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证券代码：300772 证券简称：运达股份 运达能源科技集团股份有限公司投资者关系活动记录表 | | | | 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 | 景顺长城 朱冰文，国盛证券 魏燕英，华泰证券 宫宇博 | | | | | 时间 | 2025 年 5 月 15 日 | | | | | 地点 | 运达股份会议室 | | | | | 上 市 公 司 接 待 | 证券事务代表 马帅帅 | | | | | 人员姓名 | 投资者关系经理 葛伟威 | | | | | | | | | 1、请介绍一下公司 2025 年一季度订单情况？ | | | 答：2025 年 月，公司新增订单 5,576.45MW；截止 1-3 | | 2025 | | | | 3 月底，累计在手订单 43,446.66MW，其中 ...

Core Viewpoint - Inner Mongolia is becoming a significant hub for renewable energy in China, with plans for a cumulative power generation of over 200 billion kilowatt-hours in 2024 and an external supply of 60 billion kilowatt-hours, leading the nation in these metrics [1]. Group 1: Renewable Energy Development - Inner Mongolia is accelerating the development of the renewable energy equipment manufacturing industry and promoting the entire renewable energy supply chain [1]. - The region is recognized for its abundant wind and solar resources, which are essential for supporting national data processing demands [10]. Group 2: International Media Engagement - A group of 23 foreign media journalists from 19 Asia-Pacific countries visited the Yunda Wind Power Equipment Manufacturing Factory in Ulanqab, witnessing the transformation of large wind turbine components [1][3]. - Journalists expressed surprise at the size and energy storage capacity of the wind turbines, highlighting the efficiency of the production process [5]. Group 3: Comparative Insights - A journalist from the Philippines noted that while renewable energy serves as a supplementary source in their country, Inner Mongolia is making systematic efforts to transition towards green energy [6]. - The visit led to a broader understanding of Inner Mongolia's innovative practices in green energy, contrasting with the journalist's previous perceptions focused on agriculture and dairy [10]. Group 4: Technological Integration - Major domestic tech companies like Huawei and Alibaba have established data centers in the Ulanqab area, benefiting from the local energy advantages, with green electricity usage potentially exceeding 80% [8]. - The average annual temperature of 4.3°C in Ulanqab allows for a 20%-30% reduction in cooling energy consumption compared to southern regions [8].

证券代码：300772 证券简称：运达股份 公告编号：2025-038 运达能源科技集团股份有限公司 关于召开 2024 年年度股东大会的提示性公告 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。 经运达能源科技集团股份有限公司（以下简称"公司"）第五届董事会第二十七次会 议审议通过，公司决定于 2025 年 5 月 16 日召开 2024 年年度股东大会，具体内容详见 公司分别于 2025 年 3 月 29 日 和 2025 年 4 月 26 日 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于召开 2024 年年度股东大会的通知》（公告 编号：2025-020）和《关于 2024 年年度股东大会增加临时提案暨股东大会补充通知的 公告》（公告编号：2025-036）。 本次股东大会采取现场投票与网络投票相结合的方式，为了便于各位股东行使股东 大会表决权，保护广大投资者合法权益，现再次将有关事项公告如下： 一、召开会议的基本情况： 1、股东大会届次：2024 年年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合 ...

Core Viewpoint - The article discusses the strategic collaborations between Chinese energy companies and Brazil, focusing on the development of energy storage solutions and green energy initiatives in Brazil, particularly in the context of recent agreements signed during high-level visits by Brazilian officials to China [2][3][8]. Group 1: Strategic Collaborations - Envision Group has signed a strategic cooperation agreement with Brazil to establish the first zero-carbon industrial park in Latin America, focusing on green fuel value chains and advanced green hydrogen equipment [5][6]. - Yunda Co. plans to deepen cooperation with Brazil's energy market by developing energy storage solutions, which are crucial for stabilizing Brazil's power system [10]. - The Brazilian government is set to announce the rules for its first national battery storage system auction, which aims to build a 49.7MW storage project to supply power to over 169,000 people [10][11]. Group 2: Market Potential - The Brazilian Battery Energy Storage System (BESS) market is projected to exceed 22.5 billion Brazilian Reais (approximately 3.79 billion USD) by 2030 [11]. - The first battery storage auction in Brazil is expected to attract significant investment, with a planned investment of 452 million Brazilian Reais (approximately 56.9 million RMB) [10][11]. Group 3: Company Initiatives - BYD is set to launch a storage factory in São Paulo, Brazil, in November 2024, with an annual production capacity of 1GWh of lithium iron phosphate batteries [13]. - Huawei is targeting Brazil's energy storage sector by introducing its first ultra-fast charging system for electric vehicles and trucks ahead of the battery auction [13]. - Sungrow is actively leading in Brazil's photovoltaic market while exploring new storage opportunities through partnerships [14].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].

Core Viewpoint - The global energy transition is accelerating, shifting the renewable energy industry from single equipment competition to a full industry chain ecological competition, focusing on technological collaboration and ecological co-construction to overcome resource bottlenecks and enhance project efficiency [1] Group 1: Technological Innovation - The company has established a "six major business ecosystem" encompassing wind power equipment, energy storage systems, smart operation and maintenance, hydrogen equipment, zero-carbon parks, and energy internet through continuous technological innovation [3] - The deep collaboration between technological accumulation and industrial layout allows the company to provide full lifecycle support from planning and site selection to operational services for its partners [3] Group 2: Ecological Co-construction - The company proposed two major cooperation concepts in Guangxi: the "Thousand Villages and Ten Thousand Towns Wind Action" to pilot distributed wind power projects in rural areas, and the "Zero Carbon Industrial Park" to create a green manufacturing cluster integrating wind, solar, energy storage, and smart microgrids [4] - A strategic cooperation agreement was signed with its partner, aiming for deep collaboration in multiple fields of renewable energy technology [4] - The company plans to explore scalable replication paths for both initiatives, promoting green energy accessibility and industrial upgrading in more regions [4]

Core Viewpoint - The wind power sector is experiencing a significant upward trend in demand and profitability, with a notable performance turnaround in Q1 2025, indicating a potential industry inflection point [1][2]. Group 1: Industry Performance - In Q1 2025, new wind turbine tenders reached 28.6 GW, a year-on-year increase of 23%, reflecting sustained high demand [1][2]. - The wind power equipment sector achieved revenues of 37.2 billion yuan in Q1 2025, up 15.4% year-on-year, and a net profit attributable to shareholders of 1.25 billion yuan, an increase of 2.8%, marking the first positive year-on-year growth in net profit for Q1 in three years [1][2]. - The overall industry is expected to see a revenue of 192 billion yuan in 2024, a decrease of 3.5% year-on-year, and a net profit of 5.75 billion yuan, down 26.6% year-on-year, indicating a challenging year ahead despite the positive Q1 performance [2]. Group 2: Manufacturing and Profitability - The profitability of the complete machine manufacturing segment is stabilizing, with a slowdown in power station transfers impacting earnings, highlighting the growing importance of manufacturing profitability [2]. - The average sales price of wind turbines for leading companies is projected to decrease to 1,550 yuan/kW in 2024, with limited further decline expected [2]. - The first quarter of 2025 saw a significant recovery in the performance of casting and forging companies, driven by revenue structure adjustments and fixed cost amortization during a traditionally low-demand season [3]. Group 3: Investment Recommendations - The industry is expected to continue its upward trajectory in revenue and profitability, with key recommendations focusing on companies benefiting from domestic price stabilization and increased revenue from offshore projects, such as Goldwind Technology, Yunda Co., and Mingyang Smart Energy [4]. - Companies in the subsea cable and foundation segments, like Dongfang Cable and Haile Wind Power, are also recommended due to their potential for profit growth driven by high demand [4]. - The casting and blade segments, including Jinlei Co. and Riyue Co., are highlighted for their significant performance elasticity due to supply-demand tightness and price increases [5].

电力设备及新能源行业 行业研究 | 动态跟踪 25Q1 风电行业招标增长，价格企稳 核心观点 投资建议与投资标的 ⚫ 陆风周期底部回暖，静待量价修复。建议关注风电产业链复苏金风科技(002202， 未评级)、明阳智能(601615，未评级)、运达股份(300772，未评级)、日月股份 (603218，未评级)、三一重能(688349，未评级)、金雷股份(300443，未评级)等； 海风周期拐点蓄势待发，静待海风边际改善。建议关注风电产业链中海风相关度较 高环节东 方电缆(603606 ，未评级) 、振江 股份(603507，买入) 、起帆 电缆 (605222，买入)、大金重工(002487，未评级)等。 风险提示 asdasd 国家/地区 中国 行业 电力设备及新能源行业 报告发布日期 2025 年 05 月 04 日 看好（维持） | 顾高臣 | 021-63325888*6119 | | --- | --- | | | gugaochen@orientsec.com.cn | | | 执业证书编号：S0860520080004 | | 严东 | yandong@orientsec.com.cn | | ...

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].