Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a slight revenue increase, but a decrease in non-operating income significantly impacted net profit attributable to shareholders [2] - The company is a leader in the domestic quenching machine tool industry, with strong ties to major clients, indicating substantial future growth potential [4] - The report adjusts the profit forecast for 2024-2026 due to fluctuations in non-operating income, while maintaining a positive outlook on the company's core business [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 0.28 billion, a year-on-year increase of 5.88%, while net profit attributable to shareholders was 0.06 billion, a year-on-year decrease of 58.01% [2] - The company's gross margin in H1 2024 was 43.41%, down 3.99 percentage points year-on-year, with a net profit margin of 21.45%, down 32.65 percentage points year-on-year [3] - The company’s cash flow from operating activities in H1 2024 was 0.08 billion, a significant increase of 279.74% year-on-year, mainly due to faster customer payments [3] Business Outlook - The company focuses on domestic substitution of heat treatment equipment, achieving competitive technical indicators compared to foreign products [4] - The company has established long-term partnerships with key clients in the engineering machinery, wind power, and automotive sectors, which are expected to enhance revenue share in the future [4] - The report forecasts a decline in net profit for 2024-2026, with estimates of 0.17 billion, 0.20 billion, and 0.23 billion respectively, while the current stock price corresponds to dynamic P/E ratios of 58, 50, and 44 times [4]

证券代码：838670 证券简称：恒进感应 公告编号：2024-057 恒进感应科技（十堰）股份有限公司 1、审议情况 公司分别于 2024 年 1 月 12 日、2024 年 1 月 30 日召开第三届董事会第十八 次会议、2024 年第一次临时股东大会，审议通过了《关于使用闲置自有资金购 买理财产品的议案》：为提高闲置自有资金使用效率，在不影响公司主营业务正 常开展并确保公司正常经营需求的前提下，公司拟使用最高额度不超过人民币 1.00 亿元闲置自有资金进行现金管理，拟购买安全性高、流动性好、可以保障 本金安全的理财产品。在前述额度内，资金可以循环滚动使用，任意时点进行现 金管理的金额不超过 1.00 亿元，拟投资的产品期限最长不超过 12 个月。决议自 公司股东大会审议通过之日起 12 个月内有效，如单笔产品存续期超过股东大会 决议有效期限，则有效期自动顺延至该笔交易终止之日止，具体内容详见公司在 北京证券交易所官网披露的《恒进感应科技（十堰）股份有限公司关于使用闲置 自有资金购买理财产品的公告》（公告编号：2024-003）。 公司第三届董事会审计委员会 2024 年第一次会议审议通过了上述事项。 2 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥28,080,439.99, representing a 5.88% increase compared to ¥26,521,438.15 in the same period last year[12]. - The net profit attributable to shareholders decreased by 58.01% to ¥6,024,308.52 from ¥14,348,330.19 in the previous year[12]. - The gross profit margin for the first half of 2024 was 43.41%, down from 47.40% in the same period last year[12]. - The company achieved operating revenue of 28.08 million yuan, a year-on-year increase of 5.88%[21]. - The net profit attributable to the company was 6.02 million yuan, a decrease of 58.01% compared to the same period last year[21]. - The main business revenue increased by 6.16% to CNY 27,782,869.23, while other business revenue decreased by 15.37% to CNY 297,570.76[27]. - The company reported a total operating cost of ¥15,890,821.84 for the current period, up from ¥13,949,279.40 in the previous period, reflecting an increase of approximately 13.9%[188]. - The total profit for the current period was 6,750,767.40 million, down from 16,127,321.17 million in the previous period[198]. Assets and Liabilities - Total assets at the end of the reporting period were ¥481,493,691.84, a decrease of 1.51% from ¥488,877,842.97 at the end of the previous year[13]. - Total liabilities increased by 16.85% to ¥46,412,743.86 from ¥39,721,270.85 in the previous year[13]. - The company's total equity attributable to shareholders was ¥435,080,947.98, a decrease of 3.13% from ¥449,156,572.12 in the previous year[13]. - The company's cash and cash equivalents decreased by 15.86% from the previous year, amounting to 40,932,230.86 yuan[25]. - The company's inventory increased by 18.17% year-on-year, reaching 67,119,595.36 yuan[25]. - The company's total assets amounted to CNY 48,149.37 million, with a revenue of CNY 28.08 million for the first half of 2024, and a net profit attributable to shareholders of CNY 3.47 million after deducting non-recurring gains and losses[37]. - The total accounts receivable at the end of the period amounted to 31,241,956.95, with a bad debt provision of 5,969,667.44, resulting in a provision ratio of 19.11%[159]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was ¥8,471,723.62, a significant increase of 279.74% compared to ¥2,230,900.21 in the same period last year[15]. - The company reported a 279.74% increase in net cash flow from operating activities, amounting to CNY 8,471,723.62, up from CNY 2,230,900.21 last year[30]. - Cash inflow from investment activities totaled ¥329,193,107.09, compared to ¥494,595,053.84 in the first half of 2023, indicating a decrease of about 33.5%[68]. - The company paid approximately 20.10 million in debt repayments and interest distributions, a decrease from 36.85 million in the same period last year[67]. Research and Development - The company added 6 new invention patents in the first half of 2024[1]. - The company has established multiple research and development centers, enhancing its innovation capabilities[20]. - The company is focused on the research and development of heat treatment equipment, with nearly a hundred products developed in the HK series[80]. - Research and development expenses for the first half of 2024 were ¥4,460,858.96, down 10.6% from ¥4,989,674.48 in the same period of 2023[62]. Market and Industry Insights - The engineering machinery sector saw a decline in excavator sales, but domestic market sales showed a year-on-year increase[21]. - The automotive industry experienced a 27.6% year-on-year increase in scrapped vehicle recovery, indicating consumer recognition of government policies[21]. - The global heat treatment market size was $90.7 billion in 2016 and is projected to reach approximately $123.6 billion by 2025, with a compound annual growth rate (CAGR) of 3.5% from 2017 to 2025[24]. - In China, the heat treatment industry generated a total output value of 100 billion yuan by the end of the 12th Five-Year Plan and is expected to reach 120 billion yuan by the end of the 13th Five-Year Plan, reflecting an average annual growth rate of 3.71%[24]. Shareholder and Governance - The company has a total of 134 million shares, with 66,002,900 shares being unrestricted and 67,997,100 shares being restricted[44]. - The largest shareholder, Zhou Xiangcheng, holds 46,731,200 shares, representing 34.87% of the total shares[45]. - The company has established a stock incentive plan to retain and motivate professional talent, aiming to improve work enthusiasm and achievement sense[7]. - The board of directors consists of 8 members, while the supervisory board has 3 members[49]. Risks and Challenges - The company faces risks related to talent shortages in heat treatment technology, which may affect its long-term R&D and operational capabilities[37]. - Future performance may be impacted by fluctuations in downstream industry growth rates, particularly in sectors closely tied to macroeconomic cycles[36]. - The company relies on Siemens for the procurement of general CNC system components, with a risk of procurement difficulties due to potential international political and economic issues[9]. Accounting and Financial Reporting - The company has not changed its accounting policies or estimates compared to the previous financial statements, ensuring consistency in financial reporting[79]. - The company adheres to the relevant accounting standards, ensuring that its financial reports accurately reflect its financial position and performance[85]. - The company recognizes expected credit losses based on the expected credit loss model, applying different stages for financial instruments[105]. - The company employs an expected credit loss model for assessing financial instrument impairments, requiring significant judgments and estimates based on historical data and macroeconomic indicators[149].

股份有限公司十堰东风大道支行账户（账号：17226601040008933）、中国工商银 行股份有限公司十堰分行营业部账户（账号：1810000129200642691）。全资子公 司湖北恒进数控装备有限公司（原湖北祥泰智能装备有限公司）、国投证券股份 有限公司、招商银行股份有限公司十堰分行签署了《募集资金三方监管协议》， 对应的募集资金账户为招商银行股份有限公司十堰分行营业部账户（账号： 719900393410515）。 证券代码：838670 证券简称：恒进感应 公告编号：2024-056 恒进感应科技（十堰）股份有限公司 2024 年半年度募集资金存放和实际使用情况的专项报告 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、募集资金基本情况 （一）实际募集资金金额、资金到位时间 2022 年 6 月 13 日，经中国证券监督管理委员会《关于恒进感应科技（十堰） 股份有限公司向不特定合格投资者公开发行股票的批复》（证监许可〔2022〕1237 号）的核准，公司向不特定合格投资者公开发行不超过 ...

证券代码：838670 证券简称：恒进感应 公告编号：2024-055 恒进感应科技（十堰）股份有限公司 第三届监事会第十八次会议决议公告 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 本次会议的召集、召开及议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》等规定。 （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 3.回避表决情况 本议案不涉及回避表决情况。 本议案无需提交股东大会审议。 （二）审议通过《2024 年半年度募集资金存放和实际使用情况的专项报告》 1.议案内容： 具体详见公司 2024 年 8 月 27 日在北京证券交易所指定信息披露平台 （www.bse.cn）披露的《2024 年半年度募集资金存放和实际使用情况的专项报 告》（公告编号：2024-056）。 （一）审议通过《2024 年半年度报告及摘要议案》 1.议案内容： 具体详见公司 2024 年 8 月 27 日在北京证券交易所指定信息披 ...

证券代码：838670 证券简称：恒进感应 公告编号：2024-051 恒进感应科技（十堰）股份有限公司 关于使用部分自有资金进行现金管理的进展公告 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、 授权现金管理情况 （三） 本次现金管理产品受托方、资金使用方情况 1、审议情况 公司分别于 2024 年 1 月 12 日、2024 年 1 月 30 日召开第三届董事会第十八 次会议、2024 年第一次临时股东大会，审议通过了《关于使用闲置自有资金购 买理财产品的议案》：为提高闲置自有资金使用效率，在不影响公司主营业务正 常开展并确保公司正常经营需求的前提下，公司拟使用最高额度不超过人民币 1.00 亿元闲置自有资金进行现金管理，拟购买安全性高、流动性好、可以保障 本金安全的理财产品。在前述额度内，资金可以循环滚动使用，任意时点进行现 金管理的金额不超过 1.00 亿元，拟投资的产品期限最长不超过 12 个月。决议自 公司股东大会审议通过之日起 12 个月内有效，如单笔产品存续期超过股东大会 决议有效 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Viewpoints - The company is a leading domestic manufacturer of induction quenching machines, focusing on high-end and composite development to achieve domestic substitution of high-end induction heat treatment machines. The company has shown strong growth from 2018 to 2022, with a CAGR of 39% in revenue and 54% in net profit, although it faced significant challenges in 2023 due to a downturn in demand from key downstream industries [2][4]. Summary by Sections Company Overview - Established in 2002, the company specializes in the production and sales of induction heat treatment machines. It has made significant advancements in technology and product offerings, achieving a notable increase in revenue from 0.42 billion yuan in 2018 to 1.60 billion yuan in 2022 [2][14]. - The company has a strong focus on R&D, holding 151 patents and recognized as a hidden champion in its field. It has established long-term partnerships with major clients in various industries, including wind power, engineering machinery, and automotive manufacturing [14][20]. Industry Overview - The heat treatment equipment market in China is approximately 150 billion yuan, with a clear demand for domestic substitution. The global heat treatment market is projected to grow, with China accounting for about 19% of it [3][27]. - The report highlights the increasing need for high-efficiency, energy-saving, and environmentally friendly heat treatment equipment, driven by the aging of existing equipment and the push for carbon neutrality [32]. Company Advantages - The company has achieved significant technological advancements, with its products now matching or exceeding foreign counterparts in key performance indicators. It has established deep cooperation with leading clients across various sectors, positioning itself well for future growth [4][20]. - The company’s core products include high-end CNC induction quenching machines, which are critical for enhancing the performance and lifespan of mechanical components [25][40]. Financial Forecast and Valuation - The company is expected to experience rapid growth, with projected net profits of 0.74 billion yuan in 2024, 0.88 billion yuan in 2025, and 1.03 billion yuan in 2026. The current stock price corresponds to dynamic P/E ratios of 16, 13, and 11 times for the respective years [5][22].

证券代码：838670 证券简称：恒进感应 公告编号：2024-050 恒进感应科技（十堰）股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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、 授权现金管理情况 1、审议情况 公司分别于 2023 年 8 月 26 日、2023 年 9 月 16 日召开第三届董事会第十五 次会议及第三届监事会第十二次会议、2023 年第三次临时股东大会，审议通过 了《关于使用闲置募集资金购买理财产品的议案》：为提高闲置募集资金使用效 率，在确保不影响募投项目正常进行、保证募集资金安全的前提下，公司拟使用 最高额度不超过人民币 2.00 亿元闲置募集资金进行现金管理，拟购买安全性高、 流动性好、可以保障本金安全的理财产品。在前述额度内，资金可以循环滚动使 用，任意时点进行现金管理的金额不超过 2.00 亿元，拟投资的产品期限最长不 超过 12 个月。决议自公司股东大会审议通过之日起 12 个月内有效，具体内容详 见公司在北京证券交易所官网披露的《恒进感应科技 ...

证券代码：838670 证券简称：恒进感应 公告编号：2024-048 恒进感应科技（十堰）股份有限公司 第三届监事会第十七次会议决议公告 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 本次会议的召集、召开、议案审议程序等符合《公司法》等法律、法规和《公 司章程》等制度的有关规定。 （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《关于部分募投项目增加实施地点的议案》 1.议案内容： 为进一步提升公司整体实力，逐步实现公司战略发展规划，公司部分募投项 目拟增加实施地点，具体内容详见公司 2024 年 7 月 1 日在北京证券交易所信息 1.会议召开时间：2024 年 6 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2024 年 6 月 24 日以书面方式发出 披露平台(www.bse.cn)披露的《关于部分募投项目增加实施地点的公告》（公告 ...

恒进感应科技（十堰）股份有限公司 证券代码：838670 证券简称：恒进感应 公告编号：2024-047 第三届董事会第二十二次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 6 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场+通讯 4.发出董事会会议通知的时间和方式：2024 年 6 月 24 日以书面方式发出 5.会议主持人：周祥成 6.召开情况合法、合规、合章程性说明： 1.议案内容： 为进一步提升公司整体实力，逐步实现公司战略发展规划，公司部分募投项 目拟增加实施地点，具体内容详见公司 2024 年 7 月 1 日在北京证券交易所信息 披露平台(www.bse.cn)披露的《关于部分募投项目增加实施地点的公告》（公告 编号：2024-046）。 2.议案表决结果：同意 8 票；反对 0 票；弃权 0 票。 本议案已经第三届董事会 2024 年第一次独立董事专门会议审议通过。 本次会议的召 ...