证券代码：002531 证券简称：天顺风能 公告编号：2025-024 天顺风能（苏州）股份有限公司 关于控股股东部分股份质押及解质押的公告 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。 | | 是否为控 | 本次质 | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 押股份 | 所持 | 司总 | 是否 | 为补 | 质押起始 | 质押到期 | 质权 | 质押 | | | 第一大股 | 数量 | | | 为限 | | | | | | | 名称 | 东及其一 | （万 | 股份 | 股本 | 售股 | 充质 | 日 | 日 | 人 | 用途 | | | | | 比例 | 比例 | | 押 | | | | | | | 致行动人 | 股） | | | | | | | | | | | | 11 | 0.02% | 0.01% | 否 | 是 | 2025-4-28 | 2025-6-13 | 招商 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 4.86 billion yuan, a year-on-year decrease of 37.1%, with a net profit of 204.44 million yuan, down 74.29% year-on-year [8] - The report highlights that the company is experiencing pressure on performance but is expected to see an increase in shipments in the future [8] - The company is focusing on high-quality development rather than merely expanding production capacity, which has led to a decrease in delivery volumes [8] Financial Summary - Total revenue forecast for 2023 is 7.727 billion yuan, with a year-on-year growth of 14.67% [1] - The projected net profit for 2025 is 712.10 million yuan, representing a significant year-on-year increase of 248.33% [1] - The earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with a projected increase to 0.40 yuan in 2025 [1] - The company's price-to-earnings (P/E) ratio is projected to be 56.96 for 2024, decreasing to 16.35 in 2025 [1] Business Segmentation - The offshore equipment segment is expected to generate 430 million yuan in revenue for 2024, a decline of 71.6% year-on-year [8] - The land tower business is projected to have revenue of 1.67 billion yuan in 2024, down 48.0% year-on-year [8] - Blade products are expected to generate 1.25 billion yuan in revenue, a decrease of 20.6% year-on-year [8] - The power generation revenue is projected to be 1.27 billion yuan, with a slight increase of 2.1% year-on-year [8]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a focus on offshore wind power development and an optimistic outlook for 2025 [1][2] Group 1: Financial Performance - In 2024, the company achieved revenue of 4.86 billion yuan, a year-on-year decrease of 37.10%, and a net profit attributable to shareholders of 204 million yuan, down 74.29% [1] - For Q1 2025, the company reported revenue of 926 million yuan, a year-on-year decline of 12.10% and a quarter-on-quarter decrease of 28.75%; net profit attributable to shareholders was 36 million yuan, down 75.98% year-on-year but up 140.88% quarter-on-quarter [1] - The offshore wind power segment generated revenue of 429 million yuan in 2024, a decrease of 71.59%, with a gross margin of 3.08%, down 13.25 percentage points [1] Group 2: Operational Developments - The company has completed the strategic layout of its global production bases, establishing production facilities in seven coastal regions in China and accelerating market expansion in Europe through a base in Germany [1] - The company has successfully delivered projects such as Qingzhou VI and Huaneng Lin'gao, with ongoing construction on projects like Guokuan Institute's marine ranch and Huaren Cangnan booster station, expected to ship in the first half of 2025 [1] - The land-based tower and related products segment generated revenue of 1.665 billion yuan in 2024, down 47.98%, with a gross margin of 7.15%, down 5.59 percentage points; blade products generated revenue of 1.245 billion yuan, down 20.59%, with a negative gross margin of 0.72% [2] Group 3: Future Outlook - The company is actively advancing wind farm construction, with power generation revenue of 1.272 billion yuan in 2024, a year-on-year increase of 2.10%, and a gross margin of 62.47%, down 2.34 percentage points; the total grid-connected capacity of projects in hand is 1,583.8 MW [2] - Ongoing projects include Puyang Phase I (200 MW) and Jing Shan Phase I and II (250 MW), expected to be connected to the grid between the end of 2025 and the first half of 2026, indicating a positive development trend [2] - The company forecasts net profits attributable to shareholders for 2025-2027 to be 775 million, 1.033 billion, and 1.418 billion yuan, representing year-on-year growth of 279.3%, 33.2%, and 37.2%, respectively, with EPS projected at 0.43, 0.57, and 0.79 yuan [2]

证券代码：002531 证券简称：天顺风能 公告编号：2025-023 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。 重要提示: 截至本公告披露日，公司实际担保额超过公司 2024 年年度经审计净资产 的 100%； 公司及控股子公司未对合并报表范围外的公司提供担保； 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（简称"公 司"）全资子公司天顺（阳江）海工装备有限公司（简称"阳江海工"）向中国 工商银行股份有限公司太仓支行、交通银行股份有限公司太仓分行申请贷款 85,000 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；阳江海工以其土地使用权及 自有房产提供抵押担保。 上述为阳江海工提供担保的事项已经公司第五届董事会 2024 年第一次会议 和 2023 年年度股东大会审议通过，被担保方及担保金额在以上董事会及股东大 ...

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].

根据市场公开信息及4月25日披露的机构调研信息，知名私募石锋资产近期对3家上市公司进行了调研，相关名单如下： 1）新强联 （上海石锋资产参与公司电话会议） 机构简介： 上海石锋资产管理有限公司成立于2015年，实缴资本1000万元，协会观察会员，具备"3+3"投顾资格，已获四大报股票策略全满贯：2座中国证券 报金牛奖，2座上海证券报金阳光奖，2座证券时报金长江奖，2座中国基金报英华奖，还包括金樟奖，金鼎奖，东方财富，好买基金，金斧子， Wind等多项大奖。公司多位合伙人均在大型保险、券商资管、公募基金从事投研工作十年以上。公司专注二级市场股票投资，与国内知名银行、 券商、第三方均有合作，旨在为客户创造长期稳健复利。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 个股亮点：公司通过设立子公司新圣新能源，建设太阳能光伏电站，构建绿色能源体系，开展光伏发电业务，为公司提供部分绿色电力，并且余 电上网，产生经济收益 2）天顺风能 （上海石锋资产管理有限公司参与公司特定对象调研&电话会议） 天顺风能2025年一季报显示，公司主营收入9.26亿 ...

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 ...