北交所信息更新 商业航天与风电装机双引擎加速，2025 归母净利润预增超 105% ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 23.77 | | 一年最高最低(元) | 31.77/11.00 | | 总市值(亿元) | 40.60 | | 流通市值(亿元) | 21.04 | | 总股本(亿股) | 1.71 | | 流通股本(亿股) | 0.89 | | 近 3 个月换手率(%) | 664.96 | 北交所研究团队 诸海滨（分析师） 余中天（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 yuzhongtian@kysec.cn 证书编号：S0790525050003 2025 预计实现归母净利润 3300～3500 万元，维持"增持"评级 星辰科技发布 2025 全年业绩预告，预计实现归母净利润为 3300～3500 万元，较 2024 年的 1,607.43 万元增长 105.30%～117.74%，实现盈利且净利润同比增幅超 过 50 ...

北交所研究团队 诸海滨（分析师） 余中天（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 yuzhongtian@kysec.cn 证书编号：S0790525050003 北交所信息更新 商业航天与风电装机双引擎加速，2025 归母净利润预增超 105% ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 23.77 | | 一年最高最低(元) | 31.77/11.00 | | 总市值(亿元) | 40.60 | | 流通市值(亿元) | 21.04 | | 总股本(亿股) | 1.71 | | 流通股本(亿股) | 0.89 | | 近 3 个月换手率(%) | 664.96 | 2025 预计实现归母净利润 3300～3500 万元，维持"增持"评级 星辰科技发布 2025 全年业绩预告，预计实现归母净利润为 3300～3500 万元，较 2024 年的 1,607.43 万元增长 105.30%～117.74%，实现盈利且净利润同比增幅超 过 50 ...

智通财经1月23日讯（记者 肖良华）今日晚间，新强联（300850.SZ）发布年度业绩预告，受益于风电 行业需求回暖，装机需求持续释放，公司2025年净利润同比增幅超10倍。 按照预计的中位数计算，新强联四季度扣非净利润约1.68亿元，明显低于三季度的2.47亿元。有风电行 业人士对智通财经记者分析，三、四季度为风电行业旺季，新强联四季度扣非净利润环比下降，或许与 年底各种费用计提有关。 不过，上述业内人士同时表示，风电行业滑动轴承已推进多年，2026年或是滑动轴承在主轴应用上的关 键验证年。滑动轴承成本更低，若得到主机厂商大范围认可，新强联主推的滚子轴承或面临更为激烈的 竞争。 从行业视角来看，截至2025年11月底，中国风电装机容量已突破6亿千瓦，相当于超26个三峡电站的总 装机规模，同比增长22.4%。 此外，《风能北京宣言2.0》明确提出，"十五五"期间中国风电年新增装机容量不低于1.2亿千瓦，其中 海上风电年新增不低于1500万千瓦，到2035年累计装机将不少于20亿千瓦，到2060年更有望达到50亿千 瓦。 据新强联披露的信息，其预计2025年全年归属于上市公司股东的净利润为7.8亿元-9.2亿元 ...

Company Overview - Zhenstone Co., Ltd. (振石股份) is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1] - The company has established stable partnerships with well-known global clients and is a key supplier for major enterprises in China and internationally, including Vestas, Siemens Gamesa, and Nordex [1] Industry Insights - According to GWEC statistics, the global cumulative installed wind power capacity is expected to reach 1,136 GW by the end of 2024, with projections of 2,118 GW by 2030, indicating a compound annual growth rate of 10.94% for new installations from 2024 to 2030 [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 5.267 billion, 5.124 billion, and 4.439 billion RMB respectively, with net profits of about 781 million, 793 million, and 607 million RMB for the same years [4] - The net cash flow from operating activities for the years 2022, 2023, and 2024 is approximately -208 million, -409 million, and 103 million RMB, indicating fluctuations primarily due to the company's business settlement methods [4] - As of the end of 2022, 2023, and 2024, the total assets are approximately 83.97 billion, 84.10 billion, and 90.39 billion RMB respectively, with a debt-to-asset ratio of 71.53%, 71.30%, and 67.77% [5]

Company Overview - Zhenstone Co., Ltd. (振石股份) is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1] - The company has established stable partnerships with well-known global clients and is a key supplier for major enterprises, including domestic clients like Mingyang Smart Energy, Envision Energy, and international clients like Vestas and Siemens Gamesa [1] Industry Insights - According to GWEC statistics, the global cumulative installed wind power capacity is expected to reach 1,136 GW by the end of 2024, with projections of 2,118 GW by 2030, indicating a compound annual growth rate of 10.94% for new installations from 2024 to 2030 [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 5.267 billion, 5.124 billion, and 4.439 billion RMB, respectively, with net profits of about 781 million, 793 million, and 607 million RMB for the same years [3] - The net cash flow from operating activities for the years 2022, 2023, and 2024 is approximately -208 million, -409 million, and 103 million RMB, respectively, indicating fluctuations primarily due to the company's business settlement methods [3] - As of the end of 2022, the total assets were approximately 839.7 million RMB, with a debt-to-asset ratio of 71.53% [5] - The company’s basic earnings per share for 2022, 2023, and 2024 are 0.84, 0.61, and 0.41 RMB, respectively, with a return on equity of 37.08%, 35.22%, and 22.78% for the same years [5]

Core Viewpoint - The global and Chinese wind power installation capacity is experiencing continuous growth, establishing a solid demand foundation for the wind power gearbox market [1] Industry Summary - According to the Global Wind Energy Council, the global wind power installed capacity is expected to reach an additional 981 GW from 2025 to 2030, with an average annual increase of 164 GW [1] - In China, the newly added wind power installation capacity from January to November 2025 is projected to be 82.5 GW, representing a year-on-year growth of 59.5% [1] Company Summary - The company is leveraging its technological advantages to capture a larger share of the high-end gearbox market, driven by the proliferation of high-power models due to technological iterations [1]

Group 1 - The core view of the report highlights that Zhenstone Co., Ltd. is a leading manufacturer of wind power fiberglass fabrics, with a global market share of 35% and plans to expand its production capacity significantly in response to increasing demand in the clean energy sector [7][8][9] - The company has achieved a production capacity of 540,000 tons for clean energy functional materials by 2024, with a focus on both domestic and European markets [7][8] - Zhenstone's revenue from photovoltaic and new energy vehicle materials has seen substantial growth, with year-on-year increases of 150.65% and 68.64% respectively in the first half of 2025 [9][10] Group 2 - The financial performance of Zhenstone Co., Ltd. has been under pressure due to a downturn in the wind power industry, with a projected revenue CAGR of -8.20% from 2022 to 2024 [19][20] - Despite a decline in sales prices, the company's gross margin has remained stable, benefiting from lower raw material costs and improved operational efficiency [20][24] - Zhenstone's asset-liability ratio is relatively high at around 69.27% in the first half of 2025, primarily due to significant fixed asset investments [24][25] Group 3 - The company plans to use the proceeds from its IPO to fund projects that will enhance its production capabilities, including a new fiberglass product base and a composite materials production base, with a total investment of approximately 39.81 billion yuan [35][36] - The new projects aim to increase wind power fiberglass fabric capacity by 215,000 tons and expand into photovoltaic frame production and new energy vehicle components [35][36] - Zhenstone's strategic focus on diversifying its product offerings and entering new markets is expected to create a second growth curve for the company [8][9]

Core Insights - The total installed capacity of wind power in China has exceeded 60 million kilowatts, equivalent to more than 26 Three Gorges power stations [1] - As of the end of November, the cumulative installed power generation capacity in China reached 379 million kilowatts, a year-on-year increase of 17.1% [1] - The installed capacity of solar power reached 116 million kilowatts, with a year-on-year growth of 41.9% [1] - The wind power capacity has grown by 22.4% year-on-year [1] - By 2025, the wind power industry is expected to continue breaking records with the integration of the world's largest 26-megawatt offshore wind turbine and other significant projects [1] Industry Developments - China currently provides approximately 70% of the global wind power equipment and has contributed to a more than 60% reduction in global wind power costs over the past decade [1] - The average cost of onshore wind power in areas with good wind resources has decreased to 0.1-0.15 yuan per kilowatt-hour, while the average cost for nearshore offshore wind power is around 0.33 yuan per kilowatt-hour [1] - Wind power has become a competitive source of energy in the market [1]

Core Insights - The National Energy Administration of China reported that as of the end of November, the total installed power generation capacity reached 3.79 billion kilowatts, representing a year-on-year growth of 17.1% [1] - Solar power generation capacity reached 1.16 billion kilowatts, with a significant year-on-year increase of 41.9% [1] - Wind power generation capacity surpassed 600 million kilowatts, showing a year-on-year growth of 22.4% [1] Installed Capacity Details - The installed capacity of wind power is equivalent to over 26 Three Gorges Dam projects [1] - By 2025, the wind power industry is expected to continue breaking records with the introduction of the world's largest 26-megawatt offshore wind turbine and other significant projects [1] Global Position and Cost Competitiveness - China currently supplies approximately 70% of the global wind power equipment and has contributed to a more than 60% reduction in global wind power costs over the past decade [1] - In regions with favorable wind resources, the average cost of onshore wind power has decreased to between 0.1 and 0.15 yuan per kilowatt-hour, while nearshore offshore wind power costs around 0.33 yuan per kilowatt-hour, making wind power a competitive energy source [1]

Core Viewpoint - The company, Xinqianglian, plans to raise up to 1.5 billion yuan through a private placement to expand its production capacity for large wind turbine components and supplement working capital [1][2]. Fundraising and Investment Plans - Xinqianglian announced a fundraising plan to raise no more than 1.5 billion yuan, with 1.1 billion yuan allocated for projects related to 6MW and above large power wind turbine main bearings and pitch bearings [2][3]. - The total investment for the 6MW and above large power wind turbine bearing project is 1.42 billion yuan, indicating a significant commitment to expanding production capacity [2]. - Since its listing, Xinqianglian has raised over 4.2 billion yuan through multiple fundraising efforts, primarily directed towards wind power-related businesses [1][3]. Financial Performance - For the first three quarters of 2025, Xinqianglian reported revenue of 3.618 billion yuan, a year-on-year increase of 84.1%, and a net profit of 664 million yuan, marking a return to profitability [5]. - As of September 2025, the company had cash and cash equivalents of 762 million yuan and a debt structure that includes short-term loans of 867 million yuan and long-term loans of 603 million yuan, reflecting a debt ratio of 38.37% [3]. Market Trends and Demand - The wind power industry is experiencing a trend towards larger turbine capacities, with the market for 10MW and above offshore wind power expected to account for 58% of new installations in 2024, an increase of 11.6 percentage points year-on-year [4]. - Xinqianglian has established strong partnerships with major wind turbine manufacturers, indicating a growing demand for large power wind turbine components [5]. Research and Development - The company has consistently invested in R&D, with expenditures exceeding 100 million yuan annually from 2021 to 2024, and a reported R&D expense of 131 million yuan for the first three quarters of 2025, a 69.78% increase year-on-year [5]. - Xinqianglian holds 148 patents, including 31 invention patents, showcasing its commitment to innovation in the wind power sector [5].