Group 1 - The company maintains a balanced sales strategy between domestic and international markets, with both segments contributing equally to sales [1] - In the forging business, overseas customer base is stabilizing, indicating a steady demand [1] - In the casting business, the company is actively developing overseas customers, suggesting potential for growth in international markets [1]

格隆汇12月17日丨金雷股份(300443.SZ)在投资者互动平台表示，公司产品暂未涉及SMR领域。 ...

格隆汇12月17日丨金雷股份(300443.SZ)在投资者互动平台表示，公司产品暂未涉及SMR领域。 ...

Core Viewpoint - Jinlei Co., Ltd. (300443) has confirmed that it currently does not hold any shares in Feiwo Technology (301232) [1] Company Summary - Jinlei Co., Ltd. responded to investor inquiries on an interactive platform regarding its shareholding status [1]

Core Viewpoint - Jinlei Co., Ltd. has completed negotiations for its overseas orders, and the results are in line with expectations. Domestic orders are typically negotiated at the beginning of each year [2] Group 1 - The company has indicated that its overseas order negotiations are essentially finished [2] - The outcomes of the overseas negotiations have met the company's expectations [2] - Domestic order negotiations are expected to commence at the start of the upcoming year [2]

（文章来源：证券日报） 证券日报网讯 12月16日，金雷股份在互动平台回答投资者提问时表示，公司会持续强化投资者关系管 理，积极向市场传递公司价值，努力推动公司市值与内在价值协同增长。 ...

Group 1 - The company Jinlei Co., Ltd. (300443.SZ) currently does not hold any shares in Feiwo Technology [1]

Core Viewpoint - The company has completed negotiations for foreign orders, and the results are in line with expectations, while domestic order negotiations typically begin at the start of the year [1] Group 1 - The company confirmed that foreign orders have been largely finalized [1] - Negotiation results for foreign orders met the company's expectations [1] - Domestic order negotiations are expected to commence in early January [1]

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Core Viewpoint - The Chinese wind power casting industry is experiencing significant development opportunities due to the acceleration of global energy transition and the booming wind power industry, with a strong correlation between market size and new installed wind power capacity [1][15]. Industry Overview - Wind power castings are specialized castings used in wind turbines, accounting for approximately 10% of the total cost of wind turbines, with demand steadily increasing as the wind turbine industry grows [3][9]. - The industry has seen substantial advancements in technology, production capacity, and product quality, establishing China as a dominant force in the global wind power casting supply [1][15]. Market Size and Growth - The market size of China's wind power casting industry is projected to reach 20.64 billion yuan in 2024, representing a year-on-year growth of 13.16%, and is expected to grow to 23.37 billion yuan by 2025 [1][15]. - The global wind power casting market is anticipated to reach $4.482 billion in 2024, with a year-on-year growth of 8.61%, and is expected to increase to $5.158 billion by 2025 [14]. Production Capacity - China's wind power casting capacity is expected to grow from 2.02 million tons in 2021 to 2.69 million tons in 2024, with a compound annual growth rate of 10.02%, and is projected to reach 2.91 million tons by 2025 [16]. Key Enterprises - Major companies in the Chinese wind power casting industry include Jixin Technology, Riyue Heavy Industry, Hongde Co., and Haomai Technology, among others, which have established significant market positions through technological advancements and production capabilities [2][17]. - Jixin Technology focuses on manufacturing components for large wind turbines and has reported a revenue increase of 27.33% for its main products in the first half of 2025 [18]. - Riyue Heavy Industry has a production capacity of 700,000 tons of castings and has seen a revenue increase of 66.06% for its ductile iron products in the first half of 2025 [19]. Industry Trends - The industry is moving towards large-scale and lightweight casting development to meet the demands of high-capacity wind turbines, with a focus on optimizing structural design and using new high-strength materials [20]. - Innovations in materials and casting processes are driving technological upgrades, enhancing the mechanical performance and fatigue life of castings [21]. - The integration of smart manufacturing and green production practices is becoming a core development direction, aiming to improve efficiency and reduce environmental impact [22].