Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong growth potential and market share expansion in the wind power industry [3][5] Core Views - The company's performance in Q3 2024 met expectations, with a significant shift towards offshore wind power projects, which now account for over 60% of total revenue [2] - Revenue for the first three quarters of 2024 was RMB 2.306 billion, down 30.81% YoY, while net profit attributable to shareholders was RMB 282 million, down 30.88% YoY [2] - Gross margin improved to 27.19% in the first three quarters of 2024, up 2.99 percentage points YoY, driven by the optimization of the business structure towards offshore projects [2] - The company successfully delivered multiple offshore projects, including the MorayWest offshore wind farm in Scotland and the NOY-llesD'Yeu et Noirmoutier project in France, with new projects for the Baltic region set for delivery in 2025 [3] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 3.7 billion, RMB 6.0 billion, and RMB 7.7 billion, with growth rates of -15%, 62%, and 28% respectively [3] - Net profit attributable to shareholders is expected to be RMB 437 million, RMB 809 million, and RMB 1.163 billion for 2024-2026, with growth rates of 3%, 85%, and 44% respectively [3] - The company's PE ratio is forecasted to be 34x, 19x, and 13x for 2024-2026, reflecting strong earnings growth potential [3] Business Structure and Profitability - The company's offshore and domestic offshore business accounted for over 60% of total revenue in Q3 2024, up 10 percentage points YoY [2] - Gross margin for Q3 2024 was 25.22%, up 0.64 percentage points YoY, while net margin was 11.38%, up 0.74 percentage points YoY [2] - The company's transformation towards offshore wind power has significantly improved profitability, with gross margin reaching 27.19% in the first three quarters of 2024 [2] Key Financial Metrics - The company's ROE is expected to improve from 6.05% in 2024 to 13.12% in 2026, driven by higher profitability and efficiency [6] - EPS is projected to grow from RMB 0.69 in 2024 to RMB 1.82 in 2026, reflecting strong earnings growth [6] - The company's debt-to-asset ratio is expected to remain stable, ranging from 27.86% to 33.51% over the forecast period [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 revenue was 950 million yuan, a decrease of 25.3% year-on-year, while the net profit attributable to the parent company was 110 million yuan, down 20.1% year-on-year. The gross margin was 25.2%, showing a slight increase [2] - The company's Q3 offshore wind export shipments were 40,000 tons, but only 18,000 tons were recognized due to the DAP recognition model. The net profit per ton has increased compared to the first half of the year [2] - The Q3 wind farm revenue was only 20 million yuan due to lower wind conditions, compared to 100 million yuan in the first half of the year. Solar project construction is proceeding normally, with expected revenue contributions starting next year [2] Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.31 billion yuan, a year-on-year decrease of 30.8%, and a net profit of 280 million yuan, down 30.9% year-on-year. The operating cash flow for the same period was 550 million yuan, an increase of 279.6% [3] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 450 million yuan, 820 million yuan, and 1.11 billion yuan respectively, with growth rates of 7%, 81%, and 35% [3] - The company's P/E ratios for 2024-2026 are projected to be 33x, 18x, and 14x respectively [3] Market Data - The closing price of the company's stock is 23.63 yuan, with a market capitalization of approximately 15.07 billion yuan [5] - The company has a price-to-book ratio of 2.13 and a debt-to-asset ratio of 38.78% [6] Future Outlook - The company anticipates that the domestic onshore and offshore wind sectors will face challenges due to insufficient capacity utilization, leading to lower-than-expected net profit per ton. Additionally, some overseas project deliveries have been delayed [3]

证券代码：002487 证券简称：大金重工 公告编号：2024-042 大金重工股份有限公司 第五届监事会第十次会议决议的公告 本公司及监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。 一、监事会会议召开情况 大金重工股份有限公司（以下简称"公司"）第五届监事会第十次会议于 2024 年 10 月 29 日在公司会议室以现场投票表决方式召开。召开本次会议的通知及 会议资料于 2024 年 10 月 23 日以直接送达或电子邮件方式送达各位监事。会议 应到监事 3 人，实到监事 3 人，符合《中华人民共和国公司法》和《公司章程》 的规定。本次会议的召集、召开以及参与表决监事人数符合《中华人民共和国 公司法》、《公司章程》等有关法律、法规的规定。 二、监事会会议审议情况 会议由监事会主席杨琦女士主持，经参加会议监事认真审议并经以现场投 票表决方式通过如下决议： 审议通过了《关于 2024 年第三季度报告的议案》。 监事会意见：监事会认为董事会编制和审议公司 2024 年第三季度报告的程 序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况 ...

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [2]. - Streamlined manufacturing processes, resulting in a 7% increase in production output [3]. - Employee training programs were expanded, leading to a 15% improvement in operational efficiency [4]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [2]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [3]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [1]. - Increased transparency in financial reporting, earning recognition from industry watchdogs [2].

大金重工股份有限公司 具体内容详见公司指定信息披露媒体《中国证券报》、《证券时报》及巨 潮资讯网（www.cninfo.com.cn）。 证券代码：002487 证券简称：大金重工 公告编号：2024-041 第五届董事会第十六次会议决议的公告 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。 一、董事会会议召开情况 大金重工股份有限公司（以下简称"公司"）第五届董事会第十六次会议 于 2024 年 10 月 29 日在公司会议室以现场投票结合通讯表决方式召开。召开本 次会议的通知及会议资料于2024年10月23日以直接送达或电子邮件方式发出。 应参加表决董事 7 人，实际参加表决董事 7 人，符合《中华人民共和国公司法》 和《大金重工股份有限公司章程》的规定。本次会议的召集、召开以及参与表 决董事人数符合《中华人民共和国公司法》、《公司章程》等有关法律、法规 的规定。 二、董事会会议审议情况 会议由董事长金鑫先生主持，经参加会议董事认真审议并以现场结合通讯 投票表决方式，一致通过如下决议： 审议通过《关于 2024 年第三季度报告的议案》。 2024 年 10 ...

大金重工股份有限公司 证券代码：002487 证券简称：大金重工 公告编号：2024-044 公司股东大会授权公司董事长及子公司董事长（执行董事）在年度审议担保 额度范围内签署与本次担保有关的各项法律文件（包括但不限于申请书、合同、 协议等文件），授权期限自股东大会审议通过之日起至上述银行审批的期限终止 之日止。 根据《深圳证券交易所股票上市规则》及《公司章程》相关规定，本次担保 在公司董事会、股东大会批准的年度担保额度范围内。 截至本公告披露日，公司及下属子公司的担保余额为 930,569.7 万元。其中， 公司对下属子公司的担保余额为 928,642.79 万元，占公司 2023 年经审计的净资 产比例为 134.31%，公司不存在对合并报表外公司提供担保的情况。截至目前， 公司及下属子公司无逾期或涉及诉讼的担保。 特此公告！ 关于提供担保的进展公告 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。 大金重工股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日召开了第 五届董事会第十一次会议、2024 年 1 月 4 日召开了 2024 年第 ...

一、项目进展情况 证券代码：002487 证券简称：大金重工 公告编号：2024-040 大金重工股份有限公司 关于公司首个自主运输海外海工项目 首船产品顺利到港交付的自愿性披露公告 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。 公司供应丹麦 Thor 海上风电场项目第一个批次单桩产品顺利抵达目的港 了从自有风电母港建造并发运至客户目的港的"一站式服务"，获得了海外客户 更高的信任度和更好的满意度，这对公司全球化业务的进一步拓展将起到积极促 进作用。 大金重工股份有限公司（以下简称"公司"）全资子公司蓬莱大金海洋重工 有限公司（以下简称"蓬莱大金"）于 2023 年 5 月与莱茵集团（RWE）签订了丹 麦 Thor 海上风电场项目（以下简称"该项目"或"项目"）供货合同，蓬莱大金将为 该项目建造和交付 36 根 TP-less（无过渡段）单桩，并负责将全部单桩产品运输 至客户指定地点。该风电场位于丹麦北海，距 Thorsminde 大约 22 公里处，总装 机容量 1GW，项目建成后能够为 100 多万户丹麦家庭供应绿色电力，是迄今为 止丹麦最大的海上风电场 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][5]. Core Insights - The company has over 20 years of experience in the wind power equipment manufacturing industry, transitioning from domestic to global manufacturing [1][15]. - The company has successfully expanded its overseas operations, particularly in the European offshore wind market, becoming the only supplier in the Asia-Pacific region to deliver offshore products to Europe [2][15]. - The company's revenue from overseas operations has significantly increased, with a notable rise in the proportion of revenue from offshore projects [2][4]. - The company has a strong focus on high-margin offshore projects while reducing its exposure to lower-margin onshore wind tower projects [2][4]. - The company has achieved impressive gross margins in its wind tower and new energy generation businesses, indicating strong profitability [1][4][25]. Summary by Sections Company Overview - The company was established in 2000 and has evolved from producing construction steel structures to becoming a leading manufacturer of clean energy equipment [1][15]. - It became the first listed company in its industry in China in 2010 and has since expanded its production capabilities and market reach [1][15]. Market Opportunities - The global wind power market is expected to grow significantly, with a projected CAGR of 9.4% from 2023 to 2028 [33]. - China's wind power installation capacity is also on the rise, with expectations of adding over 75 GW annually in the coming years [33][40]. Financial Performance - The company reported a revenue of 4.33 billion yuan in 2023, a decrease of 15.3% year-on-year, primarily due to strategic divestments in lower-performing projects [7][22]. - The forecasted net profits for 2024, 2025, and 2026 are 529.81 million yuan, 795.03 million yuan, and 1.11 billion yuan, respectively, indicating a recovery and growth trajectory [5][7]. Strategic Initiatives - The company is implementing a "dual-sea strategy" to enhance its global presence and capitalize on the growing demand for offshore wind power [2][15]. - It has established key offshore manufacturing bases in China and is actively pursuing projects in Europe, which are expected to contribute significantly to future revenues [2][15]. Product and Service Development - The company is expanding its product offerings to include next-generation floating foundation solutions in collaboration with international partners [17]. - It has also initiated the development of a dedicated shipping fleet to support the transportation of large offshore products, enhancing its operational capabilities [18][17].

证券代码：002487 证券简称：大金重工 公告编号：2024-039 大金重工股份有限公司 关于签署欧洲波罗的海地区某海上风电场 单桩基础制造和供应合同的公告 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。 一、合同签署概况 近日，大金重工股份有限公司（以下简称"公司"）全资子公司蓬莱大金海洋 重工有限公司（以下简称"蓬莱大金"）与欧洲某海工企业签署了《单桩基础制 造和供应合同》（以下简称"本合同"或"合同"），蓬莱大金将为波罗的海地 区某海上风电项目（以下简称"本项目"或"项目"）提供10根超大型单桩产品， 合同总金额约4,600万欧元（按欧元兑人民币7.84的汇率计算，折合人民币约 3.61亿元）。根据合同约定，该笔订单将于2025年交付完成。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第1号——主板上市公司规范运作》等有关法律法规、规范性文件和《公司 章程》的规定，上述合同属于公司日常经营性合同，不需要经过公司董事会和股 东大会审议，亦无需独立董事发表独立意见。 二、项目概述 该海上风电项目位于欧洲波罗的海地区，业主方为全 ...

法律意见 北京海润天睿律师事务所 关于大金重工股份有限公司 2024 年第二次临时股东大会的 法 律 意 见 致：大金重工股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受大金重工股份有限公司（以 下简称"公司"）的委托，指派律师出席公司 2024 年第二次临时股东大会（以下 简称"本次股东大会"）对本次股东大会进行律师见证并发表法律意见。 为出具本法律意见，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供的本所出具本法律意见所必需的原始书 面材料、副本材料、电子文档或口头证言真实、完整、有效，不存在虚假陈述、 重大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相应法律责任。 本所律师同意将本法律 ...