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].

证券代码：002531 证券简称：天顺风能 公告编号：2025-027 天顺风能（苏州）股份有限公司 2024年年度股东大会决议公告 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、本次股东大会无否决提案的情形； 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议召开时间：2025 年 05 月 16 日（星期五）下午 14:00。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 05 月 16 日 9:15 至 9:25，9:30 至 11:30 和 13:00 至 15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 05 月 16 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：上海市长宁区长宁路 1193 号来福士广场 T3 座 1203 大会 议室； 通过现场和网络投票的股东 450 人，代表股份 944,294,047 股，占公司有表 决权股份总数的 52.5519 ...

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Group 1 - The core viewpoint of the news is that TianShun Wind Power (002531) has experienced a decline in stock price and significant decreases in revenue and net profit in the latest quarterly report [1][3] - As of May 9, 2025, the stock closed at 6.54 yuan, down 2.39%, with a turnover rate of 1.25% and a trading volume of 223,100 hands, amounting to 147 million yuan [1] - The company reported total operating revenue of 926 million yuan for Q1 2025, a year-on-year decrease of 12.10%, and a net profit attributable to shareholders of 35.65 million yuan, down 75.98% year-on-year [1] Group 2 - The company has a current liquidity ratio of 1.260 and a quick ratio of 0.907, indicating its short-term financial health [1] - The asset-liability ratio stands at 60.82%, reflecting the proportion of the company's assets that are financed by debt [1] - TianShun Wind Power has made investments in 12 companies and participated in 12 bidding projects, showcasing its active engagement in the industry [2]

证券代码：002531 证券简称：天顺风能 公告编号：2025-026 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"）全资子公司天顺风能(德 国)有限公司（简称"德国海工"）与 Promau S.r.I（简称"Promau"）签署《卷 板机采购协议》，向 Promau 采购海上风电单桩制造设备卷板机及安装调试服务。 公司为德国海工在《卷板机采购协议》项下的履约提供连带责任担保，担保金额 为合同总价款、可能的违约赔偿及实现债权的费用。合同总价款涉及商业秘密， 符合《上市公司信息披露暂缓与豁免管理规定》的有关情形，豁免披露。 公司控股子公司京山天京新能源开发有限公司（简称"京山天京"）向中国 建设银行股份有限公司京山支行就风 ...

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: 证券代码：002531 证券简称：天顺风能 公告编号：2025-026 天顺风能（苏州）股份有限公司 关于为子公司提供担保的公告 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"）全资子公司天顺风能(德 国)有限公司（简称"德国海工"）与 Promau S.r.I（简称"Promau"）签署《卷 板机采购协议》，向 Promau 采购海上风电单桩制造设备卷板机及安装调试服务。 公司为德国海工在《卷板机采购协议》项下的履约提供连带责任担保，担保金额 为合同总价款、可能的违约赔偿及实现债权的费用。合同总价款涉及商业秘密， 符合《上市公司信息披露暂缓与豁免管理规定》的有关情形，豁免披露。 公司控股子公司京山天京新能源开发有限公司（简称"京山天京"）向中国 建设银行股份有限 ...

证券代码：002531 证券简称：天顺风能 公告编号：2025-025 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。 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（简称"公 司"）全资子公司天顺风能(德国)有限公司（简称"德国海工"）向兴业银行股 份有限公司苏州分行申请贷款 131,297.733265 万元人民币，公司及湖北省天顺 零碳技术有限公司（简称"湖北零碳"）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；湖北零碳以其 监管账户及应收账款收益权提供质押，以其不动产提供抵押。 上述为德国海工提供担保的事项已经公司第五届董事会 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 ...

证券代码：002531 证券简称：天顺风能 公告编号：2025-024 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。 | | 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 | 质押起始 | 质押到期 | 质权 | 质押 | | | 第一大股 | 数量 | | | 为限 | | | | | | | 名称 | 东及其一 | （万 | 股份 | 股本 | 售股 | 充质 | 日 | 日 | 人 | 用途 | | | | | 比例 | 比例 | | 押 | | | | | | | 致行动人 | 股） | | | | | | | | | | | | 11 | 0.02% | 0.01% | 否 | 是 | 2025-4-28 | 2025-6-13 | 招商 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 4.86 billion yuan, a year-on-year decrease of 37.1%, with a net profit of 204.44 million yuan, down 74.29% year-on-year [8] - The report highlights that the company is experiencing pressure on performance but is expected to see an increase in shipments in the future [8] - The company is focusing on high-quality development rather than merely expanding production capacity, which has led to a decrease in delivery volumes [8] Financial Summary - Total revenue forecast for 2023 is 7.727 billion yuan, with a year-on-year growth of 14.67% [1] - The projected net profit for 2025 is 712.10 million yuan, representing a significant year-on-year increase of 248.33% [1] - The earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with a projected increase to 0.40 yuan in 2025 [1] - The company's price-to-earnings (P/E) ratio is projected to be 56.96 for 2024, decreasing to 16.35 in 2025 [1] Business Segmentation - The offshore equipment segment is expected to generate 430 million yuan in revenue for 2024, a decline of 71.6% year-on-year [8] - The land tower business is projected to have revenue of 1.67 billion yuan in 2024, down 48.0% year-on-year [8] - Blade products are expected to generate 1.25 billion yuan in revenue, a decrease of 20.6% year-on-year [8] - The power generation revenue is projected to be 1.27 billion yuan, with a slight increase of 2.1% year-on-year [8]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on offshore wind power development and an optimistic outlook for 2025 [1][2] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.86 billion yuan, a year-on-year decrease of 37.10%, and a net profit attributable to shareholders of 204 million yuan, down 74.29% [1] - For Q1 2025, the company reported revenue of 926 million yuan, a year-on-year decline of 12.10% and a quarter-on-quarter decrease of 28.75%; net profit attributable to shareholders was 36 million yuan, down 75.98% year-on-year but up 140.88% quarter-on-quarter [1] - The offshore wind power segment generated revenue of 429 million yuan in 2024, a decrease of 71.59%, with a gross margin of 3.08%, down 13.25 percentage points [1] Group 2: Operational Developments - The company has completed the strategic layout of its global production bases, establishing production facilities in seven coastal regions in China and accelerating market expansion in Europe through a base in Germany [1] - The company has successfully delivered projects such as Qingzhou VI and Huaneng Lin'gao, with ongoing construction on projects like Guokuan Institute's marine ranch and Huaren Cangnan booster station, expected to ship in the first half of 2025 [1] - The land-based tower and related products segment generated revenue of 1.665 billion yuan in 2024, down 47.98%, with a gross margin of 7.15%, down 5.59 percentage points; blade products generated revenue of 1.245 billion yuan, down 20.59%, with a negative gross margin of 0.72% [2] Group 3: Future Outlook - The company is actively advancing wind farm construction, with power generation revenue of 1.272 billion yuan in 2024, a year-on-year increase of 2.10%, and a gross margin of 62.47%, down 2.34 percentage points; the total grid-connected capacity of projects in hand is 1,583.8 MW [2] - Ongoing projects include Puyang Phase I (200 MW) and Jing Shan Phase I and II (250 MW), expected to be connected to the grid between the end of 2025 and the first half of 2026, indicating a positive development trend [2] - The company forecasts net profits attributable to shareholders for 2025-2027 to be 775 million, 1.033 billion, and 1.418 billion yuan, representing year-on-year growth of 279.3%, 33.2%, and 37.2%, respectively, with EPS projected at 0.43, 0.57, and 0.79 yuan [2]