首次覆盖运达股份，给予"增持"评级，目标价13.05 元（25 年15x PE）。 公司为国内风电整机龙头，充分受益于国内陆风量价齐升，叠加海外及海上业务进入收获期，预计25- 27 年归母净利CAGR 为42%。主要系：1）国内陆风：行业量价齐升可期，公司多途径降本，驱动盈利 能力提升。2）国内海风：公司深耕浙江市场，通过产业布局辽宁市场，实现电站资源与风机订单突 破。3）海外陆风：公司加速海外布局，新增订单实现翻倍增长。 行业：国内外风电装机高景气，产业链盈利修复可期1）国内：央国企招标规则优化驱动国内风机价格 修复，国电投25 年第二批陆风集采中标均价为2211 元/kw（含塔筒），较24 年第二批价格上升12%。 24 年国内陆风招标量同比+97%，支撑25 年陆风装机高景气，叠加江苏、广东等重点海风项目陆续开 工，我们预计25 年陆/海风新增装机100/12GW，同比+23%/+114%。2）海外：海外各国加大政策支持 力度，驱动风电需求增长，根据GWEC 预测，2025-2030 年海外风电新增装机CAGR 为16.7%；海外风 机龙头成本较高，主动退出亚非拉市场，国内企业或实现订单放量。 公司： ...

Core Insights - China's wind power installed capacity is rapidly increasing, with wind power generation accounting for over 12% of total electricity generation this year [1] - By 2030, global offshore wind power installed capacity is expected to exceed 230 GW, with China's deep-sea projects becoming a key growth point for international cooperation [1] - As of April, China's cumulative wind power installed capacity reached 15.5%, and in the first four months of this year, wind power generation reached 381.43 billion kWh, representing 12.78% of total electricity generation [1] - The rapid growth in wind power installed capacity is expected to lead to decreasing costs for wind energy [1]

丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 0.5 亿元，同比下降 17.5%；扣非净利润约 0.4 亿元，同比下降 16.1%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨泰胜风能（300129.SZ） [Table_Title] 泰胜风能：Q1 盈利短暂承压，订单同比高增有 望支撑业绩释放 1 [Table_Author] SFC：BQK482 SFC：BUD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 邬博华 曹海花 司鸿历 周圣钧 泰胜风能（300129.SZ） cjzqdt11111 [Table_Title 泰胜风能：Q12] 盈利短暂承压，订单同比高增有 望支撑业绩释放 [Table_Summary2] 事件描述 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 ...

今年1-4月份，全国主要发电企业电源工程完成投资1933亿元，同比增长1.6%；电网工程完成投资1408 亿元，同比增长14.6%。 国家能源局发布统计数据显示，截至4月底，全国累计发电装机容量34.9亿千瓦，同比增长15.9%。其 中，太阳能发电装机容量9.9亿千瓦，同比增长47.7%；风电装机容量5.4亿千瓦，同比增长18.2%。 华创证券发布研报称，关注风电三条投资主线： 1、风机行业发展重心逐步回归产品质量和可持续健康经营，陆上风机价格实现触底回升； 2、国内海上和海外风机市场空间广阔并迎来放量拐点，且进入门槛和盈利能力普遍明显高于国内陆上 风机市场，国内整机龙头厂商在布局多年后有望进入加速增长期，打开中长期增长空间。 因此，得益于"双海"销售结构改善、风机执行价格修复，以及厂商多路径降本等因素推动，国内风机行 业有望开启量价利齐升阶段，迎来业绩与估值双重修复。 风电产业链相关港股： 金风科技（002202）(02208)：金风科技2024年实现营业收入566.99亿元(同比+12.4%)，实现归母净利润 18.6亿元(同比+39.8%)，扣非归母净利润17.8亿元(同比+38.3%)，业绩略好于该行 ...

丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：经营低点已现，Q2 有望迎来修复拐 点 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年公司实现营业收入 48.6 亿元，同比-37.1%； 归母净利润 2.0 亿元，同比-74.3%；扣非净利润 2.0 亿元，同比-74.2%。单 Q4 看，公司 2024Q4 实现营业收入 13.0 亿元，同比-1.5%；归母净利润-0.9 亿元，同比下降 215.8%；扣非净利润- 1.0 亿元，同比下降 247.0%。2024 年全年业绩落于此前业绩预告区间。2025Q1 公司实现营 业收入 9.3 亿元，同比-12.1%；归母净利润 0.4 亿元，同比-76.0%；扣非净利润 0.3 亿元，同 比-79.6%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 ...

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：合同负债历史高位，Q2 海风交付有 望加速放量 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季报，2024 年收入 13.5 亿元，同比-19.6%；归母净利润 0.7 亿元，同比扭亏；扣非净利润 0.6 亿元，同比扭亏。单 Q4 看，2024Q4 收入 2.9 亿元，同 比+124.6%；归母净利润-0.2 亿元；扣非净利润-0.2 亿元。落于此前业绩预告区间。2025Q1 收 入 4.4 亿元，同比+251.5%；归母净利润 0.6 亿元，同比-13.3%；扣非净利润 0.3 亿元，同比- 64.3%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BUD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.c ...

Group 1 - The company reported a total operating revenue of 505 million yuan for Q1 2025, a year-on-year increase of 97.5%, driven by increased shipment volume [1] - The total profit reached 63 million yuan, up 95.12% year-on-year, while the net profit attributable to shareholders was 56 million yuan, reflecting a 91.2% increase [1] - The non-recurring net profit was 53 million yuan, showing a significant year-on-year growth of 127.2% [1] Group 2 - The company is a leading global manufacturer of forged main shafts for wind power, covering a full range of models from 1.5MW to 9.5MW, with advanced technology and production processes [2] - The company has adopted hollow forging technology to improve material yield and capacity utilization for large MW forged main shafts, enhancing its market share in this segment [2] - In the casting segment, the company has ramped up R&D and production for large wind turbine components, achieving a 120% year-on-year increase in delivery volume for casting main shafts and bearing seats [2] Group 3 - The company has maintained stable growth in industrial casting and forging products, with a 29.46% year-on-year increase in revenue from other precision shaft products, reaching 376 million yuan in 2024 [3] - An employee stock ownership plan was announced in April 2025, involving up to 2.805 million shares, which is about 0.88% of the total share capital, aimed at enhancing operational vitality [3] - The company expects to benefit from high growth in wind power installations and increased shipment volumes, with profit recovery anticipated as casting capacity continues to ramp up [3]

公司报告 | 年报点评报告 2024 年全年，公司实现营业收入 46.96 亿元，同比+0.87%；实现归母净利 润 6.24 亿元，同比+29.55%。2024 年 Q4，公司实现营业收入 15.11 亿元， 同比+34.26%；实现归母净利润 1.17 亿元，同比-8.81%。 2025 年 Q1，公司实现营业收入 13.01 亿元，同比+86.41%；利润总额达到 1.40 亿元，同比+46.39%；实现归母净利润 1.21 亿元，同比+39.14%。 产能持续扩张，静待行业需求高景气度兑现。 截至 2024 年 12 月 31 日，公司已经形成了年产超 70 万吨铸造产能规模， 成为全球风电铸件和注塑机铸件产品的主要供货商。中国风电行业经历了 2018 年下半年开始到 2020 年的高速增长期，从 2021 年开始，陆上风电开 始进入平价上网时代，2022 年开始,海上风电正式进入平价或竞价上网新阶 段，风机整机招标价格处于下降通道,行业进入调整周期，但随着产品大型 化和轻量化技术路线推行，行业成长空间的天花板被打开，风电累计招标 量屡创新高，行业迎来新的发展阶段。 2024 年盈利改善，成本管控效果 ...

Investment Rating - The report maintains a "Recommended" investment rating for the wind power and grid equipment industry [2]. Core Insights - The wind power sector has shown significant improvement in profitability, driven by strong demand for onshore wind installations and enhanced supply chain performance. The industry is expected to continue its positive trend into the second half of 2025, with domestic onshore wind installations projected to reach 100 GW and state grid investments anticipated to exceed 650 billion yuan [9]. - The grid equipment sector is experiencing sustained growth, supported by domestic grid investments and increasing demand from data centers and international markets. The overall performance of the grid equipment industry remains robust, with positive growth across all segments [9]. Summary by Sections Wind Power - The wind power equipment industry achieved a revenue of 192 billion yuan in 2024, a year-on-year increase of 4.37%, but the net profit decreased by 21.03% to 5.8 billion yuan. In Q1 2025, revenue was 37.2 billion yuan, down 0.79% year-on-year, while net profit rose by 18.74% to 1.2 billion yuan [8][28]. - The analysis of 32 representative companies revealed that the bearing, casting, and forging segments saw substantial profit increases in Q1 2025, with net profit growth rates of 381.85%, 120.39%, and 52.77% respectively. This was attributed to increased demand, price hikes, and product structure optimization [40]. - The turbine and submarine cable segments experienced revenue growth but a decline in net profit, with net profit changes of -27.69% and -1.45% respectively. The tower and pile segment saw revenue and net profit improvements, with major players like Dajin Heavy Industry leading in overseas orders [8][49]. Grid Equipment - The grid equipment industry reported a revenue of 785.2 billion yuan in 2024, a year-on-year increase of 8.21%, while net profit fell by 11.37% to 36.7 billion yuan. In Q1 2025, revenue was 169.8 billion yuan, up 6.58%, and net profit increased by 8.33% to 9.3 billion yuan [9][35]. - All segments within the grid equipment sector showed positive growth, with transformers and combination electrical devices experiencing high growth rates. The transformer segment's net profit growth exceeded 30% for several companies, driven by increased orders from data centers [61][65]. - The report highlights that the grid equipment sector is benefiting from both domestic and international demand, with companies optimizing their production capacities globally to capitalize on the rising trend in grid investments [9][61].

风电设备 主轴轴承放量兑现，齿轮箱轴承布局打开成长新空间 新强联 24 年报&25Q1 业绩点评 新强联（300850.SZ） 证券研究报告/公司点评报告 2025 年 05 月 16 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | | 2,824 | 2,946 | 4,340 | 5,198 | 5,910 | | | | 增长率 yoy% | | 6% | 4% | 47% | 20% | 14% | | 执业证书编号：S0740522020001 | | 归母净利润（百万元） | | 375 | 65 | 458 | 594 | 711 | | Email：zengbiao@zts.com.cn | | 增长率 yoy% | | 19% | -83% | 601% | 30% | 20% | | | ...