中际联合 20250825 摘要 中冀联合 2025 年上半年净利润达 2.44 亿元，同比增长 97.77%，总资 产 35.43 亿元，增长 6.74%，归属于上市公司股东的净资产为 27.56 亿元，增长 6.47%，经营活动现金流量净额为 1.09 亿元，同比增长 35.35%。 2025 年上半年收入端增长 44%，二季度增速达 50%，主要受益于 2023、2024 年新签订单的逐步兑现，高空安全升降设备和高空安全防 护设备分别占主营业务收入的 67%和 30%。 2025 年上半年毛利率超过 50%，同比提升 2.96 个百分点，主要得益 于外销收入占比增加以及国内外市场高单价产品销售占比提高，预计未 来毛利率将维持在 50%左右。 2025 年上半年净利率达 32%，同比提高 7 个百分点，除毛利率提升外， 销售费用和研发费用绝对值下降也是重要原因，预计期间费用率将保持 相对稳定。 2025 年上半年海外收入占比约为 55%，目标是未来达到公司总收入的 三分之二左右。美国市场收入主要来源于存量风机的技改，占比海外收 入 60%以上。 Q&A 中冀联合在 2025 年上半年取得了哪些主要经营成果 ...

事件： 2025 年8 月21 日，公司发布2025 年半年报， 2025H1 实现收入22.99 亿元、同比增长38.83%， 归母净利润1.19 亿元、同比下降8.08%，扣非归母净利润1.16 亿元、同比下降3.51%。单季度来看， 25Q2 公司收入15.04亿元、同比增长50.56%，归母净利润0.74 亿元、同比减少1.23%，扣非归母净利润 0.73 亿元、同比增长5.90%。净利润的下滑主要系交付的国内项目由于钢材、法兰等原材料采购价格上 升，海外业务的客户结构变化导致整体毛利率下滑。 投资建议：我们预计公司2025-2027 年营收分别为57.2/64.9/67.8 亿元，增速为18%/14%/5%； 归母净利 润分别为3.0/4.2/4.7 亿元， 增速为63%/41%/12%，对应25-27 年PE 为24x/17x/15x。考虑风电行业需求景 气，公司有望深化"双海"战略和产能扩张，提升市场份额，成长性突出，维持"推荐"评级。 在手订单饱满：截至2025H1，公司在执行及待执行订单共计54.75 亿元，其中，陆上风电装备订单新增 25.77 亿元，在执行及待执行41.73 亿元；海上风 ...

Investment Rating - The report rates the wind power industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3][10]. Core Insights - The wind power sector is experiencing a high growth period, with significant profit improvements reported by several companies. For instance, Feiwo Technology's Q2 net profit reached 34 million yuan, up 241.45% year-on-year, while Shuangyi Technology's Q2 net profit was 70 million yuan, up 239.40% year-on-year [1][3]. - The report anticipates that by 2025, new wind power installations in China could reach 110 GW, supported by a robust demand driven by the "14th Five-Year Plan" and a substantial increase in Q2 installations, which were 36.77 GW, a year-on-year increase of 255.61% [3]. - The report highlights the potential for a synchronized market rally in the wind power sector, driven by both domestic and international expectations for offshore wind development, particularly with the European offshore wind capacity projected to increase by 107% in 2026 [3]. Summary by Sections Performance and Profitability - The report emphasizes the importance of performance metrics, noting that the wind power sector's profitability is expected to continue improving, with Q3 performance likely to exceed expectations due to increased production and shipment across the entire industry chain [3]. Investment Recommendations - Key companies to focus on include Jinlei Co., which has strong profit elasticity, and Haili Wind Power, which shows significant growth potential. Other notable mentions include Dongfang Cable, Goldwind Technology, Dajin Heavy Industry, Zhongtian Technology, Guoda Special Materials, Xinqianglian, Yunda Co., and Sany Heavy Energy [3]. Valuation Metrics - The report provides a valuation table for key companies in the wind power sector, detailing metrics such as market capitalization, price-to-book (PB) ratios, and projected earnings per share (EPS) for 2023 to 2026, indicating a comprehensive analysis of the sector's financial health [5].

Investment Rating - The report maintains an "Outperform" rating for the wind power sector [4] Core Insights - Gansu Province has officially issued a plan to promote the market-oriented reform of renewable energy pricing, allowing all renewable energy projects to enter the electricity market, with a mechanism price of 0.3078 yuan/kWh for existing projects [2][12] - The wind power sector has seen significant growth, with a 98.88% year-on-year increase in new installations in the first half of 2025, totaling 51.39 GW [3][28] - The average bidding price for offshore wind turbines has shown a downward trend, currently at 3266.17 yuan/kW [3][47] Industry Dynamics - Gansu's new pricing mechanism will apply to all renewable energy projects, with a total electricity scale of 154 billion kWh for existing projects [2][12] - In Liaoning Province, several offshore wind projects have made progress, including the approval of a 500 MW project [12] - The wind power equipment index has a TTM P/E ratio of 33.38 and a MRQ P/B ratio of 1.8 [16][21] Market Performance - The wind power equipment sector increased by 4.79% this week, outperforming the CSI 300 index by 2.42 percentage points [16][19] - Key stocks that led the market include Shuangyi Technology and Jinpan Technology, with increases of 41.17% and 20.73%, respectively [22][26] Macroeconomic Data - The GDP for the first half of 2025 was 66.05 trillion yuan, reflecting a year-on-year growth of 5.3% [24][27] - The total electricity consumption in the first half of 2025 was 48,418 billion kWh, a 3.7% increase year-on-year [24][27] Wind Power Installation Data - As of June 2025, the cumulative installed capacity of wind power reached approximately 572.6 million kW, a year-on-year increase of 22.7% [28][29] - The first half of 2025 saw 48.90 GW of new onshore wind installations and 2.49 GW of new offshore installations [28][35] Material Prices - The prices of raw materials such as scrap steel, copper, aluminum, and epoxy resin have increased, while the prices of medium-thick plates and rebar have decreased [37][38] Investment Recommendations - The report recommends key companies such as Goldwind Technology and Yunda Co. for their strong market positions and growth potential [7][56] - Companies in the tower and foundation segment, such as Daikin Heavy Industries and Taisheng Wind Power, are highlighted for their regional advantages and strong order acquisition capabilities [7][56]

Group 1: Company Overview - Wei Li Transmission was established in 2003 in Yinchuan, with over 1,000 employees [2] - The main business includes R&D, production, and sales of wind power gearboxes and speed increasers, with key products such as yaw gearboxes and pitch gearboxes [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Group 2: Strategic Importance of Smart Factory Project - The wind power speed increaser smart factory project will fill regional industrial gaps and strengthen location barriers, addressing the demand for high-power speed increasers [3] - The project will enhance the product matrix and improve the company's influence in the wind power sector [3] - Smart factory implementation will leverage over 200 patents to boost production efficiency and support product innovation [3] Group 3: Future of Wind Power Industry - The company holds a long-term optimistic view on the wind power industry, with steady growth in global and domestic installation demand expected [3] - Policies like the "Shagao Desert" base and offshore wind development provide clear growth support [3] - The company’s existing technical and regional advantages align well with industry trends [3] Group 4: Technical Barriers in Speed Increaser Manufacturing - Wind power speed increasers are critical components with high design and manufacturing requirements, ensuring reliability and longevity while being compact and lightweight [4] - The manufacturing process is complex, requiring precise calculations and rigorous testing under various conditions [4] Group 5: Advantages of Company’s Speed Increaser Products - The company's speed increasers are known for their smooth engagement, low noise, good sealing, high efficiency, and lightweight [4] - Advanced manufacturing techniques enhance durability and performance, achieving high precision in gear components [4] Group 6: Participation in "Thousand Villages and Ten Thousand Towns Wind Action" - The company’s subsidiaries have received approvals for projects totaling 65 MW in wind power generation capacity [4] - These projects will promote the synergy between the company's renewable energy and gearbox businesses, enhancing market competitiveness [4] Group 7: Maintaining Operational Capability Amid Cost Pressures - In 2025, the company aims to innovate while adhering to strategic principles, focusing on the renewable energy sector and lean management [4] - Efforts will include expanding overseas markets, optimizing supply chains, and enhancing product structure to meet market demands [4]

Investment Rating - The report maintains a "Buy" rating for companies such as Jin Feng Technology, Daikin Heavy Industries, and Yun Da Co., while recommending "Hold" for companies like Tai Sheng Wind Energy and Jin Lei Co. [1][1][1] Core Insights - The report highlights the acceleration of wind power construction in coastal provinces, driven by the release of key project lists and favorable regulations [3][6][6] - The report notes significant growth in wind power installations, with a 134.21% year-on-year increase in new installations from January to May 2025, totaling 46.28 GW [1][24][24] - The report emphasizes the positive impact of new regulations in the UK and ongoing projects in China, which are expected to boost the wind power sector [6][10][10] Industry Dynamics - The Hainan Power Trading Center has released draft guidelines for the sustainable development pricing mechanism for new energy projects, applicable to projects commissioned after June 1, 2025 [1][10][10] - The report tracks stock performance, noting that companies like Shangwei New Materials and Zhongji United have seen significant stock price increases, while others like Guoda Special Materials have experienced declines [1][18][21] Market Performance - The wind power equipment index has a TTM price-to-earnings ratio of 32.59 and a market-to-book ratio of 1.64, indicating a stable valuation environment [2][20][20] - The report indicates that the wind power equipment sector underperformed compared to the broader market, with a decline of 0.54% in the wind power equipment index [2][13][13] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 million kW, reflecting a year-on-year growth of 23.10% [24][30][30] - The report details that the first quarter of 2025 saw 13.64 GW of new land-based wind power installations, a decrease of 7.90%, while offshore installations increased by 42.03% to 0.98 GW [24][28][28] Material Prices - The report notes fluctuations in raw material prices, with increases in medium-thick plates and rebar, while prices for copper and aluminum have decreased [33][37][37]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve significant growth in its performance for the first half of 2025, with a projected net profit attributable to shareholders ranging from 250 to 300 million yuan, representing a year-on-year increase of 78% to 114% [1] - The company has seen a 50% year-on-year increase in new orders from January to May 2025, with a notable improvement in the order structure, particularly in large-load elevators and gear rack elevators, which now account for approximately 40% of the total order value [2] - The company is enhancing its international presence, with overseas revenue reaching 650 million yuan in 2024, a 19% increase year-on-year, and accounting for 50% of total revenue, with a gross margin of 56% from international sales, significantly higher than domestic margins [2] - The company is actively innovating its product offerings in the wind power sector, introducing new products that align with the trend of larger wind turbines, while also expanding into non-wind sectors such as industrial and emergency rescue applications [3] Summary by Sections Financial Performance - The company forecasts a net profit of 492 million yuan for 2025, with a year-on-year growth of 56.4%, and an EPS of 2.32 yuan, translating to a PE ratio of 12.9 [4] - Revenue projections for 2025 are set at 1.915 billion yuan, reflecting a 47.5% increase compared to 2024 [4] Order and Market Dynamics - The company has optimized its order structure, with a focus on high-value products, leading to improved customer recognition and market coverage [2] - The company has established wholly-owned subsidiaries in key international markets, enhancing its ability to provide comprehensive services to overseas clients [2] Product Development - Continuous product innovation is a priority, with new solutions being developed to increase the value and profitability of wind power products [3] - The company is also diversifying its product applications beyond wind power, targeting various industries [3]

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry is expected to see significant growth in 2024, with a notable increase in bidding volumes for wind projects. Although there may be a slight slowdown in onshore wind power at the beginning of 2025, acceleration is anticipated in the second half of the year. [1][3] - Offshore wind power is projected to double its installed capacity by 2025, driven by expedited project approvals. Future focus will be on deep-sea development. [1][4] Key Insights - **Onshore Wind Power**: - Installed capacity is expected to exceed 100GW in 2025, with a year-on-year growth of 25%-30%. This growth is primarily due to a 70%-80% increase in bidding volumes in 2024. [3] - The impact of policy document 136 is expected to cause a temporary decline in bidding in early 2025, but project initiation is expected to accelerate later in the year. [3][10] - **Offshore Wind Power**: - Expected installed capacity for 2025 is between 8-10GW, representing over 100% year-on-year growth. [4] - The approval of offshore wind projects is progressing well, particularly in Jiangsu and Guangdong provinces. [12] - **European Market Opportunities**: - The European offshore wind market presents significant opportunities for Chinese companies, with a 46% year-on-year increase in auction volumes for 2024. [5] - New emerging markets for onshore wind power are also opening up due to declining prices, providing further opportunities for Chinese enterprises. [5] Industry Segments - **Submarine Cables and Towers**: - The submarine cable sector is performing well, with high profit margins maintained. Chinese companies are actively expanding into the European market and securing orders. [1][6] - Tower manufacturing companies, such as Daikin Heavy Industries, are achieving significant profit increases by entering the European market. [2][6][17] - **Wind Turbine Manufacturing**: - Profitability in wind turbine manufacturing is improving due to stabilized domestic prices and high margins in overseas and deep-sea projects. [7] - The overall outlook for profitability in this sector is positive for the coming years. [7] - **Components Sector**: - The components sector is closely tied to onshore projects, with strong performance this year but potential pressure on growth next year due to price increases and market dynamics. [8][22] Challenges and Opportunities - Wind turbine companies face pressure on revenue from the implementation of policy document 136, which may lead to lower electricity prices affecting wind farm revenues. [9][20] - Despite these challenges, companies are increasing their market share overseas, which presents a promising growth avenue. [9][20] Market Trends - The submarine cable market is expected to maintain a compound annual growth rate of 20% from 2025 to 2030, with leading companies strengthening their market positions. [15] - The tower and monopile sectors are seeing significant growth, with overseas unit profitability significantly higher than domestic levels. [17][18] Recommendations - The focus should be on deep-sea and European offshore wind trends, with strong recommendations for companies like Dongfang Cable and Zhongtian Technology due to their expected benefits from high and low voltage cable penetration and overseas orders. [23] - In the onshore wind segment, companies such as Goldwind, Sany, Mingyang, and Yunda are recommended based on domestic and international market dynamics. [23]

Summary of SANY Renewable Energy Conference Call Company and Industry Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Power Key Points and Arguments 1. Order and Installation Forecast - The order backlog for 2024 supports a high installation volume for the year, with a focus on the second half of 2025 for installations. The expected installation volume for 2025 is projected to reach 115 GW, potentially exceeding 120 GW, driven by strong orders from 2024 [2][3][4] 2. Price Trends and Profitability - Wind turbine prices are expected to rise by 5% to 10% compared to the average price in 2024, although short-term profitability may be pressured due to low-priced orders from the previous year. However, profitability is anticipated to improve in the second half of 2025 as higher-priced orders are recognized [2][4][15] 3. Gross Margin Expectations - The gross margin for wind turbine main units is expected to significantly improve in 2026, benefiting from price increases and cost reduction measures. The gross margin for 2025 is expected to be slightly lower than 2024 but not significantly [2][5][15] 4. Overseas Market Growth - The overseas market is projected to maintain rapid growth, particularly in emerging countries where demand is strong. SANY Renewable Energy expects overseas sales to increase by over tenfold compared to last year, with significant projects in Central Asia contributing to future revenues [2][6][25] 5. Impact of Domestic Policies - The implementation of the 136 Document has temporarily affected the sale of power stations, with a decrease in sales volume in the first half of the year. However, sales are expected to recover in June [2][7][8] 6. Effects of the 531 Policy - The 531 policy has led to a decrease in power station yield rates due to a bidding mechanism that lowers electricity prices. However, the impact is less severe in economically developed or electricity-deficient regions [2][9][21] 7. Construction and Sales Plans - SANY Renewable Energy plans to sell 1 GW of power stations and construct 1.5 GW in 2025, with construction progress accelerating in the first half of the year [2][10] 8. Wind Turbine Supply and Demand - The first quarter's wind turbine shipment accounted for about 10% of the annual total, with expectations for a concentrated delivery in the second half of 2025, particularly in Q3 and Q4 [2][12][13] 9. Cost Control and Profitability - The company has effectively controlled costs in the wind turbine manufacturing business, with a projected expense ratio of around 7-8% under normal conditions. The sales volume growth is expected to lead to a decrease in the expense ratio [2][16] 10. Future Trends in Wind Turbine Size - The trend towards larger wind turbines is expected to reverse, with a forecast that the proportion of turbines above 7 MW will decrease in the coming years, returning to a focus on turbines below 7 MW [2][19] 11. Impact of Electricity Prices on Revenue - The sale price of power stations is significantly influenced by electricity pricing, with a decrease in price leading to a proportional decrease in total revenue. The 531 policy is expected to result in a substantial decline in yield rates [2][20][22] 12. Contribution of Overseas Projects - Overseas greenfield investment projects are expected to contribute positively to order acquisition and profitability, with higher internal rates of return compared to domestic projects [2][30][31] 13. Supply Chain and Cost Expectations - Supply chain costs are expected to improve in the second quarter, contributing positively to overall performance, although short-term price pressures may still exist [2][32] This summary encapsulates the key insights from the conference call, highlighting the company's strategic outlook, market conditions, and financial expectations.

Summary of SANY Renewable Energy Conference Call Company Overview - **Company**: SANY Renewable Energy - **Industry**: Wind Power Key Points Industry and Market Outlook - SANY Renewable Energy anticipates significant growth in wind turbine installations in 2025, with a minimum target of 15 GW and a peak target of 17-18 GW, representing a year-on-year increase of 50%-80% [2][3] - The domestic onshore wind power installation is expected to reach between 110 to 115 GW in 2025, with a growth rate exceeding 50% compared to approximately 80 GW in 2024 [3] - The wind turbine prices are projected to rise by 7% in 2025 compared to the average price in 2024, starting from Q4 2024 [2][5] Financial Performance and Projections - Sales growth is expected to be between 30%-50% due to low bidding prices in the previous year [2][3] - The gross margin for overseas wind turbines is expected to be 10 percentage points higher than domestic margins, with an overall slight decline of 1-2 percentage points in 2025 due to cost reductions [4][18] - The company aims for a revenue target of approximately 10 billion RMB for its international business in 2025, marking a tenfold increase from the previous year [21] Strategic Initiatives - SANY Renewable Energy is rapidly expanding its overseas market, with nearly 2 GW of overseas orders expected by the end of 2024, and significant breakthroughs in offshore wind projects [6][15] - The company plans to optimize production capacity and improve production scheduling to meet the growing installation demand [12][28] - The company has secured two major overseas greenfield project development rights in Serbia (168 MW) and Uzbekistan (1 GW) [16][30] Challenges and Risks - The issuance of Document No. 136 has introduced uncertainties regarding the pace and pricing of wind farm sales, potentially redistributing profits from manufacturers to operational segments [2][10] - The competitive environment remains challenging due to low bidding practices by some companies, although leading firms are adhering to self-regulatory agreements [9][10] Cost Management - The wind power industry has seen a slight decrease in costs, with an overall reduction of about 3% expected in 2025 [11] - SANY Renewable Energy aims for a comprehensive cost reduction of 5-7%, with raw material costs expected to decrease by 3-5% [27][28] Future Outlook - The company expects to maintain a strong market position, aiming to be among the top three in the industry in the near term and a leading player in the long term [26] - The anticipated installation volume for 2026 is expected to remain substantial, although a slight decline may occur [3][12] Additional Insights - The company has outlined plans for wind farm sales, with a target of 1 GW for external transfer in 2025, despite some delays due to regional pricing policies [23] - The profitability of wind farm sales is projected to decrease, with expected earnings per watt dropping from 1-2 RMB to 0.5-1 RMB due to market conditions [24] This summary encapsulates the key insights from the conference call, highlighting SANY Renewable Energy's strategic direction, market expectations, and financial outlook within the wind power industry.