风电出海和风机&光伏历史相对底部的组件会有什么叙事？ 20251006 摘要 欧洲海风市场需求旺盛，塔筒和海缆订单预计在下半年陆续出现，为 2027 年业绩增长提供支撑。金风科技受益于国内订单价格回暖和海外 出海逻辑，值得重点关注。 光伏组件板块目前处于股价底部，性价比较高。硅料价格上涨空间有限， 组件环节的反内卷成为关注重点。底部光伏中的组件是四季度重点关注 方向。 风电行业受多重因素催化，包括山东风电电价高于光伏、欧洲招标超预 期、国内海风开工加速及深远海政策支持。看好风机和两海（特别是出 海）两条主线。 国内风机招标量虽同比下降，但仍处于高位。国际招标量大幅增长，表 明出口景气度高。陆风价格持续回暖，且幅度超预期，运营商更注重风 场全生命周期成本。 金风科技毛利率连续两个季度超预期，净利润环比提升。预计今年收入 约 550 亿元，明年达 670 亿元，净利润今年 6.5 亿元，明年 63 亿元， 是重点推荐标的。 Q&A 风电板块的主要投资方向是什么？ 风电板块的投资方向主要集中在两个方面：海风出海和风机板块。首先，国内 市场在 9 月份迎来了招标高峰期，每周有三四个吉瓦的量分布在不同环节，预 计国内三 ...

9月29日，A股首家风电塔筒上市公司大金重工（002487）（002487.SZ）递交港股招股书，将冲击港股风电塔筒 第一股。 近年来，大金重工的业绩存在一定波动，营收规模呈下降趋势。随着在利润更高的海外市场取得突破，今年上半 年公司净利润已超过2022年至2024年每一年的全年净利润。 制图/贝壳财经记者 朱玥怡 进入2025年，上半年大金重工出口海工业务发运量同比翻倍，海外市场的亮眼表现带动了业绩爆发。上半年公司 实现收入28.41亿元，同比增长109%；净利润5.47亿元，同比增长超过200%。 随着销售规模扩大，大金重工面临的资金与存货管理压力也同步增长。截至今年上半年末，公司存货为23.73亿 元，为近年最高。公司借款在过去两年均保持低于5亿元后，今年上半年迅速增长至超过13亿元。 目前海外市场在大金重工整体营收中的占比已接近79%，公司直言欧洲市场销售的增长是驱动盈利能力提升的主 要因素，并将建设欧洲总装基地规划为募集资金的主要用途之一。 不过随着海外市场拓展，大金重工同样面临资金与存货管理的挑战。更重要的是，目前风电行业的发展依然主要 依赖地方政府出台的政策及法规，如果海外市场政策生变，那么大金 ...

证券日报网讯大金重工9月22日在互动平台回答投资者提问时表示，公司主要生产和销售海上风电单 桩、过渡段、导管架、浮式基础以及塔筒等海工装备产品。 （文章来源：证券日报） ...

Core Viewpoint - The company has experienced rapid growth in its overseas business, achieving significant revenue and profit increases in the first half of 2025, primarily driven by the expansion of its offshore wind market presence [1][2]. Financial Performance - In H1 2025, the company reported revenue of 2.84 billion yuan, a year-on-year increase of 109.5%, and a net profit of 550 million yuan, up 214.3% [1]. - The gross margin was 28.2%, a slight decrease of 0.4 percentage points, while the net margin improved to 19.2%, an increase of 6.42 percentage points [1]. - Revenue from wind turbine tower business reached 2.69 billion yuan, a year-on-year increase of 119.5%, accounting for 94.5% of total revenue [2]. Market Dynamics - The overseas market contributed 2.24 billion yuan in revenue, a year-on-year increase of 195.8%, representing 79% of total revenue [2]. - The company is the only supplier in the Asia-Pacific region delivering offshore products to the European market, which is expected to see significant growth in offshore wind installations [2][3]. - The European offshore wind market is projected to add 126 GW from 2025 to 2034, with an annual average of 12.6 GW, significantly higher than the previous five years [2]. Strategic Initiatives - The company has signed new export orders for offshore products totaling 3 billion yuan in H1 2025, with cumulative export orders exceeding 10 billion yuan [3]. - It is expanding its production capacity and establishing offshore bases in regions like Europe and Southeast Asia, aiming for over 3 million tons of global capacity [3]. - The company is transitioning from a product supplier to a system service provider, enhancing its service offerings in the offshore wind sector [3]. Project Developments - As of H1 2025, the company has 500 MW of self-owned and invested renewable energy projects in operation, with an additional 950 MW of onshore wind projects under construction [4]. - The company has initiated a mid-term dividend policy, distributing 0.86 yuan per share, totaling approximately 54.84 million yuan, which is 10.04% of net profit [4].

Group 1 - The core viewpoint of the news is that Dajin Heavy Industry has shown significant growth in revenue and profit due to its focus on overseas markets and strategic investments in offshore wind power projects [1][2]. - Dajin Heavy Industry is the first listed company in China's offshore wind tower industry and is a global leader in offshore wind infrastructure and tower solutions, providing a comprehensive solution for offshore wind equipment [1]. - In the first half of 2025, the company achieved operating revenue of 2.841 billion yuan, a year-on-year increase of 109.48%, and a net profit of 563 million yuan, a year-on-year increase of 250.48%, marking the highest value for the same period in history [1]. Group 2 - The company has a self-owned operational scale of 500 MW in new energy projects, contributing 125 million yuan in revenue in the first half of the year, a year-on-year increase of 5.56% [2]. - The significant increase in net profit is attributed to a substantial rise in overseas shipping volume, with overseas revenue accounting for nearly 80% of total revenue, up 23 percentage points from the same period last year [2]. - The company has accumulated overseas offshore engineering orders totaling over 10 billion yuan, primarily scheduled for delivery over the next two years, covering multiple offshore wind project clusters in the North Sea and the Baltic Sea [2]. Group 3 - Dajin Heavy Industry signed a contract to design and build a heavy-duty wind power deck transport vessel for a South Korean shipping company, with a total contract value of approximately 300 million yuan [3]. - This order represents the company's first market-oriented shipbuilding contract, with a profit margin better than the current industry average [3]. - The company has successfully developed three types of special offshore transport vessels specifically for offshore wind equipment and major offshore components, significantly improving transportation efficiency compared to similar types of semi-submersible and deck barges [3].

Core Viewpoint - The report from Dongwu Securities indicates a significant divergence in the performance of the renewable energy sector, with wind power showing strong results while solar power faces challenges [1] Group 1: Financial Performance - In H1 2025, the renewable energy sector achieved revenues of 729.7 billion yuan, a decrease of 3% year-on-year, and a net profit attributable to shareholders of 11 billion yuan, down 46% [1] - The wind power segment generated revenues of 155.8 billion yuan in H1 2025, a decline of 32%, but net profit increased by 20% to 9.1 billion yuan [1] - In Q2 2025, the renewable energy sector's revenue was 411.5 billion yuan, flat year-on-year but up 29% quarter-on-quarter, with a net profit of 6 billion yuan, down 8% year-on-year but up 23% quarter-on-quarter [1] Group 2: Segment Analysis - The inverter segment showed positive growth with a year-on-year revenue increase of 30%, while the solar main and auxiliary chains continued to face pressure [2] - The battery segment's revenue increased by 8%, while other materials like silver paste and glass saw declines of 2% and 28%, respectively [2] - The profitability of auxiliary materials is under short-term pressure, but price increases in Q3 are expected to improve margins [4] Group 3: Supply Side Dynamics - The price of silicon materials hit a bottom in Q2 2025, with expectations for profitability to turn positive in H2 2025 as industry consolidation progresses [3] - The oversupply of silicon wafers is leading to increased competition, with price recovery anticipated in H2 2025 and 2026 [3] - The overall component prices have entered a bottom range, with potential for gradual recovery driven by demand and pricing adjustments [3] Group 4: Demand Trends - Demand for household storage is gradually recovering, with significant growth in commercial and large-scale storage [4] - The U.S. large-scale storage market is expected to see a surge in 2025, although growth may slow in 2026 [4] - European and Southeast Asian markets are experiencing robust demand, supported by subsidy policies and dynamic pricing models [4] Group 5: Wind Power Insights - Wind power production is experiencing high growth, with significant increases in installation and profitability [5] - The domestic market benefits from improved capacity utilization, leading to a positive shift in profitability for offshore products [5] - The overall wind power segment is in a favorable state, with strong order books and improved margins for leading manufacturers [5]

Group 1: Corporate Commitments and Shareholder Relations - The company is committed to fulfilling the promise made by the controlling shareholder in November 2020 regarding resolving industry competition issues within five years, with less than three months remaining until the deadline [2] - As of August 30, 2025, the number of shareholders is 40,934, and any potential share issuance will be disclosed in a timely manner [7] - The company has not yet received notification of the completion of share reduction by major shareholders as of the latest update [3] Group 2: Sales and Market Expansion - The core drivers for the increase in tower sales in 2025 are the overall growth in the domestic and international wind power industries and the enhancement of the company's marketing capabilities [3] - The company aims to expand its photovoltaic power station layout based on market trends and policy guidance, focusing on resource reserves through diversified cooperation [4] - The company has achieved a breakthrough in overseas orders, with a focus on Southeast Asia, the Middle East, Central Asia, and South America, where the gross profit margin for overseas projects is higher than that of domestic projects [8] Group 3: Business Development and Performance - The company’s renewable energy generation business has reached a scale of 681.3 MW, including 118 MW of solar power stations and 563.3 MW of wind farms, with 97.6 MW under construction [7] - Key performance growth factors include the implementation of the "Two Seas Strategy," increased R&D for marine engineering products, and optimization of manufacturing capacity [5] - The company is actively seeking and evaluating locations for offshore wind power projects to support the expansion of its offshore wind power product line [8] Group 4: Financial Management and Market Perception - The company is focused on enhancing operational efficiency and market competitiveness to stabilize its market value, including share buybacks and planned mid-term dividends [8] - Long-term loans are primarily used for purchasing raw materials and investing in fixed asset projects, including manufacturing bases and renewable energy plants [8] - The company is committed to transparent communication with investors to enhance market recognition and support long-term value growth [8]

Core Viewpoint - The Guangxi Zhuang Autonomous Region government has issued an action plan to enhance and extend the supply chain of key advantageous manufacturing industries, focusing on clean energy development and technological advancements in various sectors [1] Group 1: Clean Energy Development - The action plan emphasizes the large-scale development of offshore wind power, photovoltaic power, nuclear energy, and biomass power, along with significant technological breakthroughs [1] - There is a push for integrated development of source, grid, load, and storage systems [1] Group 2: New Energy Storage Technologies - Guangxi aims to promote new energy storage technologies such as sodium-ion batteries and solid-state lithium-ion batteries [1] - Support will be provided for wind and photovoltaic power companies to build storage facilities, and industrial parks and enterprises are encouraged to deploy energy storage stations [1] Group 3: Core Product Development - The plan focuses on strengthening core products like wind turbines, blades, and towers, while also developing supporting materials such as steel for tower tubes and composite materials for blades [1] - Exploration of application scenarios combining offshore wind power with marine ranching, hydrogen energy, and tourism is encouraged [1] Group 4: Photovoltaic Manufacturing Enhancement - The action plan aims to enhance the technology upgrade and capacity optimization of core manufacturing processes for photovoltaic glass, components, and cells [1] - There is an active effort to attract supporting industries such as photovoltaic adhesive films, inverters, and maintenance equipment [1] Group 5: New Energy Battery Industry Focus - The new energy battery industry will concentrate on key areas such as anode and cathode materials, electrolytes, separators, and battery cells [1] - The plan includes initiatives to improve charging and swapping facilities in county areas and to promote a comprehensive layout for hydrogen energy production, storage, transportation, and utilization [1]

Core Insights - The company reported a revenue of 1.35 billion yuan for the first half of 2025, a year-on-year decrease of 19.6%, while achieving a net profit attributable to shareholders of 66 million yuan, marking a return to profitability [1] - The company experienced significant growth in the first quarter of 2025, with a revenue of 436 million yuan, representing a year-on-year increase of 251%, although the net profit attributable to shareholders decreased by 13.3% [1] Operational Analysis - The company benefited from the intensive commencement of domestic offshore wind projects in the first half of the year, leading to a substantial increase in revenue across its main products: tower products generated 290 million yuan in revenue, up 124% year-on-year, with a gross margin of 11.9%, an increase of 18.4 percentage points; pile foundation business revenue reached 1.56 billion yuan, up 1093%, with a gross margin of 16.3%, an increase of 10.8 percentage points; and the conduit frame business generated 140 million yuan, up 85%, with a gross margin of 19.4%, an increase of 23.2 percentage points [2] - As of the end of the reporting period, the company had signed contracts with an unfulfilled revenue amount of 4.53 billion yuan, indicating a robust order backlog that is expected to sustain high revenue growth in the second half of the year [2] - The company is proactively establishing production bases in response to national wind power policy directions and local wind farm approvals, with multiple existing bases and plans for new ones, positioning itself to benefit from the anticipated demand release in the 14th Five-Year Plan for offshore wind [2] Profit Forecast and Valuation - Based on the company's semi-annual report and the latest industry assessments, the projected net profits attributable to shareholders for 2025, 2026, and 2027 are 660 million yuan, 930 million yuan, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 26, 18, and 14 times, maintaining a "buy" rating [3]

Summary of Haile Wind Power Conference Call Company Overview - **Company**: Haile Wind Power - **Industry**: Offshore Wind Power Key Financial Performance - **Q2 2025 Revenue**: 1.593 billion CNY, with a net profit of 141 million CNY and a non-recurring net profit of 137 million CNY, benefiting from offshore wind projects [1][3] - **H1 2025 Revenue**: 2 billion CNY, a year-on-year increase of 461%, with a net profit of 205 million CNY, up 90% [3] - **Q2 2025 Shipment Volume**: 198,000 tons, with significant contributions from Jiangsu offshore wind farms, particularly the Dafeng project [3] Product Structure and Market Trends - **Product Shipment Structure**: - Q1 2025: Installation 86%, Tower 12%, Jacket 1.75% - Q2 2025: Installation 77%, Tower 14%, Jacket 5% - Expectation for H2 2025: Jacket proportion to exceed 30%, and over 50% by 2026 [3][4] - **Production Capacity**: - Eight major bases with varying capacities, including 100,000 tons for Dongying and Rushan, and 80 sets for the Jiangsu Qidong base dedicated to jackets [5] Strategic Initiatives - **International Expansion**: Actively tracking 15 European projects, including the UK LT project, with contracts expected next year and production starting between 2027-2028 [6] - **Production Challenges**: Anticipated capacity shortages due to a shift towards deep-sea projects starting in 2026 [7][8] Technical Developments - **Deep-Sea Jacket Specifications**: Increased weight and size due to water depth, with the first jacket exceeding 3,000 tons and 100 meters in height [9] - **Profitability**: Deep-sea jackets show significantly higher profitability compared to nearshore jackets, although specific figures are not disclosed [11] Order and Revenue Outlook - **Current Orders**: Approximately 4.5 billion CNY (excluding tax), corresponding to 600,000 tons, with plans to focus on higher-margin projects in 2026 [2][10] - **Debt Recovery**: Plans to gradually recover bad debts by year-end, with significant cash inflows expected from warranty payments [18] Future Market Expectations - **Domestic Offshore Wind Installation**: Expected to be between 8 to 10 GW in 2025, with potential delays in project approvals [13] - **European Market Growth**: Anticipated significant growth in the European jacket market, particularly in the UK, as offshore wind demand resumes [16] Additional Insights - **Electric Station Disposal Plan**: Plans to gradually trade six electric stations, with five to be sold to major shareholders [19] - **Production Facility Upgrades**: Ongoing solidification of production bases, with new facilities planned to enhance domestic single-pile production [12]