格隆汇12月5日丨龙泉股份(002671.SZ)在投资者互动平台表示，目前，公司没有承接风电塔筒相关业 务。 ...

Core Viewpoint - The "A+H" listing trend is gaining momentum, with 11 A-share companies successfully achieving dual listings this year, marking the third-highest number in history. The recent submission of a listing application by Daikin Heavy Industries positions it to become the first wind turbine tower company listed in Hong Kong, highlighting its investment potential [1][2]. Company Overview - Daikin Heavy Industries, established in 2003 and listed on the Shenzhen Stock Exchange in 2010, is a leading supplier of offshore wind power equipment, providing comprehensive solutions for construction, transportation, and delivery [2]. - The company has expanded its services beyond offshore wind power equipment to include special ocean transportation, ship design and construction, and wind power port operations, reflecting a strategic shift from a product supplier to a system service provider [2]. Industry Development Prospects - The global wind power market is experiencing robust growth, with new installed capacity projected to increase from 95.3 GW in 2020 to 117.0 GW in 2024, representing a compound annual growth rate (CAGR) of 5.3%. By 2030, this figure is expected to reach 196.7 GW, with a CAGR of 9.0% from 2024 to 2030 [3]. - Offshore wind power is anticipated to see explosive growth, with its share of global new installed capacity expected to rise to 18.6% by 2030, growing from 8.0 GW in 2024 to 36.7 GW by 2030, reflecting a CAGR of 28.9% [3]. Financial Performance - Daikin Heavy Industries' overseas revenue has significantly increased, with figures of 8.38 billion, 17.15 billion, and 17.33 billion yuan from 2022 to 2024, representing 16.4%, 39.6%, and 45.9% of total revenue respectively. In the first half of 2025, overseas revenue surged to 22.4 billion yuan, a year-on-year increase of 195.78% [6]. - Despite the growth in overseas revenue, the company's overall revenue has declined, with figures of 51.06 billion, 43.25 billion, 37.80 billion, and 28.41 billion yuan from 2022 to the first half of 2025 [6]. - The net profit for the same periods was 4.5 billion, 4.25 billion, 4.74 billion, and 5.47 billion yuan, with net profit margins increasing from 8.8% to 19.2% [7]. Market Position and Strategy - Daikin Heavy Industries has established a strong international brand reputation, particularly in the European market, which has become a cornerstone of its global marketing strategy [6]. - The company has secured over 10 billion yuan in offshore engineering orders, primarily for delivery in the next two years, and has set up multiple overseas offices to enhance its global reach [7]. - The company aims to expand its offshore wind power business into emerging markets such as Australia and Southeast Asia, leveraging its established marketing network [7].

Core Insights - Tianeng Heavy Industry reported significant growth in its Q3 2025 financial results, with a revenue of 2.513 billion yuan, a year-on-year increase of 37.54%, and a net profit attributable to shareholders of 84.0586 million yuan, up 1359.03% [1] - The company is a leading player in the domestic wind turbine tower industry, focusing on the research, production, and sales of onshore and offshore wind turbine towers and monopiles, establishing a strong reputation for product quality and service [1] - Tianeng Heavy Industry maintains a competitive edge due to its large production scale, stable quality, and strong delivery capabilities, with 13 production bases across the country and a total capacity of approximately 913,500 tons [1] Project Developments - The Jiangsu technological transformation and second-phase expansion project is a key initiative for Tianeng Heavy Industry, aligning with national "dual carbon" goals and advancing its "two seas strategy" for offshore and overseas markets [2] - This project is set to commence trial operations in June 2025, featuring equipment selection and production line layout that meet international customer requirements, while also addressing the trend towards larger offshore wind turbines [2] - The project will enhance production capacity to 180,000 tons annually and significantly improve the company's intelligent and lean management capabilities, marking a qualitative leap in its offshore wind power equipment manufacturing capacity [2]

Core Viewpoint - Dajin Heavy Industry (002487.SZ) has submitted an application for a main board listing on the Hong Kong Stock Exchange, marking a significant turnaround with substantial revenue and profit growth in the first half of the year, alongside a 58% increase in market capitalization since the beginning of the year [1][5]. Group 1: Company Overview - Dajin Heavy Industry, established in 2000, is the first listed company in China's wind power tower industry and a leading global supplier of offshore wind power core equipment [3]. - The company has maintained a strong strategic focus on both overseas and offshore wind markets, emphasizing high-quality development and risk management [3]. Group 2: Financial Performance - The company experienced significant fluctuations in revenue, with 2022 revenue at 5.106 billion yuan, dropping to 4.325 billion yuan in 2023 (a decrease of 15.3%), and further declining to 3.78 billion yuan in 2024 (a decrease of 12.6%). However, in the first half of 2025, revenue rebounded to 2.841 billion yuan, representing a 109.5% increase compared to the same period in 2024 [4]. - Net profit figures for the reporting period were 450 million yuan in 2022, 425 million yuan in 2023, 474 million yuan in 2024, and 547 million yuan in the first half of 2025, with a remarkable year-on-year growth of 214.3% in the latest half-year [5]. Group 3: Market Expansion - The company has successfully expanded its overseas market presence, with overseas revenue increasing from 838 million yuan in 2022 to 2.243 billion yuan in the first half of 2025, accounting for 79% of total revenue [7]. - Dajin Heavy Industry currently has over 10 billion yuan in orders on hand, primarily for delivery over the next two years, with projects covering multiple offshore wind farms in Europe [6][7]. Group 4: Business Structure and Strategy - The company's gross profit margins have shown improvement, with figures of 16.6%, 23.1%, 29.8%, and 28.2% over the reporting periods [8]. - Wind power equipment sales remain the primary revenue source, consistently accounting for over 90% of total revenue, while the share of new energy generation business has gradually increased since 2023 [8]. Group 5: Future Plans - The proceeds from the IPO are intended for upgrading deep-sea comprehensive solutions, constructing a European assembly base, investing in global R&D centers, expanding into new markets, and general corporate purposes [9].

Core Viewpoint - The company has officially entered the wind power tower cylinder sector and is actively seeking related orders, as announced on July 8, 2025 [1] Group 1 - The company responded to investor inquiries on July 30, indicating its strategic move into the wind power tower cylinder market [1] - The company will disclose contracts exceeding 50 million yuan [1]

Core Viewpoint - EVE Energy, a leading lithium battery company from Huizhou, Guangdong, has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to become the second lithium battery enterprise to achieve "A+H" listing after CATL [1][3]. Group 1: Company Strategy - EVE Energy's Vice President and Secretary Jiang Min stated that the primary motivations for the H-share listing are the need for significant funding to complete overseas factory construction and to broaden financing channels [3]. - The company aims to capitalize on the current hot market conditions in Hong Kong to secure a position for future capacity expansion [3]. Group 2: Market Trends - The Hong Kong stock market has seen a surge in activity, with 40 new stocks listed in the first half of 2025, raising a total of HKD 1,021 billion, a 33% increase in the number of listings and a 673% increase in financing compared to the same period in 2024 [4]. - A total of over 70 A-share companies have announced plans for H-share listings this year, indicating a trend among leading A-share companies to pursue IPOs in Hong Kong [3][4]. Group 3: Industry Characteristics - The current wave of A-share companies seeking H-share listings is characterized by a focus on manufacturing and consumer sectors, with notable examples including Haitian Flavoring and CATL [5][6]. - The trend began in the third quarter of 2024, primarily involving large-scale enterprises or industry leaders, which reflects a significant shift in the market dynamics [5]. Group 4: Policy Support - Recent policies from the China Securities Regulatory Commission support leading A-share companies in pursuing listings in Hong Kong, enhancing cooperation between the two markets [7]. - The Hong Kong Stock Exchange has optimized its listing approval process, reducing the regulatory assessment period to within 30 working days for compliant applications from A-share companies [7][8]. Group 5: Advantages of Hong Kong Market - The Hong Kong capital market offers unique advantages for A-share companies, including a more flexible listing process and the ability to accommodate various equity structures [8]. - The international nature of the Hong Kong market facilitates the global expansion of mainland companies, making it an attractive option for dual listings [8].