Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company achieved a revenue of 7.727 billion yuan in 2023, representing 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 [1][3]. - The company is positioned as a leader in the offshore wind foundation sector, with significant capacity expansion in both domestic and European markets, aiming to exceed 2.5 million tons of production capacity [1][2]. - The offshore wind power market is expected to see accelerated project approvals and construction in Guangdong and Europe, with the company poised to benefit from these developments [2][3]. Financial Performance - In 2023, the company's gross margin was 22.81%, and net margin was 10.12%, showing improvements of 3.83 percentage points and 0.98 percentage points year-on-year, respectively [1]. - The company forecasts net profits of 1.342 billion yuan, 1.855 billion yuan, and 2.505 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13.9, 10.1, and 7.4 [3][7]. - The company’s revenue is projected to grow significantly, with estimates of 10.738 billion yuan in 2024, 16.722 billion yuan in 2025, and 23.36 billion yuan in 2026, reflecting growth rates of 39.0%, 55.7%, and 39.7% respectively [7][13]. Strategic Developments - The company has established a strong production base in Jiangsu and southern China, with ongoing construction of additional facilities in Europe, aiming to capture a significant share of the global offshore wind market [1][2]. - The company is focusing on new materials and technologies, with a recent contract for the construction of a large ground-effect vehicle, marking a significant breakthrough in its new materials strategy [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [8][12][13]. Core Insights - The company has shown significant results from its strategic transformation, with growth expected in its offshore and zero-carbon businesses [4][6]. - In 2023, the company achieved a revenue of 7.727 billion yuan, a year-on-year increase of 14.67%, and a net profit of 795 million yuan, up 26.53% year-on-year [4][5]. - The company is focusing on enhancing its offshore business, which is anticipated to become a core growth driver in the future [6][8]. Financial Performance Summary - **2023 Financials**: Revenue reached 77.27 billion yuan, with a net profit of 7.95 billion yuan, and an EPS of 0.44 yuan. The company proposed a cash dividend of 0.75 yuan per 10 shares [4][5]. - **2024 Projections**: Expected revenue of 9.498 billion yuan, with a net profit forecast of 1.264 billion yuan, reflecting a significant growth trajectory [5][9]. - **Segment Performance**: 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, driven by new wind farm contributions [5][6]. Business Segment Analysis - **Offshore Business**: The offshore segment generated 1.511 billion yuan in revenue, with a gross margin of 16.33%. This segment is expected to grow significantly due to new capacity and market demand [5][6]. - **Zero-Carbon Initiatives**: The company is investing in zero-carbon projects, with ongoing developments in wind power projects that are expected to contribute to future revenues [8][9]. Capacity and Production - The company has established multiple production bases for its offshore wind business, with significant capacities planned for the coming years, including a 50,000-ton facility in Germany [6][8]. - The offshore business is projected to have a shipment volume of approximately 120,000 tons in 2023, indicating substantial growth potential [8][9]. Future Outlook - The company is adjusting its profit forecasts, expecting net profits of 1.264 billion yuan in 2024 and 1.642 billion yuan in 2025, with a dynamic PE ratio of 14.8 and 11.4 respectively [8][9]. - The strategic focus on offshore and zero-carbon businesses is expected to enhance the company's market position and financial performance in the long term [6][8].

[Table_Main] 公司研究|工业|资本货物 证券研究报告 天顺风能(002531)公司点评报告 2024年04月29日 [Tab海le_T工itle产] 能布局领先，有望优先受益海风复苏 [Table_Inves 买t] 入|维持 ——天顺风能（002531.SZ）2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [当Ta前b价le_：T a rgetPr9ic.4e0] 元 公司发布2023年年报及2024年一季报：2023年公司营收77.27亿元，同 比增长14.67%；归母净利润7.95亿元，同比增长26.60%。2024Q1公司 [基Ta本bl数e_据Ba se] 营收10.54亿元，同比/环比下滑22.67%/20.18%；归母1.48亿元，同比/ 52周最高/最低价（元）： 16.36 / 8.15 环比提升-24.83%/97.06%。 报告要点： A股流通股（百万股）： 1786.87  海风业务占比提升，公司整体盈利能力上行 A股总股本（百万股）： 1796.88 2023年公司销售海工类产品12.16万吨，营收15.11亿元，毛利率16.33%。 ...

证券研究报告·公司点评报告·风电设备 天顺风能（002531） 2023 年报及 2024 一季报点评：完善海工国 2024年 04月 30日 内外布局，推进结构转型未来可期 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 [Table_EPS] 021-60199793 盈利预测与估值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 营业总收入（百万元） 6,738 7,727 10,308 12,809 16,060 证券分析师 郭亚男 同比（%） (17.55) 14.67 33.40 24.27 25.38 归母净利润（百万元） 628.51 795.23 1,357.39 1,804.27 2,231.65 执业证书：S0600523070003 同比（%） (52.00) 26.53 70.69 32.92 23.69 guoyn@dwzq.com.cn EPS-最新摊薄（元/ 0.35 0.44 0.76 1.00 1.24 股） 股价走势 P/E（现价&最新摊 26.87 21.24 12.44 9.36 7.57 薄 ...

大家今天下午赶忙书中来参加我们的电话会那么首先我还是要再感谢一下长江证券长江证券协助我们董办举办的这次电话会非常感谢然后今天这个电话会就两个环节第一部分是由我们的IR和战略经理邓子龙博士来介绍一下公司二三年和二十年一季度的业绩情况那么第二个环节是进入到一个投资者问答的环节那么这次我也邀请了我们 海工事业部的销售总监以及我们阳江工厂的厂长来现场来一起参会因为我知道大家都比较关心海上增面的这个情况那么先进入到第一个环节请邓子龙给大家各位领导汇报一下这个天生23年24年一起住的情况吧谢谢好的 朱总各位同志大家下午好我是天生风能的IR邓子龙 首先我简要介绍一下公司二三年全年和二四年一季度的一个业绩情况首先看一下集团整体情况二三年全年的话公司营收77.3亿同比增长14.7%后飞后续利润是7.6亿同比增长20.4%其中海工收入15.1亿利润1.2亿茶粉板块收入32亿利润2.2亿夜店板块收入15.7亿利润2200万 发电板块收入是12.5亿 利润5.4亿集团经营活动产生的现金流出是8.3亿同比增长143%四大板块的净利润合计是9.1亿照集团合并报表的扣费净利润7.6亿有1.5亿的差额主要是集团总部的管理费等费用有4500万 ...

·[table_research] 公司点评报告 ●电力设备及新能源行业 2024年 4月 28日 [table_main] 公司深度报告模板 海风并表增厚盈利，海工产能布局优势 天顺风能（002531.SZ） 明显 推荐 (维持评级) 核心观点：  事件：4 月 26 日，公司发布 23 年年度报告和 24Q1 季度报告。公司 2023 年实现收入 分析师 77.27亿，同比+14.67%，归母净利润7.95亿，同比+26.53%，扣非净利润7.64亿，同比 周然 +20.45%，EPS0.44元。24Q1单季实现营业收入10.54亿元，同比-22.67%，环比-20.18%， ：（8610）8092 7636 归母净利润1.48亿元，同比-24.83%，环比+97.06%；扣非归母净利1.5亿元，同比-21.07%， ：zhouran@chinastock.com.cn 环比+124.70%。 分析师登记编码：S0130514020001  海工产能持续扩张。2023年海工业务实现营收15.11亿元，毛利率16.33%。公司已形成 研究助理 “1+7”的全球风电海工生产基地布局，覆盖渤海湾、长三角 ...

证券代码：002531 证券简称：天顺风能 公告编号：2024-023 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、新材料、新技术是公司重点布局的三大战略方向之一，本次合同的签署 标志着公司在新材料领域的重大突破，对零碳复材板块持续拓展船舶、航空航天 领域大型复材结构件制造业务产生积极影响，但合同金额较低，对公司本年度经 营业绩无实质性影响； 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。 1、基本情况 公司名称：中国船舶科学研究中心 一、 合同签署情况 近日，天顺风能（苏州）股份有限公司（"公司"）全资子公司苏州天顺复 合材料科技有限公司（"苏州复材"）拟与中国船舶科学研究中心签署《加工承 揽合同》，销售目标无人地效翼船结构建造及总装联调项目（"项目"）结构材 料、模具工装、静力样机结构建造及结构总装、试验样机结构建造及总装联调服 务，合同金额合计为3,450万 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong market position and global expansion efforts in the offshore engineering sector [2][3]. Core Insights - The company achieved a revenue of 7.727 billion yuan in 2023, representing a year-on-year growth of 14.67%, and a net profit attributable to shareholders of 795 million yuan, up 26.60% year-on-year [1][2]. - The company is actively expanding in multiple business areas, including offshore wind power, wind tower manufacturing, and blade and mold production, with significant production capacity being developed across various locations [1][2]. - The company has seen a rapid increase in foreign revenue, contributing 581 million yuan, which is a 72.40% year-on-year growth, indicating a successful transition from product export to equipment manufacturing capabilities abroad [2]. Financial Forecasts - The company is projected to achieve revenues of 10.034 billion yuan, 16.200 billion yuan, and 18.827 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.415 billion yuan, 2.452 billion yuan, and 2.992 billion yuan [3][7]. - The expected growth rates for revenue are 29.9% in 2024, 61.4% in 2025, and 16.2% in 2026, while net profit growth rates are projected at 77.9%, 73.3%, and 22.0% for the same years [3][7]. - The company's price-to-earnings (PE) ratio is expected to decrease from 21 in 2023 to 6 by 2026, reflecting an improving valuation as earnings grow [3][7].

1 | | | 研发创新管理 | 25 | | --- | --- | --- | --- | | 关于本报告 | 03 | 产品质量保障 | 27 | | 董事长致辞 | 04 | 高质量的客户服务 | 28 | | 走进天顺风能 | 05 | 责任采购 | 29 | | | | 规范员工招聘与雇佣 | 30 | | 可持续发展管理 | 08 | 展现关怀与福祉 | 31 | | 夯实公司治理 | 11 | 赋能员工成长 | 35 | | 强化风险管控 | 14 | 守护员工安全与健康 | 37 | | 应对气候风险与机遇 | 17 | 乡村振兴 | 39 | | 坚守低碳运营 | 19 | 爱心公益 | 40 | 2 本报告为天顺风能（苏州）股份有限公司(简称"天顺风能""我们")独立发布的可持续发展报告（22年曾用名为社 会责任报告）。我们期望通过发布此报告，全面披露公司可持续发展的理念、行动与绩效，更好地促进利益相关方了解 我们的环境、社会及管治(ESG)管理，并推动合作及实现共赢。 本报告相关信息的统计时间范围为2023年1月1日至2023年12月31日， 部分数据及内容超出此范围。 天顺风能及其下 ...

第五届董事会 2024 年第一次会议决议公告 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，没有虚假记载、 误导性陈述或者重大遗漏。 证券代码：002531 简称：天顺风能 公告编号：2024-008 天顺风能（苏州）股份有限公司 一、董事会会议召开情况 董事会认为：公司《2024 年第一季度报告》包含的信息公允、全面、真实 地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、完 整，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：7 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容详见同日披露在《证券时报》及巨潮资讯网（www.cninfo.com.cn） 上的《2024 年第一季度报告》（公告编号：2024-009）。 2. 审议通过了《关于 2023 年年度报告及其摘要的议案》 董事会认为：公司《2023 年年度报告及其摘要》包含的信息公允、全面、 真实地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、 完整，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：7 票赞成，0 票反对，0 票弃权。 天顺风能（苏州）股份 ...