Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][7]. Core Views - The company's performance is under short-term pressure, but it continues to advance its dual-sea strategy, focusing on expanding its offshore wind power market and overseas markets [3][5]. - The company reported a revenue of 48.38 billion yuan for 2024, a year-on-year increase of 0.52%, while the net profit attributable to shareholders decreased by 37.77% to 1.82 billion yuan [6]. - The company has a growing order backlog, with total orders amounting to 49.17 billion yuan by the end of 2024, reflecting a year-on-year increase of 27.97% [6][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.38 billion yuan and a net profit of 1.82 billion yuan, with a gross margin of 13.83%, down 6.26 percentage points year-on-year [6][8]. - For Q1 2025, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 21.01%, and a net profit of 0.45 billion yuan, down 17.47% year-on-year [6][8]. Market Strategy - The company is actively expanding its production capacity and has established a European sales center in Germany to tap into international market opportunities [6][7]. - The company is also focusing on technological innovation, developing new products such as floating offshore wind turbine platforms and high-capacity offshore wind equipment [6][7]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.37 yuan, 0.47 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 17, 13, and 11 [7][8].

丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 0.5 亿元，同比下降 17.5%；扣非净利润约 0.4 亿元，同比下降 16.1%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨泰胜风能（300129.SZ） [Table_Title] 泰胜风能：Q1 盈利短暂承压，订单同比高增有 望支撑业绩释放 1 [Table_Author] SFC：BQK482 SFC：BUD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 邬博华 曹海花 司鸿历 周圣钧 泰胜风能（300129.SZ） cjzqdt11111 [Table_Title 泰胜风能：Q12] 盈利短暂承压，订单同比高增有 望支撑业绩释放 [Table_Summary2] 事件描述 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve a revenue of 4.84 billion yuan in 2024, representing a year-on-year growth of 0.5%. However, the net profit attributable to the parent company is projected to decline by 37.8% to 180 million yuan, with a non-recurring net profit also decreasing by 29.1% to 180 million yuan [2][4]. Revenue Analysis - In 2024, the company's revenue from land towers is expected to be 4.026 billion yuan, an increase of 15.2% year-on-year. Steel tower shipments are projected to reach 480,000 tons, reflecting a growth of approximately 10%. The revenue from mixed towers is anticipated to surge to 440 million yuan, a significant increase of 822% year-on-year. Conversely, revenue from offshore wind equipment is expected to decline by 37.8% to 672 million yuan, with offshore shipments dropping by 37% to 80,000 tons due to slower domestic offshore wind project initiation [8]. Profitability Insights - The overall gross margin for the company in 2024 is projected to be 13.8%, a decrease of 4.2 percentage points year-on-year. Both land and offshore wind gross margins are expected to decline, with overseas gross margins experiencing a more significant drop due to changes in customer structure [8]. Order Backlog - As of the end of 2024, the company has a total of approximately 4.917 billion yuan in executed and pending orders, which is a year-on-year increase of 28%. This includes 3.62 billion yuan from land towers (up 21%) and 1.27 billion yuan from offshore wind orders (up 61%). Domestic orders are around 3.72 billion yuan (up 48%), while foreign orders are 1.19 billion yuan (down 10%) [8]. Future Outlook - Looking ahead, the company is expected to benefit from a rapid increase in domestic wind power installations in 2025, which should lead to a significant rise in shipments and deliveries. The company is also actively expanding its overseas market presence, with production capacity in Yangzhou expected to contribute positively to its performance. The projected net profit attributable to the parent company for 2025 is approximately 320 million yuan, corresponding to a price-to-earnings ratio of about 19 times [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved approximately 790 million yuan in revenue for Q1 2025, representing a year-on-year increase of 21.0%. However, the net profit attributable to the parent company was about 50 million yuan, a decrease of 17.5% year-on-year, while the net profit after deducting non-recurring gains and losses was approximately 40 million yuan, down 16.1% year-on-year [2][4] Revenue Analysis - The revenue growth in Q1 2025 is primarily attributed to an increase in offshore wind product shipments. The onshore wind orders completed were approximately 610 million yuan, a slight year-on-year decrease, while offshore wind orders completed were about 210 million yuan, a year-on-year increase of 239%. Domestic orders reached approximately 440 million yuan, up 29% year-on-year, and overseas orders were about 400 million yuan, an increase of 14% year-on-year [10] Profitability Analysis - The gross profit margin for Q1 2025 was 13.94%, a decrease of 6.06 percentage points year-on-year, mainly due to changes in the customer structure for overseas sales. The operating expense ratio for Q1 2025 was 8.29%, down 2.99 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective declines [10] Order Backlog - As of the end of Q1 2025, the company had a total of approximately 5.014 billion yuan in executed and pending orders, a year-on-year increase of 21%. This includes 3.76 billion yuan in onshore tower orders (up 18% year-on-year) and 1.23 billion yuan in offshore wind orders (up 42% year-on-year). Domestic orders were about 3.79 billion yuan (up 44% year-on-year), while foreign orders were 1.23 billion yuan (down 18% year-on-year) [10] Future Outlook - The company is expected to benefit from rapid growth in domestic wind power installations in 2025, leading to increased shipment and delivery volumes. Additionally, the company is actively expanding into overseas markets, with production capacity in Yangzhou expected to contribute to performance flexibility. The estimated net profit attributable to the parent company for 2025 is approximately 320 million yuan, corresponding to a PE ratio of about 19 times [10]

2024 年年度跟踪报告 粤开证券股份有限公司 关于泰胜风能集团股份有限公司 2024 年年度跟踪报告 | 保荐人名称：粤开证券股份有限公司 | 被保荐公司简称：泰胜风能 | | --- | --- | | 保荐代表人姓名：乔邯 | 联系电话：020-88108826 | | 保荐代表人姓名：徐杰 | 联系电话：020-88108826 | 一、保荐工作概述 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1、信息披露 | 无 | 不适用 | | 2、公司内部制度的建立和执行 | 无 | 不适用 | | 3、"三会"运作 | 无 | 不适用 | | 4、控股股东及实际控制人变动 | 无 | 不适用 | | 5、募集资金存放及使用 | 无 | 不适用 | | 6、关联交易 | 无 | 不适用 | | 7、对外担保 | 无 | 不适用 | | 8、购买、出售资产 | 无 | 不适用 | | 9、其他业务类别重要事项（包括对外投资、风险 投资、委托理财、财务资助、套期保值等） | 无 | 不适用 | | 10、发行人或者其聘请的证券服务机构配合保荐工 | 无 | 不适用 | ...

华泰联合证券有限责任公司 关于泰胜风能集团股份有限公司 2024 年年度跟踪报告 2024 年年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：泰胜风能 | | --- | --- | | 保荐代表人姓名：陈亿 | 联系电话：0755-82492010 | | 保荐代表人姓名：廖锴 | 联系电话：0755-82492010 | 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 | 0 次 | | 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、募集资金管理制度、内控制度、内 | 是 | | 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，前次募集资金已在 | | | 年度使用完毕 2023 | | （2）公司 ...

证券代码：300129 证券简称：泰胜风能 公告编号：2025-033 泰胜风能集团股份有限公司 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"）2024 年度向特定对象发行 A 股股 票事项已收到中国证券监督管理委员会出具的《关于同意上海泰胜风能装备股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2025〕226 号），具体内容详见公司于 2025 年 2 月 12 日在中国证监会指定创业板信息披露网站发布的《关于向特定对象发行 股票申请获得中国证监会同意注册批复的公告》（2025-001）。 鉴于公司已于 2025 年 4 月 19 日披露了 2024 年年度报告，根据中国证券监督管理 委员会《监管规则适用指引——发行类第 7 号》等相关要求，公司会同相关中介机构对 募集说明书等相关申请文件中涉及的财务数据及其他变动事项进行了更新，具体内容详 见公司于同日在中国证监会指定创业板信息披露网站发布的《泰胜风能集团股份有限公 司向特定对象发行股票并在创业板上市募集说明书（注册稿）》等相关文件。 公司将根据本次发 ...

300129.SZ 泰胜风能集团股份有限公司 （Shanghai Taisheng Wind Power Equipment Co., Ltd.） （上海市金山区卫清东路 1988 号） 向特定对象发行股票并在创业板上市 募集说明书 联合保荐人（联席主承销商） 股票简称：泰胜风能 股票代码： 声 明 （注册稿） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、本次向特定对象发行 A 股股票情况 1、本次向特定对象发行股票相关事项已经公司于 2024 年 2 月 1 日召开的第 五 ...

华泰联合证券有限责任公司 关于 泰胜风能集团股份有限公司 2024 年度向特定对象发行股票并在创业板上市 之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年五月 发行保荐书 华泰联合证券有限责任公司 关于泰胜风能集团股份有限公司 2024 年度向特定对象发行股票并在创业板上市 之发行保荐书 泰胜风能集团股份有限公司（以下简称"发行人"、"泰胜风能"）申请向特 定对象发行股票并在创业板上市，依据《公司法》《证券法》《上市公司证券发 行注册管理办法》（以下简称"《再融资注册办法》"）《深圳证券交易所上市公司 证券发行上市审核规则》（以下简称"《审核规则》"）等相关的法律、法规的有 关规定，提交发行申请文件。华泰联合证券有限责任公司（以下简称"华泰联 合证券"、"保荐人"）作为其本次发行的保荐人，陈亿和廖锴作为具体负责推荐 的保荐代表人，特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人陈亿和廖锴承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易所 的有关规定，诚实守信、勤勉尽责，严格按照依法 ...

证券代码：300129 泰胜风能集团股份有限公司-投资者关系活动记录 泰胜风能集团股份有限公司 投资者关系活动记录表 | 时间 | 地点 网络 2025 年 5 月 9 日 15:00 – 16:00 | | --- | --- | | 参与单位及 | 社会公众 | | 人员 | | | 活动类别 | □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 | | | □现场参观 □其他（投资者电话交流会） | | 接待人员 | 公司董事长黎伟涛先生、董事兼总裁邹涛先生、独立董事杨林武先生、首席财务官朱华先生、董 | | | 事会秘书李鎔伊女士 | | | 1、高管您好，能否请您介绍一下本期行业整体和行业内其他主要企业的业绩表现？谢谢。 | | | 公司的主要业务属于风电行业的风电装备制造及风力发电细分领域。GWEC《2025 全球风能 | | | 报告》显示，2024 年全球风电新增装机容量 | | | 见各上市公司披露的相关公告。谢谢关注。 | | | 2、高管您好，请问您如何看待行业未来的发展前景？谢谢。 | | | 年全球风电新增装机容量 具备持续稳健成长的特点。GWEC《2 ...