证券代码：301155 证券简称：海力风电 公告编号：2025-022 江苏海力风电设备科技股份有限公司 第三届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 1、江苏海力风电设备科技股份有限公司（下文简称"公司"）第三届董事会 第九次会议的会议通知于2025年6月4日以书面通知方式发出。 2、本次董事会于2025年6月11日在本公司会议室，以现场与视频会议表决方 式召开。 3、本次董事会应到董事8名，实到董事8名。 4、董事长许世俊先生主持本次董事会。公司监事和高级管理人员列席了会 议。 5、本次董事会会议的召集、召开符合《公司法》等法律、法规和《公司章 程》的规定。 与会各位董事对本次董事会会议议案逐项进行了认真审议，以现场与视频会 议表决方式进行了表决，通过了以下决议： 1、会议以 5 票同意，0 票弃权，0 票反对，审议通过了《关于为参股公司 提供担保暨关联交易的议案》 关联董事沙德权先生、许成辰先生、陈海骏先生回避该议案的表决。 本次担保事项符合参股公司立洋海洋工程有限公司（以下简称"立洋海洋"） ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, indicating a competitive landscape [2][11]. - The photovoltaic sector is experiencing a shift towards overseas production capacity, with companies like Junda establishing a 5GW solar cell base in Turkey to meet local demand [3][35]. - The National Energy Administration has initiated pilot projects for new power system construction, focusing on seven key technology areas [4]. Summary by Sections New Energy Vehicles - In May 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 40,856 units and BYD maintaining a leading position with 382,476 units [2][11]. - Zeekr achieved a remarkable 37.7% month-on-month growth in deliveries, showcasing the competitive dynamics in the market [2][21]. Photovoltaics - Junda's agreement to build a 5GW solar cell base in Turkey aims to fill the local production gap and enhance global service efficiency [3][35]. - The photovoltaic industry is facing a decline in production, with a 12.7% decrease in output in May due to reduced domestic orders [3][38]. - Price stability is observed in the solar component market, with TOPCon dual-glass components priced between 0.60-0.72 RMB per watt [3][38]. Electric Equipment and Industrial Control - The National Energy Administration's pilot projects will focus on critical technologies such as smart microgrid integration and virtual power plant aggregation [4]. - Key companies to watch include CATL, Keda, and others, which are expected to benefit from these developments [4].

Group 1 - The report highlights the optimistic growth in the global power equipment market, projected to exceed $700 billion by 2025, with significant investments in the power grid expected to surpass $450 billion [3][23] - The company is positioned as a leader in the high-end diesel generator market, benefiting from strategic partnerships and a robust supply chain, which enhances its pricing power [3][24] - Revenue forecasts for the company indicate substantial growth, with expected revenues of 2.76 billion, 3.76 billion, and 4.75 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year increases of 689%, 36%, and 26% [3][24] Group 2 - The offshore wind power sector is anticipated to experience a new wave of growth, with domestic installations expected to reach 12 GW in 2025, a 200% increase year-on-year [4][6] - The company is expanding its production capacity and focusing on the deep-sea wind market, with significant investments in export terminals to meet growing international demand [4][6] - Profit forecasts for the company suggest net profits of 8.6 billion, 11.0 billion, and 13.1 billion yuan for 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 15.8, 12.3, and 10.3 [4][6] Group 3 - The nuclear power sector is witnessing accelerated investment, with completed investments reaching 36.26 billion yuan in the first four months of 2025, a 36.64% year-on-year increase [12][27] - The company is well-positioned to capitalize on the modular construction market for nuclear power, with a projected market size of approximately 864 billion yuan from 2025 to 2030 [12][28] - Expected net profits for the company are projected to be 2.3 billion, 2.5 billion, and 2.9 billion yuan for 2025, 2026, and 2027, with price-to-earnings ratios of 20, 19, and 16 [12][30] Group 4 - The magnesium alloy market is experiencing rapid growth, with the company focusing on expanding its production capacity to meet increasing demand in various sectors, including aerospace and automotive [7][31] - Revenue for the company is expected to reach 4.09 billion yuan in 2024, reflecting a 16.01% year-on-year increase, with continued growth anticipated in subsequent years [7][31] - The company is actively integrating into the lightweight strategy of leading automotive manufacturers, enhancing its market position [7][31]

24只个股今日获机构买入型评级，海力风电、恒玄科技、永辉超市为机构首次关注。 （文章来源：证券时报网） 行业来看，电子行业最受青睐，南芯科技、扬杰科技等4只个股上榜机构买入评级榜。汽车、轻工制造 等行业也较受机构关注，分别有3只、2只个股上榜。（数据宝） 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 301155 | 海力风电 | 天风证券 | 买入 | 未评级 | 78.74 | 61.93 | | 002714 | 牧原股份 | 华泰证券 | 买入 | 买入 | 51.30 | 40.80 | | 301227 | 森鹰窗业 | 国泰海通 | 增持 | 增持 | 23.37 | 19.28 | | 601900 | 南方传媒 | 国泰海通 | 增持 | 增持 | 18.79 | 16.00 | | 002698 | 博实股份 | 江海证券 | 买入 | 买入 | 18.30 | 15.50 | | 600388 | 龙净环保 | ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 78.74 CNY based on a 20x PE for 2025 [5][3]. Core Views - The company is positioned to benefit from a new cycle of demand in offshore wind energy, particularly in China and Europe, with significant growth expected in domestic offshore wind installations starting in 2025 [3][9]. - The company has a robust production capacity expansion plan, aiming to increase its annual production capacity from 1 million tons to 1.5 million tons by 2025, supported by strategic investments in various port facilities [2][3]. - The company is diversifying its product offerings to include a broader range of offshore engineering equipment, enhancing its competitive edge in the deep-sea market [2][3]. Summary by Sections Company Overview - The company has over 15 years of experience in the offshore wind component manufacturing sector and is a leading supplier in China [1][13]. - It operates under a dual strategy of "offshore + overseas," focusing on equipment manufacturing, renewable energy development, and operation and maintenance [1][13]. Market Demand - The report highlights a significant increase in offshore wind installation demand in both China and Europe, with projections indicating a 200% year-on-year increase in new installations in China by 2025 [9][35]. - In Europe, the offshore wind market is expected to see a 73% year-on-year increase in new installations in 2025, with a total of 48 GW expected from 2025 to 2030 [9][46]. Production Capacity and Expansion - The company has established multiple production bases across various provinces, with a current production capacity of 1 million tons, set to increase to 1.5 million tons by 2025 [2][3]. - The company is strategically investing in port facilities to support its export capabilities, particularly targeting the European market where there is a significant supply gap [2][3]. Financial Projections - The company is expected to see a substantial recovery in profitability, with projected net profits of 855.87 million CNY, 1.1 billion CNY, and 1.31 billion CNY for 2025, 2026, and 2027 respectively [3][4]. - The report anticipates a significant increase in revenue, with estimates of 6.58 billion CNY in 2025, reflecting a growth rate of 385.78% compared to 2024 [4][3]. Product Development - The company is expanding its product line to include a diversified range of offshore engineering equipment, moving beyond traditional wind turbine components [2][3]. - The focus on deep-sea markets is expected to drive innovation and product development, with increased R&D investment planned for 2024 [2][3].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 78.74 CNY based on a 20x PE for 2025 [5][3]. Core Views - The company is positioned to benefit from a new cycle of demand in offshore wind energy, particularly in China and Europe, with significant growth expected in domestic offshore wind installations starting in 2025 [3][9]. - The company has a robust production capacity expansion plan, aiming to increase its annual production capacity from 1 million tons to 1.5 million tons by 2025 [2][3]. - The company is focusing on deep-sea and export markets, with strategic investments in product development and infrastructure to meet growing demand [2][3]. Summary by Sections Company Overview - The company has over 15 years of experience in the offshore wind component manufacturing sector and is a leading supplier in China [1][13]. - It operates under a dual strategy of "offshore + overseas," focusing on equipment manufacturing, renewable energy development, and operation [1][13]. Market Demand - The report highlights a significant increase in domestic offshore wind installations, with an expected addition of 12 GW in 2025, representing a 200% year-on-year growth [9][35]. - In Europe, the offshore wind market is also projected to grow, with an expected 4.5 GW of new installations in 2025, a 73% increase from the previous year [9][46]. Production Capacity and Infrastructure - The company has established multiple production bases across various provinces, including Zhejiang and Guangdong, and has completed its base layout with several operational facilities [2][14]. - The company plans to enhance its product line to include a diversified range of offshore engineering equipment, creating a "4.0 product matrix" [2][3]. Financial Projections - The company is expected to see a significant recovery in profitability, with projected net profits of 855.87 million CNY in 2025, increasing to 1.31 billion CNY by 2027 [3][4]. - The report anticipates a substantial increase in revenue, forecasting a jump from 1.35 billion CNY in 2024 to 6.58 billion CNY in 2025, reflecting a growth rate of 385.78% [4][3]. Investment Opportunities - The report emphasizes the potential for growth driven by the company's strategic focus on deep-sea wind energy and export markets, which are expected to contribute significantly to future revenue streams [2][3]. - The company has a strong order backlog, with approximately 4.88 billion CNY in contracts expected to be recognized as revenue in 2025 [31][3].

证券代码：301155 证券简称：海力风电 公告编号：2025-021 江苏海力风电设备科技股份有限公司 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公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 江苏海力风电设备科技股份有限公司（以下简称"公司"、"本公司"）2024 年 年度权益分派方案已获 2025 年 5 月 20 日召开的 2024 年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司于 2025 年 5 月 20 日召开了 2024 年度股东大会，审议通过《关于 2024 年度利润分配预案的议案》。公司 2024 年度利润分配预案为：以公司总股 本 217,391,478 股为基数，向全体股东每 10 股派发现金红利 0.90 元（含税）， 2024 年度派发现金股利共计人民币 19,565,233.02 元，不送红股，不以资本公积 转增股本，剩余未分配利润结转下一年度。若在利润分配方案实施前公司总股本 发生变化的，公司将按照"现金分红总额固定不变"的原则进行相应的调整。 2、自利润分配方案披露至实施期间公司股本 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [4]. Core Insights - The recent passage of the "One, Big, Beautiful Bill" in the U.S. House of Representatives is expected to significantly impact the new energy sector, particularly electric vehicles and solar storage, with stricter requirements for "foreign restricted entities" [4]. - The electric vehicle market is projected to face short-term demand challenges due to the cancellation of a $7,500 subsidy by the end of 2025, while the domestic lithium battery industry maintains a comparative advantage [4]. - The report highlights that the new bill introduces a transition period of 1-2 years for compliance with the "foreign restricted entity" requirements, which may lead to a rush in installations in the short term [4]. Summary by Sections Electric Vehicles - The cancellation of the $7,500 subsidy by the end of 2025 is expected to negatively affect U.S. electric vehicle demand in the short term, but the impact on Chinese companies is limited due to their low export ratio to the U.S. [4]. - The report notes that the U.S. electric vehicle penetration rate is currently low at 9.8%, with projected sales of 1.56 million units in 2024 [4]. Solar Storage - The report discusses the gradual reduction of ITC and PTC subsidies, with the new bill implementing a phased reduction starting in 2029 [4]. - The ITC subsidy is set to decrease from 30% to 0% by 2032, while the PTC subsidy will also see significant reductions [4]. Investment Recommendations - The report suggests focusing on four main investment themes for 2025: 1. True Growth: Companies like CATL, EVE Energy, and LONGi Green Energy [4]. 2. Cycle Recovery: Companies such as Hunan Youneng and Fulin Precision [4]. 3. New Technologies: Firms like Xiamen Tungsten and Rongbai Technology [4]. 4. Supply-side Reform: Companies including Tongwei and GCL-Poly [4]. Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their market capitalization, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2025-2027 [5].

Core Viewpoint - Haile Wind Power released its 2024 annual report, showing a revenue of 1.355 billion yuan, a year-on-year decrease of 19.63%, while achieving a net profit attributable to shareholders of 66 million yuan, a significant increase of 175.08% compared to a loss of 88 million yuan in the same period last year [1][2] Financial Performance - In 2024, the company reported a revenue of 1.355 billion yuan, down 19.63% year-on-year, with a net profit attributable to shareholders of 66 million yuan, up 175.08% year-on-year [1][2] - The first quarter of 2025 saw a revenue of 436 million yuan, a substantial increase of 251.50% year-on-year, but a net profit of 64 million yuan, down 13.27% year-on-year [2][4] - The company achieved a non-recurring net profit of 58 million yuan in 2024, a year-on-year increase of 149.34% [1][2] Product Performance - Revenue from pile foundations and wind turbine towers was 854 million yuan and 320 million yuan, respectively, down 22.67% and 18.71% year-on-year; however, revenue from conductor frames increased by 6.82% to 137 million yuan [3] - Sales volume for towers was 82 units (down 22.64% year-on-year), pile foundations 92 units (down 16.36%), and conductor frames 14 units (up 55.56%) [3] Inventory and Contract Liabilities - By the end of 2024, the company's inventory reached 2.053 billion yuan, an increase of 136.7% from the beginning of the year, while contract liabilities reached 681 million yuan, up 840.7% [3] - As of the end of Q1 2025, inventory was 2.431 billion yuan, an 18.4% increase from the beginning of the year, and contract liabilities were 724 million yuan, a 6.3% increase [3] Profitability and Margins - The overall gross margin for 2024 was 7.68%, a decrease of 2.05 percentage points year-on-year [4] - In Q1 2025, the gross margin improved to approximately 15%, significantly higher than the 7.7% for the entire year of 2024, attributed to increased shipment volumes and improved capacity utilization [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.25 billion yuan, 6.75 billion yuan, and 9 billion yuan, respectively, with net profits of 680 million yuan, 910 million yuan, and 1.18 billion yuan, corresponding to P/E ratios of 20.1, 15.7, and 12.2 times [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 1.35 billion yuan for 2024, a year-on-year decrease of 19.6%, while achieving a net profit of 70 million yuan, marking a turnaround from losses [2][4] - In Q4 2024, the revenue was 290 million yuan, showing a significant year-on-year increase of 124.6%, although the net profit was negative at -20 million yuan [2][4] - For Q1 2025, the revenue surged to 440 million yuan, a year-on-year increase of 251.5%, with a net profit of 60 million yuan, down 13.3% year-on-year [2][4] Financial Performance Summary - The company's revenue for 2024 is projected to be 1.355 billion yuan, with a gross profit margin of 8% [10] - The breakdown of revenue by business segment for 2024 includes: tower tubes at 320 million yuan (-19%), pipe piles at 850 million yuan (-23%), and caissons at 140 million yuan (+7%) [10] - The gross profit margin for tower tubes, pipe piles, and caissons in 2024 is expected to be 7.9%, 4.3%, and 4.8% respectively [10] - The company’s contract liabilities reached 720 million yuan by the end of Q1 2025, a year-on-year increase of 359.7%, indicating a strong order backlog [10] - The company is expected to achieve a net profit of approximately 750 million yuan in 2025, corresponding to a PE ratio of about 18 times [10]