本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 金雷科技股份公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第六届董事会第十次会议、第六届监事会第九次会议，审议通过了《关 于为全资子公司提供担保的议案》，同意公司为全资子公司金雷新能源 （东营）有限公司（以下简称"金雷新能源（东营）"）向中国工商银 行股份有限公司莱芜钢城支行（以下简称"工行钢城支行"）申请综合 授信办理贷款等业务提供担保，担保额度不超过人民币 3,000 万元，具 体担保金额、种类、期限等相关事项以实际签署的协议为准。同时，授 权公司董事长或董事长指定的授权代理人办理相关业务、签署相关法律 文 件 等 。 具 体 内 容 详 见 公 司 于 2025 年 8 月 29 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于为全资子公司提供担保的公告》。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号—创业板上市公司规范运作》等法律法规、 规范性文件及《公司章程》的规定，本次担保事项在公司董事会审 ...

证券代码：300443 证券简称：金雷股份 公告编号：2025-039 金雷科技股份公司 2025 年第一次临时股东大会决议公告 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、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 9 月 16 日（星期二）下午 14:30。 （2）通过深交所交易系统进行网络投票的具体时间为 2025 年 9 月 16 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 9 月 16 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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, indicating a positive outlook for the industry [5]. Core Insights - The Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration jointly issued a plan to stabilize growth in the power equipment industry for 2025-2026, aiming for a 6% annual revenue growth for traditional power equipment and steady growth for new energy equipment [3][12]. - The report highlights significant growth in wind power installations, with a 79.50% year-on-year increase in new installations from January to July 2025, totaling 53.67 GW [3][27]. - The average bidding price for offshore wind turbines has shown a downward trend, with an average of 3266.17 RMB/kW in 2023 [44]. Summary by Sections 1. Industry Dynamics - The report outlines the government's focus on high-quality development in the wind power sector, emphasizing the need for innovation and international collaboration [3][12]. - Key projects include the announcement of a 3GW offshore wind power project in Qingdao [3]. 2. Market Performance - The wind power equipment sector experienced a decline of 2.04% in the week of September 8-12, 2025, underperforming compared to the broader market indices [15][18]. - The TTM price-to-earnings ratio for the wind power equipment index is reported at 35.19, with a market-to-book ratio of 1.93 [7][15]. 3. Installation Data - As of July 2025, the cumulative installed capacity of wind power reached approximately 574.87 million kW, reflecting a year-on-year growth of 22.10% [27][28]. - The report notes that land-based wind power installations accounted for 48.90 GW in the first half of 2025, a 95.52% increase year-on-year [4][27]. 4. Investment Recommendations - The report recommends companies such as Goldwind Technology and Yunda Co., which are expected to benefit from the acceleration of domestic wind power construction and overseas market expansion [8]. - It highlights the importance of large megawatt products and new technologies in enhancing profitability and competitive advantage within the industry [8].

Core Insights - The marine characteristic industry agglomeration area is a crucial engine for high-quality development of the marine economy and a key carrier for cultivating and developing new productive forces in the marine sector [1] - Shandong is actively promoting the construction of modern marine characteristic industry agglomeration areas to provide solid support for building a high ground for modern marine economic development [1] Group 1: Industry Development - Dongying's new energy equipment company has secured orders for wind turbine main shafts until 2026, highlighting its leading position in the domestic market [1] - The local efficient model of "port manufacturing and convenient delivery" is attributed to the precise layout of the offshore wind power equipment industrial park [1] - The establishment of two 10,000-ton offshore wind power dedicated berths, with a total investment of 600 million yuan, enhances the transportation capacity for large wind power equipment [2] Group 2: Technological Innovation - The marine biological company in Qingdao is producing seaweed polysaccharide capsules, showcasing the innovative application of marine plants in the pharmaceutical industry [2] - The collaboration with the Chinese Academy of Sciences has led to breakthroughs in the formulation and drying technology of seaweed polysaccharide capsules, enabling a transition from industrial to pharmaceutical-grade products [2] Group 3: Economic Impact - The modern marine biological industry agglomeration area in Qingdao has gathered over 80 marine biological pharmaceutical enterprises, forming a diverse ecosystem for industry development [3] - Shandong has cultivated 13 agglomeration areas with a total output value exceeding 140 billion yuan, achieving a marine industry agglomeration degree of 78% [3] - By 2027, Shandong aims to have around 20 marine characteristic industry agglomeration areas, with 10 of them expected to exceed 10 billion yuan in output value, driving the "blue economy" forward [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching approximately 1.28 billion yuan, a year-on-year growth of about 80%, and a net profit of approximately 190 million yuan, a year-on-year increase of about 153% [2][4] - The second quarter of 2025 saw revenue of approximately 780 million yuan, a year-on-year growth of about 70%, and a net profit of approximately 130 million yuan, a year-on-year increase of about 194% [2][4] - The growth in revenue is attributed mainly to an increase in shipment volume, particularly in the wind power shaft segment, which achieved revenue of approximately 870 million yuan, a year-on-year increase of 93.6% [5] - The gross profit margin for the first half of 2025 was approximately 23.5%, an increase of 2.5 percentage points year-on-year, driven by the dilution effect from increased shipment volume [5] - The company is expected to benefit from the rapid growth in the wind power industry and is actively expanding into overseas markets and new business areas, which may enhance long-term growth potential [6] Summary by Sections Revenue Performance - In the first half of 2025, the company achieved revenue of approximately 1.28 billion yuan, a year-on-year increase of about 80% [2][4] - The wind power shaft segment contributed significantly, with revenue of approximately 870 million yuan, a year-on-year growth of 93.6% [5] Profitability - The gross profit margin for the first half of 2025 was approximately 23.5%, up 2.5 percentage points year-on-year [5] - The net profit for the first half of 2025 was approximately 190 million yuan, reflecting a year-on-year increase of about 153% [2][4] Future Outlook - The company is projected to achieve a net profit of approximately 450 million yuan in 2025, corresponding to a price-to-earnings ratio of about 20 times [6]

Investment Rating - The report maintains a "Buy" rating for Jinlei Co., Ltd. (300443.SZ) with an expected revenue growth of 41.8% in 2025 and a projected net profit of 409 million yuan [1][7]. Core Views - The company has demonstrated significant growth in both revenue and profit in the first half of 2025, with revenue increasing by 79.85% year-on-year, primarily driven by the substantial rise in shipments of wind power shaft products [2][4]. - The dual-driven strategy of "casting + forging" is expected to enhance profitability as the company continues to expand its market presence both domestically and internationally, particularly in the offshore wind power sector [4][3]. Financial Performance Summary - **Revenue**: Projected revenues for 2025, 2026, and 2027 are 2,789 million yuan, 3,519 million yuan, and 4,119 million yuan respectively, reflecting growth rates of 41.8%, 26.2%, and 17.1% [1][4]. - **Net Profit**: Expected net profits for the same years are 409 million yuan, 569 million yuan, and 713 million yuan, with growth rates of 136.9%, 39.1%, and 25.2% respectively [1][4]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 1.28 yuan, 1.78 yuan, and 2.23 yuan, corresponding to P/E ratios of 21.6, 15.6, and 12.4 [1][7]. Business Development Summary - The company has successfully increased its casting capacity and expanded its market reach, establishing strategic partnerships with major global wind turbine manufacturers such as GE and Siemens Gamesa [3][4]. - The growth in the wind power casting business is particularly notable, with sales revenue reaching 280 million yuan in the first half of 2025, a year-on-year increase of 276.06% [3].

2025 年半年度持续督导跟踪报告 中泰证券股份有限公司 关于金雷科技股份公司 | 保荐机构名称：中泰证券股份有限公司 | 被保荐公司简称：金雷股份 | | --- | --- | | 保荐代表人姓名：张琳琳 | 联系电话：021-20235930 | | 保荐代表人姓名：王飞 | 联系电话：0531-68889236 | 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 | 1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 ...

Investment Rating - The report maintains a "Recommended" rating for Jinlei Co., Ltd. (300443.SZ) [2] Core Views - Jinlei Co., Ltd. is positioned as a leading player in the wind power main shaft market, with significant growth in revenue and profit expected due to increased demand and production capacity [7] - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 1.283 billion yuan, up 79.85% year-on-year, and net profit of 188 million yuan, up 153.34% year-on-year [7] - The growth in the wind power sector is driven by the expansion of casting and forging capabilities, with strategic partnerships established with major global wind turbine manufacturers [7] Financial Forecasts - Projected revenue for Jinlei Co., Ltd. is expected to grow from 1.967 billion yuan in 2024 to 3.752 billion yuan in 2027, reflecting a compound annual growth rate [2][9] - The forecasted net profit is expected to increase from 173 million yuan in 2024 to 635 million yuan in 2027, indicating strong profitability growth [2][9] - The company's EPS is projected to rise from 0.54 yuan in 2024 to 1.98 yuan in 2027, with a corresponding decrease in PE ratio from 51.26 to 13.95 [2][9] Revenue Breakdown - Wind power main shaft revenue is expected to significantly contribute to overall growth, with a forecast of 8.7 billion yuan in revenue for the first half of 2025, up 93.60% year-on-year [7] - Other precision shaft revenues are also projected to grow steadily, with a 11.56% increase year-on-year in the first half of 2025 [7] Cost and Margin Analysis - The gross margin is expected to improve from 21.33% in 2024 to around 27.54% in 2027, reflecting better cost management and pricing strategies [2][9] - The report highlights an increase in R&D expenses, which is anticipated to drive innovation and product development in the casting and industrial forging segments [7]

Investment Rating - The report maintains a "Buy" rating for companies such as Goldwind Technology, Yunda Co., and Daikin Heavy Industries, while recommending "Hold" for companies like Taisheng Wind Energy and Jinlei Co. [1][4] Core Insights - The wind power sector is experiencing accelerated construction, with significant growth in offshore wind power connections in the first half of 2025. The reform of the bidding system is expected to drive wind turbine prices upward. [4][55] - The report highlights the increasing demand for large-scale wind turbines and the application of new technologies, which are expected to enhance the development space for the entire industry. [4][55] Industry Dynamics - Zhejiang and Beijing have released proposals for market-oriented pricing reforms for renewable energy, with specific pricing set at 0.4153 CNY/kWh for existing projects. [2][12] - The wind power sector saw a significant increase in installed capacity, with 53.67 GW added in the first seven months of 2025, representing a 79.50% year-on-year growth. [27][28] - The average price for offshore wind turbines has shown a downward trend, currently at 3266.17 CNY/kW. [3][47] Stock Performance - The wind power equipment sector index increased by 3.28% in the week of September 1-5, 2025, outperforming the broader market indices. [21][22] - Key stocks such as Goldwind Technology and Yunda Co. led the gains with increases of 18.46% and 18.22%, respectively. [21][25] Macro Data and Wind Power Industry Tracking - The GDP for the first half of 2025 was reported at 66.05 trillion CNY, with a growth rate of 5.3%. [23][26] - The total electricity consumption in the first seven months of 2025 was 58633 billion kWh, reflecting a 4.5% increase year-on-year. [23][26] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the accelerating offshore wind power construction and the expansion of overseas markets. [55][56] - Specific recommendations include Goldwind Technology and Yunda Co. for the main turbine segment, Daikin Heavy Industries and Taisheng Wind Energy for tower and pile segments, and Jinlei Co. and Riyue Co. for casting and forging segments. [55][56]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported strong performance in the first half of 2025, with revenue reaching 1.283 billion yuan, a year-on-year increase of 79.85%, and a net profit attributable to shareholders of 188 million yuan, up 153.34% year-on-year. The company's gross margin was 23.47%, an increase of 2.5 percentage points, and the net margin was 14.63%, up 4.25 percentage points [5][13] - The significant growth in performance is attributed to the turnaround in the casting business, which has notably improved profitability [5][14] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.283 billion yuan, a 79.85% increase year-on-year, and a net profit of 188 million yuan, a 153.34% increase year-on-year. The second quarter alone saw revenue of 778 million yuan, a 69.98% increase year-on-year, and a net profit of 132 million yuan, a 193.95% increase year-on-year [5][13] - The company's wind power shaft products generated revenue of 870 million yuan in the first half of 2025, a 93.6% increase year-on-year, with a gross margin of approximately 25% [14] Business Segments - The casting business has turned profitable, with the subsidiary Jinlei Heavy Industry achieving a net profit of 19 million yuan in the first half of 2025, benefiting from increased market demand and improved pricing [14] - Other precision shafts also saw steady growth, with revenue reaching 182 million yuan, an 11.6% increase year-on-year, and a gross margin of 34% [15] Future Projections - Revenue projections for 2025-2027 are estimated at 2.722 billion yuan, 3.552 billion yuan, and 4.522 billion yuan, with year-on-year growth rates of 38.4%, 30.5%, and 27.3% respectively. Net profit projections for the same period are 522 million yuan, 642 million yuan, and 809 million yuan, with growth rates of 201.8%, 23.1%, and 25.9% respectively [15][16]