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 ...

Group 1 - Goldwind Technology has signed its first wind power project in Oman, the Riyah-1&2 project, with a total capacity of 234 MW, marking it as the largest wind power development project in Oman [1] - The global wind energy market is experiencing rapid growth, with GWEC forecasting a record 117 GW of new installed capacity in 2024, driven by strong demand and supportive policies [2][3] - Chinese wind turbine manufacturers are expected to add approximately 5.4 GW of new overseas installed capacity in 2024, reflecting the increasing international presence of Chinese companies [1][2] Group 2 - China's wind power exports have surged, with a 71.90% year-on-year increase in 2024, and a further 43.2% increase in the first quarter of 2025 [4] - Leading companies like Envision Energy and Goldwind Technology are significantly expanding their overseas orders, with Envision securing 10 GW of overseas orders in 2024 [4] - The cost advantages of Chinese wind turbines are expected to enhance their competitiveness in international markets, with a projected export volume of 11 GW by 2025 [5]

道生天合以环氧树脂等化工产品为主，下游主要应用于风电和新能源车等领域。当前，风电叶片用环氧 树脂产品收入占到了公司收入的70%左右。叠加其他收入，来自风电的收入基本占到了公司营收的80% 左右。 报告期内（2022年～2024年），公司客户集中度较高，主要系公司核心产品的主要客户为风电叶片制造 企业或风电整机厂商，下游客户规模较大且集中度较高。 上交所最新消息显示，道生天合对IPO第二轮审核问询函进行回复。这轮问询中，上交所的关注重点在 客户和供应商集中度、固定资产和在建工程以及经营业绩波动三个方面。 同时，道生天合前五大供应商的集中度也较高，公司称，系公司主要产品的原材料成本在产品成本中占 比较高，集中采购可以增强发行人议价能力，获取更加优惠的商业条件，保证供应稳定性。 道生天合称，公司客户群体已经覆盖了国内主要的风电叶片制造企业，下游主要客户具有较高的市场占 有率，且从公司处采购额占同类产品采购额较高，报告期内采购额较为稳定，公司与主要客户的交易具 有稳定性和可持续性。 据悉，道生天合主板IPO于2023年6月20日获得受理，当年7月17日进入问询阶段。 报告期内，公司对各期营业收入前五大客户的销售收入合 ...

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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 日月股份2024年年报显示，公司在营收微增的情况下，净利润实现较大幅度增长，但经营活动现金流量 净额却大幅下降。这背后反映了公司怎样的财务状况和经营策略？投资者又该如何看待这些变化？ 营收微增，市场地位稳固 2024年，日月股份实现营业收入4,695,947,539.30元，较2023年的4,655,640,798.77元增长0.87%。从数据 来看，营收增长幅度较小，但公司产销基本平衡，市场占有率稳固。分季度来看，四个季度的营业收入 分别为697,687,177.34元、1,090,295,431.24元、1,396,809,422.85元、1,511,155,507.87元，呈现逐季上升 的趋势，表明公司业务在全年逐步拓展。 净利润增长显著，盈利能力提升 归属于上市公司股东的净利润为623,809,070.27元，相比2023年的481,507,348.76元，增长了29.55%。这 一增长幅度较为可观，主要得益于公司在成本控制和内部管理方面的努力。尽管风机招标价格维持低 位，风电全产业链面临成本压力，但公司通过持续严格控制各项费用支出、优化产品成本结构， ...

风电行业周报（20250512-20250518） 证 券 研 究 报 告 周内广东海风招标 0.5GW，陆风中标均价为 推荐（维持） 1619 元/kW ❑ 风机数据跟踪：周内广东海风招标 0.5GW 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | PB（倍） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 50.24 | 2.29 | 2.94 | 3.65 | 21.92 | 17.11 | 13.77 | 4.28 | 推荐 | | 中天科技 | 13.68 | 1.19 | 1.35 | | 11.47 | 10.11 | | 1.22 | 推荐 | | 明阳智能 | 10.55 | 1.11 | 1.42 | | 9.53 | 7.45 | | 0.79 | 推荐 | | 时代新材 | 11.69 | ...

Group 1: Financial Performance - R&D investment focuses on new energy ships, film capacitors, and intelligent equipment, contributing to a 41.49% revenue growth in 2024, reaching CNY 278 million [2][3] - The gross margin for the ship power distribution system increased by 2.03%, while the gross margin for the engine room automation system decreased by 10.75% due to product structure and cost changes [3][4] Group 2: Market Strategy and Development - The company is actively pursuing the new energy ship industry, enhancing power system technology, and expanding application scenarios to provide comprehensive solutions [3][4] - Plans to expand production capacity by targeting traditional business growth and penetrating mid-market segments in oil, gas, and bulk carriers [4] Group 3: Corporate Governance and Investor Relations - The company is working on a plan to lift risk warnings by addressing prior accounting errors and will apply for removal after 12 months from the administrative penalty decision [3][4] - Emphasis on market value maintenance and enhancing investor confidence through effective management and increased returns [4] Group 4: Future Outlook - The company anticipates revenue contributions from nuclear power and wind power converter businesses in 2025, contingent on customer demand and competition [3] - The company is committed to leveraging its technological advantages in DC circuit breakers and intelligent engine room systems to capture market share [4]

证 券 研 究 报 告 风电行业周报（20250512-20250518） 周内广东海风招标 0.5GW，陆风中标均价为 推荐（维持） 1619 元/kW 华创证券研究所 证券分析师：黄麟 ❑ 风机数据跟踪：周内广东海风招标 0.5GW 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | PB（倍） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 东方电缆 | 50.24 | 2.29 | 2.94 | 3.65 | 21.92 | 17.11 | 13.77 | 4.28 | 推荐 | | 中天科技 | 13.68 | 1.19 | 1.35 | | 11.47 | 10.11 | | 1.22 | 推荐 | | 明阳智能 | 10.55 | 1.11 | 1.42 | | 9.53 | 7.45 | | 0.79 | 推荐 | ...

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit, attributed to falling electricity prices and increased depreciation costs [1][2]. Financial Performance - Q1 2025 revenue reached 3.558 billion yuan, a year-on-year increase of 0.93% - Net profit attributable to shareholders was 1.021 billion yuan, a year-on-year decrease of 4.44% - The decline in profit is linked to lower electricity prices and increased depreciation due to new projects [1][2]. Power Generation and Capacity - The company generated 9.905 billion kWh of electricity in Q1 2025, a year-on-year increase of 9.26% - Wind power generation was 8.921 billion kWh, up 8.57% year-on-year, while solar power generation was 984 million kWh, up 15.98% year-on-year - As of the end of 2024, the installed capacity for wind and solar power was 14.4818 million kW and 4.3645 million kW, respectively, representing year-on-year growth of 11.56% and 79.06% [1][2]. Market Conditions - The average wind speed at 10 meters nationwide in April 2025 was 0.98% higher than the same period over the past decade, contributing to a 16.68% increase in wind power generation for the month [2]. - The decline in revenue growth compared to power generation growth is attributed to lower electricity prices following the marketization of renewable energy [2]. Accounts Receivable and Valuation - Accounts receivable amounted to 23 billion yuan, approximately 1.54 times the company's current market value of 16.1 billion HKD - The receivables primarily consist of renewable energy subsidy payments, which have been a constraint on capital expenditure and dividends [3]. - The company has improved its dividend payout, with a total dividend of 0.09 yuan per share in 2024, representing 52% of the distributable profit [3]. Long-term Outlook - The company is viewed positively in the context of the wind power sector, which is expected to have higher investment value compared to solar power due to better operational efficiency and lower costs [3]. - The recent policy (Document No. 136) is seen as beneficial for existing assets, enhancing the long-term value of established wind power operators [3]. Profit Forecast - The company is projected to achieve net profits of 2.32 billion, 2.46 billion, and 2.52 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 6.5, 6.1, and 5.9 [4].