北交所信息更新 无锡鼎邦（872931.BJ） 2025 年 03 月 15 日 投资评级：增持（维持） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 17.44 | | 一年最高最低(元) | 20.65/6.36 | | 总市值(亿元) | 16.38 | | 流通市值(亿元) | 5.02 | | 总股本(亿股) | 0.94 | | 流通股本(亿股) | 0.29 | | 近 3 个月换手率(%) | 375.26 | 北交所研究团队 公司加快海外油化换热器拓展步伐，成为多家全球油化龙头供应商 公司多年深耕石化换热设备，积累了丰富的客户资源，并且参与了多个石油化工 建设项目，具备丰富的大型项目经验，在主要客户的供应商中具有较强的竞争地 位。2024 年公司积极拓展海外业务，海外订单成功交付，实现了海外业务的拓 展，已成为壳牌石化、沙特阿美、美孚等世界 500 强企业的合格供应商，并取 得订单，在维护好国内业务的同时，国外业务将成为公司新的增长极。 风险提示：原材料波动风险、宏观经济变化风险、募投项目投产不及预期风险 财务摘要和估值指标 | 指标 | 2022 ...

北交所信息更新 无锡鼎邦（872931.BJ） 2025 年 03 月 15 日 投资评级：增持（维持） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 17.44 | | 一年最高最低(元) | 20.65/6.36 | | 总市值(亿元) | 16.38 | | 流通市值(亿元) | 5.02 | | 总股本(亿股) | 0.94 | | 流通股本(亿股) | 0.29 | | 近 3 个月换手率(%) | 375.26 | 北交所研究团队 公司加快海外油化换热器拓展步伐，成为多家全球油化龙头供应商 ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 快报预计营收 4.01 亿元（-8.55%），归母净利润 0.40 亿元（-14.00%） 公司发布 2024 年业绩快报，预计 2024 年公司实现营业收入 4.01 亿元，同比下 滑 8.55%；归母净利润为 0.40 亿元，同比下滑 14.00%；扣非净利润 0.39 亿元， 同比下滑 13.64%。受公司产品吨单价较高的不锈钢类产品及油 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is expected to achieve a revenue of 401 million yuan in 2024, a decrease of 8.55% year-on-year, with a net profit attributable to the parent company of 40 million yuan, down 14.00% year-on-year. The profit forecasts for 2024-2026 have been revised downwards due to a decline in product prices [3][4] - The "Reduce Oil and Increase Chemical" policy is expected to boost demand for heat exchangers, driven by the concentration and large-scale development of domestic refineries [4] - The company has been deepening its expertise in petrochemical heat exchangers and is accelerating its overseas expansion, becoming a qualified supplier for several global oil and chemical giants [5] Financial Summary - The company's total revenue is projected to decline from 438 million yuan in 2023 to 401 million yuan in 2024, with a subsequent recovery to 442 million yuan in 2025 and 491 million yuan in 2026 [6] - The net profit attributable to the parent company is expected to remain at 40 million yuan in 2024, with a gradual increase to 45 million yuan in 2025 and 50 million yuan in 2026 [6] - The company's gross margin is projected to decrease from 21.4% in 2023 to 20.5% in 2024, with a slight recovery to 20.6% in 2025 and 20.8% in 2026 [6][12]

Financial Performance - The company's operating revenue for the reporting period was CNY 400,949,043.73, a decrease of 8.55% compared to the same period last year[3] - The total profit for the reporting period was CNY 45,019,316.54, down 15.02% year-on-year[3] - The net profit attributable to shareholders was CNY 40,477,076.23, reflecting a 14.00% decline compared to the previous year[3] - The basic earnings per share decreased to CNY 0.47, a drop of 34.72% year-on-year[3] Assets and Equity - Total assets at the end of the reporting period reached CNY 691,594,833.20, an increase of 15.52% from the beginning of the period[5] - Shareholders' equity attributable to the company increased by 95.95% to CNY 392,635,493.42[5] Business Operations - The company successfully delivered overseas orders during the reporting period, marking a breakthrough in its international business[6] - The decline in revenue was attributed to lower prices for stainless steel products and steam generators, alongside increased domestic market competition[6] - The company issued additional shares, increasing its share capital by 28.75 million shares during the reporting period[6] Financial Caution - The financial data presented is preliminary and has not been audited, cautioning investors about potential risks[7]

证券研究报告·北交所公司深度报告·专用设备 无锡鼎邦（872931） 油浆蒸发器订单需求充足，布局海外打开成 长空间 增持（首次） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 366.85 | 438.45 | 415.86 | 483.94 | 542.12 | | 同比 | 18.36 | 19.52 | (5.15) | 16.37 | 12.02 | | 归母净利润（百万元） | 40.41 | 47.07 | 42.65 | 53.90 | 61.91 | | 同比 | 103.22 | 16.47 | (9.38) | 26.37 | 14.86 | | EPS-最新摊薄（元/股） | 0.43 | 0.50 | 0.45 | 0.57 | 0.66 | | P/E（现价&最新摊薄） | 26.17 | 22.47 | 24.80 | 19.62 | 17.08 | [Table_Tag] [Table_Sum ...

证券代码：872931 证券简称：无锡鼎邦 公告编号：2024-116 无锡鼎邦换热设备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 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的报道，尤其是负面报道、不实 报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 公司于 2024 年 12 月 20 日召开第三届董事会第八次会议，审议通过《关于 制定<舆情管理制度>的议案》，本议案无需提交公司股东大会审议。 二、 制度的主要内容，分章节列示： 无锡鼎邦换热设备股份有限公司 舆情管理制度 第一章 总则 第一条 为提高无锡鼎邦换热设备股份有限公司（以下简称"公司"）舆情处 置工作的效率和质量，建立快速反应和应急处置机制，及时、妥善处理各类舆情 尤其是负面舆情对公司 ...

（一）会议召开情况 1.会议召开时间：2024 年 12 月 20 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 证券代码：872931 证券简称：无锡鼎邦 公告编号：2024-115 无锡鼎邦换热设备股份有限公司 第三届董事会第八次会议决议公告 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 6.会议列席人员：董事会秘书 7.召开情况合法、合规、合章程性说明： 本次董事会的召集、召开程序符合《公司法》等法律、法规、规章及《公司 章程》的规定，合法有效。 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 4.发出董事会会议通知的时间和方式：2024 年 12 月 12 日以书面方式发出 （二）会议出席情况 5.会议主持人：董事长王仁良先生 善处理各类舆情对公司股价、公司商业信誉及正常生产经营活动造成的影响，切 实保护公司及投资者合法权益，根据《北京证券交易所股票上市规则（试行）》 等相关法律法规、规范性文件以及《公司章程》的相关规定，结合公司实际 ...

分析师：任沐昕 专注石化换热设备，探寻海外业务增长 执业证书编号：S1410524050002 市场数据 总股本(百万股)93.93 A股股本(百万股)93.93 B/HA股流通比例股股本(百万股(%)）)30.64-/- 12个月最高/最低(元)15.96/1.80 第一大股东王仁良 第一大股东持股比例(%)68.72 上证综指/沪深3003346.01/3976.89 数据来源：聚源注：2024年11月19日数据 | --- | --- | --- | --- | |--------------------|--------|--------------------|---------| | | | | | | | | | | | 近十二个月股价表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 22.91 | -11.97 | 57.31 | | 绝对收益 | 43.94 | 81.45 | 117.17 | | 数据来源：聚源 | | 注：相对收益与北证 | 50 相比 | 20 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. [2] Core Viewpoints - Wuxi Dingbang specializes in heat exchange equipment for the petrochemical sector and has been recognized as a "Little Giant" enterprise by the state for its technical innovation capabilities [2][16]. - The domestic heat exchange equipment market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 3.29%, increasing from 90.02 billion yuan in 2023 to 99.21 billion yuan by 2026 [2]. - The company has a strong competitive position in the market due to its focus on innovation and a well-established R&D team, which has developed proprietary technologies and products that meet both domestic and international standards [2][3]. - The company's products are widely recognized by both domestic and foreign clients, providing energy-efficient and stable solutions for various operational conditions, including extreme temperatures and toxic environments [2][3]. Summary by Sections Company Overview - Wuxi Dingbang was established in 2003 and focuses on the research and sales of heat exchange equipment, primarily serving the petrochemical industry [16][18]. - The company has a strong organizational structure, with a major shareholder holding 68.72% of the shares, and a management team with extensive industry experience [27][29]. Industry Overview - The heat exchange equipment industry is crucial for energy efficiency in various sectors, including petrochemicals, power generation, and metallurgy [55][62]. - The demand for heat exchange equipment is particularly high in the petrochemical sector, which accounts for approximately 30% of the market demand [57][62]. Financial Forecast and Valuation - The company is expected to achieve revenues of 467.05 million yuan, 501.12 million yuan, and 525.64 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 46.31 million yuan, 58.09 million yuan, and 61.56 million yuan [3]. - The report estimates the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 to be 26.97, 21.50, and 20.29, respectively, indicating a favorable valuation compared to industry peers [2][3].

证券代码：872931 证券简称：无锡鼎邦 公告编号：2024-114 无锡鼎邦换热设备股份有限公司 关于完成工商变更登记并取得营业执照的公告 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、基本情况 目前，公司已完成相应的工商变更登记及《公司章程》备案手续，并于 2024 年 11 月 29 日取得无锡市数据局核发的《营业执照》。 本次变更后的工商登记基 本信息如下： 统一社会信用代码：91320205744844636B 名称：无锡鼎邦换热设备股份有限公司 注册资本：9,393 万元整 类型：股份有限公司（上市、自然人投资或控股） 法定代表人：王仁良 成立日期：2003 年 01 月 27 日 住所： 无锡市锡山区安镇镇吼山南路 29 号 无锡鼎邦换热设备股份有限公司（以下简称"公司"）于 2024 年 5 月 28 日 召开第三届董事会第四次会议、2024 年 6 月 26 日召开 2024 年第二次临时股东 大会，审议通过了《关于拟修订公司章程的议案》，具体内容详见于 2024 年 5 月 ...