向海而兴，驭风而行。在我国能源结构向低碳化深度转型的浪潮中，海上风电正以强劲动能，成为驱动 能源转型与海洋经济崛起的核心引擎。 过去一年，从顶层设计到行业规划，再到沿海省份密集落地重大项目，海上风电的战略定位愈发清晰。 一方面，海上风电以稳定、可规模化的清洁输出，为推进"双碳"目标提供坚实底座；另一方面，它牵引 船舶制造、海工装备、海洋牧场等多条产业链延伸，成为带动海洋经济增长的新动能。 从近岸浅海到深远海，海上风电正以更快速度、更大规模、更稳技术向蓝海挺进。国家能源局数据显 示，截至今年9月底，我国海上风电累计装机容量达4461万千瓦，连续四年位居全球第一。 多方协同 不断提升国际竞争力 今年以来，从中央到地方密集释放政策信号，明确海上风电在未来能源体系中的关键位置。 今年7月份召开的中央财经委员会第六次会议提出，"要做强做优做大海洋产业，推动海上风电规范有序 建设"。10月份，国家能源局综合司副司长、新闻发言人张星在国家能源局举行的四季度新闻发布会上 表示，"十五五"期间，将"加大海上风电开发力度，完善顶层设计，加快研究出台深远海海上风电规划 性文件和管理办法，推动海上风电规范有序建设。"一系列政策密集落 ...

结论与建议： 截止2025 年半年报，公司自持新能源项目500MW（其中250MW 渔光互补发电项目5 月并网），上半年 新能源发电收入1.25 亿元，毛利率73.94%，毛利额占比11.5%。新项目建成后，公司自持项目规模将达 到1450MW，有望进一步增厚利润。 盈利预期： 我们上调公司2025/2026/2027 年的净利润分别至11.9/15.9/21.6 亿 元,YOY+152%/+33%/+35%，EPS 分别为1.87/2.50/3.38元，A 股按当前价格计算，对应2025/2026/2027 年PE 为26/19.6/14.5倍，建议买进。 该项目预计于2027 年交付完毕。 随着欧洲海风建设加速，公司前三季度实现营收45.95 亿元，YOY+99%，实现净利润8.87 亿元， YOY+214.6%。海外销售占比近八成。前三季度公司在手海外海工订单已经累计超100 亿元，预计在26- 27 年集中交付，未来2 年海外收入有望维持20%以上增速。公司正在积极布局自有运输船只，以及建设 欧洲总装基地，来提升交付能力。 公司拟投资建设3 个陆风项目：公司发布公告，拟投资建设大金重工曹妃甸区700M ...

Group 1: Government Policies and Regulations - The Ministry of Finance announced that starting from June 2026, personal pension savings bonds (electronic) will be included in the range of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] - The China Securities Regulatory Commission (CSRC) stated that H-share accounting firms will undergo comprehensive evaluations annually, and those failing to meet basic requirements will have their recommendations withdrawn [1] Group 2: Company News - Chaozhuo Aerospace announced that due to significant matters being planned by its controlling shareholders, the company's stock will be suspended from trading starting November 24, with an expected suspension period of no more than two trading days [3] - Shandong Road and Bridge announced plans for its subsidiaries to participate in the bidding for a highway construction project with an estimated contract value of 10.2 billion yuan, with a maximum investment commitment of 1.457 billion yuan from its subsidiaries [3] - Hesheng New Materials disclosed a share transfer agreement where its controlling shareholders will transfer 44.66 million shares (18% of total shares) to Shanghai Moer Zhixin at a price of 33.71 yuan per share, resulting in a change of control [4] - *ST Zhongzhuang announced a restructuring plan involving a capital increase of approximately 990 million shares, with 740 million shares allocated for introducing restructuring investors and 250 million shares for debt repayment [5] - *ST Sansheng received court approval for its restructuring plan, which will enter the execution phase, potentially improving its financial structure and operational sustainability [5] - Tiandi Online decided to terminate its asset acquisition and fundraising plans due to market conditions, ensuring no significant adverse impact on its main business [6] - Saiwei Electronics reported abnormal stock trading due to a cumulative price increase exceeding 30% over three trading days, linked to a proposed acquisition of shares in Beijing Xindonglai Semiconductor Technology [6][7] - Dajin Heavy Industry announced a contract worth approximately 1.339 billion yuan for exclusive supply related to an offshore wind farm project, representing 35.41% of its audited revenue for 2024 [8]

Core Viewpoint - The company has signed a significant exclusive supply contract for an offshore wind farm project in Europe, which is expected to positively impact its financial performance in 2027 [1] Group 1: Contract Details - The total contract amount is approximately RMB 13.39 billion, accounting for about 35.41% of the company's audited revenue for 2024 [1] - The project will be delivered by 2027, and the company will provide a comprehensive range of services including product construction, transportation, storage, and assembly [1] - The revenue recognition from this contract will depend on the agreement terms and accounting principles, with uncertainties regarding the final revenue amount and timing due to the long implementation period and foreign currency settlement [1] Group 2: New Wind Power Projects - The company plans to invest in two wind power projects in Tangshan, Hebei Province, with a total capacity of 950,000 kW and a total investment not exceeding RMB 43.80 billion [2] - The projects will have a capital contribution ratio of 20%, amounting to a maximum of RMB 8.76 billion, funded by the company's own resources, with the remainder financed through loans [2] - The expected construction periods are 12 months for the Caofeidian projects and 18 months for the Fengnan project, with an operational lifespan of 20 years [2] Group 3: Project Performance Metrics - The Caofeidian guaranteed project is expected to have an annual equivalent full-load hour of 2,765 hours, with a pre-tax internal rate of return (IRR) of approximately 17.05% [2] - The Caofeidian market-oriented project is projected to have an annual equivalent full-load hour of 2,656 hours, with a pre-tax IRR of about 13.27% [2] - The Fengnan project is anticipated to have an annual equivalent full-load hour of 2,388 hours, with a pre-tax IRR of around 11.82% [2] Group 4: Company Performance and Strategy - The company has reported significant achievements in the first half of the year, with an increasing proportion of revenue from offshore wind projects and nearly 80% of revenue coming from overseas [3] - The company has experienced strong growth in its overseas business since the second half of the year, maintaining a high level of production and shipment activity [3]

Core Viewpoint - The company has secured a significant contract for an offshore wind power project, which will substantially contribute to its revenue in 2024 [1] Group 1: Contract and Financial Impact - The company's wholly-owned subsidiary, Penglai Daikin Marine Engineering Co., Ltd., has signed an exclusive supply contract for a certain offshore wind farm project with a European energy company, with a total contract value of approximately 1.339 billion RMB [1] - This contract represents about 35.41% of the company's audited revenue for the fiscal year 2024 [1] Group 2: Investment Projects - The company plans to invest in the construction of a 700,000 kW onshore wind power project in Caofeidian District, which includes a 350,000 kW guaranteed project and a 350,000 kW market-oriented subproject [1] - Additionally, the company will invest in a 250,000 kW wind power project in Tangshan Fengnan [1] - The total capital contribution for these three projects will not exceed 876 million RMB, with a funding ratio of 20%, to be financed through the company's own funds and loans from financial institutions [1] - The external investment does not constitute a related party transaction or a major asset restructuring [1]

Core Viewpoint - The company has signed an exclusive supply contract for a transitional phase of an offshore wind farm project with a European energy company, amounting to approximately 1.339 billion yuan [1] Group 1 - The contract is with the company's wholly-owned subsidiary, Penglai Dajin Marine Engineering Co., Ltd. [1] - The total contract value is approximately 1.339 billion yuan [1] - The company will provide a one-stop service including product construction, transportation, storage, and assembly for the client [1]

Core Viewpoint - The company has signed an exclusive supply contract for a transitional segment of an offshore wind farm project with a European energy company, amounting to approximately 1.339 billion yuan [1] Group 1 - The contract is with the company's wholly-owned subsidiary, Penglai Daikin Ocean Engineering Co., Ltd. [1] - The total contract value is approximately 1.339 billion yuan [1] - The company will provide a one-stop service including product construction, transportation, storage, and assembly for the client [1]

格隆汇11月21日丨大金重工(002487.SZ)公布，全资子公司蓬莱大金海洋重工有限公司（简称"蓬莱大 金"）与欧洲某能源企业签署了某海上风电场项目过渡段独家供应合同。合同总金额折合人民币约13.39 亿元，占公司2024年度经审计营业收入的比例约35.41%。 ...

格隆汇11月21日｜大金重工公告，公司全资子公司蓬莱大金海洋重工有限公司与欧洲某能源企业签署了 某海上风电场项目过渡段独家供应合同。合同总金额折合人民币约13.39亿元，占公司2024年度经审计 营业收入的比例约35.41%。本合同签订后实施周期较长并以外币作为结算货币，项目最终确认收入金 额和时间存在不确定性，敬请广大投资者注意投资风险。 ...

Core Viewpoint - The company has signed an exclusive supply contract for a transitional phase of an offshore wind farm project with a European energy company, which is expected to significantly impact its future revenue [1] Group 1: Contract Details - The total contract amount is approximately 1.339 billion RMB, which accounts for about 35.41% of the company's audited revenue for the fiscal year 2024 [1] - The delivery of the products under this contract is scheduled to be completed by 2027 [1] Group 2: Financial Impact - The execution of this contract is anticipated to have a positive effect on the company's operating performance in 2027 [1]