Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, recommending companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, attention is drawn to companies with high relevance to offshore wind, including Dongfang Cable (603606) and Zhenjiang Co. (603507) [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic wind power market, despite concerns about the sustainability of this growth [7][8] - The price recovery trend in the wind turbine market is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

Investment Rating - The report suggests a positive outlook for the wind power equipment sector, indicating an industry turning point in Q1 2025 with expected revenue and profit growth [3]. Core Insights - The wind power sector faced revenue and profit pressure in 2024 due to a deflationary cycle, with total revenue of 192 billion yuan, down 3.5% year-on-year, and net profit of 5.75 billion yuan, down 26.6% [2][20][23]. - Q1 2025 marked a recovery with a revenue of 37.2 billion yuan, up 15.4% year-on-year, and net profit of 1.25 billion yuan, up 2.8%, indicating the first positive year-on-year growth in net profit for Q1 in three years [2][26][30]. - The report highlights the importance of manufacturing profitability as the transfer of power stations slows down, with a focus on the manufacturing segment's increasing significance [2][3]. - The report identifies three key investment themes: 1) Equipment manufacturers benefiting from price stabilization and increased revenue from offshore projects, recommending companies like Goldwind Technology and Mingyang Smart Energy; 2) Companies in the submarine cable and foundation segments benefiting from high demand and overseas orders, recommending Dongfang Cable and Haile Wind Power; 3) Companies in the casting and blade segments with significant profit elasticity due to supply-demand tightness, recommending Jinlei Co. and Riyue Co. [3]. Summary by Sections Demand Review - The report notes a robust demand foundation with a 10% year-on-year increase in new wind power installations in 2024, totaling 87 GW, despite a decline in offshore wind installations [2][8]. - Q1 2025 saw accelerated offshore wind project starts, with 14.6 GW of new wind power connected to the grid, indicating a positive trend [8][9]. Financial Review - The financial performance in 2024 was under pressure, with a revenue of 192 billion yuan and a net profit of 57.5 billion yuan, reflecting a challenging market environment [20][23]. - In Q1 2025, the sector's revenue and profit showed signs of recovery, with a revenue of 372 billion yuan and a net profit of 12.5 billion yuan, marking a significant improvement [26][30]. Segment Analysis - The report highlights that the profitability of the complete machine manufacturing segment is stabilizing, while the tower and foundation segments face profitability challenges due to price declines and demand fluctuations [2][3]. - The casting and forging segments showed significant recovery in Q1 2025, benefiting from improved demand and pricing adjustments [39][44]. Price Trends - Wind turbine prices stabilized in Q4 2024, with a slight recovery in Q1 2025, indicating a potential end to the downward price trend [16][44]. - The report anticipates that as the market stabilizes, companies will see improved profitability from price adjustments in key components like casting and blades [44].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The wind power industry is experiencing a recovery at the bottom of the land wind cycle, with expectations for price and volume restoration [3] - The domestic public bidding market for wind power has shown a robust growth trend, with a new bidding volume of 28.6 GW in Q1 2025, representing a year-on-year increase of 22.7% [7][8] - The average bidding price for wind turbine units in March 2025 was 1590 RMB/kW, up approximately 13% from 1403 RMB/kW in April 2024, indicating a stabilization at the bottom and potential profit recovery for the industry [10] - Strong overseas export data suggests an improvement in international market conditions, with wind turbine exports reaching 146 million USD in March 2025, a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [13] Summary by Sections Investment Suggestions and Targets - Focus on the recovery of the wind power industry chain, suggesting attention to companies such as Goldwind Technology (002202), Mingyang Smart Energy (601615), and others [3] - For offshore wind, companies with high relevance to offshore wind segments such as Dongfang Cable (603606) and Zhenjiang Co. (603507) are recommended [3] Market Trends - The bidding data for Q1 2025 supports positive expectations for the domestic land wind market, despite concerns about the sustainability of this growth [7][8] - The price stabilization of wind turbine units is expected to lay the groundwork for profit recovery across the industry [10] Export Performance - The international market for wind turbines is anticipated to improve, with significant growth in export volumes and bidding successes for Chinese manufacturers [13]

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年一季度持续督导意见 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4月26日，运达股份披露了2025年一季度报告。通过日常沟通，结合 公司的2025年一季度报告、其他定期公告和临时公告，本财务顾问出具2025年 一季度（2025年3月3日至2025年3月31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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.4 billion, 9.5 billion, and 11.5 billion RMB, corresponding to PE ratios of 12, 9, and 8 times respectively [5] Core Insights - The company reported a revenue of 4.01 billion RMB in Q1 2025, representing a year-on-year growth of 6.9%, while the net profit attributable to shareholders decreased by 16.8% to 0.59 billion RMB. However, the non-recurring net profit increased by 13.8% to 0.45 billion RMB [2] - The overall sales gross margin for Q1 was 10.5%, an increase of approximately 0.8 percentage points year-on-year, primarily benefiting from stabilized machine prices and cost reduction efforts [3] - New orders surged by 156% year-on-year to approximately 5.6 GW in Q1, with total backlog reaching a record high of 43.4 GW, up 9.0% quarter-on-quarter and 80.7% year-on-year [3] - The company is accelerating its overseas expansion, having established subsidiaries in Kazakhstan, Kyrgyzstan, and Serbia, and recently won a bid for a 400 MW wind power project in Uzbekistan [4] Summary by Sections Performance Review - Q1 2025 revenue was 4.01 billion RMB, up 6.9% year-on-year, with a net profit of 0.59 billion RMB, down 16.8%, and a non-recurring net profit of 0.45 billion RMB, up 13.8% [2] Operational Analysis - The gross margin improved to 10.5%, driven by cost reduction and stabilized prices, with expectations for continued profitability growth throughout the year [3] - New orders increased significantly, with a total backlog of 43.4 GW, indicating strong demand and potential for accelerated deliveries in the upcoming quarters [3] Overseas Expansion - The company is enhancing its international presence with new subsidiaries and successful bids for projects, which is expected to optimize revenue structure and improve profitability [4] Financial Forecast - Projected net profits for 2025-2027 are 7.4 billion, 9.5 billion, and 11.5 billion RMB, with corresponding PE ratios of 12, 9, and 8 times, supporting the "Buy" rating [5]

证券代码：300772 证券简称：运达股份 公告编号：2025-037 运达能源科技集团股份有限公司 关于 2025 年度第一季度计提资产减值准备的公告 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、本次计提资产减值准备情况概述 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 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易 所创业板上市公司自律监管指南第 1 号——业务办理第一章信息披露：第二节定 期报告披露相关事宜》《企业会计准则》和公司相关会计政策的规定，基于谨慎 性原则，为真实准确地反映公司的财务、资产和经营状况，对合并报表范围内截 至 2025 年 3 月 31 日的各类应收账款、应收票据、存货、预付款项、其他应收 款、长期股权投资、固定资产、在建工程、无形资产等资产进行了全面清查。对 各项资产减值的可能性进行了充分的评估和分析，判断存在可能发生减值的迹象， 确定了需计提的资产减值准备。 根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定，本 次计提资产减值准备无需提交公司董事会或股东大会 ...

证券代码：300772 证券简称：运达股份 公告编号：2025-034 运达能源科技集团股份有限公司 关于"质量回报双提升"行动方案的公告 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"或"运达股份"）为践 行中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务院常务会 议提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施，着 力稳市场、稳信心"的指导思想，结合公司发展战略及实际经营情况，特制定"质 量回报双提升"行动方案，具体内容如下： 一、聚焦经营主业，提升公司经营质量 公司拟实施 2024 年度利润分配方案，以股权登记日公司总股本为基数，向 全体股东按照每 10 股派发现金股利人民币 0.6 元（含税），预计派发现金股利 4,721.58 万元（含税），该分红预案已于 2025 年 3 月 28 日经公司董事会审议 通过，尚需提交股东大会审议。2025 年，公司将持续提升投资者回报能力和水 平，在保证业务发展和资金使用需求的前提下，增强分红稳定性、持续性和可预 期性，把握好经营发展与股 ...

运达能源科技集团股份有限公司 关于变更注册资本及修订《公司章程》的公告 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。 证券代码：300772 证券简称：运达股份 公告编号：2025-033 二、《公司章程》修订情况 根据《公司法》等相关规定，结合公司上述情况，公司拟修订公司章程相关 条款。具体修订内容对照如下： | 修订前 | 修订后 | | --- | --- | | 第六条 公 司 注 册 资 本 为 人 民 币 | 第六条 公 司 注 册 资 本 为 人 民 币 | | 786,929,305 元。 | 786,847,705 元。 | | 第十九条 公司现股份总数为 786,929,305 | 第十九条 公司现股份总数为786,847,705 | | 股，公司发行的所有股份均为人民币普通 | 股，公司发行的所有股份均为人民币普通 | | 股。 | 股。 | 除上述条款修改外，《公司章程》其他条款不变，最终以工商行政管理部门 核定为准。 三、其他事项说明 上述事项尚需提交公司 2024 年年度股东大会审议。公司董事会提请股东 大会审议并授权公司董事会指 ...

2025 年第一季度报告披露提示性公告 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《2025 年第一季度报告》将于 2025 年 4 月 26 日在中国证监会指定的创业板信息披露网站巨潮资讯网上披露，巨潮资讯网 网址为：http://www.cninfo.com.cn。敬请投资者注意查阅。 特此公告。 证券代码：300772 证券简称：运达股份 公告编号：2025-029 运达能源科技集团股份有限公司 运达能源科技集团股份有限公司 董事会 2025 年 4 月 25 日 ...

2024 环境、社会及公司治理（ESG） 暨可持续发展报告 运达能源科技集团股份有限公 司 目录 | 关于本报告 | 3 | 01 | | --- | --- | --- | | 董事长致辞 | 5 | | | 关于运达股份 | | | | 主营业务 | 8 | | | 2024年可持续发展成绩 | 9 | | | 可持续发展方针 | | | | 企业管治 | 13 | | | 可持续发展管理 | 14 | | | 1.1 应对气候变化 | 25 | | --- | --- | | 1.2 污染物排放 | 34 | | 1.3 废弃物处理 | 36 | | 1.4 生态系统和生物多样性保护 | 38 | | 1.5 环境合规管理 | 41 | | 1.6 能源利用 | 43 | | 1.7 水资源利用 | 45 | | 1.8 循环经济 | 46 | 绿色生态•环境篇 02和谐共融•社会篇 03 精业笃行•治理篇 | 2.1 乡村振兴 | 49 | | --- | --- | | 2.2 社会贡献 | 50 | | 2.3 创新驱动 | 52 | | 2.4 产品和服务安全与质量 | 56 | | 2.5 数 ...