Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company has shown a significant advantage in high-end products, and the establishment of a new subsidiary is expected to enhance its competitiveness [2]. - The company’s revenue for the first three quarters of 2024 was 437 million yuan, a year-on-year decrease of 8.07%, while the net profit attributable to the parent company was 76 million yuan, down 16.83% [1][2]. - The report predicts that the company's net profit for 2024-2026 will be 131 million yuan, 139 million yuan, and 158 million yuan respectively, with corresponding P/E ratios of 14.1, 13.2, and 11.7 [3]. Financial Performance Summary - For Q3 2024, the company achieved total revenue of 147 million yuan, a year-on-year decline of 15.40%, and a net profit of 39 million yuan, down 3.74% [2]. - The gross margin and net margin for the first three quarters were 48.36% and 17.31%, reflecting slight decreases of 0.43 percentage points and 1.98 percentage points respectively compared to the previous year [2]. - The company’s operating cash flow was negative at -23 million yuan, a significant decline of 158.95% year-on-year, primarily due to reduced sales and increased customer credit terms [2]. Market Position and Strategy - The company is positioned in the mid-to-high-end market, maintaining a gross margin above 40%, with nearly 70% of its revenue coming from overseas markets [2]. - The establishment of a new wholly-owned subsidiary aims to enhance research and development capabilities and improve overall profitability [2]. Future Outlook - The report anticipates that as domestic manufacturers upgrade their products, the import volume will decrease, allowing local brands to capture a larger market share [3]. - The company’s revenue is expected to recover slightly in 2025 and 2026, with projected growth rates of 6% and 14% respectively [2][3].

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-10- | 832145 | 恒合股份 | 14914315.0 | 17317.78 | 异常期间涨跌幅偏离值累计 | | 29 | | | | | 达到64.32% | | 2024-10- | 832802 | 保丽洁 | 14805601.0 | 29881.96 | 异常期间涨跌幅偏离值累计 | | 29 | | | | | 达到64.31% | | 2024-10- | 831856 | 浩淼科技 | 26385668.0 | 27078.24 | 异常期间涨跌幅偏离值累计 | | 29 | | | | | 达到64.24% | | 2024-10- 29 | 830964 | 润农节水 | 5221223 | 3431.3 | 异常期间涨跌幅偏离值累计 达到64.13% | | 2024-10- | | | | | 异常期间涨跌幅偏离值累计 | | 29 | 872392 | 佳合科技 | 15804573.0 | 3 ...

| | 公告日期 2024-10-29 | 异常期间 | 无 | | | | --- | --- | --- | --- | --- | --- | | | 中裕科技(871694) 连续竞价 | 成交数量 （股） | 11926824.0 | 成交金额（万 元） | 23050.69 | | | 涉及事项 当日换手率达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 方正证券股份有限公司宁波江澄北路证券营业部 | | | 6724813.19 | 0 | | 买2 | 甬兴证券有限公司宁波和源路证券营业部 | | | 5943966 | 0 | | 买3 | 国投证券股份有限公司柳州晨华路证券营业部 | | | 4617879 | 0 | | 买4 | 海通证券股份有限公司北京中关村南大街营业部 | | | 4074000 | 0 | | 买5 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 3083707.73 | 1356380.09 | | 卖1 | 东莞证券股份有限公司中堂营业部 | | ...

| | 公告日期 2024-10-29 | 异常期间 | 无 | | | | --- | --- | --- | --- | --- | --- | | | 中裕科技(871694) 连续竞价 | 成交数量 （股） | 11926824.0 | 成交金额（万 元） | 23050.69 | | | 涉及事项 当日收盘价涨幅达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 方正证券股份有限公司宁波江澄北路证券营业部 | | | 6724813.19 | 0 | | 买2 | 甬兴证券有限公司宁波和源路证券营业部 | | | 5943966 | 0 | | 买3 | 国投证券股份有限公司柳州晨华路证券营业部 | | | 4617879 | 0 | | 买4 | 海通证券股份有限公司北京中关村南大街营业部 | | | 4074000 | 0 | | 买5 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 3083707.73 | 1356380.09 | | 卖1 | 东莞证券股份有限公司中堂营业部 | ...

Financial Performance - Net profit attributable to shareholders for the first nine months of 2024 was CNY 76,313,934.94, down 17.13% from CNY 92,092,810.11 in the same period of 2023[3] - Operating revenue for the first nine months of 2024 decreased by 8.17% to CNY 436,969,737.01, compared to CNY 475,858,196.28 in the previous year[3] - The weighted average return on net assets based on net profit attributable to shareholders was 9.75%, down from 16.99% in the previous year[3] - Total revenue for the first nine months of 2024 was CNY 436,969,737.01, a decrease of 8.16% compared to CNY 475,858,196.28 in the same period of 2023[22] - Total operating costs for the same period were CNY 352,161,347.06, down 4.06% from CNY 367,784,104.77 in 2023[22] - Net profit for the current period is 75,645,999.36, a decrease of 17.74% compared to 92,024,255.59 in the previous period[23] - Operating profit is 87,646,827.70, down from 109,257,060.46, reflecting a decline of 19.73%[23] - Total comprehensive income for the current period is 75,395,514.65, compared to 92,001,815.59, a decrease of 18.00%[23] - The company experienced a decrease in total profit to 87,649,488.92 from 107,374,030.26, reflecting a decline of 18.38%[23] Assets and Liabilities - Total assets as of September 30, 2024, reached CNY 1,138,687,193.88, an increase of 7.90% compared to CNY 1,055,345,757.84 at the end of 2023[3] - Current assets totaled ¥730,944,514.02, compared to ¥708,685,898.33 in the previous year, indicating a year-over-year increase of about 3.23%[15] - Total liabilities as of September 30, 2024, were ¥343,630,124.39, compared to ¥309,155,520.18 in the previous year, reflecting an increase of about 11.14%[17] - Total liabilities increased to CNY 288,715,872.39 from CNY 274,125,433.81, representing a rise of 5.43%[20] - The company’s total liabilities to total assets ratio (consolidated) increased to 30.18% from 29.31% at the end of 2023[3] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 22,792,138.12, a decline of 158.95% compared to a net inflow of CNY 38,665,014.11 in the same period last year[3] - Operating cash inflow for the first nine months of 2024 was CNY 413,250,630.65, a decrease of 14.8% compared to CNY 485,230,674.62 in the same period of 2023[26] - Net cash outflow from operating activities was CNY -22,792,138.12, contrasting with a positive cash flow of CNY 38,665,014.11 in the previous year[27] - Financing cash inflow was CNY 182,561,602.68, down from CNY 380,778,726.64 in the same period last year[27] - Net cash outflow from financing activities was CNY -5,328,571.45, a significant decline from a net inflow of CNY 226,303,509.24 in the previous year[27] Inventory and Receivables - Accounts receivable increased by 44.92% to CNY 164,203,441.91, attributed to extended credit terms for some customers[4] - Inventory rose by 45.76% to CNY 244,849,645.50, primarily due to stockpiling by overseas subsidiaries[4] - Inventory increased to ¥244,849,645.50 from ¥167,983,861.25, which is a growth of approximately 45.7%[15] Shareholder Information - The total number of ordinary shares at the end of the period was 102,298,000, with 4,532 shareholders[7] - The largest shareholder, Huang Yuzhong, holds 39.86% of the shares, totaling 40,778,759 shares[8] - The total number of restricted shares held by major shareholders is 75,650,559, representing 75.44% of the total shares[8] Commitments and Governance - The company has committed to share circulation restrictions and voluntary lock-up agreements effective from July 22, 2022[11] - The company has long-term commitments to avoid competition with peers and reduce related party transactions[12] - The company has established measures to address any breaches of commitments, ensuring accountability[13] - The company is committed to transparency in its financial reporting and operational strategies[13] Research and Development - Research and development expenses rose to CNY 26,544,585.22, up 27.67% from CNY 20,812,865.63 in the previous year[22] - Research and development expenses increased to 18,787,936.02, up from 14,935,023.66, representing a rise of 25.06%[24] Other Financial Metrics - The company reported a significant increase in financial expenses by 831.31% to CNY 1,099,221.86, mainly due to reduced foreign exchange gains compared to the previous year[5] - The company reported a loss of ¥189,404.25 from the disposal of non-current assets[6] - The government subsidies recognized in the current period amounted to ¥5,580,266.43[6] - The company reported a credit impairment loss of -3,475,992.79, compared to -3,020,471.96 previously, an increase of 15.09%[23]

证券代码：871694 证券简称：中裕科技 公告编号：2024-078 中裕软管科技股份有限公司 第三届董事会第十六次会议决议公告 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 10 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2024 年 10 月 15 日以书面方式发出 7.召开情况合法、合规、合章程性说明： 会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 （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。 二、议案审议情况 （一）审议通过《2024 年第三季度报告》 1.议案内容： 公司编制了《2024 年第三季度报告》，董事会依职责进行审议。 5.会议主持人：董事长黄裕中 6.会议列席人员：全体监事、高管 3.回避表决情况： 本议案不涉及回避表决事项。 4.提交股东大会表决情况： ...

证券代码：871694 证券简称：中裕科技 公告编号：2024-079 中裕软管科技股份有限公司 第三届监事会第十四次会议决议公告 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 5.会议主持人：监事会主席申华 6.召开情况合法、合规、合章程性说明： 会议召集、召开、议案审议程序等方面符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 （二）会议出席情况 具体内容详见本公司于 2024 年 10 月 28 日在北京证券交易所指定信息披露 平台（http://www.bse.cn）上披露的《中裕软管科技股份有限公司 2024 年第三季 1.会议召开时间：2024 年 10 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出监事会会议通知的时间和方式：2024 年 10 月 15 日 以书面方式发出 度报告》（公告编号：2024-080）。 公司监事会对《2024 年第三季度报告》的书面审核意见如下： （1）公司 2 ...

对外投资的公告 中裕软管科技股份有限公司 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、对外投资概述 （一）基本情况 根据公司战略发展需要，本公司的子公司安徽优耐德管道技术有限公司拟以 自有资金投资设立全资孙公司。 孙公司名称为滁州平裕管道科技有限公司，注册资本人民币 100 万元，注册 地址为安徽省滁州市来安县汊河镇经济开发区荷塘路 12 号。经营范围为：一般 项目橡胶制品制造；塑料制品制造；玻璃纤维增强塑料制品制造；建筑装饰、水 暖管道零件及其他建筑用金属制品制造；阀门和旋塞研发；合成材料制造（不含 危险化学品）；高性能纤维及复合材料制造；金属材料制造；金属加工机械制造； 金属切割及焊接设备制造；通用设备制造（不含特种设备制造）；金属制品研发； 海洋工程装备制造；合成材料销售；高性能纤维及复合材料销售；橡胶制品销售； 塑料制品销售；金属材料销售；阀门和旋塞销售；高品质合成橡胶销售；高性能 密封材料销售；玻璃纤维增强塑料制品销售；工程塑料及合成树脂销售；海洋工 程装备销售；陆地管道运输；海底管道 ...

证券代码：871694 证券简称：中裕科技 公告编号：2024-076 中裕软管科技股份有限公司 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、 授权募集资金现金管理情况 （一）审议情况 2024 年 8 月 21 日，公司召开第三届董事会第十五次会议、第三届监事会 第十三次会议，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》。为提高公司募集资金使用效率，在确保资金安全、不影响募集资金投资 项目建设的前提下，公司拟使用额度不超过人民币 9,000 万元的闲置募集资金 进行现金管理，在上述额度范围内资金可以循环滚动使用。具体内容详见公司 于 2024 年 8 月 22 日在北京证券交易所指定信息披露平台（www.bse.cn）披露 的《关于使用部分闲置募集资金进行现金管理公告》（公告编号：2024-067）。 公司独立董事专门会议审议通过上述议案。公司保荐机构东吴证券股份有限公 司出具了无异议的核查意见。 （二）披露标准 根据《北京证券交易 ...

证券代码：871694 证券简称：中裕科技 公告编号：2024-076 中裕软管科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 （一）审议情况 2024 年 8 月 21 日，公司召开第三届董事会第十五次会议、第三届监事会 第十三次会议，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》。为提高公司募集资金使用效率，在确保资金安全、不影响募集资金投资 项目建设的前提下，公司拟使用额度不超过人民币 9,000 万元的闲置募集资金 进行现金管理，在上述额度范围内资金可以循环滚动使用。具体内容详见公司 于 2024 年 8 月 22 日在北京证券交易所指定信息披露平台（www.bse.cn）披露 的《关于使用部分闲置募集资金进行现金管理公告》（公告编号：2024-067）。 公司独立董事专门会议审议通过上述议案。公司保荐机构东吴证券股份有限公 司出具了无异议的核查意见。 （二）披露标准 根据《北京证券交易所股票上市规则（试行）》相关规定，交易的成交金额 占上市公司最近一期经审计净资产的 10%以上且超 1,000 万元的应当予以披 露；上市公司连续 12 个月滚动发生现金管理的，以该期间最 ...