Core Points - Yunda Energy Technology Group Co., Ltd. experienced a stock decline of 5.05%, trading at 18.05 CNY per share with a total market capitalization of 14.203 billion CNY as of November 4 [1] - The company specializes in the research, production, and sales of large wind turbine generators, with its main revenue sources being wind turbine units (87.54%), new energy EPC contracting (6.36%), and other services (4.04%) [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Yunda shares, with Guodu Jucheng (011389) holding 20,000 shares, representing 3.25% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 19,200 CNY as of the latest data [2] Fund Manager Performance - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 175 days, with the best fund return of -24.14% and the worst at -65.41% [3] - Zhang Xiaolei has a tenure of 6 years and 325 days, achieving a best return of 80.09% and a worst return of -23.54% [3] - Gong Yongjin has a shorter tenure of 1 year and 216 days, with a consistent return of 9.93% [3]

Core Insights - The domestic wind power installation is expected to reach new heights during the "14th Five-Year Plan" period, with annual new installations projected to be no less than 120GW, including at least 15GW from offshore wind [3][24]. - The land-based wind power market is showing signs of recovery from price competition, with the average bid price for land-based wind turbines increasing by 13% in the first eight months of 2025 compared to the average price in 2024 [4][34]. - There is a significant growth potential in offshore wind power, with abundant project reserves and a strong push from government policies to accelerate installation [4][36]. Group 1: Domestic Wind Power Market - The domestic wind power market is expected to see a substantial increase in new installations, with a total of 86.99GW projected for 2024, marking a 9.6% year-on-year increase [3][24]. - The cumulative new installations from 2021 to 2024 are expected to reach 272.1GW, significantly higher than the 145.5GW during the "13th Five-Year Plan" [3][24]. - The average utilization hours for wind power in 2024 are projected to be 2,127 hours, significantly higher than the 1,211 hours for solar power, indicating a better match with load demand [12][18]. Group 2: Offshore Wind Power Development - The offshore wind power sector is anticipated to maintain high installation levels, with a target of at least 15GW of new installations annually during the "14th Five-Year Plan" [4][36]. - The actual installation of offshore wind power during the "14th Five-Year Plan" period has fallen short of planned targets, indicating a significant gap and potential for future growth [36][37]. - The recent approval of over 19.9GW of offshore wind projects in Europe in 2024 highlights the growing demand and potential for offshore wind power [76][78]. Group 3: International Expansion of Domestic Wind Power Companies - Domestic wind turbine manufacturers are accelerating their international expansion, with a total of 19.28GW of overseas orders secured by seven manufacturers in the first three quarters of 2025, marking a 187.8% year-on-year increase [5][66]. - Companies like Goldwind and Mingyang Smart Energy are establishing manufacturing bases overseas, enhancing their competitiveness in international markets [72][73]. - The average price of domestic wind turbines in overseas markets is still lower than that of Western manufacturers, providing a competitive edge for Chinese companies [57][66].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 27.94 CNY, compared to the current stock price of 18.27 CNY as of October 31, 2025 [7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 18.486 billion CNY, a year-on-year increase of 33%, while the net profit attributable to shareholders was 252 million CNY, a decrease of 6% year-on-year. The adjusted net profit was 222 million CNY, up 32% year-on-year [1]. - The company has a strong order demand, with a total of 18.1 GW of new orders added in the first three quarters of 2025, maintaining a similar level to the previous year. As of the end of Q3 2025, the total backlog of orders reached 46.9 GW, providing a solid foundation for future delivery growth [2]. - The average bidding price for onshore wind turbines has been rising, with the average price for the first nine months of 2025 at 1595 CNY/KW, a 13% increase from the average of 1414 CNY/KW in 2024. This price increase is expected to enhance the profitability of the wind turbine manufacturing segment [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 514 million CNY, with growth rates of 11% in 2025, 114% in 2026, and 9% in 2027. The average PE ratio for comparable companies in the wind turbine industry is estimated at 19 for 2025 and 14 for 2026 [4]. - The company's revenue is expected to grow from 22.198 billion CNY in 2024 to 29.550 billion CNY in 2025, reflecting a year-on-year growth rate of 33% [11]. - The gross profit margin for the wind turbine manufacturing segment is anticipated to improve, with projections of 9.6% in 2025 and 10.8% in 2026 [11].

Core Viewpoint - The wind power equipment sector experienced a decline of 1.33% on October 31, with Sany Heavy Energy leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers in the wind power equipment sector included: - Zhenjiang Co., Ltd. (603507) with a closing price of 24.28, up 1.76% - Daqian Heavy Industry (002487) with a closing price of 50.30, up 1.64% - Electric Wind Power (688660) with a closing price of 20.63, up 1.38% [1] - Major decliners included: - Sany Heavy Energy (688349) with a closing price of 28.28, down 5.04% - Goldwind Technology (002202) with a closing price of 15.70, down 4.15% - Yunda Co., Ltd. (300772) with a closing price of 18.27, down 3.69% [2] Capital Flow Analysis - The wind power equipment sector saw a net outflow of 1.114 billion yuan from institutional investors, while retail investors contributed a net inflow of 914 million yuan [2][3] - Specific stock capital flows included: - Daqian Heavy Industry (002487) with a net inflow of 1.04 billion yuan from institutional investors - Tian Shun Wind Energy (002531) with a net inflow of 12.26 million yuan from institutional investors [3]

Company Performance - Company reported Q3 revenue of 7.59 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit attributable to shareholders of 110 million yuan, up 27.1% quarter-on-quarter [1] - The gross profit margin for Q3 was 9.3%, an increase of 1.2 percentage points quarter-on-quarter, attributed to improved wind turbine gross margins, which are estimated at 8% for Q3 [1] - The company achieved a turnaround in profitability, with a non-recurring net profit of 90 million yuan, up 14.9% quarter-on-quarter [1] Wind Turbine Segment - Wind turbine shipments reached 4.7 GW in Q3, a 17.5% increase quarter-on-quarter, with expectations for continued growth in Q4 [1] - The company has a strong order backlog of approximately 47 GW as of the end of Q3, with new orders exceeding 18 GW in September [1][2] - Price trends for wind turbines are expected to stabilize and improve, with the average bidding price for onshore wind projects rising by over 10% since the beginning of the year, reaching 1,593 yuan/kW in September [2] Industry Outlook - The industry is experiencing upward trends in both volume and price, with a focus on high-quality development and self-discipline among companies [2] - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for annual new installations of 120 GW and 140 GW for the 14th and 15th Five-Year Plans, respectively, reinforcing confidence in industry growth [2] Profit Forecast and Valuation - The company has adjusted its revenue assumptions for the 2025 power station transfer business downward, while increasing the gross margin assumptions for wind turbine manufacturing due to rapid recovery [3] - Projected net profits for 2025-2027 are 556 million yuan, 1.265 billion yuan, and 1.63 billion yuan, respectively, with corresponding EPS of 0.71, 1.61, and 2.07 yuan [3] - The target price for the company is set at 23.57 yuan, based on a PE ratio of 14.64x for 2026 [3]

Core Viewpoint - Yunda Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 41.05% and a notable drop in net profit despite revenue growth [1][2]. Financial Performance - For the period from January to September 2025, Yunda Co., Ltd. achieved a revenue of 18.486 billion yuan, representing a year-on-year growth of 32.72% [2]. - The net profit attributable to shareholders was 251 million yuan, showing a decrease of 5.76% compared to the previous year [2]. Stock Market Activity - As of October 31, the stock price of Yunda Co., Ltd. was 18.59 yuan per share, with a market capitalization of 14.627 billion yuan [1]. - The stock has seen a trading volume of 270 million yuan and a turnover rate of 2.04% on the same day [1]. - The main funds experienced a net outflow of 39.85 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of September 30, the number of shareholders decreased by 13.08% to 33,400, while the average circulating shares per person increased by 15.09% to 20,891 shares [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan in the last three years [3]. Business Overview - Yunda Co., Ltd. specializes in the research, production, and sales of large wind turbine generators, with wind power generation accounting for 87.54% of its main business revenue [1]. - The company is categorized under the power equipment industry, specifically in wind power equipment [1].

Core Insights - The wind power equipment sector saw a slight increase of 0.51% on October 30, with Yunda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Wind Power Equipment Sector Performance - Yunda Co., Ltd. (300772) closed at 18.97, up 4.98% with a trading volume of 432,800 shares and a transaction value of 813 million [1] - Feiwo Technology (301232) closed at 43.82, up 4.58% with a trading volume of 77,700 shares and a transaction value of 335 million [1] - Goldwind Technology (002202) closed at 16.38, up 4.53% with a trading volume of 2.3035 million shares and a transaction value of 3.789 billion [1] - Other notable performers include Tianneng Heavy Industry (300569) up 3.23% and Xinsuo Lian (300850) up 2.55% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 105 million from main funds, while retail funds saw a net inflow of 254 million [2] - The overall retail investors had a net outflow of 149 million [2] Individual Stock Capital Flow - Goldwind Technology had a main fund net inflow of 18.3 million, but retail funds saw a net outflow of 122 million [3] - Feiwo Technology experienced a main fund net inflow of 39.64 million, with retail funds showing a net outflow of 25.05 million [3] - Yunda Co., Ltd. had a main fund net inflow of 32.52 million, while retail funds had a net outflow of 39.30 million [3]

Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 7.592 billion yuan, a year-on-year increase of 43.22% and a quarter-on-quarter increase of 10.28%. However, net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year decrease of 9.64% but a quarter-on-quarter increase of 27.12% [1] Financial Performance - Q3 2025 revenue reached 7.592 billion yuan, up 43.22% year-on-year and 10.28% quarter-on-quarter [1] - Net profit attributable to shareholders was 108 million yuan, down 9.64% year-on-year but up 27.12% quarter-on-quarter [1] - The company's comprehensive gross margin in Q3 2025 was 9.27%, with wind turbine gross margin exceeding 8%, an increase from 7.27% in the first half of 2025 [1] Order Backlog and Growth Potential - As of the end of Q3 2025, the company had a strong order backlog of 46.87 GW, indicating continued growth potential [1] - The company is expected to benefit from increased wind turbine delivery prices in 2026, leading to improved gross margins [2] Profit Forecast and Valuation - The company's 2025 profit forecast was revised down by 8.2% to 651 million yuan due to slower-than-expected pace of power station sales [3] - The 2026 profit forecast was raised by 17.8% to 1.146 billion yuan, reflecting optimism about the domestic wind product market [3] - The current stock price corresponds to a P/E ratio of 21.8 times for 2025 and 12.4 times for 2026, with a target price increase of 7.7% to 23.29 yuan, indicating a potential upside of 28.9% [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 [5][12]. Core Insights - The company reported a revenue of 18.5 billion RMB for the first three quarters of 2025, a year-on-year increase of 32.7%, while the net profit attributable to shareholders was 251 million RMB, a decrease of 5.8% [2]. - In Q3 alone, the company achieved a revenue of 7.59 billion RMB, reflecting a 43.2% year-on-year growth and a 10.3% quarter-on-quarter increase, with a net profit of 108 million RMB, down 9.6% year-on-year but up 27.1% quarter-on-quarter [2]. - The gross margin for Q3 was 9.27%, a decrease of 2.37 percentage points year-on-year but an increase of 1.19 percentage points from Q2, with expectations for further improvement in wind turbine manufacturing margins [3]. - The company’s order backlog reached approximately 46.9 GW, a year-on-year increase of 30.7%, indicating a positive outlook for sales growth in 2026 [3]. - The company’s operating expense ratio has decreased, with sales, management, and R&D expense ratios at 3.92%, 0.73%, and 2.62% respectively, all showing year-on-year declines [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 18.5 billion RMB, a 32.7% increase year-on-year, and a net profit of 251 million RMB, down 5.8% year-on-year [2]. Operational Analysis - The gross margin for Q3 was reported at 9.27%, with expectations for improvement in wind turbine manufacturing margins due to increased order deliveries and price hikes [3]. - The company’s order backlog has grown to 46.9 GW, suggesting strong sales potential for 2026 [3]. Financial Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 550 million RMB, 1.32 billion RMB, and 1.85 billion RMB respectively, with corresponding P/E ratios of 26, 11, and 8 [5].

证券代码：300772 证券简称：运达股份 公告编号：2025-087 2025 年 1-9 月，公司（含合并报表范围内各级子公司，下同）对应收账款、 合同资产、其他应收款、存货、长期应收款、一年内到期其他非流动资产、其他 非流动资产计提信用减值准备及资产减值准备的总金额为 17,751.46 万元。具体 如下： 单位：万元 | 项目 | 年初账面 | 本期增加 | | 本期减少 | | | 期末账面 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 余额 | 计提 | 其他 | 转回或转销 | 核销 | 其他 | 余额 | | 信用减值准备 | 57,186.50 | 14,326.94 | | | | | 71,513.44 | | 其中：应收账款 | 56,508.60 | 14,420.05 | | | | | 70,928.65 | | 一年内到期的非流动资产 | 107.66 | -91.94 | | | | | 15.72 | | 长期应收款 | 144.95 | -15.39 | | 129.56 | | --- | --- | - ...