Financial Performance - The company's revenue for Q3 2024 was ¥1,294,036,670.54, a decrease of 1.08% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥19,720,115.42, down 83.25% year-on-year, while net profit after deducting non-recurring gains and losses was also down 83.25%[2]. - Total operating revenue for the current period is CNY 2,949,678,158.90, a decrease of 0.93% from CNY 2,977,816,439.49 in the previous period[15]. - Net profit for the current period is CNY 154,147,151.19, down 33.9% from CNY 233,244,079.52 in the previous period[15]. - The net profit attributable to shareholders of the parent company is CNY 149,265,673.74, a decrease of 36.7% from CNY 236,121,522.38 in the previous period[16]. - Operating profit for the current period is CNY 183,439,466.74, down 33.8% from CNY 277,032,079.89 in the previous period[15]. - Total profit for the current period is CNY 184,810,591.76, a decrease of 32.4% from CNY 273,158,811.60 in the previous period[15]. - Basic earnings per share for the current period is CNY 0.1597, down from CNY 0.2526 in the previous period[16]. - Other comprehensive income after tax for the current period is CNY -3,653,653.51, compared to CNY 4,233,448.41 in the previous period[16]. Cash Flow - The net cash flow from operating activities was -787,491,585.63 CNY, a significant decrease compared to 272,671,752.34 CNY in the previous year[18]. - Cash received from operating activities totaled 2,805,891,266.07 CNY, down from 3,418,373,714.47 CNY year-over-year[18]. - Cash flow from operating activities decreased to CNY 2,592,857,759.88, compared to CNY 3,211,157,233.02 in the previous period[17]. - Cash inflow from other investment activities was 393,608,873.08 CNY, significantly lower than 1,110,298,549.17 CNY in the previous year[18]. - Cash outflow for investment activities was 541,636,594.39 CNY, compared to 1,933,381,194.88 CNY in the same period last year[18]. - The net cash flow from financing activities increased to 962,059,474.49 CNY, compared to 113,183,174.48 CNY in the same period last year[18]. - The net increase in cash and cash equivalents was 39,653,515.86 CNY, contrasting with a decrease of 455,855,671.35 CNY in the previous year[19]. - The ending balance of cash and cash equivalents was 525,571,928.63 CNY, compared to 488,654,589.48 CNY at the end of the same quarter last year[19]. Assets and Liabilities - Total assets increased to ¥8,947,972,065.20, representing a growth of 13.71% from the end of the previous year[2]. - Total current assets increased to ¥6,929,396,480.32 from ¥5,982,176,807.08, representing a growth of approximately 15.8%[12]. - Total liabilities increased to ¥4,485,783,548.41 from ¥3,530,675,629.34, marking an increase of around 27.1%[13]. - Short-term borrowings surged to ¥838,809,207.40 from ¥91,910,073.07, indicating a substantial increase of over 810%[13]. - Long-term equity investments decreased by 91.22% to ¥215,134.65, primarily due to adjustments related to a subsidiary[5]. - Non-current assets totaled ¥2,018,575,584.88, up from ¥1,886,938,802.97, showing an increase of about 7%[12]. - Total equity rose to ¥4,462,188,516.79 from ¥4,338,439,980.71, reflecting an increase of approximately 2.9%[13]. Operational Highlights - The company secured new orders totaling CNY 322.39 million for onshore wind power equipment during the reporting period, with total orders in progress reaching CNY 336.30 million[10]. - Domestic orders increased by CNY 251.81 million, with total domestic orders in progress amounting to CNY 313.04 million[10]. - The company reported a 300.65% increase in notes receivable, amounting to ¥477,972,550.82, due to higher amounts received compared to settled amounts[5]. - The company experienced a 194.05% increase in construction in progress, reaching ¥85,226,104.42, attributed to increased investment in a wind tower project[5]. Other Financial Metrics - Cash paid for purchasing goods and services increased to 3,163,433,097.92 CNY from 2,738,002,035.13 CNY in the previous year[18]. - The company reported a decrease in financial expenses to CNY 104,825,062.97 from CNY 100,437,659.70 in the previous period[15]. - Other income decreased by 31.10% to ¥8,104,330.15, mainly due to a reduction in government subsidies received compared to the previous year[6]. - The total number of ordinary shareholders at the end of the reporting period was 45,347[8]. - The company has a total of CNY 407.06 million in executed and pending orders as of the end of the reporting period[10].

证券代码：300129 证券简称：泰胜风能 公告编号：2024-046 二、本次变更保荐机构及保荐代表人情况 公司于 2024 年 2 月 1 日召开第五届董事会第十三次会议、第五届监事会第十一次 会议，并于 2024 年 3 月 18 日召开 2024 年第一次临时股东大会，审议通过了公司 2024 年度向特定对象发行股票事项（以下简称"本次发行"）的相关议案，拟向控股股东广 州凯得投资控股有限公司发行股票不超过 174,672,489 股（含），募集资金总额不超过 1,191,266,374.98 元（含）。基于本次发行的需要，公司聘请华泰联合证券有限责任公司 （以下简称"华泰联合证券"）以及粤开证券股份有限公司（以下简称"粤开证券"）担 任本次发行的联合保荐机构，并于近日分别与华泰联合证券和粤开证券签署了《上海泰 胜风能装备股份有限公司与华泰联合证券有限责任公司关于 2024 年度向特定对象发行 股票之保荐协议》《上海泰胜风能装备股份有限公司与粤开证券股份有限公司关于上市 公司发行新股并上市之保荐协议书》。华泰联合证券和粤开证券的持续督导期为本次发 行的股票上市当年剩余时间及其后两个完整会计年度。 根据 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company's performance in the first half of 2024 met expectations, with revenues of 1.656 billion (down 1% year-on-year) and a net profit of 130 million (up 9% year-on-year) [1]. - The export performance was particularly strong, with Q2 foreign sales reaching 889 million, a 37% increase year-on-year, significantly contributing to profit growth [1]. - The company has enhanced its competitive edge in the domestic onshore market through the strategic acquisition of Zhonghan Energy and the establishment of three new mixed tower production bases [1]. - Future profit forecasts have been adjusted downward due to lower-than-expected domestic offshore wind demand, with projected net profits for 2024-2026 at 480 million, 680 million, and 920 million respectively [1][2]. Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are 6.342 billion, 7.842 billion, and 10.047 billion respectively, reflecting growth rates of 32%, 24%, and 28% [2]. - Net profit estimates for the same years are 478 million, 677 million, and 922 million, with corresponding growth rates of 63%, 42%, and 36% [2]. - The earnings per share (EPS) are projected to be 0.51, 0.72, and 0.99 yuan per share for 2024, 2025, and 2026 respectively [2]. - The price-to-earnings (P/E) ratios for the upcoming years are expected to be 15.9, 11.2, and 8.2 [2]. Company Overview - The company has a total share capital of approximately 934.90 million shares, with a market capitalization of about 5.4 billion [3]. - The company's net asset value per share is 4.68 yuan, and the asset-liability ratio stands at 46.37% [3].

投资者关系活动记录表 1 证券代码：300129 上海泰胜风能装备股份有限公司-投资者关系活动记录 上海泰胜风能装备股份有限公司 | --- | --- | --- | --- | --- | |-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|----------------------- ...

中国国际金融股份有限公司 关于上海泰胜风能装备股份有限公司 2024 年半年度跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：泰胜风能 | | --- | --- | | 保荐代表人姓名：田加力 | 联系电话：010-65051166 | | 保荐代表人姓名：朱宏印 | 联系电话：010-65051166 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用，募集专户已注销 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨泰胜风能（300129.SZ） [Table_Title] 泰胜风能：归母净利同比增长，产能建设积极推 进 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 公司发布 2024 年半年报， 2024 年上半年实现营收约 16.6 亿元，同比下降 0.8% ，实现归母净 | | | 利 1.3 亿元，同比增长 9.5% ，扣非净利 1.2 亿元，同比增长 18.4% ；其中 2024Q2 实现营业收 入 10.0 亿元，同比增长 15.5% ，归母净利 0.7 亿元，同比增长 170.1% ，扣 ...

证券代码：300129 证券简称：泰胜风能 公告编号：2024-045 上海泰胜风能装备股份有限公司 关于参加上海辖区上市公司 2024 年投资者网上集体接待日 暨中报业绩说明会的公告 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。 为进一步加强与投资者的互动交流，上海泰胜风能装备股份有限公司（以下简称 "公司"）将参加由上海上市公司协会与深圳市全景网络有限公司联合举办的"2024 年上海辖区上市公司投资者集体接待日暨中报业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号"全景财经"，或下载"全 景路演"App，参与本次互动交流，活动直播时间为 2024 年 9 月 13 日（周五）14:00 – 16:30。届时公司总经理邹涛先生、董事兼常务副总经理兼董事会秘书黎伟涛先生、财 务总监朱华先生将在线就公司 2024 年半年度业绩、公司治理、发展战略、经营状况、 融资计划、可持续发展等投资者关心的问题，与投资者进行沟通 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company has shown steady growth in onshore wind power development, with a strategic "dual-sea" layout driving performance growth [1]. - The company reported a revenue of 1.656 billion yuan in H1 2024, a slight year-on-year decrease of 0.84%, while net profit attributable to shareholders reached 130 million yuan, up 9.45% year-on-year [1][2]. - The company is focusing on expanding its export market, with overseas sales revenue of 889 million yuan in H1 2024, representing a year-on-year increase of 36.83% [2]. - The company has a robust order backlog totaling 4.238 billion yuan, with significant contributions from both onshore and offshore wind projects [2]. Financial Summary - Revenue is projected to grow from 5.332 billion yuan in 2024E to 8.900 billion yuan in 2026E, with a corresponding net profit increase from 463 million yuan to 881 million yuan [4][5]. - The company's gross margin and net margin improved to 19.97% and 7.80% respectively in H1 2024, reflecting operational efficiency despite a slight revenue decline [2]. - The report anticipates EPS to rise from 0.50 yuan in 2024E to 0.94 yuan in 2026E, with a decreasing P/E ratio from 13.6 to 7.1 over the same period [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company has experienced significant growth in its export of land towers, with a notable increase in overseas business contributing to higher gross margins. The revenue from land wind power equipment reached 1.498 billion yuan, a year-on-year increase of 17.20%, with export revenue accounting for 59% of total sales [11][12]. - The domestic offshore wind power sector faced challenges in the first half of the year, but there are expectations for recovery in the second half. Offshore wind power and marine engineering equipment revenue dropped to 111 million yuan, a year-on-year decline of 65.51% [11][12]. - The company is strategically entering the mixed tower market and has planned capacity upgrades to meet the new demands of the "two seas" market, with a maximum annual production capacity of 520 sets [11][12]. Summary by Sections Financial Performance - In the first half of the year, the company achieved revenue of 1.656 billion yuan, a slight decrease of 0.84% year-on-year, while net profit attributable to shareholders was 130 million yuan, an increase of 9.45% [5][11]. - The gross margin for the first half was 19.97%, up by 0.98 percentage points year-on-year, and the net margin was 7.8%, an increase of 0.83 percentage points [5][11]. Quarterly Performance - In the second quarter, the company reported revenue of 999 million yuan, a year-on-year increase of 15.49% and a quarter-on-quarter increase of 52.02%. The net profit for the quarter was 75 million yuan, reflecting a year-on-year increase of 170.07% [11][12]. Profit Forecasts - The profit forecasts for the company have been adjusted downwards, with expected net profits for 2024, 2025, and 2026 projected at 436 million yuan, 630 million yuan, and 757 million yuan respectively. The current stock price corresponds to price-to-earnings ratios of 14, 10, and 8 times for the respective years [11][12].

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 泰胜风能（300129）公司半年报点评 2024 年 09 月 03 日 Email:wj10521@haitong.com 证书:S0850515120001 分析师:徐柏乔 Tel:(021)23219171 Email:xbq6583@haitong.com 证书:S0850513090008 联系人:马菁菁 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-----------------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《 24Q1 海外订单新增 5.22 亿元，同比大增》 | | 2024.05.12 | | 《 2023Q3 归母净利润 1 ...