| 日期 | | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 04 | 2024-09- | 835368 | 连城数控 | 14.5 | 400000 | 中信证券股份有限公 司启东人民中路证券 | 申万宏源西部证券有 限公司霍尔果斯亚欧 | | | | | | | | 营业部 | 路证券营业部 | ...

证券代码：835368 证券简称：连城数控 公告编号：2024-054 大连连城数控机器股份有限公司 | | 计划减 | | 计划 | | | | | 拟减 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持数量 | | 减持 | 减持 | 减持 | 减持价 | 拟减持股 | 持 | | | 名称 | | | | 方式 | 期间 | 格区间 | 份来源 | | | | | （股） | | 比例 | | | | | 原因 | | | 王鸣 | 不 于 | 高 | 不高于 | 集中竞 | 自本公告披 | 根据市场 | 上市前取得 | 个 人 | 资 | | | 192,140股 | | 0.08% | 价或大 | 露 之 日 起 | 价格确定 | | 金安排 | | | | | | | 宗交易 | 15 个 交 易 | | | | | | | | | | | 日后的 个 3 | | | | | | | | | | | 月内 | | | | | 二、 减持计划的主要内容 高级管理人员拟减持公司股份不超过 0.1%的预披 ...

证券研究报告·公司点评报告·光伏设备 连城数控（835368） 2024年半年报点评：减值损失计提影响利润， 24Q2 业绩略不及预期 2024 年 08 月 28 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3772 | 6002 | 6369 | 7054 | 8012 | | 同比（ % ） | 84.90 | 59.10 | 6.12 | 10.77 | 13.57 | | 归母净利润（百万元） | 452.32 | 681.48 | 696.08 | 731.53 | 814.34 | | 同比（ % ） | 30.67 | 50.66 | 2.14 | 5.09 | 11.32 | | EPS- 最新摊薄（元 / 股） | 1.94 | 2 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's overall performance shows steady growth, with H1 2024 revenue and net profit both increasing: H1 2024 revenue reached 2.531 billion yuan, up 33.79% year-on-year; net profit attributable to the parent company was 321 million yuan, up 38.21% year-on-year [2] - The company's business is progressing as planned, with both domestic and international operations contributing positively to profitability: In H1 2024, revenue from crystal growth and processing equipment, battery cell and module equipment, and other supporting equipment was 2.049 billion, 57 million, and 413 million yuan respectively, with year-on-year changes of +37.59%, -30.54%, and +35.73% [2] - The company maintains strong cost control and emphasizes R&D, leading to a slight increase in R&D expenses: In Q2 2024, the R&D expense ratio was 5.21%, up 0.38 percentage points year-on-year [2] Financial Forecasts and Valuation - The profit forecast has been adjusted downward due to a slowdown in downstream expansion, with expected net profits for 2024, 2025, and 2026 at 696 million, 732 million, and 814 million yuan respectively, reflecting year-on-year growth of 2%, 5%, and 11% [3] - The company is expected to achieve steady growth in performance due to ongoing efforts to expand overseas market orders [3] - The latest diluted EPS for 2024 is projected to be 2.98 yuan, with a P/E ratio of 6.83 [3][4]

Investment and Financial Performance - The company plans to invest no more than 1.05 billion RMB in the development and manufacturing base for third-generation semiconductor equipment[1]. - The company achieved a revenue of CNY 2,530,520,861.95, representing a year-on-year increase of 33.79%[13]. - The net profit attributable to shareholders reached CNY 321,437,206.29, up 38.21% compared to the same period last year[13]. - The gross profit margin improved to 32.43%, up from 25.34% in the previous year[13]. - The weighted average return on equity based on net profit attributable to shareholders was 8.04%, an increase from 7.06% year-on-year[13]. - The company reported a net investment income of ¥79,013,189.86 for the first half of 2024, slightly down from ¥80,865,520.67 in the same period of 2023[82]. - The total operating revenue for the first half of 2024 reached ¥2,530,520,861.95, a 33.9% increase from ¥1,891,454,603.79 in the same period of 2023[82]. - The total operating costs for the first half of 2024 were ¥2,070,868,231.31, up from ¥1,768,592,489.17, reflecting a 17.1% increase[82]. - The company reported a credit impairment loss of CNY -82,284,735.97 for the first half of 2024, compared to CNY -29,481,112.60 in the previous year, reflecting a deterioration in credit quality[83]. Research and Development - Research and development expenses amounted to CNY 14,283,890, representing a 20.41% increase from the previous year[21]. - The company holds a total of 769 patents, including 117 invention patents, indicating a strong focus on innovation[21]. - The company emphasizes R&D as a core driver for development, continuously enhancing R&D investment and building a skilled technical team to mitigate product and technology substitution risks[44]. - The group categorizes R&D expenditures into research phase and development phase, with research phase costs expensed immediately and development phase costs capitalized if certain criteria are met[153]. Market Presence and Competition - The company plans to continue expanding its market presence in the photovoltaic and semiconductor sectors despite increased competition[21]. - The company is focusing on diversifying its market presence to reduce reliance on a single market and minimize the impact of trade policy changes[43]. - The company is committed to continuous product innovation and service upgrades to meet diverse customer needs and reduce dependency on single products[43]. Customer and Revenue Concentration - The top five customers contributed 81.48% of the company's total operating income, highlighting a significant customer concentration risk[43]. - Revenue from related party Longi Green Energy accounted for 27.69% of total operating income, raising concerns about the fairness of related transactions[43]. - The company is actively enhancing customer relationships and satisfaction to mitigate the risk of customer loss[43]. Financial Stability and Risks - The company maintains a debt-to-asset ratio of 62.73%, down from 68.59% in the previous year, indicating improved financial stability[14]. - The company has not faced any delisting risks as per the report[6]. - The company has established a comprehensive risk management system to enhance its ability to identify and respond to potential trade risks[43]. - The company has identified risks related to the management of its rapidly expanding operational scale, necessitating adjustments to maintain effective management practices[45]. - The company has accumulated litigation amounts of approximately CNY 143.04 million, with 10.3 million already settled, indicating ongoing legal challenges but no significant adverse impact on operations[48][49]. Shareholder and Equity Information - The total share capital of the company is 233,499,640 shares[11]. - The company distributed a cash dividend of 3.00 RMB per 10 shares, totaling 70.05 million RMB to shareholders[1]. - The total number of unrestricted shares increased from 120,924,617 to 127,461,936, representing a rise from 51.79% to 54.59% of total shares[62]. - The top ten shareholders collectively hold 147,311,313 shares, accounting for 63.09% of total shares, with no significant changes in their holdings[63]. Subsidiaries and Acquisitions - The company established a new subsidiary, Jiangxi Chuanhe New Materials Co., Ltd., with a registered capital of CNY 50 million, holding a 60% stake[39]. - The company acquired 51% of Wuxi Nanya Technology Co., Ltd. for CNY 15.30 million, which is now included in the consolidated financial statements[39]. - The company established new subsidiaries in Vietnam and Singapore, with registered capitals of USD 2.6 million and USD 6 million respectively, both included in the consolidated financial statements[40]. Accounting and Financial Reporting - The financial statements reflect the company's financial position and operating results for the first half of 2024, prepared in accordance with the relevant accounting standards[106]. - The company has established specific accounting policies and estimates, including provisions for bad debts and inventory impairments, based on its operational characteristics[105]. - The company recognizes revenue when control of goods or services is transferred to customers, primarily from the sale of photovoltaic and semiconductor equipment[164]. - The company employs a simplified measurement approach for accounts receivable and contract assets, measuring loss provisions equivalent to expected credit losses over the entire duration[124]. Taxation and Government Grants - The company benefits from a preferential corporate income tax rate of 15% as a national high-tech enterprise, with risks of losing this status upon certification review[44]. - The company enjoys a 13% export tax rebate rate for equipment exports, with potential impacts on cash flow if future trade policies change[44]. - The company has obtained high-tech enterprise certification, allowing a reduced corporate income tax rate of 15% from 2021 to 2023, with a similar status for subsidiaries extending to 2025[183][184].

证券代码：835368 证券简称：连城数控 公告编号：2024-051 舆情管理制度 第一章 总则 第一条 为提高大连连城数控机器股份有限公司（下称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司 股价、商业信誉及正常经营活动造成的影响，切实保护公司和投资者的合法权 益，根据相关法律、法规和规范性文件的规定及《公司章程》，结合公司实际， 制定本制度。 大连连城数控机器股份有限公司 舆情管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 审议及表决情况 大连连城数控机器股份有限公司于 2024 年 8 月 26 日召开第五届董事会第 十一次会议，审议通过《关于制定<舆情管理制度>的议案》，该议案无需提交 股东大会审议。 二、 制度的主要内容，分章节列示： 大连连城数控机器股份有限公司 第五条 舆情管理工作组是公司应对各类舆情处理工作的领导机构，统一 领导公司各类舆情的应对处置工作,就相关工作做出决策和部署，根据需要研 究决定公司对外发布信息事项，主要工作 ...

证券代码：835368 证券简称：连城数控 公告编号：2024-050 大连连城数控机器股份有限公司 第一条 为完善大连连城数控机器股份有限公司（以下简称"公司"）治理 结构，规范公司内部运作，确保公司总经理及其他高级管理人员勤勉高效地履 行职责，根据《中华人民共和国公司法》（以下简称《公司法》）、《北京证券交 易所股票上市规则（试行）》等相关法律、法规、规章、规范性文件和《大连连 城数控机器股份有限公司章程》（以下简称《公司章程》）的规定，结合公司实 际情况，制定本细则。 总经理工作细则 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 审议及表决情况 大连连城数控机器股份有限公司于 2024 年 8 月 26 日召开第五届董事会 第十一次会议，审议通过《关于修订<总经理工作细则>的议案》，该议案无需 提交股东大会审议。 第二条 公司设总经理一名，向董事会负责，由董事会聘任或解聘。总经 理负责公司日常经营管理工作，组织实施董事会决议。 二、 制度的主要内容，分章节列示： 大连连城数控机器股份有限公 ...

证券代码：835368 证券简称：连城数控 公告编号：2024-049 大连连城数控机器股份有限公司 关于控股子公司吸收合并其全资子公司的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、吸收合并概况 大连连城数控机器股份有限公司（以下简称"公司"）下属控股子公司无锡 釜川科技股份有限公司（以下简称"釜川股份"）为进一步优化组织架构，降低 管理成本，提高整体运营效率，拟吸收合并其下属全资子公司釜川（无锡）智能 科技有限公司（以下简称"无锡釜川"）。本次吸收合并完成后，釜川股份存续 经营，公司名称、注册资本等保持不变；无锡釜川将予以注销，其全部资产、债 权债务、业务和人员等由釜川股份依法承继。 本次吸收合并事宜不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组情形，无需提交公司股东大会审议。 二、吸收合并双方的基本情况 （一）吸收合并方的基本情况 名称：无锡釜川科技股份有限公司 注册地址：无锡市锡山区锡北镇锡港路张泾东段 209 号 企业类型：其他股份有限公司（非上市） ...

本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 证券代码：835368 证券简称：连城数控 公告编号：2024-053 大连连城数控机器股份有限公司 第五届监事会第十一次会议决议公告 5.会议主持人：监事会主席任怀宇 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开和议案审议程序符合《公司法》及《公司章程》的 有关规定，表决结果合法有效。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 1.议案内容： 具体内容详见公司于 2024 年 8 月 27 日在北京证券交易所信息披露平台 （www.bse.cn）披露的《大连连城数控机器股份有限公司 2024 年半年度报告》 1 本议案不涉及回避表决。 3.回避表决情况 本议案不涉及回避表决。 本议案无需提交股东大会审议。 （二）审议通过《关于控股子公司吸收合并其全资子公司的议案》 1.议案内容： ...

证券代码：835368 证券简称：连城数控 公告编号：2024-052 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 大连连城数控机器股份有限公司 第五届董事会第十一次会议决议公告 7.召开情况合法、合规、合章程性说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》 的有关规定，表决结果合法有效。 一、会议召开和出席情况 2.会议召开地点：公司会议室 （一）会议召开情况 3.会议召开方式：现场及通讯方式 1.会议召开时间：2024 年 8 月 26 日 4.发出董事会会议通知的时间和方式：2024 年 8 月 16 日以书面及邮件方式 发出 5.会议主持人：董事长李春安先生 6.会议列席人员：公司监事、高级管理人员 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事李春安、冯世超及独立董事魏兆成因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 1 1.议案内容： 具体内容详见公司于 202 ...