塔桩环节盈利分化，出口企业表现亮眼。2024年塔桩环节企业受国内陆塔业务单价下 降、海风需求不及预期等因素影响盈利普遍承压，但出口业务实现放量的大金重工受益于海 外收入占比提升、盈利提升实现明显超额收益。2025年一季度海风相关标的存货、合同负债 双高，随着国内海风项目陆续开工流程，盈利弹性有望逐步体现。 铸件涨价落地，需求高景气业绩弹性有待释放。2024年，受销售单价大幅下降影响，铸 锻件及主轴环节企业收入、盈利均承压。2025年一季度铸锻件标的业绩普遍实现较大幅度修 复，主要受益于收入结构调整、需求淡季不淡带来的固定成本摊销等因素影响。25Q1铸件 涨价基本落地，但预计Q1确收订单仍以24年价格计价为主，考虑到全年国内装机需求预期 在100-120GW左右，预计Q2-3排产环比仍然向上，叠加涨价落地，预计相应标的业绩弹性 有望持续释放。 投资建议：25Q1行业拐点确立，景气上行板块收入、盈利有望持续向上，重点推荐三条 更具盈利弹性的主线：1）受益于国内价格企稳回升、两海收入结构提升驱动盈利趋势性改 善的整机环节，重点推荐：金风科技、运达股份、明阳智能等；2）受益于"两海"需求高景 气、海外订单外溢，盈利有 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in Q1 2025, achieving operating revenue of 500 million yuan, a year-on-year growth of 97.5%. The net profit attributable to the parent company was 60 million yuan, up 91.2%, while the net profit excluding non-recurring items reached 50 million yuan, reflecting a growth of 127.2% [2][4] - The growth in revenue is primarily driven by the booming downstream wind power industry, leading to rapid increases in production and shipment of forgings and castings [11] - The gross margin for Q1 2025 was 21.38%, a decrease of 2.53 percentage points year-on-year, attributed to changes in product mix. The operating expense ratio was 8.5%, down 5.6 percentage points year-on-year, benefiting from the dilution effect of increased revenue [11] - The company ended Q1 2025 with inventory of 1.075 billion yuan, showing a rapid year-on-year and quarter-on-quarter increase, indicating a strong outlook for future shipments [11] - The company is expected to achieve a net profit of approximately 450 million yuan in 2025, corresponding to a PE ratio of about 14 times, supported by anticipated high growth in wind power installations and price increases for large castings [11] Summary by Sections Financial Performance - Q1 2025 operating revenue was 500 million yuan, a 97.5% increase year-on-year [2][4] - Net profit attributable to the parent company was 60 million yuan, a 91.2% increase [2][4] - Net profit excluding non-recurring items was 50 million yuan, a 127.2% increase [2][4] - Gross margin was 21.38%, down 2.53 percentage points year-on-year [11] - Operating expense ratio was 8.5%, down 5.6 percentage points year-on-year [11] Market Outlook - The company is expected to benefit from high growth in wind power installations in 2025 and price increases for large castings, leading to a projected net profit of 450 million yuan [11]

海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力风电、大金 ...

电力设备 海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力 ...

电力设备及新能源行业 行业研究 | 动态跟踪 25Q1 风电行业招标增长，价格企稳 核心观点 投资建议与投资标的 ⚫ 陆风周期底部回暖，静待量价修复。建议关注风电产业链复苏金风科技(002202， 未评级)、明阳智能(601615，未评级)、运达股份(300772，未评级)、日月股份 (603218，未评级)、三一重能(688349，未评级)、金雷股份(300443，未评级)等； 海风周期拐点蓄势待发，静待海风边际改善。建议关注风电产业链中海风相关度较 高环节东 方电缆(603606 ，未评级) 、振江 股份(603507，买入) 、起帆 电缆 (605222，买入)、大金重工(002487，未评级)等。 风险提示 asdasd 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 05 月 04 日 看好（维持） | 顾高臣 | 021-63325888*6119 | | --- | --- | | | gugaochen@orientsec.com.cn | | | 执业证书编号：S0860520080004 | | 严东 | yandong@orientsec.com.cn | | ...

分析师：姚遥 S1130512080001 联系人：彭治强 1 2 • 通缩周期下24FY板块收入、盈利承压。24年国内风电新增装机87GW，同比+10%；4Q24风机中标价格企稳由1400元/kW反弹至1500- 1600元/kW，但全年销售价格仍然大幅下降。通缩周期下，24年【SW风电设备】实现营收1920亿元，同比-3.5%；实现归母净利润 57.5亿元，同比-26.6%。 • 25Q1业绩拐点确立，行业景气向上。25Q1新增风机招标28.6GW，同比+23%，需求高增趋势延续；Q1受抢装影响需求淡季不淡，叠 加海风开工提速，板块景气持续向上。25Q1【SW风电设备】实现营收372亿元，同比+15.4%；实现归母净利润12.5亿元，同比 +2.8%，近三年Q1归母净利润同比首次转正，行业拐点确立。 • 整机制造业务盈利筑底，25Q1整机环节电站转让放缓，制造端盈利重要性提升。25Q1整机环节盈利同比下降，主要受电站转 让放缓影响，制造端盈利重要性逐步凸显。24年行业头部企业风机销售价格下降至1550元/kW，结合行业当前中标均价，预计 进一步下降空间不大；25Q1头部企业出海加速，看好"陆风通胀"+"两 ...

电力设备及新能源行业 行业研究 | 动态跟踪 25Q1 风电行业招标增长，价格企稳 核心观点 投资建议与投资标的 ⚫ 陆风周期底部回暖，静待量价修复。建议关注风电产业链复苏金风科技(002202， 未评级)、明阳智能(601615，未评级)、运达股份(300772，未评级)、日月股份 (603218，未评级)、三一重能(688349，未评级)、金雷股份(300443，未评级)等； 海风周期拐点蓄势待发，静待海风边际改善。建议关注风电产业链中海风相关度较 高环节东 方电缆(603606 ，未评级) 、振江 股份(603507，买入) 、起帆 电缆 (605222，买入)、大金重工(002487，未评级)等。 风险提示 能源结构转型速度不及预期、风电需求不及预期、竞争激烈程度增加、地缘风险、汇率 风险。 asdasd 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 05 月 04 日 看好（维持） | 顾高臣 | 021-63325888*6119 | | --- | --- | | | gugaochen@orientsec.com.cn | | | 执业证书编号：S086052008 ...

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 ...