上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 告 | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（元） | 17.43 | | 一年内最高/最低（元） | 18.50/7.64 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 0.80 | | 流通 A 股市值（百万元） | 58,434 | | 上证指数/深证成指 | 3,940.95/13,486.42 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.09 | | 资产负债率% | 73.11 | | 总股本/流通 A 股（百万） | 4,225/3,352 | | 流通 B 股/H 股（百万） | -/774 | 一年内股价与大盘对比走势： -50% 0% 50% 100% 12-24 01-24 02-24 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 金风科技 沪深 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 14.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 59%, while the net profit attributable to the parent company was approximately 120 million yuan, a decline of 82% year-on-year [2][4]. - In Q3 alone, the company achieved a revenue of 5.9 billion yuan, with a year-on-year increase of 55%, but the net profit attributable to the parent company was approximately -90 million yuan, indicating a decline [2][4]. - The gross margin for Q3 was approximately 4.37%, showing a year-on-year decrease. The operating expense ratio for Q3 was about 9.10%, down 2.39 percentage points year-on-year [6]. - The company ended Q3 with inventory and contract liabilities at approximately 9.64 billion yuan and 7.44 billion yuan, respectively, both at historically high levels, which is expected to support future delivery performance [9]. - Looking ahead, the company anticipates a recovery in wind turbine profitability as bidding prices stabilize, and it is accelerating its expansion into overseas markets, with a growing order backlog expected to enhance future growth [9]. Financial Summary - For the first three quarters of 2025, the company's gross margin was 8.05%, down 7.48 percentage points year-on-year, primarily due to an increase in the revenue share from onshore wind turbines, which are currently under pressure [9]. - The company forecasts net profits of approximately 1.5 billion yuan and 2.56 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of about 21 times and 12 times [9]. - The company’s total revenue is projected to reach 20.7 billion yuan in 2025 and 23.8 billion yuan in 2026 [14].

编号：2025-012 | | □特定对象调研 ■分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 东方财富证券：梅宇鑫；建信基金：吴昂达；汇丰基金：王家怡 | | | 人员姓名 | 鹏华基金：杨浩；中信建投自营：彭卓栋 | | | 时间 | 2025 年 11 月 日 15:30—16:00 | 21 | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理、董事会秘书：沈一涛 | | | 员姓名 | | | | | 董事会秘书沈一涛简要介绍了公司在胶粘剂与特种树脂新材料、电子 | | | | 信息材料、电子科技等领域的布局；并对控股子公司大连齐化环氧树脂 | | | | 稀释剂产能等相关情况进行介绍。 | | | | Q1:请问公司子公司大连齐化环氧稀释剂产能如何？ | | | | A：公司控股子公司大连齐化新材料有限公司的环氧树脂稀释剂（特种 | | | | 活性稀释剂）产能为 4000 吨/年（单班） ...

Core Insights - The company's Q3 2025 performance met market expectations, with revenue of 7.592 billion yuan, a year-on-year increase of 43.22% and a quarter-on-quarter increase of 10.28%. However, net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year decrease of 9.64% but a quarter-on-quarter increase of 27.12% [1] Financial Performance - Q3 2025 revenue reached 7.592 billion yuan, up 43.22% year-on-year and 10.28% quarter-on-quarter [1] - Net profit attributable to shareholders was 108 million yuan, down 9.64% year-on-year but up 27.12% quarter-on-quarter [1] - The company's comprehensive gross margin in Q3 2025 was 9.27%, with wind turbine gross margin exceeding 8%, an increase from 7.27% in the first half of 2025 [1] Order Backlog and Growth Potential - As of the end of Q3 2025, the company had a strong order backlog of 46.87 GW, indicating continued growth potential [1] - The company is expected to benefit from increased wind turbine delivery prices in 2026, leading to improved gross margins [2] Profit Forecast and Valuation - The company's 2025 profit forecast was revised down by 8.2% to 651 million yuan due to slower-than-expected pace of power station sales [3] - The 2026 profit forecast was raised by 17.8% to 1.146 billion yuan, reflecting optimism about the domestic wind product market [3] - The current stock price corresponds to a P/E ratio of 21.8 times for 2025 and 12.4 times for 2026, with a target price increase of 7.7% to 23.29 yuan, indicating a potential upside of 28.9% [3]

Core Viewpoint - Kangda New Materials is expected to report a significant increase in net profit for the first three quarters, with projections indicating a year-on-year growth of 204.61% to 217.68% [1] Financial Performance - The estimated net profit attributable to shareholders is projected to be between 80 million and 90 million yuan [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 38.23 million and 48.23 million yuan, reflecting a year-on-year increase of 147.56% to 159.99% [1] Business Drivers - The growth in net profit is primarily driven by a steady increase in sales volume of adhesive and specialty resin products, particularly benefiting from the rising demand in the wind power industry [1] - Wind turbine blade products have become a major driver of business growth due to increased market demand [1] Operational Efficiency - The company has enhanced its profitability through continuous optimization of asset structure, improved asset operation efficiency, and reduced management costs [1] Non-Recurring Gains - The estimated non-recurring gains for the reporting period are approximately 41 million yuan, mainly from government subsidies, investment income from the disposal of subsidiary equity, and dividends from associated companies [1]

Investment Rating - The report gives a "Recommended" rating for the company, indicating a positive outlook for investment opportunities [3][53]. Core Insights - The company is a leading state-owned enterprise in the wind power sector, with a strong market share and potential for profit recovery. It has been deeply involved in the wind power industry for over fifty years, focusing on the research, production, and sales of onshore and offshore wind turbines [2][26]. - The company ranked first in the total bidding volume for central state-owned enterprise projects from January to July 2025, with a market share of 18.38% [3][31]. - The company has seen a significant increase in orders, with a total of 45,866.86 MW in hand, representing a year-on-year growth of 34.10% [3][35]. Summary by Sections 1. Event: Company Releases 2025 Half-Year Report - In the first half of 2025, the company achieved a revenue of 10.894 billion yuan, a year-on-year increase of 26.27%. The net profit attributable to shareholders was 144 million yuan, a decrease of 2.62% year-on-year, while the net profit excluding non-recurring items was 128 million yuan, an increase of 128.59% year-on-year [1][11]. 2. Core Highlights: State-Owned Wind Power Leader - The company has a diverse business model that includes the development and operation of renewable energy power stations, smart services, and various energy solutions [2][26]. - The company has maintained a strong competitive edge through significant R&D investments, with R&D expenditure reaching 305 million yuan in the first half of 2025, a year-on-year increase of 15.09% [3][38]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 29.748 billion, 32.653 billion, and 35.847 billion yuan, with growth rates of 34%, 10%, and 10% respectively. The net profit attributable to shareholders is expected to be 659 million, 1.048 billion, and 1.404 billion yuan, with growth rates of 42%, 59%, and 34% respectively [3][53]. - The report highlights the company's strong order backlog and the recovery of profit margins in the wind turbine business, suggesting a positive trend in profitability [3][43].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The wind power industry is experiencing rapid growth, driven by both policy and demand, with a significant increase in global installed capacity and a 22.7% year-on-year growth in China's cumulative wind power capacity [4] - The company has achieved a 43.52% year-on-year increase in revenue, supported by innovative products that align with the trend of larger wind turbines [4] - The company maintains a leading market position in the wind power sector, with a 49.61% year-on-year increase in contract liabilities, reflecting strong industry momentum [4] Summary by Sections Market Performance - The company reported a revenue of 818 million yuan in the first half of 2025, a 43.52% increase compared to the same period in 2024, and a net profit of 262 million yuan, up 86.61% year-on-year [3] Investment Highlights - The wind power industry is in a high-growth phase, with global new installed capacity reaching 117 GW in the first half of 2025 [4] - The company has developed innovative products such as gear rack elevators and dual-machine tower climbing solutions, which cater to the increasing size of wind turbines [4] - The company’s R&D investment reached 35.93 million yuan, with 30 new patent applications and 19 new authorizations in the first half of 2025 [5] Global Expansion and Trade Policy Adaptation - The company is expanding its overseas market presence, with a forecast of over 350 GW of new offshore wind installations from 2025 to 2034, and has established localized service teams through subsidiaries [6][8] - The company has effectively managed exchange rate risks through tools like foreign exchange hedging and has achieved AEO certification to enhance cross-border trade facilitation [6][8] Profit Forecast - The company’s revenue is projected to reach 1.734 billion yuan in 2025, with an EPS of 2.16 yuan, corresponding to a PE ratio of 17.0 [9]

Group 1: Zhongji United - In the first half of 2025, Zhongji United achieved operating revenue of 818 million yuan, a year-on-year increase of 43.52%, and a net profit of 262 million yuan, up 86.61% [1] - The growth in performance is attributed to the rapid development of the wind power industry, with both domestic and international revenues increasing and new orders continuing to rise steadily [1] - The gross profit margin improved to 50.15%, mainly due to an increase in export revenue, changes in the domestic product structure, and a higher proportion of revenue from the US market [1] Group 2: Xinhang New Materials - In the first half of 2025, Xinhang New Materials reported operating revenue of 229 million yuan, a year-on-year increase of 9.66%, and a net profit of 35.29 million yuan, up 20.40% [2] - The sales volume of the main products increased by approximately 30%, with DFBP, HP, and photoinitiators rising by around 25%, and pharmaceutical intermediates increasing by over 50% [2] - The recovery in gross profit margin is attributed to improved capacity utilization and a decrease in fixed cost allocation [2] Group 3: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [3] - The growth in active business is primarily due to the increased delivery of high-speed active products, with the company continuously expanding its customer base [3] - The gross profit margin decreased due to changes in product structure, with a higher proportion of revenue coming from active products [3]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the favorable demand in the wind power industry and the company's potential to expand its market share through its "Double Sea" strategy and capacity expansion [3]. Core Viewpoints - The company reported a revenue of 2.299 billion yuan for the first half of 2025, representing a year-on-year growth of 38.83%. However, the net profit attributable to the parent company decreased by 8.08% to 119 million yuan, primarily due to rising raw material costs and changes in the customer structure of overseas business [1][2]. - The company has a robust order backlog totaling 5.475 billion yuan, with significant contributions from both onshore and offshore wind power equipment orders [1][2]. - The onshore wind power segment showed a positive trend, with revenues of 1.882 billion yuan in H1 2025, up 25.61% year-on-year, while the offshore wind power segment saw a remarkable growth of 226.21%, achieving revenues of 363 million yuan [2]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are estimated at 5.718 billion yuan, 6.493 billion yuan, and 6.784 billion yuan, respectively, with growth rates of 18%, 14%, and 5% [3][4]. - The net profit attributable to the parent company is forecasted to be 296 million yuan in 2025, 418 million yuan in 2026, and 469 million yuan in 2027, with growth rates of 62.8%, 41.1%, and 12.2% [3][4]. - The report indicates that the company is on track to meet its production targets for both steel towers and concrete towers by 2025, having completed approximately 46% and 42% of its respective targets as of H1 2025 [2].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leader in the wind power precision transmission sector, with a significant recovery expected in the wind power gearbox market by 2025, leading to a substantial increase in revenue [1][3]. - The company is shifting its strategic focus towards the higher-margin wind power gearbox market, which has a gross margin of 20-25% [1][2]. - A strategic partnership with Goldwind Technology is expected to accelerate the company's entry into the gearbox market, enhancing its competitive position [3]. Summary by Sections Company Overview - The company has been dedicated to the research, production, and sales of wind power gearboxes and reducers for over 20 years, with a focus on providing precision transmission solutions for the renewable energy sector [15]. Market Dynamics - The wind power gearbox industry has high entry barriers, high concentration, and high gross margins, with over 90% of wind turbines requiring gearbox components [2]. - The global wind power demand is anticipated to continue growing, with 80% of the gearbox production capacity located in China, benefiting domestic suppliers [2][12]. Financial Projections - The company is expected to achieve a significant revenue increase in 2025, with projected revenues of 1.25 billion yuan, reflecting a year-on-year growth of 262.4% [4]. - Forecasted net profits for 2025, 2026, and 2027 are 36 million yuan, 249 million yuan, and 358 million yuan, respectively, indicating a strong recovery and growth trajectory [3][4]. Strategic Initiatives - The company has signed an investment agreement to build a "Wind Power Gearbox Smart Factory" project, which is expected to enhance production capacity significantly [1][3]. - The first phase of the factory is scheduled to be completed and operational by the end of 2025, with an annual production capacity of 2,000 wind power gearboxes [1]. Financial Metrics - The company reported a revenue of 553 million yuan in 2023, which is expected to decline to 345 million yuan in 2024 before rebounding sharply in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 125.6, 18.3, and 12.7, respectively, indicating a potential for significant valuation improvement as earnings recover [3][4].