Investment Rating - The report suggests a positive outlook for the wind power equipment sector, indicating an industry turning point in Q1 2025 with expected revenue and profit growth [3]. Core Insights - The wind power sector faced revenue and profit pressure in 2024 due to a deflationary cycle, with total revenue of 192 billion yuan, down 3.5% year-on-year, and net profit of 5.75 billion yuan, down 26.6% [2][20][23]. - Q1 2025 marked a recovery with a revenue of 37.2 billion yuan, up 15.4% year-on-year, and net profit of 1.25 billion yuan, up 2.8%, indicating the first positive year-on-year growth in net profit for Q1 in three years [2][26][30]. - The report highlights the importance of manufacturing profitability as the transfer of power stations slows down, with a focus on the manufacturing segment's increasing significance [2][3]. - The report identifies three key investment themes: 1) Equipment manufacturers benefiting from price stabilization and increased revenue from offshore projects, recommending companies like Goldwind Technology and Mingyang Smart Energy; 2) Companies in the submarine cable and foundation segments benefiting from high demand and overseas orders, recommending Dongfang Cable and Haile Wind Power; 3) Companies in the casting and blade segments with significant profit elasticity due to supply-demand tightness, recommending Jinlei Co. and Riyue Co. [3]. Summary by Sections Demand Review - The report notes a robust demand foundation with a 10% year-on-year increase in new wind power installations in 2024, totaling 87 GW, despite a decline in offshore wind installations [2][8]. - Q1 2025 saw accelerated offshore wind project starts, with 14.6 GW of new wind power connected to the grid, indicating a positive trend [8][9]. Financial Review - The financial performance in 2024 was under pressure, with a revenue of 192 billion yuan and a net profit of 57.5 billion yuan, reflecting a challenging market environment [20][23]. - In Q1 2025, the sector's revenue and profit showed signs of recovery, with a revenue of 372 billion yuan and a net profit of 12.5 billion yuan, marking a significant improvement [26][30]. Segment Analysis - The report highlights that the profitability of the complete machine manufacturing segment is stabilizing, while the tower and foundation segments face profitability challenges due to price declines and demand fluctuations [2][3]. - The casting and forging segments showed significant recovery in Q1 2025, benefiting from improved demand and pricing adjustments [39][44]. Price Trends - Wind turbine prices stabilized in Q4 2024, with a slight recovery in Q1 2025, indicating a potential end to the downward price trend [16][44]. - The report anticipates that as the market stabilizes, companies will see improved profitability from price adjustments in key components like casting and blades [44].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

Core Viewpoint - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 505 million yuan, a 97.54% increase, and net profit attributable to shareholders at 56 million yuan, up 91.17% [1][2]. Group 1: Q1 2025 Performance - In Q1 2025, the company achieved a net profit of 56 million yuan, representing a year-on-year increase of 91.2%, while the non-recurring net profit rose by 127.2% to 53 million yuan [1][2]. - The gross margin for Q1 2025 was 21.38%, showing a year-on-year decrease of 2.53 percentage points but an increase of 2.89 percentage points from the previous quarter [2]. - The net profit margin stood at 11.06%, down 0.37 percentage points year-on-year but up 7.46 percentage points quarter-on-quarter [2]. Group 2: Industry Outlook - The wind power industry is entering a peak delivery season, with the company expected to benefit significantly due to its capabilities in producing wind turbine components [3]. - Since March 2025, major offshore wind projects in China have commenced, leading to an anticipated 115% year-on-year increase in new offshore wind installations, projected to reach 12 GW [3]. - As a leading manufacturer of wind turbine main shafts, the company is likely to see increased demand, which may enhance its capacity utilization and profitability [3]. Group 3: Future Projections - The company forecasts revenues of 2.72 billion yuan, 3.55 billion yuan, and 4.52 billion yuan for 2025-2027, with year-on-year growth rates of 38.4%, 30.5%, and 27.3% respectively [4]. - Net profits are expected to reach 520 million yuan, 640 million yuan, and 810 million yuan for the same period, with growth rates of 201.9%, 23.1%, and 26.0% respectively [4]. - Earnings per share (EPS) are projected to be 1.6 yuan, 2.0 yuan, and 2.5 yuan for 2025-2027 [4].

Financial Performance - The company's revenue for Q1 2025 reached ¥504,671,661.60, representing a 97.54% increase compared to ¥255,483,145.24 in the same period last year[5] - Net profit attributable to shareholders was ¥55,910,892.81, up 91.17% from ¥29,246,775.94 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥53,158,028.53, reflecting a significant increase of 127.22% compared to ¥23,394,763.68 in the previous year[5] - Basic and diluted earnings per share were both ¥0.1746, marking a 94.22% increase from ¥0.0899 in the previous year[5] - The net profit for the current period is 55,806,682.26, representing an increase from 29,190,138.27 in the previous period, indicating a growth of approximately 91.5%[21] - The total comprehensive income attributable to the parent company is 55,910,892.81, compared to 29,246,775.94 in the previous period, showing an increase of approximately 91.5%[21] - The operating profit for the current period is 63,100,845.94, significantly higher than 32,176,568.36 in the previous period, indicating a growth of approximately 96.1%[21] - The company reported a total profit of 63,112,788.68 for the current period, compared to 32,345,330.48 in the previous period, representing an increase of approximately 95.5%[21] Cash Flow and Assets - The company's cash flow from operating activities showed a negative net amount of ¥369,157,989.91, a drastic decline of 7,175.24% from -¥5,074,168.23 in the same period last year[5] - The company's cash and cash equivalents decreased to ¥690,077,680.78 from ¥1,126,927,987.26, representing a decline of 38.8%[17] - The cash and cash equivalents at the end of the period amount to 664,863,803.60, down from 1,565,083,958.25 in the previous period, indicating a decrease of approximately 57.5%[23] - Total assets at the end of the reporting period were ¥6,581,988,873.51, a slight decrease of 1.03% from ¥6,650,231,567.30 at the end of the previous year[5] - Total liabilities decreased to ¥497,378,907.04 from ¥622,261,496.03, a decline of 20.1%[18] - The company has maintained its long-term equity investments at ¥5,000,000.00, unchanged from the previous period[17] Operational Metrics - Total operating revenue for the current period reached ¥504,671,661.60, a significant increase of 97.5% compared to ¥255,483,145.24 in the previous period[20] - Total operating costs amounted to ¥446,064,391.90, up 90.4% from ¥233,794,521.68 in the prior period, with operating costs specifically rising from ¥194,400,862.65 to ¥396,794,840.03[20] - Total revenue from sales of goods and services received cash of 408,639,561.22, up from 338,893,283.94 in the previous period, marking an increase of approximately 20.5%[22] Shareholder Information - The company plans to repurchase shares with a total fund of no less than RMB 40 million and not exceeding RMB 70 million, with a maximum price of RMB 32.58 per share[14] - As of March 31, 2025, the company has repurchased a total of 2,805,000 shares, accounting for 0.88% of the total share capital[14] - The company has approved the 2025 Employee Stock Ownership Plan, which was reviewed and passed at the annual general meeting on April 23, 2025[15] - The top 10 unrestricted shareholders include Yiting Lei with 25,665,584 shares and Su Dongqiao with 7,547,500 shares[11] - The total number of restricted shares held by Yiting Lei is 76,996,752, with a 75% lock-up period[13] - The company has not disclosed any related party relationships among the top shareholders[11] - The company’s board of directors has confirmed the compliance of the 2025 Employee Stock Ownership Plan[15] - The company’s repurchase plan is intended for employee stock ownership or equity incentives[14] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[12] - The company’s total restricted shares at the end of the period remain at 77,360,553[13] Other Financial Metrics - The company received government subsidies amounting to ¥2,824,743.74, which are closely related to its regular business operations[6] - The company reported a significant increase in prepayments, which rose by 712.36% to ¥84,583,645.18 due to increased procurement settled in advance[8] - Other receivables increased by 203.40% to ¥13,495,694.72, primarily due to an increase in export tax rebates[8] - The company experienced a 195.36% increase in contract liabilities, reaching ¥13,106,986.65, attributed to an increase in sales orders settled in advance[8] - Deferred income tax assets increased to ¥78,934,265.50 from ¥76,242,755.27, showing a growth of 3.5%[18] Audit and Compliance - The company has not undergone an audit for the first quarter report[24]

声明 证券简称：金雷股份 证券代码：300443 金雷科技股份公司 2025 年员工持股计划 二〇二五年四月 一、有关本员工持股计划的资金来源、出资比例、实施方案等属初步方案， 本员工持股计划能否完成实施，存在不确定性。 二、员工遵循依法合规、自愿参与、风险自担的原则参与本员工持股计划。 若员工认购金额较低时，本员工持股计划存在低于预计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投 资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资 者对此应有充分准备。 四、本员工持股计划中有关公司业绩考核指标的描述不代表公司的业绩预测， 亦不构成业绩承诺。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 3 本公司及董事会全体成员保证本员工持股计划及其摘要的内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整 性承担个别和连带的法律责任。 特别提示 本方案主要条款与本公司 2025 年 3 月 28 日披露的《金雷科技股份公司 2025 年员工持股计划（草案）》及其摘要内容一致。 2 风险提示 本部 ...

证券代码：300443 证券简称：金雷股份 公告编号：2025-020 金雷科技股份公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； （2）通过深交所交易系统进行网络投票的具体时间为 2025 年 4 月 23 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过互联网投票系统投 票的具体时间为：2025 年 4 月 23 日上午 9:15—15:00 期间的任意时间。 4、现场会议召开地点：山东省济南市钢城区双元大街 18 号金雷科 技股份公司会议室。 5、现场会议主持人：董事长伊廷雷先生 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会采用现场投票与网络投票相结合的方式表决。 一、会议召开和出席情况 （一）会议召开情况 1、召集人：金雷科技股份公司（以下简称"公司"）董事会 2、召开方式：现场投票与网络投票相结合的方式 3、召开时间： （1）现场会议召开时间：2025年4月23日（星期三）下午14:30。 6、会议的召集 ...

北京德和衡律师事务所 关于金雷科技股份公司 2024年年度股东大会的 法律意见书 德和衡证见意见(2025)第00042号 B E I J I N G D H H L AW F I R M 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 本次股东大会由公司董事会根据第六届董事会第八次会议决议召集，公司董事会于 2025 2024年年度股东大会的 法律意见书 德和衡证见意见(2025)第00042号 致：金雷科技股份公司 北京德和衡律师事务所 关于金雷科技股份公司 北京德和衡律师事务所（以下简称"本所"）接受金雷科技股份公司（以下简称"公司"） 的委托，指派本所律师出席贵公司 2024 年年度股东大会。本所律师依据《中华人民共和国公 司法》（以下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）、 《金雷科技股份公司章程》（以下简称"《公司章程》"）及相关法律法规，就本次股东大会 的有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和 ...

Core Viewpoint - The wind power industry continues to maintain high prosperity, driving growth in the wind power main shaft and related components market, with Jinlei Co., Ltd. achieving significant breakthroughs in production and sales in 2024 [1][2]. Financial Performance - In 2024, Jinlei Co., Ltd. reported an operating income of 1.967 billion yuan and a net profit attributable to shareholders of 173 million yuan [1]. - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares (including tax) to all shareholders [1]. - For Q1 of this year, the company expects a net profit attributable to shareholders of 50 million to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [2]. Market Strategy - The company adopts a strategy of "emphasizing but not relying on" the wind power components market while expanding into the industrial casting and forging market [1]. - Jinlei Co., Ltd. is actively promoting an "integrated casting and forging" strategy, with rapid development in casting business and a production capacity for 25MW models [2]. Product Development - The company has achieved a record high in the development of new industrial products, with wind power castings certified by well-known domestic and international manufacturers [1]. - Jinlei Co., Ltd. is diversifying its product offerings in the wind power sector, including forging and casting main shafts, bearing seats, hubs, and bases, while also exploring business in wind turbine gearbox bearings [3]. Industry Outlook - The wind power industry is expected to see robust growth in 2025, driven by strong demand for wind power components, particularly in offshore wind power installations [2]. - The demand for high-end casting and forging products is anticipated to increase as national strategies are further implemented, indicating a positive trend for the high-end casting and forging industry [3].

Financial Performance - The company's net profit for 2024 was CNY 173 million, a decrease of 58.03% year-on-year, primarily due to intensified market competition and declining prices for wind power products [3] - The company expects a net profit of CNY 50 million to CNY 56 million in Q1 2025, representing a year-on-year increase of 70.96% to 91.47% [3] Financial Position - The company has CNY 1.126 billion in cash, CNY 867 million in accounts receivable, CNY 870 million in inventory, and CNY 150 million in fund and equity investments, totaling CNY 3 billion [2] - The first major shareholder holds 32.07% of the shares, and the top ten shareholders collectively hold 41.01% [2] Market Outlook - The global green transition and China's dual carbon goals (peak carbon emissions by 2030 and carbon neutrality by 2060) are expected to drive growth in the wind power industry [3] - The company anticipates improved profitability for its casting products in 2025 due to increasing market demand and rising product prices [3] Strategic Focus - The company aims to strengthen its core business in wind power components and expand into high-end casting and forging products [4][5] - Plans include enhancing market share in large megawatt wind power main shafts and developing new products in the wind power sector [4] Production Capacity - The casting production capacity utilization rate was approximately 60% in April 2025 [6] - The company produced nearly 40,000 tons of casting products in 2024, with an expected capacity of 80,000 to 100,000 tons in 2025 [8] Customer Base - Major domestic customers include Yuanjing, Yunda, CRRC, and Mingyang, while international clients include Vestas, GE, and Enel [9] Shareholder Engagement - The company has implemented a share repurchase plan with a budget of CNY 80 million to CNY 120 million, with actual repurchases amounting to CNY 100 million [12][13] - The company has set performance targets for its employee stock ownership plan, aiming for a 10% revenue growth or 40% net profit growth in 2025 [10]

第一个应该说锻造主轴不大其实这个固件品就是其他的这个精密轴应该和锻造主轴的方向应该差不多铸件产品的话应该说二五年的售价端还是有一个比较可喜的变化吧就是售价我们现在根据跟客户谈判的情况的话 应该是能有个15%左右的一个增幅吧那个铸造轴的这个售价成本端呢原材料价格其实和刚才锻造轴的差不多但是产能是在逐步的提升的所以是固定费用会持续的下滑包括像今年一季度应该说是在毛利率上应该能够出现这种持平甚至是挣数的可能毛利率 现在就是在毛利率的这个这个临界点上的一个状态现在做的这个预计的话是是这样呃就是这个其他的方面你比如说呃呃我们刚才说的我们还有一些那个呃轴承业务的那个轴瓦的销售呃应该他这个第一个占比比较少哈大概是去年的话就1800万呃今年应该不会有太大的波动嗯杨总 如果看到单季度的话其实就是2万尊多一点是不是就是从季度的情况来看的话祝建这边就会到迎非平衡的一个情况如果是没有起初的影响的话应该差不多是这样明白然后就是如果展望25年祝建这边的话目前一路看下来我们整个 住建的出货情况怎么样然后如果展望二季度的话我们比如说目前的一个预计的发货量是一个大概是一个什么样的一个区间呢一季度的出货的话就是这个住造主轴增幅还是比较大的出货达 ...