证券代码：300772 证券简称：运达股份 运达能源科技集团股份有限公司投资者关系活动记录表 编号： | 资 者 | | 系 | | √特定对象调研 | □分析师会议 | 投 | 活 | | 关 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 动类别 | | | | □媒体采访 | □业绩说明会 | | | | | | | | | | | □新闻发布会 | □路演活动 | | | | | | | | | | | □现场参观 | | | | | | | | | | | | □其他 | | | | | | | | 与 | 单 | 名 | 称 | 国信证券 徐文辉，中信建投 | 何人珂，东吴证券 胡隽颖 | 参 | | 及人员姓名 | 位 | | | 时间 | | | | 2025 年 12 月 22 日 | | | | | | | | 地点 | | | | 运达股份会议室 | | | | | | | | 市 | 公 | 接 | | 董事会办公室主任兼证券事务代表 | 马帅帅 | 上 | | | 司 | 待 | | ...

Group 1: Wind Power Market Trends - The bidding prices for wind turbine units have increased in 2024 due to several factors, including the signing of a self-discipline agreement by 12 domestic manufacturers to address unfair competition and contract issues [2] - National meetings have emphasized the need to prevent "involution" competition, leading some owners to adjust their bidding rules [2] - There is a growing emphasis on the quality and reliability of wind turbines, with more owners preferring high-quality, high-performance units, contributing to a slight increase in bidding prices this year [2] Group 2: Cost Reduction and Profitability Improvement - The company is enhancing profitability through improved R&D capabilities, product performance, and the development of competitive new products [3] - Key technical optimizations include iterative improvements in turbine parameters, load reduction in LAC systems, and the application of high-torque density gearboxes, which enhance cost competitiveness [3] - The company is also focusing on self-research of core components, such as blades, to improve gross margins [3] Group 3: International Business Expansion - The company’s international competitiveness is increasing, with a more than 100% year-on-year growth in overseas bidding capacity in 2024, marking two consecutive years of doubling growth [3] - The company has made breakthroughs in markets such as the Middle East and North Africa, securing project orders for the first time [3] - Future plans include accelerating global strategic layout and expanding overseas client acquisition to enhance order scale and create new profit growth points [3] Group 4: Offshore Wind Power Development - The company is focusing on the offshore wind power market, aiming to achieve industry leadership and establish a strong brand advantage [4] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a dual-base layout [4] - The company is actively pursuing near and far offshore projects in Zhejiang and is monitoring deep-sea markets in Dalian and Guangdong [4] Group 5: Future Growth Drivers - Key growth drivers for the company include ongoing policy support for the renewable energy sector, technological advancements enhancing the strategic position of wind power, rapid expansion in domestic and international markets, increasing industry recognition, and growth in other business segments [4]

编号： | 投 资 | 者 关 | 系 活 | √特定对象调研 □分析师会议 | | --- | --- | --- | --- | | 动类别 | | | □媒体采访 □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 | | 参 与 | 单 位 | 名 称 | 招商证券 赵旭，百年资管 别依田，浙商资管 吴达威，磐 | | 及人员姓名 | | | 厚动量 顾圣英，上银基金 罗项天，鑫元基金 汪壑，惠理 | | | | | 基金 高云波，中银证券 顾真 | | 时间 | | | 2025 年 12 月 12 日 | | 地点 | | | 运达股份会议室 | | 上 市 | 公 司 | 接 待 | 董事会办公室主任兼证券事务代表 马帅帅 | | 人员姓名 | | | 投资者关系经理 葛伟威 | | | | | 1、请介绍一下公司 2025 年 1-9 月订单情况？ | | | | | 答：2025 年 1-9 月，公司新增订单 18,131.12MW；截止 2025 | | 投 资 | 者 关 | 系 活 | 年 9 月底，累计在手订单 46 ...

证券代码：300772 证券简称：运达股份 | 2、今年风电机组招标价格有所提升，请公司介绍一下原因? | | --- | | 答：一是 2024 年 10 月的北京风能展上，国内 12 家整机商 | | 签订《中国风电行业维护市场公平竞争环境自律公约》，重 | | 点解决低价恶性竞争、合同条款有失公平等问题； | | 二是国家级重要会议多次强调防止、综合整治"内卷式"竞 | | 争，部分业主积极响应并调整了招标规则； | | 三是随着行业内对风机质量和可靠性的重视程度持续提高， | | 更多业主倾向于高质量、高性能、度电成本最优的机组。 | | 综合上述因素，今年以来风机招标价格小幅回升。 | | 3、2025 年公司通过哪些技术降本或供应链优化措施改善盈 | | 利能力？ | | 答：公司通过提高技术研发能力、提升产品性能、开发有竞 | | 争力的新产品等多方面改善公司盈利能力。 | | 一是公司通过风电机组产品关键参数迭代优化、LAC 系统 | | 降载，桨叶优化统型、超高扭矩密度齿轮箱应用等新技术应 | | 用和设计优化，不断提高主力机组的成本竞争力。二是公司 | | 基于前期积累的设备运营数据，将研 ...

Group 1: Order and Market Overview - In the first nine months of 2025, the company secured new orders totaling 18,131.12 MW, bringing the cumulative orders to 46,868.05 MW by the end of September 2025 [2] - The breakdown of cumulative orders includes: 993.70 MW for wind turbines between 2 MW and 4 MW, 8,366.02 MW for turbines between 4 MW and 6 MW, and 37,508.33 MW for turbines of 6 MW and above [2] Group 2: Pricing and Competition - Wind turbine prices are influenced by product type, market conditions, and project specifications, with a slight increase in bidding prices observed this year [3] - In October 2024, 12 domestic manufacturers signed a self-regulatory agreement to address issues like unfair low-price competition and contract fairness [3] Group 3: Cost Reduction and Profitability Improvement - The company enhances profitability through improved R&D capabilities, product performance, and competitive new product development [3] - Key strategies include optimizing critical parameters of wind turbine products, applying new technologies, and self-developing core components to increase gross margins [3] Group 4: Offshore Wind Power Development - The company is focusing on offshore wind power in Zhejiang and coastal provinces, aiming to lead the industry and establish a strong brand [4] - Investments have been made in offshore wind power assembly bases in Dalian and Wenzhou, creating a dual-base layout [4] Group 5: New Energy Projects - In the first half of 2025, the company added 605.98 MW of approved/registered capacity for new energy projects, with a total grid-connected capacity of 1,203.11 MW by the end of June 2025 [4] - The company achieved a 31.08% year-on-year increase in revenue from power generation in the first half of 2025 [4]

Group 1: Wind Power Market Growth - The stock price of Yunda Co. increased by 20%, leading the wind power sector, driven by a significant rise in newly approved wind power projects and installation capacity in 2023 [1] - In the first five months of 2023, newly approved wind power projects in 25 provinces totaled 68.4 GW, a year-on-year increase of 72% [2] - The expected new installed capacity for wind power in 2024 is projected to be between 105 GW and 115 GW, with a growth rate of approximately 40% compared to 2023 [12] Group 2: Price Recovery and Industry Self-Regulation - The average bidding price for wind turbines has increased by over 5 percentage points compared to the average price in 2024, indicating a recovery in pricing [2][4] - A self-regulation agreement was signed by 12 wind turbine manufacturers to maintain fair competition, which has contributed to the price recovery since late 2022 [3] - The weighted average bidding price for onshore wind turbines rose from 1286.2 RMB/kW in September 2024 to 1613.5 RMB/kW in April 2025, stabilizing above 1600 RMB/kW for three consecutive months [3] Group 3: International Market Opportunities - The domestic offshore and overseas wind turbine markets are expected to experience significant growth, with leading manufacturers poised for accelerated growth [6] - Companies like Goldwind and Electric Wind Power are actively expanding into international markets, with Goldwind reporting a 26.1% year-on-year increase in overseas orders [6] - Emerging markets in regions such as Southeast Asia and Africa present substantial opportunities for Chinese wind power companies, with expectations that overseas revenue could exceed 50% of total income [7] Group 4: Future Projections and Policy Impact - The "136 Document" issued by the National Development and Reform Commission and the National Energy Administration is expected to influence the pricing and development of renewable energy projects, including wind power [11] - The wind power sector is anticipated to see an increase in its share of renewable energy investments, with a significant rise in new installations expected in 2025 [12] - The focus on offshore wind power is expected to intensify, with over 300 GW of planned offshore wind capacity, primarily in deep-sea areas, indicating a shift in development strategy [8][9]