Group 1: Market Expansion and Strategy - The company is actively promoting supplier certification for key overseas clients to expand its international market presence [2] - There has been a strategic adjustment towards offshore wind power and overseas markets, showing positive changes in order status in Q1 [2] - The domestic wind power market is stabilizing, with significant growth expected in offshore wind installations compared to last year [2] Group 2: Project Execution and Challenges - Projects in southern regions face longer delivery times and higher construction costs due to geographical and logistical challenges [2] - The gross profit margin for Q1 remained stable compared to previous years, indicating resilience despite raw material price fluctuations [2] - Delays in offshore wind project installations have impacted revenue recognition, affecting the performance commitments of Blue Island Marine Engineering [2] Group 3: Military Transition Progress - The company is progressing as planned in its military transition efforts, focusing on resource organization and project evaluation [2]

Group 1: Company Development Strategy - The company aims to maintain stable growth in traditional onshore wind power while focusing on expanding offshore wind power and overseas markets [2] - The proportion of new overseas orders and offshore wind power orders has significantly increased, indicating successful product structure adjustments over the past two years [2] Group 2: Industry Outlook - The domestic wind power industry is entering a stable development phase, providing a relatively stable business space, while offshore wind power is experiencing rapid growth [2] - The "13th Five-Year Plan" has created favorable market conditions for the offshore wind power sector, with strong demand in overseas markets [2] Group 3: Accounts Receivable Management - The increase in accounts receivable is attributed to the company's expanding business scale, with major clients being long-term partners, reducing the risk of bad debts [2] Group 4: Industry Transformation - The company is considering a transition to the military industry due to the stabilization of the domestic onshore wind power market and the strategic opportunity presented by military-civilian integration [2] - Collaboration with Fengnian Capital is underway to accumulate industry experience and market resources for a systematic layout in the military sector [2]

投资者关系活动记录表 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 | --- | --- | --- | --- | |-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Company Performance - The company achieved a revenue of 1.506 billion RMB in 2016, representing a year-on-year growth of 29.34% [2] - The net profit attributable to the parent company was 219 million RMB, with a year-on-year decrease of 5.72% [2] - In Q1 2017, the company reported a net profit of 40.3492 million RMB, showing a year-on-year increase [2] Group 2: Financial Health - The comprehensive gross profit margin for 2016 was approximately 34%, with a debt-to-asset ratio below 30% [2] - The company maintains a healthy cash flow and stable financial situation, indicating a positive development trend [2] Group 3: Business Structure Changes - In Q1 2017, the traditional onshore wind tower business had new contract amounts of approximately 1.264 billion RMB, while offshore projects had new contracts worth about 605 million RMB [2] - The company has seen a significant increase in the proportion of overseas business in new orders [2] Group 4: Market Dynamics - There is a lag in offshore wind power bidding information, primarily due to the large number of orders received at the end of the previous year and the nature of the bidding process [2] - The future positioning of Blue Island Offshore Engineering is as a large-scale offshore wind power equipment and high-end marine engineering manufacturing base [2] Group 5: Strategic Development - The company aims to maintain stable growth in traditional onshore wind power while focusing on expanding offshore wind and overseas markets, which have significant growth potential [3] - The collaboration with Fengnian Capital for military-civilian integration is progressing steadily, with resource sorting and project investigation underway [3] Group 6: Q&A Insights - The company has seen an increase in overseas orders, with a notable rise in the proportion of overseas business compared to 2016 [3] - The impact of raw material price fluctuations on profit margins is manageable due to short procurement windows and cost control measures [3] - Blue Island Offshore Engineering is recognized for its strong hardware conditions and technical capabilities in the offshore wind power sector [4]

时间 2017 年 6 月 21 日 10:00 – 11:30 地点 公司会议室 参与单位及 人员 东吴证券 分析师 曹越，拾贝投资 研究员 秦雪峰，上银基金 研究员 陈博 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 证券事务代表陈杰 Q：公司如何看待今年的国内风电市场？ A：国内风电行业已逐步进入平稳健康的发展阶段，存在相对稳定的业务空间；同时，海上风电保 持着较快的增长。公司逐步调整市场战略，积极拓展海上风电业务和海外市场，目前已取得良好 的效果。 Q：产品从接单到交付，时间一般是多久？ A：公司订单是不断滚动承接及交付的，一般来说陆上风电订单的执行周期约为 3 到 4 个月左右， 海上风电周期会更长，具体项目会依合同约定有所不同。 Q：海上风电基础部分的体量是否远大于陆上风电？ A：海上风电项目基础部分的重量与地理环境、水深条件、装机容量、设计结构等多种因素相关。 从目前建造的项目来看，换算成同等装机，海上风电基础部分重量及整体造价远超陆上风电。 Q：在海上风电方面，蓝岛海工在国内面临哪些竞争者？ A：竞 ...

Group 1: Company Outlook and Market Position - The company remains optimistic about the healthy and stable development of the wind power industry in the long term, considering overall economic conditions and national policies [2] - The company is enhancing its focus on overseas business, with an increasing share of overseas operations expected to continue this year [2] - The company is positioned as a high-end equipment manufacturing enterprise, aiming to maintain a leading market position in the wind power sector, particularly in offshore wind power [2] Group 2: Export Capacity and Projects - The company has two existing export bases in Shanghai and Baotou, which are nearing saturation, and is advancing the technological transformation project at Blue Island Offshore [2] - The completion of the Blue Island Offshore technological transformation project is expected to significantly enhance the company's export capacity [2] - The company is actively developing new clients in Europe and Japan while maintaining relationships with existing key customers [2] Group 3: Offshore Wind Power Development - Offshore wind power development has been slow but is accelerating, with many projects entering approval and bidding phases, leading to a significant expected increase in installed capacity this year [2] - The Blue Island Offshore base has a strong market share in offshore wind power structures, and the company is forming dedicated teams to track multiple project developments [2] Group 4: Military Transition Progress - The company is progressing normally with its military transition plans, which involve resource assessment and project evaluation, although the approval process may take longer due to the industry's specific requirements [2]

投资者关系活动记录表 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 | --- | --- | --- | --- | |-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Wind Power Development - The domestic wind power industry has entered a relatively stable development phase, with limited new market capacity and increased competition [2] - Offshore wind power development is accelerating, with significant growth in new installations expected this year compared to last year [2] Group 2: Blue Island Marine Engineering Orders - As of the end of Q1, Blue Island Marine Engineering has orders exceeding 600 million yuan, showing substantial growth compared to the same period last year [2] Group 3: Cost and Weight Comparison - The weight and cost of offshore wind power foundations are significantly higher than those of onshore wind power, influenced by various factors such as geographical conditions and design structures [2] Group 4: Impact of Steel Prices - Fluctuations in steel prices have led to a decrease in product gross margin compared to last year, although overall profitability remains relatively stable in the long term [2] Group 5: Competitive Landscape - Blue Island Marine Engineering faces competition from companies like Daikin and regional steel structure enterprises, but possesses advantages in management experience and resource accumulation [2] Group 6: Wind Power Operations - The company is developing distributed wind farms in Zhejiang Yuhuan, progressing smoothly despite short-term limitations in certain regional markets [2] Group 7: Military Projects - The company is advancing military-related projects as planned, with ongoing resource assessment and project evaluation [2]

Group 1: Revenue Growth and Market Strategy - The significant growth in offshore wind power and export product revenue is attributed to proactive adjustments in product and market structure, capturing the offshore wind market and expanding overseas markets [2] - Offshore wind revenue and export revenue have increased their share of overall revenue, a trend expected to continue [2] - Despite a downturn in domestic onshore wind power, the company has managed to achieve revenue growth due to effective product and market structure adjustments [2] Group 2: Market Conditions and Clientele - The offshore wind market is experiencing rapid growth, with new installations expected to double compared to last year, supporting the company's development [2] - Major clients in the offshore wind sector include general assembly units such as China Communications Construction Company and Huadian Heavy Industries [2] - The company actively maintains relationships with existing overseas clients while developing new clients in Europe and Japan, ensuring a diverse customer base [2] Group 3: Production Capacity and Cost Factors - The production capacity for onshore wind tower bases is approximately 400 sets in Shanghai and 200 sets in other standard factories, with the ability to quickly expand capacity if necessary [5] - The cost of offshore wind foundations can be 5-10 times higher than onshore wind due to complexity and various influencing factors [2] - Fluctuations in raw material prices can significantly impact the company's gross margin, with stable prices allowing for reasonable profit margins [3] Group 4: Order Fulfillment and Project Management - Most onshore wind orders are expected to be fulfilled within the year, although logistical challenges may cause delays [4] - The company has a robust order execution cycle, with a focus on maintaining project timelines despite potential transportation and installation issues [4]

投资者关系活动记录表 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 | --- | --- | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...