证券研究报告 金风科技 (2208 HK/002202 CH) 港股通 Q1 业绩高增，看好盈利持续修复 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 电源设备 | 公司 25Q1 实现营收 94.72 亿元，同比+35.72%，归母净利润 5.68 亿元， 同比+70.84%，高于我们此前 3.5 亿元的预测，主要系公司风机出货高增， 费用率大幅降低，以及金融资产公允价值收益高增所致。考虑到 24 年国内 风机招标高景气，或支撑 25 年装机高增。我们看好公司全球风机龙头地位 稳固，海外市场加速突破，维持 A/H 股"增持/买入"评级。 Q1 业绩超预期，风机出货高增 受益于下游需求高景气，25Q1 公司风机出货 2.59GW，同比+80.16%，其 中 6MW 及以上出货 1.82GW，同比+168.39%，驱动收入实现高增。公司 费用管控能力加强，25Q1 期间费用率为 14.19%，同比-4.86pct，其中销售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 4.19%/4. ...

Group 1: Financial Performance - The company reported a revenue of 167 million, a year-on-year increase of 17.57% and a quarter-on-quarter decrease of 10.14% [1] - The net profit attributable to the parent company reached 34 million, reflecting a year-on-year growth of 60.72% and a quarter-on-quarter increase of 1.97% [1] - The non-recurring net profit attributable to the parent company was 33 million, showing a year-on-year increase of 70.18% and a quarter-on-quarter rise of 1.65% [1] - The gross profit margin increased by 6.14 percentage points year-on-year, with the sales gross margin rising to 30.62% and the net profit margin to 20.31% [1] Group 2: Industry Trends - The hydraulic cylinder business is experiencing a recovery driven by the resurgence in excavator sales, which reached 61,400 units in Q1 2025, a year-on-year increase of 22.8% [2] - The oil-gas spring segment is benefiting from the growth in new energy vehicle markets, with a compound annual growth rate of 116% expected from 2022 to 2024 [2] - The company is expanding its research and development into electric cylinders and intelligent suspension systems, aiming to diversify its product offerings beyond hydraulic components [2] Group 3: Strategic Initiatives - The company is actively developing planetary roller screw technology for robotic applications and exploring new fields such as industrial automation and aerospace [3] - A strategic cooperation project with Pangu Intelligent in the wind power sector has been accepted, focusing on hydraulic systems for wind turbine pitch and yaw control [3] - Research and development efforts are underway for high-end marine equipment hydraulic technologies, including specialized hydraulic cylinders for deep-sea platforms [3] Group 4: Profit Forecast - The company maintains profit forecasts for the years 2025 to 2027, estimating net profits of 137 million, 170 million, and 193 million respectively, with corresponding price-to-earnings ratios of 30.94, 25.06, and 22.03 [3]

Investment Rating - The report maintains a "Positive" outlook for the wind power industry, expecting the industry index to outperform the market index by over 5% in the next six months [38]. Core Insights - The wind power equipment sector index increased by 3.22% during the week of March 3 to March 7, 2025, outperforming the broader electric power equipment index, which rose by 0.64% [13][16]. - The report highlights significant growth in domestic wind turbine bidding, with a total of 119.1 GW of capacity bid from Q1 to Q3 of 2024, representing a year-on-year increase of 93% [23]. - The average bidding price for 3MW wind turbines in Q3 2024 was 1475 RMB/KW, reflecting a quarter-on-quarter increase of 10 RMB/KW [23]. Summary by Sections 1. Wind Power Sector Weekly Market Review - The Shanghai Composite Index rose by 1.39% during the week, while the electric power equipment sector index lagged behind, ranking 23rd among 31 sectors [13]. - The performance of individual companies in the wind power equipment sector varied, with Hengrun Co., Zhenjiang Co., Feiwo Technology, New Strong Union, and Jinlei Co. showing notable gains, while Jixin Technology, Tianneng Heavy Industry, and Goldwind Technology experienced declines [20] [21][22]. 2. Bidding and Major Raw Material Price Trends - The report notes fluctuations in raw material prices, with iron ore futures closing at 774 RMB/ton, down 3.2% week-on-week [26]. - The prices of copper and aluminum increased by 3.2% and 2.1%, respectively, with copper priced at 9664 USD/ton and aluminum at 2693 USD/ton [26]. 3. Company and Industry Events - A significant development in the UK involves the testing of a 28MW "super turbine," supported by government funding for a new testing center [33]. - The National Forestry and Grassland Administration is promoting the rational use of forest and grassland for wind farm projects to support high-quality renewable energy development [34]. - Seven offshore wind projects received the first batch of CCER certifications, with a total of 5,911,108 tons of CCER issued [35].

zhongw 青岛盘古智能制造股份有限公司 （山东省青岛市高新区科海路 77 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 青岛盘古智能制造股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 资料不存在虚假记载、误导性陈述或重大遗漏，并承担相应的 ...

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板 公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长 期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 青岛盘古智能制造股份有限公司 （山东省青岛市高新区科海路 77 号） 首次公开发行股票并在创业板上市 招股意向书 （成都市青羊区东城根上街 95 号） 保荐人（主承销商） 青岛盘古智能制造股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理人员承诺招股意向书 ...

zhongw 青岛盘古智能制造股份有限公司 （山东省青岛市高新区科海路 77 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 资料不存在虚假记载、误导性陈述或重大遗漏，并承担相应的法律责任。 保荐人（主承销商） 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 （成都市青羊区东城根上街 95 号） 青岛盘古智能制造股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投 ...