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]

证券代码：300772 证券简称：运达股份 公告编号：2025-050 化。 其调整原则一致。 两个月。 二、本次实施的权益分派方案 运达能源科技集团股份有限公司 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 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。。 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 786,929,305 股为基数，向全体股东每 10 股派 0. ...

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 ...

| | | 编号： | | --- | --- | --- | | 投 资 者 关 系 活 动类别 | √特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参 与 单 位 名 称 | 国联民生 陈子锐，国金证券 姚遥、彭治强，光大证券 | 邓 | | 及人员姓名 | 怡亮，江亿资本 袁晨 | | | 时间 | 2025 年 6 月 27 日 | | | 地点 | 运达股份会议室 | | | | 投资者关系经理 葛伟威 | | | 人员姓名 | | | | | 年国内风电装机规模将保持增长；同时公司积极拓展海外业 | | | | 1、预计公司 2025 年风电新增装机量情况？ 答：在双碳大目标和"十四五"发展目标的推动下，预计 | 2025 | | | 务，已在亚洲、欧洲、南美洲、非洲等多个国家获取项目订 | | | | 单，并将持续加速全球战略布局。因此，2025 年公司装机规 | | | 投 资 者 关 系 活 | 模预计将保持增长态势。 | | | 动 主 要 内 容 介 | | ...

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]

Company Overview - The company is a leading domestic wind turbine manufacturer, benefiting from the rising volume and price of onshore wind power in China, along with the growth of overseas and offshore business, with an expected CAGR of 42% for net profit from 2025 to 2027 [1][2] - As of Q1 2025, the company has a steady order backlog of 43.4 GW, representing an 81% year-on-year increase, supporting high wind turbine shipment levels from 2025 to 2027 [2] Industry Insights - The domestic wind power installation market is experiencing high demand, with a 97% year-on-year increase in onshore wind bidding volume in 2024, supporting a forecast of 100 GW and 12 GW of new installations for onshore and offshore wind respectively in 2025, representing year-on-year growth of 23% and 114% [1] - Internationally, countries are increasing policy support for wind power, with a projected CAGR of 16.7% for new installations from 2025 to 2030 according to GWEC [1] Profitability and Financial Projections - The company is expected to improve profitability through cost reduction strategies, including wind turbine structure optimization and self-supply of blades, with projected gross profit margins for wind turbine business of 7.3%, 8.4%, and 9.4% from 2025 to 2027 [2] - Forecasted net profits for the company are 680 million, 1.02 billion, and 1.33 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 47.3%, 48.5%, and 31.0% [4] Market Position and Valuation - The company is positioned to benefit from the recovery of onshore wind profitability and the high profitability of offshore and overseas businesses, with a target price of 13.05 yuan based on a 15x PE for 2025 [1][4]

Energy Transition Acceleration - China's total investment in energy transition is projected to reach $818 billion in 2024, surpassing the combined investments of the US, EU, and UK, marking a 20% increase from 2023 [2] - By the end of 2024, China's renewable energy installed capacity is expected to reach 1.889 billion kilowatts, accounting for 56% of the total, doubling from the end of the 13th Five-Year Plan [2] - Wind power capacity is projected to reach 521 million kilowatts, maintaining the global lead for 15 consecutive years, while solar power capacity is expected to hit 887 million kilowatts, leading globally for 10 years [2] Renewable Energy Development - As of February 2024, the combined installed capacity of wind and solar power in China reached 1.456 billion kilowatts, exceeding that of thermal power [3] - Hydropower is expected to reach an installed capacity of 436 million kilowatts by the end of 2024, a 17.77% increase from the end of 2020 [3] - The coal power sector has achieved over 95% ultra-low emissions units, with coal consumption per unit of power supply reduced to 303.21 grams of standard coal per kilowatt-hour, a 7.5% decrease from 2020 [3] Technological Innovation - Technological innovation is identified as the core driver of energy industry transformation, with a focus on advanced renewable energy, safe and efficient nuclear energy, and energy digitalization [4] - In 2024, the average conversion efficiency of PERC p-type monocrystalline solar cells reached 23.5%, a 0.7 percentage point increase from 2020 [4] - The offshore wind power sector is experiencing a trend towards larger and more advanced products, with the share of newly installed offshore wind turbines with a capacity of 10 megawatts or more rising from 12.1% in 2022 to 58% in 2024 [4] Energy Industry Chain Development - China's energy industry chain has achieved a leap from low-end manufacturing to high-end innovation, establishing a complete industrial system in solar, wind, and energy storage [7] - In 2023, China's global market shares for polysilicon, silicon wafers, solar cells, and modules reached 91.6%, 97.9%, 91.9%, and 84.6%, respectively, with significant increases from 2020 [7] - Leading companies like Tongwei Co. and Longi Green Energy have shown substantial growth in production, with Tongwei's polysilicon output reaching 594,800 tons, a 5.9-fold increase from 2020 [7] Regional Collaboration and International Cooperation - Significant progress has been made in regional collaboration and international cooperation in the energy sector, contributing to energy security and global energy transition [9] - By the end of 2024, the first batch of 50 renewable energy base projects in the western region is expected to be operational, with an installed capacity exceeding 90 million kilowatts [9] - China has engaged in green energy project cooperation with over 100 countries, with notable projects like the ±800 kV high-voltage direct current transmission project in Brazil being completed [10]