电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 18 日 300443.SZ 增持 原评级：增持 市场价格:人民币 15.65 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (50%) (38%) (25%) (12%) 0% 13% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24Jun-24Jul-24Aug-24Sep-24 金雷股份 深圳成指 至今 个月 个月 个月 绝对 (41.7) (1.1) (8.4) (44.9) 相对深圳成指 (27.9) 2.4 4.1 (23.0) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 320.13 | | 流通股 ( 百万 ) | | 242.77 | | 总市值 ( 人民币 百万 ) | | 5,010.11 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 98.91 | | 主要股东 | | | | 伊廷雷 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨金雷股份（300443.SZ） [Table_Title] 金雷股份：经营短暂承压，合同负债同增有望带 动交付景气 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司发布 2024 年半年报， 2024 年上半年实现营收约 7.1 亿元，同比下降 11% ，实现归母净利 | | | | 0.7 亿元，同比下降 63% ；其中 2024Q2 实现营业收入 4.6 亿元，同比提升 27% ，归母净利 0.4 | | | | 亿元，同比下降 55% 。 | | | | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 S ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5]. Core Views - The company's short-term performance is under pressure, but the future outlook remains promising due to the growth potential in the wind power industry [2][5]. - The company reported a significant decline in net profit for H1 2024, but there are expectations for a recovery in profitability in the second half of the year [2][5]. Financial Summary - **Revenue (Million CNY)**: - 2022A: 1,812 - 2023A: 1,946 - 2024E: 2,191 - 2025E: 2,931 - 2026E: 3,782 - Growth Rate (YoY %): 2024E: 12.6%, 2025E: 33.8%, 2026E: 29.0% [1][6][8] - **Net Profit (Million CNY)**: - 2022A: 352 - 2023A: 412 - 2024E: 363 - 2025E: 564 - 2026E: 731 - Growth Rate (YoY %): 2024E: -12.0%, 2025E: 55.6%, 2026E: 29.6% [1][6][8] - **EPS (CNY)**: - 2022A: 1.10 - 2023A: 1.29 - 2024E: 1.13 - 2025E: 1.76 - 2026E: 2.28 [1][6][8] Industry Insights - The wind power industry is expected to see significant growth, with a projected increase of 791 GW in global wind power capacity over the next five years [2]. - The company is strategically positioned to benefit from this growth, particularly in its forging and casting segments, which are expected to see increased demand [2][5]. Business Development - The company has successfully developed new clients and achieved a revenue increase of over 40% in precision shaft products, indicating a potential second growth curve [5]. - The company is expanding its capabilities in both forging and casting, with significant orders from major players in the wind power sector [2][5]. Future Projections - Revenue projections for 2024-2026 are as follows: - 2024: 2,191 million CNY - 2025: 2,931 million CNY - 2026: 3,782 million CNY - Net profit projections for the same period are: - 2024: 363 million CNY - 2025: 564 million CNY - 2026: 731 million CNY [5][6].

电力设备 证 券 研 究 报 告 2024 年 09 月 03 日 金雷股份 (300443) ——二季度营收同比转正，大兆瓦铸件产品开发顺利 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 16.07 | | 一年内最高/最低（元） | 32.66/13.51 | | 市净率 | 0.9 | | 息率（分红/股价） | 2.57 | | 流通 A 股市值（百万元） | 3,901 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 18.46 | | | | | 资产负债率 ...

证券研究报告 非金融公司|公司点评|金雷股份（300443） 2024 年半年报点评： 风电业务回暖显著，工业铸锻件发展可 期 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 7.13 亿元，同比-10.63%，实现 归母净利润 0.74 亿元，同比-63.11%。 |分析师及联系人 SAC：S0590521100002 贺朝晖 陈子锐 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月03日 金雷股份(300443) 2024 年半年报点评： 风电业务回暖显著，工业铸锻件发展可期 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 电力设备/风电设备 | | 投资评级： | 买入（维持） | | 当前价格： | 16.42 元 | | 基本数据 | | | 总股本/流通股本 (百万股) | 320.13/242.77 ...

Group 1: Company Performance - In the first half of 2024, the company achieved a sales revenue of 713 million CNY and a net profit attributable to shareholders of 74.03 million CNY [3] - In Q2 2024, the company reported a sales revenue of 458 million CNY, representing a 79% increase compared to Q1 [3] - The net profit for Q2 2024 was 44.79 million CNY, showing a 53% quarter-on-quarter growth [3] Group 2: Product Performance - In Q2, the company shipped over 1,200 forged main shafts, with a quarter-on-quarter growth of 86% [3] - Sales revenue from casting products in Q2 increased by over 400% compared to the previous quarter, with a total output of 40.12% in the first half of the year [3] - The company generated 163 million CNY in sales from precision shaft products, marking a year-on-year growth [3] Group 3: Market Outlook - The wind power industry is expected to see a significant increase in shipments in the second half of 2024, as Q3 is typically a peak season [3] - In the first half of 2024, the domestic wind power installed capacity reached 25.8 GW, a year-on-year increase of 12.4% [4] - The industry saw a total of 66.1 GW in new tenders, up 48% year-on-year, with onshore tenders accounting for 60.7 GW and offshore tenders for 5.4 GW [4] Group 4: Future Projections - According to GWEC, the global wind power installed capacity is projected to increase by 791 GW over the next five years, with an average annual addition of 158 GW, achieving a compound growth rate of 9.4% [4] - Onshore wind power is expected to grow by 653 GW, while offshore wind power will increase by 138 GW, indicating substantial future growth potential in the wind energy sector [4]

Company Information - The company's stock code is 300443 and it is listed on the Shenzhen Stock Exchange[8] - The company's registered and office address is No. 18, Shuangyuan Street, Gangcheng District, Jinan City, Shandong Province[9] - The company's contact information, including phone and fax numbers, remained unchanged during the reporting period[10] - The company's legal representative is Yi Tinglei[8] - The company's board secretary is Zhou Li, and the securities affairs representative is Zhang Chuanbo[9] - The company's email addresses for the board secretary and securities affairs representative are jinleizhouli@163.com and jinleizqb@163.com respectively[9] - The company's website and other contact details remained unchanged during the reporting period[10] - The company's foreign name is JinLei Technology Co., Ltd., and its abbreviation is JINLEI[8] - The company's Chinese name is Jinlei Technology Co., Ltd., and its abbreviation is Jinlei Shares[8] Financial Performance - Revenue for the reporting period was 713.19 million yuan, a decrease of 10.63% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company was 74.03 million yuan, a decrease of 63.11% year-on-year[13] - Operating cash flow increased by 7.81% to 113.92 million yuan compared to the same period last year[13] - Total assets decreased by 6.96% to 6.52 billion yuan compared to the end of the previous year[13] - Revenue from other precision shaft products reached 163 million yuan, a year-on-year increase of 40.12%[19] - The company achieved a breakthrough in the forging main shaft business, with revenue doubling in Q2[18] - Revenue from casting main shaft products increased by over 400% in Q2 compared to Q1[19] - Revenue for the reporting period decreased by 10.63% to 713,188,796.50 yuan compared to the same period last year[26] - Operating costs increased by 9.48% to 563,650,481.90 yuan, primarily due to expanded sales teams for other precision shafts and castings[26] - R&D investment increased by 36.17% to 39,823,549.63 yuan, mainly due to increased investment in new casting product development[26] - Wind turbine main shaft revenue decreased by 32.42% to 449,220,200 yuan, with a gross margin of 22.52%[27] - Other precision shafts revenue increased by 40.12% to 163,137,600 yuan, with a gross margin of 31.18%[27] - Cash and cash equivalents decreased by 121.23% to -497,948,151.83 yuan, mainly due to the repayment of loans and repurchase of treasury shares[27] - Accounts receivable decreased by 1.53% to 583,489,609.78 yuan, reflecting improved collection efforts[28] - Inventory increased by 2.78% to 825,345,601.61 yuan, driven by increased production investments to meet market demand and expand business scale[28] - Fixed assets increased by 3.76% to RMB 2,340,575,375.21, mainly due to the capitalization of the offshore wind power core component digital manufacturing project[29] - Construction in progress decreased by 1.18% to RMB 188,055,496.65, primarily due to the capitalization of the offshore wind power core component digital manufacturing project[29] - Short-term loans decreased by 5.03% to RMB 4,919,180.00, mainly due to loan repayments during the reporting period[29] - The offshore wind power core component digital manufacturing project has a cumulative investment of RMB 1,539,566,523.13, with a project progress of 98.91%[32] - The high-end transmission equipment technology industrial park project (Phase 1) has a cumulative investment of RMB 12,284,578.04, with a project progress of 0.39%[32] - Total funds raised amounted to RMB 2,151,799,984.92, with RMB 15,614,250.00 invested during the reporting period and a cumulative investment of RMB 1,774,609,300.00[35] - The offshore wind power core component digital manufacturing project has a cumulative investment of RMB 1,374,609,300.00, achieving 78.47% of the planned investment[37] - The supplementary working capital project has a cumulative investment of RMB 40,000,000.00, achieving 100.00% of the planned investment[37] - The company's large wind power main shafts and bearing housings experienced weak demand due to delays in offshore wind power project construction, leading to increased competition and pressure on pricing and costs, resulting in lower-than-expected profitability[39] - The company used 924.45 million yuan of raised funds to replace self-raised funds previously invested in the fundraising projects[41] - As of June 30, 2024, the unused raised funds amounted to 379.8 million yuan (including interest income), which is managed in special accounts for raised funds[42] - The company invested 22 million yuan in entrusted wealth management products, including 2 million yuan from its own funds and 20 million yuan from raised funds[44] - The subsidiary Shandong Jinlei New Energy Heavy Equipment Co., Ltd. reported a net loss of 58 million yuan for the reporting period[46] - The subsidiary Jinlei Bearing Technology (Shandong) Co., Ltd. achieved a net profit of 398,839.22 yuan during the reporting period[47] - The company's export business accounts for a significant proportion, and changes in export tax rebates or unfavorable import policies in major overseas markets could impact operations[48] - Exchange rate fluctuations significantly affect the company's sales revenue and foreign currency assets due to the large volume of foreign sales[49] - The company's main raw materials are highly correlated with steel industry price fluctuations, which could impact production costs and gross margins[50] - The company invested in the "High-end Transmission Equipment Technology Innovation Industrial Park Project (Phase 1, Stage 1)" in Jinan, which is expected to enhance production capacity and competitiveness in large-scale high-end forging[51] - The company completed the registration of its 2023 stock option incentive plan, granting up to 2 million stock options, representing approximately 0.61% of the total share capital[55] - The company's pollutant emissions, including nitrogen oxides, sulfur dioxide, and particulate matter, are within the permitted limits, with no cases of exceeding standards[59] - The company has established reliable wastewater and exhaust gas treatment mechanisms, ensuring stable and effective operation of environmental protection equipment[59] - The company conducts regular self-monitoring of wastewater, exhaust gas, and noise, with all monitoring values meeting standards during the reporting period[60] - The company strictly complies with environmental protection laws and regulations, and has invested in environmental protection facilities and equipment to ensure smooth operation of environmental protection work[61] - No environmental penalties were imposed on the company or its subsidiaries during the reporting period[62] - The company actively responds to the national "carbon peak and carbon neutrality" policy, continuously improves energy efficiency, and reduces pollution through advanced environmental equipment and processes[62] - The company has passed certifications for quality management system (GB/T 19001-2016/ISO9001:2015), environmental management system (GB/T 24001-2016/ISO14001:2015), and occupational health and safety management system (GB/T 45001-2020/ISO45001:2018)[62] - The company has established a multi-level investor communication channel, including shareholder meetings, online performance briefings, investor hotlines, and on-site research, to effectively protect investors' right to know[63][64] - The company implemented the 2023 annual equity distribution and share repurchase during the reporting period to actively return value to shareholders[64] - The company has established a comprehensive employee training system and conducts gradient training to provide more opportunities for employee development[65] - The company has built a mutually beneficial customer system through excellent R&D capabilities, stable product quality, fast delivery, and high-quality after-sales service, winning multiple awards from domestic and international customers[66] - The company adheres to the concept of green development and environmental priority, strictly complies with national environmental laws and regulations, and promotes healthy and sustainable development[67] - The company actively fulfills its social responsibilities by organizing various public welfare activities, including visiting nursing homes and participating in charity events[68] - The company's shares issued to specific investors are locked for 6 months from the date of issuance and cannot be transferred during this period[70][76] - The lock-up period for the shares issued to specific investors started on July 3, 2023, and will last for six months from the date of issuance[70][76] - The lock-up period for the shares issued to specific investors has been completed[70][76] - The company reported no significant litigation or arbitration cases during the reporting period, with only minor cases totaling RMB 1.35 million, all of which have been resolved without significant impact[84] - The company and its controlling shareholders maintained good credit status, with no overdue debts or failure to fulfill court judgments[86] - No significant related-party transactions occurred during the reporting period, including daily operations, asset acquisitions, or joint investments[87][88][89] - The company did not engage in any illegal external guarantees or face any penalties or rectifications during the reporting period[83][85] - The semi-annual financial report was not audited, and no non-standard audit reports were issued[83] - The company completed a share repurchase of 5,319,300 shares, accounting for 1.63% of the total shares, with a total repurchase amount of RMB 100,156,976.92[105] - The company distributed a cash dividend of RMB 2.60 per share for the 2023 fiscal year, totaling RMB 84,618,013.48[101] - The company's limited-sale shares decreased by 63,700,414 shares, reducing the proportion from 43.34% to 23.77%[103] - The company's unrestricted shares increased by 63,700,414 shares, increasing the proportion from 56.66% to 76.23%[103] - The company adjusted the repurchase price from RMB 31 per share to RMB 30.74 per share after the 2023 annual dividend distribution[105] - The company's basic earnings per share increased from 0.2275 to 0.2280 after the share repurchase[106] - The company's diluted earnings per share increased from 0.2275 to 0.2280 after the share repurchase[106] - The company's net assets per share slightly decreased from RMB 18.7685 to RMB 18.7674 after the share repurchase[106] - The total number of restricted shares at the beginning of the period was 141,060,967 shares, with 63,700,414 shares released during the period and 77,360,553 shares remaining restricted at the end of the period[108] - Yi Tinglei, the company's actual controller and chairman, holds 76,996,752 restricted shares, with 25% of the total shares released annually[107] - The total number of ordinary shareholders at the end of the reporting period was 30,060, with Yi Tinglei holding 31.54% of the shares, totaling 102,662,336 shares[108] - The Hong Kong Securities Clearing Company Limited, a foreign legal entity, holds 1.09% of the shares, totaling 3,554,112 shares, with an increase of 1,149,091 shares during the reporting period[108] - The company's repurchase special securities account holds 5,319,300 shares, accounting for 1.63% of the company's total shares at the end of the reporting period[111] - The company's monetary funds decreased from 1,742,878,827.54 yuan to 1,243,263,200.45 yuan, a decrease of approximately 28.7%[118] - Accounts receivable decreased from 734,285,377.73 yuan to 583,489,609.78 yuan, a decrease of approximately 20.5%[118] - Inventory increased from 692,196,931.54 yuan to 825,345,601.61 yuan, an increase of approximately 19.2%[118] - Short-term borrowings decreased significantly from 358,127,223.48 yuan to 4,919,180.00 yuan, a decrease of approximately 98.6%[119] - The company's total assets decreased from 7,006,990,361.02 yuan to 6,519,111,428.21 yuan, a decrease of approximately 7.0%[119] - Total current liabilities decreased from 730,550,628.88 yuan to 356,060,419.17 yuan, a decrease of approximately 51.3%[119] - The company's fixed assets increased from 2,251,878,853.89 yuan to 2,340,575,375.21 yuan, an increase of approximately 3.9%[119] - Construction in progress decreased from 284,586,470.35 yuan to 188,055,496.65 yuan, a decrease of approximately 33.9%[119] - The company's total non-current assets decreased slightly from 3,091,088,092.73 yuan to 3,062,873,907.04 yuan, a decrease of approximately 0.9%[119] - The company's total liabilities decreased from 730,550,628.88 yuan to 356,060,419.17 yuan, a decrease of approximately 51.3%[119] - Total liabilities decreased from 882,735,587.69 to 504,556,173.00, a significant reduction of 42.9%[121] - Total owner's equity slightly decreased from 6,124,254,773.33 to 6,014,555,255.21, a reduction of 1.8%[121] - Cash and cash equivalents decreased from 1,436,828,481.49 to 1,072,196,098.85, a reduction of 25.4%[122] - Accounts receivable decreased from 710,892,722.34 to 561,304,049.13, a reduction of 21.0%[122] - Total assets decreased from 6,831,303,289.19 to 6,437,008,520.74, a reduction of 5.8%[123] - Long-term equity investments increased slightly from 1,068,197,609.76 to 1,088,197,609.76, an increase of 1.9%[123] - Total operating income decreased from 798,054,899.46 to 713,188,796.50, a reduction of 10.6%[124] - Total operating costs increased from 595,312,571.82 to 652,594,837.26, an increase of 9.6%[124] - Net profit attributable to the parent company decreased from 2,452,153,671.55 to 2,511,105,206.15, a reduction of 2.4%[124] - Revenue for the first half of 2024 decreased to 675,577,328.48 RMB from 797,976,627.62 RMB in the same period of 2023, representing a decline of approximately 15.3%[127] - Net profit for the first half of 2024 was 74,007,899.05 RMB, a significant drop from 200,674,859.54 RMB in the same period of 2023, reflecting a decrease of about 63.1%[125] - R&D expenses increased to 39,823,549.63 RMB in the first half of 2024, up from 29,245,354.71 RMB in the same period of 2023, marking a 36.2% increase[125] - Interest income rose to 14,558,440.36 RMB in the first half of 2024, compared to 6,282,674.24 RMB in the same period of 2023, showing a 131.7% increase[125] - Basic earnings per share (EPS) for the first half of 2024 was 0.2280 RMB, down from 0.7667 RMB in the same period of 2023, a decrease of approximately 70.3%[126] - Total comprehensive income for the first half of 2024 was 73,879,807.24 RMB, compared to 216,031,452.54 RMB in the same period of 2023, a decline of about 65.8%[126] - Sales expenses increased to 7,374,267.02 RMB in the first half of 2024, up from 4,259,218.88 RMB in the same period of 2023, representing a 73.1% increase[125] - Financial expenses showed a net benefit of -14,045,732.05 RMB in the first half of 2024, compared to -2,929,640.66 RMB in the same period of 2023, indicating improved financial management[125] - Other comprehensive income for the first half of 2024 was -128,091.81 RMB, a significant drop from 15,356,593.00 RMB in the same period of 2023[125] - The company's total assets and liabilities data were not provided in the content, indicating a potential area for further analysis[125][126][127][128] - Operating cash flow increased to 113.92 million yuan in the first half of 2024, up from 105.67 million yuan in the same period of 2023[129] - Sales revenue from goods and services reached 833.91 million yuan in the first half of 2024, compared to 821.90 million yuan in the same period of 2023[129] - Investment cash flow showed a net outflow of 83.41 million yuan in the first half of 2024, an improvement from the 321.06 million yuan outflow in the same period of 2023[129] - Financing cash flow had a net outflow of 530.90 million yuan in the first half of 2024, compared to a net inflow of 2.56 billion yuan in the same period of 2023[129] - Cash and cash equivalents decreased by 497.95 million yuan in the first half of 2024, compared to an increase of 2.35 billion yuan in the same period of 2023[129] - Parent company's operating cash flow increased significantly to 271.99 million yuan in the first half of 2024,

证券代码：300443 证券简称：金雷股份 公告编号：2024-055 金雷科技股份公司 关于使用部分闲置募集资金进行现金管理的公告 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。 金雷科技股份公司（以下简称"公司"）第六届董事会第三次会议、 第六届监事会第三次会议审议通过了《关于使用部分闲置募集资金进行 现金管理的议案》，同意公司及实施募投项目的全资子公司山东金雷新 能源重装有限公司（以下简称"金雷重装"）使用合计不超过 3 亿元的 暂时闲置募集资金适时进行现金管理。该事项自公司董事会审议通过之 日起一年内有效，在上述额度和期限内，资金可以滚动使用。现将具体 情况公告如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意金雷科技股份公司向特定对 象发行股票注册的批复》（证监许可〔2023〕218 号）同意注册，公司 于 2023 年向特定对象发行股票 63,700,414 股，发行价格为 33.78 元/股， 募集资金总额为 2,151,799,984.92 元，扣除发行费用合计人民币 10,702,106.82 元（不含税）后，本次向特定对象发 ...

公司法定代表人： 主管会计工作的公司负责人: 公司会计机构负责人： 非经营性资金占用 资金占用方 名称 占用方与上 市公司的关 联关系 上市公司核算 的会计科目 2024 年期 初占用资 金余额 2024 年半年 度占用累计发 生金额（不含 利息） 2024 年半 年度占用 资金的利 息(如有) 2024 年半年 度偿还累计 发生金额 2024 年半年 度期末占用 资金余额 占用形成 原因 占用性 质 控股股东、实际控制 人及其附属企业 小计 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 前控股股东、实际控 制人及其附属企业 小计 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 其他关联方及附属企 业 小计 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 总计 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 其他关联资金往来 资金往来方 名称 往来方与上 市公司的关 联关系 上市公司核算 的会计科目 2024 年期 初往来 ...

中泰证券股份有限公司 关于金雷科技股份公司 | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | --- | --- | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 0次，计划下半年培训 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11.其他需要说明的保荐工作情况 | 无 | 二、保荐机构发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."三会 ...