证券代码：002531 证券简称：天顺风能 公告编号：2024-050 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（（以下简称（ 公司"）近日接到控股股东上 海天神投资管理有限公司（（以下简称（ 上海天神"）的通知，上海天神将其所持 公司 1.45%的股份办理了质押及质押展期业务，质权人分别为中信证券股份有限 公司（（以下简称（ 中信证券"）、中国中金财富证券有限公司（（以下简称（ 中金 财富"）；将其所持公司 0.83%的股份办理了解除质押业务，质权人为东吴证券 股份有限公司（以下简称 东吴证券"）。具体情况如下： 二、 本次股份质押的基本情况 | | 是否为控 | | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押 | 所持 | 司总 | 是否 | 为补 | 质押起 | 质押到 | 质权 | 质押 | | 名称 | 第一大股 | 股份数量 | 股份 ...

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（以下简称"公司"）全资子公司南 通长风新能源装备科技有限公司（以下简称"南通长风"）与OceanSTAR Marine & Offshore Investment Pte. Ltd.（以下简称"OceanSTAR公司"）签订了《浮式储卸油 船（FSO）EPC 建造合同》，项目总金额为 4,500 万美元。 证券代码：002531 证券简称：天顺风能 公告编号：2024-049 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. 本次《浮式储卸油船（FSO）EPC 建造合同》的签署，是公司以风电海工 为主的"大海工"战略强有力的落地和支撑，公司业务进一步向多元化"大海工" 领域发展迈出了坚实一步；同时也是公司通州湾海工基地全面升级聚焦于海外市 场和客户的良好开端。 上 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-048 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（以下简称 "公司"）全资子公司天顺风能海工装备科技（广东）有限公司（以下简称"广 东海工"）向平安银行股份有限公司上海分行申请贷款 36,000 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；广东海工以其持有的全资子公司广东蓝水海洋工程有 限公司（以下简称"广东蓝水"）和广东蓝精特种管业有限公司（以下简称"广 东蓝精"）100%股权提供质押担保，广东蓝水、广东蓝精以其固定资产（机器设 备等）、土地使用权提供抵押担保。 公司全资子公司苏州天顺风能设备有限公司（以下简称"苏州设备"）向交 通银行股份有限公司太仓分行申请授信 10,000 万元人民币，公司为其授信事项 （包括授信金额、利息、违约金、损害赔偿金和实现债权的费用）提供连带责任 保证担保。 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 ...

天顺风能（苏州）股份有限公司（以下简称"公司"）第一期员工持股计划 （以下简称"本员工持股计划"）持有的公司股票已全部出售完毕，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》《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，现将具体情 况公告如下： 一、本员工持股计划基本情况 公司于 2020 年 11 月 24 日召开第四届董事会 2020 年第十次临时会议及第 四届监事会 2020 年第五次临时会议、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。第一期员工持股计划的股票来源为公司回购专用证券账户已回 购的股份，受让价格为 3 元/股，认购股份合计 11,359,948 股,认购资金总额 34,079,844 元。 证券代码：002531 证券简称：天顺风能 公告编号：2024-047 天顺风能（苏州）股份有限公司 关于第一期员工持股计划股票出售完毕暨终止的公告 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 ...

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公司 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。 证券代码：002531 证券简称：天顺风能 公告编号：2024-046 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 （一）濮阳天业风电有限公司 1、注册时间：2021 年 07 月 13 日 2、注册地点：河南省濮阳市濮阳县城关镇濮阳县铁邱路与大庆路交叉口往 东 100 米路北 716 室 5、主营业务：风力发电业务 6、与担保方的关系：公司通过上海天顺零碳实业发展有限公司、海南天悦 间接持有其 100%股权 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"） 全资子公司濮阳天业风电有限公司（"濮阳天业"）拟向平安银行股份有限公司 上海分行申请贷款 32,000 万元人民币。濮阳天业母公司海南天悦新能源有限公 司（ ...

2024 年 9 月 8 日 公司研究 24H1 业绩承压，静待海工业务盈利改善 24 年上半年国内风电建设较慢，致公司主营业务营收规模及毛利率承压。24H1 公司风塔及相关产品营收同比减少 54.75%至 6.09 亿元，毛利率同比下降 4.15pct 至 8.21%；海工类产品营收同比减少 90.30%至 0.92 亿元，毛利率同比 下降 3.51pct 至 10.04%；叶片类产品营收同比减少 35.79%至 7.87 亿元，毛利 率同比下降 2.29pct 至 10.12%；发电业务营收同比减少 3.67%至 6.62 亿元， 毛利率同比下降 8.06pct 至 66.60%。 国内海风建设或将逐渐加速，公司海工业务有望充分受益。近两年海上风电行业 受用海、航道审批等因素影响，发展节奏较缓，但国内沿海省市"十四五"海上 风电规划并网总容量目标尚有 30GW 并网装机需求未得到释放，海上风电项目 储备丰富。在国内海风项目竞配核准不断加速的背景下，随着过去阻碍建设的因 素逐步消除，2024 年下半年及 2025 年行业有望迎来大规模开发建设，这为公 司业绩带来较强的改善动力。公司预计青洲六、华能临高、华润 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 5 日 Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 天顺风能 深圳成指 002531.SZ 买入 原评级：买入 市场价格:人民币 7.02 板块评级:强于大市 股价表现 (50%) (39%) (28%) (17%) (6%) 5% (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (39.3) (14.0) (35.0) (46.8) 相对深圳成指 (26.8) (10.1) (21.9) (24.3) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | | | | | 发行股数 ( 百万 ) | | 1,796.88 | | 流通股 ( 百万 ) | | 1,786.87 | | 总市值 ( 人民币 百万 ) | | 12,614.09 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 165.68 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-045 天顺风能（苏州）股份有限公司 3、公司参会人员：公司董事长兼总裁严俊旭先生；独立董事李宝山先生；董事兼董事会 秘书朱彬先生。 二、互动交流情况 1、严董，你好！在股票市场，如何看待天顺近期领跌风能行业？贵司管理层是否有增持 计划，以匹配贵司长期以来显示对公司发展的信心？ 答：请您随时关注公司公告。公司长期看好风电行业，深耕行业20多年，对未来尤其是全 球海上风电的发展仍然充满信心。 2、前两年收购的长风资产，为何今年上半年结算这么少，是产量不足还是延期交付？这 块资产现在看还值三十亿吗？ 答：今年上半年交付量较小的主要原因：一方面是部分在手订单交付主要集中在下半年， 包括青州六、华能临高、华润连江、瑞安1号等项目；另一方面，部分项目因海上风电场开工 延后的原因延期交付，比如龙源射阳、青州五、七等项目。同时，今年海工新签订单高峰集中 在三季度，这部分订单预计交付时间会在今年四季度到明年二季度，以上几个因素导致上半年 海工板块出货业绩不佳。 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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its solid position in the wind tower sector and steady progress in offshore engineering projects [2][3]. Core Insights - The company reported a revenue of 2.259 billion yuan for H1 2024, a year-on-year decline of 47.57%, with a net profit attributable to shareholders of 216 million yuan, down 62.75% year-on-year [1]. - The revenue for Q2 2024 was 1.205 billion yuan, reflecting a 59.09% year-on-year decline but a 14.38% quarter-on-quarter increase [1]. - The gross margin for H1 2024 was 26.73%, an increase of 3.81 percentage points year-on-year, while the net margin was 9.57%, a decrease of 4.01 percentage points year-on-year [1]. Business Segment Summary - **Tower Segment**: Revenue for H1 2024 was 610 million yuan, down 54.75% year-on-year, accounting for approximately 26.95% of total revenue, a decrease of about 4.27 percentage points year-on-year [2]. - **Offshore Engineering**: Revenue for H1 2024 was 90 million yuan, down 90.30% year-on-year, representing about 4.08% of total revenue, a decline of approximately 18.01 percentage points year-on-year. The company expects acceleration in offshore wind projects in the second half of the year [2]. - **Blades and Molds**: Revenue for H1 2024 was 790 million yuan, down 35.79% year-on-year, accounting for about 34.86% of total revenue, an increase of 6.4 percentage points year-on-year [2]. - **Wind Farms**: The company had a cumulative grid-connected capacity of 1583.8 MW, generating revenue of 660 million yuan for H1 2024, down 3.67% year-on-year, representing about 29.32% of total revenue, an increase of approximately 13.36 percentage points year-on-year [2]. Financial Forecast - The company is projected to achieve revenues of 8.171 billion yuan, 11.733 billion yuan, and 13.370 billion yuan for 2024, 2025, and 2026, respectively. Net profits attributable to shareholders are expected to be 1.022 billion yuan, 1.654 billion yuan, and 1.974 billion yuan for the same years [3].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,258,893,691.45, a decrease of 47.57% compared to the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was CNY 215,966,639.95, down 62.75% year-on-year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 233,677,180.93, a decrease of 57.78% compared to the previous year[12]. - The net cash flow from operating activities was CNY 523,155,656.37, representing a decline of 27.23% from the same period last year[12]. - The basic earnings per share for the first half of 2024 was CNY 0.1202, down 62.74% year-on-year[12]. - The total comprehensive income for the first half of 2024 was CNY 218,580,769.12, down from CNY 588,491,479.63 in the same period of 2023[103]. - The total operating revenue for the first half of 2024 was CNY 2,258,893,691.45, a decrease of 47.5% compared to CNY 4,308,490,302.93 in the same period of 2023[102]. - The net profit for the first half of 2024 was CNY 216,100,873.81, a decline of 63.1% compared to CNY 585,063,094.08 in the first half of 2023[103]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,159,662,682.87, an increase of 3.49% from the end of the previous year[12]. - The total liabilities increased to CNY 16.13 billion, up from CNY 15.38 billion, indicating a growth of about 4.9%[97]. - The company's equity attributable to shareholders reached CNY 8.97 billion, compared to CNY 8.89 billion, showing an increase of around 1%[97]. - Cash and cash equivalents decreased to CNY 511,853,166.99, representing 2.03% of total assets, down from 3.38% last year, a decrease of 1.35%[29]. - Accounts receivable accounted for 20.00% of total assets at CNY 5,032,763,175.32, slightly down from 20.88% last year, a decrease of 0.88%[29]. - Inventory increased to CNY 2,653,887,397.53, representing 10.55% of total assets, up from 9.36% last year, an increase of 1.19%[29]. - Total current assets increased from 9,591,109,220.42 to 9,776,932,728.81, an increase of about 1.9%[95]. Research and Development - Research and development investment increased by 40.58% to ¥23,727,689.13 from ¥16,878,253.05, reflecting the company's commitment to enhancing R&D efforts[25]. - The company has obtained over 360 authorized patents in 2023, focusing on continuous R&D investment for technological breakthroughs[43]. - The company plans to enhance its research and development investments, particularly in floating platforms and substations, to improve its competitive edge[20]. Market and Industry Outlook - In the first half of 2024, China's wind power installed capacity reached 467 GW, a year-on-year increase of 20%, with onshore wind accounting for 429 GW and offshore wind 38.17 GW[16]. - The company anticipates that by the end of 2024, the total installed capacity of wind power in China will reach approximately 530 GW, contributing to 40% of the national total power generation capacity[16]. - The global offshore wind market is expected to see a surge, with an estimated 49 GW of new installations by 2030, including 16 GW in China[17]. - The European offshore wind market is projected to exceed 60 GW by 2030, with significant budget increases for renewable energy auctions in the UK[17]. Operational Strategy - The company aims to achieve an operational target of 5 GW of onshore wind farms by the end of 2027, reflecting its commitment to renewable energy transition[20]. - The company is strategically shifting its manufacturing focus towards offshore wind power, leveraging its unique resources in port and land for production[21]. - The company has completed a strategic transformation from land-based to offshore manufacturing, enhancing its competitive position in the offshore wind energy sector[23]. Environmental and Social Responsibility - The company has implemented energy-saving measures, including replacing all diesel forklifts with electric ones to reduce carbon emissions[55]. - The company emphasizes environmental protection and has passed the ISO 14001 environmental management system certification, ensuring compliance with environmental standards[56]. - The company is committed to reducing carbon emissions through various technical and operational measures, including heat recovery from air compressors[55]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[2]. - The company is committed to improving its governance and communication mechanisms to enhance shareholder value and maintain investor confidence[43]. - The company has a total of 39 employees participating in the first employee stock ownership plan, holding 2,272,148 shares, representing 0.13% of the company's total equity[48]. Financial Management - The company has successfully transitioned its equipment manufacturing capabilities to international markets, with a new production base established in Germany[23]. - The company reported a significant increase in user data, with a total of 24,000 users as of March 31, 2023, compared to previous periods[77]. - The company is actively pursuing mergers and acquisitions to enhance its market position, with several potential targets identified[77]. Accounting and Compliance - The company adheres to the accounting standards and ensures that its financial statements reflect its financial condition accurately[126]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, treating the entire corporate group as a single accounting entity[131]. - The company recognizes expected credit losses for financial instruments in different stages, with specific methodologies for each stage[145].