证券代码：300772 证券简称：运达股份 运达能源科技集团股份有限公司投资者关系活动记录表 | | 一是先后在大连太平湾、温州洞头两地投资建设海上风电总 | | --- | --- | | | 装基地，形成"一南一北"海上风电基地布局；二是充分发 | | | 挥浙江省内资源禀赋优势及省属国企优势，在省内实施谋划 | | | 一批近、远海风电项目；三是积极关注大连、广东等地的深 | | | 远海市场。 | | | 5、请介绍一下公司海外业务的情况？ | | | 答：中国的陆上风电无论在技术水平还是供应链保障能力上 | | | 均处于世界一流水平，成本端的优势愈加明显，国际竞争力 | | | 持续增强，未来全球很多区域的中国风电机组占比将持续提 | | | 升。 | | | 2024 年公司海外中标容量同比增长超 100%，连续两年保持 | | | 翻倍增长，并在中东、北非等市场实现突破，首次获取项目 | | | 订单。 | | | 公司未来将加速全球战略布局，加大海外新业主开拓力度， | | | 提升海外订单规模，打造公司未来盈利增长点。 | | 附件清单 | | | （如有） | | | 日期 | 2025 ...

财通证券股份有限公司 关于运达能源科技集团股份有限公司 收购报告书之2025年三季度持续督导意见 财通证券股份有限公司（以下简称"财通证券"或"财务顾问"）接受浙江省机电 集团有限公司（以下简称"机电集团"或"收购人"）的委托，担任本次免于发出要约 收购运达能源科技集团股份有限公司（以下简称"运达股份"或"公司"）的财务顾问， 根据《上市公司收购管理办法》等相关法律法规的规定，持续督导期自运达股 份公告《运达能源科技集团股份有限公司收购报告书》（以下简称"《收购报告 书》"）之日起至收购完成后的12个月止（即从2025年3月3日至本次收购完成后 的12个月止）。 2025年10月30日，运达股份披露2025年三季度报告。通过日常沟通，结合 公司的2025年三季度报告、其他定期公告和临时公告，本财务顾问出具2025年 三季度（2025年7月1日至2025年9月30日，以下简称"本持续督导期"）的持续督 导意见，具体情况如下： 一、交易资产的交付或过户安排 （一）本次免于发出要约收购情况 2025年3月3日，运达股份以8.22元/股的价格向特定对象发行股票85,158,150 股（以下简称"本次发行"），本次发行 ...

11月6日，运达股份盘中上涨2.01%，截至10:36，报18.79元/股，成交1.26亿元，换手率0.98%，总市值 147.85亿元。 资金流向方面，主力资金净流入413.15万元，特大单买入268.04万元，占比2.13%，卖出101.58万元，占 比0.81%；大单买入1792.92万元，占比14.21%，卖出1546.22万元，占比12.26%。 分红方面，运达股份A股上市后累计派现2.81亿元。近三年，累计派现1.53亿元。 机构持仓方面，截止2025年9月30日，运达股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股902.48万股，相比上期减少179.86万股。华夏复兴混合A（000031）位居第六大流通股 东，持股549.47万股，持股数量较上期不变。博时恒乐债券A（014846）位居第七大流通股东，持股 454.91万股，为新进股东。南方中证1000ETF（512100）位居第九大流通股东，持股431.50万股，相比 上期减少4.29万股。 资料显示，运达能源科技集团股份有限公司位于浙江省杭州市西湖国际科技大厦A座18F，成立日期 2001年11月30日，上市日期2019年 ...

截至9月30日，运达股份股东户数3.34万，较上期减少13.08%；人均流通股20891股，较上期增加 15.09%。2025年1月-9月，运达股份实现营业收入184.86亿元，同比增长32.72%；归母净利润2.51亿元， 同比减少5.76%。 分红方面，运达股份A股上市后累计派现2.81亿元。近三年，累计派现1.53亿元。 机构持仓方面，截止2025年9月30日，运达股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股902.48万股，相比上期减少179.86万股。华夏复兴混合A（000031）位居第六大流通股 东，持股549.47万股，持股数量较上期不变。博时恒乐债券A（014846）位居第七大流通股东，持股 454.91万股，为新进股东。南方中证1000ETF（512100）位居第九大流通股东，持股431.50万股，相比 上期减少4.29万股。 11月5日，运达股份盘中上涨2.25%，截至13:15，报18.60元/股，成交1.66亿元，换手率1.31%，总市值 146.35亿元。 资金流向方面，主力资金净流出190.36万元，特大单买入260.44万元，占比1.57%，卖出343.69 ...

Investment Rating - The report maintains a positive outlook on the wind power industry, highlighting continued revenue and profit growth in Q3 2025, with a recommendation to focus on companies with higher profit elasticity [3][25][28]. Core Insights - The wind power sector achieved revenues of 662 billion yuan in Q3 2025, a year-on-year increase of 27.2%, and a net profit of 14.4 billion yuan, up 4.6% year-on-year, indicating a sustained upward trend in profitability [2][25][28]. - The industry is expected to maintain high demand and pricing levels, supported by a robust order backlog of approximately 300 GW, which is projected to ensure continued growth through 2027 [2][3][13]. - The report identifies four key segments with varying performance: 1. The turbine segment shows profit differentiation, with companies like Goldwind and Yunda benefiting from fewer low-price orders [2][3]. 2. The operator segment has seen significant cash flow improvements due to accelerated national subsidies [2][3]. 3. The offshore wind and cable segments are experiencing high demand and increased capital expenditures [2][3]. 4. The components segment is benefiting from reduced raw material costs and high capacity utilization [2][3]. Summary by Sections Revenue and Profit Growth - The wind power sector's revenue for the first three quarters reached 1.71 trillion yuan, a 37.9% increase year-on-year, with a net profit of 56.7 billion yuan, up 12.5% year-on-year [18][21]. - Q3 2025 saw a sales gross margin of 13.5% and a net margin of 3.6%, reflecting a slight decline due to the increased share of lower-margin manufacturing business [18][21]. Demand and Pricing Trends - The average bidding price for onshore wind turbines increased by 12% year-on-year to 1593 yuan/kW, indicating a positive pricing trend [16][28]. - The report anticipates that the demand for wind installations will continue to accelerate, with an expected total of 118 GW of new installations for the year [8][13]. Segment Performance - The turbine segment's profitability is expected to improve due to a higher proportion of high-price orders in future deliveries [2][3]. - The offshore wind segment is experiencing robust growth, with significant capital investments and project deliveries [2][3]. - The components segment is seeing improved profitability driven by lower raw material costs and increased production efficiency [2][3]. Investment Recommendations - The report recommends focusing on companies with strong profit elasticity in the turbine segment, such as Goldwind, Yunda, and Mingyang Smart Energy, as well as those in the cable and component segments like Daikin Heavy Industries and Dongfang Cable [3][3].

国都聚成（011389）成立日期2021年3月25日，最新规模1166.62万。今年以来收益11.43%，同类排名 5681/8150；近一年收益11.95%，同类排名5539/8043；成立以来亏损44.9%。 国都聚成（011389）基金经理为廖晓东、张晓磊、龚勇进。 11月4日，运达股份跌5.05%，截至发稿，报18.05元/股，成交3.42亿元，换手率2.66%，总市值142.03亿 元。 资料显示，运达能源科技集团股份有限公司位于浙江省杭州市西湖国际科技大厦A座18F，成立日期 2001年11月30日，上市日期2019年4月26日，公司主营业务涉及大型风力发电机组的研发、生产和销 售。主营业务收入构成为：风电机组87.54%，新能源EPC总承包6.36%，其他4.04%，发电收入2.06%。 从基金十大重仓股角度 数据显示，国都证券旗下1只基金重仓运达股份。国都聚成（011389）三季度持有股数2万股，占基金净 值比例为3.25%，位居第八大重仓股。根据测算，今日浮亏损失约1.92万元。 龚勇进累计任职时间1年216天，现任基金资产总规模1166.65万元，任职期间最佳基金回报9.93%， 任 职期 ...

Core Insights - The domestic wind power installation is expected to reach new heights during the "14th Five-Year Plan" period, with annual new installations projected to be no less than 120GW, including at least 15GW from offshore wind [3][24]. - The land-based wind power market is showing signs of recovery from price competition, with the average bid price for land-based wind turbines increasing by 13% in the first eight months of 2025 compared to the average price in 2024 [4][34]. - There is a significant growth potential in offshore wind power, with abundant project reserves and a strong push from government policies to accelerate installation [4][36]. Group 1: Domestic Wind Power Market - The domestic wind power market is expected to see a substantial increase in new installations, with a total of 86.99GW projected for 2024, marking a 9.6% year-on-year increase [3][24]. - The cumulative new installations from 2021 to 2024 are expected to reach 272.1GW, significantly higher than the 145.5GW during the "13th Five-Year Plan" [3][24]. - The average utilization hours for wind power in 2024 are projected to be 2,127 hours, significantly higher than the 1,211 hours for solar power, indicating a better match with load demand [12][18]. Group 2: Offshore Wind Power Development - The offshore wind power sector is anticipated to maintain high installation levels, with a target of at least 15GW of new installations annually during the "14th Five-Year Plan" [4][36]. - The actual installation of offshore wind power during the "14th Five-Year Plan" period has fallen short of planned targets, indicating a significant gap and potential for future growth [36][37]. - The recent approval of over 19.9GW of offshore wind projects in Europe in 2024 highlights the growing demand and potential for offshore wind power [76][78]. Group 3: International Expansion of Domestic Wind Power Companies - Domestic wind turbine manufacturers are accelerating their international expansion, with a total of 19.28GW of overseas orders secured by seven manufacturers in the first three quarters of 2025, marking a 187.8% year-on-year increase [5][66]. - Companies like Goldwind and Mingyang Smart Energy are establishing manufacturing bases overseas, enhancing their competitiveness in international markets [72][73]. - The average price of domestic wind turbines in overseas markets is still lower than that of Western manufacturers, providing a competitive edge for Chinese companies [57][66].

2025 年 11 月 02 日 运达股份(300772.SZ) 风机盈利修复，后续增长可期 事件：2025 年 10 月 29 日，公司发布 25 年三季报，风机制造业务的 毛利率有所修复。 2025 年 1-9 月公司实现收入 184.86 亿元，同比+33%，归母净利润 2.52 亿 元，同比-6%；扣非归母净利润 2.22 亿元，同比+32%。2025 年前三季度毛利 率 9.1%。 单 Q3 来看，公司实现收入 75.92 亿元，同/环比+43%/+10%；归母净利润 1.08 亿元，同/环比-9%/+27%；扣非归母净利润 0.94 亿元，同/环比-16%/+14%。 毛利率 9.3%，环比上升 1.2pct，主要在于风机制造板块的盈利能力有所修 复。 订单需求旺盛，在手订单充足。 根据三季报的最新披露，2025 年 Q1/Q2/Q3 分别新增订单 5.6/6.4/6.2GW,前 三季度累计新增订单 18.1GW，基本与去年同期新增订单量（18.7GW）持平， 订单需求依旧相当旺盛。截至 2025 年三季度末，公司累计在手订单已达到 46.9GW。充足的在手订单奠定后续交付规模增长的基础。 风机中 ...

Core Viewpoint - The wind power equipment sector experienced a decline of 1.33% on October 31, with Sany Heavy Energy leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers in the wind power equipment sector included: - Zhenjiang Co., Ltd. (603507) with a closing price of 24.28, up 1.76% - Daqian Heavy Industry (002487) with a closing price of 50.30, up 1.64% - Electric Wind Power (688660) with a closing price of 20.63, up 1.38% [1] - Major decliners included: - Sany Heavy Energy (688349) with a closing price of 28.28, down 5.04% - Goldwind Technology (002202) with a closing price of 15.70, down 4.15% - Yunda Co., Ltd. (300772) with a closing price of 18.27, down 3.69% [2] Capital Flow Analysis - The wind power equipment sector saw a net outflow of 1.114 billion yuan from institutional investors, while retail investors contributed a net inflow of 914 million yuan [2][3] - Specific stock capital flows included: - Daqian Heavy Industry (002487) with a net inflow of 1.04 billion yuan from institutional investors - Tian Shun Wind Energy (002531) with a net inflow of 12.26 million yuan from institutional investors [3]

Company Performance - Company reported Q3 revenue of 7.59 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit attributable to shareholders of 110 million yuan, up 27.1% quarter-on-quarter [1] - The gross profit margin for Q3 was 9.3%, an increase of 1.2 percentage points quarter-on-quarter, attributed to improved wind turbine gross margins, which are estimated at 8% for Q3 [1] - The company achieved a turnaround in profitability, with a non-recurring net profit of 90 million yuan, up 14.9% quarter-on-quarter [1] Wind Turbine Segment - Wind turbine shipments reached 4.7 GW in Q3, a 17.5% increase quarter-on-quarter, with expectations for continued growth in Q4 [1] - The company has a strong order backlog of approximately 47 GW as of the end of Q3, with new orders exceeding 18 GW in September [1][2] - Price trends for wind turbines are expected to stabilize and improve, with the average bidding price for onshore wind projects rising by over 10% since the beginning of the year, reaching 1,593 yuan/kW in September [2] Industry Outlook - The industry is experiencing upward trends in both volume and price, with a focus on high-quality development and self-discipline among companies [2] - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for annual new installations of 120 GW and 140 GW for the 14th and 15th Five-Year Plans, respectively, reinforcing confidence in industry growth [2] Profit Forecast and Valuation - The company has adjusted its revenue assumptions for the 2025 power station transfer business downward, while increasing the gross margin assumptions for wind turbine manufacturing due to rapid recovery [3] - Projected net profits for 2025-2027 are 556 million yuan, 1.265 billion yuan, and 1.63 billion yuan, respectively, with corresponding EPS of 0.71, 1.61, and 2.07 yuan [3] - The target price for the company is set at 23.57 yuan, based on a PE ratio of 14.64x for 2026 [3]