点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】25年新增核准10台核电机组，可控核聚变领域近期频现突破——碳中和领域动态跟踪（一百五十七） 我国核电项目审批已经进入规模化核准阶段。"十五五"期间核电设备年市场需求有望突破870亿 元，其中核岛设备单年投资规模有望突破400亿元。我国可控核聚变领域近期频现突破，中国聚变 能应用"三步走"战略稳健推进。 （殷中枢/郝骞/宋黎超） 2025-04-28 （ 王招华/戴默） 2025-04-28 您可点击今日推送内容的第2条查看 【晶瑞电材（300655.SZ）】大额商誉减值影响24年业绩，拟发行股份收购湖北晶瑞股权—— 2024年报及2025 一季报点评 2024年，公司实现营收14.35亿元，同比增长10.44% ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 根据公司公告中援引的每日风电数据，2024年国内海风中标容量为13.7GW；由于海风项目从招标到装机 需2年左右，该中标量为未来两年装机增长奠定了坚实基础。随着江苏、广东海风项目审批和航道问题逐 渐解决，标志性海风项目有望在2025年开工并迎来大规模开发建设。截至2024年底，公司在手项目青洲 六、华能临高等项目已陆续实现完工交付；国核院海洋牧场、青洲五/七导管架、华润苍南升压站项目相继 启动施工，计划于25年上半年陆续发运，这为公司业绩带来较强的改善动力。此外，公司积极布局欧洲， 建立德国基地，以加速出海进程，进一步打开成长空间。 积极推进零碳实业业务发展，加快新能源开发建设 公司集中投入资源进行重点区域资源开发，截至20 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3]. Core Views - The company faced significant revenue decline in 2024, with a 37.10% decrease to 4.86 billion yuan and a 74.29% drop in net profit to 204 million yuan. The first quarter of 2025 also showed a revenue decrease of 12.10% year-on-year [1][3]. - The domestic wind power industry is experiencing intensified competition, which has pressured the company's main business operations. Revenue from wind towers and related products fell by 47.98% to 1.67 billion yuan, while marine engineering products saw a 71.59% decline to 429 million yuan [1]. - The company is strategically positioned to benefit from the accelerating domestic offshore wind construction, with a bid capacity of 13.7 GW in 2024, laying a solid foundation for future growth [2]. - The company is actively expanding its offshore business and has established a base in Germany to enhance its international presence, which is expected to open up new growth opportunities [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.86 billion yuan, down 37.10% from the previous year, and a net profit of 204 million yuan, down 74.29% [1]. - For Q1 2025, revenue was 926 million yuan, a decrease of 12.10% year-on-year, but a recovery from a previous loss with a net profit of 36 million yuan [1]. Revenue Breakdown - Wind tower and related products revenue decreased by 47.98% to 1.67 billion yuan, with a gross margin decline of 5.59 percentage points to 7.15% [1]. - Marine engineering products revenue fell by 71.59% to 429 million yuan, with a gross margin decline of 13.25 percentage points to 3.08% [1]. - Blade products revenue decreased by 20.59% to 1.25 billion yuan, with a gross margin of -0.72% [1]. - Power generation business revenue increased by 2.10% to 1.27 billion yuan, with a gross margin of 62.47% [1]. Future Outlook - The company is expected to see improved performance from its marine engineering projects, with several key projects set to commence construction and delivery in 2025 [2]. - The company plans to enhance operational efficiency in its wind farms and explore asset-light models to drive future growth [2]. Profit Forecast - The report projects net profits of 730 million yuan, 1.09 billion yuan, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant recovery from the 2024 figures [3][4].

Group 1 - Shanghai Shifeng Asset Management recently conducted research on three listed companies, including Xinqianglian, Tiensun Wind Power, and Siyuan Electric [1][2] - Xinqianglian is developing a green energy system through its subsidiary, Xinsaint New Energy, focusing on solar photovoltaic power generation and selling excess electricity for economic benefits [1] - Tiensun Wind Power reported a main revenue of 926 million yuan in Q1 2025, a year-on-year decrease of 12.1%, with a net profit attributable to shareholders of 35.6456 million yuan, down 75.98% year-on-year [1] Group 2 - Siyuan Electric holds a 4.4% stake in Shanghai Luxin Electronic Technology Co., which focuses on power semiconductor design and applications [2] - Shanghai Shifeng Asset Management was established in 2015 with a paid-in capital of 10 million yuan and has received multiple awards for its stock strategy [3] - The company aims to create long-term stable compound returns for clients through its focus on secondary market stock investments [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company has experienced a significant decline in revenue and net profit in 2024, with revenue at 4.86 billion yuan, down 37.1% year-on-year, and net profit at 204 million yuan, down 74.3% year-on-year [1][4]. - The company is undergoing a transformation, focusing on offshore wind power and marine engineering equipment manufacturing, while completing the orderly contraction and internal integration of its onshore equipment business [3]. - Revenue projections for 2025-2027 are estimated at 7.42 billion yuan, 8.61 billion yuan, and 9.81 billion yuan, with corresponding net profits of 760 million yuan, 1.06 billion yuan, and 1.30 billion yuan [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 19.53% and a net margin of 4.19%, both declining year-on-year [1]. - For Q1 2025, the company achieved a gross margin of 23.48% and a net margin of 7.51%, with revenue of 926 million yuan, down 12.1% year-on-year [1]. Business Segments - Wind Tower Segment: Revenue of 1.67 billion yuan in 2024, down 47.98%, with a gross margin of 7.15% [2]. - Marine Engineering: Revenue of 429 million yuan in 2024, down 71.59%, with a gross margin of 3.08% [2]. - Blade Segment: Revenue of 1.25 billion yuan in 2024, down 20.59%, with a negative gross margin of -0.72% [2]. Future Outlook - The company aims to leverage its manufacturing synergies from its coastal bases in China and Germany to enhance its global capacity layout [3]. - The establishment of a zero-carbon industrial division headquarters in Wuhan is part of the company's strategic upgrade [3].

6,144,354,680.48元，同比减少2.63%；现金流出小计5,000,004,424.65元，同比减少6.73%。这表明公司 通过筹资活动获得了一定的资金支持，有助于缓解公司的资金压力，为公司的业务发展和债务偿还提供 了保障，但也需关注筹资成本和债务风险。 风险与报酬：风险犹存，报酬结构待完善可能面对的风险：公司面临宏观经济、产业政策、需求波动、 原材料价格波动、技术变革、盈利能力等多方面风险。在宏观经济不稳定、政策波动、市场需求变化以 及技术快速发展的背景下，公司的经营和发展面临诸多不确定性。公司需密切关注宏观经济形势和政策 变化，加强市场调研，优化产品结构，提升技术创新能力，以应对各种风险。董事、监事、高级管理人 报酬情况：董事长、总经理兼财务负责人严俊旭从公司获得的税前报酬总额未披露具体金额，独立董事 李宝山、何焱、周昌生分别获得10万元、10万元、8万元，监事会主席谢萍未从公司领取报酬，监事蔡 舟、职工监事王婷分别获得47.76万元、26.67万元，副总经理陈伟明、包斌分别获得0.58万元、120万 元。报酬结构是否合理需结合公司业绩和行业水平进行综合判断，公司应建立科学合理的薪酬体系，以 ...

证券代码：002531 证券简称：天顺风能 公告编号：2025-022 天顺风能（苏州）股份有限公司 关于2024年度暨2025年第一季度网上业绩说明会召开情况的公告 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 述或重大遗漏。 天顺风能（苏州）股份有限公司（"公司"）于2025年04月25日15:00-17:00通过线上交 流的方式召开了2024年度暨2025年第一季度网上业绩说明会。关于本次业绩说明会的召开事 项，公司已于2025年04月25日在《证券时报》及巨潮资讯网上发布了《关于举行2024年年度暨 2025年第一季度网上业绩说明会的公告》（公告编号：2025-021）。现将召开情况公告如下： 一、会议召开情况 1、会议召开时间：2025年04月25日（星期五）下午15:00至17:00 2、会议召开地点：在"约调研"小程序上举行线上说明会 3、公司参会人员：公司董事长兼总裁严俊旭先生；独立董事周昌生先生；董事兼董事会 秘书朱彬先生。 答：公司这两年业务扩张，承受了一定的资金压力，但随着业务战略转型趋稳，陆上装备 板块已经整合完毕，海上装备板块开始逐步启动回暖，预计公 ...

编号：2025-001 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他：电话会议 参与单位名称及 人员姓名 参会人员名单见后续附表 时间 2025 年 04 月 25 日(周五) 上午 8:30-9:30 地点 电话会议 上市公司接待人 员姓名 1、董事会秘书 朱彬； 2、投资者关系总监 邓子龙； 投资者关系活动 主要内容介绍 一、公司经营情况介绍 2024 年是公司深化转型、夯实基础、直面挑战的一年。 2024 年公司完成陆上装备业务的有序收缩及内部整合，原 塔筒与叶片业务整合为"风能装备事业部"。装备制造业务战略 重心聚焦风电海工装备，持续拓展产品边界，形成涵盖海上超大 型结构件、水下固定式基础、漂浮式平台、升压站、汇流站、海 洋牧场及特种船舶等多元产品体系。同时，公司零碳实业板块也 完成组织运营体系升级，于武汉中碳登大厦设立零碳实业事业部 总部，围绕电力交易、碳资产管理、绿证交易等核心能力进行团 队构建，组建了具备电力市场化交易实操经验的专业队伍，释放 绿色资产价值；同步打造专业的风电场建设与运维团队，强化从 资 ...

Group 1 - TianShun Wind Power reported a 75.98% year-on-year decline in net profit for Q1 2025, with revenue of 926 million yuan, down 12.10% compared to the previous year, primarily due to decreased capacity utilization in the manufacturing sector and increased fixed costs per unit [1] - Yunnan Energy Investment experienced a 38.03% year-on-year decline in net profit for Q1 2025, achieving revenue of 954 million yuan, down 2.12%, with a decrease in renewable energy generation and sales volume attributed to fluctuating wind conditions and reduced average wind speed [2] - Quanwei Technology is facing significant financial and internal control issues, with expected negative net profit for 2024 and potential negative audit opinions, which may lead to additional risk warnings for its stock trading [3] Group 2 - TianShun Wind Power needs to enhance internal optimization to improve profitability and adjust its business strategy in response to market changes [1] - Yunnan Energy Investment should strengthen risk management and optimize its business structure to address challenges posed by market fluctuations and natural factors [2] - Quanwei Technology must take immediate action to resolve financial and internal control issues and improve compliance management to restore market confidence [3]

2024 年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以 下简称"企业内部控制规范体系"），结合天顺风能（苏州）股份有限公司（以下简称 "公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上，我们 对公司 2024 年度的内部控制有效性进行了评价。 一、重要声明 天顺风能（苏州）股份有限公司 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董 事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏， 并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信 息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限 性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变 得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制评 ...