Core Viewpoint - The company, Sun Moon Co., Ltd. (日月股份), is collaborating with several partners to establish a new company focused on developing a deep-sea wind power base in Ningbo, aiming to enhance its competitiveness in the wind power and casting industries [1][2]. Group 1: Investment and Company Structure - Sun Moon Co., Ltd. plans to invest in a joint venture named Zhejiang Ningbo Zhuhai Wind Mother Port Equipment Development Co., Ltd. (海风装备) with a registered capital of 1.2 billion yuan [1]. - The ownership structure of the new company includes Zhejiang Haifeng with 73% stake, Ningbo Energy with 20%, Sun Moon Co., Ltd. with 5%, and Dongfang Cable with 2% [1]. Group 2: Industry Context and Company Strategy - The investment is part of Sun Moon Co., Ltd.'s strategy to enhance its capabilities in the wind power sector, which has seen significant growth in installed capacity, with a 23.1% year-on-year increase in the first five months of this year [2]. - The company is focusing on developing large megawatt wind power products to capture both domestic and international markets, responding to the trend of increasing turbine sizes and efficiency [2]. Group 3: Financial Performance - In the first quarter of this year, Sun Moon Co., Ltd. reported revenue of 1.301 billion yuan, an increase of 86.41% year-on-year, and a net profit of 121 million yuan, up 39.14% year-on-year [2]. - Despite the growth in revenue and profit, the company has faced liquidity challenges, with negative operating cash flow for five consecutive quarters, amounting to -309 million yuan in the latest quarter [2]. Group 4: Future Considerations - The establishment of the new company is subject to regulatory approvals, indicating potential uncertainties related to market competition and operational management [3]. - The company asserts that its financial condition is stable and that the investment will not adversely affect its main business or ongoing operational capabilities [3].

Investment Overview - The company plans to invest in establishing a joint venture named Zhejiang Ningbo Zhuhai Wind Mother Port Equipment Development Co., Ltd. with a registered capital of 120,000 million RMB [1][2] - The investment proportions are as follows: Zhejiang Haifeng 73% (87,600 million RMB), Ningbo Energy 20% (24,000 million RMB), the company 5% (6,000 million RMB), and Ningbo Oriental Cable 2% (2,400 million RMB) [2][4] - This investment does not require shareholder approval as it falls within the board's decision-making authority [1][2] Company Objectives - The establishment of the joint venture is aligned with the company's strategic development needs, focusing on the investment and construction of the Zhejiang (East China) deep-sea wind power mother port Xiangshan base project [1][6] - The investment aims to enhance the company's influence and competitiveness in the wind power and casting industries, seeking to explore market potential and promote growth [6] Company Structure and Operations - The joint venture will engage in various activities including park management services, port services, equipment sales related to offshore wind power, and marine engineering equipment manufacturing [2][5] - The operational scope will include research and development of offshore wind power systems, equipment sales, and marine services, among others [2][5] Regulatory Considerations - The establishment of the joint venture is subject to approval from relevant regulatory authorities, which introduces a degree of uncertainty [1][6] - The final name and operational scope of the joint venture will be confirmed upon registration with the market supervision administration [2][4]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2）风电：风电整机价格趋于稳定，但也会受益于"防内卷"政策；且风电整机环节业绩弹性较大，机组大型化 及零部件降本将推动整机环节26年盈利持续改善。136号文重塑新能源装机逻辑，因风电出力曲线较优，风电 开发及电站销售有望回暖。短期内风电招标及2季度业绩或将承压，我们认为市场已逐步消化以上问题，后续 相关指标改善的预期正逐步形成。 报告摘要 发布日期： 2025-07-06 整体观点： 免责声明 1、6月29日，人民日报发文评论光伏、储能、新能源车三大行业陷入"内卷式竞争"；7月1日，中央财经委员会 第六次会议中强调：依法依规治理企业低价无序竞争，推动落后产能有序退出；7月3日，工信部与光伏行业产 业链负责人进行了座谈。从政策密度看，"防 ...

丨证券研究报告丨 行业研究丨专题报告丨电气设备 [Table_Title] 御风系列：国内深远海海上风电项目推进节奏如 何? 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 近日，习总书记主持召开中央财经委员会第六次会议，指出推动海洋经济高质量发展，要加强 顶层设计加大政策支持力度，鼓励引导社会资本积极参与发展海洋经济。同时，会议提出要推 动海上风电规范有序建设。我们认为本次国家在顶层设计上明确提出海风建设，有望加快深远 海海风快速发展。针对市场近期比较关注的国内各省市深远海海上风电建设进展，我们撰写本 专题进行集中梳理。 %% %% %% %% research.95579.com 1 电气设备 cjzqdt11111 [Table_Title 御风系列：国内深远海海上风电项目推进节奏 2] 如何? [Table_ ...

2025 年 7 月 7 日 银河观点集萃 责任编辑 每日晨报 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 OPEC+同意将 8 月份的石油产量提高约 55 万 桶/日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:官方劳动数据与 ADP 就业为何背离?——美国 6 月劳动数据。偏强数 据下,美股、美元和美债收益率回升,7月降息预期消散:CME 数据显示联邦 基金利率期货交易者预期 2025年在 9 月、10月出现 2 次降息, 累计 50BP, 7 月有 94.8%的概率不降息。资产方面,标普 500、纳斯达克和道琼斯指数均 明显上涨；10年期美债收益率大幅上行 6.3BP 至 4.342%，2 年期升 9.92BP 至 3.880%;美元指数上行至 97.1185;伦敦黄金下跌至 3326.085美元/盎司。 资产方面,我们认为美股短期依靠估值修复反弹后虽然创下新高,但三季度如 果硬数据进一步恶化,持续上行的趋势形成可能要等 ...

2025 年 7 月 7 日 电力设备新能源、公用事业、环保 聚焦"防内卷"政策投资策略，优先推荐风电整机环节 ——电新公用环保行业周报 20250706 电力设备新能源 买入（维持） 公用事业 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：宋黎超 执业证书编号：S0930523060001 021-52523817 songlichao@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 联系人：邓怡亮 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 2024/7/4 202 ...

Core Insights - China has established the world's largest clean power system, with renewable energy generation capacity exceeding 2.017 billion kilowatts, a year-on-year increase of 58% [6][9] - The country has achieved significant milestones in renewable energy, including surpassing 1 billion kilowatts in solar power capacity, accounting for nearly half of the global total [6][9] - The development of renewable energy is a key focus of China's energy revolution, contributing to high-quality economic growth and a reduction in carbon emissions [6][9] Renewable Energy Capacity - As of April 2023, China's renewable energy generation capacity reached 2.017 billion kilowatts, with wind and solar power installations exceeding 1.5 billion kilowatts, surpassing thermal power capacity [9] - The cumulative power generation from the Three Gorges Fuzhou Xinghua Bay offshore wind farm has exceeded 6.2 billion kilowatt-hours, reducing coal consumption by approximately 1.89 million tons and CO2 emissions by about 4.65 million tons [7][8] Industry Development - China provides 70% of the world's solar photovoltaic components and 60% of wind power equipment, showcasing its dominance in the renewable energy supply chain [10][11] - The domestic photovoltaic industry has over 1 million enterprises, generating an annual output value exceeding 1 trillion yuan, with significant advancements in technology and production efficiency [12][13] Energy Storage and Utilization - The new energy storage project in Yunnan Province, with a capacity of 200 megawatts, is designed to stabilize the grid and enhance the utilization of renewable energy [15][16] - By the end of 2024, the cumulative installed capacity of new energy storage projects in China is expected to reach 73.76 million kilowatts, reflecting a year-on-year growth of over 130% [16] Technological Advancements - The development of intelligent technologies, such as virtual power plants and integrated energy management platforms, is enhancing the stability of the grid and improving the utilization rate of renewable energy [17] - The overall utilization rate of renewable energy in China remains above 90%, indicating effective integration into the energy system [17]

Core Viewpoint - Times New Material (时代新材) has secured significant contracts in the wind power sector, indicating strong business growth and market position in the industry [1][3]. Group 1: Contract Details - The company signed a daily operation contract with major wind power manufacturers worth approximately 2.711 billion yuan, primarily involving wind turbine blades and related services [1][3]. - The contract includes both offshore and onshore wind power projects, with the onshore portion accounting for 2.705 billion yuan and the offshore portion for 6 million yuan [1][3]. - Cumulatively, the company has signed wind power contracts totaling 4.691 billion yuan in the first half of 2025 [4]. Group 2: Financial Performance - The company has experienced continuous revenue and net profit growth over the past three years, with revenues of 15.03 billion yuan in 2022 and 17.54 billion yuan in 2023, representing year-on-year growth of 7.01% and 16.65% respectively [8][10]. - In 2024, the company achieved revenues of 20.055 billion yuan, a year-on-year increase of 14.35%, and a net profit of 444.5 million yuan, up 15.20% [9][10]. - In the first quarter of 2025, the company reported a slight revenue decline to 4.158 billion yuan, down 1.11% year-on-year, while net profit increased by 26.3% to 152 million yuan [2][10]. Group 3: Market Position and Expansion - Times New Material is the second-largest manufacturer of wind turbine blades in China and has strong independent R&D capabilities [5][8]. - The company has established deep partnerships with leading wind power manufacturers, maintaining a market share of over 40% with Zhejiang Wind Power [5]. - The company is expanding its production capacity with nine blade manufacturing bases across major wind resource areas in China and has initiated construction of a new base in Vietnam [5][6]. Group 4: Shareholder Activity - Recently, several shareholders, including the chairman and senior executives, announced plans to reduce their holdings in the company between July 28, 2025, and October 27, 2025, to meet personal financial needs [10].

"轴承不是一个简单的结构件，是机器运转的'关节'所在，其性能直接影响到整个设备的可靠性。"洛轴 集团总经理于海波在接受《中国能源报》记者采访时表示，"对于风电机组来说，主轴承的转速、温 升、精度等指标的细微变化，都会直接影响发电性能，一旦阻力增加，功耗就会增长。" 极高的要求之下，风机主轴承也被视作风电部件国产化进程中的"最后一环"。2019年前后，我国风电机 组主轴承高度依赖进口，随着中国新能源行业飞速发展，产业链"短板"带来高成本、供货难的挑战，自 研自制成为保障供应链安全的唯一手段。 面对市场需求、降本增效、供应安全等多重挑战，洛轴和远景携手努力，风机主轴承"黑匣子"最终被打 开，风电部件国产化的"最后一公里"得以走通。"洛轴与远景针对风机主轴承原材料、硬件设备、制造 工艺、检测测试等多个环节进行深入探讨，逐条逐项解决技术难点，最终实现国产风机主轴承的下线交 付。"于海波介绍说。 "远景与洛轴的全方位合作始于2018年，如今，超过7200台远景自研风机主轴承投运6年多来保持着'零 失效'纪录，这是国际顶级品牌也没能做到的。"远景能源高级副总裁、首席产品官、风机与装备产品平 台总裁娄益民表示，"目前，远景 ...