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]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Viewpoints - The company is a leading domestic enterprise in offshore wind pipe piles, expected to achieve simultaneous growth in volume and profit by 2025 [4] - The company has a diversified business model with three main segments: wind power equipment manufacturing, renewable energy development, and construction and operation services [14] - The company is positioned to benefit from a significant increase in domestic offshore wind installations in 2025, with projected installations of 13-15 GW, representing a year-on-year growth of 117%-150% [5] Summary by Relevant Sections Company Overview - Established in 2009, the company specializes in manufacturing components for offshore wind power, including towers, single piles, and transition pieces [14] - In 2023, 97% of the company's revenue came from wind power equipment, with pile foundation business contributing the most at 66% of total revenue [4][14] Industry Outlook - The offshore wind industry in China is expected to grow significantly, with a projected installation of 6 GW in 2024 and 13-15 GW in 2025, driven by the removal of previous installation constraints [5] - The company holds a leading market share in offshore tower and pile products, with respective market shares of 25.69% and 23.03% as of 2019 [5][62] Competitive Advantages - The company has a strong capacity layout with multiple small production sites and self-owned wharf resources, enhancing order acquisition and delivery capabilities [6] - The company has accumulated extensive experience in offshore wind projects since its inception, maintaining strong relationships with key industry players [6][70] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 17.0 billion, 62.7 billion, and 91.8 billion yuan respectively, with year-on-year growth rates of 1.1%, 267.7%, and 46.4% [7][10] - The company is expected to achieve a net profit of 9.0 billion yuan in 2025, reflecting a significant recovery from previous losses [7][10]

Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately 63.27 million RMB in 2024, compared to a loss of 88.05 million RMB in the previous year, indicating a turnaround in performance [3]. - The net profit after deducting non-recurring gains and losses is projected to be around 56.18 million RMB, up from a loss of 117.00 million RMB in the previous year [3]. Project and Investment Impact - The improvement in performance is attributed to the successful progress of project settlements during the "rush installation tide" of offshore wind power, leading to better collection of long-aged accounts receivable [5]. - The increase in investment income is expected due to a rise in the annual electricity generation from the offshore wind farms in which the company has equity investments [6]. Financial Reporting - The financial data provided is preliminary and has not been audited by the registered accounting firm, with detailed financial data to be disclosed in the 2024 annual report [4][7].

关于 2024 年第四季度拟冲回信用减值准备 证券代码：301155 证券简称：海力风电 公告编号：2025-003 江苏海力风电设备科技股份有限公司 （一）冲回信用减值准备及计提资产减值准备的原因 及计提资产减值准备的公告 根据《企业会计准则》及本公司会计政策的相关规定，本公司对2024年第四 季度合并范围内可能发生减值损失的各类资产进行了减值测试，对存在信用减值 损失及资产减值损失迹象的相关资产相应冲回及计提了减值准备。 （二）冲回信用减值准备及计提资产减值准备的资产范围和总金额 2024年第四季度各类资产拟计提及冲回的减值准备合计约644.07万元，其中 冲回信用减值准备约751.96万元，计提资产减值准备约1,396.03万元，详情如下表： 单位：万元 | | 减值项目 | 本期计提金额（冲回以"+" | | | --- | --- | --- | --- | | | | 列示，损失以"-"号填列） | | | 1、信用减值损失 | | | 751.96 | | 其中：应收票据坏账损失 | | | --- | --- | | 应收账款坏账损失 | 1,071.56 | | 其他应收款坏账损失 | -3 ...