风电整机专家交流 20260106 风电行业边际企稳，国内市场受益于经济效益改善，海外市场规模化后 盈利能力将显著提升，单位利润远高于国内，行业整体向上趋势明显。 风电板块公司估值普遍在十倍左右，考虑到业绩兑现度和未来增长潜力， 具备较高投资价值，且筹码交易不拥挤，风机制造板块存在大机会，龙 头企业如金风科技市值突破千亿是重要信号。 预计 2026 年风电整体交付量将达 160GW 以上，供应链紧张推动零部 件价格上涨，但涨幅预计小于去年，部分零部件如叶片、铸件价格有所 回落，整体价格保持稳定。 海外市场对中国风电整机厂商影响重大，订单量同比增长 50%以上，但 订单转化为交付和收入节奏较慢，盈利能力提升将在未来几年逐步体现。 2025 年风电行业出货量预计增长约 20%，达到 160 台，价格基本持平， 叶片价格可能略有下降，轴承价格有所上涨，零部件供应链谈价困难但 进一步涨价动力不足，主机厂商利润有望提升。 2026 年，由于限价政策影响，风机价格提升 10%-15%，主机厂商毛 利率预计至少提升 5 个百分点以上，头部厂商海外市场占比增加，毛利 率有望显著提升。 摘要 预计 2025 年招标量将保持在 ...

证券研究报告·公司研究简报·风电设备 天顺风能（002531） 短期承压，后续有望迎来修复拐点 2026 年 01 月 04 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,727 | 4,860 | 4,957 | 7,658 | 8,917 | | 同比（%） | 14.67 | (37.10) | 1.99 | 54.49 | 16.44 | | 归母净利润（百万元） | 795.23 | 204.44 | 175.51 | 757.79 | 977.35 | | 同比（%） | 26.53 | (74.29) | (14.15) | 331.77 | 28.97 | | EPS-最新摊薄（元/股） | 0.44 | 0.11 | 0.10 | 0.42 | 0.54 | | P/E（现价&最新摊薄） | 15.50 | 60.30 | 70.23 | 16.27 | 12.61 | [Table_ ...

12月23日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数涨0.18%，报25848.99点，恒生科技 指数跌0.42%，国企指数涨0.11%。盘面上，科网股涨跌不一，京东、联想涨近1%，快手跌超3%，小 米、腾讯跌超1%；风电股涨幅居前，东方电气涨超5%；黄金股延续涨势，山东黄金涨超5%；锂电池板 块涨幅居前，赣锋锂业涨超4%；今日翰思艾泰、轻松健康、诺比侃上市 | 代码 | 名称 | | 最新价 涨跌幅 > | | | --- | --- | --- | --- | --- | | 01072 | 东方电气 | 0 | 25.260 5.34% | | | 00658 | 中国高速传动 | | 1.500 1.35% | | | 00579 | 京能清洁能源 | | 2.360 | 1.29% | | 00916 | 龙源电力 | | 6.770 1.20% | | | 02208 | 全风科技 | | 13.910 0.72% | | 黄金股延续涨势，山东黄金涨超5%。亚洲早盘，现货黄金涨超1%，最高至4490.88美元/盎司，续创历 史新高。摩根大通指出，关税不确定性，叠加ETF与各国央行的强劲需 ...

研究早观点 2025 年 12 月 22 日 星期一 市场走势 【今日要点】 【行业评论】化学原料：新材料周报（251208-1212）-中央经济工作会 议提出全面绿色转型，建议关注风电上游原材料机遇 【公司评论】恩捷股份(002812.SZ)：恩捷股份-并购稳固龙头地位，隔膜价 格底部回升 资料来源：常闻 【行业评论】耐克 FY26Q2 业绩 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,890.45 | 0.36 | | 深证成指 | 13,140.21 | 0.66 | | 沪深 300 | 4,568.18 | 0.34 | | 中小板指 | 7,956.23 | 0.68 | | 创业板指 | 3,122.24 | 0.49 | | 科创 50 | 1,308.59 | 0.20 | 资料来源：常闻 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【行业评论】化学原料：新材料周报（251208-1212）-中央经济工作会议提出全面绿色转型，建议关注风电 上游原材料机遇 ...

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is benefiting from both domestic and overseas market resonance, with strong support from high-quality development and policy backing in the domestic renewable energy sector. [1][5] - The construction costs of wind power projects are decreasing, making internal rates of return (IRR) attractive. It is expected that onshore wind power will grow by 50% and offshore wind power will nearly double during the "14th Five-Year Plan" to "15th Five-Year Plan" period. [1][5] Key Insights and Arguments - **Domestic Market Growth**: The domestic offshore wind power market is projected to have a strong competitive edge by 2026, with significant investment opportunities due to higher-than-expected profit margins. [1][6] - **Cost and Profitability**: The cost side benefits from operational leverage, with components like piles and cables showing significantly higher profit margins in export markets compared to domestic products. [1][6] - **Technological Advancements**: High-gravity markets such as deep-sea and overseas projects are showing clear advantages, with increased demand for high-margin products like 500 kV DC cables. [1][8] Valuation and Investment Opportunities - The wind power sector's valuation has adjusted to bottom levels, with wind turbine companies at around 10 times earnings and component manufacturers like piles and cables at 15-20 times. [3][12] - Short-term catalysts include the advancement of domestic deep-sea projects, annual report forecasts indicating a 50% growth, and new CFD tenders in the UK expected to boost overseas orders. [10][11] Future Outlook - The long-term outlook for the wind power industry is positive, with both domestic and overseas markets expected to resonate during the "15th Five-Year Plan" period, providing strong support for the industry. [5][9] - By 2026, the overall growth trend in the wind power sector is clear, particularly in offshore wind segments, with significant potential for profit margin expansion in piles, turbines, and cables. [9][12] Specific Areas of Focus - Key areas to watch include deep-sea projects and export opportunities, particularly in piles and turbines, which show superior profitability compared to domestic products. [8][13] - Companies with operational leverage and those positioned in high-demand segments are recommended for investment consideration. [8][12]

| | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | 特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 国信证券 王晓声 国联民生证券 王一如 | | | 人员姓名 | 华创证券 吴含 | | | | 长江证券 周圣钧 | | | 时间 | 2025年12月4日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 副总裁兼董事会秘书及公司秘书 投资者关系经理 于洋 | 马金儒 | | 员姓名 | 投资者关系主管 刘茜 | | | | 2025年前三季度国内风电行业发展情况？ | | | | 答：根据能源局数据，2025年1-9月，全国新增风电并网装机容量61.1GW， | | | | 同比上升56.2%，截至2025年9月底，国内风电累计并网装机容量581.6GW， | | | | 占电源总装机比例为15.6%，火电占比为40.4%。 | | | 投资者关系活动 | 2025年前三季度国内风电行业招标与 ...

Investment Rating - The report assigns a "Buy" rating for the company, Deleijia (603092), marking its first coverage [2]. Core Insights - Deleijia is the second-largest wind power gearbox supplier in China, with a market share of 10.4% globally and 16.2% domestically as of 2024. The company has established strong ties with key clients such as Goldwind Technology and SANY Heavy Energy, with over 90% of its revenue coming from its top five clients [5][14]. - The wind power gearbox industry is experiencing significant growth, driven by increased domestic demand and favorable policies. The company has seen a 65% year-on-year increase in net profit for the first three quarters of 2025, reaching 630 million yuan [5][14]. - The report highlights the company's competitive advantages, including its leading profitability in the industry, with a gross margin of 25.4% and a net margin of 15.5% in the first half of 2025, significantly higher than its competitors [5][38]. Summary by Sections Company Overview and Market Positioning - Deleijia specializes in wind power gearboxes and has been operational since 2017. The company has expanded its production capacity to approximately 4,000 units, making it the second-largest supplier in China [5][15]. - The company went public on November 7, 2025, raising 1.87 billion yuan to fund the expansion of its production capacity by 1,800 units [17][19]. Supply and Demand Dynamics in the Wind Power Gearbox Industry - The domestic wind power demand is expected to surge, with a projected annual average of 140 GW during the 14th Five-Year Plan period, leading to a significant increase in the gearbox market size, estimated at 28.6 billion yuan [5][50][70]. - The report notes that the market for wind power gearboxes is highly concentrated, with the top five suppliers holding a combined market share of 76.5% as of 2024 [71]. Competitive Advantages and Performance Elasticity - Deleijia's strong client relationships and its focus on cost reduction through economies of scale have resulted in superior profitability compared to other gearbox manufacturers [5][38]. - The company has maintained a high capacity utilization rate and has seen a significant increase in sales volume, with a 66.4% year-on-year revenue growth in the first three quarters of 2025 [29][38]. Financial Projections and Investment Rating - The report forecasts that Deleijia's revenue will grow from 5.14 billion yuan in 2025 to 8.28 billion yuan in 2027, with corresponding net profits expected to reach 1.39 billion yuan by 2027 [6][7]. - The company is projected to maintain a strong growth trajectory, supported by its market position and the expanding wind power sector [6][47].

Core Viewpoint - The wind power industry is experiencing significant profit recovery due to the expansion of domestic demand, the concentration of offshore wind power projects, and improved market competition, leading to a surge in stock prices for companies like Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) as it prepares for an IPO on the Shanghai Stock Exchange [1]. Group 1: Company Overview - Zhenstone primarily engages in the research, production, and sales of fiber-reinforced materials for clean energy applications, particularly in wind and photovoltaic power generation [3][4]. - The company’s revenue is heavily reliant on clean energy functional materials, with over 85% of its income derived from this segment, where wind power fiber fabrics account for over 60% and pultruded profiles for around 20% [7][8]. Group 2: Financial Performance - Zhenstone's revenue has shown a downward trend in recent years, with reported figures of approximately 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and a projected 4.439 billion yuan for 2024 [13]. - The net profit figures for the same years were approximately 781 million yuan, 793 million yuan, and 607 million yuan, indicating fluctuations in profitability [13]. Group 3: Market Position and Competition - Zhenstone holds a leading position in the global market for wind power glass fiber fabrics, with a market share exceeding 35% in 2024 [24]. - The company faces intense competition from peers such as China National Materials, International Composites, and Changyou Technology, which may impact its market share and profitability [17]. Group 4: Supply Chain and Customer Base - The company has a high concentration of suppliers, with over 83% of its procurement coming from the top five suppliers, including China Jushi, indicating potential risks related to supplier dependency [9][10]. - Zhenstone has established business relationships with major domestic and international wind turbine manufacturers, including Mingyang Smart Energy and Vestas [9]. Group 5: Future Prospects and Investments - The company plans to raise approximately 3.981 billion yuan through its IPO to fund projects including the construction of production bases for glass fiber products and composite materials, as well as a research and development center [23][24]. - The wind power industry is projected to continue growing, with global installed capacity expected to reach 2,118 GW by 2030, which may benefit Zhenstone if it can navigate its current challenges [15].

Group 1 - The company reported strong performance in Q3 2025, with revenue of 4.732 billion yuan, a year-on-year increase of 10.67%, and a net profit attributable to shareholders of 84 million yuan, up 53.29% year-on-year [1] - In Q3 2025, the company achieved revenue of 1.790 billion yuan, representing a year-on-year growth of 16.13% and a quarter-on-quarter increase of 17.18%, with a net profit of 23 million yuan, up 63.63% year-on-year and 5.56% quarter-on-quarter [1] - The overall gross margin for the first three quarters of 2025 was 13.93%, an increase from 12.80% in the same period last year, with Q3 gross margin at 14.91%, up 3.98 percentage points year-on-year and 1.67 percentage points quarter-on-quarter [1] Group 2 - The company experienced a slight increase in expense ratio in the first three quarters of 2025, with a selling expense ratio of 1.47%, primarily due to increased intermediary service fees [1] - The financial expense ratio decreased significantly to 1.70% from 2.57% in the previous year, attributed to the optimization of the debt structure and a reduction in short-term bank loans [1] - The wind power industry is experiencing strong growth, with new installed capacity reaching 51.39 GW in the first half of 2025, leading to increased market demand and price recovery for the company's wind power products [2] Group 3 - The company is expected to see net profits attributable to shareholders of 139 million yuan, 238 million yuan, and 343 million yuan for 2025-2027, representing year-on-year growth of 235.1%, 71.8%, and 43.9% respectively, with EPS projected at 0.04, 0.06, and 0.09 yuan [2]

Core Viewpoint - The article highlights the strong market position and technological capabilities of Delijia (德力佳), a leading manufacturer of precision gearboxes for wind turbines, emphasizing its growth potential in the expanding wind power industry [6][10]. Company Overview - Delijia, established in 2017, is the second largest in China and the third globally in the wind turbine gearbox market, with annual revenues exceeding 4 billion [6]. - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily serving the wind power sector [6]. Financial Performance - For the first nine months of 2025, Delijia expects revenue between 3.9 billion and 4.1 billion, representing a year-on-year growth of 61.4% to 66.9% [8][9]. - The net profit is projected to be between 560 million and 620 million, with a growth of 48.6% to 62.2% [8][9]. - In 2022 and 2023, the company experienced significant revenue growth rates of 76.4% and 42.9%, respectively [11]. - The net profit doubled from 290 million in 2021 to 570 million [13]. Market Dynamics - The wind power gearbox market is expanding due to the rapid growth of the wind power industry [10]. - Delijia's global market share is 10.36%, ranking third worldwide, while its share in China is 16.22%, ranking second [9]. Competitive Advantages - Delijia's competitive edge lies in its strong technical background, market development capabilities, and a well-established R&D team with 80 members, 57 of whom hold master's degrees or higher [20]. - The company has contributed to the formulation of seven national or industry standards and has developed significant products recognized by the National Energy Administration [20]. - Delijia's products exhibit superior performance metrics compared to industry standards, particularly in safety factors and bearing operating temperatures [22][23]. Strategic Partnerships - The company has established strong relationships with major wind turbine manufacturers, which enhances its market stability and customer loyalty [25]. - Delijia has successfully expanded its customer base, mitigating the impact of reduced orders from major clients due to in-house production [18][25]. Future Outlook - Delijia plans to raise 1.88 billion for projects aimed at producing large-scale land and offshore wind turbine gearboxes, positioning itself to capitalize on the industry's growth [26][30]. - The wind power sector is expected to maintain a favorable growth trajectory, driven by the emphasis on renewable energy and the transition to cleaner energy sources [27][28].