丨证券研究报告丨 公司研究丨点评报告丨福能股份（600483.SH） [Table_Title] 经营业绩维持稳定，首次发布中期分红 报告要点 [Table_Summary] 2025 年上半年，在来风偏强叠加替代电量落地影响下，风电及气电成为上半年业绩重要稳定 器，公司上半年实现归母净利润 13.37 亿元，同比增长 12.48%，但二季度电量偏弱，公司归 母净利润为 5.85 亿元，同比下降 11.65%。虽然短期承压，但公司大股东持续增持，公司也进 行了上市以来首次年中分红，彰显出大股东信心及上市公司对股东回报重视。随着在建及核准 待建的项目逐步投产入列，将进一步打开公司成长空间，同时在福建海风重启核准的背景下， 公司海风成长性也有望迎来新一轮催化，我们持续看好公司长期成长性和长期投资价值。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% resear ...

Core Viewpoint - Jiangte Electric's stock has shown significant volatility, with a year-to-date increase of 23.89% but a recent decline of 3.16% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the first half of 2025, Jiangte Electric reported a revenue of 975 million yuan, representing a year-on-year growth of 35.85%. However, the net profit attributable to shareholders was a loss of 114 million yuan, a decrease of 78.24% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 99.68 million yuan, with no dividends paid in the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 3.34% to 204,500, while the average number of circulating shares per person increased by 3.45% to 8,343 shares [2]. - The stock has seen significant trading activity, with a net inflow of 21.64 million yuan from main funds and notable buying from large orders [1]. Business Overview - Jiangte Electric, established in 1995 and listed in 2007, specializes in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors. The revenue composition includes 49.80% from motor products and 47.21% from lithium mining and salt manufacturing [1]. - The company operates within the power equipment sector, specifically in the motor industry, and is associated with concepts such as new energy vehicles, lithium batteries, and offshore wind power [1].

2024年国内风机出口占海外风机新增装机14%，海外市场仍有较大提升空间。该行认为，后续在海外风 电需求起量背景下(据GWEC，2025-2030年海外陆风年均装机61.5GW，海外海风年均装机11.7GW，其 中亚非拉陆风年均装机27.5GW)，叠加国内头部整机商历经几年的市场开拓(金风/明阳/运达/三一2025年 交付目标分别为3.5/0.3-0.5/0.3-0.4/1-1.5GW，新增订单目标分别为6+/4/2+/3+GW)，海外订单有望在未 来2-3年及以后加速兑现。 国内海上风机、海外出口风机毛利率显著高于国内，未来整机商双海出货占比提升，结构优化进一步改 善盈利能力。 双海打开空间，预期进一步带动量利优化 25年为国内海风修复之年，预期26年及以后进一步向上：短期重点项目开工，中长期海风核准竞配项目 丰富+深远海开发趋势明显，十五五海风装机中枢有望上新台阶。 海外风电仍有较大开拓空间，主机厂在手订单有望集中兑现 智通财经APP获悉，中泰证券发布研报称，25年为国内海风修复之年，预期26年及以后进一步向上，短 期重点项目开工，中长期海风核准竞配项目丰富+深远海开发趋势明显，十五五海风装机中枢有望上新 ...

天顺风能 20250822 摘要 天顺风能上半年扣非净利润 2,128 万元，海工装备贡献主要利润，而塔 桶和叶片业务亏损。子公司引入战略投资人导致少数股东权益增加，减 少了归母净利润约 6,200 万元。 2025 年上半年海工装备交付 2.5 万吨，营收 2.1 亿元，净利润 1,044 万元，但二季度因项目推迟出现亏损。预计三季度交付量将显著提升， 全年交付量预计达到 15 万吨左右，可实现盈亏平衡。 路上装备业务收缩，塔桶业务毛利率环比回升，预计未来稳定向好；叶 片业务持续收缩，二季度小幅减亏，预计下半年继续减亏。陆塔预计 2025 年可实现盈利，叶片业务扭亏压力较大，可能要到 2026 年。 发电板块上半年发电量 20.2 亿度，营收 6.9 亿元，净利润 2.3 亿元，毛 利率维持在 65.5%。全年预期收益约为 6 亿元，新一轮机制电价对零碳 业务影响不大。 公司已获取 1,180 兆瓦风电项目指标，860 兆瓦已核准并开工 700 兆 瓦，预计四季度实现 200 兆瓦并网。与大唐合作开发 100 兆瓦风电项 目已开工。 Q&A 天顺风能 2025 年上半年及二季度的业绩情况如何？ 2025 年 ...

证券研究报告 | 2025年08月24日 风险提示：电量下降；电价下滑；新能源项目投运不及预期。 投资建议：由于电价下降影响，下调盈利预测。预计 2025-2027 年公司 归母净利润分别为 67.7/70.9/74.5 亿元（原预测值为 71.4/74.7/78.5 亿元），同比增长 6.7%/4.7%/5.1%；EPS 分别为 0.81/0.85/0.89 元， 当前股价对应 PE 为 20.5/19.6/18.6X。维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 37,642 | 37,070 | 36,656 | 38,338 | 39,853 | | (+/-%) | -5.6% | -1.5% | -1.1% | 4.6% | 4.0% | | 净利润(百万元) | 6249 | 6345 | 6770 | 7091 | 7453 | | (+/-%) | 22.2% | 1.5% | 6.7% | 4.7% | 5 ...

行业报告 | 行业研究周报 通信 证券研究报告 DeepSeek-V3.1 发布，积极关注 AI 及卫星产业链投资机会 本周行业动态： DeepSeek-V3.1 正式发布 8 月 21 日 DeepSeek-V3.1 正式发布。本次升级包含以下主要变化： 混合推理架构：一个模型同时支持思考模式与非思考模式；更高的思考效率：相比 DeepSeek-R1-0528， DeepSeek-V3.1-Think 能在更短时间内给出答案；更 强的 Agent 能力：通过 Post-Training 优化，新模型在工具使用与智能体任务中的表现 有较大提升。在代码修复测评 SWE 与命令行终端环境下的复杂任务（Terminal- Bench）测试中，DeepSeek-V3.1 相比之前的 DeepSeek 系列模型有明显提高。 DeepSeek-V3.1 在多项搜索评测指标上取得了较大提升。在需要多步推理的复杂搜 索测试（browsecomp）与多学科专家级难题测试（HLE）上，DeepSeek-V3.1 性 能已大幅领先 R1-0528。 本周投资观点： 在整体市场延续较强动能之际，AI 算力方向凭借行业持续高景气，需求 ...

Core Viewpoint - China XD Electric (601179.SH) continues to operate steadily, benefiting from increased product sales, with a reported revenue of 11.301 billion yuan and a net profit of 598 million yuan for the first half of 2025, reflecting year-on-year growth of 9.23% and 30.08% respectively [1][2][3] Financial Performance - In the first half of 2025, the company achieved a revenue of 11.301 billion yuan, a 9.23% increase year-on-year, and a net profit of 598 million yuan, marking a 30.08% increase [1][2] - The company plans to distribute a cash dividend of 241 million yuan, accounting for 40.27% of its net profit, bringing total dividends since its listing to 4.467 billion yuan [1][3] - As of June 30, 2025, the company's asset-liability ratio stood at 46.47%, with cash reserves of 10.355 billion yuan, providing a strong backing for operational development [1][6] Market Position and Growth - China XD Electric specializes in the research, design, manufacturing, and sales of power transmission and distribution equipment, with a comprehensive product range including high-voltage switches, transformers, and reactors [2][4] - The company has seen a continuous increase in its gross profit margin, rising from 16.42% in 2022 to 21.61% in the first half of 2025 [3] - The company has secured significant contracts, including three major projects with the State Grid totaling approximately 4.474 billion yuan, which represents about 20.2% of its 2024 revenue [3] Research and Development - China XD Electric has invested a total of 1.967 billion yuan in R&D over the past two and a half years, with R&D expenses increasing by 21.23%, 11.25%, and 16.59% year-on-year for 2023, 2024, and the first half of 2025 respectively [5] - The company has established a strong R&D and manufacturing capability, covering the entire industrial chain of power transmission and distribution equipment [5] Regional Performance - In the first half of 2025, domestic revenue accounted for 80.79% of total revenue, while international revenue made up 19.21%, with respective gross profit margins of 23.22% and 14.84% [6]

Group 1: Monetary Policy and Market Trends - The second quarter monetary policy report emphasizes a focus on domestic demand, with a shift towards supporting technology innovation and consumption [3] - The bond market is expected to remain volatile in the short term due to cautious monetary policy and a relatively active fiscal policy [3][4] Group 2: Company Performance and Industry Insights - Today International's H1 2025 revenue decreased by 14.36% to 1.412 billion yuan, with a net profit decline of 22.53% [6][7] - The company signed new orders worth 2.14 billion yuan, a year-on-year increase of 101.2%, driven by the renewable energy sector [7] - Wei Long's H1 2025 revenue increased by 18.5% to 3.483 billion yuan, with a net profit growth of 18% [10][11] - The company’s gross margin decreased to 47.2% due to rising raw material costs, but internal cost reduction measures helped maintain profitability [13] - Shenhuo Co. reported a 12.1% increase in revenue to 20.43 billion yuan in H1 2025, despite a 16.6% decline in net profit [15][16] - The company’s aluminum production increased by 16.2% to 871,000 tons, benefiting from lower alumina prices [16] - Yanghe Co. experienced a significant revenue drop of 35.32% to 14.796 billion yuan in H1 2025, attributed to industry-wide challenges [19][20] - The company’s sales expenses increased, impacting profitability, with a net profit margin of 18.84% [21] - Dongfang Cable's H1 2025 revenue grew by 9.0% to 4.432 billion yuan, but net profit fell by 26.6% [23][24] - The company has a record high backlog of orders, indicating strong future revenue potential [25] - Weilon Co. announced a stock incentive plan to boost long-term growth, with a target revenue increase of 11%-14% from 2025 to 2027 [28][29] - Haichuang Pharmaceutical's first product, Deuteroenzalutamide, has been commercialized, contributing 13.07 million yuan in revenue in Q2 2025 [32][33]

近日，Nordseecluster项目A阶段最后一个批次的10根单桩已经顺利抵达欧洲某目的港，至此蓬莱大金为 该项目A阶段建造的45根单桩产品全部交付完毕。此项目采用DAP模式（目的地交货）交付，是继丹麦 Thor项目后，公司与RWE的再次深度合作，大金在制造工艺标准、质量控制体系、跨洋运输交付等方 面再次展现出全球领先水平。 格隆汇8月19日丨大金重工(002487.SZ)公布，公司全资子公司蓬莱大金海洋重工有限公司（简称"蓬莱 大金"）于2023年5月、12月与莱茵集团（RWE）签订了供货合同，蓬莱大金将为德国Nordseecluster海 上风电集群项目独家建造和交付合计105根TP-less（无过渡段）单桩及附属结构，并负责将全部产品运 输至客户指定地点。Nordseecluster是RWE（持股51%）与挪威银行投资管理公司（持股49%）共同开发 的联合海上风电项目，RWE负责Nordseecluster海上风电场全生命周期内的建设与运营工作。该项目位 于德国北海地区，包含A阶段和B阶段两部分，计划合计装机容量1.6GW，是目前德国正在建设的最大 规模的海上风电场。 ...

Core Viewpoint - The company reported a decline in net profit for the first half of 2025, primarily due to delays in the delivery of submarine cable orders caused by slow domestic offshore wind construction, despite a slight increase in revenue [3][4]. Financial Performance - In H1 2025, the company achieved operating revenue of 4.432 billion yuan, an increase of 8.95% year-on-year, while net profit attributable to shareholders was 473 million yuan, a decrease of 26.57% [3]. - The gross margin fell by 4.17 percentage points to 18.26%, and the net margin decreased by 5.16 percentage points to 10.67% [3]. - In Q2 2025, the company reported operating revenue of 2.285 billion yuan, a year-on-year decrease of 17.13%, and a net profit of 192 million yuan, down 49.56% year-on-year [3]. Business Segment Performance - The submarine cable and high-voltage cable business generated revenue of 1.957 billion yuan in H1 2025, up 8.32% year-on-year, with a gross margin of 25.02% [4]. - The marine equipment and engineering operation business saw a significant revenue decline of 44.61%, totaling 275 million yuan, with a gross margin of 29.13% [4]. - The power engineering and equipment cable business achieved revenue of 2.196 billion yuan, an increase of 24.85% year-on-year, with a gross margin of 10.78% [4]. Order Backlog and Future Outlook - The company has a robust order backlog of 19.6 billion yuan as of August 12, 2025, which includes 11 billion yuan for submarine and high-voltage cables, 5 billion yuan for power engineering and equipment cables, and 3.6 billion yuan for marine equipment and engineering operations [5]. - The company is expected to accelerate the delivery of submarine cable orders in H2 2025, with significant projects already under construction, including contracts worth approximately 1.8 billion yuan from Inch Cape Offshore and 1.708 billion yuan from China General Nuclear Power Group [6][7].