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]

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

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 ...

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].