Core Viewpoint - Wind power stocks are experiencing a strong upward trend, with companies like Goldwind Technology hitting the daily limit, and others such as Yunda Co., Guangda Special Materials, Sany Heavy Industry, Daikin Heavy Industries, and Jixin Technology seeing increases of over 5% [1] Industry Summary - The domestic offshore wind market in China is witnessing a peak in bidding and contract awards in September [1] - The overseas offshore wind market has shown signs of a turning point, with Europe’s offshore wind installation capacity increasing to over 4.5 gigawatts this year [1] - China is set to launch its first national offshore wind power testing base, which will conduct tests on the world's largest capacity wind turbine units and the longest wind turbine blades, as well as research on cutting-edge technologies across multiple fields [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for national offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installed capacity in 2025, with component manufacturers experiencing simultaneous increases in volume and price, leading to substantial annual performance growth. The domestic manufacturing profitability for main engine companies is expected to recover in the third quarter as orders are delivered following price increases, providing profit elasticity through new orders from 2025 to 2026 [4][5]. Summary by Sections Industry News - The wind power sector has generally risen over the past two weeks, with the top three performing segments being complete machines (+15.1%), towers (+13.4%), and submarine cables (+10.2%). The top three individual stocks in terms of growth are Mingyang Smart Energy (+26.3%), Dongfang Cable (+22.7%), and Xinqianglian (+22.7%) [3]. Industry Data - As of August 2025, China's newly installed wind power capacity reached 4.17GW, a year-on-year increase of 13%. The cumulative installed capacity reached 579.01GW, accounting for 15.7% of total power generation capacity. The average bidding price for onshore wind turbines (excluding towers) in 2025 is 1,533 CNY/kW [7][39]. Investment Suggestions - Three main investment directions are recommended: 1) Leading companies in export layouts for pipe piles and submarine cables; 2) Domestic complete machine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Suggested companies include Goldwind Technology, Dongfang Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]

Investment Rating - The report rates the wind power industry as "Overweight," indicating that it is expected to outperform the overall market [9]. Core Insights - The wind turbine bidding prices are on the rise, leading to a comprehensive recovery in the sector. The average bidding price for wind turbine units in June 2025 was 1,616 RMB/kW, reflecting a year-on-year increase of approximately 10.3%. This price increase is anticipated to significantly enhance profit margins in the main machine segment as high-priced orders enter the delivery phase [3]. - The upcoming "14th Five-Year Plan" for marine economic development is expected to boost domestic offshore wind expectations. Global interest rate cuts are accelerating offshore wind construction in Europe, with an expected installed capacity of 8.7 GW in 2026, representing a year-on-year growth of 107%. The market is likely to adjust its valuation as expectations for profit elasticity in the main machine segment are realized [3]. - Investment recommendations focus on companies benefiting from price increases and strong profit elasticity, including Goldwind Technology, Yunda Co., SANY Renewable Energy, and Dongfang Cable. Additionally, companies with scarce capacity and significant expectation gaps, such as Jinlei Co., and those with strong growth logic in pure offshore wind, like Haili Wind Power, are highlighted [3]. Summary by Sections Wind Power Equipment - The wind power industry is experiencing a recovery phase with increasing bidding prices for wind turbines, which is expected to lead to higher profitability for manufacturers [3]. - The report emphasizes the importance of the upcoming marine economic development plan and its potential impact on offshore wind capacity growth [3]. Key Companies and Valuations - The report includes a valuation table for key companies in the wind power sector, detailing their market capitalization, projected net profits, and price-to-earnings ratios for 2024 to 2026 [5]. - Notable companies mentioned include Dongfang Cable, Zhongtian Technology, Haili Wind Power, and Goldwind Technology, among others, with varying projected growth rates and valuations [5].

Investment Rating - The report rates the wind power industry as "Overweight" indicating a positive outlook for the sector [3][10]. Core Insights - Wind turbine bidding prices are on the rise, with the average bidding price for wind turbine units reaching 1,616 RMB/kW in June 2025, a year-on-year increase of approximately 10.3%, which is expected to significantly enhance profit margins for manufacturers [3]. - The anticipated growth in offshore wind capacity, projected to reach 8.7 GW in 2026 (a year-on-year increase of 107%), is expected to drive a valuation shift in the sector, particularly as market expectations for profit elasticity in turbine manufacturing strengthen [3]. - Key investment recommendations include focusing on companies benefiting from price increases and strong profit elasticity, such as Goldwind Technology, Yunda Co., Sany Heavy Energy, and Dongfang Cable, as well as companies with scarce capacity and significant growth potential like Jinlei Co. and Haili Wind Power [3]. Summary by Sections Wind Power Equipment - The wind power equipment sector is experiencing a recovery phase with increasing bidding prices and profit potential [3]. - The establishment of industry self-regulation mechanisms is contributing to the positive price trend [3]. Market Expectations - The report highlights the synchronization of domestic and global offshore wind expectations, which is likely to enhance market sentiment and valuation for the sector [3]. - The report anticipates that the upcoming quarterly disclosures will further bolster market expectations regarding profit elasticity [3]. Key Companies - The report identifies several key companies for investment consideration, including: - Goldwind Technology - Yunda Co. - Sany Heavy Energy - Dongfang Cable - Jinlei Co. - Haili Wind Power - Other notable mentions include Dajin Heavy Industry, Zhongtian Technology, and Guoda Special Materials [3].

证券代码：300772 证券简称：运达股份 公告编号：2025-082 运达能源科技集团股份有限公司 关于为全资子公司提供担保的进展公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 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 26 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，并于 2025 年 9 月 16 日召开 2025 年第二次临时股东大会审议通过了《关于为子公司提供担 保额度预计的议案》。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"）拟使用公司的银行授信，向银行申请开具保函，单日余额不超过 5 亿元人民币。运达能建使用公司银行授信开具保函的行为构成公司对运达能建的 担保义务。 三、被担保人基本情况 （一）基本信息 公司名称：浙江运达能源建设有限公司 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于为子公司提供担保额度预计的公告》（公告编号：2025-070）。 二、担保进展情况 2024年12月25日，为满足运达能建日常生 ...

Core Insights - Yunda Co., Ltd. has seen a stock price increase of 50.68% year-to-date, with a recent 9.66% rise over the last five trading days and a 26.02% increase over the past 20 days [2] - The company specializes in the research, production, and sales of large wind turbine generators, with 87.54% of its revenue coming from wind turbine sales [2] Financial Performance - For the first half of 2025, Yunda Co., Ltd. reported a revenue of 10.894 billion yuan, reflecting a year-on-year growth of 26.27%, while the net profit attributable to shareholders was 144 million yuan, a decrease of 2.62% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 281 million yuan, with 153 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 12.53% to 38,400, while the average circulating shares per person decreased by 10.80% to 18,153 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.8234 million shares, a decrease of 5.5642 million shares from the previous period [3]

Core Insights - Wenzhou Yunda Intelligent Storage New Energy Co., Ltd. has been established, focusing on new material technology research and energy management services [1] - The company is wholly owned by Yunda Co., Ltd. through its subsidiary Yunda Intelligent Storage Technology (Hebei) Co., Ltd. [1] Company Information - Legal representative: Sun Jian [2] - Registered capital: 1 million yuan [2] - Business scope includes: new energy technology promotion, battery component production and sales, energy management contracts, storage technology services, and solar thermal utilization equipment sales [2] - The company is located in Wenzhou, Zhejiang Province, and is registered until August 8, 2025 [2] - The company type is a limited liability company with non-natural person investment [2]

Core Viewpoint - Yunda Co., Ltd. (300772) announced that as of the date of the announcement, the company has no overdue guarantees, no guarantees involved in litigation, and no losses incurred due to being ruled against in guarantee-related cases [1] Summary by Relevant Categories - Company Status - Yunda Co., Ltd. confirmed the absence of overdue guarantees [1] - The company is not involved in any litigation related to guarantees [1] - There are no losses to be borne due to adverse judgments related to guarantees [1]

证券代码：300772 证券简称：运达股份 公告编号：2025-080 鉴于部分案件尚未开庭或尚未结案，部分诉讼案件尚未执行完毕，其对公司 本期利润或期后利润的影响存在不确定性，公司将依据会计准则的要求和届时的 实际情况进行会计处理。同时公司将密切关注案件后续进展，积极采取相关措施 维护公司和股东利益。公司将依照相关规定，及时履行信息披露义务，敬请投资 者理性投资，注意风险。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 运达能源科技集团股份有限公司（以下简称"公司"）根据《深圳证券交 易所创业板股票上市规则》有关规定，公司及合并报表范围内子公司诉讼、仲 裁事项连续十二个月内累计涉案金额已达到披露标准，具体公告如下： 一、累计诉讼、仲裁的基本情况 截至本公告披露日，公司及子公司连续十二个月内累计发生的诉讼、仲裁 事项涉案金额合计约为58,643.29万元，占公司最近一期经审计净资产绝对值 的10.33%。其中，公司及子公司作为原告方或申请人涉及诉讼、仲裁案件金额 合计为41,486.20万元，占涉诉案件总金额的70.74%；公司及控股子公司作为 被告方或被申 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 运达能源科技集团股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日召开第五届董事会第三十四次会议审议通过了《关于修订〈公司章程〉的议案》， 根据《公司法》、《上市公司章程指引》，结合公司注册资本变更等实际情况， 拟对《公司章程》进行全面修订。上述议案尚需提交公司股东大会审议，现将有 关事项公告如下： 一、章程变更情况 根据《2020 年限制性股票激励计划（草案修订稿）》相关规定，鉴于 4 名 激励对象因辞职等原因，公司回购注销其已获授但尚未解除限售的限制性股票 81,600 股。本次回购注销已完成，公司总股本由 786,929,305 股变更为 786,847,705 股。故公司注册资本由 786,929,305 元人民币变更为 786,847,705 元人民币。 根据《公司法》《上市公司章程指引》及其延伸法律法规的相关规定，结合 公司实际情况，公司将调整董事会结构，公司董事会九个席位中的一个非独立董 事席位调整为职工董事席位；不再设置监事会。公司原监事会成员自公司股东大 会作出决议之日起不再履行 ...