丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 0.5 亿元，同比下降 17.5%；扣非净利润约 0.4 亿元，同比下降 16.1%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨泰胜风能（300129.SZ） [Table_Title] 泰胜风能：Q1 盈利短暂承压，订单同比高增有 望支撑业绩释放 1 [Table_Author] SFC：BQK482 SFC：BUD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 邬博华 曹海花 司鸿历 周圣钧 泰胜风能（300129.SZ） cjzqdt11111 [Table_Title 泰胜风能：Q12] 盈利短暂承压，订单同比高增有 望支撑业绩释放 [Table_Summary2] 事件描述 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 ...

Investment Rating - The report maintains a "Recommended" investment rating for the wind power and grid equipment industry [2]. Core Insights - The wind power sector has shown significant improvement in profitability, driven by strong demand for onshore wind installations and enhanced supply chain performance. The industry is expected to continue its positive trend into the second half of 2025, with domestic onshore wind installations projected to reach 100 GW and state grid investments anticipated to exceed 650 billion yuan [9]. - The grid equipment sector is experiencing sustained growth, supported by domestic grid investments and increasing demand from data centers and international markets. The overall performance of the grid equipment industry remains robust, with positive growth across all segments [9]. Summary by Sections Wind Power - The wind power equipment industry achieved a revenue of 192 billion yuan in 2024, a year-on-year increase of 4.37%, but the net profit decreased by 21.03% to 5.8 billion yuan. In Q1 2025, revenue was 37.2 billion yuan, down 0.79% year-on-year, while net profit rose by 18.74% to 1.2 billion yuan [8][28]. - The analysis of 32 representative companies revealed that the bearing, casting, and forging segments saw substantial profit increases in Q1 2025, with net profit growth rates of 381.85%, 120.39%, and 52.77% respectively. This was attributed to increased demand, price hikes, and product structure optimization [40]. - The turbine and submarine cable segments experienced revenue growth but a decline in net profit, with net profit changes of -27.69% and -1.45% respectively. The tower and pile segment saw revenue and net profit improvements, with major players like Dajin Heavy Industry leading in overseas orders [8][49]. Grid Equipment - The grid equipment industry reported a revenue of 785.2 billion yuan in 2024, a year-on-year increase of 8.21%, while net profit fell by 11.37% to 36.7 billion yuan. In Q1 2025, revenue was 169.8 billion yuan, up 6.58%, and net profit increased by 8.33% to 9.3 billion yuan [9][35]. - All segments within the grid equipment sector showed positive growth, with transformers and combination electrical devices experiencing high growth rates. The transformer segment's net profit growth exceeded 30% for several companies, driven by increased orders from data centers [61][65]. - The report highlights that the grid equipment sector is benefiting from both domestic and international demand, with companies optimizing their production capacities globally to capitalize on the rising trend in grid investments [9][61].

行业点评观点：根据风电头条数据统计，2025 年 1 月央企陆上和海上风电项 目机组开标总规模约 6.24GW，中标规模最大的三家整机商合计中标规模 3.4GW，品牌集中度较高。均价方面，含塔筒海风项目中标均价为 2910.00 元 /kw，环比上月下降 10.19%；不含塔筒陆风项目中标均价为 1422.39 元/kW， 同比、环比均有所下降；含塔筒陆风项目中标均价为 2122.42 元/kW，同比、 环比均有所提升，主要原因是部分开标项目容量较小从而导致单价较高。 证券研究报告 | 行业周报 2025 年 02 月 17 日 风电周报（2025.2.10-2025.2.16） 五部门印发重点风电低碳技术，广东 300MW 海风机组启动招标 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.42 | 0.66 | 17.57 | 11.13 | | ...