证券代码：002531 证券简称：天顺风能 公告编号：2024-030 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、截至本公告披露日，公司实际担保额超过 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。 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"） 全资子公司苏州天顺风能设备有限公司（"苏州设备"）拟向平安银行股份有限 公司苏州分行申请授信 40,000 万元人民币；全资子公司苏州天顺复合材料科技 有限公司（"苏州复合材料"）拟向交通银行股份有限公司常熟分行申请授信 10,000 万元人民币。授信主要用于流动资金贷款、开立银行承兑汇票、票据贴 现、非融资性保函、国内信用证等业务。公司拟为其授信事项提供最高额连带责 任保证担保。 公司为苏州设备、苏州复合材料提供的连带责任保证担保已经第五届董事会 202 ...

关于湖北沙洋一期200MW风电场并网的自愿性公告 证券代码：002531 证券简称：天顺风能 公告编号：2024-029 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。 一、基本情况 近日，公司接到全资子公司沙洋县天尚风力发电有限公司的报告，湖北沙洋一期200MW风 电场（"沙洋一期项目"）全部机组已实现并网。沙洋一期项目位于湖北省荆门市，预计年平 均上网发电量449.771GWh。 二、对公司的影响 沙洋一期项目是公司落地湖北省政府奖励的60万千瓦新能源项目建设指标的具体举措。相 关内容详见2022年3月16日发布于《证券时报》及巨潮资讯网上的《关于获取湖北省新能源项 目建设指标的公告》（公告编号：2022-009）。 项目的全容量并网，将进一步增加公司新能源装机容量，优化电源结构，对公司未来经营 业绩有一定的提升作用。截止目前，公司累计在营风电场并网容量1583.8MW，另有600MW风电 项目正在积极筹备开工。 后续公司将严格按照工程建设管理的有关要求，做好工程收尾、工程结算、专项验收、达 标投产等各项工作。 天顺风能（苏州） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 7.7 billion yuan in 2023, representing a year-on-year increase of 15%, and a net profit of 800 million yuan, which is a 27% increase year-on-year. However, in Q1 2024, the revenue decreased to 1.05 billion yuan, a decline of 23% year-on-year, with a net profit of 150 million yuan, down 25% year-on-year [5][6]. Summary by Sections Annual Performance - The growth in 2023 was primarily driven by the offshore engineering and power generation segments. The offshore engineering business contributed 1.5 billion yuan in revenue with a gross margin of 16%, while the land tower business saw a revenue decline of 19% to 3.2 billion yuan, with a gross margin of 12.9%, an increase of 1.5 percentage points. The power generation segment achieved a revenue of 1.25 billion yuan, up 31% year-on-year, maintaining a gross margin of 65%. The blade business revenue fell by 8% to 1.6 billion yuan, with a gross margin of 12%, up 1.7 percentage points. The company also recognized credit impairment losses and asset impairment losses of 130 million yuan and 40 million yuan, respectively, impacting profits [6]. Quarterly Performance - In Q1 2024, the overall revenue decline was attributed to the off-season for both offshore and onshore wind sectors, leading to lower shipment volumes. The land tower revenue decreased due to limited scale effects, while the offshore engineering segment was also affected by seasonal factors. The power generation segment, however, saw growth due to increased operational scale. The company reported a positive impact on profits from credit impairment losses of 40 million yuan [6]. Financial Indicators - The company reported a significant improvement in operating cash flow, with net inflows of 1.8 billion yuan in 2023 and 500 million yuan in Q1 2024. As of the end of Q1 2024, inventory and contract liabilities increased to 2.5 billion yuan and 800 million yuan, respectively, compared to the end of 2023, indicating a solid foundation for future shipments [6]. Future Outlook - The company is actively expanding its offshore wind capacity both domestically and internationally and has achieved large-scale shipments of jacket foundations. It is expected to benefit from the growth in offshore wind installations, leading to significant performance increases. The projected net profit for 2024 is approximately 1.36 billion yuan, corresponding to a PE ratio of about 14.3 times [6].

证券代码：002531 证券简称：天顺风能 公告编号：2024-028 天顺风能（苏州）股份有限公司 关于控股股东部分股份解质押的公告 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（"公司"）于近日接到控股股东上海天神 投资管理有限公司（"上海天神"）的通知，上海天神将其所持公司 0.63%的股 份办理了解除质押业务，质权人为国投证券股份有限公司（"国投证券"，曾用 名安信证券股份有限公司）；将其所持公司 0.56%的股份办理了质押业务，质权 人为云南国际信托有限公司（"云南信托"）；将其所持公司 1.01%的股份办理 质押展期业务，质权人为招商证券股份有限公司（"招商证券"）。具体情况如 下： 二、 本次股份质押及质押展期的基本情况 | 股东 | 是否为控股股东 | 本次质押数 | 占其所持 | 占公司总股 | 是否为限售股 | 是否为补 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | ...

[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]