Group 1: Order and Market Overview - In the first nine months of 2025, the company secured new orders totaling 18,131.12 MW, bringing the cumulative orders on hand to 46,868.05 MW by the end of September 2025 [2] - The order breakdown includes: - 993.70 MW for wind turbines between 2 MW and 4 MW - 8,366.02 MW for wind turbines between 4 MW and 6 MW - 37,508.33 MW for wind turbines of 6 MW and above [2] Group 2: Pricing and Competitive Landscape - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in prices observed due to heightened focus on quality and reliability [3] - The industry has signed a self-regulatory agreement to address issues of unfair competition and contract terms, aiming to stabilize pricing [3] Group 3: Cost Reduction and Profitability Improvement - The company is enhancing profitability through: - Technological advancements in product performance and new competitive products - Optimizing key parameters of wind turbine products and applying new technologies to improve cost competitiveness [3] - Developing core components in-house to increase gross margins [3] Group 4: Offshore Wind Power Development - The company is focusing on offshore wind power with plans to establish bases in Dalian and Wenzhou, aiming for industry leadership and brand advantage [4] - It is leveraging local resources and state-owned enterprise advantages to implement several near and far offshore wind projects [4] Group 5: International Expansion - The company’s international competitiveness is growing, with a more than 100% year-on-year increase in overseas bidding capacity in 2024, marking a continuous doubling growth for two consecutive years [4] - The company has made breakthroughs in markets such as the Middle East and North Africa, securing project orders for the first time [4]

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 ...

Core Viewpoint - Yunda Co., Ltd. has shown a significant stock price increase of 42.56% year-to-date, despite a recent decline in the last five and twenty trading days, indicating volatility in its stock performance [2]. Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion yuan, representing a year-on-year growth of 32.72%. However, the net profit attributable to shareholders decreased by 5.76% to 251 million yuan [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 6, Yunda's stock price was 18.79 yuan per share, with a market capitalization of 14.785 billion yuan. The stock experienced a trading volume of 1.26 billion yuan and a turnover rate of 0.98% [1]. - The net inflow of main funds was 4.1315 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.08% to 33,400, while the average circulating shares per person increased by 15.09% to 20,891 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [3].

Core Viewpoint - Yunda Co., Ltd. has shown a significant stock price increase of 41.12% year-to-date, with a recent trading price of 18.60 CNY per share, indicating strong market interest and performance in the wind power sector [1][2]. Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion CNY, representing a year-on-year growth of 32.72%. However, the net profit attributable to shareholders decreased by 5.76% to 251 million CNY [2]. - Cumulative cash dividends since the A-share listing amount to 281 million CNY, with 153 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 13.08% to 33,400, while the average number of circulating shares per person increased by 15.09% to 20,891 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 9.0248 million shares, a decrease of 1.7986 million shares from the previous period [3]. Market Activity - On November 5, Yunda Co., Ltd. experienced a 2.25% increase in stock price during trading, with a total market capitalization of 14.635 billion CNY. The trading volume reached 166 million CNY, with a turnover rate of 1.31% [1]. - The stock has seen a recent net outflow of 1.9036 million CNY in principal funds, with significant buying and selling activity from large orders [1]. Business Overview - Yunda Co., Ltd., established on November 30, 2001, and listed on April 26, 2019, specializes in the research, production, and sales of large wind turbine generators. The main revenue sources include wind turbine generators (87.54%), new energy EPC contracting (6.36%), and other segments [1]. - The company operates within the power equipment industry, specifically focusing on wind power equipment and complete wind power systems [1].

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].

Core Points - Yunda Energy Technology Group Co., Ltd. experienced a stock decline of 5.05%, trading at 18.05 CNY per share with a total market capitalization of 14.203 billion CNY as of November 4 [1] - The company specializes in the research, production, and sales of large wind turbine generators, with its main revenue sources being wind turbine units (87.54%), new energy EPC contracting (6.36%), and other services (4.04%) [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Yunda shares, with Guodu Jucheng (011389) holding 20,000 shares, representing 3.25% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 19,200 CNY as of the latest data [2] Fund Manager Performance - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 175 days, with the best fund return of -24.14% and the worst at -65.41% [3] - Zhang Xiaolei has a tenure of 6 years and 325 days, achieving a best return of 80.09% and a worst return of -23.54% [3] - Gong Yongjin has a shorter tenure of 1 year and 216 days, with a consistent return of 9.93% [3]

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].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 27.94 CNY, compared to the current stock price of 18.27 CNY as of October 31, 2025 [7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 18.486 billion CNY, a year-on-year increase of 33%, while the net profit attributable to shareholders was 252 million CNY, a decrease of 6% year-on-year. The adjusted net profit was 222 million CNY, up 32% year-on-year [1]. - The company has a strong order demand, with a total of 18.1 GW of new orders added in the first three quarters of 2025, maintaining a similar level to the previous year. As of the end of Q3 2025, the total backlog of orders reached 46.9 GW, providing a solid foundation for future delivery growth [2]. - The average bidding price for onshore wind turbines has been rising, with the average price for the first nine months of 2025 at 1595 CNY/KW, a 13% increase from the average of 1414 CNY/KW in 2024. This price increase is expected to enhance the profitability of the wind turbine manufacturing segment [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 514 million CNY, with growth rates of 11% in 2025, 114% in 2026, and 9% in 2027. The average PE ratio for comparable companies in the wind turbine industry is estimated at 19 for 2025 and 14 for 2026 [4]. - The company's revenue is expected to grow from 22.198 billion CNY in 2024 to 29.550 billion CNY in 2025, reflecting a year-on-year growth rate of 33% [11]. - The gross profit margin for the wind turbine manufacturing segment is anticipated to improve, with projections of 9.6% in 2025 and 10.8% in 2026 [11].

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]