Group 1: Wind Power Market Overview - As of 2020, China's cumulative installed capacity of onshore wind power reached 278.3 GW, accounting for approximately 39.4% of the global total, making it the largest onshore wind power market in the world [2] - In 2020, China added 52.0 GW of new onshore wind power capacity, ranking first globally for new installations [2] - China's offshore wind power saw a new grid-connected capacity of 3.06 GW in 2020, with a year-on-year growth of 22.74%, representing 50.43% of the global new offshore wind capacity [2] - Cumulative offshore wind power capacity in China reached about 10.0 GW by the end of 2020, ranking second globally, just behind the UK [2] Group 2: Company Position and Production Capacity - The domestic wind power main shaft market has largely replaced imports, with major manufacturers including Tongyu Heavy Industry and Jinlei Co., Ltd. [3] - In 2020, Tongyu Heavy Industry produced approximately 150,000 tons of wind power main shafts, accounting for about 60% of its forging capacity, which decreased to around 50% in the first nine months of 2021 [3] - The company plans to issue convertible bonds to raise no more than 1.5 billion yuan, primarily to invest in projects aimed at enhancing production capabilities for high-end equipment core components [3][4] Group 3: Future Business Layout - Tongyu Heavy Industry aims to enhance its collaborative development advantages in the wind power sector by improving production capacity for wind power main shafts and accelerating new process R&D [3] - The company plans to upgrade its wind power casting components to adapt to larger product sizes and improve product quality to capture more market share [3] - Future projects include the "Energy-saving and Material-saving Project" and the "Large Offshore Wind Power Product Supporting Capability Enhancement Project," which are expected to significantly improve production efficiency and product quality [4] Group 4: Forging Capacity and Market Development - The current forging capacity of Tongyu Heavy Industry is approximately 220,000 tons, with plans to increase capacity by an additional 100,000 tons following the completion of the energy-saving project [4] - The company is focusing on both forged and cast main shafts, with a marketing model based on "sales-driven production" to meet diverse customer needs [4] - The transition to die forging technology is expected to reduce production costs for forged main shafts and enhance overall product quality [4]

证券代码：300185 证券简称：通裕重工 通裕重工股份有限公司投资者关系活动记录表 编号：2021-005 | --- | --- | --- | |---------------------------|-------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活 动类别 | 特定对象调研 媒体采访 新闻发布会 现场参观、座谈交流 其他 ...

Group 1: Company Overview and Product Offerings - Tongyu Heavy Industry Co., Ltd. is one of the few domestic companies with a large comprehensive R&D and manufacturing platform, capable of supplying forged, cast, and structural components in bulk [2] - The company focuses on wind power products, providing various components such as wind turbine main shafts, hubs, frames, and bearings [2][3] - The company has expanded into modular wind power equipment, supplying modular products to wind turbine manufacturers, which reduces transportation costs and assembly workload for clients [3] Group 2: Production Capacity and Expansion Plans - The current forging capacity is approximately 220,000 tons, with casting capacity around 160,000 tons, of which over 90% is for wind power products [3][4] - The company plans to enhance its forging technology and production efficiency through a new project that will increase overall forging capacity by 100,000 tons [4] - A convertible bond project is underway to fund two investment projects, including one aimed at upgrading energy-saving and material-saving processes for high-end equipment core components [3][4] Group 3: Market Performance and Financial Metrics - In 2020, the company experienced a surge in wind turbine main shaft orders due to a "rush installation" trend, with production exceeding 150,000 tons, accounting for about 60% of total forging capacity [4] - However, in the first three quarters of 2021, orders for wind turbine main shafts decreased year-on-year, leading to a decline in production [4] - The overall gross margin dropped from 23.78% in 2020 to 18.35% in the first nine months of 2021, with main shaft gross margin at 29.36% and casting gross margin at 16.82% [5] Group 4: Future Outlook and Strategic Initiatives - The company anticipates continued growth in the offshore wind power sector, with significant policy support and a growing market presence [5] - A new project in Qingdao aims to enhance the production capacity for large offshore wind power components, targeting an annual output of 360 sets of large offshore wind structural components [5]

编号：2021-013 证券代码：300185 证券简称：通裕重工 通裕重工股份有限公司投资者关系活动记录表 | --- | --- | |-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活 \n动类别 | 分析师会议 \n 业绩说明会 \n 路演活动 \n现场参观、座谈交流 \n电话会议交流 | | 参与单位名称 及人员姓名 | 电话会议；国投瑞银、中银国际的参会代表共 4 人。 | | 时间 | | | 地点 | 通裕重工会议室（电话会议） | | 上市公司接待 | 副总经理、董事会秘书黄一桓先生 | | 人员姓 ...

Group 1: Wind Power Main Shaft Production - The production capacity of wind power main shafts has been increasing annually due to the rapid development of the wind power industry and optimization of manufacturing processes [2] - In 2020, the production of wind power main shafts exceeded 15,000 units, but in 2021, production decreased due to a decline in demand from downstream wind turbine manufacturers [2][3] - The company has established a customer base that includes major international and domestic wind turbine manufacturers such as GE, Vestas, and Shanghai Electric [2] Group 2: Casting Production and Market Trends - The company began mass production of wind power castings in 2017, achieving nearly 10,000 tons in 2020, with a significant portion dedicated to wind power products [3] - In 2021, casting production decreased due to subsidy reductions and rising raw material prices, indicating a need for continuous improvement in technology and production processes [3] - The company is currently producing cast main shafts for some clients, but their proportion in overall production remains small [3] Group 3: Forging Capacity Expansion Plans - Forging products are crucial for the company, with plans to enhance production efficiency and reduce costs through a convertible bond issuance for a new energy-saving project [3] - The project aims to upgrade the manufacturing process from free forging to die forging, which will significantly improve material utilization rates from 50%-70% to higher levels [3] - The expected construction period for this project is 2 years, after which existing forging machines can be utilized for other products, enhancing overall capacity [3] Group 4: Profit Margin and Market Challenges - The gross margin for wind power main shafts has remained stable, but there has been a decline in orders and margins in 2021 due to various market pressures [4] - Factors such as the decline in demand from the "rush installation" trend and rising raw material costs have negatively impacted production costs and profitability [4] - The company is actively implementing measures to improve product quality and reduce costs to enhance market competitiveness [4] Group 5: Offshore Wind Power Market Preparation - The company's revenue from offshore wind power products is currently limited, but there is significant potential for growth as the market matures [4] - The company has initiated a project to enhance production capabilities for large offshore wind components, addressing transportation challenges and reducing costs [4] - Future revenue from offshore wind power products is expected to increase significantly as the market develops [4]

Group 1: Wind Power Main Shaft Production - The production capacity of wind power main shafts has been increasing annually, with a production volume exceeding 150,000 tons in 2020 [1] - The company prioritizes the production of wind power main shafts, which has led to a decrease in production capacity for other forged products due to high demand [1] - Major clients for the wind power main shafts include GE (USA), Vestas (Denmark), and several domestic manufacturers [1] Group 2: Market Competition and Trends - The production of wind power main shafts is primarily concentrated in China, with major competitors being Tongyu Heavy Industry and Jinlei Co., Ltd. [2] - The market competition for wind power main shafts is expected to remain stable due to high entry barriers for suppliers [2] - The company plans to enhance its production efficiency and reduce costs through technological upgrades and process improvements [2] Group 3: Production Capacity Expansion Plans - The company aims to improve production efficiency and reduce costs by implementing a project to upgrade forging technology, which is expected to take two years [2] - The project will involve the construction of a new workshop and the installation of large-scale forging equipment [2] - This upgrade is anticipated to increase the overall production capacity for forged products [2] Group 4: Profit Margin and Sales Trends - The gross profit margin for wind power main shafts has remained stable, but there has been a decline in orders and profit margins in 2021 due to various market pressures [3] - The company has experienced increased production costs due to rising raw material prices, impacting profit margins [3] - The gross profit margin for exported and domestically sold wind power main shafts is similar, primarily influenced by the megawatt rating of the shafts [3] Group 5: Future Development Plans - The company is focusing on expanding its product offerings in clean energy sectors, including hydropower and solar energy [3] - Plans are in place to enhance the production capacity for offshore wind power components, which are expected to see increased demand [4] - The company has initiated a project to improve the production capabilities for large offshore wind power components, addressing transportation challenges and reducing costs [4]

证券代码：300185 证券简称：通裕重工 通裕重工股份有限公司投资者关系活动记录表 编号：2021-014 | --- | --- | --- | |---------------------------|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系活 | 新闻发布会 | 路演活动 | | 动类别 | 现场参观、座谈交流 | | | | 其他 电话会议交流 | | | 参与单位名称 及人员姓名 | 会代表共 7 人。 | ...

Group 1: Company Overview and Production Capacity - Tongyu Heavy Industry is a leading manufacturer in the wind power sector, focusing on high-end equipment and key components [2][3] - The company plans to enhance its forging capacity by constructing a new workshop and installing a 700MN large die forging press, aiming to increase its annual forging capacity by 100,000 tons [3][4] - Current forging capacity is approximately 220,000 tons, with a projected increase post-project completion [3][4] Group 2: Market Position and Competition - In the wind power spindle market, domestic products have largely replaced imports, with major competitors including Tongyu Heavy Industry and Jinlei Co., Ltd. [3][4] - The company produced about 150,000 tons of wind power spindles in 2020, accounting for approximately 60% of its total forging capacity [3][4] - The market for wind power castings is also competitive, with Tongyu Heavy Industry holding a significant share [4][6] Group 3: Financial Performance and Challenges - The company's gross profit margin decreased from 23.78% in 2020 to 18.35% in the first nine months of 2021, primarily due to rising raw material costs [5][7] - The gross profit margin for wind power spindles was reported at 29.36%, while castings had a margin of 16.82% [5][7] - The company is facing challenges from increased production costs and a decline in orders due to market adjustments [6][7] Group 4: Future Outlook and Strategic Initiatives - The company anticipates continued growth in the wind power sector, supported by government policies promoting renewable energy [6][7] - Plans include enhancing production capabilities for offshore wind components, with a new project aimed at increasing production capacity for large offshore wind structures to 360 sets annually [7] - The company is committed to improving product quality and reducing costs to maintain competitiveness in the market [5][7]

Group 1: Company Development Projects - The company plans to issue convertible bonds worth 1 billion to invest in energy-saving and material-saving projects and offshore wind power projects, enhancing its core component manufacturing capabilities [2] - The energy-saving project aims to upgrade forging processes, increasing production efficiency and reducing costs, with an expected increase in forging capacity by 100,000 tons [3] - The offshore wind power project is expected to achieve an annual production capacity of 360 large offshore wind structural components [3] Group 2: Product Composition and Market Strategy - The company has developed a comprehensive manufacturing platform, supplying various wind power products including forged and cast components [3] - The company is transitioning to a modular supply model for wind power key components, enhancing customer loyalty and reducing transportation costs [3] - The company’s marketing strategy is based on "sales-driven production," adapting to customer orders for both forged and cast main shafts [4] Group 3: Financial Performance and Challenges - The company's gross profit margin decreased from 23.78% in 2020 to 18.35% in the first nine months of 2021, with main shaft gross margin at 29.36% and casting gross margin at 16.82% [4] - Rising raw material prices have significantly impacted the company's cost structure, necessitating a mixed procurement strategy to manage costs [4] - The company’s wind power main shaft production reached over 150,000 tons in 2020, accounting for approximately 60% of total forging capacity, but faced a decline in orders in 2021 [5] Group 4: Management and Incentives - Following the acquisition by Zhuhai Port Group, the company has implemented performance-based incentives linked to net profit growth and individual performance [4] - A development quality reward fund has been established to incentivize management based on achieving net asset return targets [4]

证券代码：300185 证券简称：通裕重工 通裕重工股份有限公司投资者关系活动记录表 编号：2021-016 | --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 分析师会议 | | 投资者关系活 动类别 | 业绩说明会 路演活动 现场参观、座谈交流 | | 参与单位名称 及人员姓名 | 银华基金的参会代表共 7 人 ...