证券简称：金雷股份 证券代码：300443 上海荣正企业咨询服务（集团）股份有限公司 关于 金雷科技股份公司 2025年员工持股计划（草案） 之 独立财务顾问报告 2025 年 4 月 | 一、释义 3 | | --- | | 二、声明 5 | | 三、基本假设 6 | | 四、本员工持股计划的主要内容 7 | | （一）员工持股计划的基本原则 7 | | （二）员工持股计划的持有人、确定标准及持有情况 7 | | （三）员工持股计划的股票来源、资金来源、购买价格和规模 9 | | （四）员工持股计划的存续期、锁定期及解锁安排 11 | | （五）员工持股计划的管理模式 15 | | （六）员工持股计划的变更、终止及持有人权益的处置 20 | | （七）员工持股计划其他内容 22 | | 五、独立财务顾问对本员工持股计划的核查意见 22 | | （一）对本员工持股计划是否符合政策法规规定的核查意见 22 | | （二）对公司实施本员工持股计划可行性的核查意见 24 | | （三）实施本员工持股计划对公司持续经营能力、股东权益的影响 26 | | 六、结论 26 | | 七、提请投资者注意的事项 27 | | ...

中泰证券股份有限公司 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 | 0次 | | 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 | 是 | | 于防止关联方占用公司资源的制度、募集资金管理 | | | 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 | | | （1）查询公司募集资金专户次数 | 2次 | | （2）公司募集资金项目进展是否与信息披露文件 一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0次，已阅会议文件 | | （2）列席公司董事会次数 | 0次，已阅会议文件 | | （3）列席公司监事会次数 | 0次，已阅会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 1次 | | （2）现场检查报告是否按照本所规定报送 | 是 | | ...

北京德和衡律师事务所 关于金雷科技股份公司 2025年员工持股计划的 法律意见书 德和衡证律意见（2025）第188号 BEIJINGDHHLAWFIRM 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：(+8610)85407666 邮编：100022www.deheheng.com 北京德和衡律师事 务所 BEIJINGDHHLAWFIRM | 简称 | | 含义 | | --- | --- | --- | | 金雷股份、公司 | 指 | 金雷科技股份公司 | | 本次员工持股计划 | 指 | 金雷科技股份公司2025年员工持股计划 | | 《员工持股计划（草 | 指 | 《金雷科技股份公司2025年员工持股计划（草案）》 | | 案）》 | | | | 《员工持股计划管理办 | 指 | 《金雷科技股份公司2025年员工持股计划管理办法》 | | 法》 | | | | 《证券法》 | 指 | 《中华人民共和国证券法（2019修订）》 | | 《公司法》 | 指 | 《中华人民共和国公司法（2023修订）》 | | 《指导意见》 | 指 | 《关于上市公司实施员工持股计划试点的 ...

上 市 公 司 电力设备 | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 18.81 | | 资产负债率% | 9.36 | | 总股本/流通 A 股（百万） | 320/243 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-08 05-08 06-08 07-08 08-08 09-08 10-08 11-08 12-08 01-08 02-08 03-08 -40% -20% 0% 20% 40% 金雷股份 沪深300指数 (收益率) 2025 年 04 月 08 日 金雷股份 (300443) ——24 年盈利见底，一季度迎开门红 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 07 日 | | --- | --- | | 收盘价（元） | 17.46 | | 一年内最高/最低（元） | 27.41/13.51 | | 市净率 | 0.9 | 股息率%（分红/股价） 1.91 流通 A 股市值（百万元） 4,239 上证指数/深证成指 3,096.58/9,3 ...

Group 1 - 18 companies listed on the ChiNext board have announced their first-quarter performance forecasts, with 14 expecting profit increases, 1 expecting profit, and 1 expecting a decline [1] - The median expected net profit growth for the companies forecasting profit increases is significant, with the highest being 568.02% for Hanyu Pharmaceutical [1] - The sectors represented include pharmaceuticals, electronics, automotive, environmental protection, and defense, indicating a diverse range of industries performing well [1] Group 2 - The company HanShuo Technology is forecasting a profit decline of 26% [2] - The latest closing price for HanShuo Technology is 54.02, with a year-to-date decline of 19.28% [2]

Core Viewpoint - Jinlei Co., Ltd. reported a significant decline in net profit for 2024, while projecting substantial growth in Q1 2025 due to increased demand in the wind power sector and improved pricing for casting products [1][2][4]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.967 billion yuan, a year-on-year increase of 1.11%, but net profit attributable to shareholders fell to 173 million yuan, a decrease of 58.03% [1][2]. - The company's Q4 2024 revenue was 654 million yuan, reflecting a year-on-year growth of 7.30% and a quarter-on-quarter increase of 8.99%, while net profit for the quarter dropped 72.05% year-on-year [2][4]. - For Q1 2025, the company forecasts a net profit of 50 to 56 million yuan, representing a year-on-year growth of 70.96% to 91.47% [1][2]. Product Performance Summary - In 2024, revenue from wind power main shaft products was 1.388 billion yuan, while other precision shaft products generated 376 million yuan; sales of wind power casting products increased by 71% to 277 million yuan [3][4]. - The anticipated growth in Q1 2025 is attributed to a significant increase in shipments of forged and cast main shafts, alongside improved pricing for casting products due to rising demand in the wind power industry [3][4]. Challenges and Cost Structure - The decline in 2024 performance was influenced by intensified competition in the wind power sector, leading to lower prices for wind power products, particularly castings [4]. - The company faced high costs due to underutilization of new capacity and increased operational expenses, with a total expense ratio of 10.53% in 2024, up 2.2 percentage points year-on-year [4].

Core Viewpoint - The company experienced a decline in net profit in 2024, primarily due to pressure on wind power spindle revenue, while precision shaft products showed rapid growth [1][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.967 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 173 million yuan, a year-on-year decrease of 58.03% [1]. - The revenue from wind power spindle products was 1.388 billion yuan, while other precision shaft products generated 376 million yuan [1]. - In Q4 2024, the company reported operating revenue of 654 million yuan, a year-on-year increase of 7.30% and a quarter-on-quarter increase of 8.99%, with a net profit of 24 million yuan, down 72.05% year-on-year and 68.40% quarter-on-quarter [1]. Group 2: Casting Business - The company has significantly enhanced its production capacity for large wind turbine core casting components, including spindles and hubs, with a sales revenue of 277 million yuan in 2024, representing a year-on-year growth of 71% [2]. - The delivery volume of casting products, including spindles and bearing seats, increased by 120% year-on-year [2]. - The company is expected to benefit from strong demand for offshore wind power in 2025, leading to a potential reversal in profitability for large castings [2]. Group 3: Forging Business - The company has established itself as a global leader in wind power forged spindles, achieving strong profitability through high product quality and cost advantages [3]. - The company covers a range of forged spindle models from 1.5MW to 9.5MW and is poised for growth due to significant increases in land wind power bidding in 2024 [3]. - Revenue from other precision shaft products reached 376 million yuan in 2024, reflecting a year-on-year increase of 29.46% [4]. Group 4: Profit Forecast and Valuation - The company is recognized as a global leader in wind power spindles, with accelerated expansion in casting capacity [5]. - The profit forecast has been adjusted downward, with expected net profits for 2025-2027 at 455 million, 548 million, and 676 million yuan, respectively [5]. - Corresponding EPS for these years is projected to be 1.42, 1.71, and 2.11 yuan per share, with PE ratios of 15, 13, and 10 times [5].

Core Viewpoint - Jinlei Co., Ltd. reported a total operating revenue of 1.967 billion yuan for 2024, a year-on-year increase of 1.11%, but the net profit attributable to shareholders decreased by 58.03% to 173 million yuan, indicating overall performance pressure. The company anticipates a significant rebound in Q1 2025 with a projected net profit of 50-56 million yuan, representing a year-on-year increase of 70.96% to 91.47% [1][2]. Group 1: Financial Performance - In 2024, the company's gross and net profit margins were 21.33% and 8.78%, respectively, down by 11.71 percentage points and 12.38 percentage points year-on-year, with gross margin decline primarily due to intensified price competition in wind power castings and high depreciation and labor costs [1]. - The company expects a strong recovery in Q1 2025, driven by a significant increase in the wind power installation scale, with forecasts of 105-115 GW for 2025, representing a growth rate of 63.9% to 145.9% [1][2]. Group 2: Market Dynamics - The average bidding price for domestic wind turbines hit a low of 1400 yuan/kW in August 2024 but rebounded to stabilize between 1520 and 1540 yuan/kW from August to December, benefiting the company's casting product prices and overall profitability [2]. - The company is positioned as a leading manufacturer of wind turbine forgings, with a comprehensive product range and increasing market share, while also expanding its casting capabilities to meet the growing demand in offshore wind projects [2]. Group 3: Employee Incentives - The company announced a 2025 employee stock ownership plan involving a maximum of 2.8005 million shares, representing 0.88% of total equity, aimed at enhancing operational vitality and reflecting confidence in future growth [3]. Group 4: Future Projections - Revenue projections for 2025-2027 are 2.37 billion, 2.82 billion, and 3.51 billion yuan, with year-on-year growth rates of 20.4%, 19.1%, and 24.5%, respectively. Net profits are expected to reach 340 million, 440 million, and 570 million yuan, with growth rates of 96.2%, 30.2%, and 29.5% [4].

Investment Rating - The investment rating for Jinlei Co., Ltd. is "Buy-A" with a 6-month target price of 26.5 CNY [4][8][12] Core Views - The wind power industry is expected to experience a significant recovery in 2025, which will likely lead to an increase in both volume and price for Jinlei Co., Ltd. [1][8] - The company reported a total revenue of 1.967 billion CNY for 2024, a year-on-year increase of 1.11%, but a net profit of 173 million CNY, down 58.03% year-on-year [1][8] - The first quarter of 2025 is projected to show a substantial rebound in net profit, estimated between 50 to 56 million CNY, representing a year-on-year increase of 70.96% to 91.47% [1][8] Summary by Sections Financial Performance - In 2024, the company's gross and net profit margins were 21.33% and 8.78%, respectively, down 11.71 percentage points and 12.38 percentage points year-on-year [1] - The company expects significant revenue growth in the coming years, with projected total revenues of 2.37 billion CNY, 2.82 billion CNY, and 3.51 billion CNY for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 20.4%, 19.1%, and 24.5% [8][12] Market Dynamics - The wind power industry is anticipated to see a high increase in installed capacity, with estimates of 105-115 GW for 2025, which corresponds to a growth rate of 63.9% to 145.9% [1][2] - The average bidding price for wind turbines in China is expected to stabilize and recover, which will positively impact the company's product pricing and profitability [2][8] Business Segments - Jinlei Co., Ltd. is a leading manufacturer of wind power shafts and has expanded its production capabilities for casting products, achieving a year-on-year increase of 71% in revenue from wind power casting products [2][8] - The company has successfully diversified its free forging business into new downstream sectors such as shipping, mining, energy, and cement, maintaining a good capacity utilization rate [11][12] Future Outlook - The company has implemented an employee stock ownership plan to enhance operational vitality, with performance targets set for revenue and net profit growth [7][8] - The projected net profit for 2025 is expected to be 340 million CNY, with a year-on-year growth rate of 96.2% [12]

证券代码：300443 证券简称：金雷股份 公告编号：2025-019 金雷科技股份公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 金雷科技股份公司（以下简称"公司"）于 2024 年 11 月 6 日召开 第六届董事会第五次会议、第六届监事会第五次会议，审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易 方式回购部分已发行的人民币普通股 A 股股份（以下简称"本次回 购"），用于员工持股计划或股权激励。本次回购的资金总额不低于人 民币 4,000万元（含），不超过人民币 7,000万元（含），回购股份的价 格不超过 32.58 元/股，具体回购股份数量以回购实施完成时实际回购的 股份数量为准，回购股份的实施期限为自公司董事会审议通过回购股份 方案之日起 6 个月内。具体内容详见公司于 2024 年 11 月 6 日在中国证 监会指定创业板信息披露网站巨潮资讯网披露的《关于回购公司股份方 案的公告》和《回购股份报告书》。 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产 ...