证券代码：300129 证券简称：泰胜风能 公告编号：2025-026 泰胜风能集团股份有限公司 第六届董事会第三次会议决议公告 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"）第六届董事会第三次会议由公司 董事长黎伟涛先生召集，于 2025 年 4 月 18 日以专人送达、电子邮件等形式发出会议通 知，并于 2025 年 4 月 25 日以现场和通讯结合的方式召开。应出席本次董事会会议的董 事 7 人，亲自出席的董事 7 人，其中独立董事 3 人；独立董事李海锋先生、杨林武先 生、陈辉先生以通讯的方式参加了会议。会议由公司董事长黎伟涛先生主持，公司全体 监事、高级管理人员列席了会议。本次会议的召开符合《中华人民共和国公司法》等有 关法律法规、部门规章、规范性文件和《公司章程》《公司董事会议事规则》的规定。 会议以现场书面记名投票的方式表决，审议通过了如下决议： 一、审议通过《关于公司 2025 年第一季度报告的议案》 董事会审议通过了公司《2025 年第一季度报告》。 本议案经公司董事会审计委员会审议通过。 此项议 ...

本报告来源于"慧博投研",请勿外传! 2025年4月25日 公司研究 24年业绩有所承压,"双海"布局持续推进 ――泰胜风能(300129.SZ) 2024 年年报点评 要点 事件:公司发布 2024年年报,2024年实现营收 48.38亿元,同比增长 0.52%; 实现归母净利润 1.82 亿元，同比减少 37.77%;扣非归母净利润 1.78 亿元，同 比减少 29.11%;拟向全体股东每 10 股派发现金红利 0.6 元(含税)。公司 2024Q4 实现营收 18.88 亿元,同比增长 2.88%,环比增长 45.91%;实现归母净利润 0.33 亿元,同比减少 41.91%，环比增长 65.80%。 陆风装备业务营收保持增长,各业务毛利率均有所承压。分产品来看,2024年 公司陆上风电装备（含混凝土塔筒）业务营收同比增长 15.24%至 40.26 亿元， 主要受益于陆风产品出海持续推进,毛利率同比下降 5.21pct 至 13.69%;海上 风电及海洋工程装备业务营收同比减少 37.77%至 6.72 亿元，毛利率同比下降 1.77pct 至 8.13%,主要受国内海风建设较缓影响所致;零碳业务营收 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company achieved a revenue of 4.838 billion yuan in 2024, a slight increase of 0.52% year-on-year, but the net profit attributable to shareholders decreased by 37.77% to 182 million yuan [1][5]. - The company is actively pursuing its "dual-sea" strategy, focusing on both domestic and international markets, particularly in offshore wind energy [3][4]. - The company has a robust order backlog of approximately 4.917 billion yuan, which is expected to support future revenue growth [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 48.38 billion yuan, with a year-on-year growth of 0.52%. The net profit attributable to shareholders was 1.82 billion yuan, down 37.77% from the previous year [1]. - The fourth quarter of 2024 saw a revenue of 18.88 billion yuan, marking a 2.88% increase year-on-year and a 45.91% increase quarter-on-quarter [1]. Business Segments - The onshore wind equipment segment, including concrete towers, saw a revenue increase of 15.24% to 40.26 billion yuan, although the gross margin decreased by 5.21 percentage points to 13.69% [2]. - The offshore wind and marine engineering equipment segment experienced a revenue decline of 37.77% to 6.72 billion yuan, with a gross margin of 8.13% [2]. - The zero-carbon business segment's revenue decreased by 8.34% to 0.29 billion yuan, with a gross margin of 38.84% [2]. Strategic Developments - The company has established a new production base in Changji, designed for high-end tower products, with a planned capacity of 100,000 tons [3]. - An overseas sales center was set up in Germany to enhance international market presence, contributing to a 21.57% increase in overseas revenue to 1.694 billion yuan [3]. - The company has secured supplier certifications from major clients, indicating strong market positioning and potential for future growth [3]. Profitability and Valuation - The report projects a decline in profitability due to increased industry competition, with net profit estimates for 2025, 2026, and 2027 at 325 million yuan, 424 million yuan, and 501 million yuan, respectively [4][5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.35 yuan, 0.45 yuan, and 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 18, 14, and 12 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 4.838 billion yuan, a slight increase of 0.52% year-on-year, while the net profit attributable to shareholders is expected to decline by 37.77% to 181.96 million yuan [1][8] - The report highlights the company's dual-sea strategy, which is gradually being realized, indicating significant growth potential [8] Financial Forecasts - Total revenue projections for the company from 2023 to 2027 are as follows: 4.813 billion yuan in 2023, 4.838 billion yuan in 2024, 5.866 billion yuan in 2025, 6.839 billion yuan in 2026, and 7.864 billion yuan in 2027, with respective year-on-year growth rates of 53.93%, 0.52%, 21.25%, 16.59%, and 14.99% [1][9] - The net profit attributable to shareholders is forecasted to be 292.41 million yuan in 2023, 181.96 million yuan in 2024, 325.66 million yuan in 2025, 430.53 million yuan in 2026, and 512.92 million yuan in 2027, with year-on-year growth rates of 6.37%, -37.77%, 78.97%, 32.20%, and 19.13% respectively [1][9] - The latest diluted EPS is projected to be 0.31 yuan in 2023, 0.19 yuan in 2024, 0.35 yuan in 2025, 0.46 yuan in 2026, and 0.55 yuan in 2027 [1][9] Business Segmentation - The revenue from onshore wind towers (including mixed towers) is expected to reach 4.03 billion yuan in 2024, a year-on-year increase of 15.2%, while offshore wind tower piles are projected to generate 670 million yuan, a decrease of 37.8% [8] - Domestic revenue is anticipated to be 3.14 billion yuan in 2024, down 8.1% year-on-year, while overseas revenue is expected to rise by 21.6% to 1.69 billion yuan [8] Cost and Expenses - The company's operating expenses for 2024 are projected to be 3.8 billion yuan, a decrease of 21.5% year-on-year, with an expense ratio of 7.9% [8] - The report indicates a significant reduction in operating cash flow, projected at -380 million yuan for 2024 [9]

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 ...