300443.SZ 年结日：12 月 31 日 2022 2023 2024E 2025E 2026E 年结日：12 月 31 日 2022 2023 2024E 2025E 2026E 营业总收入 1,812 1,946 2,308 3,160 3,857 净利润 352 412 515 707 876 营业收入 1,812 1,946 2,308 3,160 3,857 折旧摊销 111 797 237 289 344 营业成本 1,269 1,303 1,584 2,193 2,655 营运资金变动 (485) (99) (329) (484) (638) 营业税金及附加 14 24 28 38 46 其他 (123) (716) (77) (78) (82) 销售费用 9 15 16 21 21 经营活动现金流 (146) 393 346 434 500 管理费用 70 100 111 126 143 资本支出 (1,027) (606) (700) (700) (700) 研发费用 66 79 92 120 143 投资变动 23 (9) 30 50 50 财务费用 (13) (21) (33) ( ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11][16]. Core Views - In 2023, the company achieved a revenue of approximately 1.946 billion yuan, a year-on-year increase of 7.4%, and a net profit attributable to the parent company of 410 million yuan, a year-on-year increase of 16.9% [32]. - The company is expected to benefit from the anticipated growth in domestic and overseas offshore wind installations, with a forecasted net profit of 510 million yuan in 2024, corresponding to a PE ratio of approximately 11 times [11]. Financial Performance Summary - In 2023, the company realized a gross profit margin of about 33%, an increase of 3.1 percentage points year-on-year, with a net profit margin of approximately 21.2%, up by about 1.7 percentage points [10]. - The company shipped approximately 157,000 tons of wind power products, a year-on-year increase of 6.7%, generating revenue of about 1.6 billion yuan, a 1.4% increase year-on-year [10]. - The company also shipped about 26,000 tons of other cast and forged products, achieving revenue of approximately 290 million yuan, a year-on-year increase of 67.9% [10]. Future Outlook - The domestic offshore wind installation is expected to grow significantly to 10 GW in 2024, with a potential explosive growth in 2025/2026 [11]. - The company is actively expanding its domestic and international casting markets and has begun production at its Dongying base, which is expected to gradually release capacity [11]. - The company plans to invest 2.651 billion yuan in a high-end transmission equipment industrial park project, which will have an annual production capacity of 280,000 tons of large high-end forged products [34].

23Q4 盈利短期承压，产能扩张深化竞争力 2023 年盈利同比修复，研发投入持续增长。盈利端：2023 年公司销售毛利率/ 净利率分别为 33%/21.2%，同比增长 3.1pp/1.7pp；单 Q4 毛利率/净利率分别 为 27.7%/13.9%，分别同比下降 5.4pp/5.6pp。费用端：公司 2023 年销售/管理 （不含研发）/财务/研发费用率分别为 0.8%/5.2%/-1.1%/4.1%，分别同比 +0.3pp/+1.3pp/-0.4pp/+0.4pp。销售费用率增长主要系子公司铸件销售团队搭建 和母公司其他精密轴类销售团队扩充所致，管理费用增长主要系子公司铸件业 务管理团队搭建人员增加及公司销量增加发生的管理费用随着增加所致，财务 费用率降低主要系主要是报告期利息收入增加所致。 | --- | --- | --- | --- | --- | |----------------------------------|--------|---------------------------------|--------|--------| | | | | | | | [Table_MainProf ...

Investment Rating - The report maintains a "Buy" rating for the company [12][22]. Core Insights - The company reported a revenue of 1.946 billion in 2023, a year-on-year increase of 7.41%, and a net profit of 412 million, up 16.85% [12][23]. - In Q1 2024, the company experienced a revenue decline of 41.56% to 255 million and a net profit drop of 70.80% to 29 million, attributed to seasonal factors and increased depreciation costs [12][17]. - The overall profitability is expected to recover as wind power demand increases, with significant growth anticipated in Q2 2024 [13][22]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are 2.505 billion, 3.041 billion, and 3.709 billion respectively, with corresponding net profits of 554 million, 703 million, and 877 million [12][23]. - The gross margin for 2023 was 33.04%, with a projected recovery to 32.8% in 2024 [12][23]. - The company’s earnings per share (EPS) are expected to be 1.70, 2.16, and 2.69 for 2024, 2025, and 2026 respectively [12][22]. Market Position and Outlook - The company is positioned as a leader in the global wind power sector, focusing on large offshore wind turbine components [22]. - The report highlights a strong growth trajectory in the wind power industry, with expected installations of 82GW and 90GW in 2024 and 2025 respectively [13][22]. - The company has successfully developed production capabilities for 20MW turbine models and is expanding its customer base [21][22].

证券代码：300443 证券简称：金雷股份 公告编号：2024-027 金雷科技股份公司 第五届监事会第十九次会议决议公告 本公司及监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。 金雷科技股份公司（以下简称"公司"）第五届监事会第十九 次会议于 2024年 4月 29日在公司以现场方式召开。会议通知于 2024 年 4 月 26 日以电话及电子邮件等方式送达给全体监事。应出席监事 3 人，实际出席监事 3 人，本次会议由监事会主席刘明女士召集并主 持。本次会议的召集、召开符合《中华人民共和国公司法》等有关 法律、行政法规、规范性文件及《公司章程》的规定，会议决议合 法、有效。会议经审议和书面表决形成如下决议： 逐项审议通过了《关于回购公司股份方案的议案》 经与会监事认真审议，充分讨论，审慎表决，公司监事会对 《关于回购公司股份方案的议案》进行了逐项审议： 1、回购股份的目的 基于对公司未来发展前景的信心和对公司价值的认可，为维护 广大投资者的利益，增强投资者信心，综合考虑公司经营情况、财 务状况和发展战略，公司拟使用自有资金以集中竞价交易方式回购 公司部分 A 股股票 ...

证券代码：300443 证券简称：金雷股份 公告编号：2024-025 金雷科技股份公司 关于回购公司股份方案的公告 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。 重要内容提示： 1、基本情况 （1）回购股份的种类：金雷科技股份公司（以下简称"公司"） 已发行的人民币普通股（A 股）股票。 （2）回购股份的用途：为维护公司价值及股东权益所必需。本 次回购股份后拟全部予以注销并相应减少公司注册资本。 （3）回购股份的价格：不超过人民币 31 元/股（含），未超过 董事会审议通过本次回购方案决议前 30 个交易日公司股票均价的 150%。 （4）回购股份的资金总额：回购资金总额不低于人民币 8,000.00 万元（含），不超过人民币 12,000.00 万元（含）。 （5）回购资金来源：自有资金 （6）回购股份的实施期限：自董事会审议通过最终回购股份方 案之日起不超过三个月。 （7）回购股份的数量及占公司总股本的比例：按照本次回购金 额上限不超过人民币 12,000.00 万元（含），回购价格上限不超过人 民币 31 元/股（含）进行测算，回购数量约为 3,87 ...

金雷科技股份公司 第五届董事会第二十次会议决议公告 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。 金雷科技股份公司（以下简称"公司"）第五届董事会第二十次会 议于 2024 年 4 月 29 日在公司会议室以现场及通讯方式召开。会议通知 于 2024 年 4 月 26 日以电话及电子邮件等方式送达给全体董事。本次会 议由公司董事长伊廷雷先生召集并主持，应出席董事 5 人，实际出席董 事 5 人。本次会议的召集、召开符合《中华人民共和国公司法》和《公 司章程》的有关规定, 会议决议合法、有效。会议经审议和书面表决形 成如下决议： 证券代码:300443 证券简称:金雷股份 公告编号：2024-026 表决结果：同意 5 票；反对 0 票；弃权 0 票。 2、回购股份符合相关条件 （1）公司最近一期每股净资产为 18.80 元，2024 年 4 月 26 日公司 股票收盘价格为 17.46 元/股，公司股票收盘价格低于最近一期每股净资 产，满足《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》 第二条规定的"为维护公司价值及股东权益所必需"应当符合的条件 ...

2024 年 04 月 26 日 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | 2022A | | | | | 2023A | | 2024E | | | 2025E | | 2026E | | ) | 亿元 | | | 18.12 | | | | | 19.46 | | 25.00 | | | 32.00 | | 40.00 | | | | | | 3.52 | | | | 4.12 | | | 4.96 | | | 6.20 | | 7.97 | | ...

华福证券 业绩短期承压，看好锻铸业务双轮驱动下的长期发 投资要点： ➢ 铸造业务发展迅速，第二增长曲线逐渐成型。23年公司铸造产品业务收入同比上 涨20.02%。铸件子公司金雷重装已成功中标上电V7四大件、西歌SG14轴系、东电18MW 轴系及20MW主机架，且东电18MW轴系、20MW订单完成部分产品发货，是行业内首次实 现大兆瓦风电铸件开发。公司与GE、西门子歌美飒、运达股份、远景能源、恩德安信 能、维斯塔斯、东方电气、金风科技、中国中车等全球高端风电整机制造商建立了良 好的战略合作关系。 ➢ 风险提示：客户认证不及预期；风电装机不及预期；行业竞争加剧；原材料价格 上涨风险等。 2024 年 4 月 26 日 Tabl e_First|Tabl e_M arketInfo Tabl e_First|Tabl e_C hart 一年内股价相对走势 基本数据 总股本/流通股本（百万股） 325/248 总市值/流通市值（百万元） 5708/4352 每股净资产（元） 18.89 资产负债率（%） 10.40 一年内最高/最低（元） 44.88/15.01 Tabl e_First|Tabl e_Author ...

Investment Rating - The investment rating for the company is "Buy" based on its performance and growth potential [4]. Core Views - The company achieved a revenue of 1.946 billion yuan in 2023, representing a year-on-year growth of 7.4%. The gross margin was 33%, an increase of 3.1 percentage points compared to 2022 [4]. - The net profit attributable to the parent company for 2023 was 412 million yuan, reflecting a growth of 16.8% [4]. - The company is expanding its production capacity in the wind power sector, with significant projects underway, including a new high-end transmission equipment industrial park [4]. Financial Summary - **Total Revenue**: - 2022: 1,812 million yuan - 2023: 1,946 million yuan - 2024E: 2,471 million yuan - 2025E: 3,405 million yuan - 2026E: 3,945 million yuan - Year-on-Year Growth: 9.7% in 2022, 7.4% in 2023, 27.0% in 2024E, 37.8% in 2025E, 15.9% in 2026E [6]. - **Net Profit**: - 2022: 352 million yuan - 2023: 412 million yuan - 2024E: 535 million yuan - 2025E: 724 million yuan - 2026E: 819 million yuan - Year-on-Year Growth: -29.0% in 2022, 16.8% in 2023, 29.9% in 2024E, 35.4% in 2025E, 13.0% in 2026E [6]. - **Gross Margin**: - 2022: 30.0% - 2023: 33.0% - 2024E: 33.2% - 2025E: 32.9% - 2026E: 32.8% [6]. - **Return on Equity (ROE)**: - 2022: 9.8% - 2023: 6.7% - 2024E: 8.0% - 2025E: 9.8% - 2026E: 10.0% [6]. - **Earnings Per Share (EPS)**: - 2022: 1.08 yuan - 2023: 1.27 yuan - 2024E: 1.64 yuan - 2025E: 2.23 yuan - 2026E: 2.52 yuan [6]. - **Price-to-Earnings Ratio (P/E)**: - 2022: 16.20 - 2023: 13.86 - 2024E: 10.67 - 2025E: 7.88 - 2026E: 6.97 [6]. - **Price-to-Book Ratio (P/B)**: - 2022: 1.58 - 2023: 0.93 - 2024E: 0.86 - 2025E: 0.77 - 2026E: 0.70 [6].