Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with revenue of 50.46 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 1.33 billion yuan, a year-on-year decrease of 44.2% [2] - The company is expected to benefit from the recovery of the wind power industry in 2024, with significant growth in revenue and net profit projected for the next three years [3][4] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 21.14 billion yuan, a year-on-year increase of 4.3% and a quarter-on-quarter increase of 104.9%. The net profit for Q4 was 70 million yuan, a year-on-year increase of 277.6% and a quarter-on-quarter increase of 644% [2] - The gross profit margin for 2023 was 17.1%, and the net profit margin was 3%, both showing a decline compared to the previous year [2] - The company’s total revenue for 2024 is projected to be 57.43 billion yuan, with a year-on-year growth rate of 13.82% [4] Business Segments - Wind farm investment and development revenue reached 10.9 billion yuan in 2023, a year-on-year increase of 58%. The overall gross margin for wind farm business was 47.3%, down 18 percentage points year-on-year [2] - The company shipped 17.1 GW of wind turbines in 2023, a decrease of 10.5% year-on-year, but still maintained a 20% market share in the domestic market, ranking first for thirteen consecutive years [2] - The company’s energy storage business achieved a breakthrough in 2023, establishing a capacity of 3 GWh and ranking among the top four in the country for bidding volume [2] Future Outlook - The company is expected to see a significant rebound in net profit in 2024, with a projected year-on-year growth rate of 52.6% [3] - The global wind power market presents vast opportunities, and the company is focusing on technological innovation and optimizing product sales structure to enhance profitability [3][4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a significant decline in net profit by 44.16% year-on-year, but revenue increased by 8.66% to RMB 50.46 billion in 2023. The net profit attributable to shareholders was RMB 1.33 billion, with a notable increase in Q4 2023 net profit by 277.61% year-on-year and 644.38% quarter-on-quarter [3][5] - The company has a stable wind turbine sales volume, with a total of 13.77 GW sold in 2023, a slight decrease of 0.71% year-on-year. The sales of units of 6 MW and above increased by 29.36% to 6.15 GW, indicating a trend towards larger units [3][6] - The company’s order backlog reached 30.40 GW by the end of 2023, a growth of 12.13% compared to the end of 2022, which supports future growth [3] - The gross margin for the wind turbine and components sales segment improved by 0.18 percentage points to 6.41% in 2023, with a significant improvement in the second half of the year [3][6] - The wind power service segment saw a revenue decline of 7.18% to RMB 5.24 billion, but the after-service revenue increased by 22.19% to RMB 3.03 billion, indicating diversification in service offerings [3][6] - The wind farm development business revenue surged by 57.96% to RMB 10.91 billion, although the gross margin decreased by 18.09 percentage points to 47.30% due to the implementation of a productized sales model [3][6] Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 50.46 billion, with a net profit of RMB 1.33 billion, reflecting a year-on-year decrease of 44.16% [3][5] - The EBITDA for 2023 was RMB 1.72 billion, down from RMB 4.01 billion in 2022 [6][7] - The diluted earnings per share (EPS) for 2023 was RMB 0.32, a decrease of 44.67% compared to the previous year [5][7] Revenue Breakdown - Wind turbine sales accounted for a total of 13.77 GW, with a slight decrease of 0.71% year-on-year, while larger units (6 MW and above) saw a 29.36% increase [3][6] - The wind power service revenue was RMB 5.24 billion, down 7.18%, but after-service revenue grew by 22.19% to RMB 3.03 billion [3][6] - Wind farm development revenue increased by 57.96% to RMB 10.91 billion, despite a decrease in gross margin [3][6] Future Outlook - The company has adjusted its earnings forecasts for 2024-2026, predicting EPS of RMB 0.51, RMB 0.62, and RMB 0.75 respectively, with corresponding P/E ratios of 15.5, 12.8, and 10.6 [3][6] - The order backlog and growth in larger wind turbine sales are expected to support stable growth moving forward [3][6]

[Table_Page] 年报点评|电力设备 证券研究报告 [金Table_风Title] 科技(002202.SZ/02208.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 7.92元/3.14港元 风机大型化进程加快，海内外订单饱满 合理价值 8.60元/3.41港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-02  公司发布2023年年报。2023年公司实现营收504.57亿元，同比+8.7%； [相Tab对le_P市icQ场uote表] 现 归母净利润13.31亿元，同比-44.2%；其中Q4实现营收211.38亿元， 同比+4.3%；归母净利润0.70亿元，同比+277.6%。 2% -6%04/23 06/23 08/23 09/23 11/23 01/24 03/24  大型风机占比不断提升，风机市场份额蝉联第一。2023年机组对外销 -15% 售容量13.77GW，同比持平。其中，4MW(含）-6MW机组销售占比超 -23% 过50%，6MW及以上机组销售容量同比+29.36%，大功率机型占比持 -32% 续 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 金風科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 02208 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 773,572,399 | RMB | | 1 RMB | | 773,572,399 | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | ...

股票代码：002202 股票简称：金风科技 公告编号：2024-017 金风科技股份有限公司 关于为控股子公司金风新能源南非提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次拟提供担保的被担保对象Goldwind New Energy South Africa Proprietary Limited的资产负债率超过70%，请投资者充分 关注担保风险。 一、担保情况概述 金风科技股份有限公司（下称"公司"）的全资子公司金风国际控 股（香港）有限公司（下称"金风国际"）的南非控股子公司 Goldwind New Energy South Africa Proprietary Limited（下称"金风新能源南非"） 与南非能源公司 Ummbila Emoyeni (RF) Proprietary Limited（下称 "Ummbila SPV"）签署了《风电场项目设计、采购、施工合同》，由金 风新能源南非负责项目的设计、采购及施工工作。 Seriti Green Asset Management Proprietary Limited（ ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][3]. Core Insights - The company reported a revenue of 50.457 billion yuan in 2023, an increase of 8.66% year-on-year, while the net profit attributable to shareholders decreased by 44.16% to 1.331 billion yuan [2]. - The company has seen a continuous increase in its order backlog, reaching a total of 30,401.12 MW by the end of 2023, which is a year-on-year growth of 12.13% [2]. - The sales capacity of large megawatt products has increased, with sales of 6 MW and above units rising by 29.36% to 6,146.59 MW [2]. - The company’s wind power service and wind farm investment businesses are expanding, contributing to overall performance [2]. Summary by Sections Revenue Performance - In Q4 2023, the company achieved a revenue of 21.138 billion yuan, a year-on-year increase of 4.26% [2]. - The total sales capacity of wind turbine units remained stable at 13,772.29 MW, consistent with 2022 [2]. Profitability - The gross margin for wind turbine and component sales increased by 0.18 percentage points to 6.41%, although it remains at a low level due to intensified market competition [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.553 billion yuan, 1.806 billion yuan, and 2.024 billion yuan respectively, reflecting a downward adjustment of 59% and 58% for 2024 and 2025 [2]. Order Backlog and Market Position - The company’s order backlog includes 10,411.49 MW for 4 MW to 6 MW units and 9,461.05 MW for units above 6 MW [2]. - The report indicates that the company’s wind turbine quality and after-sales service capabilities remain industry-leading, which is expected to support a gradual increase in market share [2]. Future Outlook - The report introduces profit forecasts for 2026, with an expected EPS of 0.48 yuan [2]. - The current A/H share prices correspond to a PE ratio of 20 and 7 times for 2024, respectively [2].

证券研究报告·公司点评报告·风电设备 金风科技（002202） 2023 年年报点评：23 年风机出货略超预期， 2024年 03月 30日 看好大型化提升优化盈利 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 46,437 50,457 68,073 71,524 74,004 执业证书：S0600523070003 同比 -8.77% 8.66% 34.91% 5.07% 3.47% guoyn@dwzq.com.cn 归母净利润（百万元） 2,383 1,331 1,512 1,826 2,019 同比 -36.12% -44.16% 13.58% 20.78% 10.57% 股价走势 EPS-最新摊薄（元/股） 0.56 0.32 0.36 0.43 0.48 金风科技 沪深300 P/E（现价&最新摊薄） 13.35 23.90 21.04 17.42 15. ...

| | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | □媒体采访 业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 长江证券 邬博华 | | | | 中金公司 车昀佶 | | | 人员姓名 | 财通证券 张一驰 | | | | 汇丰银行 许冰莹 | | | | 长江证券 司鸿厉 | | | | 东吴证券 虞佑桢 | | | 时间 | 2024年3月29日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 总裁 曹志刚 副总裁及董事会秘书 马金儒 | | | 员姓名 | 首席财务官 王宏岩 | | | | 投资者关系主管 于洋 目前全球和中国风电装机量如何？ | | | | 答：根据彭博新能源财经的数据，2023年，全球风电新增装机容量为 | | | | 118GW，相较于2022年增长36%；其中陆上风电新增装机容量为106.7GW， | | | | 同比上升37%；海上风电新增装机容量达11. ...

新疆金风科技股份有限公司投资者关系活动记录表 附件二：投资者关系活动记录表格式 证券代码： 002202 证券简称：金风科技 | | | 编号： | | --- | --- | --- | | 投资者关系活动 类别 | □特定对象调研 □分析师会议 | | | | □媒体采访 业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 长江证券 邬博华 | | | | 中金公司 车昀佶 | | | 人员姓名 | 财通证券 张一驰 | | | | 汇丰银行 许冰莹 | | | | 长江证券 司鸿厉 | | | | 东吴证券 虞佑桢 | | | 时间 | 2024年3月29日 | | | 地点 | 线上会议 | | | 上市公司接待人 | 总裁 曹志刚 副总裁及董事会秘书 马金儒 | | | 员姓名 | 首席财务官 王宏岩 | | | | 投资者关系主管 于洋 目前全球和中国风电装机量如何？ | | | | 答：根据彭博新能源财经的数据，2023年，全球风电新增装机容量为 | | | | 118GW，相较于 ...

Financial Performance - The total operating revenue for 2023 was CNY 50,457,189,147.74, representing an increase of 8.66% compared to 2022[12]. - The net profit attributable to shareholders for 2023 was CNY 1,330,997,963.11, a decrease of 44.16% from the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,285,485,594.34, down 35.32% year-on-year[12]. - The basic earnings per share for 2023 was CNY 0.2879, a decline of 44.67% compared to 2022[12]. - The total operating revenue for the year reached CNY 50,457,169,147.74, with a quarterly breakdown of CNY 5.56 billion, CNY 13.44 billion, CNY 10.32 billion, and CNY 21.14 billion respectively[16]. - The total net profit for the year was impacted by non-recurring losses, with a total of CNY 45,512,368.77 recognized in this category[18]. - The company reported a strong performance in Q3 2023, with revenue reaching RMB 5.2 billion, representing a 15% increase year-over-year[100]. - The company reported a total revenue of 10 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[128]. Cash Flow and Assets - The net cash flow from operating activities for 2023 was CNY 1,854,041,184.75, a decrease of 68.48% compared to 2022[12]. - The net cash flow from operating activities for the fourth quarter was CNY 6,576,218,152.88, indicating a recovery in cash generation[16]. - The total assets at the end of 2023 amounted to CNY 143,494,599,670, an increase of 4.88% from the previous year[12]. - The total cash and cash equivalents decreased by RMB 2,208.61 million in 2023, a decline of 132.95% compared to the previous year[73]. - As of December 31, 2023, cash and cash equivalents accounted for 9.93% of total assets, down from 11.42% at the beginning of the year[75]. - Accounts receivable increased to RMB 25,548.00 million, representing 17.80% of total assets, compared to 17.75% in the previous year[75]. - The total investment during the reporting period was RMB 4,100,597,161.23, which is a significant increase of 106.97% compared to RMB 1,981,289,608.70 in the previous year[81]. Market and Product Development - The company is focusing on new product development and market expansion strategies to enhance its competitive position[12]. - The company maintained a domestic market share of 20% with a new installed capacity of 15.67 GW in China, ranking first for 13 consecutive years[41]. - The company is actively exploring new business areas such as mixed towers, energy storage, and carbon neutrality initiatives[38]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[100]. - New product development includes the launch of a next-generation wind turbine, expected to improve efficiency by 15%[100]. - The company is considering strategic acquisitions to enhance its technology portfolio, with a budget of 2 billion RMB allocated for potential mergers and acquisitions[121]. Research and Development - Research and development expenses increased by 19.01% to ¥1,890,625,695.39 in 2023, compared to ¥1,588,653,662.98 in 2022[70]. - R&D investment reached ¥2,264,684,567.32 in 2023, a 1.94% increase from ¥2,221,529,197.73 in 2022[72]. - The company has a total of 5,980 domestic patent applications, with 3,566 being invention patents, accounting for 60% of the total[50]. - The company is committed to research and development, focusing on new technologies and products to enhance market competitiveness[110]. Environmental Compliance and Sustainability - The company achieved carbon neutrality for its operational scope (Scope 1 and Scope 2) in 2023 by purchasing offsetting products[182]. - The company has established a total nitrogen discharge of 218.76 tons from its facilities, reflecting its operational capacity[170]. - The company is focused on continuous improvement in wastewater treatment processes to enhance environmental compliance and sustainability[167]. - The company invested a total of RMB 65.9439 million in environmental governance and protection, focusing on areas such as environmental monitoring, equipment modification, and maintenance[178]. - The company has implemented over 40 energy-saving and carbon reduction measures, achieving an annual electricity saving of approximately 10.31 million kWh and a reduction of carbon emissions by about 7,057 tons[178]. Governance and Management - The governance structure remains compliant with legal requirements, ensuring no significant discrepancies with regulatory standards[103]. - The company has a remuneration decision-making process based on the shareholders' meeting and performance evaluations[132]. - The company has established a governance structure that is clear in responsibilities and mutual checks, ensuring compliance with relevant laws and regulations[156]. - The board of directors includes independent members with expertise in asset evaluation and financial management, ensuring robust governance and oversight[117]. - The company has not faced any objections from its board members regarding company matters during the reporting period, indicating a unified leadership approach[139]. Strategic Partnerships and Collaborations - The company has established a strategic partnership with Tencent to develop an intelligent operation solution for wind farms, enhancing operational efficiency and safety[53]. - The company approved the establishment of a partnership with Ningbo Aosheng Equity Investment Co., Ltd. and Henan State-owned Capital Operation Group Private Fund Management Co., Ltd. to expand its market presence[137]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions[110]. Social Responsibility - Jinlong Technology has supported rural revitalization through various initiatives, benefiting over 100,000 rural students from its teacher training program across 27 provinces, with more than 1,200 teachers trained[184]. - The company has engaged in community sports initiatives, such as organizing youth basketball tournaments in Xinjiang to promote sports education[184]. - Jinlong Technology's commitment to social responsibility includes partnerships with local charities to support families affected by drought and improve living conditions in rural areas[185].