Core Viewpoint - The offshore wind operation and maintenance vessels are becoming increasingly vital in the offshore wind power industry, ensuring stable operations and playing an indispensable role in future energy layouts. The global demand for these specialized vessels is surging due to the rapid growth of offshore wind power installation capacity [1][6]. Group 1: Industry Overview - Offshore wind operation and maintenance vessels are specialized ships used for the operation and maintenance of offshore wind turbines, characterized by good motion performance in waves and the ability to safely transport personnel and equipment [2]. - The vessels are mainly categorized into two types: Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV). SOVs are designed for storing, lifting, and replacing large components of offshore wind turbines, while CSOVs are more flexible and used during the construction and commissioning phases [2][3]. Group 2: Industry Development History - The development of China's offshore wind operation and maintenance vessels can be divided into three stages: early exploration, professional upgrade, and rapid development. The first offshore wind project in China was completed in 2007, marking the beginning of offshore wind maintenance [4]. - By 2021, the industry entered a rapid development phase, with the first batch of SOVs delivered in 2023, significantly enhancing operational efficiency and safety for offshore projects [5]. Group 3: Industry Chain - The industry chain consists of upstream raw materials and equipment supply, midstream production and manufacturing of the vessels, and downstream application in the offshore wind sector. The demand for operation and maintenance vessels is increasing as offshore wind farms enter the maintenance phase [5]. Group 4: Current Market Situation - The global delivery of wind operation and maintenance vessels is projected to reach 58 units in 2024, an increase of 18 units from 2023. China's share of this market has surged from 10% in 2019 to 50% in 2024, indicating rapid growth in this sector [1][6]. Group 5: Competitive Landscape - European companies like Royal IHC and Cadeler dominate the high-end market due to their technological expertise, while Chinese shipbuilders like China Merchants Heavy Industry and Zhenhua Heavy Industries lead the mid-tier market with significant orders for offshore wind operation vessels [8]. - Companies such as Jianglong Shipbuilding and Yinghui Southern Shipbuilding are notable for their advanced designs and construction capabilities in the field of offshore wind operation vessels [9][11]. Group 6: Future Trends - The demand for wind operation and maintenance vessels is expected to continue growing, driven by the push for carbon neutrality and the expansion of offshore wind projects [13]. - The vessels are evolving towards greater specialization and larger sizes to meet the operational demands of deep-sea wind projects, with a focus on safety, adaptability, and economic efficiency [14]. - Future vessels will incorporate smart technologies and automation, enhancing operational efficiency and safety while reducing labor costs and operational risks [15].

Core Insights - The company reported a total revenue of 10.894 billion yuan for the first half of 2025, representing a year-on-year increase of 26.27%, while the net profit attributable to shareholders was 144 million yuan, a decrease of 2.62% compared to the previous year [1] - The second quarter of 2025 saw a total revenue of 6.884 billion yuan, up 41.19% year-on-year, with a net profit of 84.82 million yuan, an increase of 10.41% [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 46.3%, reaching 10.288 billion yuan [1] Financial Performance - Gross margin decreased to 8.96%, down 3.92% year-on-year, while net margin fell to 1.34%, a decline of 22.14% [1] - Total expenses (selling, administrative, and financial) amounted to 540 million yuan, accounting for 4.96% of revenue, a decrease of 1.68% year-on-year [1] - Earnings per share (EPS) dropped to 0.18 yuan, down 13.3% year-on-year, while the net asset value per share increased to 8.26 yuan, up 8.22% [1] Business Evaluation - The company's return on invested capital (ROIC) was 5.27%, indicating average capital returns, with a historical median ROIC of 5.46% since its listing [3] - The company relies heavily on research and development, marketing, and capital expenditures, necessitating careful evaluation of capital spending projects [3] - Cash flow analysis shows that cash and cash equivalents to current liabilities ratio is only 27.54%, and the average operating cash flow to current liabilities ratio over the past three years is 6.46% [3] Market Position and Future Outlook - The company is expected to maintain growth in wind power installations in 2025, driven by national carbon neutrality goals and the "14th Five-Year Plan" [4] - The company is actively expanding its overseas business, securing project orders in various regions including Asia, Europe, South America, and Africa [4] - Analysts project the company's earnings for 2025 to be around 688 million yuan, with an average EPS forecast of 0.87 yuan [3]

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Performance Summary - In the first half of 2025, the company reported revenue of 10.89 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 144 million, a year-on-year decrease of 2.6% [1] - In Q2, the company achieved revenue of 6.88 billion, a year-on-year increase of 41.2% and a quarter-on-quarter increase of 71.7%, with a net profit of 85 million, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 44.2% [1] Operational Analysis - The wind turbine gross margin has significantly improved, with the company benefiting from the non-seasonal rush in wind power installations due to the implementation of the "Document 136". In the first half of the year, the company sold 6.3 GW of wind turbines, a year-on-year increase of 55.6%, generating revenue of 9.54 billion, a year-on-year increase of 47.1%. The gross margin for wind turbines was 7.27%, an increase of 2.15 percentage points year-on-year and 0.66 percentage points quarter-on-quarter [1] - The company has a cumulative grid-connected capacity of approximately 1.2 GW, with an increase of about 182 MW compared to the beginning of the period. The power generation revenue for the first half of the year was approximately 220 million, a year-on-year increase of 31.1%. Due to policy uncertainties from the "Document 136", there were no new power station transfer revenues in the first half [2] - The company is actively developing its "two seas" business, with significant progress in overseas projects. In the first half of the year, two 6 MW overseas turbine models were developed, and a 9 MW prototype has been operational for six months. The company successfully connected the world's largest 16 MW floating offshore wind turbine prototype to the grid, which has been operating without faults for over 100 days [2] Profit Forecast, Valuation, and Rating - The company is a leading player in the domestic turbine manufacturing industry, with a high proportion of revenue from turbine manufacturing compared to similar companies. It is expected to benefit from rising turbine prices, leading to significant earnings elasticity. The forecast for net profit attributable to shareholders for 2025-2027 is 620 million, 1.28 billion, and 1.76 billion, corresponding to PE ratios of 21, 10, and 7 times, respectively. The rating is maintained as "Buy" [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 10.89 billion RMB for the first half of 2025, a year-on-year increase of 26.3%, while the net profit attributable to shareholders was 144 million RMB, a decrease of 2.6% [2]. - In Q2 2025, the company achieved a revenue of 6.88 billion RMB, reflecting a year-on-year growth of 41.2% and a quarter-on-quarter increase of 71.7%, with a net profit of 85 million RMB, up 10.4% year-on-year and 44.2% quarter-on-quarter [2]. - The wind turbine gross margin has significantly improved, with a gross margin of 7.27% in the first half of 2025, an increase of 2.15 percentage points year-on-year [2]. - The company sold 6.3 GW of wind power units in the first half of 2025, a 55.6% increase year-on-year, generating revenue of 9.54 billion RMB, up 47.1% year-on-year [2]. - The company has a cumulative grid-connected capacity of approximately 1.2 GW, with a power generation revenue of about 220 million RMB in the first half of 2025, a 31.1% increase year-on-year [3]. - The company is optimistic about the steady progress of new power station projects and expects the transfer rhythm of power stations to gradually return to normal as local policies are implemented [3]. - The company has made significant advancements in its offshore wind business, including the successful grid connection of the world's largest 16 MW floating offshore wind turbine prototype [3]. Financial Forecasts and Valuation - The company is projected to achieve net profits of 620 million RMB, 1.28 billion RMB, and 1.76 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 10, and 7 [4][8].

Core Insights - The company reported a total revenue of 10.894 billion, ranking third among disclosed peers, with a year-on-year increase of 2.266 billion, representing a 26.27% growth compared to the same period last year [1] - The net profit attributable to shareholders was 144 million, ranking sixth among peers, showing a decrease of 3.8694 million, which is a 2.62% decline year-on-year [1] - The net cash flow from operating activities was -922 million, ranking fourteenth among peers, but increased by 872 million compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 84.77%, ranking sixteenth among peers, with an increase of 0.77 percentage points from the previous quarter and 1.83 percentage points from the same period last year [3] - The latest gross profit margin is 8.96%, ranking fourteenth among peers, with a decrease of 1.51 percentage points from the previous quarter and a 4.29 percentage points decline year-on-year [3] - The latest return on equity (ROE) is 2.21%, ranking tenth among peers, down 0.54 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.18, ranking ninth among peers, showing a decrease of 0.03, which is a 13.30% decline year-on-year [3] - The latest total asset turnover ratio is 0.26 times, ranking fifth among peers, with an increase of 0.01 times, marking a 2.00% year-on-year growth [3] - The latest inventory turnover ratio is 1.43 times, ranking seventh among peers, with an increase of 0.38 times, representing a 35.82% year-on-year increase [3] Shareholder Structure - The number of shareholders is 38,400, with the top ten shareholders holding 417 million shares, accounting for 52.93% of the total share capital [3] - The largest shareholder is Zhejiang Electromechanical Group Co., Ltd., holding 46.50% of the shares [3]

Group 1 - Company announced the convening of the 33rd meeting of the 5th Board of Directors and the 28th meeting of the 5th Supervisory Board on August 26, 2025, to review the proposal for providing guarantee limits for subsidiaries [1] - The full subsidiary Zhejiang Yunda Energy Construction Co., Ltd. plans to apply for bank guarantees with a daily balance not exceeding 500 million yuan, while Yunda Intelligent Service New Energy Technology (Zhejiang) Co., Ltd. plans for a daily balance of up to 15 million yuan [1] - The total approved guarantee limit for the company and its subsidiaries is approximately 1.252 billion yuan, with an actual guarantee balance of about 705 million yuan, accounting for 12.41% of the company's latest audited net assets [1]

Group 1 - The core viewpoint of the article is that Yunda Co., Ltd. (300772.SZ) reported a revenue of 10.894 billion yuan for the first half of 2025, reflecting a year-on-year growth of 26.27% [1] - The net profit attributable to shareholders of the listed company was 144 million yuan, showing a year-on-year decrease of 2.62% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 128 million yuan, which represents a year-on-year increase of 128.59% [1] - The basic earnings per share were reported at 0.1832 yuan [1]

二、提供担保额度预计情况 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 为子公司提供担保额度预计的核查意见 财通证券股份有限公司（以下简称"财通证券"或"保荐机构"）作为运达 能源科技集团股份有限公司（以下简称"运达股份"或"公司"）2024年度向特 定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》等有关规定，对运达股份为子公司提供担保额度 预计的事项进行了认真、审慎的核查，核查情况如下： 一、担保情况概述 运达能源科技集团股份有限公司（以下简称"公司"）于2025年8月28日召 开第五届董事会第三十三次会议、第五届监事会第二十八次会议，审议通过了《关 于为子公司提供担保额度预计的议案》。 为满足日常生产经营需要，降低融资成本，公司全资子公司浙江运达能源建 设有限公司（以下简称"运达能建"）、运达智服新能源技术（浙江）有限公司 （以下简称"运达智服"）拟用公司的银行授信向银行申请开具保函，单日余额 分别为不超过5亿元和1,500万。决议有效期自股东大会审议通过之日起不超过十 二 ...

Core Viewpoint - Yunda Co., Ltd. (300772) announced that it will hold the second extraordinary general meeting of shareholders on September 16, 2025, to review multiple proposals, including the issuance of perpetual corporate bonds [1] Group 1 - The extraordinary general meeting is scheduled for September 16, 2025 [1] - The agenda includes the proposal for the registration and issuance of perpetual corporate bonds [1]