为充分尊重投资者、提升交流的针对性，公司从本公告发布日起就 2023 年度业绩 说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 15 日（星期三）15:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问 题征集专题页面，向公司就关注的问题进行提问。公司将在 2023 年度业绩说明会上， 对投资者普遍关注的问题进行回答。 证券代码：300129 证券简称：泰胜风能 公告编号：2024-035 上海泰胜风能装备股份有限公司 关于举行 2023 年度业绩网上说明会的通知 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。 上海泰胜风能装备股份有限公司（以下简称"公司"）2023 年年度报告及摘要已 于 2024 年 4 月 27 日发布于中国证监会指定创业板信息披露平台。为了让广大投资者对 公司的发展经营状况有更好的了解，公司将于 2024 年 5 月 16 日（星期四）15:00–17:00 举行 2023 年度业绩说明会。出席本次年度业绩说明会的人员有：公司总经理邹涛先生、 财务总监朱华 ...

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -33.17% -25.17% -17.17% -9.17% -1.17% 6.83% 2023/5 2023/8 2023/11 2024/2 泰胜风能 海通综指 分析师:吴杰 24Q1 海外订单新增 5.22 亿元，同比大增 2024 一季度盈利能力有所回升。①23 年全年收入 48.13 亿元，同比+53.93%， 归母净利润2.92亿元，同比+6.37%。24Q1公司收入6.57亿元，同比-18.38%， 环比-64.20%，归母净利润 0.55 亿元，同比-39.69%，环比-2.90%。②23 全 年公司盈利略承压力，24Q1 有所回升。23 年公司毛利率 18.09%，同比 -0.29pct，净利率 6.11%，同比-2.53pct。24Q1 毛利率 20.12%，同比-2.00pct， 环比+4.36pct，净利率 8.47%，同比-2.62pct，环比+5.16pct，有所回升。 24Q1 海外新增订单同比增长 298.06%，在手订单充足。23 年全年公司海外 新增订单 15.25 亿元，同 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 5 月 7 日 股价表现 相关研究报告 《泰胜风能》20240202 《泰胜风能》20231122 《泰胜风能》20231030 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：风电设备 证券分析师：陶波 (8621)20328512 bo.tao@bocichina.com 证券投资咨询业务证书编号：S1300520060002 业绩短期承压，坚定贯彻"双海战略"助力发展 评级面临的主要风险 | --- | --- | --- | --- | |----------------------------------------------------|----------|-----------|--------------------| | 图表 1. 年度财务摘要 \n( 人民币， 百万 ) 2022 | 年 | 2023 年 | 同比 (%) | | 营业收入 | 3,126.69 | 4,813.05 | 53.93 | | 营业成本 | 2,552.22 | 3,942.54 | 54.47 | | 营业税金及附加 | 12. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.48 CNY, based on a 2024 PE of 18 times [10][11]. Core Insights - The company reported a revenue of 4.813 billion CNY in 2023, a year-on-year increase of 53.93%, and a net profit attributable to shareholders of 292 million CNY, up 6.37% year-on-year [2][3]. - The offshore wind business has shown significant growth, with revenue increasing by 173% year-on-year, while the onshore wind equipment revenue grew by 31% [3]. - The company has a strong order backlog, with total orders amounting to 4.13 billion CNY as of Q1 2024, indicating potential benefits from an improving wind power market [4][10]. Financial Performance - In Q1 2024, the company experienced a revenue decline of 18.38% year-on-year, with a net profit decrease of 39.69% [2]. - The gross margin for 2023 was 18.09%, a slight decrease of 0.28 percentage points year-on-year, while the net margin was 6.11%, down 2.53 percentage points [3]. - The company’s revenue projections for 2024-2026 are 6.278 billion CNY, 7.879 billion CNY, and 9.668 billion CNY, with growth rates of 30.45%, 25.50%, and 22.69% respectively [10]. Order Backlog and Capacity Expansion - The company has a robust order backlog, with 3.195 billion CNY in onshore wind equipment orders and 866 million CNY in offshore wind equipment orders [4]. - The company’s overseas business is expected to continue growing, with foreign orders amounting to 1.5 billion CNY as of Q1 2024 [10]. Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 0.66 CNY, with a PE ratio of 12 times [10]. - The report indicates a steady decline in the PE ratio from 26.3 in 2022 to an estimated 11.8 in 2024, reflecting improved valuation as earnings grow [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [8][19]. Core Insights - The company reported a revenue of 4.8 billion yuan for 2023, a year-on-year increase of 54%, with a net profit of 292 million yuan, up 6.4% year-on-year [8]. - The gross margin for 2023 was 18%, slightly down by 0.3 percentage points compared to the previous year [8]. - The company expects to ship 800,000 tons of steel towers in 2024, a 40% increase from 2023, with a focus on both offshore and onshore projects [8]. - The company has seen an increase in overseas orders, with the proportion of high-quality overseas orders rising to 36% as of Q1 2024 [8]. - The company plans to expand its operations into rocket component manufacturing in 2024, diversifying its business [8]. Financial Summary - Total revenue (in million yuan) is projected to grow from 4,813 in 2023 to 5,176 in 2024, with a year-on-year growth rate of 7.54% [5]. - The net profit attributable to the parent company is expected to increase from 292 million yuan in 2023 to 613 million yuan in 2024, reflecting a growth rate of 109.64% [5]. - The earnings per share (EPS) is projected to rise from 0.31 yuan in 2023 to 0.66 yuan in 2024 [5]. - The company’s P/E ratio is expected to decrease from 24.75 in 2023 to 11.80 in 2024, indicating improved valuation metrics [5]. Operational Performance - The company shipped 570,000 tons of steel towers in 2023, a 53% increase year-on-year, with expectations to ship 800,000 tons in 2024 [8]. - The company’s cash flow from operating activities was negative in 2023, indicating pressure on cash flow management [8]. - The company has faced credit impairment losses of 920 million yuan in 2023, primarily due to project delays [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company has shown strong growth in its revenue and net profit, with a significant increase in operating income and a positive outlook for future performance [17]. - The company is focusing on expanding its "offshore wind + overseas" strategy, which is expected to drive growth and enhance profitability [17]. - The company aims to achieve a total production target of 800,000 tons in 2024, reflecting confidence in its growth potential [17]. Financial Performance - In 2023, the company achieved operating revenue of 4.813 billion yuan, a year-on-year increase of 53.93%, and a net profit of 292 million yuan, up 6.37% [17]. - The company's earnings per share (EPS) for 2024 is projected to be 0.59 yuan, with a corresponding price-to-earnings (P/E) ratio of 13 [10][17]. - The company’s net profit is expected to grow significantly in the coming years, with forecasts of 556 million yuan in 2024, 737 million yuan in 2025, and 910 million yuan in 2026 [17]. Market Position and Strategy - The company has successfully increased its market share in both domestic and international wind energy sectors, with a notable growth in offshore wind equipment sales [17]. - The company plans to enhance its production capacity for wind turbine towers and concrete towers, which will support its growth strategy in the domestic and international markets [17]. - The company has established a production base in Yangzhou for export products, which is expected to meet international customer demands [17].

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 本次共涉及担保事项十一笔，具体情况如下： 1、对全资子公司南通泰胜蓝岛海洋工程有限公司（以下简称"泰胜蓝岛"）提供总 额不超过人民币 10 亿元的担保，承担连带担保责任，担保有效期为自股东大会审议通 过之日起五年。 2、对全资子公司扬州泰胜风能装备有限公司（以下简称"扬州泰胜"）提供总额不 1 超过人民币 10 亿元的担保，承担连带担保责任，担保有效期为自股东大会审议通过之 日起八年。 3、对全资子公司广东泰胜风能设备有限公司（以下简称"广东泰胜"）提供总额不 超过人民币 10 亿元的担保，承担连带担保责任，担保有效期为自股东大会审议通过之 日起十年。 4、对全资子公司广东泰胜投资控股有限公司（以下简称"泰胜投资"）提供总额不 超过人民币 10 亿元的担保，承担连带担保责任，担保有效期为自股东大会审议通过之 日起十年。 向全资及控股子公司提供担保的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为上海泰胜风能装备股份 有限公司（以下简称"泰胜风能"或"公司"）持续督导的保荐机构，根据《证券发行 上市保荐业务管理办法》《深圳证券交易所创业板 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company achieved a revenue of 4.813 billion RMB in 2023, representing a year-on-year growth of 53.9%, while the net profit attributable to shareholders was 292 million RMB, up 6.4% year-on-year [7]. - In Q1 2024, the company reported a revenue of 657 million RMB, a decline of 18.4% year-on-year, and a net profit of 55 million RMB, down 39.7% year-on-year [7]. - The company has a robust order backlog, with new overseas orders increasing by 298% in Q1 [7]. - The company's gross margin for 2023 was 18.1%, with significant improvements in overseas business gross margins [7]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 48.13 billion RMB, with a gross margin of 18.1% [7]. - The revenue growth rate for 2023 was 53.9%, while the net profit growth rate was 6.4% [12]. - The forecast for net profit is adjusted to 611 million RMB for 2024, 846 million RMB for 2025, and 979 million RMB for 2026, with corresponding P/E ratios of 11, 8, and 7 times [8]. Business Segments - The land wind equipment segment generated 34.9 billion RMB in revenue, growing by 31.1% year-on-year, with a gross margin of 19.0% [7]. - The marine business segment saw a revenue increase of 173.3% year-on-year, reaching 10.8 billion RMB, with a gross margin of 10.1% [7]. - The company’s domestic business gross margin was 13.5%, while the overseas business gross margin was significantly higher at 29.3% [7]. Order Backlog and Production Capacity - As of Q1 2024, the company had an order backlog of 4.13 billion RMB, with a year-on-year increase of 15% [7]. - The newly established factory in Yangzhou is ramping up production, targeting high-margin overseas markets with an annual capacity of 250,000 tons [7].

4 订单充足，经营稳健 2024 年 04 月 27 日 分季度来看，23Q4 公司营收为 18.35 亿元，同比增长 82.78%；归母净利 0.56 亿元，同比减少 48.07%。24Q1 公司实现营收 6.57 亿元，同比减少 18.38%；归母净利 0.55 亿元，同比减少 39.69%；扣非归母净利 0.51 亿元， 同比减少 30.48%。 ➢ 分产品来看：受益于陆上风电发展态势良好，2023 年公司陆风装备收入 34.94 亿元，同比增长 31.08%，占营业收入比重 72.59%，其中钢塔和混塔销量 分别为 43.9 万吨和 1.7 万立方米；23 年海风装备收入 10.8 亿元，同比增长 173.31%，占营业收入比重 22.44%，实现销量 12.8 万吨。 ➢ 扬州生产基地落地，助力双海战略稳扎稳打：海外业务是公司业务发展 的重点之一，以出口产品为主的扬州泰胜生产基地已于 2023 年内落成并投 产，该基地专为大型、高端塔筒产品而设计建设，设计产能为 25 万吨。目 前，扬州生产基地正处于产能爬坡期。 | --- | --- | --- | --- | --- | |---------- ...

Financial Performance - The company's revenue for Q1 2024 was ¥656,936,699.24, a decrease of 18.38% compared to ¥804,851,686.63 in the same period last year[5] - Net profit attributable to shareholders was ¥54,653,890.26, down 39.69% from ¥90,628,332.30 year-on-year[5] - Basic earnings per share decreased by 39.63% to ¥0.0585 from ¥0.0969 in the same period last year[5] - The company's net profit for Q1 2024 was CNY 55,669,083.66, a decrease of 37.6% compared to CNY 89,268,131.14 in Q1 2023[32] - Operating profit for Q1 2024 was CNY 65,011,145.86, down 38.1% from CNY 105,073,406.30 in the same period last year[32] - Total revenue from operating activities was CNY 630,418,228.90, a decline of 23.6% compared to CNY 825,412,709.54 in Q1 2023[34] - The total comprehensive income for Q1 2024 was CNY 53,790,193.11, down from CNY 88,832,754.61 in Q1 2023[33] Cash Flow and Expenses - The net cash flow from operating activities was -¥839,409,808.23, representing a decline of 121.10% compared to -¥379,643,082.18 in the previous year[5] - The company reported a net cash outflow from operating activities of CNY -839,409,808.23, worsening from CNY -379,643,082.18 in Q1 2023[34] - Investment activities resulted in a net cash outflow of CNY -21,411,440.14, compared to CNY -213,279,593.30 in the previous year[35] - Cash and cash equivalents at the end of Q1 2024 were CNY 304,220,087.61, down from CNY 446,650,151.41 at the end of Q1 2023[35] - Financial expenses for Q1 2024 were CNY 6,087,201.22, a decrease from CNY 16,316,075.12 in Q1 2023[32] Assets and Liabilities - Total assets increased by 3.13% to ¥8,115,485,352.18 from ¥7,869,115,610.05 at the end of the previous year[5] - The total liabilities of the company were CNY 3,703.26 million, compared to CNY 3,530.68 million at the beginning of the period[29] - The company's cash and cash equivalents decreased to CNY 595.73 million from CNY 850.17 million at the beginning of the period[27] - The company's inventory increased to CNY 1,961.81 million from CNY 1,778.23 million at the beginning of the period[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,087[16] - Guangzhou Kaide Investment Holding Co., Ltd. holds 26.93% of shares, totaling 251,779,903 shares[16] - The total number of restricted shares held by Guangzhou Kaide is 215,745,976, with a voluntary lock-up period until December 6, 2024[20] - The company has a total of 286,131,055 restricted shares, with 15,749,100 shares released during the reporting period[21] - The top ten shareholders hold a significant portion of shares, with the largest shareholder holding nearly 27%[16] - The company has not reported any changes in the number of shares lent or returned through margin trading[18] Operational Highlights - The company experienced a 46.61% increase in selling expenses, totaling ¥3,790,193.58 compared to ¥2,585,178.56 in the previous year[11] - Research and development expenses decreased by 41.12% to ¥23,331,653.20 from ¥39,623,740.08 year-on-year[11] - The company reported a significant increase in short-term borrowings, rising by 592.20% to ¥636,203,541.12 from ¥91,910,073.07[9] Future Outlook and Plans - The company plans to establish four subsidiaries in Xinjiang, Hebei, and Guangxi, with one already in the infrastructure construction phase[22] - The company’s future outlook includes continued expansion and investment in renewable energy sectors[22] - The company's stock issuance plan is pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission[23] Orders and Market Activity - The total amount of executed and pending orders during the reporting period reached CNY 4,126.97 million, with CNY 819.51 million in new land wind power equipment orders and CNY 138.82 million in new offshore wind power and marine engineering equipment orders[24] - Domestic orders increased by CNY 459.26 million, while foreign orders increased by CNY 521.94 million, with total executed and pending domestic orders at CNY 2,627.42 million and foreign orders at CNY 1,499.55 million[24] - The company is focusing on expanding its market presence and enhancing its product offerings in the wind energy sector[24]