证券研究报告·公司点评报告·风电设备 泰胜风能（300129） 2024 年年报点评：24 年业绩承压，双海持续 推进 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） | 4813 | 4838 | 5866 | 6839 | 7864 | | 同比（%） | 53.93 | 0.52 | 21.25 | 16.59 | 14.99 | | 归母净利润（百万元） | 292.41 | 181.96 | 325.66 | 430.53 | 512.92 | | 同比（%） | 6.37 | (37.77) | 78.97 | 32.20 | 19.13 | | EPS-最新摊薄（元/股） | 0.31 | 0.19 | 0.35 | 0.46 | 0.55 | | P/E（现价&最新摊薄） | 20.69 | 33.24 | 18.57 | 14.05 | 11.79 | hujunying@dwzq.com.cn 股 ...

Core Viewpoint - The company reported a revenue of 4.848 billion yuan in 2024, a year-on-year increase of 0.52%, but a net profit attributable to shareholders of 182 million yuan, a decrease of 37.77% year-on-year, indicating challenges in profitability despite stable revenue growth in certain segments [1]. Group 1: Financial Performance - In 2024, the company's revenue from onshore wind power equipment, including concrete towers, reached 4.026 billion yuan, a year-on-year increase of 15.24%, while revenue from concrete tower products surged to 440 million yuan, up 821.59% [1]. - The offshore wind power and marine engineering equipment segment saw a revenue decline to 672 million yuan, down 37.77% year-on-year due to market adjustments [1]. - The overall gross margin for the company was 13.83%, a decrease of 4.25 percentage points year-on-year, with a net margin of 3.89%, down 2.22 percentage points [2]. Group 2: Order Backlog and Capacity Expansion - As of the end of 2024, the company had a total order backlog of 4.917 billion yuan, with 3.620 billion yuan from onshore wind power and 1.272 billion yuan from offshore wind power and marine engineering equipment, providing strong support for short-term performance [3]. - The company has established multiple production bases across strategic regions in China, with a maximum annual production capacity of 1.1 million tons for wind power steel towers and 640 sets for concrete towers expected to be achieved with the new Changji base coming online [3]. Group 3: Valuation and Future Outlook - The company adjusted its profit forecasts for 2025-2026 and added projections for 2027, expecting revenues of 6.161 billion yuan, 6.999 billion yuan, and 8.227 billion yuan, with net profits of 324 million yuan, 437 million yuan, and 571 million yuan respectively [4]. - The current stock price corresponds to a PE ratio of 19.2, 14.3, and 10.9 for the years 2025, 2026, and 2027, respectively, indicating potential for growth as the company is well-positioned to benefit from the release of domestic and international wind power installation demand [4].

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 4 月 22 日 买入 原评级：买入 市场价格:人民币 6.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (2.3) (14.9) (6.6) (8.4) 相对深圳成指 (0.5) (7.6) (2.7) (15.1) 发行股数 (百万) 934.90 流通股 (百万) 628.48 总市值 (人民币 百万) 6,226.43 3 个月日均交易额 (人民币 百万) 116.10 主要股东 广州凯得投资控股有限公司 26.93% (16%) (8%) 1% 9% 18% 26% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 泰胜风能 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 21 日收市价为标准 相关研究报告 《泰胜风能》20240507 《泰胜风能》20240202 《泰胜风能》20231122 中银国际证券股份有限公司 具备证券投资咨询业务资格 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, but a significant decline in net profit, indicating short-term pressure on profitability due to intensified competition in the industry [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 4.838 billion yuan, a year-on-year increase of 0.52% - The net profit attributable to shareholders was 182 million yuan, a year-on-year decrease of 37.77% - The non-recurring net profit attributable to shareholders was 178 million yuan, a year-on-year decrease of 29.11% [1]. Profitability Analysis - The gross profit margin for 2024 was 13.83%, down 4.25 percentage points year-on-year - The net profit margin was 3.89%, down 2.22 percentage points year-on-year - The gross profit margin for onshore wind power equipment was 13.7%, down 5.2 percentage points year-on-year, while for offshore wind power and marine engineering equipment, it was 8.1%, down 1.8 percentage points year-on-year - The decline in profitability is attributed to increased competition in the industry, leading to lower order margins in certain regional markets [2]. Market Opportunities - According to GWEC, global wind power installations are expected to grow at an average annual rate of 9.4% from 2024 to 2028 - The company has seen steady growth in export business, with foreign sales revenue reaching 1.69 billion yuan in 2024, a year-on-year increase of 21.6% - The company's Yangzhou base, which focuses on exports, began operations in 2023 and has obtained supplier certification from several key overseas clients, enhancing future competitiveness [3]. Domestic Market Outlook - The domestic offshore wind power sector is expected to enter a period of accelerated construction in 2025, with an anticipated 12 GW of new installations, representing significant growth year-on-year - As a leading manufacturer of offshore wind power towers and piles, the company is well-positioned to benefit from this trend - In 2024, the company secured new orders for offshore wind power and marine engineering equipment totaling 1.23 billion yuan, with an execution and pending execution scale of 1.27 billion yuan by the end of the period [4]. Future Projections - The company is adjusting its capacity expansion plans and may increase exports and mixed tower layouts - Revenue projections for 2025-2027 are 5.943 billion yuan, 6.876 billion yuan, and 7.754 billion yuan, representing year-on-year growth rates of 22.83%, 15.71%, and 12.77% respectively - Net profit projections for the same period are 360 million yuan, 480 million yuan, and 580 million yuan, with year-on-year growth rates of 98.38%, 33.40%, and 18.94% respectively - Earnings per share (EPS) are projected to be 0.39 yuan, 0.52 yuan, and 0.62 yuan, with corresponding price-to-earnings (PE) ratios of 16, 12, and 10 times, maintaining a "buy" rating [5].

Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience significant revenue growth, with estimated revenues increasing from 4,837.84 million yuan in 2024 to 8,688.17 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.52% [6][8]. - The net profit attributable to the parent company is expected to rise from 181.96 million yuan in 2024 to 760.20 million yuan in 2027, showcasing a robust growth trajectory with a profit growth rate of 50.64% in 2027 [6][8]. - The gross margin is anticipated to improve from 13.83% in 2024 to 18.71% in 2027, indicating enhanced operational efficiency [6][8]. Financial Forecast Summary Income Statement - Revenue is forecasted to grow from 4,837.84 million yuan in 2024 to 8,688.17 million yuan in 2027, with a revenue growth rate of 26.99% in 2025 [6][8]. - The operating profit is projected to increase significantly, reaching 881.27 million yuan by 2027, with a notable recovery from a decline of 38.19% in 2024 to an increase of 82.80% in 2025 [8]. - The net profit margin is expected to rise from 3.76% in 2024 to 8.75% in 2027, reflecting improved profitability [8]. Balance Sheet - Total assets are expected to grow from 9,413.50 million yuan in 2024 to 12,927.81 million yuan in 2027, indicating a healthy expansion of the company's asset base [7]. - The company's total liabilities are projected to increase from 4,920.06 million yuan in 2024 to 7,296.35 million yuan in 2027, with a stable debt management strategy [7]. Cash Flow Statement - The operating cash flow is forecasted to turn positive by 2025, reaching 67.12 million yuan, after a negative cash flow of -380.04 million yuan in 2024 [7]. - The net cash increase is expected to stabilize, with a projected decrease of -256.37 million yuan by 2027, indicating improved cash management [7].

业绩简评 产能持续扩容，迎接风电需求释放：2024 年公司新建昌吉陆风塔筒基地并顺利实现爬坡投产，主要生 产建设"沙戈荒"大基地所需的中高端大直径塔筒。昌吉基地投产后，公司风电钢塔（含海工产品）最大 年产能达110 万吨，混塔最大年产能达640 套。此外，公司积极推进蓝岛、哈密、上海基地技改以及扬 州基地产能爬坡，预计2025 产能有望逐步释放。风机大型化背景下，塔筒销售受运输距离限制，公司 产能布局完善，覆盖全国多个重点区域，有望充分受益于"十四五"最后一年风电需求加速释放。 盈利预测、估值与评级 根据公司年报及我们对行业最新判断，预测公司2025-2027 年归母净利润分别为4.3、6.1、7.7 亿元，对 应PE 为14、10、8 倍，维持"买入"评级。 风险提示 市场竞争加剧，海外订单增长不及预期，原材料价格波动。 2025 年4 月18 日公司披露年报，2024 年实现营收48.38 亿元，同比增长0.5%；实现归母净利润1.82 亿 元，同比下降37.8%。其中，Q4 实现营收18.9 亿元，同比增长2.9%，环比增长45.9%；实现归母净利润 0.33 亿元，同比下降41.1%，环比增长65.0 ...

公司积极开展新能源发电开发工作，控股子公司泰胜嵩县风电场的嵩县50MW风电项目实现风力发电并 网量65,329.12 MWh。同时，公司在新疆、广西、黑龙江、内蒙古等多地推进风电开发项目前期工作， 已有2个广西风电场获得建设指标并核准批复，合计320MW，为未来的业务增长奠定基础。 泰胜风能在技术研发和行业标准制定方面成果丰硕。公司参与起草的10项国家、行业及团体标准已发布 实施，另有11项标准正在送审或起草中。2024年公司及子公司新增专利23项，累计拥有有效专利322 项，涵盖设计、工艺、制造技术等多个方面，充分展现了公司的技术创新实力。 4月18日晚，泰胜风能（300129）发布2024年年报。报告显示，2024年公司实现营业收入48.38亿元，同 比增长0.52%；实现归属于上市公司股东的净利润1.82亿元。 2024年，泰胜风能通过有序整合资源，有效释放陆上风电业务产能，出货情况较上年末明显改善。陆上 风电装备类产品（含混凝土塔筒）实现收入402,631.07万元，同比增长15.24%。其中，混凝土塔筒类产 品表现尤为突出，实现营业收入43,973.55万元，同比大幅增长821.59%。 泰胜风能积 ...

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 华兴会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 ■ 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以934,899,232为基数，向全体股东每10股派发现金红利 0.6元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 报告期内，公司从事的业务未发生重大变化，主要包括： （1）风电及海工装备制造业务 追溯调整或重述原因 会计政策变更 元 ■ 公司主营风电及海工装备业务，主要产品为自主品牌的陆上风电装备，包括钢制塔筒及钢混塔筒；以及 海上风电及海洋工程装备，包括海上塔筒、导管架、管桩 ...

泰胜风能集团股份有限公司 2024 年度年审会计师履职情况评估报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国 有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等法律法规、规范性文件以及《公司章程》等 规定和要求，泰胜风能集团股份有限公司（以下简称"公司"）对华兴会计师事务所（特 殊普通合伙）（以下简称"华兴"）在 2024 年年度报告审计中的履职情况进行了评估。 具体情况如下： 一、会计师事务所基本情况 1．基本信息 名称：华兴会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 9 日 组织形式：特殊普通合伙 注册地址：福建省福州市鼓楼区湖东路 152 号中山大厦 B 座 7-9 楼 2．人员信息 项目合伙人徐继宏，2006 年取得注册会计师资格，2011 年起从事上市公司审计， 2020 年开始在华兴执业，2022 年开始为公司提供审计服务；近三年签署和复核东箭科 技、三孚新科、兴森科技等 5 家上市公司审计报告。 签字注册会计师区伟杰，2014 年取得注册会计师资格，2010 年起从事注册 ...

证券代码：300129 证券简称：泰胜风能 公告编号：2025-024 泰胜风能集团股份有限公司 关于会计政策变更的公告 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。 泰胜风能集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开了第六 届董事会第二次会议、第五届监事会第十八次会议，审议通过了《关于会计政策变更的 议案》。根据有关规定，本次会计政策变更事项无需提交股东大会审议。相关会计政策 变更的具体情况如下： 一、本次会计政策变更的概况 1．变更原因及日期 2024 年 12 月 6 日，财政部发布了《关于印发〈企业会计准则解释第 18 号〉的通 知》（财会〔2024〕24 号）（以下简称"解释第 18 号"），规定"关于浮动收费法下作为 基础项目持有的投资性房地产的后续计量""关于不属于单项履约义务的保证类质量保 证的会计处理"的内容，该解释规定自印发之日起施行，允许企业自发布年度提前执行。 基于上述解释第 18 号的相关规定，公司拟对会计政策进行相应变更，自 2024 年 1 月 1 日起执行变更后的会计政策。 2．变更前采用的会计 ...