2Q25 业绩符合市场预期 看好公司在2Q25 进入拐点后的盈利持续性，2H25 开始有望结构性受益于国内导管架产品的上量，海外 市场也有潜在突破机会。行业层面，国内海风在过去一年逐步解决遗留障碍，建设景气度逐步提升，我 们看好2025 年后国内海风的持续增长趋势。公司层面，2H25 开始我们预计随着公司主要供应的山东半 岛北L 项目导管架产品的批量交付，海力有望持续结构性受益于国内导管架产品的出货提升，2026 年 也有望更加受益于高盈利的深远海导管架应用趋势。海外市场方面，欧洲市场海风单桩和导管架产品供 应紧张，随着项目开工逐渐增多，我们预计公司在未来1-2 年也有潜在订单突破机会，带来新的增长空 间。 盈利预测与估值 我们维持公司2025 年盈利预测不变，考虑到公司后续利润率有望受益于更高端导管架产品的拉动，我 们上调公司2026 年盈利预测25.3%至10.84 亿元。公司当前股价对应2025 年、2026 年25.1 倍、15.2 倍市 盈率。我们看好公司在行业需求提升中的产品竞争力以及利润率提升趋势，以及潜在海外市场的突破机 会，维持公司跑赢行业评级，由于行业估值水平上行，我们上调公司目标价20% ...

Core Insights - Guangdong is leading the development of the marine economy with the introduction of local regulations and planning aimed at high-quality growth in this sector [1][5] - The province has significant advantages in marine energy development, particularly in offshore wind power and marine ranching, positioning it as a national leader [1][2] Marine Economy Development - Guangdong has implemented the "Guangdong Province Marine Economy High-Quality Development Regulations," marking a proactive approach to enhancing its marine economy [1] - The province's marine energy capacity exceeds 22.8 million kilowatts, with green energy accounting for about half of this capacity [1] - The offshore wind power capacity planned is 20 million kilowatts, with over 6 million kilowatts already connected to the grid, making it the second highest in the country [1] Marine Ranching and Technology - The marine ranching sector is experiencing explosive growth, with the introduction of smart equipment like the "Mingyu No. 1," which has completed its third year of breeding [2] - Guangdong's annual aquatic product output reaches 1.2291 million tons, with a pre-prepared food production capacity exceeding 80,000 tons [2] - The province ranks first in the number of national-level marine ranches and has a complete industrial chain from breeding innovation to smart farming and product branding [2] Integration with Local Initiatives - The marine economy is integrated with local initiatives such as the "Hundred Million Project," focusing on technological empowerment and ecological priorities [3] - Investments in modern industrial parks for pre-prepared food are aimed at enhancing product value and market competitiveness [3] Tourism and Cultural Promotion - Guangdong is promoting coastal tourism as part of its strategy to boost consumption, with initiatives like the "Please Come to Guangdong for Summer Vacation" campaign [3][4] - The province is actively working to become a strong tourism destination, enhancing cultural and tourism integration to stimulate economic activity [4] Strategic Initiatives - The establishment of the Marine Strong Province Construction Work Committee reflects Guangdong's commitment to advancing its marine economy [4][5] - The province aims to play a leading role in national marine economic development, leveraging its resources and capabilities [5]

问题在于，这些外资企业已是韩国政府发包的重要风电项目的合作方。道达尔能源通过合资公 司"BadaEnergy"正与SK生态工厂等共同开发蔚山1.5GW浮式风电项目；Equinor则负责蔚山"萤火虫"浮 式风电项目，总规模750MW。韩国为实现2030年国家温室气体减排目标，计划推动14GW海上风电，而 上述两家企业项目就占比超过16%。若项目推进受阻，不仅影响减排目标，还可能波及已投入的相关产 业链。 对于政府如何应对，专家意见不一。有观点认为，韩国应积极介入，由五大国有发电公司接手外资 退出的项目，以确保风电扩张与碳中和进程。也有学者强调，这是全球风电低迷的普遍现象，韩国无需 急于承担过重负担，反而应借机重新审视选址、输电网等整体能源政策。 （原标题：外资海上风电企业缩减在韩业务） 韩国《每日经济》8月18日报道，全球主要海上风电企业近期相继缩减在韩业务，引发韩国能源转 型计划的不确定性。法国道达尔能源今年6月裁减韩国海上风电团队人员，挪威国家石油公司 （Equinor）也从2025年初开始缩编，英国壳牌更已于去年出售其在蔚山"文武风"浮式海上风电项目的 全部股权。业内人士指出，美国特朗普政府上台后加剧了新 ...

Core Insights - The article highlights the significant development of the marine economy in Binhai County, Yancheng City, focusing on the integration of port and industry to stimulate urban growth and enhance blue economic momentum [1][8]. Group 1: LNG Cold Energy Exchange Center - The Binhai Port LNG Cold Energy Exchange Center is the first of its kind in the country, with a capacity to process 2 million tons of LNG annually and a cooling power of 38 megawatts [2]. - The center features a 2.3-kilometer long cold energy comprehensive pipeline, supplying cold energy to various projects, including freeze-dried fruits and vegetables, cold-water aquaculture, and marine intelligent computing centers [2]. Group 2: Marine Ranching and Aquaculture - The "Taowan No. 1" intelligent net cage platform in Binhai County has successfully released 50,000 fish fry, marking a significant advancement in deep-sea aquaculture [2][3]. - The project employs a "land-sea relay" breeding model, combining land-based controlled environments with expansive marine spaces for ecological aquaculture [3]. Group 3: Wind Power and Energy Storage - The construction of the integrated wind and storage industrial base by Envision is underway, aiming for an annual production of 200 offshore wind turbine units and 2 GWh of lithium iron phosphate energy storage products [4]. - This project is part of a broader strategy to support the zero-carbon industrial park in Binhai, contributing to the transition of old and new economic drivers [4]. Group 4: Port Development and Logistics - The Binhai Port has opened two new roll-on/roll-off shipping routes to the UAE and Jordan, enhancing its role as a logistics hub [5]. - The port's cargo throughput is projected to exceed 19 million tons in 2024, reflecting a year-on-year growth of 6.8%, with significant contributions from coal, minerals, and wind power equipment [5][6]. Group 5: Infrastructure and Economic Planning - The total investment for the Binhai Port General Terminal Phase III project is approximately 800 million yuan, with a designed throughput capacity of 4.15 million tons per year [6]. - Binhai County is focusing on enhancing its marine economy through comprehensive planning and infrastructure development, including the construction of a 20,000-ton navigation channel and multiple berths [6][8]. Group 6: Zero-Carbon Initiatives - The county is committed to enhancing the comprehensive benefits of "green electricity + cold energy" and aims to increase the coverage rate of green electricity to 82% [7]. - Plans are in place to establish a national-level cold energy utilization demonstration zone, promoting various projects that utilize cold energy effectively [7]. Group 7: Overall Economic Strategy - Binhai County is actively expanding its marine economy by integrating land and marine development, enhancing logistics capabilities, and promoting cross-border trade [8]. - The county aims to achieve high-quality development by deepening reforms and expanding high-level openness, positioning itself as a new "blue growth pole" in Jiangsu's coastal economic belt [8].

Group 1: Market Overview - The overall market showed a rebound with the STAR 50 index leading the gains, up 7.23% to 1364.60 points, while the Shanghai Composite Index rose 1.14% to 3843.60 points [5][8] - The total trading volume in the market was approximately 30,008.9 billion yuan, a decrease of 1,968.98 billion yuan compared to the previous trading day [9] - The technology sector, particularly in computing hardware and semiconductor chips, demonstrated strong performance, while small and micro-cap stocks lagged behind [9][10] Group 2: Company Performance - Jiejia Weichuang (300724.SZ) reported a 49.3% increase in net profit for the first half of 2025, reaching 1.83 billion yuan, with revenue up 26.4% to 8.37 billion yuan [27][28] - Crystal Optoelectronics (002273.SZ) achieved a net profit growth of 17.35% in the first half of 2025, totaling 501 million yuan, with revenue increasing by 13.77% to 3.02 billion yuan [30][31] - Jinbo Co., Ltd. (688598.SH) faced operational challenges, reporting a net loss of 167.81 million yuan despite a revenue increase of 19.69% to 410.74 million yuan [33][34] - Mingyang Smart Energy (601615.SH) saw a decline in net profit by 7.68% to 610 million yuan, despite a revenue increase of 45.33% to 17.14 billion yuan [40][41] - Baoli Food (603170.SH) reported a revenue increase of 8.4% to 1.38 billion yuan and a net profit increase of 7.5% to 117 million yuan in the first half of 2025 [42][43] Group 3: Industry Dynamics - The logistics sector in China showed a steady growth with a total logistics volume of 201.9 trillion yuan in the first seven months of 2025, marking a 5.2% year-on-year increase [15][16] - The offshore wind power industry made significant advancements with the installation of Jiangsu's largest offshore wind turbine, capable of generating over 46.5 million kilowatt-hours annually [25][26] - The photovoltaic industry experienced a surge in new installations, with 212.21 GW added in the first half of 2025, a 107% increase year-on-year, despite facing challenges such as supply-demand imbalances [35][36]

爱尔兰RTE新闻8月25日转发路透社报道，美国内政部下属海洋能源管理局基于对联邦水域海上风 电项目的审查引发了未指明的国家安全担忧，签署命令要求丹麦奥斯特德公司（Orsted）停止其在美国 罗德岛附近的海上风电项目建设。这是美内政部今年第二次叫停大型海上风电项目。今年4月，内政部 下令（次月该停工命令被撤销）挪威国家石油公司（Equinor）停止开发已获全面许可的Sunrise Wind风 电场项目，随后项目潜在联合投资者纷纷退出。奥斯特德公司表示，罗德岛项目建设工作目前已完成 80%，所有海上基础设备均已安装完毕，停工导致无法创收，公司正在审查停工命令的财务影响，并考 虑采取法律行动。 （原标题：美国内政部年内第二次叫停大型海上风电项目） ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 23.6 billion yuan, a year-on-year increase of 10.19%, and a net profit attributable to the parent company of 1.568 billion yuan, up 7.38% year-on-year [1]. - The offshore wind power business is recovering, contributing to a significant revenue increase in the marine segment, which reached 2.896 billion yuan, a year-on-year growth of 37.19% [1]. - The company has a solid order backlog in the energy network sector, with total orders amounting to approximately 30.6 billion yuan as of July 31, 2025 [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 23.6 billion yuan, with a net profit of 1.568 billion yuan [1]. - The revenue from the grid business was 9.975 billion yuan, reflecting a year-on-year increase of 11.97%, while the new energy business generated 2.630 billion yuan, up 13.69% [1]. Order Backlog - As of July 31, 2025, the company reported an order backlog of approximately 30.6 billion yuan in the energy network sector, with marine series orders around 13.3 billion yuan and grid construction orders about 15.5 billion yuan [1]. Future Projections - The company is projected to achieve net profits of 3.975 billion yuan, 4.899 billion yuan, and 5.521 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE multiples of 14x, 11x, and 10x [3][5].

Group 1: Overview of Industrial Development - The Huilai Port Industrial Park in Jieyang has rapidly developed into a hub for offshore wind power, featuring over 70-meter tall wind turbine jacket foundations, with nearly a thousand workers actively engaged in production [1] - The park has adopted an "one park, multiple zones" model, attracting major players in the offshore wind power industry, including a 48 billion yuan investment from State Power Investment Corporation [1][3] - The Dannan Sea Petrochemical Industrial Zone, with a 70.2 billion yuan investment from PetroChina, focuses on strengthening the petrochemical industry, becoming a key part of Guangdong's coastal petrochemical industry [1] Group 2: Emerging Industries - Jieyang is focusing on two emerging pillar industries: green petrochemicals and marine economy, supported by five advantageous industries including clothing, hardware, food processing, health, and logistics [3][5] - The Dannan Sea Petrochemical Industrial Zone aims to create a complete industrial chain from crude oil to high-value chemical products, with a projected output value of 127 billion yuan by 2024 [5] - The "super chain master" model is being implemented, with the Guangdong Petrochemical integrated refining and chemical project achieving an output value of approximately 260 billion yuan since its full production in 2023 [5] Group 3: Marine Economy Development - The Huilai Port Industrial Park serves as the main base for developing the marine economy, leveraging 112 kilometers of coastline and 1,329 square kilometers of marine resources [7] - The National Electric Power Investment Corporation plans to initiate a 3 million kilowatt wind power demonstration project this year, building on the existing 900,000 kilowatt offshore wind power capacity [7] - Jieyang is also developing modern marine ranching, with plans for a 153 square kilometer aquaculture zone and various projects to enhance marine product cultivation [8] Group 4: Traditional Industry Upgrades - Jieyang is enhancing traditional industries through the establishment of national-level high-tech zones and innovation platforms, aiming to support enterprises in transitioning to specialized and high-tech sectors [8] - The city has seen 1,120 enterprises achieve digital transformation, with a focus on creating specialized industrial parks and attracting investment projects totaling 35.6 billion yuan [8] Group 5: Urban and Rural Development - Jieyang is improving urban and rural environments through initiatives that enhance the aesthetic and functional aspects of towns and villages, with significant progress in infrastructure and community facilities [10][11] - The city has successfully created 20 model towns and 160 model villages, increasing collective economic income by approximately 36.6 million yuan annually [11]

年初以来，公司海外海工接单规模领跑欧洲同业，份额提升明显，累计签单金额近30亿元；同时，公司 在手海外海工订单累计总金额超100亿元，主要集中在未来两年交付，项目覆盖欧洲北海、波罗的海多 个海上风电项目群。得益于2025年至今优异表现，公司在欧洲海上风电单桩市场份额进一步提升。公司 依托新增订单与交付兑现继续抬升份额，近2—3年，从行业"新进者"迅速成长为"领跑者"，凭借深远海 基地先进产能投建和全球物流体系成熟化，公司市场份额有望进一步提升，保持领先地位。 大金重工（002487）8月27日披露投资者关系活动记录表显示，公司于8月26日以电话会议形式召开业绩 说明会，易方达基金、长江证券、平安银行等140余家机构投资者参会。 截至报告期末，公司自持已并网投运新能源项目规模500MW，上半年贡献收入1.25亿元，同比增长 5.56%。同时，公司在建陆上风电项目规模950MW，预计在2026年下半年陆续并网投运。 大金重工8月26日晚披露2025年半年度报告，报告期内，公司实现营业收入28.41亿元，同比增长 109.48%；实现净利润5.47亿元，同比增长214.32%；实现扣非归母净利润5.63亿元，同比增 ...

Core Viewpoint - Guangdong is reshaping its marine economy through three new driving forces, focusing on marine engineering equipment, offshore wind power, and marine pharmaceuticals, which are becoming key contributors to the province's economic growth [5][12][90]. Group 1: Marine Engineering Equipment - The "Bay Area Lingding" is the world's first deep-sea aquaculture vessel utilizing natural water exchange, showcasing Guangdong's advancements in marine engineering [3][20]. - Jiangmen is rapidly developing into the largest marine engineering manufacturing base in the province, with a complete industrial chain from research and development to manufacturing [24]. - The shipbuilding industry in Jiangmen has seen a remarkable increase in added value, with a growth rate of 59.7% in 2024, and ship exports have risen by 23.1% [25][26]. Group 2: Offshore Wind Power - Guangdong's offshore wind power projects are expected to provide approximately 54 million kilowatt-hours of green electricity annually, sufficient to meet the needs of 30,000 households [50]. - As of June 2025, Guangdong's installed offshore wind power capacity has surpassed 12.51 million kilowatts, ranking first in the country [80]. - The province has established a comprehensive industrial chain for offshore wind power, including research, manufacturing, installation, and maintenance [76]. Group 3: Marine Pharmaceuticals - Guangdong's marine pharmaceutical sector is witnessing significant breakthroughs, with new drugs derived from marine microorganisms entering clinical trials [100][114]. - The province has established over 100 marine-related laboratories and engineering research centers, leading to a 21.3% increase in patent publications in marine pharmaceuticals and biotechnology in 2024 [115][137]. - The development of marine pharmaceuticals is expected to provide effective treatment options for millions of patients with cardiovascular diseases and other conditions [101][112]. Group 4: Economic Impact - Since 2018, Guangdong has allocated nearly 2 billion yuan in special funds for marine economic development, supporting 315 marine projects and driving an industrial output value of 25.2 billion yuan [10][138]. - The marine economy's contribution to Guangdong's GDP is significant, with the marine manufacturing industry expected to reach an added value of 501.24 billion yuan in 2024, reflecting a nominal growth of 4.9% [130]. - The province's marine oil production is projected to reach 20.68 million tons in 2024, marking a 3.5% increase year-on-year [133].