证券研究报告·公司研究简报·风电设备 天顺风能（002531） 短期承压，后续有望迎来修复拐点 2026 年 01 月 04 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,727 | 4,860 | 4,957 | 7,658 | 8,917 | | 同比（%） | 14.67 | (37.10) | 1.99 | 54.49 | 16.44 | | 归母净利润（百万元） | 795.23 | 204.44 | 175.51 | 757.79 | 977.35 | | 同比（%） | 26.53 | (74.29) | (14.15) | 331.77 | 28.97 | | EPS-最新摊薄（元/股） | 0.44 | 0.11 | 0.10 | 0.42 | 0.54 | | P/E（现价&最新摊薄） | 15.50 | 60.30 | 70.23 | 16.27 | 12.61 | [Table_ ...

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

华夏创业板中盘200ETF发起式联接A（020837）基金经理为华龙。 数据显示，华夏基金旗下1只基金重仓海力风电。华夏创业板中盘200ETF发起式联接A（020837）三季 度持有股数100股，与上期相比持股数量不变，占基金净值比例为0.02%，位居第二大重仓股。根据测 算，今日浮盈赚取约81元。 华夏创业板中盘200ETF发起式联接A（020837）成立日期2024年3月5日，最新规模2698.22万。今年以 来收益29.03%，同类排名1893/4189；近一年收益24.04%，同类排名2170/4188；成立以来收益52.62%。 12月31日，海力风电涨1.01%，截至发稿，报81.40元/股，成交7260.61万元，换手率0.74%，总市值 176.96亿元。 资料显示，江苏海力风电设备科技股份有限公司位于江苏省如东经济开发区金沙江路北侧、井冈山路东 侧，成立日期2009年8月18日，上市日期2021年11月24日，公司主营业务涉及国家产业政策允许的风力 发电设备的零部件研发、生产、销售;农业机械、港口机械、环保机械生产、销售;钢结构、机电设备安 装;钢材销售。(依法须经批准的项目,经相关部门批准 ...

12月24日，海力风电涨2.08%，成交额2.49亿元。两融数据显示，当日海力风电获融资买入额1589.46万 元，融资偿还1730.99万元，融资净买入-141.52万元。截至12月24日，海力风电融资融券余额合计1.78 亿元。 截至11月28日，海力风电股东户数1.71万，较上期减少4.89%；人均流通股7213股，较上期增加5.14%。 2025年1月-9月，海力风电实现营业收入36.71亿元，同比增长246.01%；归母净利润3.47亿元，同比增长 299.36%。 分红方面，海力风电A股上市后累计派现2.37亿元。近三年，累计派现4130.44万元。 机构持仓方面，截止2025年9月30日，海力风电十大流通股东中，广发高端制造股票A（004997）位居 第六大流通股东，持股189.90万股，为新进股东。兴全合润混合A（163406）位居第七大流通股东，持 股156.62万股，为新进股东。香港中央结算有限公司位居第九大流通股东，持股127.57万股，相比上期 减少55.99万股。贝莱德中国新视野混合A（013426）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，海力风电当日融资买入1589. ...

近日，浙江省十四届人大常委会第二十一次会议审议并通过《浙江省海洋经济高质量发展促进条例》 (以下简称《条例》)。《条例》中提到，省和沿海设区的市、县(市、区)人民政府应当推动海上风电向 深远海拓展，支持沿海核电、潮流能、波浪能、潮汐能等清洁能源的发展利用，探索海陆协同的能源基 地建设，推动海洋新能源多元化开发利用。 平安证券认为，1)全球海上风电需求景气，看好产业链相关企业盈利修复和出海拓展。建议关注三条投 资主线：一、全球海风需求景气，优选海缆环节。海缆环节竞争格局优良，业绩弹性好，是最有望受益 于海风景气度提升的环节。二、海风出海+整机盈利水平修复：关注整机环节。海外市场成本压力大、 可选海风整机供应商少，国内海风整机在大型化、成本和交付能力方面具备优势，需求景气下有望迎来 出海机遇，继续关注下半年整机企业海外建厂和订单进展情况。国内风机均价修复，风机企业盈利水平 改善可期。三、漂浮式：关注系泊链、漂浮式风机。需求端，多个海外大型漂浮式海上风电场取得重大 进展；供给端，明阳漂浮式海上风机迎来突破，漂浮式产业趋势逐步清晰。 国信证券认为，在国内海上风电市场，预计2026年新增装机提升至11—15GW区间，同 ...

12月23日，海力风电涨2.20%，成交额2.53亿元。两融数据显示，当日海力风电获融资买入额1811.84万 元，融资偿还1312.97万元，融资净买入498.87万元。截至12月23日，海力风电融资融券余额合计1.79亿 元。 融资方面，海力风电当日融资买入1811.84万元。当前融资余额1.77亿元，占流通市值的1.01%，融资余 额低于近一年20%分位水平，处于低位。 截至11月28日，海力风电股东户数1.71万，较上期减少4.89%；人均流通股7213股，较上期增加5.14%。 2025年1月-9月，海力风电实现营业收入36.71亿元，同比增长246.01%；归母净利润3.47亿元，同比增长 299.36%。 分红方面，海力风电A股上市后累计派现2.37亿元。近三年，累计派现4130.44万元。 融券方面，海力风电12月23日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.61 万元；融券余量2.41万股，融券余额193.52万元，超过近一年80%分位水平，处于高位。 资料显示，江苏海力风电设备科技股份有限公司位于江苏省如东经济开发区金沙江路北侧、井冈山路东 侧，成立日期2 ...

Summary of Wind Power Industry Conference Call Industry Overview - The wind power industry in China is showing strong performance, with domestic bidding data indicating a potential total of 130-140 GW for 2024, possibly reaching 160 GW, which is on par or higher than last year [1][2] - The offshore wind power sector is particularly robust, with bidding volumes around 10 GW, primarily concentrated in Guangdong and Zhejiang [2][13] Key Insights and Arguments - **Bidding Data**: As of December 10, 2024, bidding data is close to 120 GW, with a significant increase in bidding activity in early December, suggesting that the total installed capacity for the year may exceed 103 GW [1][2] - **Wind Turbine Prices**: Wind turbine prices have been on the rise, with average bidding prices reaching 1,857 RMB/kW (excluding towers) for certain projects. The average price for 5-7 MW turbines was over 1,770 RMB, while 10 MW projects averaged 1,280 RMB [4] - **Future Installations**: The expected installed capacity for 2025 is around 120 GW, showing significant growth compared to 2024. The market consensus indicates that total installations will be higher than this year [5][10] - **Component Prices**: There is a low probability of significant price increases for components, although some core components like bearings and gearboxes are experiencing tight demand [6][7] - **Hydrogen and Ammonia Policies**: New policies promoting green fuels, including hydrogen and ammonia, are expected to positively impact the wind power sector, enhancing future installation expectations [12] Additional Important Points - **Offshore Wind Power Trends**: From 2026, more than half of the projects will utilize jacket foundations instead of monopiles, indicating a shift in demand dynamics [14][16] - **European Market Outlook**: The European offshore wind market is optimistic, with several projects entering construction phases and new bidding rounds expected to bring more opportunities for Chinese companies [15][18][19][20] - **Southeast Asia Opportunities**: Countries like the Philippines and Vietnam are initiating offshore wind projects, which could provide significant opportunities for Chinese firms [21] - **Competitive Landscape**: Companies like Goldwind, Haizhuang Wind Power, and Tianjun Wind Power are well-positioned in the foundational pile segment, while smaller firms like Taisheng may also capture market share [22] This summary encapsulates the key points from the conference call regarding the wind power industry, highlighting both current performance and future expectations.

每经AI快讯，有投资者在投资者互动平台提问：之前公司董事长曾强调海工基地依赖"稀缺岸线资源"， 新建码头需3-5年审批周期构成进入壁垒。但竞争对手如大金重工、海力风电也在江苏、广东密集布局 基地。天顺风能虽已布局七大沿海区域，但部分基地如揭阳、汕尾均位于广东，区域集中度较高。请 问：如何评估当前岸线资源布局的独占性和排他性？在江苏射阳、广东阳江等热点区域，如何避免陷入 同质化竞争？公司各基地的"精准定位"和"错位选择"具体体现在哪些客户或项目层面？ （记者 王晓波） 天顺风能（002531.SZ）12月6日在投资者互动平台表示，江苏、广东是国内海上风电发展的领先省份， 公司几个主要基地布局在射阳、揭阳、汕尾、阳江等地，这几个区域也是国内海风发展的聚集区。各基 地依据自身定位和市场需求进行产品定位，如射阳侧重大单桩，南方几个基地聚焦导管架与漂浮式平 台。通州湾基地聚焦出口市场，产品以风电海工为主，补充拓展油气平台、特种船舶类产品。详细也请 查阅定期报告对业务的描述。 ...

Core Viewpoint - Daikin Heavy Industries has secured a significant overseas wind power contract worth approximately 1.339 billion yuan, marking a strategic expansion into the renewable energy sector while achieving impressive financial performance in recent quarters [1][2]. Group 1: Overseas Orders - Daikin Heavy Industries' subsidiary, Penglai Daikin, signed an exclusive supply contract for an offshore wind farm project in Europe, valued at about 1.339 billion yuan, which represents 35.41% of the company's audited revenue for 2024 [2]. - The company has accumulated nearly 3 billion yuan in overseas orders since the beginning of the year, with total overseas offshore engineering orders exceeding 10 billion yuan [2]. - Daikin Heavy Industries has become the leading supplier of offshore wind power foundation equipment in Europe, with a market share increase from 18.5% in 2024 to 29.1% in 2025 [3]. Group 2: New Energy Development - The company is transitioning from a single equipment supplier to an integrated service provider, focusing on both equipment manufacturing and project operation in the renewable energy sector [4]. - Daikin Heavy Industries is investing in a 950,000 kW onshore wind power project in Tangshan, with a total investment not exceeding 4.38 billion yuan, which includes multiple sub-projects [4][5]. - The company has achieved significant milestones in its new energy projects, including a 250 MW wind power project that generated over 666 million kWh and contributed more than 200 million yuan in revenue [4]. Group 3: Financial Performance - For the first three quarters of 2025, Daikin Heavy Industries reported a revenue of 4.595 billion yuan, a year-on-year increase of 99.25%, and a net profit of 888 million yuan, reflecting a substantial growth of 214.63% [1][5].

Core Viewpoint - The company, Dajin Heavy Industry, is experiencing significant growth in its wind power equipment business and is expanding its renewable energy projects, highlighted by a recent exclusive supply contract worth approximately 1.339 billion yuan for an offshore wind farm project with a European energy company [1][2]. Group 1: Offshore Wind Power Contracts - Dajin Heavy Industry's subsidiary, Penglai Dajin, signed an exclusive supply contract for an offshore wind farm project with a total value of approximately 1.339 billion yuan, which accounts for about 35.41% of the company's audited revenue for 2024 [2][3]. - The company has seen explosive growth in its overseas business, frequently securing large orders, including a recent contract worth approximately 1.25 billion yuan for a large offshore wind project [2]. - The company’s other subsidiary, Panjin Dajin, signed a contract worth approximately 285 million yuan for the construction of a semi-submersible barge with a Norwegian shipowner [2]. Group 2: Financial Performance - Dajin Heavy Industry reported a revenue of 4.595 billion yuan for the first three quarters of the year, representing a year-on-year increase of 99.25%, and a net profit attributable to shareholders of 888 million yuan, a year-on-year increase of 214.63% [2]. Group 3: Onshore Wind Power Projects - The company is also expanding its renewable energy business, with plans to invest in a 950,000 kW onshore wind power project in Tangshan, with a total investment not exceeding 4.38 billion yuan [4]. - The new onshore wind project is expected to significantly enhance the company’s renewable energy generation capacity and optimize its revenue structure, strengthening its market position in North China [4]. Group 4: Strategic Transition - Dajin Heavy Industry's investments in renewable energy projects reflect a strategic shift from being solely an equipment manufacturer to becoming a comprehensive energy service provider that integrates development, construction, and operation [4][5]. - The company aims to achieve industry chain synergy and sustainable development by prioritizing the use of self-produced wind power equipment in its projects, creating a virtuous cycle of "sales promoting production" [5].