Core Viewpoint - The company is undergoing significant management changes and facing declining financial performance, with a focus on strategic adjustments to navigate challenges in the wind power industry [1][3][4] Management Changes - The company announced the resignation of its president, Chang Xiaowei, due to personal reasons, effective immediately, with the chairman, Li Xiang, temporarily assuming the role [1] - Chen Yongning has been elected as the employee director of the board, bringing experience from various roles within the company [1][2] Financial Performance - The company's revenue has declined significantly from 619.1 million yuan in 2022 to 345.2 million yuan in 2024, representing a decrease of 10.65% and 37.60% respectively [3] - Net profit has also turned negative, with a drop from 68.26 million yuan in 2022 to a loss of 29.55 million yuan in 2024, reflecting a decline of 39.64% and 171.72% [3] - The company reported a 41.54% decrease in sales volume for 2024 compared to 2023, leading to a 38.47% reduction in production volume [3] Strategic Response - The company aims to enhance competitiveness by deepening its focus on the renewable energy sector, expanding overseas markets, and improving supply chain efficiency [4] - Efforts will include cost control, digital transformation, and optimizing product structure and service quality to meet market demands [4]

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, with specific stock recommendations including Jin Feng Technology and Yun Da Co., Ltd. [1][6] Core Insights - The wind power industry is experiencing significant growth, with a 134.21% year-on-year increase in new installations in the first five months of 2025, totaling 46.28 GW [1][27] - The report highlights the successful international expansion of domestic wind turbine manufacturers, with a 43% increase in wind turbine exports in Q1 2025 [2] - The report notes a decline in bidding prices for offshore wind turbines, with an average price of 3266.17 RMB/kW [2][49] Industry Dynamics - The Zhejiang Provincial Development and Reform Commission has issued guidelines for the transitional pricing policy for renewable energy, effective from June 1, 2025 [1][11] - The report tracks stock performance, noting that the wind power equipment index has a TTM P/E ratio of 32.89 and an MRQ P/B ratio of 1.64 [5][15] - The report indicates that the offshore wind power market is expected to grow significantly, driven by new technology and larger turbine sizes [6] Market Performance - The wind power equipment sector saw a price increase of 0.72% during the week of July 7-11, 2025, underperforming compared to the broader market indices [15][20] - The top-performing stocks in the wind power sector included Shangwei New Materials and Jushi Technology, with increases of 72.88% and 8.98%, respectively [22][24] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 GW, with a year-on-year growth of 23.10% [27][36] - The report details that land-based wind power installations decreased by 7.90% year-on-year in Q1 2025, while offshore installations increased by 42.03% [2][27] Material Prices - The report notes fluctuations in raw material prices, with increases in rebar and scrap steel prices, while copper prices have decreased [39][50] - Specific prices include rebar at 3113 RMB/ton and scrap steel at 2190.60 RMB/ton, reflecting recent market trends [39][44] Tendering and Pricing Trends - A total of 1743.50 MW of wind turbine projects were tendered during the week, with 33 land-based projects totaling 3477.50 MW [49][51] - The report emphasizes the competitive nature of the bidding process, with several leading manufacturers participating [49][52]

Summary of Conference Call Industry and Company Involved - The conference call focused on the wind power equipment and nuclear fusion sectors, specifically discussing the performance and outlook of wind turbine manufacturers and nuclear hybrid reactors. Core Points and Arguments 1. **Wind Power Equipment Price Recovery** The wind power equipment sector has seen a recovery in prices since October last year, with a year-on-year increase of approximately 3% to 5%, and a significant 15% increase from the low point in August last year [1][4][5]. 2. **Improvement in Profitability** The profitability of wind turbine manufacturers is expected to improve significantly due to the recovery in prices and the execution of previously low-priced contracts. The overall industry is projected to experience a substantial recovery in profitability, with estimates suggesting a profit recovery of around 25 to 40 billion yuan [9][10]. 3. **Increased Demand and Market Growth** The domestic wind power market is expected to maintain a high growth rate, with approvals and tenders showing over 40% year-on-year growth in the first half of the year. This trend is supported by a shift in resources towards wind power projects [3][4]. 4. **International Market Expansion** Domestic wind turbine manufacturers have seen a significant increase in overseas orders, with a growth rate of approximately 200% last year and around 160-170% in the first four months of this year. The expectation is that overseas orders could reach 40 to 50 gigawatts this year [6][7]. 5. **Structural Improvements in the Industry** The competitive landscape is improving as weaker players exit the market, leading to a more favorable environment for leading manufacturers. The market share of top companies is expected to increase significantly [4][6]. 6. **Nuclear Fusion and Hybrid Reactor Development** The nuclear fusion sector is experiencing accelerated development, with significant investments and advancements in technology. The hybrid reactor concept is seen as a viable commercial pathway, leveraging the advantages of fusion to enhance fission processes [12][13]. 7. **Cost Efficiency in Nuclear Projects** The expected cost for hybrid reactors is projected to be around $5000 per kilowatt, which is considered competitive. The focus on high-temperature superconductors is also anticipated to drive down costs and improve efficiency in nuclear power generation [14][15]. 8. **Future Outlook for Profitability** The next few years are expected to be a critical period for wind turbine manufacturers, with a rapid recovery in profitability anticipated from the second half of this year through 2026. This is attributed to the execution of higher-priced contracts and the elimination of uncertainties in the market [10][11]. Other Important but Possibly Overlooked Content - The call highlighted the importance of regulatory clarity in the wind power sector, with expectations that new guidelines will facilitate project development and revenue generation [10][11]. - The discussion on nuclear fusion emphasized the collaborative efforts between state-owned and private enterprises in advancing technology and commercial applications [12][16].

Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3519.65, up 0.27% [2][4] - The Shenzhen Component Index decreased by 0.11%, while the ChiNext Index fell by 0.45% [2][4] - The overall market sentiment remains cautious with a focus on the electric power sector, which has shown strength recently [4][11] Economic Indicators - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9% [18][19] - The total value of exports was 13 trillion yuan, growing by 7.2%, while imports decreased by 2.7% to 8.79 trillion yuan [19][20] - The People's Bank of China reported an increase of 12.92 trillion yuan in RMB loans during the same period [20][21] Industry Dynamics - The EVTank report indicates that in 2024, Chinese companies dominated the global high-rate battery market, occupying eight out of the top ten positions [30] - The construction of the largest 750 kV ring network project in China has been completed, enhancing power supply capabilities in the Xinjiang region [34] - The photovoltaic industry is undergoing a transformation with efforts to reduce "involution" and improve overall market conditions [62] Company Performance - KingMed Diagnostics (603882.SH) is expected to report a net loss of 0.65 billion to 0.95 billion yuan for the first half of 2025, a significant decline from a profit of 0.90 billion yuan in the previous year [36] - Zhongji United (605305.SH) anticipates a net profit of 0.25 billion to 0.30 billion yuan, reflecting a growth of 78.02% to 113.63% year-on-year [37] - JiuLi Special Materials (002318.SZ) is set to enhance its production capabilities with a new high-tech seamless steel pipe production line [40] Financial Performance - Youfu Co., Ltd. (002427.SZ) expects to turn a profit in the first half of 2025, with a net profit forecast of 10 million to 15 million yuan [44] - MiaoKe LanDuo (60882.SH) projects a net profit increase of 56% to 89% for the first half of 2025, driven by rising cheese product sales [46] - Shengyi Technology (688183.SH) anticipates a staggering net profit growth of 432% to 471% for the same period, attributed to strategic product optimization [55]

Group 1 - The A-share market has recently experienced a "anti-involution" theme rally, with sectors such as steel, polysilicon, and glass seeing significant growth. The "anti-involution" theme is expected to become one of the main investment lines in the near future as it spreads across various industries [1] - Securities firms have shown considerable interest in the "anti-involution" theme, with dozens of firms publishing over a hundred reports and articles related to it since July. The most covered industries include building materials, steel, photovoltaics, and coal [1] - Analysts suggest that the implementation of "anti-involution" policies is likely to accelerate the exit of outdated production capacity, improving the net asset return rates in related industries, which would be a significant benefit for the stock market [1] Group 2 - "Expectation management" is the primary method of the current "anti-involution" policy. Traditional cyclical industries like coal and steel have largely cleared their outdated production capacity, and the concentration of industries has significantly increased [2] - The impact of the "anti-involution" policy may vary by industry. Some sectors, such as photovoltaics and lithium batteries, still have growth potential, making direct capacity clearance less likely, while traditional industries with higher capacity utilization and low product prices may see more significant effects on profitability [2] - A report from Huachuang Securities identified potential beneficiary industries of the "anti-involution" measures, with coal mining, coke, and ordinary steel being the most frequently mentioned. Other industries like passenger vehicles and wind power equipment were also highlighted as potential beneficiaries [2]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][15][19] Core Views - The company is expected to achieve a net profit attributable to shareholders of 234-255 million yuan in the first half of 2025, representing a year-on-year growth of 51%-65% [1] - The growth is primarily driven by the performance of the new energy control business, which has shown significant year-on-year growth [1] - The company has successfully expanded its overseas business, with revenue from overseas operations reaching 260 million yuan in 2024, a year-on-year increase of 123% [2] - The implementation of a divisional system has improved operational efficiency, enhancing market responsiveness and business development [2] - The company is expected to open a second growth curve through its AIDC power equipment products, benefiting from the surge in demand for AI computing power [3] Financial Forecasts - The company is projected to achieve operating revenues of 4.51 billion yuan in 2025, with a year-on-year growth of 20.9% [4][12] - The net profit for 2025 is forecasted to be 603 million yuan, reflecting a year-on-year increase of 37% [4][12] - The earnings per share (EPS) for 2025 is estimated at 1.33 yuan, with a corresponding price-to-earnings (PE) ratio of 24.0 [4][12] - The EBIT margin is expected to improve to 15.2% by 2025, indicating enhanced profitability [4][12] - The return on equity (ROE) is projected to be 13.2% in 2025, showing a positive trend in shareholder returns [4][12]

证券代码：605305 证券简称：中际联合 公告编号：2025-046 中际联合（北京）科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 ? 业绩预告相关的主要财务数据情况：中际联合（北京）科技股份有限公 司（以下简称"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润 为 25,000.00 万元到 30,000.00 万元，同比增长 78.02%到 113.63%；公司预计 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润为 25,000.00 万元到 30,000.00 万元，与上年同期相比，将增加 10,956.76 万元到 15,956.76 万元，同比增长 78.02%到 113.63%。 公司本次业绩预测是公司财务部门基于自身专业判断进行的初步核算，未经 注册会计师审计。目前公司尚未发现影响本次业绩预 ...

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [1] Core Insights - The domestic wind power industry is expected to see long-term demand remain optimistic, with significant cost advantages in electricity generation. The share of wind power development is likely to increase under the backdrop of comprehensive new energy market entry [3][4] - The wind turbine price is expected to rebound due to multiple factors, leading to a recovery in profitability for turbine manufacturers. The competitive landscape is improving as companies focus on profitability rather than just market share [3][25] - Emerging markets are anticipated to experience a turning point in wind power demand, with significant export opportunities for Chinese wind turbines. The export capacity is projected to reach 5.2GW in 2024, a year-on-year increase of 42% [3][25] Summary by Sections Domestic Wind Power Industry Development - The long-term outlook for the domestic wind power industry remains positive, with a projected CAGR of 106% for the retirement of old wind turbines from 2025 to 2030, creating demand for new equipment [3][12] - The average new installed capacity for onshore wind is expected to be 120GW in 2025, while offshore wind is projected at 10GW [12] Wind Turbine Manufacturing Industry - The report highlights a recovery in profitability for wind turbine manufacturers, with a 5%-10% increase in bidding prices for turbines in 2024 [3][25] - The average new installed capacity for onshore and offshore wind turbines is expected to reach 5.9MW and 10.0MW respectively by 2024, reflecting a significant increase from 2020 [20][24] Export Market Potential - The report emphasizes the growing international market for Chinese wind turbines, with a projected CAGR of 44% from 2020 to 2024 for exports [3][25] - The report notes that the international brand influence of Chinese wind turbines has been increasing, leading to a significant rise in overseas orders [3][25] Cost Reduction and Technological Advancements - The average cost of onshore wind power is expected to decrease to 0.1-0.15 yuan/KWh by 2025, down from 1.5 yuan/KWh in 2002, representing an 88% reduction [24] - The average cost of offshore wind power is projected to decline to 0.3 yuan/KWh by 2025, down from 1.3 yuan/KWh in 2009, a 74% decrease [24] Competitive Landscape - The report indicates that the competitive landscape is improving, with a focus on fair competition and self-regulation among manufacturers to mitigate "involution" in the industry [3][42] - The concentration of the wind turbine manufacturing industry is increasing, with the top five manufacturers accounting for 75% of new installations by 2024 [33][34]

Core Viewpoint - The "anti-involution" research trend is gaining momentum in the A-share market, with expectations that it may become the main theme for the next market phase, benefiting various sectors such as lithium batteries, photovoltaics, coal, steel, chemicals, energy, and construction materials [2][3][4]. Group 1: Research and Analysis - In the past week, a total of 176 research reports on the "anti-involution" theme were published by institutions, covering multiple industries including strategy, macroeconomics, steel, fossil energy, electrical equipment, building materials, non-ferrous metals, chemicals, and aquaculture [2]. - The "anti-involution" theme has become a focal point in analyst roadshows, with 79 related events held in the past week, indicating a strong institutional interest [2]. - Analysts believe that the current round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, with potential implications for the market's next phase [3]. Group 2: Policy and Market Implications - The Central Financial Committee's recent meeting emphasized the need to promote a unified national market and address issues of low-price competition, which has led to increased attention on "anti-involution" in the capital market [3]. - The "anti-involution" policy is expected to unfold in three stages: policy expectations, price increases, and demand expansion, with a focus on sectors that may experience a turnaround [4]. Group 3: Beneficiary Industries - Key sectors expected to benefit from the "anti-involution" policies include: - Midstream and downstream manufacturing such as lithium batteries, photovoltaics, wind power, passenger vehicles, paper, and medical devices - Service and consumer sectors like food processing, express delivery, and small appliances - Resource materials including steel, cement/glass, consumer building materials, chemical fibers/agricultural chemicals, and energy metals - Real estate-related sectors such as kitchen appliances and home furnishings [5][6]. - The steel industry is highlighted for its potential bottom reversal, with supply-side reforms and improved profitability expected [8]. Group 4: Sector-Specific Insights - The photovoltaic industry is entering a high-quality development phase, with significant stock price increases observed in related sectors [9]. - Analysts suggest that the photovoltaic sector's recovery will depend on effective supply-side reforms and the establishment of a long-term mechanism for eliminating outdated capacity [9]. - Recent downgrades in specific photovoltaic stocks indicate a cautious outlook despite the overall positive sentiment in the sector [10].