南财智讯12月19日电，运达股份在投资者关系活动中表示，2024年公司海外中标容量同比增长超 100%，连续两年实现翻倍增长，在中东、北非等市场首次获取项目订单。公司未来将加速全球战略布 局，加大新业主开拓力度，提升海外订单规模，打造新的盈利增长点。 ...

Group 1: Wind Power Market Trends - The bidding prices for wind turbine units have increased in 2024 due to several factors, including the signing of a self-discipline agreement by 12 domestic manufacturers to address unfair competition and contract issues [2] - National meetings have emphasized the need to prevent "involution" competition, leading some owners to adjust their bidding rules [2] - There is a growing emphasis on the quality and reliability of wind turbines, with more owners preferring high-quality, high-performance units, contributing to a slight increase in bidding prices this year [2] Group 2: Cost Reduction and Profitability Improvement - The company is enhancing profitability through improved R&D capabilities, product performance, and the development of competitive new products [3] - Key technical optimizations include iterative improvements in turbine parameters, load reduction in LAC systems, and the application of high-torque density gearboxes, which enhance cost competitiveness [3] - The company is also focusing on self-research of core components, such as blades, to improve gross margins [3] Group 3: International Business Expansion - The company’s international competitiveness is increasing, with a more than 100% year-on-year growth in overseas bidding capacity in 2024, marking two consecutive years of doubling growth [3] - The company has made breakthroughs in markets such as the Middle East and North Africa, securing project orders for the first time [3] - Future plans include accelerating global strategic layout and expanding overseas client acquisition to enhance order scale and create new profit growth points [3] Group 4: Offshore Wind Power Development - The company is focusing on the offshore wind power market, aiming to achieve industry leadership and establish a strong brand advantage [4] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a dual-base layout [4] - The company is actively pursuing near and far offshore projects in Zhejiang and is monitoring deep-sea markets in Dalian and Guangdong [4] Group 5: Future Growth Drivers - Key growth drivers for the company include ongoing policy support for the renewable energy sector, technological advancements enhancing the strategic position of wind power, rapid expansion in domestic and international markets, increasing industry recognition, and growth in other business segments [4]

Core Insights - The wind power industry is expected to experience a synchronous recovery in both domestic and international markets, driven by changes in demand and industry dynamics, creating new investment opportunities [1] - The report maintains an "outperform" rating for the wind power sector, indicating a positive outlook for investment [1] Group 1: Industry Review - Since 2021, China's onshore wind power has entered a parity era, with rapid cost reductions achieved through large-scale and technological advancements, leading to continuous installation exceeding expectations [3] - The competition within the main engine segment has significantly compressed the profitability of the industry chain, resulting in a situation where growth in volume does not equate to growth in profit [3] - The price of the onshore wind industry chain has been recovering since the second half of 2024, with profitability expected to improve in 2025 as shipment volumes increase [3][4] Group 2: Onshore Wind Power Outlook - For 2026, it is anticipated that new onshore installations in China will reach 120 GW, a year-on-year increase of 10%, setting a new historical high [4] - The industry chain prices are expected to have solid support, leading to significant recovery in main engine profits, with component segments showing notable operational leverage [4] - The CAGR for new onshore installations in emerging markets is projected to be 17% from 2024 to 2030, with domestic manufacturers expected to see substantial growth in export profits [4] Group 3: Offshore Wind Power Outlook - The report forecasts that new offshore installations in China will rise to a range of 11-15 GW in 2026, representing a year-on-year increase of over 40% [5] - The national offshore wind project development is expected to commence in 2026, with a total of 70-100 GW of new offshore installations projected during the 14th Five-Year Plan period [5] - The global offshore wind market is anticipated to see steady growth in orders and construction demand, particularly in Europe, where supply constraints for cables and piles are expected [5] Group 4: Investment Recommendations - The report suggests focusing on key players in the main engine segment such as Goldwind Technology, Yunda Co., and Sany Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment consideration [6]

运达能源科技集团股份有限公司 （注册地址：浙江省杭州市临平区顺风路558号） 2025年面向专业投资者公开发行绿色可续 期公司债券（第一期）募集说明书 | 发行金额 | 不超过15亿元（含15亿元） | | --- | --- | | 增信情况 | 本期债券无担保 | | 牵头主承销商/受托管理人 | 财通证券股份有限公司 | | 联席主承销商 | 中信证券股份有限公司 | | 发行人主体信用等级 | AAA | | 本期债券信用等级 | - | | 信用评级机构 | 东方金诚国际信用评估有限公司 | 牵头主承销商/簿记管理人/债券受托管理人 （住所：杭州市西湖区天目山路198号财通双冠大厦西楼） 联席主承销商 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 签署日期： 年 月 日 运达能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券（第一期）募集说明书 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员承诺本募集说明书 信息披露真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对本募集说明书 ...

信用等级通知书 东方金诚主评字【2025】1021 号 运达能源科技集团股份有限公司： 东方金诚国际信用评估有限公司信用评级委员会通过对贵公司信用 状况进行综合分析和评估，评定贵公司主体信用等级为 AAA，评级 展望为稳定，该主体信用等级及评级展望在 2026 年 10 月 19 日内 有效，期间如有评级调整则以最新调整为准。 东方金诚主评字【2025】1021 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），声明如下： 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组织或个人的干预和影响。 4.本次评级依据委托方提供的资料和/或已经 ...

运达能源科技集团股份有限公司 2025 年面 向专业投资者公开发行绿色可续期公司债 券（第一期） 发行公告 发行人 运达能源科技集团股份有限公司 （住所：浙江省杭州市临平区顺风路 558 号） 牵头主承销商/簿记管理人/债券受托管理人 财通证券股份有限公司 联席主承销商 中信证券股份有限公司 签署日期：二零二五年十二月十八日 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告内容 真实、准确和完整。 重要事项提示 1、运达能源科技集团股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 12 月 5 日获得中国证券监督管理委员会证监许可〔2025〕2690 号文注册批准公开 发行面值总额不超过 25 亿元的绿色可续期公司债券（以下简称"本次债券）。发行人 本次债券采取分期发行的方式，其中运达能源科技集团股份有限公司 2025 年面向专业 投资者公开发行绿色可续期公司债券（第一期）（以下简称"本期债券"）为第一期发 行，发行规模不超过 15 亿元（含 15 亿元）。 2、本期债券每张面值为 100 元，发行价格为人民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业 ...

运达能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券更名公告 发行人：运达能源科技集团股份有限公司 年 月 日 （本页无正文，为《运达能源科技集团股份有限公司2025年面向专业投资者公 开发行绿色可续期公司债券更名公告》之盖章页） 主承销商：财通证券股份有限公司 年 月 日 （本页无正文，为《运达能源科技集团股份有限公司2025年面向专业投资者公 开发行绿色可续期公司债券更名公告》之盖章页） 运达能源科技集团股份有限公司（以下简称"发行人"）已获得中国证券监 督管理委员会证监许可〔2025〕2690 号注册。运达能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券（第一期）（以下简称"本 期债券"）发行规模为不超过 15 亿元（含 15 亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"运达能源科技集团股份 有限公司 2025 年面向专业投资者公开发行绿色可续期公司债券"变更为"运达 能源科技集团股份有限公司 2025 年面向专业投资者公开发行绿色可续期公司债 券（第一期）"。 本期债券名称变更不改变其他原签订的与本次债券相关文件的法律效力，其 他 ...

Group 1 - The world's largest integrated green hydrogen, ammonia, and methanol project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced production, with a capacity to generate 450,000 tons of green hydrogen, 200,000 tons of green ammonia, and green methanol annually, significantly reducing crude oil consumption by 460,000 tons and cutting carbon emissions by 300,000 tons per year [1] - The integrated green hydrogen, ammonia, and methanol project model combines multiple processes, including wind and solar power generation, water electrolysis for hydrogen production, and the synthesis of green ammonia and methanol, driven by policy support, technological advancements, and market demand for renewable energy [1] - By the end of 2024, China's planned capacity for green ammonia projects is expected to reach approximately 1,780,000 tons per year, with around 1,900,000 tons per year currently under construction [1] Group 2 - According to Guangfa Securities, the industrial application prospects for green ammonia and green methanol are broad, with green ammonia expected to account for over 70% of domestic production by 2050, driven by dual carbon policies and decreasing green electricity costs [2] - Longjiang Securities emphasizes that the high-quality development of renewable energy during the 14th Five-Year Plan period requires breakthroughs in non-electric utilization, with significant application potential for green hydrogen, ammonia, and methanol in chemical, transportation, and metallurgy sectors [2] - As of December 17, 2023, 17 A-share stocks related to green hydrogen and methanol have been identified, with six stocks experiencing over 50% growth this year, including Fuzhijie Technology, Huaguang Huaneng, and Jinfeng Technology [2] Group 3 - In terms of trading activity, Jinfeng Technology recorded the highest average daily trading volume in December at 2.508 billion yuan, followed by China International Marine Containers and others with varying trading volumes [3] - Six green hydrogen and methanol concept stocks have been subject to over ten institutional surveys this year, with Xizi Clean Energy receiving the most attention, having been surveyed 30 times [3] - Xizi Clean Energy has indicated its involvement in the supply of equipment for the integrated wind-solar hydrogen, ammonia, and methanol model, continuously expanding its applications in the green ammonia and methanol industries [3]

Group 1 - Wind power equipment sector increased by 0.77% on December 17, with He望电气 leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] - He望电气's closing price was 30.65, reflecting a rise of 5.36% with a trading volume of 238,100 shares and a transaction value of 708 million yuan [1] Group 2 - The wind power equipment sector saw a net outflow of 376 million yuan from institutional investors, while retail investors had a net inflow of 444 million yuan [2] - The trading data for various companies showed that He望电气 had a net inflow of 80.12 million yuan from institutional investors, while retail investors had a net outflow of 78.23 million yuan [3] - Other companies like 运达股份 and 德力佳 also experienced varying degrees of net inflows and outflows from different investor types [3]

Demand: Onshore Wind Capacity Supported, Positive Outlook for Offshore Growth - In 2025, onshore wind capacity is expected to exceed 100GW, with a year-on-year growth of over 25% [2][11] - For offshore wind, the expected capacity for 2025 is between 8-10GW, with a year-on-year increase of 30%+ anticipated for 2026 [12][11] - The "14th Five-Year Plan" period is projected to see an average annual installation of 110-120GW for onshore wind and over 20GW for offshore wind [11][12] Offshore Cable: Voltage Levels Increasing, Leading Players Strengthening - The market size for offshore cables is expected to reach 10.7 billion yuan in 2025, a 62% increase year-on-year, with a compound annual growth rate of 26% from 2025 to 2030 [2][11] - The gross margin for 220kV cables remains stable at 35-40%, while higher voltage cables show promising margins of 45-55% [2][11] Tower and Pile: Domestic Profitability Turning Point, International Expansion Opportunities - Domestic capacity utilization rates have rapidly increased since Q2 2025, indicating a profitability turning point for related companies [2][11] - Internationally, companies are expanding their market share with significant profitability from single pile deliveries [2][11] Wind Turbines: Price Stabilization and Profitability Improvement Expected in 2026 - Wind turbine prices have stabilized, with a rebound of over 5% in bidding prices, leading to improved profitability for domestic manufacturers expected in 2026 [2][11] - Offshore orders and deliveries for wind turbine companies are significantly increasing, with offshore margins exceeding domestic margins by 5-10 percentage points [2][11] Investment Recommendations: Positive Outlook for Offshore Sector - The upcoming deep offshore projects are expected to catalyze growth, with a potential upward adjustment in mid-to-long-term installation levels [2][11] - Recommended stocks include those in the offshore wind sector such as 大金重工, 东方电缆, and others, as well as wind turbine manufacturers like 金风科技 and 明阳智能 [2][11] European Offshore Wind: Accelerated Planning Amid Energy Crisis - Following the energy crisis due to the Russia-Ukraine conflict, European countries are ramping up offshore wind planning, with auction volumes expected to increase significantly [2][21] - The average annual compound growth rate for European offshore wind installations is projected to reach 21% from 2025 to 2030 [2][37]