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 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.656 billion yuan in H1 2024, a year-on-year decrease of 0.84%, while the net profit attributable to shareholders was 130 million yuan, an increase of 9.45% year-on-year [2][6] - The increase in profitability is attributed to a high proportion of foreign sales revenue [2] - In Q2 2024, the company achieved a revenue of 1 billion yuan, a year-on-year increase of 15.5% and a quarter-on-quarter increase of 52.0% [6] Financial Performance - In H1 2024, the company's onshore wind power business generated revenue of 1.5 billion yuan, a year-on-year increase of 17.2%, while the offshore wind business generated 110 million yuan, a year-on-year decrease of 65.5% [6] - The company has a strong order backlog, with new onshore wind orders amounting to 1.87 billion yuan and pending orders of 3.28 billion yuan [6] - The company's foreign sales revenue reached 890 million yuan in H1 2024, a year-on-year increase of 36.8%, accounting for 54% of total revenue [6] Profitability and Forecast - The gross margin for H1 2024 was 20.0%, an increase of 1.0 percentage point year-on-year, and the net profit margin was 7.8%, an increase of 0.8 percentage points year-on-year [6] - The company expects revenue for 2024, 2025, and 2026 to be 5.209 billion yuan, 7.002 billion yuan, and 8.390 billion yuan respectively, with year-on-year growth rates of 8.23%, 34.42%, and 19.83% [7] - The net profit attributable to shareholders is projected to be 450 million yuan, 660 million yuan, and 850 million yuan for the years 2024, 2025, and 2026, with growth rates of 52.61%, 47.98%, and 28.91% respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company reported a revenue of 1.656 billion yuan for the first half of 2024, a slight decrease of 0.84% year-on-year, while the net profit attributable to shareholders increased by 9.45% to 130 million yuan [1]. - The company has benefited from its overseas expansion, with strong performance in onshore wind power equipment, which saw a revenue increase of 17.20% to 1.498 billion yuan in H1 2024 [1]. - The company is actively pursuing technological upgrades and expanding its market presence both domestically and internationally, with a focus on offshore wind power [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 999 million yuan, a year-on-year increase of 15.49%, and a net profit of 75 million yuan, reflecting a significant year-on-year growth of 170.07% [1]. - The company's onshore wind power equipment revenue grew by 17.20% to 1.498 billion yuan in H1 2024, while offshore wind power revenue decreased by 65.51% to 111 million yuan [1][3]. Business Strategy - The company plans to increase production capacity for onshore wind power equipment and is focusing on technological advancements in offshore wind power [1]. - The company has established a sales center in Germany to enhance its overseas market presence and respond to international customer demands [1]. Market Outlook - As of August 23, 2024, the company has an order backlog of approximately 4.238 billion yuan, with a strong pipeline for both domestic and international projects [1]. - The report projects a cautious adjustment in profit forecasts for 2024-2026, estimating net profits of 465 million yuan, 711 million yuan, and 880 million yuan respectively [1][3].

上海泰胜风能装备股份有限公司 2024 年半年度报告 2024-043 2024 年 8 月 上海泰胜风能装备股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人郭川舟、主管会计工作负责人朱华及会计机构负责人（会计 主管人员）冯伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的 2024 年度相关经营计划等内容，不构成公司对 2024 年度 经营业绩的实质承诺，请投资者及相关人士注意投资风险。 公司面临的风险因素包括：原材料价格大幅波动的风险、项目合同延期的 风险、市场竞争的风险、内部经营管理的风险、行业政策变化的风险、汇率 波动风险、国际贸易政策风险等，敬请广大投资者注意投资风险。详细内容 请参阅"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 上海泰胜风能装备股份有限公司 2024 ...