培训情况报告 华泰联合证券有限责任公司关于 江苏海力风电设备科技股份有限公司持续督导期 2024年培训情况报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作 为江苏海力风电设备科技股份有限公司（以下简称"海力风电"、"上市公司"） 首次公开发行股票并在创业板上市的保荐机构，根据《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股票上市规则》和 《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》 等法规和规则的相关规定以及海力风电的实际情况，认真履行保荐机构应尽的职 责，对海力风电的控股股东、实际控制人、董事、监事、高级管理人员等相关人 员进行了有计划、多层次的后续培训，所培训的内容严格按照中国证券监督管理 委员会及深圳证券交易所有关持续督导的最新要求进行。 2025 年 3 月 31 日，华泰联合证券相关人员按照《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》的要求完成了对海力风电的控股股东、实 际控制人、董事、监事、高级管理人员等相关人员的持续培训工作，特向贵所报 送培训工作报告。 培训情况 ...

Core Viewpoint - The wind tower industry in China is experiencing rapid growth, driven by increasing demand for renewable energy and supportive government policies, with market size projected to reach 290.8 billion yuan by 2025, reflecting a year-on-year increase of 15.58% [1][16][24]. Industry Overview - Wind towers are critical components of wind power systems, designed to support wind turbines and capture wind energy efficiently. They must withstand various environmental factors, necessitating high technical standards in design, manufacturing, and installation [3][10]. - The industry has evolved since the 1980s, with significant growth in the 1990s and ongoing advancements in technology and market demand, particularly in offshore wind energy [5][14]. Market Size and Growth - The market size of China's wind tower industry reached 121.2 billion yuan in 2022 and is expected to grow to 251.6 billion yuan by 2024, with a forecasted market size of 290.8 billion yuan by 2025 [1][16][24]. Policy Support - Recent government policies have bolstered the wind power sector, including initiatives to promote renewable energy projects and accelerate the construction of clean energy bases [7][8][14]. Competitive Landscape - The market is primarily dominated by several leading companies, including Tianjun Wind Energy, Shanghai Taisheng Wind Energy Equipment, and Dajin Heavy Industry, although the overall market remains relatively fragmented [18][20]. Industry Chain - The wind tower industry supply chain includes raw materials like steel and concrete, with manufacturers focusing on high-quality production processes. The downstream application is mainly in the wind power sector, encompassing both onshore and offshore wind energy [10][12]. Development Trends 1. **Market Expansion**: The wind tower market is expected to continue expanding due to rising global demand for renewable energy and advancements in wind technology [24]. 2. **Technological Innovation**: Innovations in tower design and materials are crucial for meeting the demands of larger wind turbines and enhancing energy conversion efficiency [25]. 3. **Internationalization**: Leading domestic companies are increasingly exploring international markets, enhancing their global competitiveness through technology transfer and capacity collaboration [27]. 4. **Environmental Focus**: The industry is shifting towards greener practices, emphasizing sustainable production and compliance with stricter environmental regulations [28].

Investment Rating - The report maintains a "Recommended" rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [4][53]. Core Insights - The wind power sector has seen a significant increase in bidding and winning volumes, with a total of 21.5GW of wind turbine bids in the first three months of 2025, representing a year-on-year increase of 14.7% [2][10]. - The report highlights three main investment themes in the wind power sector: 1. High domestic offshore wind project reserves and supportive policies for future development, with a focus on the concentration of offshore wind projects starting in 2025 [7][37]. 2. High bidding activity for onshore wind projects in 2024, indicating a phase of volume and profit growth for manufacturers and components [7][37]. 3. Regional growth in overseas offshore and onshore installations, presenting opportunities for domestic cable, main engine, and component manufacturers to expand internationally [7][37]. Summary by Sections Bidding Volume - In the first three months of 2025, wind turbine bidding reached 21.5GW, with offshore wind accounting for 2.6GW and onshore wind 18.9GW, showing increases of 262.2% and 5% year-on-year respectively [10][20]. - March saw a total of 9.2GW in wind power bids, with offshore wind at 1.8GW and onshore wind at 7.4GW, reflecting a month-on-month increase of 190.3% for onshore projects [10][20]. Winning Volume - The total winning volume for wind power in the first three months of 2025 was 20.3GW, a year-on-year increase of 101.4% [20][21]. - In March, the winning volume for offshore and onshore wind was 0.5GW and 6.8GW respectively, with year-on-year increases of 55.7% and 102.4% [20][21]. Winning Prices - The average winning price for offshore wind in March was 2818 yuan/kW, while for onshore wind it was 1408 yuan/kW, with a month-on-month decrease of 10.2% for onshore projects [36][37]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others, which are well-positioned to benefit from the anticipated growth in the wind power sector [7][39].

Investment Rating - The investment rating for the company is "Buy" [1][5][8] Core Views - The report emphasizes that the company is well-positioned to benefit from the recovery in demand in 2023, following a period of impairment adjustments. The anticipated growth in performance is supported by significant wind power tenders in 2024, setting the stage for a strong delivery year in 2025 [5][6][7] - The company is expanding its production capabilities, particularly in offshore high-end equipment manufacturing, which aligns with government policies promoting "deep-sea technology" and renewable energy [6][7] - The projected financial performance indicates a substantial increase in revenue and profit, with expected revenues of 12.5 billion, 60 billion, and 75 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 0.69 billion, 6.72 billion, and 8.23 billion yuan for the same years [5][6][7] Summary by Sections Investment Rating - The company maintains a "Buy" rating, indicating an expected return exceeding 15% compared to the CSI 300 index [1][8] Financial Projections - Main revenue is projected to grow from 16.33 billion yuan in 2022 to 60 billion yuan in 2025, and further to 75 billion yuan in 2026 [5][6] - The net profit is expected to recover from a loss of 0.88 billion yuan in 2023 to 6.72 billion yuan in 2025 and 8.23 billion yuan in 2026 [5][6] - Earnings per share (EPS) are forecasted to rise from -0.41 yuan in 2023 to 3.09 yuan in 2025 and 3.79 yuan in 2026 [5][6] Strategic Developments - The company has signed an investment agreement to establish a second phase of an offshore high-end equipment manufacturing export base, with a total investment of 2.5 billion yuan [6] - This project aims to enhance the company's product structure and technical competitiveness in offshore wind power equipment manufacturing [6][7]

江苏海力风电设备科技股份有限公司 第三届董事会第七次会议决议公告 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。 证券代码：301155 证券简称：海力风电 公告编号：2025-005 1、会议以 8 票同意，0 票弃权，0 票反对，审议通过了《关于对外投资暨 签署<投资协议书>的议案》 董事会同意公司和启东市人民政府签署《投资协议书》，对"海上高端装备 制造出口基地二期项目"总投资 25 亿元人民币，用地、用海总面积约 680 亩。 是在一期项目成功经验基础上，基于公司"双海战略"发展规划作出的决定，亦 是响应国家"深海科技"新兴产业发展战略的重要举措。既能丰富公司的产品结 构，提升技术竞争力；也将进一步推动公司海外市场的布局拓展，提高国际影响 力和综合实力。 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 第七次会议的会议通知于2025年3月10日以书面通知方式发出。 2、本次董事会于2025年3月17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 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-006 二、监事会会议审议情况 江苏海力风电设备科技股份有限公司 第三届监事会第七次会议决议公告 本公司及监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、监事会会议召开情况 1、江苏海力风电设备科技股份有限公司（下文简称"公司"）第三届监事会 第七次会议的会议通知于2025年3月10日以书面通知方式发出。 2、本次监事会于2025年3月17日在本公司会议室，以现场与视频会议表决方 式召开。 3、本次监事会应到监事3名，实到监事3名。 4、监事会主席邓峰主持本次监事会。公司董事会秘书列席了会议。 5、本次监事会会议的召集、召开符合《公司法》等法律、法规和《公司章 程》的规定。 与会各位监事对本次监事会会议议案进行了认真审议，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 3 票同意，0 票弃权，0 票反对，审议通过了《关于对外投资暨 签署<投资协议书>的议案》 经审议，监事会认为：公司本次与启东市人民政府签订《投资协议书》，计 划对"海上高端装备制造出口基地二期项目"总投资 25 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-007 江苏海力风电设备科技股份有限公司 1、本次签订的《投资协议书》所涉及的项目用地需按照国家现行法律法规 及政策规定的用地程序办理，通过招标、拍卖或挂牌出让方式取得，土地使用权 能否竞得、土地使用权的最终成交面积、价格及取得时间存在不确定性。 2、本项目的实施，尚需政府有关主管部门立项核准及报备、码头海域使用 及岸线许可、环评审批、建设规划许可、施工许可等前置审批手续，如遇国家或 地方有关政策调整、项目审批等实施程序条件发生变化等情形，本项目实施可能 存在变更、延期、中止或终止的风险。 3、本次投资项目为公司未来的中长期项目规划，总体建设周期预计较长， 短时间内难以形成规模经济效益，在项目建设过程中仍可能存在其他相关不确定 因素。 4、本次项目投资是基于公司战略发展的需要及对行业市场前景的判断，但 宏观环境、行业政策、市场和技术变化等外部因素及公司内部管理、工艺技术、 团队业务拓展能力等均存在一定的不确定性，可能导致公司投资计划及收益不达 预期的风险。 关于对外投资暨签署《投资协议书》的公告 本公司及董事会全体成员保证公告内容真实、准确和完整 ...

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-004 江苏海力风电设备科技股份有限公司 关于获得政府补助的公告 根据《企业会计准则第16号—政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。 公司本次获得的政府补助不用于购建或以其他方式形成长期资产，故为与收 益相关的政府补助。 2、补助的确认和计量 按照《企业会计准则第16号—政府补助》的规定，与资产相关的政府补助， 应冲减相关资产的账面价值或确认为递延收益，并自相关资产达到预定可使用状 态时起，按照该资产预计可使用期限将递延收益平均分摊计入其他收益或营业外 收入。 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、获取补助的基本情况 江苏海力风电设备科技股份有限公司（以下简称"公司"）近日收到政府补 助资金4,937.00万元，占公司最近一期经审计的归属于上市公司股东的净利润绝 对值的比例为56.07%。截至本公告披露日，上述补助资金已到账。本次系与收益 相关的政府补助 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to face pressure on shipments in 2024, with a focus on waiting for demand reversal [1] - The forecast for 2024 indicates a significant decline in total revenue and a return to profitability, with net profit expected to be between 63.27 million and 77.33 million RMB [8] - The company anticipates a substantial increase in performance in 2025 and 2026, driven by the growth of offshore wind projects [1] Financial Forecasts - Total revenue is projected to decrease from 1,685 million RMB in 2023 to 1,440 million RMB in 2024, before rising to 4,686 million RMB in 2025 and 6,349 million RMB in 2026, reflecting a growth rate of 225.42% in 2025 [1][9] - The net profit for 2024 is expected to be 70 million RMB, a significant recovery from a loss of 88.05 million RMB in 2023, with further increases to 689.59 million RMB in 2025 and 881.65 million RMB in 2026 [1][9] - The earnings per share (EPS) is forecasted to improve from -0.41 RMB in 2023 to 0.32 RMB in 2024, and further to 3.17 RMB in 2025 and 4.06 RMB in 2026 [1][9] Market Data - The closing price of the company's stock is 56.65 RMB, with a market capitalization of approximately 12,315.23 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 175.93 for 2024, which is expected to decrease to 17.86 in 2025 and 13.97 in 2026 [1][9] Operational Insights - The company is experiencing weak shipment performance in Q4 2024 due to delays in project approvals, particularly in Jiangsu [8] - The profitability of the company's power stations is expected to be weak in Q4 2024, with additional asset impairment losses anticipated [8] - The company is positioned as a leading supplier for major offshore wind projects, particularly in Jiangsu, which is expected to significantly contribute to its performance in 2025 [1][8]