立信会计师事务所（特殊普通合伙） 关于深圳证券交易所 对江苏海力风电设备科技股份有限公司 2023 年年报问询函的回复 信会师函字[2024]第 ZA174 号 深圳证券交易所： 贵所提出的《关于对江苏海力风电设备科技股份有限公司的年报问询函》收 悉。根据贵所提出的要求会计师核查的问题，本会计师事务所本着真实、准确、 完整的原则进行了回复，具体回复内容如下： 问题一 1. 2023 年度，你公司实现营业收入 16.85 亿元，同比增长 3.22%，报告期内 新增导管架业务收入 1.29 亿元；实现归属于上市公司股东的扣除非经常性损益 的净利润（以下简称"扣非后净利润"）-1.17 亿元，同比下滑 340.14%。你公司 风电塔筒、桩基毛利率分别为 3.52%和 10.32%，分别同比下滑 7.11 和 3.26 个百 分点。你公司实现经营活动产生的现金流量净额 985.81 万元，同比增长 107.62%。 2024 年一季度，你公司实现营业收入 1.24 亿元，同比下滑 75.22%，实现归属于 上市公司股东的净利润（以下简称"净利润"）7,365.54 万元，同比下滑 10.28%。 请你公司： （1）列 ...

＃assAuthor＃ | --- | --- | |---------------------------|------------| | | | | ＃市场数据 市场数据日期 | 2024-05-13 | | 收盘价（元） | 52.24 | | 总股本（百万股） | 217.39 | | 流通股本（百万股） | 88.81 | | 净资产（百万元） | 5,454.07 | | 总资产（百万元） | 7,980.85 | | 每股净资产 ( 元 ) | 25.09 | 杨志芳 王帅 证券研究报告 ＃industryId＃ 电气设备 ＃investSuggestion＃ ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | --- | --- | --- | |---------------------------------------|---------|-----------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 5 月 14 日 证券分析师：曹鸿生 (8621)20328513 hongsheng.cao@bocichina.com 证券投资咨询业务证书编号：S1300523070002 公司公布 2023 年年报及 2024 年一季报，2023 年公司实现营收 16.85 亿元，同比 +3.22%，实现归母净利润-0.88 亿元，同比-143.00%；2024 年一季度实现营收 1.24 亿元，同比-75.22%，实现归母净利润 0.74 亿元，同比-10.28%。尽管公司近期业绩 受到海上风电行业进度放缓的影响有所承压，但是未来随着海风装机需求的逐步释 放，公司作为海上风电塔筒桩基领军企业将充分受益，仍维持公司买入评级。 支撑评级的要点 受到多重因素影响，公司 2023 年出现亏损。公司 2023 年出现亏损的主要原因为 1）海风平价带来的产品价格下降和 "抢装潮"后市场需求阶段性不足，以及新建 基地建成转固后折旧摊销的增加，导致公司盈利能力承压，2023 年公司毛利率为 9.77%，同比-4.98pct；2）公司参投的风电场上网发电量较小，影响投资收益 ...

海力风电（301155.SZ） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-------|-------|-----------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,633 | 1,685 | 3,420 | 5,502 | 7,332 | 股票信息 | | | 增长率 yoy （ % ） | -70.1 | 3.2 | 103.0 | 60.9 | 33.2 | | | | 归母净利润（百万元） | 205 | -88 | 475 | 753 | 942 | 行业 | 电力设备及新能源 | | 增长率 yoy （ % ） | -81.6 | -143.0 | 639.4 | 58.6 | 25.0 | 2024 年 5 月 8 日收盘价（ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.64 CNY, based on a 24x PE for 2024 [17][16]. Core Insights - The company's revenue for 2023 was 16.85 billion CNY, a year-on-year increase of 3.22%, but it reported a net loss of 0.88 billion CNY, a decline of 143% compared to the previous year [14][16]. - In Q1 2024, the company achieved revenue of 1.24 billion CNY, a year-on-year decrease of 75.22%, but a net profit of 0.74 billion CNY, down 10.28% year-on-year, showing a positive trend compared to the previous quarter [14][16]. - The company is expected to benefit from a recovery in the offshore wind industry, with projected revenues of 45.0 billion CNY, 67.9 billion CNY, and 82.5 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 167.0%, 51.0%, and 21.4% [16][15]. Financial Summary - The company's revenue from pile foundations in 2023 was 11.0 billion CNY, down 11.5% year-on-year, while tower revenue was 3.9 billion CNY, up 16.8% year-on-year [1]. - Investment income from joint ventures and associates was 0.28 billion CNY in 2023, down from 1.0 billion CNY in 2022 [1]. - The company has multiple production bases and is planning further expansions, which are expected to enhance capacity in the future [4][15]. Earnings Forecast - The forecast for net profit for 2024, 2025, and 2026 is 5.3 billion CNY, 7.7 billion CNY, and 9.5 billion CNY respectively, with corresponding growth rates of 703.2%, 45.1%, and 23.9% [16][15]. - The expected EPS for the same years is 2.4 CNY, 3.5 CNY, and 4.4 CNY, with PE ratios of 21, 14, and 11 respectively [16]. Market Position - The company is positioned as a leading player in the domestic pile foundation market and is likely to benefit from the recovery in the offshore wind sector [16][15]. - The company is actively pursuing overseas market opportunities and has initiated the construction of export-oriented heavy-duty terminals [4].

Financial Performance - The company reported a net loss during the reporting period, primarily due to the impact of project settlement progress and increased aging of accounts receivable and contract assets[18]. - The decline in prices due to offshore wind parity and insufficient market demand post "rush installation" led to lower capacity utilization and increased unit costs[18]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[20]. - The company's operating revenue for 2023 was approximately ¥1.69 billion, a slight increase from ¥1.63 billion in 2022, representing a year-on-year growth of about 3.1%[38]. - The net profit attributable to shareholders for 2023 was approximately ¥88 million, a significant decrease of 143% compared to ¥205 million in 2022[55]. - The net profit after deducting non-recurring gains and losses for 2023 was approximately -¥117 million, a decline of 340.14% from a profit of ¥49 million in 2022[55]. - The total assets at the end of 2023 amounted to approximately ¥7.73 billion, reflecting an increase of 8.86% from ¥7.10 billion at the end of 2022[55]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥5.34 billion, a decrease of 1.22% from ¥5.41 billion at the end of 2022[55]. - The company reported a basic earnings per share of -¥0.41 for 2023, compared to ¥0.94 in 2022, indicating a decline of 143.62%[55]. - The weighted average return on net assets for 2023 was -1.64%, down from 3.80% in 2022, a decrease of 5.45%[55]. Market Outlook and Industry Trends - The offshore wind power industry is projected to continue rapid development towards larger scale and deeper waters, which aligns with the company's strategic focus[47]. - The offshore wind power industry is expected to see a significant increase in demand, with over 30 GW of grid-connected capacity still needed as of 2023, and large-scale construction anticipated in 2024-2025[68]. - The global renewable energy market is projected to add 7,300 GW of new capacity from 2023 to 2028, indicating a strong growth trajectory for the offshore wind sector[71]. - The cumulative installed capacity of wind power in China reached approximately 440 million kilowatts by the end of 2023, representing a year-on-year growth of 20.7%[88]. - The total installed capacity of renewable energy in China is projected to triple by 2030, driven by national carbon reduction goals[87]. - Global wind power capacity is expected to increase by 680 GW from 2023 to 2027, with China projected to account for over 40% of new installations[132]. Strategic Initiatives and Innovations - The company is actively exploring new technologies such as floating offshore wind power and hydrogen production from wind energy, which are expected to enhance the utilization of offshore wind resources[47]. - The company aims to leverage advancements in floating wind technology and explore new development models such as offshore wind hydrogen production to enhance growth[73]. - The company is focused on continuous improvement of its manufacturing processes, leveraging its technical expertise to enhance product quality and efficiency[110]. - The company is involved in multiple R&D projects, including the development of a 550-ton tower for offshore wind turbines, aimed at reducing production costs and improving efficiency[158]. - The company has completed the development of an 8.0MW offshore wind turbine single pile, enhancing welding quality and reducing labor intensity[200]. Operational Capacity and Challenges - The company’s operating capacity was relatively low during the period due to temporary market demand shortages[18]. - The company has achieved a high market share in offshore wind equipment but faces capacity constraints that may hinder its growth; new production capacity is expected to be released in 2024[103]. - The company has established multiple production bases, including in Dongying and Weihai, with the expectation that these will be operational by the end of 2024, enhancing its market coverage[113]. - The company has recognized the growing demand in the wind power industry, driven by government investments and improving consumption conditions[107]. Research and Development - The company has a strong emphasis on maintaining a stable operational scale, which is crucial for competing in the wind equipment market[116]. - The company reported an asset impairment of -¥109,411,909.66, which was 111.77% of total profit, mainly due to increased impairment provisions for contract assets[188]. - R&D expenses increased significantly by 86.40% to ¥24,945,483.61 in 2023 from ¥13,382,766.40 in 2022, primarily due to increased R&D investments[175]. - The company completed several R&D projects for offshore wind turbine towers, enhancing product quality and reducing production costs[177]. Government Policies and Support - The company is positioned to benefit from favorable government policies and incentives aimed at accelerating the development of offshore wind energy in China[73]. - The Chinese government aims to increase the total installed capacity of wind and solar power by approximately 160 million kilowatts in 2023[93]. - The company is focused on enhancing product specifications and improving manufacturing processes to boost competitiveness in the offshore wind energy sector[180].

证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 48.66 | | 一年内最高 / 最低（元） | 88.02/33.77 | | 市净率 | 1.9 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 4321 | | 上证指数/深证成指 | 3104.83/9587.13 | 05-0806-0807-0808-0809-0810-0811-0812-0801-0802-0803-0804-08 -60% -40% -20% 0% 20% 40% 海力风电 沪深300指数（收益率） 证券分析师 23 年海风建设进度不及预期，叠加减值拖累，业绩阶段性亏损。23 年公司业绩亏损主要 原因系：(1)受"抢装潮"期间已完工项目结算进度影响，应收账款及合同资产账龄变长， 公司对相关资产计提了减值准备，全年累计计提减值 1.84 亿元。(2)公司新建基地建成转 固，且海上风电市场需求阶段性 ...

华 发 集 团 旗 下 企 业 公司快报/风电Ⅲ http://www.huajinsc.cn/ 1 / 5 请务必阅读正文之后的免责条款部分 财务数据与估值 数据来源：聚源、华金证券研究所 公司快报/风电Ⅲ | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|---------|-------|-------|-------|-------|----------------------------------|-------|---------|-------|-------|-------| | 资产负债表 ( 百万元 ) \n会计年度 | \n2022A | 2023A | 2024E | 2025E | 2026E | 利润表 ( 百万元 ) \n 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 4429 | 4015 | 4951 | 5264 | 6732 | 营业收入 ...

证券研究报告 [Table_Author] 武浩 电新行业首席分析师 执业编号：S1500520090001 联系电话：010-83326711 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编：100031 2024 年 4 月 26 日公司发布 2023 年年度报告及 2024 年一季报。2023 年 实现营收 16.85 亿元，同比增长 3.2%；归母净利润亏损 0.88 亿元，同比下 降 143.0%。24Q1 实现营收 1.24 亿元，同比下降 75.2%；归母净利润 0.74 亿元，同比下降 10.3%。 ➢ 短期业绩承压，海风长期向好趋势不改。23 年公司桩基营收 11.0 亿元， 毛利率 10.32%；风电塔筒营收 3.9 亿元，毛利率 3.52%，两项产品毛 利率均有所下滑，我们认为主要系江苏海风出货不及预期所致，行业需 求复苏或将带来公司较大业绩弹性。 ➢ 风险因素：海上风电发展不及预期风险、原材料价格波动风险、行业竞 争加剧风险。 | --- | --- | --- | --- | --- | --- | --- | --- ...

深 圳 证 券 交 易 所 关于对江苏海力风电设备科技股份有限 公司的年报问询函 创业板年报问询函〔2024〕第 40 号 江苏海力风电设备科技股份有限公司董事会 ： 我部在对你公司 2023 年度报告事后审查中关注到以下 情况： 1.2023 年度，你公司实现营业收入 16.85 亿元，同比增 长 3.22%，报告期内新增导管架业务收入 1.29 亿元；实现归 属于上市公司股东的扣除非经常性损益的净利润（以下简称 "扣非后净利润"）-1.17 亿元，同比下滑 340.14%。你公司 风电塔筒、桩基毛利率分别为 3.52%和 10.32%，分别同比下 滑 7.11 和 3.26 个百分点。你公司实现经营活动产生的现金 流量净额 985.81 万元，同比增长 107.62%。2024 年一季度， 你公司实现营业收入 1.24 亿元，同比下滑 75.22%，实现归 属于上市公司股东的净利润（以下简称"净利润"）7,365.54 万元，同比下滑 10.28%。请你公司： （1）列示报告期内导管架业务的主要客户和毛利率状 2 请公司年审会计师对事项（1）至（4）进行核查并发表 明确意见。 请保荐机构对事项（5）进行核 ...