Core Viewpoint - The company, Huibei New Materials, reported a significant increase in revenue and profit in both its 2024 annual report and 2025 Q1 report, driven by strong market demand for its epoxy resin products, particularly in the wind power sector [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.42 billion yuan, a year-on-year increase of 3.04% [1] - The revenue from epoxy resin for wind turbine blades was 1.096 billion yuan, while new composite materials and electronic insulation epoxy resin generated revenues of 234 million yuan and 86 million yuan, reflecting increases of 32.84% and 13.96% respectively [1] - In Q1 2025, the company reported a revenue of 493 million yuan, a remarkable year-on-year growth of 148%, and a net profit of 8.82 million yuan, marking a turnaround from losses [1][3]. Market Position and Product Development - Huibei New Materials is a leading player in the specialty modified epoxy resin sector, with a strong focus on wind power applications [2] - The company has established a solid customer base, including major domestic wind turbine manufacturers, and has received positive feedback for its products [2] - The company has expanded its product line to include various types of epoxy resins, which has contributed to steady revenue growth [3]. Industry Trends - The deep-sea wind power sector is expected to become a key growth area, with government initiatives promoting floating offshore wind projects [4] - China is projected to maintain its leadership in offshore wind power, with new installed capacity expected to exceed 4 GW in 2024, accounting for over 50% of the global market share [4] - The domestic wind power market is anticipated to reach new highs, with new installations expected to hit 110 GW to 120 GW in 2025 [4]. Capacity Expansion - The company is accelerating its capacity expansion to meet rising market demand, with a new factory in Zhuhai set to produce 82,000 tons of new electronic materials annually [5] - The Zhuhai project, with an investment of approximately 400 million yuan, will also introduce high-end LED packaging materials and functional high-purity solid epoxy resins [5] - The growth in demand for core products in wind power, electronic components, and transportation is expected to further enhance the company's growth potential [5].

电力设备及新能源行业 2025 年 4 月 29 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 | 2025 | 年 | 4 月 | 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 8.96 | | | | 总市值（亿元） | | | 378.57 | | | | AH总股本(亿股) | | | 42.25 | | | | 流通股本(亿股) | | | 33.55 | | | | ROE（TTM） | | | 5.36% | | | | 12月最高价(元) | | | 11.88 | | | | 12月最低价(元) | | | 6.38 | | | 买入（维持） 风机盈利能力改善，在手订单创新高 公 司 点 评 金风科技（002202）2024 年年报及 2025 年一季报点评 事件 ...

Core Viewpoint - The company reported significant year-on-year growth in Q1 2025, with revenue reaching 505 million yuan, a 97.54% increase, and net profit attributable to shareholders at 56 million yuan, up 91.17% [1][2]. Group 1: Q1 2025 Performance - In Q1 2025, the company achieved a net profit of 56 million yuan, representing a year-on-year increase of 91.2%, while the non-recurring net profit rose by 127.2% to 53 million yuan [1][2]. - The gross margin for Q1 2025 was 21.38%, showing a year-on-year decrease of 2.53 percentage points but an increase of 2.89 percentage points from the previous quarter [2]. - The net profit margin stood at 11.06%, down 0.37 percentage points year-on-year but up 7.46 percentage points quarter-on-quarter [2]. Group 2: Industry Outlook - The wind power industry is entering a peak delivery season, with the company expected to benefit significantly due to its capabilities in producing wind turbine components [3]. - Since March 2025, major offshore wind projects in China have commenced, leading to an anticipated 115% year-on-year increase in new offshore wind installations, projected to reach 12 GW [3]. - As a leading manufacturer of wind turbine main shafts, the company is likely to see increased demand, which may enhance its capacity utilization and profitability [3]. Group 3: Future Projections - The company forecasts revenues of 2.72 billion yuan, 3.55 billion yuan, and 4.52 billion yuan for 2025-2027, with year-on-year growth rates of 38.4%, 30.5%, and 27.3% respectively [4]. - Net profits are expected to reach 520 million yuan, 640 million yuan, and 810 million yuan for the same period, with growth rates of 201.9%, 23.1%, and 26.0% respectively [4]. - Earnings per share (EPS) are projected to be 1.6 yuan, 2.0 yuan, and 2.5 yuan for 2025-2027 [4].

Q1 业绩超预期，风机出货高增 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。 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%/4.48%/3.58%/1.96% ， 同 比-1.41/-1.00/-1.70/-0.74pct，主要系公司收入规模增长提升摊薄能力。公司25Q1 金融资产公允价值变动 收益1.47 亿元，同比+253.99%。 在手订单高增，海外市场持续开拓 公司在手订单饱满，持续开拓国际客户。截至25 年3 月底，公司在手订单51.09GW， ...

Core Viewpoint - The company reported lower-than-expected annual performance for 2024, primarily due to delays in power station transfers and increased asset impairment losses, but maintains a strong position in the offshore wind sector and a leading layout in Europe, sustaining a "buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of 346 million yuan, down 8.12% year-on-year [1] - In Q4, the company reported revenue of 6.922 billion yuan, with year-on-year and quarter-on-quarter declines of 1.29% and 17.99% respectively, and a net profit of -462 million yuan, indicating a shift from profit to loss [1] - For Q1 2025, the company recorded revenue of 7.704 billion yuan, reflecting a year-on-year increase of 51.78% and a quarter-on-quarter increase of 11.30%, with a net profit of 302 million yuan, showing a year-on-year decrease of 0.70% but a significant quarter-on-quarter increase of 165.33% [2] Group 2: Market Outlook - The government has emphasized the development of offshore wind power and identified deep-sea technology as a strategic emerging industry, which is expected to support high growth in installed capacity [2] - The company is well-positioned as a domestic leader in offshore wind, with a strong order backlog expected to be gradually delivered, enhancing profitability through effective cost control and improved operational efficiency [2] - In Europe, increased policy support for offshore wind is anticipated to drive significant growth in installed capacity, with a forecast of 11.8 GW of new installations by 2030, corresponding to a CAGR of 28.6% from 2025 to 2030 [3] Group 3: Profit Forecast and Valuation - Due to potential impacts from new energy market entry and reduced grid electricity prices, the company has adjusted its assumptions for electricity prices and gross margins, leading to a downward revision of net profit forecasts for 2025-2027 [4] - The projected net profits for 2025, 2026, and 2027 are 2.206 billion yuan, 3.130 billion yuan, and 3.992 billion yuan, respectively, with reductions of 13.5% and 10.6% for 2025 and 2026 [4] - The company is assigned a target price of 13.58 yuan based on a 14x PE ratio for 2025, reflecting its solid leadership in offshore wind and advantageous positioning in the European market [4]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, indicating robust business development across various sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 59.984 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 2.769 billion yuan, up 28.6% [1]. - For Q1 2025, the company reported a revenue of 13.268 billion yuan, a year-on-year increase of 12.6%, but a quarter-on-quarter decline of 24.5%. The net profit attributable to shareholders was 557 million yuan, up 8.5% year-on-year and 22.6% quarter-on-quarter [1]. Business Segment Performance - The company's business segments showed varied performance in 2024: - Optical Communication: Revenue of 6.562 billion yuan, down 11.0%, with a gross margin of 25.59%, down 3.77 percentage points [2]. - Smart Grid: Revenue of 22.184 billion yuan, up 14.7%, with a gross margin of 12.58%, down 0.99 percentage points [2]. - Marine Energy and Communication: Revenue of 5.738 billion yuan, up 69.6%, with a gross margin of 33.53%, up 1.91 percentage points [2]. - Industrial and New Energy Intelligence: Revenue of 6.766 billion yuan, up 18.1%, with a gross margin of 13.27%, down 1.86 percentage points [2]. - Copper Conductor: Revenue of 15.007 billion yuan, up 50.9%, with a gross margin of 1.15%, down 1.16 percentage points [2]. - In Q1 2025, the company maintained steady growth in its ultra-high voltage, smart grid, industrial and new energy intelligence, and marine energy and communication sectors, contributing to a significant increase in net profit [2]. Order Backlog and Market Outlook - As of the end of Q1 2025, the company had a substantial order backlog, including approximately 18 billion yuan in orders for subsea cables, marine engineering, and land cable products, and around 8 billion yuan for marine communication projects [3]. - The offshore wind sector is expected to see a recovery in demand, with several projects ready to commence construction in 2025, which may lead to further growth for the company [3]. - The company has recently won multiple contracts in the offshore wind and marine oil and gas sectors, totaling 1.133 billion yuan [3]. Investment Outlook - The company is expected to benefit from the recovery in the offshore wind sector and the steady development of its various business lines. Projected net profits for 2025-2027 are 3.467 billion yuan, 4.246 billion yuan, and 4.772 billion yuan, respectively, with corresponding PE multiples of 11x, 9x, and 8x [4].

深 度 研 究 电力设备及新能源行业 超配（维持） 电力设备及新能源行业之风电支撑基础专题报告 纵横逸气宁称力，驰骋长途定出群 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 4 月 29 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱：suzhibin@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 风力发电系统支撑结构持续优化。风机大型化趋势要求提升塔筒高 度，传统钢塔难以满足风电产业对经济性的要求。同时，为实现高 度和稳定性的提升，塔筒类型由传统钢塔向多种技术路径方向转变。 与传统钢塔相比，钢混塔筒以其稳定性更强、承载力更强、性价比 更高等优势，逐步获得市场认可，2023年国内使用钢混塔筒的装机 量达到7.3GW，同比增长209%，未来混塔有望逐 ...

2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 全年公司实现营收 13.5 亿元，同比下降 19.6%；实现归母净利润 0.66 亿元，同比转正。2025 年一季度，公司实现营收 4.36 亿元， 同比增长 251%；实现归母净利润 0.64 亿元，同比下降 13.3%。 经营分析 24 年国内海风需求不及预期，桩基盈利略有承压：2024 年公司受 国内海风整体需求不及预期影响，整体出货同比略有下降，带动综 合毛利率同比下降约 2.1pct，其中桩基收入约 8.5 元，同比下降 22.7%，实现毛利率 4.29%，同比下降 6.0pct；塔筒业务 3.2 亿元 收入，同比下降 18.7%.实现毛利率 7.9%，同比提升 4.38pct；导 管架业务收入 1.37 亿元，同比增长 6.8%，实现毛利率 4.79%，同 比提升 10.28pct。 业绩拐点确立，项目交付加速业绩弹性有望逐步释放：2025 年一 季度，公司综合毛利率约为 15.05%，同比提升约 10pct，预计主要 受益于交付规模增加，盈利弹性逐步释放。3 月以来国内海风项目 开工持续加速，公司前期中标的 ...

行业报告 | 行业研究周报 通信 证券研究报告 AI 产业发展持续向好，海风和卫星通信展现积极进展 本周（04.21-04.25）行业动态： 垣信卫星与泰国国家电信达成战略合作 2025 年 4 月 24 日，上海垣信卫星与泰国国家电信正式签订战略合作框架协议，双 方将以深化商业航天及低轨卫星互联网业务合作为基础，携手推动泰国数字经济发 展。双方合作围绕卫星互联网与垂直行业的融合，探索新技术市场空间，通过市场 化运营实现互利共赢，共同开发低轨卫星新商业模式。 2GW 海上风电投资项目签约 近日，阿塞拜疆总统伊尔哈姆·阿利耶夫来华进行国事访问期间，中能建海外投资 有限公司副总经理与阿塞拜疆能源部副部长代表双方签署阿塞拜疆 2GW 海上风电 投资项目实施协议。本次签约的项目位于阿塞拜疆首都巴库东部里海海域，场址距 离陆地最近距离约 26 公里，场址面积约为 545 平方公里。 本周（04.21-04.25）投资观点： 近期进入公司年报业绩期，同时由于外部政治环境动荡扰动，市场波动较为剧烈， 整体情绪较为低落。但我们仍然看好 AI 行业作为年度投资主线，后续伴随着 DeepSeek R2/V4 等以及包括 Agen ...

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 许世俊 | 1735.00 | 14.24 | 新进 | | 许成辰 | 785.34 | 6.45 | 新进 | | 南通海力股权投资中心(有限合伙) | 586.04 | 4.81 | 新进 | | 沙德权 | 543.03 | 4.46 | 不变 | | 如东县新天和资产管理有限公司 | 316.58 | 2.60 | -37.93 | | 赵小兵 | 254.48 | 2.09 | 不变 | | 香港中央结算有限公司 | 193.63 | 1.59 | 40.24 | | 沈飞 | 190.61 | 1.56 | -21.60 | | 贝莱德中国新视野混合A | 168.00 | 1.38 | 新进 | | 南通润熙股权投资中心(有限合伙) | 166.99 | 1.37 | -4.21 | | 较上个报告期退出前十大股东有 | | | | | 钟格 | 815.56 | 8.95 | 退出 | | 常州泰珅私募投资基金有限公司-如东鑫濠产业 ...