Core Viewpoint - The wind power industry in China is experiencing a significant recovery, with many companies reporting substantial profit growth in their 2025 mid-year performance forecasts, indicating a positive trend compared to the same period last year [1][2]. Industry Overview - The wind power industry chain, including components like blades, flanges, foundations, and towers, has shown profitability and growth, with several companies reporting performance increases of up to 100% year-on-year [1]. - The domestic wind power bidding volume reached a historical high in 2024, boosting installation expectations for the industry [1][7]. - Changes in bidding rules by state-owned enterprises have shifted the focus from low prices to product quality and service, creating a healthier competitive environment [1][7]. Company Performance - Leading wind power blade manufacturer, Zhongcai Technology, expects a profit of 800-1,000 million yuan for the first half of 2025, a year-on-year increase of 80%-123% [2]. - Dajin Heavy Industry anticipates a net profit of 510-570 million yuan, reflecting a year-on-year growth of 223%-261%, driven by significant overseas business growth [2][4]. - Jixin Technology, a leader in wind power castings, projects a profit of 65.94-96.87 million yuan, marking a year-on-year increase of 96.61%-188.84% [4]. - Hengrun Co. expects to turn a profit of 35-45 million yuan, benefiting from the recovery of the wind power sector and the release of new product capacities [5]. - Guoda Special Materials forecasts a revenue of approximately 2.5 billion yuan, a year-on-year increase of 32.91%, with a net profit increase of 367.51% [5][6]. Supporting Factors for Recovery - Strong demand from the market, with the domestic wind power installation scale expected to reach 112 GW in 2025, representing a 25% increase [7]. - The average bidding price for onshore wind turbines has risen by about 10% compared to 2024, indicating a return to rational pricing [8]. - Technological upgrades and strategic breakthroughs in supply-side capabilities have led to value release across the industry [9]. Challenges Ahead - Despite some companies reporting recovery, challenges remain, with certain firms still facing losses and the industry experiencing internal differentiation [10][11]. - Companies like Tiensun Wind Energy are projecting a significant decline in profits due to strategic adjustments and project delays [12]. - The industry must transition from price competition to high-quality, sustainable development to achieve long-term stability and growth [14][15].

Core Viewpoint - Daikin Heavy Industries has achieved significant growth in overseas expansion, with impressive financial results in Q1 2025, indicating a strong position in the offshore wind market [2][3]. Financial Performance - In Q1 2025, Daikin Heavy Industries reported revenue of 1.14 billion yuan, a year-on-year increase of 146.36% [2]. - The net profit attributable to shareholders reached 231 million yuan, up 335.91% year-on-year, while the net profit excluding non-recurring items was 246 million yuan, reflecting a 448.47% increase [2]. - The company's gross margin and net margin for Q1 2025 were 30.95% and 20.25%, respectively, both reaching record highs [3]. Export and Market Position - The company experienced a significant increase in the shipment volume of offshore engineering products, achieving the highest level for the same period in history [3]. - Daikin Heavy Industries has been actively expanding its overseas market share since entering the European offshore wind market in 2019, positioning itself among the top tier of global wind power equipment manufacturers [3]. Yearly Overview - In 2024, Daikin Heavy Industries reported total revenue of 3.78 billion yuan, a decrease of 12.61% year-on-year, while net profit and net profit excluding non-recurring items were 474 million yuan and 433 million yuan, showing increases of 11.46% and 17.7%, respectively [4]. - The company's gross margin and net margin for 2024 were 29.83% and 12.54%, with year-on-year increases of 6.59 and 2.71 percentage points [4]. Domestic vs. Export Business - In 2024, the domestic business segment generated revenue of 2.047 billion yuan, down 21.6%, while export revenue was 1.733 billion yuan, up 1.07% [4]. - The proportion of domestic revenue decreased from 60.36% to 54.15%, while export revenue's share increased from 39.64% to 45.85% [4]. Cash Flow and Assets - The gross margins for domestic and export businesses were 22.5% and 38.48%, respectively, with year-on-year increases of 1.85 and 11.28 percentage points [5]. - Operating cash flow for 2024 was 1.083 billion yuan, a year-on-year increase of 33.97% [5]. - As of the end of Q1 2025, total assets reached 12.746 billion yuan, a 10.24% increase from the previous year, while equity attributable to shareholders was 7.503 billion yuan, up 3.17% [5].

浙商早知道 证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 18 日 2025 年 03 月 18 日 大势：3 月 17 日上证指数上涨 0.19%，沪深 300 下跌 0.24%，科创 50 下跌 0.45%，中证 1000 上涨 0.28%，创业板 指下跌 0.52%，恒生指数上涨 0.77%。 行业：3 月 17 日表现最好的行业分别是建筑材料（+2.05%)、环保（+1.88%)、综合（+1.6%)、房地产（+0.96%)、 汽车（+0.93%)，表现最差的行业分别是有色金属（-0.79%)、美容护理（-0.73%)、钢铁（-0.6%)、非银金融（-0.59%)、 煤炭（-0.35%)。 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 资金：3 月 17 日全 A 总成交额为 16209 亿元，南下资金净流入 104.83 亿港元。 重要推荐 【浙商电新 邱世梁/陈明雨】大金重工（002487）公司深度：风电出海选塔桩，塔桩龙头看大金——20250317 http://www.stocke.com. ...