Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company has over 20 years of experience in the wind power equipment manufacturing industry, transitioning from domestic to global manufacturing [1][15]. - The company has successfully expanded its overseas operations, particularly in the European offshore wind market, becoming the only supplier in the Asia-Pacific region to deliver offshore products to Europe [2][15]. - The company's revenue from overseas operations has significantly increased, with a notable rise in the proportion of revenue from offshore projects [2][4]. - The company has a strong focus on high-margin offshore projects while reducing its exposure to lower-margin onshore wind tower projects [2][4]. - The company has achieved impressive gross margins in its wind tower and new energy generation businesses, indicating strong profitability [1][4][25]. Summary by Sections Company Overview - The company was established in 2000 and has evolved from producing construction steel structures to becoming a leading manufacturer of clean energy equipment [1][15]. - It became the first listed company in its industry in China in 2010 and has since expanded its production capabilities and market reach [1][15]. Market Opportunities - The global wind power market is expected to grow significantly, with a projected CAGR of 9.4% from 2023 to 2028 [33]. - China's wind power installation capacity is also on the rise, with expectations of adding over 75 GW annually in the coming years [33][40]. Financial Performance - The company reported a revenue of 4.33 billion yuan in 2023, a decrease of 15.3% year-on-year, primarily due to strategic divestments in lower-performing projects [7][22]. - The forecasted net profits for 2024, 2025, and 2026 are 529.81 million yuan, 795.03 million yuan, and 1.11 billion yuan, respectively, indicating a recovery and growth trajectory [5][7]. Strategic Initiatives - The company is implementing a "dual-sea strategy" to enhance its global presence and capitalize on the growing demand for offshore wind power [2][15]. - It has established key offshore manufacturing bases in China and is actively pursuing projects in Europe, which are expected to contribute significantly to future revenues [2][15]. Product and Service Development - The company is expanding its product offerings to include next-generation floating foundation solutions in collaboration with international partners [17]. - It has also initiated the development of a dedicated shipping fleet to support the transportation of large offshore products, enhancing its operational capabilities [18][17].

Investment Rating - The investment rating for the power equipment industry is "Positive" [2] Core Viewpoints - The wind power sector continues to strengthen, supported by recent macro policies, with significant growth potential in renewable energy installations [4][37] - The cumulative installed capacity of wind power in China reached 47,403 MW from January to August 2024, representing a year-on-year growth of 19.9%, while solar power installations reached 75,235 MW, growing by 48.8% [4][37] - The report suggests focusing on wind turbine and key component sectors due to their anticipated new growth cycle [4][37] Summary by Sections Market Review - The power equipment industry index increased by 29.38%, outperforming the CSI 300 index by 2.20 percentage points during the reporting period from September 18 to October 7, 2024 [2][10] - The cumulative increase for the power equipment industry from the beginning of 2024 to the report's end was 3.83%, while the CSI 300 index rose by 17.10%, indicating a lag of 13.27 percentage points for the power equipment sector [2][10] - Among the sub-industries, wind power equipment experienced the largest decline at -13.25% [2][10] Key Industry Data - The report highlights significant stock price increases in key tracked sub-industries, with lithium battery stocks showing a 36.67% increase, while battery chemicals and wind power components saw declines of -15.49% and -19.83%, respectively [2][10][12] - Notable individual stock performances included Changhong Energy with a 53.76% increase and Defang Nano with a 67.79% increase in the battery chemicals sector [12] Valuation - As of September 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 29.92 times, ranking 12th among the Shenwan first-level industries [16] - The PE ratios for key tracked sub-industries were 28.78 times for batteries and 35.24 times for wind power equipment [16] Company Dynamics - During the reporting period, 14 listed companies in the power equipment sector experienced a net reduction in shareholder holdings amounting to 0.85 billion yuan, with 6 companies increasing their holdings by 0.18 billion yuan and 8 companies reducing theirs by 1.03 billion yuan [29][30]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4] Core Views - The report highlights that the pharmaceutical and biotechnology industry index increased by 27.12% during the reporting period, ranking 18th among 31 primary industries, slightly underperforming the CSI 300 index which rose by 27.18% [4][10] - The report emphasizes that the current valuation of the pharmaceutical and biotechnology industry remains at historical lows, indicating significant potential for valuation recovery, particularly for innovative and growth-oriented companies that have previously experienced sharp declines [3][4] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index rose by 27.12% during the reporting period, with hospitals and vaccines leading the gains at 50.08% and 40.10% respectively, while blood products and chemical preparations lagged behind with increases of 19.12% and 20.21% [4][10] - As of September 30, 2024, the industry’s PE (TTM) was 28.20x, up from 22.17x in the previous period, indicating an upward trend in valuation but still below the historical average [4][14] Important Industry News - The People's Bank of China, along with financial regulatory authorities, introduced new policies to support economic growth and stabilize the capital market, including a reduction in the reserve requirement ratio and policy interest rates [19][20] - The report notes that 22 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 0.71 billion, with 11 companies increasing their holdings by 0.86 billion and another 11 reducing by 1.56 billion [4] Company Dynamics - Notable approvals include Novo Nordisk's "Semaglutide" for heart failure indications in Europe and the first oral paclitaxel solution "RMX3001" approved in China [31][34] - Bristol-Myers Squibb's new schizophrenia drug "Cobenfy" received FDA approval, marking a significant advancement in treatment options [35] - Johnson & Johnson announced a strategic shift by closing its cardiovascular and metabolic drug department, focusing on oncology, immunology, and neurology [38]

Investment Rating - The investment rating for the power equipment industry is "Positive" [3][55] - The rating remains unchanged [3] Core Insights - The power equipment industry index increased by 29.38%, outperforming the CSI 300 index by 2.20 percentage points during the reporting period from September 18 to October 7, 2024 [3][11] - The cumulative increase for the power equipment industry from the beginning of 2024 to the end of the reporting period is 3.83%, while the CSI 300 index increased by 17.10%, indicating a relative underperformance of 13.27 percentage points [3][11] - The wind power equipment sector experienced the largest cumulative decline of -13.25% among the six sub-industries [3][11] - The report highlights significant growth in the wind power and solar energy sectors, with installed capacity reaching 47,403 MW and 75,235 MW respectively, marking year-on-year growth of 19.9% and 48.8% [5][55] - The report suggests that the wind power industry may enter a new growth phase, recommending a focus on wind turbine and key component sectors [5][55] Summary by Sections Market Review - The power equipment industry index rose by 29.38%, with notable increases in battery, photovoltaic equipment, and wind power equipment sub-industries [3][11] - Key tracked sub-industries such as lithium batteries and battery chemicals saw increases of 36.67% and 36.57% respectively [3][11] - The report indicates that 14 listed companies in the power equipment sector experienced a net reduction in shareholder holdings amounting to 0.85 billion [4][38] Industry Data Tracking - As of September 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry is 29.92 times, which is above the negative one standard deviation level [3][23] - The PE ratios for key tracked sub-industries are 28.78 times for batteries and 35.24 times for wind power equipment [3][23] Company Dynamics - The report notes significant stock price increases among key companies in the lithium battery and battery chemical sectors, with notable gains of 53.76% for Changhong Energy and 67.79% for Defang Nano [3][15] - The report also highlights the establishment of a joint venture for lithium hexafluorophosphate production, indicating ongoing investment in the sector [37]

Monetary Policy Adjustments - The central bank will lower the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the financial market[3] - The 7-day reverse repurchase rate will be reduced by 0.2 percentage points from 1.7% to 1.5%, with expectations for further reductions in MLF rates by about 0.3 percentage points[3] - The anticipated decrease in loan market quoted rates (LPR) and deposit rates is expected to be between 0.2 to 0.25 percentage points[3] Capital Market Support - Two structural monetary policy tools have been created to support capital market stability, with an initial operation scale of 500 billion yuan for securities and fund swaps[3] - A loan facility of 300 billion yuan will be provided to commercial banks for stock repurchase and increase, with an interest rate around 2.25%[3] - The policy aims to enhance the ability of financial institutions and listed companies to increase share buybacks and stabilize the market[3] Real Estate Market Measures - Real estate development investment has decreased by 10.2% year-on-year, with new housing sales down by 18.0%[4] - The central bank plans to guide banks to lower existing mortgage rates by approximately 0.5 percentage points, benefiting around 50 million households[4] - The minimum down payment ratio for housing loans will be unified to 15% to stimulate demand[4] Overall Economic Strategy - The policy approach is characterized by systemic, comprehensive, and coordinated measures to stabilize the real estate market and enhance capital market functions[5] - The measures are expected to boost corporate investment and consumer confidence, thereby activating capital market vitality[5] - Risks include potential constraints on monetary policy effectiveness and the possibility of a more severe adjustment in the real estate market[5]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company, Goldwind Technology, is a leading player in the domestic wind turbine manufacturing industry, with a significant increase in its wind farm development business contributing to new growth points [1][12]. - The company has maintained its position as the top player in the domestic wind power market for 13 consecutive years, with a market share of 20% in domestic new wind power installations in 2023 [1][20]. - The report anticipates steady growth in the company's performance, driven by robust traditional wind turbine sales and rapid expansion in wind farm development and services [4]. Summary by Sections 1. Deepening Wind Power Industry, Solidifying Leading Position - Goldwind Technology, established in 2001, has become a leading provider of wind power solutions in China and globally, with a continuous top market share in the domestic wind power market for 13 years [12][13]. - The company has a diversified business model, including wind turbine manufacturing, wind power services, and wind farm investment and development [12]. 2. Accelerating Wind Turbine Exports by Chinese Enterprises - The global wind turbine installation volume is expected to grow at a CAGR of 8.8% from 2023 to 2028, with record installations in 2023 [2][20]. - Goldwind Technology led the global market with 16.4 GW of new installations in 2023, maintaining its top position [24]. 3. Company Maintains Industry Leadership, Continuous Expansion of Wind Farm Development and Services - The company has a strong order backlog and has consistently ranked first in domestic market share for new installations [1][20]. - The profitability of the wind farm generation business is robust, with a recovery in gross margin for the wind farm development segment in 2024 [18][19]. - The company’s revenue from wind turbine and component sales has decreased from 82.93% in 2019 to 63.20% in 2024, while the wind farm development segment has increased from 7.14% to 21.79% [18].

2024 年 9 月 18 日 证券研究报告/公司研究 风电整机/风电设备/电力设备 金风科技 002202.SZ 国内风电整机龙头 风电场开发带来新增长点 主要观点： 基础数据： ◆金风科技以风机及零部件销售板块为传统主营业务，风电场开发业 截至 2024 年 9 月 18 日 当前股价 8.24 元 务占比提升。截至 2024 年 6 月末，风电及零部件销售板块收入占比从 投资评级 买入 2019 年的 82.93%下降至 63.20%，风电场开发板块占比从 7.14%提升 评级变动 首次 总股本 42.25 亿股 至 21.79%，主要是由于公司积极落地电站产品销售，将电站作为核心 流通股本 33.94 亿股 产品推动主营业务的持续增长。各板块毛利率方面，风机及零部件销 总市值 348 亿 售板块毛利率维持平稳，2023 年毛利率约为 6.41%；风电场开发板块 流动市值 280 亿 相对市场表现： 毛利率较高，2019-2022 年基本维持在 65%左右，2023 年下滑至 47.30%。主要是由于风电场开发板块包含电站产品和发电业务，无补 贴平价发电厂占比增加，电站产品毛利率较低，随建站规模增加，板 ...

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [3][5]. Core Insights - The power equipment industry index declined by 1.75% during the reporting period, outperforming the CSI 300 index by 3.13 percentage points [3]. - The cumulative decline of the power equipment industry from the beginning of 2024 to the end of the reporting period is 19.74%, which is 11.82 percentage points worse than the CSI 300 index [3]. - The report highlights the active market for onshore and offshore wind power, with significant project approvals and tenders that are crucial for future performance [5][6]. Market Review - The power equipment industry saw a mixed performance among its sub-sectors, with all six sub-sectors experiencing declines, particularly the photovoltaic equipment sector, which fell by 31.53% [3][13]. - Key tracked sub-sectors such as lithium batteries, wind power components, and battery chemicals also showed significant declines of -0.27%, -35.52%, and -38.12% respectively [3][13]. - The PE ratio for the power equipment industry is 23.06 times, which is below the negative one standard deviation and ranks 12th among the Shenwan first-level industries [3][26]. Industry Important News - The Shanghai Municipal Development and Reform Commission announced a list of 14 renewable energy projects for 2024, including 737.37MW of onshore wind and photovoltaic projects [30]. - In August 2024, 69 wind power projects were approved nationwide, totaling 12.47GW, with a majority being onshore projects [31][32]. - The report emphasizes the importance of project progress in the wind power sector for future earnings growth and suggests focusing on wind turbine and key component sectors [5][6][57]. Company Dynamics - During the reporting period, 12 listed companies in the power equipment industry experienced a net reduction of 623 million yuan in shareholder holdings, with 10 companies reducing their stakes [4][41]. - Notable company activities include a supply agreement for 19.5GWh of lithium iron phosphate batteries signed by a subsidiary of Yiwei Lithium Energy with AESI [39].

行业评级： 报告期：2024.9.2-2024.9.13 投资评级 看好 2024 年 9 月 18 日 证券研究报告 行业周报 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 ◆商务部/国家卫健委/NMPA：在医疗领域开展扩大开放试点工作 ◆国家医保局/财政部：稳妥有序扩大跨省直接结算门诊慢特病病种 范围 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 ◆康诺亚：IL-4Rα抗体药物"司普奇拜单抗注射液（康悦达®）" 研究助理 魏钰琪 获 NMPA 批准上市，用于成人中重度特异性皮炎，为国内首款、全 球第二款 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 ◆Candid Therapeutics：完成 3.7 亿美元融资，为今年规模最大的生物 医药融资 医药生物行业双周报 2024 年第 19 期总第 117 期 医疗领域开展扩大开放试点工作 多家药企临床数据亮相权威学术会议 行业回顾 评级变动 维持评级 本报告期医药生物行业指数跌幅为 4 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company maintains a leading position in the communication power grid sector, aligning with the development requirements of AI computing and communication. Its broadband products rank first in several procurement projects for major clients like China Mobile and China Tower [1][4] - The company has a robust order backlog of approximately 28.2 billion yuan, with significant contributions from various business lines, including marine, power grid construction, and renewable energy [2][4] - The company has achieved a notable increase in revenue and net profit in Q2 2024 compared to Q1 2024, indicating improved profitability despite a slight increase in expense ratios [1][4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 21.416 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 1.460 billion yuan, a decrease of 25.31% [1] - In Q2 2024, the company achieved revenue of 13.174 billion yuan, a year-on-year increase of 11.00% and a quarter-on-quarter increase of 59.83%, with a net profit of 0.824 billion yuan, a quarter-on-quarter increase of 29.50% [1] Order Backlog and Business Development - As of August 27, 2024, the company has an order backlog of approximately 28.2 billion yuan, with marine projects accounting for about 12.3 billion yuan, power grid construction for about 13.1 billion yuan, and renewable energy for about 2.8 billion yuan [2][4] - The company has successfully delivered significant projects, including the first 330kV submarine cable project in China, and has made progress in international markets [4] Profitability and Expense Management - The company reported a gross profit margin of 16.68% and a net profit margin of 6.81% for H1 2024, with slight decreases compared to H1 2023 [1] - The expense ratio for H1 2024 was 9.09%, showing a manageable increase from the end of 2023, with specific expense ratios for sales, management, R&D, and financial expenses [1]