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 ...

公司研究 要点 海风建设加速带来业绩改善机会，重视海外市场并计划逐步开拓。国内方面，公 司预计约 11-12GW 已经开工或已经招标的项目将在 2024 年并网，有望奠定全 年海风装机景气基础；大批装机需求的不断释放，为公司业绩带来较强的改善动 力。海外方面，公司计划在启东吕四港、海南儋州和广东湛江投建的基地项目， 均有布局面向出口的重装码头，旨在拓展海外市场，这些基地的投产将为公司的 出口业务奠定坚实基础。 2024 年 4 月 28 日 23 年业绩承压，期待海风建设加速背景下盈利改善 ——海力风电（301155.SZ）2023 年年报及 2024 年一季报点评 事件：公司发布 2023年年报，2023年实现营业收入16.85亿元，同比增长3.22%； 归母净利润-0.88 亿元，同比由盈转亏；扣非归母净利润-1.17 亿元。公司同时发 布 2024 年一季报，2024Q1 实现营业收入 1.24 亿元，同比减少 75.22%；归母 净利润 0.74 亿元，同比减少 10.28%，环比由亏转盈。 多重因素影响，公司业务规模及盈利持续承压。2023 年公司桩基实现营业收入 11.05 亿元，同比减少 11. ...

会议即将开始,请稍后。感谢大家参加本次会议。会议即将开始,请稍后。 感谢大家参加本次会议会议即将开始请稍后 欢迎大家参加海力丰电2023年度及20年一季度业绩交流会下面有请公司领导发言 谢谢各位投资者上午好感谢大家的时间那个想必大家反正也看到了这个海力丰电2023年度和2024年一季报告的这个大概的数据 我简单的跟各位再汇报一下2023年公司的营业收入16.85个亿经济论是亏损的8800万扣费规模经济论是亏损的1.17个亿然后2024年的一季度营业收入是1.24个亿经济论是7300万扣费规模经济论是7200万 我大概说一下两个快递年度的一些基本的数据这个2023年度公司一共出货如果是没有剔除外鞋还有夹缝材的口径是24.9万吨剔除了夹缝材和外鞋是21万吨 然后2023年的资产减值加信用减值损失合计是1.83个亿2023年度的通厂投资收益是2700万2024年一度我们的通厂投资收益是5500万外账转回是5800万营业收入是1.24个亿 2024年1月份我们出货了1.39万件这是我们大概的一个正常的数据接下来可以投资者请开始提问谢谢大家好如需提问请先按话机上的信号键再按数字一当听到取消静音提示后即可发言谢谢大家好 ...

业绩简评 相关报告: | --- | --- | --- | --- | --- | --- | |-------------------------------|---------|----------|---------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 1,633 | 1,685 | 3,590 | 4,908 | 6,717 | | 营业收入增长率 | -70.09% | 3.22% | 113.01% | 36.73% | 36.85% | | 归母净利润 (百万元) | 205 | -88 | 565 | 736 | 967 | | 归母净利润增长率 | -81.57% | -142.94% | N/A | 30.38% | 31.33% | | 摊薄每股收益(元 ) | 0.943 | -0.405 | 2.598 | 3.388 | 4.449 | | 每股经营性现金流净额 | -0.60 | 0.05 | -3.15 | -1.07 | -1 ...

海力风电（301155） [Table_Tag] [投资要点 Table_Summary] ◼ 23Q4 减值计提 1.1 亿元、24Q1 因江苏海风推进开始回款、冲回 0.58 亿元。公司 23 年 计提减值共 1.84 亿元（资产减值 1.09 亿元/信用减值 0.74 亿元），其中 23Q4 计提 1.12 亿 元（资产减值 0.84 亿元/信用减值 0.28 亿元），主要系：1）抢装期间项目较多结算较慢、 账龄较长随之增长计提减值，2）部分海风项目受不可抗力影响，产成品无法发货，二者 叠加故计提比例较大。24Q1 公司因江苏海风项目重新开始推进，陆续开始收到回款，减 值冲回 0.58 亿元，后续随江苏海风进一步推进，有望继续冲回计提金额。 2024 年 04 月 27 日 买入（维持） ◼ 23 年塔架出货约 21 万吨、同增 15%+、24Q1 出货 1.3~1.4 万吨。23 年我们预计公司塔 架出货 21 万吨左右(含加工台为 24-25 万吨)，同增 15%+，其中 Q4 出货 1 万吨+（含加 工台约 4 万吨），23 年因江苏及山东海风项目受不可抗力影响进展较慢，出货不及预期。 24Q1 ...