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].

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].

Industry Outlook - The offshore wind power industry is expected to accelerate development due to the resolution of issues such as navigation and sea use conflicts, contributing significant capacity from 2025 to 2026 [2] - Future industry growth will focus on three main directions: large-scale turbine development for cost reduction, deep-sea development as a new growth area, and the integration of "offshore wind power +" models [2] Company Performance - The company has established multiple production bases across key offshore wind power regions, including Zhejiang, Guangdong, and Jiangsu, effectively meeting production capacity needs [4] - The offshore wind power industry has faced a downturn from 2021 to 2023 due to project delays caused by sea use approvals and navigation coordination, but these issues are gradually being resolved, leading to potential growth [5] Financial Projections - The company anticipates a growth in main business revenue and profitability by 2025, with a projected increase in revenue compared to 2024 [6] - As of the end of 2024, the company has approximately CNY 4.88 billion in unfulfilled revenue obligations expected to be recognized in 2025 [6] Cash Flow and Management - The company has seen a significant increase in cash inflows from operating activities in 2024 and Q1 2025, attributed to improved sales collection management and increased contract liabilities from new projects [7] Strategic Development - The company is expanding its production capacity with the construction of the second phase of the Qidong project, which aligns with its "Two Seas Strategy" and supports national deep-sea technology initiatives [8] - The company is committed to its "offshore + overseas" strategy, focusing on deep-sea market product development and expanding both domestic and international market presence [8]

Investment Rating - The report maintains an "Overweight" rating for the wind power support infrastructure within the electric equipment and new energy industry [2] Core Insights - The wind power sector is becoming a crucial part of China's electricity supply structure, with significant optimization in wind power support structures and a shift towards mixed steel-concrete towers [5][33] - The domestic wind power market is expected to grow, with a projected cumulative installed capacity of approximately 520.7 GW by the end of 2024, marking an 18% year-on-year increase [55] - The report highlights the global wind power industry maintaining a high level of prosperity, with substantial growth potential in installed capacity [64] Summary by Sections 1. Wind Power as a Key Component of China's Energy Supply - Wind power support structures are continuously optimized, with a notable shift from traditional steel towers to mixed steel-concrete towers, which are gaining market acceptance [5][33] - The average cost of onshore wind power in China has significantly decreased, with a 67% reduction since 2017, making it more competitive compared to coal [14] - The average installed capacity of onshore wind turbines in China is projected to reach 5.89 MW by 2024, reflecting a 9.6% year-on-year increase [21] 2. Global Wind Power Industry Outlook - The global wind power installed capacity is expected to grow from 1,136 GW in 2024 to 2,118 GW by 2030, indicating a compound annual growth rate of 10.9% [68] - The report notes that the global wind power market is driven by energy security and carbon reduction goals, with significant policy support from the EU [64] 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in the wind power support infrastructure sector, such as 大金重工 (Dajin Heavy Industry), 泰胜风能 (Taisheng Wind Power), and 海力风电 (Haili Wind Power) [5][42] - The report emphasizes the importance of companies that can benefit from the booming global wind power market, particularly those with strong manufacturing capabilities and established reputations in Europe [5][41]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.4 billion, 10.7 billion, and 12.1 billion respectively, corresponding to PE ratios of 18, 13, and 11 [4]. Core Insights - The company reported a revenue of 1.35 billion in 2024, a year-on-year decline of 19.6%, but achieved a net profit of 0.66 billion, marking a return to profitability [2]. - In Q1 2025, the company saw a significant revenue increase of 251% year-on-year, reaching 4.36 billion, although net profit decreased by 13.3% to 0.64 billion [2]. - The overall demand for offshore wind in China was below expectations in 2024, leading to a slight decline in overall shipments and a decrease in gross margin by approximately 2.1 percentage points [2]. - The company is expected to benefit from an increase in project deliveries, with a gross margin of approximately 15.05% in Q1 2025, up about 10 percentage points year-on-year [3]. - The company has established multiple production bases across key regions, positioning itself to fully benefit from the growth in the domestic offshore wind sector [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.35 billion, down 19.6% year-on-year, while net profit was 0.66 billion, returning to positive figures [2]. - Q1 2025 revenue reached 4.36 billion, a 251% increase year-on-year, but net profit fell 13.3% to 0.64 billion [2]. Operational Analysis - The offshore wind demand in China was lower than expected in 2024, impacting overall shipments and leading to a decline in gross margin [2]. - The company’s revenue from pile foundations decreased by 22.7% to approximately 0.85 billion, with a gross margin of 4.29%, down 6.0 percentage points [2]. - The tower business generated 3.2 billion in revenue, down 18.7%, but gross margin improved by 4.38 percentage points to 7.9% [2]. - The company’s revenue from the guide frame business increased by 6.8% to 1.37 billion, with a gross margin of 4.79%, up 10.28 percentage points [2]. Profit Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 7.4 billion, 10.7 billion, and 12.1 billion, with corresponding PE ratios of 18, 13, and 11 [4].

王建平先生，1957年7月出生，中国国籍，无境外永久居留权，管理工程专 业研究生学历，正高级工程师。历任呼和浩特市第一运输公司工人，中国农机院 呼和浩特分院行业中心主任，浙江运达风电股份有限公司独立董事，桂林星辰科 技股份有限公司独立董事。王建平先生现任公司独立董事，全国风力发电标准化 技术委员会副主任，深圳市禾望电气股份有限公司独立董事，金雷科技股份公司 独立董事。 江苏海力风电设备科技股份有限公司 独立董事 2024 年度述职报告 （王建平） 各位股东及股东代表： 2024年，本人作为江苏海力风电设备科技股份有限公司（以下简称"公司"） 的独立董事，根据《公司法》、《证券法》、《深圳证券交易所创业板股票上市 规则》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管指引第2 号——创业板上市公司规范运作》等相关法律法规和《公司章程》、《独立董事 工作制度》等公司相关规定和要求，忠实、勤勉地履行职责，积极出席相关会议， 认真审议董事会各项议案，对公司重大事项发表了独立意见，充分发挥了独立董 事的独立性、专业性的作用，切实维护了公司全体股东尤其是中小股东的合法利 益。现将本人2024年度的履职情况汇报如下 ...

江苏海力风电设备科技股份有限公司 独立董事 2024 年度述职报告 （李昌莲 已离任） 各位股东及股东代表： 2024年度任期内，本人作为江苏海力风电设备科技股份有限公司（以下简称 "公司"）的独立董事，根据《公司法》、《证券法》、《深圳证券交易所创业板 股票上市规则》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》等相关法律法规和《公司章程》、《独 立董事工作制度》等公司相关规定和要求，忠实、勤勉地履行职责，积极出席相 关会议，认真审议董事会各项议案，对公司重大事项发表了独立意见，充分发挥 了独立董事的独立性、专业性的作用，切实维护了公司全体股东尤其是中小股东 的合法利益。现将本人2024年度任期内的履职情况汇报如下： 一、独立董事的基本情况 李昌莲女士，1969年1月出生，中国国籍，无境外永久居留权，高级会计学 专业硕士研究生学历，高级会计师，中国注册会计师，中国注册资产评估师，中 国注册税务师，南通市注册会计师协会副会长，南通市总会计师协会常务理事， 江苏省注册会计师协会理事，南通市政协委员。历任南通市物资职工中等专业学 校教师，南通江海会计师事务所部门经 ...

江苏海力风电设备科技股份有限公司 独立董事 2024 年度述职报告 （丁杨莉） 各位股东及股东代表： （一）出席董事会及股东大会的情况 2024年度任期内，公司共召开6次董事会，本人均亲自出席，没有缺席或连 续两次未亲自出席会议的情况。对各次董事会审议的相关议案均投了赞成票，没 有提出异议的情况，也没有反对、弃权的情形。 2024年，本人作为江苏海力风电设备科技股份有限公司（以下简称"公司"） 的独立董事，根据《公司法》、《证券法》、《深圳证券交易所创业板股票上市 规则》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管指引第2 号——创业板上市公司规范运作》等相关法律法规和《公司章程》、《独立董事 工作制度》等公司相关规定和要求，忠实、勤勉地履行职责，积极出席相关会议， 认真审议董事会各项议案，对公司重大事项发表了独立意见，充分发挥了独立董 事的独立性、专业性的作用，切实维护了公司全体股东尤其是中小股东的合法利 益。现将本人2024年度的履职情况汇报如下： 一、独立董事的基本情况 丁杨莉女士，1974 年 7 月出生，中国国籍，无境外永久居留权，会计学专 业大学本科学历，高级会计师，中国注册会计师，中 ...

江苏海力风电设备科技股份有限公司 独立董事 2024 年度述职报告 （陆兵 已离任） 各位股东及股东代表： 2024年度任期内，本人作为江苏海力风电设备科技股份有限公司（以下简称 "公司"）的独立董事，根据《公司法》、《证券法》、《深圳证券交易所创业板 股票上市规则》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》等相关法律法规和《公司章程》、《独 立董事工作制度》等公司相关规定和要求，忠实、勤勉地履行职责，积极出席相 关会议，认真审议董事会各项议案，对公司重大事项发表了独立意见，充分发挥 了独立董事的独立性、专业性的作用，切实维护了公司全体股东尤其是中小股东 的合法利益。现将本人2024年度任期内的履职情况汇报如下： 一、独立董事的基本情况 陆兵先生，1966年11月出生，中国国籍，无境外永久居留权，法律专业大学 本科学历。历任江苏省如东县南坎乡人民政府司法助理，南通通洋律师事务所律 师。2018年8月8日至2024年7月22日期间担任公司独立董事。 作为独立董事，本人未在公司担任除独立董事以外的其他任何职务，没有为 公司提供财务、法律、管理咨询、技术咨询等服 ...

江苏海力风电设备科技股份有限公司 独立董事 2024 年度述职报告 （张捷） 各位股东及股东代表： 2024年，本人作为江苏海力风电设备科技股份有限公司（以下简称"公司"） 的独立董事，根据《公司法》、《证券法》、《深圳证券交易所创业板股票上市 规则》、《上市公司治理准则》、《深圳证券交易所上市公司自律监管指引第2 号——创业板上市公司规范运作》等相关法律法规和《公司章程》、《独立董事 工作制度》等公司相关规定和要求，忠实、勤勉地履行职责，积极出席相关会议， 认真审议董事会各项议案，对公司重大事项发表了独立意见，充分发挥了独立董 事的独立性、专业性的作用，切实维护了公司全体股东尤其是中小股东的合法利 益。现将本人2024年度的履职情况汇报如下： 一、独立董事的基本情况 2024年度任期内，公司董事会、股东大会的召集召开符合法定程序，重大经 营决策事项和其他重大事项均履行了相关程序，合法有效。本人本着审慎客观的 原则，以勤勉负责的态度，认真审阅会议议案及相关的背景资料，积极参与各议 案的讨论，充分发表合理的意见和建议，并以谨慎的态度行使表决权。 （二）出席董事会专门委员会的情况 公司董事会下设战略委员会、提名委 ...