证券研究报告 非金融公司|公司点评|三一重能（688349） 2024 年半年报点评： 盈利能力持续领先，双海战略稳步推进 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月03日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024 上半年公司实现营业收入 52.80 亿元，同比+34.88%；实 现归母净利润 4.34 亿元，同比-46.92%；实现扣非净利润 3.88 亿元，同比-43.23%。 |分析师及联系人 贺朝晖 陈子锐 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 2023/8 2023/12 2024/4 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月03日 三一重能(688349) 2024 年半年报点评： 盈利能力持续领先，双海战略稳步推进 | --- | --- | |----------------------------|---------------------| | | | | 行 业： | 电力设备/风电设备 | | 投资评级： | 买入（维持） | | 当前价格： | ...

证券代码：688349 证券简称：三一重能 公告编号：2024-074 三一重能股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/1/17 | | --- | --- | | 回购方案实施期限 | 自公司第一届董事会第五十三次会议审议通过 | | | 后 12 个月内 | | 预计回购金额 | 万元~50,000 万元 30,000 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 1,255.6431 | | 累计已回购股数占总股本比例 | 1.0238% | | 累计已回购金额 | 32,483.87 万元 | | 实际回购价格区间 | 元/股~29.32 元/股 22.23 | （二）2024 年 2 月 19 日，公司召开第二届董事会第二次会议，审议通过了《关 于增加回购股 ...

公司点评报告 风机交付创新高，静待海风海外市场兑现 三一重能（688349.SH）24H1 业绩点评 2024年8月30日 事件:8月29日,公司发布公告,2024H1 营收 52.80亿,同比+34.88%,归 母净利润 4.34亿,同比-46.92%,扣非净利润 3.88亿,同比-43.23%。24Q2 单季营收 35.53亿,同比+51.09%,环比+105.60%,归母净利润 1.68亿,同 比-49.82%,环比-36.87%,扣非净利润 1.51 亿,同比-45.43%,环比-36.17%。 符合预期。 ● 风机盈利改善明显,交付创历史最好业绩。2024H1公司风机及配件收入营 收 49.17 亿元,同比+68.1%, 营收占比提升 18.91pcts 至 94.0%,毛利率 15.13%,环比去年下半年增加 6.14pcts,上半年已连续两个季度改善,处于 行业领先水平。从出货结构看,5MW 及以上占风机业务营收比达86.8%。国 内陆上风机交付容量 3.3GW,同比增加 121%,创造历史同期最好交付业绩。 ● 风场转让短期放缓,在建风场规模较大。风电建设服务营收 1.45 亿元,同 比-78 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 23.61 yuan [3]. Core Views - The company achieved a revenue of 5.28 billion yuan in H1 2024, representing a year-on-year growth of 34.88%, while the net profit attributable to shareholders decreased by 46.92% to 434 million yuan [2]. - The company is expected to leverage its technological cost advantages and proactive overseas offshore business layout to further increase market share, with projected revenues of 18.1 billion, 23.71 billion, and 26.26 billion yuan for 2024, 2025, and 2026 respectively [2][3]. Financial Performance - In H1 2024, the company's revenue from wind turbines and accessories reached 49.17 billion yuan, a year-on-year increase of 68.07%, accounting for 93.97% of total revenue [2]. - The gross margin for H1 2024 was 16.01%, down 8.02 percentage points year-on-year, while the net margin was 8.21%, down 12.65 percentage points year-on-year [2]. - The company reported a significant increase in sales of large MW turbine models, with revenue from 5MW and above units reaching 42.09 billion yuan, a year-on-year growth of 173.85% [2]. Market Expansion - The company has made significant strides in overseas markets, completing its first project in India and securing multiple contracts in Southeast Asia and the Middle East, indicating a strong potential for growth in overseas orders [2]. - Plans are in place to accelerate overseas capacity construction, including expanding the factory in India and preparing for a factory in Kazakhstan to enhance supply capabilities [2].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 1.5 billion, representing a 25% year-over-year growth[14]. - The company's operating revenue for the first half of 2024 reached CNY 5,280,422 thousand, representing a 34.88% increase compared to CNY 3,914,877 thousand in the same period last year[19]. - The company achieved a revenue of 5.28 billion CNY in the first half of 2024, representing a year-on-year growth of 34.88%[71]. - The company’s total revenue for the first half of 2024 was CNY 5,231,896 thousand, up from CNY 3,860,033 thousand in the same period of 2023[41]. - Net profit attributable to shareholders decreased by 46.92% to CNY 433,565 thousand from CNY 816,836 thousand year-on-year[19]. - Basic earnings per share fell by 47.32% to CNY 0.3627 from CNY 0.6885 in the same period last year[20]. - The company’s operating cash flow net amount was CNY -2,807,491, a significant decrease from CNY -242,337 in the previous year[92]. - The company’s expense ratio was 15.33%, a year-on-year decrease of 4.58 percentage points, indicating effective cost control[71]. - The company’s accounts receivable decreased by 295 million yuan to 3.538 billion yuan, maintaining high asset quality[71]. - The company has a total asset of 34.307 billion CNY and a net asset attributable to shareholders of 12.286 billion CNY as of June 30, 2024[70]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share in the region by 2025[14]. - The company is expected to see a significant increase in overseas wind turbine orders in 2024, driven by the growing competitiveness of domestic wind turbine technology[32]. - The company is actively expanding its global presence, establishing subsidiaries in Brazil, UAE, Philippines, and South Africa[77]. - The company has launched five new business initiatives, including distributed wind power projects and international wind power projects, with ongoing progress in regions like Hunan, Jiangsu, and Uzbekistan[68]. - The company is focusing on expanding its market presence and developing new technologies to drive future growth[158]. Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on new wind turbine technologies and energy storage solutions[14]. - The company aims to launch two new wind turbine models by the end of 2024, which are expected to enhance efficiency by 10%[14]. - The company achieved a total R&D investment of CNY 373,133,000, a decrease of 13.81% compared to the previous year, with R&D investment accounting for 7.07% of operating revenue, down 3.99 percentage points[54]. - The company has filed for 160 new patents during the reporting period, with 88 patents granted, bringing the total to 1,799 applications and 1,099 granted[53]. - The company has developed a centralized monitoring system for real-time data collection and monitoring of wind turbine operations, enhancing operational efficiency[51]. - The company has developed a smart energy management platform for microgrids, optimizing the control of generation, storage, and load[47]. - The company has established a comprehensive core technology system focusing on digitalization and intelligence, enhancing its competitive edge in the wind power market[44]. Operational Performance - The installed capacity of wind power projects increased to 3.2 GW, up from 2.5 GW in the same period last year, marking a 28% increase[14]. - The average utilization hours of wind power equipment improved to 1,200 hours, reflecting a 15% increase compared to the previous year[14]. - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[14]. - The company’s maintenance service revenue was CNY 68,070 thousand, representing 1.30% of total revenue, compared to CNY 54,365 thousand and 1.41% in the first half of 2023[41]. - The company’s wind power construction service revenue was CNY 144,533 thousand, accounting for 2.76% of total revenue, down from CNY 673,866 thousand and 17.46% in the first half of 2023[41]. Industry Trends and Government Policies - The wind power industry in China saw a 12.4% year-on-year increase in newly installed capacity, reaching 25.84 GW in the first half of 2024[25]. - The cumulative installed capacity of wind power in China reached 44,134 MW by the end of 2023, maintaining its position as the world's largest[25]. - The government has introduced policies to support the development of distributed wind power, creating significant development space for the industry[26]. - The "Thousand Villages and Ten Thousand Villages Wind Action" plan aims to build wind power projects at the village level, with a maximum capacity of 20 MW per village, further expanding the market[27]. Environmental and Social Responsibility - The company has committed to sustainable development by promoting green electricity consumption and reducing carbon emissions in line with national carbon neutrality goals[131]. - The company has established an emergency response plan for environmental pollution incidents, which has been filed with the Beijing Changping District Ecology and Environment Bureau[125]. - The company has received environmental impact assessment approvals and pollutant discharge permits for all subsidiaries[124]. - The company has reduced carbon emissions by 5,173.98 tons through measures such as using photovoltaic power and purchasing green electricity[130]. - The company actively participates in social responsibility initiatives, including disaster relief efforts in Hunan Province following severe flooding in June 2024[131]. Corporate Governance and Shareholder Relations - The board of directors has approved a profit distribution plan, although no specific dividends will be distributed for this period[6]. - The company has a long-term dividend policy in place following its IPO[139]. - The company commits to a stable profit distribution policy, ensuring reasonable returns to shareholders while maintaining sustainable development[140]. - The company has established a management system for commodity futures hedging business to mitigate price fluctuation risks[105]. - The company has appointed new senior management, including Mr. Li Qiang as General Manager and Mr. Zhang Ying as Chief Financial Officer[112].

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、准确性和完整性依法承担法律责任。 重要内容提示： 一、会计政策变更概述 1、会计政策变更的原因 财政部会计司于2024年3月发布《企业会计准则应用指南汇编2024》，规定对 保证类质量保证产生的预计负债，借方应计入"主营业务成本"和"其他业务成 本"，不再计入"销售费用"。因此，公司需对原采用的相关会计政策进行相应 调整。 2、变更日期 证券代码：688349 证券简称：三一重能 公告编号：2024-073 三一重能股份有限公司 关于会计政策变更的公告 单位：千元 | | 2023年1-6月 | | | | --- | --- | --- | --- | | 项目 | 追溯调整前 | 追溯调整后 | 影响金额 | | 销售费用 | 397,486 | 257,890 | -139,596 | | 营业成本 | 2,974,177 | 3,113,773 | 139,596 | 三、本次会计政策变更对公司的影响 公司自2024年1月1日起执行上述会计准则，对相关的会计政策进行变更。 1 本次会计政策变更为三一重 ...

证券代码：688349 证券简称：三一重能 公告编号：2024-071 三一重能股份有限公司 关于部分募投项目延期的公告 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、准确性和完整性依法承担法律责任。 三一重能股份有限公司（以下简称"三一重能"或"公司"）于 2024 年 8 月 29 日召开第二届董事会第八次会议、第二届监事会第七次会议，审议通过了 《关于公司部分募投项目延期的议案》，同意公司对募投项目"三一重能智能风 电装备制造产业园建设项目"、及使用超募资金建设项目"三一巴彦淖尔零碳产 业园一期建设项目"达到预定可使用状态的日期进行延期。本次延期未改变募投 项目的内容、投资用途、投资总额和实施主体，不会对募投项目的实施造成实质 性影响。公司董事会独立董事专门会议已审议通过该事项，保荐机构中信证券股 份有限公司对该事项出具了明确的核查意见，该事项无需提交公司股东大会审 议。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意三一重能股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕817 号）核准，公司向社会 ...

三一重能股份有限公司 第二届董事会独立董事专门会议第三次会议决议 施造成实质性的影响，决策和审批程序符合《上市公司监管指引第 2 号——上市 公司募集资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》等相关法律法规及公司《募集资金管理制度》的规 定，不存在变相改变募集资金用途和损害股东特别是中小股东利益的情形。综上， 我们一致同意公司本次部分募投项目延期的事项。 独立董事一致同意该议案，并同意将该议案提交董事会审议。 独立董事一致同意该议案，并同意将该议案提交董事会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 二、审议通过《关于公司部分募投项目延期的议案》 独立董事认为：本次募投项目延期是公司根据项目实施的实际情况做出的审 慎决定，不会对公司的正常经营产生重大不利影响。项目的延期未改变募投项目 的投资总额、实施主体、投资内容和募集资金的投资用途，不会对募投项目的实 1 三一重能股份有限公司（以下简称"公司"）第二届董事会独立董事专门会议 第三次会议于 2024 年 8 月 29 日以通讯会议方式召开，本次会议通知于 2024 年 8 月 23 日通过邮件通 ...

证券代码：688349 证券简称：三一重能 公告编号：2024-072 三一重能股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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个别及连带责任。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》和《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 法律法规的规定，三一重能股份有限公司（以下简称"公司"或"三一重能"） 将 2024 年半年度募集资金存放与使用情况专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意三一重能股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕817 号）核准，公司向社会公开发行人民 币普通股（A 股）188,285,715 股，每股面值 1.00 元，每股发行价格为 29.80 元。 本次公开发行募集资金总额为 561,091.43 万元，扣除总发行费用 14,021.58 万元（不含增值税），募集资金净额为 547,069.8 ...

证券代码：688349 证券简称：三一重能 公告编号：2024-070 三一重能股份有限公司 第二届监事会第七次会议决议公告 本公司监事会、全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 三一重能股份有限公司（以下简称"公司"）第二届监事会第七次会议于 2024 年 8 月 29 日在公司会议室以现场结合通讯方式召开。根据《三一重能股份有限 公司章程》（以下简称"《公司章程》"）的规定，本次会议通知于 2024 年 8 月 19 日以邮件方式发送。本次会议应出席监事 3 人，实际出席监事 3 人，会议由 监事会主席丁大伟先生召集和主持，会议召开符合有关法律、法规、规章和《公 司章程》的规定，会议决议合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 监事会认为：公司《2024 年半年度报告》全文和摘要的编制和审议程序符 合相关法律法规及《公司章程》等相关规定，公允地反映了公司 2024 年半年度 的财务状况和经营成果；在编制过程中，未发现公司参与半年度报告编制和审 ...