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 2023 年度持续督导跟踪报告 | 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（300129.SZ） | | --- | --- | | （简称"中金公司"） | | | 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 | | --- | --- | | 公司信息披露审阅情况 | | | 1. | | | （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 | | 督导公司建立健全并有效执行规章制度的 2. | | | 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 | | | | 是 | | 集资金管理制度、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 | | | | 根据三方监管协议，保荐机构 ...

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 舟共济，共同成长与发展的美好远景；（4）在当前积弱的资本市场环境下，公司也将给国家监管 层也提供了一条积极、可践行的改革思路； 投资者您好，感谢您的建议。 8、四）（续前三）（5）若有责任、有担当、有情怀的国有控股股东和个人大股东能够多一些，那 必将重塑中国资本市场的脊梁，国内资本市场的东风，何愁唤不回？！最后，希望公司、国有控 股股东、个人大股东，能够做出表率，为国分忧，与民共享资本市场的成果与发展！广大投资者 将必为你们的成长、发展持续地加油，助威！ 投资者您好，感谢您的建议。 9、（三）（续前二）（1）控股大股东以相对合适价格，实现了增持股份的目的；（2）个人大股东以 相对合适的价格，完成了减持股份、满足了自身需求的目的；（3）在不增加总股本情况下，控股 股东既达到了增持目的，又不摊薄公司业绩，这必增强投资者信心，进而实现公司与全体股东同 舟共济，共同成长与发展的美好远景；（4）在当前积弱的资本市场环境下，公司也将给国家监管 层也提供了一条积极、可践行的改革思路； 投资者关系活动记录表 | 时间 | ...

＃assAuthor＃ | --- | --- | |--------------------|--------------------------------| | | | | 市场数据日期 | 2024-05-14 | | 收盘价（元） | 7.73 | | 总股本（百万股） | 934.90 | | 流通股本（百万股） | 648.77 | | 净资产（百万元） | 4,352.46 | | 总资产（百万元） | 8,115.49 | | 每股净资产 ( 元 ) | 4.66 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 杨志芳 ＃分析师： emailAuthor＃ wangshuai21@xyzq.com.cn S0190521110001 增持 ( ⚫ 在手订单充足，看好 2024Q2 出货景气度。截至 2024 年 Q1 末，在执行及待 执行订单 41.27 亿元，其中陆上风电装备（含混凝土塔筒）类订单 31.95 亿 元，包括国外订单 15 亿元；海上风电及海洋工程装备类订单 8.66 亿元。2024 年 Q1 合同负债 4.74 亿元，同比增长 134%，公司预收客户款项大 ...

证券代码：300129 证券简称：泰胜风能 公告编号：2024-036 上海泰胜风能装备股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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。 上海泰胜风能装备股份有限公司（以下简称"公司"）于 2024 年 4 月 27 日发布了 《关于召开 2023 年年度股东大会的通知》（2024-034），公司将于 2024 年 5 月 20 日召开 2023 年年度股东大会，本次股东大会将采取现场书面投票和网络投票相结合的方式召 开，现将会议相关事项再次提示公告如下： 一、召开股东大会的基本情况 1．本次股东大会是公司 2023 年年度股东大会。 2．本次股东大会由公司董事会召集。2024 年 4 月 26 日，公司第五届董事会第十 五次会议审议通过了《关于召开 2023 年年度股东大会的议案》，决议召开本次股东大 会。 3．公司董事会认为本次股东大会的召开符合相关法律、行政法规、部门规章、规 范性文件、深交所创业板相关业务规则和公司章程等的规定，具有合法、合规性。 4．本次股东大会召开的时间如下： 5．会议的召 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [9][24]. Core Views - The company is expected to benefit from the gradual release of wind power installation demand, supported by its commitment to the "Dual Sea Strategy" [12]. - Despite short-term pressure on performance due to seasonal factors and foreign exchange losses, the company has a solid order backlog that supports its near-term revenue [12]. - The report projects revenue growth for the company, with expected revenues of RMB 62.67 billion, RMB 77.95 billion, and RMB 88.37 billion for 2024, 2025, and 2026 respectively [12]. Financial Summary - In 2023, the company achieved revenue of RMB 48.13 billion, a year-on-year increase of 53.93%, and a net profit of RMB 2.92 billion, up 6.37% year-on-year [12]. - The first quarter of 2024 saw a revenue decline to RMB 6.57 billion, down 18.38% year-on-year, with a net profit of RMB 0.55 billion, a decrease of 39.69% year-on-year [12][14]. - The company’s gross margin for 2023 was 18.09%, a decrease of 0.29 percentage points, while the net margin was 6.11%, down 2.53 percentage points [12]. Order Backlog and Capacity Expansion - As of the end of Q1 2024, the company had an order backlog of RMB 41.27 billion, with RMB 31.95 billion from onshore wind and RMB 8.66 billion from offshore wind and marine engineering equipment [12]. - The company has strategically positioned production bases across various regions in China, enhancing its operational efficiency and reducing transportation costs [12]. Earnings Forecast - The report revises the earnings forecast, projecting net profits of RMB 5.32 billion, RMB 7.25 billion, and RMB 8.85 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.57, RMB 0.78, and RMB 0.95 [12][13].

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].