券"）、招商证券 股份有限公司（（简称（ 招商证券"）；将其所持公司 1.65%的股份办理了解除质 押业务，质权人为招商证券、云南国际信托有限公司（（简称（ 云南信托"）。具 体情况如下： | | 是否为控 | 本次质 | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 押股份 | 所持 | 司总 | 是否 | 为补 | 质押 ...

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。 证券代码：002531 证券简称：天顺风能 公告编号：2025-031 天顺风能（苏州）股份有限公司 关于为控股子公司提供担保的公告 重要提示: 截至本公告披露日，公司实际担保额超过公司 2024 年年度经审计净资产 的 100%； 公司及控股子公司未对合并报表范围外的公司提供担保； 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 天顺风能（苏州）股份有限公司（简称"公司"）控股子公司钟祥天成新能 源开发有限公司（简称"钟祥天成"）向平安银行股份有限公司上海分行就风电 项目建设申请贷款合计 40,800 万元人民币。公司为上述贷款金额以及相应的利 息、违约金、损害赔偿金、实现债权的费用等债务提供连带责任保证担保，钟祥 天成母公司钟祥天祥新能源有限公司（简称"钟祥天祥"）以其持有的钟祥天成 100%股权提供质押担保。 为钟祥天成提供担保的事项已经公司第五届董事会 2025 年第二次会议和 2024 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 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [4][5]. Core Insights - The report highlights significant growth in the photovoltaic sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is bolstered by the launch of Xiaomi's Yu7, a high-performance SUV with advanced features, indicating a strong consumer interest in electric vehicles [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7%, indicating a stable demand for electric power [4]. Summary by Sections New Energy Vehicles - Xiaomi Yu7 was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic photovoltaic installations totaled 104.93 GW, a year-on-year increase of 74.6% [3][33]. - The inverter exports reached 18.029 billion yuan, with April's exports alone at 5.817 billion yuan, showing strong demand driven by seasonal factors and overseas construction [3][36]. - The report notes a decline in component exports, totaling 62.241 billion yuan, a year-on-year decrease of 26.54% [3][37]. Electric Power Equipment and Automation - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% year-on-year increase [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric power equipment and new energy sector saw a weekly decline of 0.71%, underperforming compared to the Shanghai Composite Index [1]. - Lithium battery indices showed a significant increase of 2.69%, while solar energy indices experienced a decline of 3.46% [1].

证券代码：002531 证券简称：天顺风能 公告编号：2025-029 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（"公司"）2024 年年度利润分配方案已 经 2025 年 05 月 16 日召开的 2024 年年度股东大会审议通过，现将利润分配事项 公告如下： 一、股东大会审议通过利润分配方案情况 1、2024 年年度股东大会审议通过的利润分配方案为：以公司总股本 1,796,878,658 股为基数，每 10 股派发现金股利 0.2 元（含税），共分配利润 35,937,573.16 元。本次分配后，剩余的未分配利润结转以后年度分配。分配方 案公告后至实施前，公司总股本如发生变动的，则以未来实施分配方案时股权登 记日的总股本为基数，按照"分配比例不变"的原则进行调整。 2、自利润分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4、本次利润分配实施方案距离 2024 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 ...

证券代码：002531 证券简称：天顺风能 公告编号：2025-028 天顺风能（苏州）股份有限公司 关于独立董事任期届满的公告 天顺风能（苏州）股份有限公司董事会 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。 2025 年 05 月 23 日 鉴于李宝山先生、何焱先生和周昌生先生的辞职将导致公司董事会及董事会 相关专门委员会中独立董事占比低于法定最低人数，且独立董事中欠缺会计专业 人士，因此李宝山先生、何焱先生和周昌生先生的辞职申请将在公司股东大会选 举产生新任独立董事之日起生效。在公司新任独立董事就任前，李宝山先生、何 焱先生和周昌生先生仍将按照法律法规和《公司章程》的规定，继续履行独立董 事及董事会相关专门委员会中的职责，不会影响公司的正常运营。公司将按照相 关规定尽快完成独立董事的补选工作。 李宝山先生、何焱先生和周昌生先生在担任公司独立董事期间认真履行工作 职责，充分行使职权，恪尽职守，勤勉尽责，在完善公司治理和推动公司高质量 发展中发挥了重要作用。公司董事会对李宝山先生、何焱先生和周昌生先生在任 期内为公司发展作出的贡献表示衷心感谢。 天顺风能（ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant decline in revenue and profit for 2024, with total revenue of 4.86 billion yuan, down 37.1% year-on-year, and a net profit attributable to shareholders of 200 million yuan, down 74.3% year-on-year [2][4]. - The fourth quarter of 2024 showed a slight revenue decrease of 1.5% year-on-year, with a net loss of 90 million yuan, marking a 215.8% decline [4]. - For the first quarter of 2025, the company achieved revenue of 930 million yuan, down 12.1% year-on-year, and a net profit of 40 million yuan, down 76.0% year-on-year [4]. Financial Performance Summary - In 2024, the company’s revenue breakdown by business segment showed a 49% decline in offshore wind output, leading to a revenue of 430 million yuan, down 72% [10]. - Onshore tower output decreased by 39%, resulting in revenue of 1.67 billion yuan, down 48% [10]. - Blade product revenue fell by 21% to 1.25 billion yuan, with a 19% decrease in blade output [10]. - The power generation segment saw a slight increase in revenue of 2%, totaling 1.27 billion yuan [10]. - The overall gross margin for 2024 was approximately 19.5%, a decrease of 3 percentage points year-on-year [10]. - The company’s capital expenditures for 2024 and Q1 2025 were approximately 880 million yuan and 440 million yuan, respectively, indicating ongoing investment in offshore wind capacity [10]. Future Outlook - The report suggests that Q1 2025 represents the operational low point for the company, with expectations for recovery in Q2 as offshore wind operations ramp up [10]. - The company is also expanding its overseas operations, particularly with the establishment of a base in Germany, which is expected to benefit from increased European demand [10]. - The forecast for 2025 indicates a net profit of approximately 800 million yuan, corresponding to a price-to-earnings ratio of about 15 times [10].