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]

2025 年上半年预计实现归母净利润 2.34-2.55 亿元。公司发布 2025 年半年 度业绩预增公告，预计上半年实现归母净利润 2.34-2.55 亿元，同比增长 51%-65%；实现扣非归母净利润 2.20-2.41 亿元，同比增长 35%-48%。业绩高 增主要受益于上半年新能源电控业务同比增长。单季度来看，预计 2025 年 第二季度实现归母净利润 1.29-1.50 亿元，同比增长 29%-50%，环比增长 22%-42%；实现扣非归母净利润 1.23-1.44 亿元，同比增长 33%-56%，环比增 长 27%-48%。 海外业务拓展顺利。2024 年公司的风电、工程传动相关产品实现海外市场的 突破，目前在荷兰、巴西、韩国、土耳其、越南、巴基斯坦等多个服务基地 设立服务点，为海外客户提供全方位服务及快速响应。2024 年公司海外业务 收入 2.6 亿元，同比+123%，占总营收的 7.1%，同比+3.9pct；毛利率 54.2%， 同比+8.7pct。2025 年第一季度海外业务收入 0.84 亿元，同比+128%，占总 营收的 11.1%，同比+4.2pct；毛利率 54.4%，同比+8.4 ...

点击注册小程序 查看完整报告 中期重点关注硅料"收储"是否能够达成。市场对硅料"收储"也较为关注，核心矛盾点则是被收产能的估值与资 金方的利息成本。1）被收产能如果按照账面净资产并给予一定折扣估值，隐含的市场化定价逻辑则是硅料价 低于其现金成本（预计不能高于40元/kg），否则便需要通过一定的行政干预限制落后产能的生产。2）资金方 能够参与的前提在于：被收产能初始价格较低，且通过"收储"实现供给出清后，硅料价格能够维持在较好水 平，保证其付息，初步估计硅料价格不低于50元/kg。我们认为，在硅料收储的逻辑下，行政干预必不可少； 二级市场也在基于"收储"能够达成协议的假设下，对硅料及相关标的股价进行定价。 2、风电：风电也会受益于"防内卷"政策并形成轮动，且26年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。 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 ...

江苏吉鑫风能科技股份有限公司 关于 2025 年半年度业绩预增的公告 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。 ? 江苏吉鑫风能科技股份有限公司（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 6594.06 万元至 9687.58 万元，与上年同期 相比，将增加 3240.16 万元到 6333.67 万元，同比增加 96.61%到 188.84%。 证券代码：601218 证券简称：吉鑫科技 公告编号：2025-022 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经公司财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的 净利润 6594.06 万元至 9687.58 万元，与上年同期相比，将增加 3240.16 万元到 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 万元，同比增加 142.75%到 256.63%。 （三）本次业绩预 ...

Investment Rating - Industry Rating: Overweight [1] Core Views - The report highlights the strengthening expectations for photovoltaic supply-side reforms and the high demand for domestic energy storage procurement [1][4] - The photovoltaic sector has seen a significant increase in silicon material prices, while silicon wafer and battery prices have stabilized [15][21] - The energy storage market remains robust, with data from June indicating continued high demand, particularly in Europe [4][29] - The hydrogen energy sector is experiencing positive development, with the world's largest green hydrogen project recently launched [38][42] - The electric grid sector has seen rapid investment growth, with over 30 billion yuan allocated to key summer peak projects [43][44] Summary by Sections Photovoltaics - Silicon material prices have surged, with N-type dense material prices rising to 34,000 yuan/ton and N-type recycled material prices to 37,000 yuan/ton [17] - The overall market is in a competitive phase, with policy expectations increasing but terminal demand recovering weakly [15][16] - Investment suggestions include focusing on companies with higher certainty in the BC technology industry trend, such as Longi Green Energy and Aiko Solar [16][22] Wind Power - Multiple large-scale offshore wind projects have been announced, with significant EPC contracts awarded [23][24] - Investment recommendations include undervalued stocks and those benefiting from offshore wind projects, such as Mingyang Smart Energy and Goldwind [28] Energy Storage - The report emphasizes the promotion of high-power charging facilities and the growth of household storage in Europe due to frequent power outages [29][34] - The National Development and Reform Commission aims to establish over 100,000 high-power charging facilities by the end of 2027 [29] Hydrogen Energy - The report notes the successful launch of the world's largest green hydrogen project, which aims to produce 1.52 million tons of green ammonia [38][42] - The focus is on developing a new energy system that integrates wind, solar, and hydrogen energy [38] Electric Grid Equipment - The report states that investments in the electric grid have exceeded 30 billion yuan, with 162 key summer peak projects fully operational [43] - The report suggests focusing on companies involved in high-voltage transmission and distribution equipment [44] Electric Vehicles - Global lithium battery production in the first half of 2025 increased by 48% year-on-year, with major companies like CATL and BYD leading the market [45][47] - Investment recommendations include companies with stable profitability in the battery and structural components sectors [45] Humanoid Robots - The humanoid robot sector is entering a small-scale production phase, with significant investments in technology and key components [50] - Investment focus areas include companies with solid core businesses and those involved in new technology developments [50] Automotive Parts - The report indicates a 15.1% year-on-year increase in wholesale automotive parts in June, suggesting a stable market outlook [51] - Recommendations include focusing on companies with higher certainty in performance and new product developments [51]

Core Viewpoint - The recent surge in A-share market is driven by strong mid-year earnings reports, with many companies experiencing significant profit growth, leading to increased investor interest and stock price appreciation [1][3]. Group 1: Earnings Performance - As of July 12, approximately 487 A-share companies have disclosed mid-year earnings forecasts, with a positive outlook rate of 57.7%, slightly higher than the same period last year [3]. - The non-bank sector shows a high positive outlook rate of about 90.9%, with companies like China Union and Huaxi Securities expecting over 1000% growth [3]. - The home appliance sector has a positive outlook rate of around 70%, with companies like Whirlpool and Sichuan Changhong reporting growth rates exceeding 50% [3]. Group 2: Stock Performance - Companies with strong earnings forecasts, such as Huayin Power, have seen their stock prices surge, with Huayin Power's stock rising 101.33% in July and achieving a 36 to 44 times increase in net profit [1][4]. - Other companies like Yudai Development are also experiencing significant stock price increases, with a forecasted net profit growth of 632% to 784% [4]. Group 3: Sector Analysis - High-performing sectors identified include AI hardware supply chains, wind power, gaming, small metals, and non-bank financials, with a focus on companies with strong earnings certainty [6][7]. - The second quarter's performance is expected to be strong in upstream industrial metals, wind power, and sectors with order fulfillment expectations, such as military industries [7]. - Historical data indicates that there have been nine structural market trends during mid-year earnings disclosures since 2010, with TMT sectors showing potential for recovery in August [7].

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]

Group 1 - The article discusses the importance of fresh lychee in Guangdong, highlighting the local obsession with its quality and availability across the country [3][4][5] - There is a growing trend of sending lychee trees to distant locations, such as Heilongjiang, to ensure access to fresh fruit [5] - The article reflects on the cultural significance of lychee as a summer delicacy and its historical value in Chinese cuisine [3][4] Group 2 - The "Yangxi No. 1" deep-sea comprehensive aquaculture platform project has commenced with an investment of nearly 200 million yuan, aiming to enhance the marine economy in Yangjiang [10][11] - The project is part of a broader initiative to promote intelligent and large-scale development in deep-sea aquaculture, aligning with national strategies for marine economic growth [12][14] - Local government and corporate leaders participated in the project launch, emphasizing the importance of collaboration in advancing marine industry standards [15][16] Group 3 - The article highlights the efforts of Wuchuan Traditional Chinese Medicine Hospital to become a leading institution in county-level TCM, focusing on building a reputation for excellence in medical services [18][21] - The hospital aims to leverage its unique TCM advantages to develop key specialty departments, enhancing patient care and operational efficiency [22][23] - The narrative underscores the historical context and community trust in TCM practices, reflecting a growing recognition of its value in modern healthcare [19][20] Group 4 - The article outlines the evolution of the Dong medicine from a traditional practice to a more integrated healthcare service, facilitated by cooperation between regions [26][29] - The collaboration between Wuchuan and Sanjiang aims to expand the reach of Dong medicine, making it accessible to a broader population with health needs [30] - This development signifies a shift in how traditional medicine is perceived and utilized in contemporary health systems [27][28]

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].

皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 电力设备及新能源 2025 年 7 月 14 日 行业周报 GE 将建造 18MW 海风样机，BC 领先企业二季度扭亏 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 40% 50% 2024/07/10 2024/12/10 2025/05/10 沪深300指数 电力设备及新能源 证券分析师 平安观点： 本周（7 月 7 日-7 月 11 日）新能源细分板块行情回顾。本周风电指数上 涨2.83%，跑赢沪深 300 指数 2.01 个百分点。截至本周，Wind 风电指数 整体市盈率（PE TTM） 为 20.29 倍。本周申万光伏设备指数 （801735.SI）上涨 7.25%，其中，申万光伏电池组件指数上涨 6.15%， 申万光伏加工设备指数上涨 4.91%，申万光伏辅材指数上涨 3.01%，当 前光伏板块市盈率约 34.05 倍。本周 储 能指 数（884790 ...