Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][3] - The company has been actively involved in the national carbon market since its launch in 2021, facilitating diverse development in carbon trading [2] Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [8] - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [9] Shareholder Information - As of September 30, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [8] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9]

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2]. Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2]. - The company has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3]. - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance related to electrical systems and equipment [6]. Financial Performance - For the period from January to September 2025, Longyuan Power reported operating revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [7]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [8]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders of Longyuan Power was 34,200, a decrease of 16.42% from the previous period [7]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9]. Market Activity - On February 2, Longyuan Power's stock fell by 0.89%, with a trading volume of 78.121 million yuan and a turnover rate of 0.10%, resulting in a total market capitalization of 129.744 billion yuan [1]. - The main net inflow of funds was -4.6104 million yuan, indicating a reduction in main funds over three consecutive days [4].

行业周报 | 电力设备 SpaceX 申请部署百万颗卫星，发电侧容量电价机制出台 证券研究报告 2026 年 02 月 01 日 电新行业周报 20260126-20260201 核心结论 SpaceX 申请部署百万颗卫星，产业链有望持续受益。根据财联社，FCC 一份新文件显示 SpaceX 正在申请发射并运营一个由至多 100 万颗卫星组成的星座，这些卫星具较好计算 能力（轨道数据中心），以支持先进的人工智能。太空算力方兴未艾，有望提振配套太空 光伏设备及产品需求增长。推荐迈为股份、福斯特、明阳智能，建议关注华菱线缆、琏 升科技、东方日升、泰胜风能、钧达股份、海优新材、宇晶股份、永贵电器。 发电侧容量电价机制出台，"十五五"能源规划落地。本周，两部委完善发电侧容量电价 机制，煤电补偿比例提升至不低于 50%，并确立电网侧独立储能容量电价与"可靠容量" 补偿体系。能源局明确"十五五"风光年均新增 2 亿千瓦目标；电网侧，国家电网部署配网 网架建设，聚焦城网承载、民生保障及防灾抗灾三大能力提升。电力设备推荐国能日新、 平高电气、神马电力，建议关注特变电工。储能推荐：阳光电源，建议关注海博思创、 通润装备、阿特斯 ...

Core Viewpoint - The company, TianShun Wind Power (002531.SZ), is forecasting a significant loss for the fiscal year 2025, with net profit attributable to shareholders expected to be between a loss of 190 million to 250 million yuan, compared to a profit of 204 million yuan in the same period last year [1] Group 1: Financial Performance - The net profit excluding non-recurring gains and losses is projected to be a loss of 210 million to 260 million yuan, down from a profit of 197 million yuan in the previous year [1] - The company is taking a cautious approach by hiring third-party institutions to assess impairment signs on certain assets, which has contributed to the anticipated losses for the reporting period [1] Group 2: Strategic Transition - Since 2023, the company has been gradually transitioning its strategy from "land to sea," reducing its onshore wind power equipment business, specifically in tower and blade production [1] - The company has merged its original tower and blade divisions into a single onshore equipment division and is actively controlling the scale of its operations [1] Group 3: Future Outlook - The company has established a preliminary global offshore equipment manufacturing base and plans to concentrate core resources to accelerate the expansion into domestic and international offshore wind power markets [1] - The goal is to create a competitive offshore wind power equipment manufacturing and service system, seizing opportunities in marine renewable energy development to enhance long-term profitability [1]

Core Viewpoint - TianShun Wind Power has announced a significant expected net profit loss for 2025, projecting a loss between -190 million to -250 million yuan, representing a year-on-year decline of 199.94% to 222.29% [1] Group 1: Performance Forecast - The company is undergoing a strategic transformation from "land to sea," reducing its onshore wind power equipment business by merging its tower and blade divisions into an onshore equipment division [1] - The anticipated losses are attributed to impairment provisions for assets related to the planned shutdown of onshore wind equipment production bases and some long-term equity investments, with specific impairment amounts to be confirmed in the annual report audit [1] Group 2: Strategic Focus - TianShun Wind Power is focusing on establishing a global offshore equipment manufacturing base, aiming to accelerate the expansion of its offshore wind power market both domestically and internationally [1] - The company plans to concentrate core resources to develop a competitive offshore wind power equipment manufacturing and service system, seizing opportunities in marine renewable energy to enhance long-term profitability [1] Group 3: Subsidiary Shutdowns - The company has announced the long-term shutdown of six wholly-owned subsidiaries, including Shandong Blade, Qian'an Blade, Puyang Tower, Heze Tower, Tongliao Tower, and Taicang Tower, to optimize overall resource allocation and improve operational efficiency [2] - The decision to shut down these subsidiaries, which are currently operating at a loss, is not expected to significantly impact the company's main business [2]

随着公司装备制造业务"陆转海"战略的深入推进，公司锚定海上风电这一高潜力赛道，推动陆上风能装 备制造业务板块开展战略适配性调整：主动收缩业务规模，聚焦优质订单筛选，强化经营性现金流精细 化管理，筑牢企业长期稳健运行的坚实基础。鉴于停产子公司所处区域市场竞争日益激烈，为进一步优 化公司整体资源配置，集中优势力量发展海上风电等核心业务，全面提升运营效率及盈利能力，经公司 审慎论证并严格履行相应决策程序后，决定对上述全资子公司实施长期停产安排。 格隆汇1月29日丨天顺风能(002531.SZ)公布，公司于2026年01月29日召开第六届董事会2026年第一次会 议，审议通过了《关于部分子公司停产的议案》，决定六家全资子公司商都天顺风电叶片有限公司 （"商都叶片"）、乾安天顺风电叶片有限公司（"乾安叶片"）、濮阳天顺风电设备有限公司（"濮阳塔 筒"）、菏泽天顺新能源设备有限公司（"菏泽塔筒"）、通辽市天顺风电设备有限公司（"通辽塔筒"） 及苏州天顺新能源科技有限公司（"太仓塔筒"，以上子公司统称"停产子公司"）停止生产经营活动。 ...

证券日报网讯1月29日，天顺风能（002531）在互动平台回答投资者提问时表示，海上风电行业空间巨 大，公司只是行业中一个细分领域的一员，虽然天顺永远争细分领域第一，但在这个万亿级别的大行业 里，公司始终保持清醒的头脑，做自己能力范围内擅长的事，并争取努力做到第一。 ...

国泰海通晨报 2026 年 01 月 29 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【策略研究】：本轮全球宽松周期下，各类资产关联度上升，新任美联储主席的变动有望重塑 全球货币政策路径与市场空间。 2、【建筑工程研究】华电科工：2025 全年公告重大合同同比增 83.8%，其中 2025Q4 重大合同同 比增 87.1%。重大合同快速增长，并将在后续不断落地，预示公司基本面有望受益提升。 3、【美妆研究】若羽臣：公司公告预计 2025 年归母净利润 1.76-2 亿元，同比+67%-89%，主要受 益自有品牌及品牌管理业务加速成长，看好旗下绽家、斐萃等多品牌高增，打开成长天花板。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 方奕(分析师) 021-38031658 fangyi2@gtht.com S0880520120005 黄维驰(分析师) 021-38032684 huangweich ...

自制运输船快速推进，曹妃甸基地投产，完成丹麦、德国码头布局。2025 年 10 月，公司自制的首艘甲板运输船 KING ONE 号顺利吉水，载货能力、装 卸方式、运输效率等方面完美适配大型海工装备需求，公司自建的第三艘甲 板运输船举行铺底仪式。2025 年 9 月，公司曹妃甸基地建成投产，建成全球 首条超大型浮式基础智能产线。2025 年，公司先后完成丹麦、德国海上风电 母港码头布局，分别覆盖波罗的海、北海两大欧洲海风开发区域。 证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 全年业绩中值同比增长 137%，海外海风量利齐增。公司发布 2025 年度业绩 预告。2025 年公司预计实现归母净利润 10.50-12.00 亿元，中值 11.25 亿元， 同比+137.40%；扣非净利润 10.50-12.00 亿元，中值 11.25 亿元，同比 +159.85%。公司海外海风交付规模实现快速增长，更高的产品建造标准带来 更高的附加值。此外，公司通过提供装备建造、运输、本地化安装等系统化 服务提升业务附加值，推动公司盈利水平同比显著提升。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating strong confidence in its future performance [4]. Core Insights - The company is positioned as a leading domestic offshore wind turbine manufacturer, with a three-tiered logic supporting its performance growth: short-term price recovery in onshore wind, mid-term recovery in offshore wind demand, and long-term expansion into the European market [2][15]. - The acquisition of Zhongshan Dehua Chip, a satellite energy system manufacturer, is expected to enhance the company's capabilities in space photovoltaic technology, further diversifying its business [3][70]. Summary by Sections Section 1: Domestic Offshore Wind Leader - The company ranks among the top four in the domestic wind turbine installation market from 2022 to 2024, with a leading position in offshore wind turbine technology and geographical layout [15][17]. - Short-term, the recovery in onshore wind turbine prices is expected to release profit elasticity, with a projected increase of over 10% in the average bidding price for onshore wind turbines in 2025 [20][25]. - Mid-term, the acceleration of offshore wind project development is anticipated, with a significant increase in installed capacity during the "14th Five-Year Plan" period [39][44]. - Long-term, the company aims to capitalize on the growing European offshore wind market, with expectations of substantial demand growth and a strategic investment in a local manufacturing base in Scotland [49][68]. Section 2: Satellite Energy System Manufacturer - The company plans to acquire 100% of Zhongshan Dehua Chip, which specializes in flexible space solar cell chips and systems, enhancing its position in the space energy sector [3][70]. - Dehua Chip's technology has achieved significant breakthroughs, including the development of the world's lightest and most efficient flexible solar wings for satellites [3][76]. - The company has established a comprehensive layout in third-generation photovoltaic technology, focusing on the commercialization of gallium arsenide solar cells [71][80]. Section 3: Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 37.4 billion, 42.7 billion, and 46.4 billion RMB, respectively, with year-on-year growth rates of 37.6%, 14.3%, and 8.6% [4][9]. - Net profit forecasts for the same years are 1.02 billion, 2.21 billion, and 3.14 billion RMB, reflecting substantial growth rates of 195.4%, 116.2%, and 42.2% [4][9].