Investment Rating - The report indicates a positive outlook for the offshore wind sector in Europe, particularly following the recent awarding of 8.4GW capacity in the UK AR7 auction, with a budget increase to £1.8 billion [4]. Core Insights - The offshore wind capacity awarded in the UK AR7 auction is 8.44GW, with a budget increase to £1.8 billion, addressing previous issues of low pricing and insufficient new capacity [4]. - The report highlights that from 2025 to 2030, Europe is expected to see a total new installed capacity of 139.6GW for offshore wind and 47.6GW for onshore wind, with a CAGR of 28.6% and 11.5% respectively [4]. - The report emphasizes that the UK and Germany will be the main contributors to new offshore wind installations, accounting for 27.7% and 20.1% respectively from 2025 to 2034 [4]. - The report suggests that domestic manufacturers are likely to benefit from the growing European offshore wind market, with companies like Dajin Heavy Industry and Mingyang Smart Energy leading the way in overseas orders [4]. Summary by Sections Offshore Wind Capacity and Budget - The UK AR7 auction results show a significant increase in offshore wind capacity awarded, with a budget that has doubled to £1.8 billion, improving project economics through a 14% increase in electricity prices [4]. European Market Growth - The report forecasts a substantial increase in offshore wind installations starting in 2026, with a sharp rise expected by 2029, reaching 11.77GW in 2030 [4]. Key Players and Opportunities - Companies such as Dajin Heavy Industry, Mingyang Smart Energy, and Dongfang Cable are highlighted as key players benefiting from the European market expansion, with significant orders already secured [4].

Group 1 - The core viewpoint of the article highlights the growth of China's wind power generation, with a production volume of 1,046 billion kilowatt-hours in November 2025, representing a year-on-year increase of 22% [1] - From January to November 2025, the cumulative wind power generation in China reached 9,499 billion kilowatt-hours, showing a cumulative growth of 9.6% [1] - The article references a report by Zhiyan Consulting on the competitive strategies and future development potential of the Chinese wind power industry from 2026 to 2032 [1] Group 2 - The listed companies in the wind power sector include Jinlun Technology, Mingyang Smart Energy, Yunda Co., Shanghai Electric, China National Materials, and others [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Group 1 - The core view of the report indicates that domestic wind power demand is steadily increasing, with a significant focus on offshore wind development, which is expected to accelerate under the "14th Five-Year Plan" [1][47] - The report anticipates that the installed capacity of wind power during the "14th Five-Year Plan" will reach 130GW annually, with the proportion of wind power in new energy installations expected to rise from 25% to 50% [1][38] - The report highlights that the European offshore wind market is expected to continue its rapid growth, with a total planned capacity of nearly 100GW, supported by government policies and subsidies [2][51] Group 2 - The domestic wind turbine market is experiencing price increases, with an average bidding price for onshore wind turbines rising by approximately 12% in 2025 compared to 2024 [3][13] - The report notes that the domestic turbine manufacturers are gaining market share in overseas markets, with a projected overseas market share of about 14% in 2024 [3][41] - The report emphasizes the importance of high-voltage direct current (HVDC) technology in the domestic submarine cable market, predicting a significant increase in demand for submarine cables due to the growth of offshore wind and power interconnection projects [4][47] Group 3 - The report identifies a turning point in profitability for domestic marine engineering companies, with increased capacity utilization expected to enhance profitability [5][47] - The report suggests that the domestic marine engineering sector is well-positioned to expand in the European market, where demand for offshore wind foundations is high [5][51] - The report highlights the tight supply of offshore wind foundations in Europe, indicating a potential for domestic companies to capture significant market share [5][51] Group 4 - The report recommends focusing on key companies in the wind power sector, including Goldwind Technology, Yunda Co., and Mingyang Smart Energy, among others [6][10] - The report also highlights the importance of companies involved in submarine cables and marine engineering, such as Daikin Heavy Industries and Dongfang Cable [6][10] - The report indicates that component manufacturers, including Delijia and Weili Transmission, are expected to see increased demand due to the growth of the wind power sector [6][10]

证券代码：002531 证券简称：天顺风能 公告编号：2026-001 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押展期及补质押的公告 截至公告披露日，上述股东所持质押股份情况如下： 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质 押数量 （万 股） 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 原质押起 始日 质押到期 日 质 权 人 质押 用途 上海 天神 是 2,332 1.30% 否 否 2024-01-03 2027-01-03 中信 证券 展期 三年 315 0.18% 否 是 2024-08-21 2027-01-03 展期 三年 306 0.17% 否 是 2025-01-03 2027-01-03 展期 二年 702 0.39% 否 是 2025-12-31 2027-01-03 补充 质押 合计 - 3,655 2.04% - - - - - - 一、本次股份质押展期及补质押的基本情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The report from Dongwu Securities indicates that Tianshun Wind Power is currently under short-term pressure but is expected to reach a recovery turning point in the future due to the high prosperity of the offshore wind power industry [1] Financial Performance - From 2019 to 2021, Tianshun Wind Power achieved revenues of 6.058 billion, 8.100 billion, and 8.172 billion yuan, with year-on-year growth rates of +58%, +34%, and +1% respectively [1] - The net profit attributable to shareholders for the same period was 747 million, 1.050 billion, and 1.310 billion yuan, with year-on-year growth rates of +59%, +41%, and +25% respectively [1] - In 2022-2023, due to issues with the progress of key projects, the company's revenue is expected to decline to between 6.7 billion and 7.7 billion yuan, with a significant drop in profitability [1] Industry Outlook - The offshore wind power sector is anticipated to experience a rebound in demand, particularly with the "14th Five-Year Plan" for land and offshore wind installations, which is expected to benefit tower and pile enterprises, leading to an increase in both volume and profit per ton [1] - The company plans to raise no more than 1.95 billion yuan through a private placement to deepen its global layout in "marine engineering + transportation" [1] Future Projections - Given the company's leading position in the domestic offshore wind industry and historical performance issues due to project delays, it is expected that after the commencement of projects in 2026, the company will enter a performance turning point [1] - The investment rating for Tianshun Wind Power is maintained at "Buy" [1]

证券研究报告·公司研究简报·风电设备 天顺风能（002531） 短期承压，后续有望迎来修复拐点 2026 年 01 月 04 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,727 | 4,860 | 4,957 | 7,658 | 8,917 | | 同比（%） | 14.67 | (37.10) | 1.99 | 54.49 | 16.44 | | 归母净利润（百万元） | 795.23 | 204.44 | 175.51 | 757.79 | 977.35 | | 同比（%） | 26.53 | (74.29) | (14.15) | 331.77 | 28.97 | | EPS-最新摊薄（元/股） | 0.44 | 0.11 | 0.10 | 0.42 | 0.54 | | P/E（现价&最新摊薄） | 15.50 | 60.30 | 70.23 | 16.27 | 12.61 | [Table_ ...

证券代码：002531 证券简称：天顺风能 公告编号：2025-081 天顺风能（苏州）股份有限公司 关于为控股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 2024 年年度经审计净资产的 100%； 1、注册时间：2022 年 10 月 14 日 2、注册地点：湖北省荆门市京山市开发区（镇）三王路 6 号 3、法定代表人：金亮 公司及子公司未对合并报表范围外的公司提供担保； 公司及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（简称"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"）向中国银 行股份有限公司太仓分行申请 13.5 亿元项目贷款，用于京山一期 150MW 风电项 目、京山二期 100MW 风电项目及京山储能 100MW/200MWh 储能电站项目建设；向 交银金融租赁有限责任公司申请以融资租赁直租设备的业务模式，开展京山三期 100MW 风电项目建设。 ...

Core Viewpoint - The company announced that it is providing joint liability guarantees for its subsidiaries, Jing Shan Tianjing and Zhongxiang Tiancheng, to meet business development needs [1] Group 1: Financing Details - Jing Shan Tianjing has applied for a project loan of 1.35 billion yuan from Bank of China Taicang Branch and 116 million yuan in financing lease from China Merchants Jinling [1] - Zhongxiang Tiancheng has applied for a project loan of 1.42 billion yuan from Bank of Communications Taicang Branch and others [1] Group 2: Guarantee Amount and Financial Risk - As of the announcement date, the total actual guarantee amount provided by the company and its subsidiaries is 13.33114 billion yuan, which accounts for 149.37% of the audited net assets for the year 2024 [1] - There are no overdue guarantees, and the financial risk associated with this guarantee is considered controllable, not affecting the operations of the company and its subsidiaries [1]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

Core Viewpoint - TianShun Wind Power's stock performance and financial metrics indicate a stable yet cautious investment environment, with recent trading activity reflecting low financing and margin levels, alongside mixed revenue growth and profit decline. Group 1: Stock Performance and Financing - On December 29, TianShun Wind Power's stock price remained unchanged at 0.00%, with a trading volume of 125 million yuan [1] - The financing buy-in amount for the day was 10.64 million yuan, while financing repayment totaled 10.06 million yuan, resulting in a net financing buy of 578,900 yuan [1] - As of December 29, the total financing and margin balance for TianShun Wind Power was 244 million yuan, with the financing balance accounting for 1.96% of the circulating market value, indicating a low level compared to the past year [1] Group 2: Shareholder and Revenue Information - As of December 20, the number of shareholders for TianShun Wind Power was 82,400, an increase of 0.92%, while the average circulating shares per person decreased by 0.91% to 21,674 shares [2] - For the period from January to September 2025, TianShun Wind Power reported a revenue of 3.723 billion yuan, reflecting a year-on-year growth of 4.56%, but the net profit attributable to shareholders decreased by 76.10% to 69.71 million yuan [2] Group 3: Dividend and Institutional Holdings - Since its A-share listing, TianShun Wind Power has distributed a total of 1.426 billion yuan in dividends, with 171 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included new entrants such as GF Multi-Factor Mixed Fund holding 18.1993 million shares and HSBC Jintrust Small Cap Stock holding 14.0193 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 1.2791 million shares [3]