Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu New Energy (603693) [1] Core Viewpoints - The report emphasizes that the offshore wind power sector is poised for significant growth, with Jiangsu New Energy being a key player in this space. The company is expected to benefit from favorable policies and market conditions as the government pushes for the development of marine economy and offshore wind projects [3][9] - The anticipated profit from the company's approved offshore wind projects is estimated to be between 400 to 600 million yuan, indicating substantial growth potential [4] - The report highlights the company's strong financial performance, with projected revenues and profits showing a positive trend over the next few years [5][10] Financial Summary - Total revenue is projected to increase from 1,946 million yuan in 2023 to 2,814 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.5% [5] - The net profit attributable to shareholders is expected to rise from 472 million yuan in 2023 to 758 million yuan in 2026, with a notable increase of 60.3% in 2025 [5] - Earnings per share (EPS) is forecasted to grow from 0.53 yuan in 2023 to 0.85 yuan in 2026 [5] Market and Policy Context - Recent government initiatives in Jiangsu, Shanghai, Shandong, and Guangxi emphasize the importance of offshore wind power in driving marine economic development, which is expected to create a favorable environment for companies like Jiangsu New Energy [2][3] - The report notes that the company is well-positioned to capitalize on these developments due to its status as the only provincial state-owned listed company in the renewable energy sector in Jiangsu [3]

证券代码：603693 证券简称：江苏新能 公告编号：2025-003 江苏省新能源开发股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 江苏省新能源开发股份有限公司（以下简称"公司"）股票于 2025 年 3 月 21 日、2025 年 3 月 24 日、2025 年 3 月 25 日连续 3 个交易日内日收盘价格涨 幅偏离值累计超过 20.00%，属于股票交易异常波动。 经公司自查，并书面函证公司控股股东江苏省国信集团有限公司，截至 本公告披露日，公司应披露的重大事项均已按照《上海证券交易所股票上市规则》 等规定进行了公告，不存在应披露而未披露的重大信息。 经公司自查，公司生产经营情况正常，截至本公告披露日，公司不存在应披 露而未披露的重大信息。 （二）重大事项情况 经公司自查，并向公司控股股东书面函证核实，截至本公告披露日，公司及 公司控股股东不存在影响公司股票交易异常波动的重大事项，不存在涉及公司的 应披露而未披露的重大信息，包括但不限于重大资产重组、股份发行、重大交易 ...

关于江苏省新能源开发股份有限公司 股票交易异常波动征询函的回复 本公司及一致行动人未在本次股票交易异常波动期间买卖你公 司股票。 特此回复。 江テ 江苏省新能源开发股份有限公司: 本公司已收到《江苏省新能源开发股份有限公司关于股票交易异 常波动有关事项的征询函》,作为江苏省新能源开发股份有限公司的 控股股东,经认真核查,现就相关事项回复如下: 截至目前,本公司不存在影响你公司股票交易异常波动的重大事 项,不存在涉及你公司的应披露而未披露的重大信息,包括但不限于 重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、 股权激励、破产重整、重大业务合作、引进战略投资者等重大事项。 ...

Investment Rating - The report assigns a "Strong Buy" rating for Jiangsu Xinneng (603693) [1][10]. Core Views - Jiangsu Xinneng is positioned as a key player in the renewable energy sector, benefiting from its strong backing by Jiangsu Guoxin Group and its focus on wind, solar, and biomass energy projects. The company is expected to gain from the upcoming growth in offshore wind energy in Jiangsu [6][8]. - The report highlights the significant growth potential in offshore wind energy, with Jiangsu's energy supply-demand dynamics favoring the development of renewable sources [6][9]. - The financial forecasts indicate steady growth in revenue and net profit, with projected net profits of 5.4 billion, 6.6 billion, and 7.6 billion yuan for 2024, 2025, and 2026, respectively [10]. Summary by Sections Company Overview - Jiangsu Xinneng focuses on clean energy generation, with a strong emphasis on wind, solar, and biomass energy. The company has a total installed capacity of 1.38 million kilowatts, with wind power accounting for 1.14 million kilowatts [6][18][30]. - The company has a stable shareholding structure, with Jiangsu Guoxin Group being the largest shareholder, holding 57.27% of the shares [21][22]. Financial Data - The company reported total revenue of 1.946 billion yuan in 2023, with a projected increase to 2.783 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 17.8% [2][25]. - The net profit attributable to shareholders is expected to grow from 472 million yuan in 2023 to 763 million yuan in 2026, with a CAGR of 14.8% [2][10]. - The company's asset-liability ratio is 54.05%, indicating a stable financial structure [3][27]. Offshore Wind Investment Wave - The report emphasizes the potential for growth in offshore wind energy, with Jiangsu's offshore wind capacity expected to increase significantly in the coming years [6][9]. - The offshore wind energy sector in Jiangsu is still in its early stages, with only 1.2% of the total installed capacity being offshore wind, indicating substantial room for growth [44][49]. Market Dynamics - Jiangsu's energy supply-demand balance is tight, with a projected electricity demand growth of 8% in 2024, necessitating increased renewable energy generation [58][60]. - The report notes that Jiangsu's renewable energy generation is currently below the national average, highlighting the need for further development in offshore wind energy to meet demand [52][53]. Growth Catalysts - The anticipated injection of new offshore wind projects from Jiangsu Guoxin Group into Jiangsu Xinneng is expected to significantly enhance the company's earnings potential [8][10]. - The report also mentions the positive impact of government policies aimed at resolving payment delays for renewable energy projects, which could improve cash flow and operational efficiency [47][48].

证券代码：603693 证券简称：江苏新能 公告编号：2025-002 江苏省新能源开发股份有限公司 关于公司控股股东牵头联合体 在江苏省 2024 年度海上风电竞争性配置中 中选海上风电项目的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏省新能源开发股份有限公司（以下简称"公司"、"江苏新能"） 控股股东江苏省国信集团有限公司（以下简称"国信集团"）收到江苏省发展和 改革委员会《关于印发江苏省新一轮海上风电项目配置结果的通知》（苏发改能 源发〔2025〕99 号），现将相关事宜公告如下： 一、基本情况 根据《海上风电开发建设管理办法》等相关要求，江苏省发展和改革委员会 （能源局）组织开展了江苏省 2024 年度海上风电竞争性配置工作，配置范围为 《江苏省海上风电发展规划（2024-2030 年）》规划中 20 个、合计规模 765 万千 瓦海上风电项目。 为了支持公司争取海上风电资源，公司控股股东国信集团牵头组建联合体参 与了本次竞争性配置申报。近日，国信集团收到《关于印发江苏省新一轮海上风 电项目配 ...

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证券代码：603693 证券简称：江苏新能 公告编号：2024-064 江苏省新能源开发股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 149 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 221,098,446 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.0463 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 | 议案 | 议案名称 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | 比例 （%） | | 1 | 《关于公司新 增日常关联交 易的议案》 | 33 ...

证券代码：603693 证券简称：江苏新能 公告编号：2024-063 江苏省新能源开发股份有限公司董事会 2024 年 12 月 27 日 1 江苏省新能源开发股份有限公司 关于聘任副总经理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 12 月 26 日，江苏省新能源开发股份有限公司（以下简称"公司"） 召开第四届董事会第六次会议，审议通过了《关于聘任副总经理的议案》，同意 聘任胡永军先生、石海勇先生担任公司副总经理，任期自董事会审议通过之日起 至第四届董事会届满为止。 公司董事会提名委员会已对胡永军先生、石海勇先生的任职资格进行了审核， 并向董事会提议聘任其二人担任公司副总经理。胡永军先生、石海勇先生的任职 资格符合相关要求，未发现其二人存在《公司法》《上海证券交易所股票上市规 则》等法律、行政法规、部门规章、规范性文件中规定不得担任上市公司高级管 理人员的情形。（简历详见附件） 特此公告。 2 附件： 简历 1、胡永军 胡永军，男，1979 年 9 月出生，中国国籍，硕士研究生学历，高级经济师。 ...

江苏省新能源开发股份有限公司（以下简称"公司"）第四届董事会第六次 会议于 2024 年 12 月 26 日以通讯表决的方式召开。本次会议通知已于 2024 年 12 月 18 日以邮件等方式发出。会议应参会董事 9 人，实际参会董事 9 人。本次 会议符合《中华人民共和国公司法》和《江苏省新能源开发股份有限公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于兑现公司经理层 2023 年度薪酬和绩效的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。董事陈华回避表决。 证券代码：603693 证券简称：江苏新能 公告编号：2024-062 江苏省新能源开发股份有限公司 第四届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 本议案已经公司董事会提名委员会审议通过，同意提交董事会审议。 特此公告。 本议案已经公司董事会薪酬与考核委员会审议通过，同意提交董事会审议。 （二）审议通过《关于公司 2023 年度工资总额清算情况和 2024 年度工资 总额预算方 ...

Group 1: Investor Relations Activities - In November 2024, the company engaged in 6 investor relations activities, including 2 via phone and online platforms, 3 through on-site investigations, and 1 earnings briefing [1] - The company communicated with various institutions such as Guojin Securities, Huafu Securities, and others during these activities [1] Group 2: Impact of Typhoon on Offshore Wind Projects - The company emphasized its proactive measures during typhoon events, including tracking, monitoring, and safety protocols, to enhance power generation from wind resources during such weather [1] Group 3: Project Investment Considerations - The company focuses on project profitability and local consumption when developing new projects, with additional attention to compliance risks for acquisition projects [1] Group 4: Accounts Receivable and Bad Debt Provisions - As of June 2024, the company had approximately CNY 3.069 billion in receivables for renewable energy subsidies, with a bad debt provision of about CNY 194 million [2] Group 5: Green Electricity Trading - On November 15, 2024, the company participated in green electricity trading for five distributed photovoltaic projects, with a trading volume of 201,000 kWh at a price of CNY 0.43 per kWh, which is about 10% higher than the benchmark grid price [2] Group 6: Debt Ratio - As of September 2024, the company's debt ratio (consolidated) was 54.05%, which is considered normal within the industry [2]