Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall strategy emphasizes the evolution of the supply side in the new energy sector, focusing on innovation and avoiding "involution" in the market [3][5]. - The new energy vehicle supply chain is entering a new cycle, with companies like CATL benefiting from collaborations with tech giants like Xiaomi and Huawei [3][21]. - The lithium battery sector is expected to see a positive outlook, with production forecasted to exceed 130 GWh in July, marking a nearly 40% year-on-year increase [4][35]. - The photovoltaic industry is facing challenges due to overcapacity and competition, but recent government measures aim to optimize supply and stabilize the market [5][25]. Summary by Sections New Energy Vehicle Supply Chain - The downstream landscape is evolving, with companies like CATL collaborating with automakers to enhance production efficiency and shorten delivery times [3][27]. - The launch of Xiaomi's YU7 has exceeded expectations, indicating a shift in consumer behavior towards valuing emotional and intelligent experiences in vehicles [21][22]. Lithium Battery Sector - The lithium battery production is projected to grow, with significant investments in high-end products and solid-state technologies [4][35]. - Companies like Fulin Precision and Enjie are expanding their production capabilities, focusing on high-performance lithium iron phosphate and solid-state battery materials [4][31]. Photovoltaic Industry - The photovoltaic sector is expected to confirm a mid-term bottom as supply-side optimization measures are implemented [5][25]. - Major glass manufacturers in the photovoltaic industry plan to reduce production by 30% starting in July to address overcapacity issues [5][25]. Offshore Market Opportunities - Leading companies like EVE Energy are investing in overseas projects, such as a new energy storage project in Malaysia worth up to 8.654 billion yuan [4][22]. - The establishment of independent pricing systems and production capacities in overseas markets is seen as a strategy to enhance profitability [4][22]. AI and New Energy Integration - The integration of AI with new energy sectors is highlighted, with companies exploring innovative applications and market breakthroughs [8][21]. - The report notes the acceleration of controlled nuclear fusion technology, with companies like CFS partnering with Google for future energy supply [8][34].

Core Viewpoint - Yunda Co., Ltd. has achieved a significant breakthrough in the Brazilian renewable energy sector by entering into a cooperation agreement with a well-known local developer for a 5.4GW wind power project [1] Group 1 - The agreement stipulates that Yunda Co., Ltd. will be the preferred supplier, provided it meets local requirements and offers excellent solutions [1] - This development follows the establishment of a renewable energy research and development center in Salvador, Brazil, which was completed in 45 days [1]

天眼查商业履历信息显示，运达能源科技集团股份有限公司，成立于2001年，位于杭州市，是一家以从 事电力、热力生产和供应业为主的企业。企业注册资本78692.9305万人民币，实缴资本70993.8355万人 民币。公司法定代表人为陈棋。 通过天眼查大数据分析，运达能源科技集团股份有限公司共对外投资了238家企业，参与招投标项目 4143次，知识产权方面有商标信息78条，专利信息1175条，此外企业还拥有行政许可200个。 来源：金融界 金融界消息 截至2025年7月1日收盘，运达股份（300772）报收于13.1元，上涨1.71%，换手率4.6%，成 交量32.12万手，成交金额4.18亿元。 资金流向方面，今日主力资金净流入6716.67万元，占比成交额16.06%。其中，超大单净流入724.31万 元、占成交额1.73%，大单净流入5992.36万元、占成交额14.33%，中单净流出流出192.36万元、占成交 额0.46%，小单净流出6524.31万元、占成交额15.6%。 运达股份最新一期业绩显示，截至2025一季报，公司营业总收入40.10亿元、同比增长6.88%，归属净利 润5879.15万元，同 ...

Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

Group 1 - The company has approved a cash dividend distribution plan for the fiscal year 2024, with a total of 786,929,305 shares as the basis for distribution, proposing a cash dividend of 0.6 RMB per 10 shares, amounting to a total distribution of approximately 47.22 million RMB [1][2] - The dividend will be distributed to all shareholders registered by the close of trading on July 7, 2025, with the ex-dividend date set for July 8, 2025 [2][3] - The company will not issue additional shares or stock bonuses as part of this distribution plan, and any changes in total shares due to new issuances or other reasons will result in an adjustment of the total distribution amount while maintaining the per-share distribution amount [1][2] Group 2 - The company has outlined a differentiated tax rate for dividend distribution based on the type of shareholder, with specific rates for Hong Kong investors and domestic investors holding different types of shares [1][2] - The company has committed to a share reduction plan for its controlling shareholder, limiting the annual reduction to no more than 5% of the total shares held prior to the issuance, with adjustments made post-dividend distribution [2][3] - The company has provided contact information for inquiries regarding the dividend distribution, including a specific address and phone numbers for consultation [3]

证券代码：300772 证券简称：运达股份 公告编号：2025-050 运达能源科技集团股份有限公司 2024 年年度权益分派实施公告 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"）2024 年年度权益分派 方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 1、公司 2024 年年度股东大会审议通过的权益分派方案为：以 2024 年度向 特定对象发行股票上市后（2025 年 3 月 7 日）的总股本 786,929,305 股为基数， 每 10 股派发现金股利 0.6 元（含税），预计派发 47,215,758.30 元（含税），剩 余未分配利润结转以后年度。本次不转增、不送红股。若在分配方案实施前，公 司总股本由于增发新股、股权激励行权、可转债转股等原因发生变动的，公司拟 维持每股分配金额不变，相应调整分配总额。。 2、自公司 2024 年度权益分派方案披露至实施期间，公司股本总额未发生变 化。 3、本次实施 ...

Group 1: Wind Power Installation and Growth - The company expects its wind power installation capacity to continue growing in 2025, driven by the dual carbon goals and the "14th Five-Year Plan" development objectives [1] - The company has secured project orders in multiple countries across Asia, Europe, South America, and Africa, accelerating its global strategic layout [1] Group 2: Cost Optimization and Profitability - To improve profitability amid intensified industry price competition, the company plans to enhance its R&D capabilities, improve product performance, and develop competitive new products [1] - Key technological advancements include optimizing critical parameters of wind turbine products, applying new technologies, and self-developing core components to enhance cost competitiveness [1] Group 3: Offshore Wind Power Development - The company aims to lead the offshore wind power market by investing in offshore wind power bases in Dalian and Wenzhou, establishing a "north-south" base layout [2] - It plans to leverage local resource advantages and state-owned enterprise benefits to implement several near and far offshore wind projects [2] Group 4: International Business Expansion - The company’s onshore wind power technology and supply chain capabilities are at a world-class level, with increasing international competitiveness [2] - In 2024, the company’s overseas bidding capacity is expected to grow by over 100% year-on-year, achieving breakthroughs in markets like the Middle East and North Africa [2] Group 5: EPC Business Development - In 2024, the company secured EPC contracts worth 7.053 billion yuan, with external orders reaching 5.649 billion yuan, indicating a growing scale in its engineering contracting business [2] - The company aims to expand revenue and create profit growth points through qualification upgrades and enhanced competitiveness in the EPC sector [2]

Summary of the Conference Call Company and Industry Overview - The conference call focuses on the wind power industry, specifically highlighting the performance and outlook of Yunda Co., Ltd. (运达股份) [2][4][10]. Key Points and Arguments - **Market Dynamics**: The bidding price for land-based wind power has rebounded by 12%, benefiting from reduced internal competition and adjustments in evaluation rules. The total installed capacity for land-based wind power is expected to reach 100 GW in 2024, with offshore wind power projected to grow by 12% [2][3][7]. - **Strong Performance**: Yunda Co., Ltd. has shown robust performance in both domestic and international markets, with significant orders in land-based wind power and a doubling of overseas orders for two consecutive years [2][4][16]. - **Future Demand**: The future demand for wind power is assured, supported by the National Development and Reform Commission's new power system construction plan, which enhances wind power consumption capacity. The constraints on offshore wind power are largely resolved, leading to project initiations across various regions [2][8]. - **Competitive Landscape**: The offshore wind power market is stable, with major players including Goldwind Technology and Envision Energy. The trend is moving towards deep-sea development, with floating technology expected to reduce costs significantly [2][9]. - **Company Background**: Yunda Co., Ltd. originated from the Wind Energy Research Institute of Zhejiang Electromechanical Design Institute, achieving a market share increase from 6% in 2019 to 13% in 2024, making it the fourth largest company in China [2][10]. Financial Performance and Projections - **Revenue Growth**: The company has maintained an average growth rate of 30%-40% over the past five years. Despite a decline in profitability from 2022 to 2024 due to falling bidding prices, the net profit for 2022 was still 600 million yuan, with projections of 680 million yuan for the current year and 1 billion yuan for the next year [11][17]. - **Cost Management**: Yunda Co., Ltd. has a research and development expenditure ratio of about 3%, with a focus on self-manufacturing components to reduce costs and improve gross margins. The company is expected to benefit from a favorable cost structure, with steel prices dropping from 3,500 yuan to 3,000 yuan per ton [5][14][15]. International Market Insights - **Overseas Expansion**: Chinese wind turbine manufacturers, including Yunda, have seen a significant increase in overseas orders, with a doubling of orders in 2024. The European offshore wind market is projected to grow by 30%, while the Asia-Africa region may see growth below 20% [12][14]. - **Competitor Challenges**: Major overseas wind turbine companies like GE and Siemens are retracting their businesses due to poor cost control and low EBITDA margins. In contrast, Chinese companies are gaining market share due to competitive pricing [5][13]. Additional Important Insights - **Technological Advancements**: The first commercial floating project prototype has been signed, with expectations for larger-scale deployment by 2028-2029, indicating a significant technological advancement in the offshore wind sector [2][9]. - **Investment Potential**: Yunda Co., Ltd.'s stock is currently viewed as undervalued, with a strong potential for future performance as bidding prices rebound and profit margins improve [11][17].

运达能源科技集团股份有限公司 关于注销募集资金专户的公告 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。 一、募集资金的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意运达能 源科技集团股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 167 号）同意，运达能源科技集团股份有限公司（以下简称"公司"）已完成向 特定对象发行股票 85,158,150 股，发行价格为每股人民币 8.22 元，募集资金总 额为人民币 699,999,993 元，扣除发行相关费用 3,707,547.17 元后，实际募集资 金净额为 696,292,445.83 元，上述资金已于 2025 年 2 月 19 日到账。天健会计师 事务所（特殊普通合伙）已于 2025 年 2 月 20 日对上述募集资金到账情况进行了 审验，并出具了天健验〔2025〕28 号《验资报告》。 证券代码：300772 证券简称：运达股份 公告编号：2025-049 二、募集资金存放和管理情况 为规范公司募集资金管理，保护投资者权益，根据《上市公司监管指引第 2 号—上市公 ...

Core Viewpoints - The wind power sector is viewed positively for short, medium, and long-term opportunities [3][4] - Short-term logic includes strong half-year reports and optimistic performance outlook for the second half of the year, driven by robust project initiation and revenue growth [4] - Medium-term logic highlights a reversal of three previously negative factors affecting investment sentiment in the wind power sector [4] - Long-term logic emphasizes the competitive advantages of wind power in the context of market-oriented trading and stable industry dynamics [4] Short-term Logic - The wind power sector is expected to benefit from strong performance in the first half of the year, with optimistic growth projections for Q2 [4] - The sector is experiencing a positive demonstration effect from strong stock performance of companies showing earnings improvement [4] Medium-term Logic - The three previously negative factors affecting the wind power sector have shown significant reversal: 1. Wind turbine price wars have shifted from deflation to inflation, with prices recovering since Q4 2024 [4] 2. The certainty of domestic offshore wind project advancement has significantly increased, with project approvals accelerating in 2025 [4] 3. European offshore wind demand has rebounded, with project returns improving due to supportive policies and decreasing interest rates [4] Long-term Logic - Wind power's output characteristics provide significant price advantages in a fully market-oriented trading environment [4] - The competitive landscape is expected to remain stable due to high barriers to entry and a customer base dominated by state-owned enterprises and large international energy groups [4] - There is substantial potential for export substitution across the industry chain, providing additional growth opportunities in overseas markets [4] Demand Outlook - Domestic wind power installations are projected to reach 110 GW in 2025, with significant contributions from both onshore and offshore projects [9][12] - The global wind power installation is expected to maintain a high level in 2026, supported by strong demand both domestically and internationally [5][6] Investment Recommendations - The report recommends focusing on three main lines of investment: complete machines, offshore wind, and components [5][45] - Key companies to watch include Goldwind Technology, Envision Energy, Mingyang Smart Energy, and SANY Heavy Energy for complete machines [5] - For offshore wind, companies like Daikin Heavy Industries and Dongfang Cable are highlighted due to their expected performance in the growing market [5] - In the components sector, companies such as Risen Energy and Jinlei Technology are expected to benefit from seasonal production increases and price adjustments [5][70] Competitive Landscape - The wind power industry is characterized by a stable competitive structure, with limited new entrants due to high barriers and established market players [73] - The market share of leading companies has remained relatively stable, indicating a strong competitive position among top players [73][74]