格隆汇9月15日丨海力风电(301155.SZ)公布，股东、董事、总经理沙德权先生计划自本公告披露之日起 15个交易日后的3个月内通过集中竞价的方式减持本公司股份累计不超过2,000,000股（占本公司总股本 比例0.92%）。 ...

证券代码：301155 证券简称：海力风电 公告编号：2025-040 公司持股 5%以上股东、董事、总经理沙德权先生保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 江苏海力风电设备科技股份有限公司 关于持股 5%以上股东、董事、高级管理人员 股份减持计划预披露公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有江苏海力风电设备科技股份有限公司（以下简称"公司"或"本公司"）股 份 21,721,050 股（占本公司总股本比例 9.99%）的股东、董事、总经理沙德权先 生计划自本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价的方式减持 本公司股份累计不超过 2,000,000 股（占本公司总股本比例 0.92%）。 公司于近日收到沙德权先生出具的《关于股份减持计划告知函》，现将具体 情况公告如下： 一、本次减持股东的基本情况 | 股东名称 | 公司任职 | 持股数量 | 占公司总股本的比例 | | --- | --- | --- | --- | | 沙德权 | 董事、总经理 | 21,721,050 | 9.99% | 二、 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [5][6]. Core Insights - The report highlights the emphasis on self-discipline in the photovoltaic industry by the Ministry of Industry and Information Technology, indicating a potential recovery in the sector [3][30]. - CATL has launched the Shenzhou Pro battery, featuring advanced safety technology and impressive performance metrics, targeting the European market [2][11]. - The report notes a slight increase in battery prices, reflecting ongoing market dynamics and supply-demand adjustments [3][30]. Summary by Sections New Energy Vehicles - CATL's Shenzhou Pro battery, released on September 7, features NP3.0 safety technology and offers a range of 683 km with a 10-minute charge providing 478 km of range [2][11]. - The battery's long-life version boasts a range of 758 km and a lifespan of 12 years or 1 million kilometers, catering to European market demands [2][15]. New Energy Generation - The Ministry of Industry and Information Technology is addressing irrational competition in the photovoltaic sector, aiming to restore balance and promote healthy development [3][30]. - The report anticipates a bottom reversal in the photovoltaic sector due to ongoing policy measures [3][30]. Electric Equipment and Industrial Control - The report discusses the implementation of AI in energy development, focusing on enhancing grid safety and efficiency [4]. - Key companies to watch include CATL, Keda, and others, which are positioned to benefit from these developments [4]. Market Performance - The electric equipment and new energy sector saw a weekly increase of 0.53%, underperforming compared to the Shanghai Composite Index, which rose by 1.52% [1]. Company Profit Forecasts and Valuations - Key companies such as CATL, Keda, and others are projected to have strong earnings growth, with CATL's EPS expected to rise from 11.58 yuan in 2024 to 17.64 yuan in 2026 [5]. - The report provides a detailed valuation and earnings forecast for several companies, all rated as "Recommended" [5]. Industry Data Tracking - Recent price trends for lithium battery materials indicate slight increases, with NCM811 precursor prices rising by 4.45% [20][41]. - The report tracks price movements in the photovoltaic supply chain, noting increases in silicon material prices and battery cell prices [41][33]. Industry Announcements - The report includes updates on various companies, such as BYD's share buyback and announcements from other key players in the new energy sector [29][50].

Group 1 - The company, HaiLi Wind Power, announced that as of the date of the announcement, it and its subsidiaries have no overdue external guarantees [2] - There are no external guarantees involved in litigation or losses due to judgments against guarantees [2]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [3][5]. Core Views - The company has shown significant revenue growth, with a 461.08% year-on-year increase in H1 2025, reaching 2.03 billion yuan, and a net profit growth of 90.61% [1]. - The company benefits from the recovery in offshore wind power project commencements, leading to increased product volume and profitability [2]. - The company is well-positioned for future growth due to its proactive capacity expansion and strategic planning for export markets [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.59 billion yuan, a year-on-year increase of 570.63% and a quarter-on-quarter increase of 264.99% [1]. - The net profit for Q2 2025 was 141 million yuan, reflecting a year-on-year growth of 315.82% and a quarter-on-quarter growth of 121.16% [1]. - The overall gross margin for H1 2025 was 17.04%, up by 15.16 percentage points year-on-year, with Q2 2025 gross margin at 17.59% [2]. Business Segments - The company’s revenue from foundation piles, wind turbine towers, and jacket structures in H1 2025 was 1.564 billion yuan, 292 million yuan, and 136 million yuan respectively, with year-on-year growth rates of 1092.63%, 124.14%, and 84.94% [2]. - The gross margins for these segments were 16.30%, 11.91%, and 19.44%, showing significant improvements compared to the previous year [2]. Growth Projections - Revenue projections for 2025-2027 are 5.27 billion yuan, 6.93 billion yuan, and 8.93 billion yuan, with year-on-year growth rates of 288.8%, 31.6%, and 28.8% respectively [3]. - Net profit projections for the same period are 654 million yuan, 952 million yuan, and 1.285 billion yuan, with year-on-year growth rates of 888.5%, 45.6%, and 35.0% respectively [3]. Valuation Metrics - The price-to-earnings (PE) ratios based on the closing market value on September 10, 2025, are projected to be 26.48, 18.18, and 13.47 for 2025, 2026, and 2027 respectively [3].

证券代码：301155 证券简称：海力风电 公告编号：2025-039 江苏海力风电设备科技股份有限公司 关于为关联参股公司提供担保的进展公告 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。 一、关联担保情况概述 江苏海力风电设备科技股份有限公司（以下简称"海力风电"或"公司"）于 2025年6月11日召开第三届董事会第九次会议及第三届监事会第九次会议，于 2025年6月27日召开2025年第二次临时股东大会，审议通过了《关于为参股公司 提供担保暨关联交易的议案》，同意为关联参股公司立洋海洋工程有限公司（以 下简称"立洋海洋"）向银行申请贷款提供共计不超过30,968万元的担保额度， 立洋海洋其余股东按照持股比例为立洋海洋提供同比例担保，同时立洋海洋为公 司本次担保提供反担保。 二、担保额度预计情况 近日，立洋海洋与中国民生银行股份有限公司南通分行（以下简称"民生银 行"）签订《借款变更协议》，公司和中天科技集团有限公司为立洋海洋和民生 银行签订的《固定资产贷款借款合同》（以下简称《借款合同》）/借款凭证等 项下债务提供同比例担保。 公司与民生银行签订了《保 ...

Core Insights - The stock price of Haili Wind Power has increased by 52.59% year-to-date, with a recent rise of 8.28% over the last five trading days [2] - The company reported a significant revenue growth of 461.08% year-on-year for the first half of 2025, reaching 2.03 billion yuan, and a net profit increase of 90.61% [2] Company Overview - Haili Wind Power, established on August 18, 2009, and listed on November 24, 2021, is located in Rudong Economic Development Zone, Jiangsu Province [2] - The company's main business includes the research, production, and sales of wind power equipment components, agricultural machinery, port machinery, and environmental protection machinery [2] - The revenue composition is as follows: 77.04% from foundations, 14.38% from wind power towers, 6.72% from guide frames, and 1.85% from other sources [2] Financial Performance - As of August 29, 2025, Haili Wind Power had 16,000 shareholders, an increase of 7.55%, with an average of 7,685 circulating shares per person, a decrease of 7.02% [2] - The company has distributed a total of 237 million yuan in dividends since its A-share listing, with 41.30 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the eighth largest shareholder with 1.8357 million shares, a new addition [3] - BlackRock China New Horizons Mixed A holds 1.68 million shares, remaining unchanged from the previous period, while GF High-end Manufacturing Stock A has exited the top ten circulating shareholders list [3]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is projected to see new installed capacity of 120 to 130 GW in 2026, slightly lower than the 125 to 135 GW forecast for 2025, primarily due to a slight decline in onshore wind power, while offshore wind power is expected to grow significantly from 7-8 GW in 2025 to 13-17 GW in 2026 [1][2][3] Key Insights and Arguments - The increase in wind turbine prices has significantly impacted the industry, with an estimated 19,000 new installations in 2025, leading to a total output value close to 200 billion yuan, representing a year-on-year growth of 30%-40% [1][4] - The offshore wind power sector is anticipated to have substantial growth potential in the coming years, with expectations of reaching 15 to 18 GW by 2030, contingent on the number of projects under construction increasing to over 15 [1][7] - The industry has largely resolved past issues, with current focus on the rise in wind turbine prices, which have increased by approximately 5%, positively affecting industry profits [1][8] Financial Performance - The mid-year report for 2025 indicates a comprehensive recovery in profitability, with industry revenue growing by 40% and profits increasing by 26%. The second quarter alone saw a year-on-year profit growth of 33% and a quarter-on-quarter growth of 73% [2][10] - The wind turbine component sector has shown significant performance, with a notable decrease in expense ratios expected to continue into the second half of the year [2][10] Market Dynamics - Offshore wind power and exports are identified as the main growth drivers, with competition intensity lower than that of domestic onshore wind power. Chinese companies are expected to enhance their market share through globalization [2][12] - The cable industry is projected to see a significant performance increase starting from the third quarter of 2025, surpassing historical levels [2][14] Future Outlook - The wind turbine and related components industry is expected to have a very optimistic development outlook, with potential for record-high profitability in 2025-2026, driven by price increases and improved profit expectations [2][16] - The domestic offshore wind market is anticipated to have significant elasticity, with revenue expectations around 10 to 15 GW, and potential for higher actual installation if performance is strong [2][17] Additional Considerations - The stability of component and raw material prices is noted, with little likelihood of significant rebounds, which is crucial for maintaining industry profitability [1][9] - The overall market sentiment remains positive, with expectations of a full recovery beginning in the third quarter of 2025, driven by domestic offshore projects and export opportunities [2][13]

丨证券研究报告丨 公司研究丨点评报告丨海力风电（301155.SZ） [Table_Title] 海力风电：Q2 业绩同比高增，存货历史高位奠 定交付放量基础 报告要点 [Table_Summary] 公司 2025 上半年营业收入 20.3 亿元，同比增长 461.1%；归母净利润 2.1 亿元，同比增长 90.6%；扣非净利润 1.6 亿元，同比增长 61.3%。单季度看，公司 2025Q2 营业收入 15.9 亿 元，同比增长 570.6%；归母净利润 1.4 亿元，同比增长 315.8%；扣非净利润 1.4 亿元，同比 增长 379.9%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 海力风电（301155.SZ） cjzqdt11111 [Table_Title 海力风电：Q22 ...

Group 1: Market Performance - The electric equipment and new energy sector increased by 7.39% this week, ranking first in terms of growth, outperforming the Shanghai Composite Index [1][2] - The solar index saw the largest increase of 14.51%, while the nuclear power index experienced the largest decline of 2.17% [1][2] Group 2: New Energy Vehicle Sales - In August 2025, new energy vehicle sales showed strong performance, with Li Auto achieving a record high of 57,066 units delivered, and a total of over 320,000 units delivered from January to August [3] - NIO delivered 31,305 units in August, marking a 49% month-on-month increase, while XPeng Motors also reached a historical high with 37,709 units delivered [3] - BYD maintained its market leadership with 373,626 units delivered in August and over 2.86 million units delivered from January to August [3] Group 3: Policy and Industry Development - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to promote stable growth in the electronic information manufacturing industry, targeting an annual revenue growth of over 5% in the photovoltaic sector from 2025 to 2026 [4] - The plan emphasizes the need to eliminate low-price competition in the photovoltaic industry and to guide local governments in orderly layout and capacity management [4] Group 4: Infrastructure Development - The Jinshang-Hubei ±800 kV UHVDC project has successfully completed a 168-hour trial run and is now operational, capable of transmitting 4 million kilowatts of electricity to Hubei [5][6] - Once fully operational, the project is expected to deliver approximately 40 billion kilowatt-hours of electricity annually [6]