Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has achieved a net profit of 122.2 million yuan in Q1-Q3 2024, driven by dual engines of import substitution and expansion into foreign markets [2][4] - The company maintains a stable profit forecast for 2024-2026, expecting net profits of 144 million, 155 million, and 174 million yuan respectively, with corresponding EPS of 1.34, 1.44, and 1.61 yuan [3][4] Financial Performance - For Q1-Q3 2024, the company reported revenue of 413 million yuan, a year-on-year decrease of 11.35%, and a net profit of 122.2 million yuan, down 4.34% year-on-year [3] - The current stock price is 25.25 yuan, with a market capitalization of 2.718 billion yuan and a circulating market capitalization of 742 million yuan [3] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.8, 17.5, and 15.6 respectively [3] Business Strategy - The company has extensive experience in benchmark projects, with significant supply to major ethylene plants, achieving a high market share in new domestic ethylene installations [4] - The company has successfully replaced UOP's technology in a PDH project, marking a significant step in import substitution [4] - The company has been awarded contracts for international projects, including a successful bid for an MTO project in Uzbekistan, indicating potential for direct exports [4][5] Growth Potential - The company is expanding its production capacity for high-efficiency heat exchangers, with a new project expected to add 10,000 tons of annual production capacity and generate additional sales revenue of approximately 435.96 million yuan per year [5] - The company is exploring opportunities in nuclear energy and LNG cold energy markets, which present strong growth potential [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for Q3 2024, with a year-on-year revenue decrease of 11.35% and a net profit decrease of 4.34% [2] - Q3 2024 revenue was 0.69 billion yuan, showing a year-on-year increase of 65.66% but a quarter-on-quarter decrease of 62.73% [2] - The company is expected to see long-term growth driven by the increasing demand for energy-efficient heat exchangers despite short-term performance pressures [3] Financial Performance Summary - For the first three quarters of 2024, total revenue was 413 million yuan, with a net profit of 122 million yuan [2] - The company’s Q3 2024 operating expenses increased significantly, with an expense ratio of 23.07%, up 15.37 percentage points year-on-year [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of 152 million yuan, 173 million yuan, and 193 million yuan, representing year-on-year growth of 21%, 14%, and 11% respectively [3] Revenue and Profit Forecast - The projected total revenue for 2024 is 535.4 million yuan, with a year-on-year growth rate of 2.1% [1] - The projected diluted EPS for 2024 is 1.42 yuan per share, with a corresponding P/E ratio of 20.72 [1]

Financial Performance - Net profit attributable to shareholders for the first nine months of 2024 was CNY 122,197,050.35, down 4.34% from CNY 127,743,616.07 in the same period of 2023[3] - Operating revenue for the first nine months of 2024 was CNY 413,092,294.10, reflecting an 11.35% decline from CNY 465,999,688.03 year-on-year[3] - The company experienced a 65.66% drop in revenue for Q3 2024, reporting CNY 68,924,309.81 compared to CNY 200,709,514.54 in Q3 2023[3] - The basic earnings per share for Q3 2024 was CNY 0.25, a decrease of 62.69% from CNY 0.67 in the same quarter last year[3] - Total operating revenue for the first nine months of 2024 was CNY 413,092,294.10, a decrease of 11.3% compared to CNY 465,999,688.03 in the same period of 2023[20] - Net profit for the first nine months of 2024 was CNY 122,197,050.35, a decrease of 4.3% compared to CNY 127,743,616.07 in the previous year[21] - Total comprehensive income for the first nine months of 2024 was 118,097,991.48 yuan, down from 121,210,188.44 yuan in the previous year, a decline of approximately 2.5%[23] Cash Flow - The net cash flow from operating activities decreased by 63.32% to CNY 49,580,043.13 compared to CNY 135,181,886.24 in the previous year[3] - Cash flow from operating activities for the first nine months of 2024 was 49,580,043.13 yuan, significantly lower than 135,181,886.24 yuan in the same period of 2023, a decrease of about 63.3%[25] - Operating cash inflow for the first nine months of 2024 is CNY 390,290,619.09, a decrease of 6.0% compared to CNY 415,084,588.08 in the same period of 2023[26] - Net cash flow from operating activities is CNY 53,229,091.74, down 58.3% from CNY 127,449,152.63 year-on-year[27] - Cash inflow from financing activities is CNY 49,278,183.96, compared to CNY 2,000,000.00 in the previous year, showing a substantial increase[27] - Net cash flow from financing activities is -CNY 51,844,820.70, slightly worse than -CNY 48,903,388.68 year-on-year[27] Assets and Liabilities - Total assets as of September 30, 2024, amounted to CNY 1,240,947,172.03, a decrease of 1.26% compared to CNY 1,256,754,913.14 at the end of 2023[3] - Current assets totaled ¥1,085,071,541.21, down from ¥1,125,316,034.66, indicating a decrease of about 3.57%[14] - Total liabilities decreased to ¥192,649,819.53 from ¥326,669,178.77, a significant decline of approximately 41.0%[16] - The company's equity increased to ¥1,048,297,352.50 from ¥930,085,734.37, reflecting an increase of about 12.7%[16] - The company's total liabilities to assets ratio (consolidated) improved to 15.52% from 25.99% year-on-year[3] - The company's total liabilities to equity ratio improved, indicating a stronger financial position[16] Investments - The company reported a significant increase in financial assets, with trading financial assets rising by 2,100.00% to CNY 220,000,000.00 due to increased investment in financial products[4] - The company’s investment activities generated a net cash outflow of CNY 342,738,843.86, an increase of 458.52% compared to the previous year[4] - Cash inflow from investment activities was 459,029,033.45 yuan, compared to 164,606,455.56 yuan in the previous year, an increase of approximately 178.5%[25] - Cash outflow from investment activities rose to 801,767,877.31 yuan in 2024 from 225,972,440.73 yuan in 2023, an increase of about 254.5%[25] - Cash paid for other investment activities rose significantly to CNY 489,000,000.00 from CNY 222,000,000.00, highlighting aggressive investment strategies[27] Shareholder Information - The total number of unrestricted shares is 29,372,000, accounting for 27.28% of the total share capital[7] - The total number of restricted shares is 78,288,000, representing 72.72% of the total share capital[7] - The total share capital amounts to 107,660,000 shares[7] - The largest shareholder, Han Jun, holds 52,684,800 shares, which is 48.94% of the total shares[9] - The top ten shareholders collectively hold 80,394,236 shares, accounting for 74.67% of the total shares[9] Research and Development - Research and development expenses for the first nine months of 2024 were CNY 21,522,141.81, an increase of 22.5% compared to CNY 17,579,701.49 in the same period of 2023[20] - Research and development expenses increased to 18,463,721.68 yuan in 2024 from 16,654,186.57 yuan in 2023, an increase of about 10.9%[22] Corporate Actions - The company has completed the lifting of restrictions on shares held by strategic investors as of June 2024[12] - The company has undergone a board and management restructuring, resulting in the election of a new board and management team[12] - The company plans to use up to 370 million RMB of idle raised funds for cash management, investing in safe financial products[13] - The company intends to use up to 150 million RMB of its own idle funds to purchase low-risk financial products[13]

证券代码：873703 证券简称：广厦环能 公告编号：2024-107 北京广厦环能科技股份有限公司 第四届董事会第四次会议决议公告 1.会议召开时间：2024 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和网络相结合方式 4.发出董事会会议通知的时间和方式：2024 年 10 月 26 日以邮件方式发出 5.会议主持人：董事长韩军女士 6.会议列席人员：公司监事、高级管理人员、董事会秘书 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.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则（试行）》等法律 法规及《公司章程》有关规定，结合公司 2024 年 1-9 月经营情况，公司编制了 2024 年第三季度报告。 具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的 《2024 年第三季度报告》（公告编号：2024-109）。 2.议案表决结果：同意 5 票；反对 0 票；弃权 0 票。 ...

证券代码：873703 证券简称：广厦环能 公告编号：2024-108 北京广厦环能科技股份有限公司 第四届监事会第三次会议决议公告 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 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议程序等方面符合相关法律法规、部门规章、规 范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）《北京广厦环能科技股份有限公司第四届监事会第三次会议决议》 （一）审议通过《关于 2024 年第三季度报告的议案》 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则（试行）》等法律 法规及《公司章程》有关规定，结合公司 2024 年 1-9 月经营情况，公司编制了 1.会议召开时间：2024 年 10 月 29 日 2.会议召开地点：公司会议室 3.会议召开方式：现场方式 4.发出监事会会议通知的时间和方式：2024 年 10 ...

第四届董事会第三次会议决议公告 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 证券代码：873703 证券简称：广厦环能 公告编号：2024-105 北京广厦环能科技股份有限公司 （一）会议召开情况 1.会议召开时间：2024 年 10 月 15 日 2.会议召开地点：公司会议室 5.会议主持人：董事长韩军女士 6.会议列席人员：公司监事、高级管理人员、董事会秘书 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、审议程序等方面符合相关法律法规、部门规章、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 5 人，出席和授权出席董事 5 人。 董事韩军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《关于对全资子公司廊坊广厦新源石化设备制造有限公司增资的 3.会议召开方式：现场和网络相结合方式 4.发出董事会会议通知的时间和方式：2024 年 10 月 12 日以邮件方式发出 议案 》 1.议案内容： 基于公司战略发展规划及全资子公 ...

证券代码：873703 证券简称：广厦环能 公告编号：2024-106 根据《上市公司重大资产重组管理办法》的相关规定，本次对外投资系对全 资子公司增加投资，不构成重大资产重组。 （三）是否构成关联交易 北京广厦环能科技股份有限公司 关于对全资子公司增资的公告 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、对外投资概述 （一）基本情况 北京广厦环能科技股份有限公司（以下简称"公司"），因公司发展需要，根 据战略发展规划，拟以自有资金向公司全资子公司廊坊广厦新源石化设备制造有 限公司（以下简称"廊坊广厦"）增加投资人民币 3,000 万元，增加投资后，廊 坊广厦注册资本增至 6,600 万元，增资前后公司均持有廊坊广厦 100%股权。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 （七）投资对象是否开展或拟开展私募投资活动 本次交易标的不涉及开展或拟开展私募投资活动，不是已在中国证券投资基 金业协会登记为私募基金管理人，不会将公司主营业务变更为私募基金管理业务。 本次交易不构成关联交易。 ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-10- 10 | 873703 | 广厦环能 | 21.81 | 50000 | 中泰证券股份有限公 司云南分公司 | 国信证券股份有限公 司昆明安康路证券营 | | | | | | | | 业部 | | 2024-10- 10 | 872931 | 无锡鼎邦 | 8.3 | 100000 | 中泰证券股份有限公 司云南分公司 | 国信证券股份有限公 司昆明安康路证券营 | | | | | | | | 业部 | | 2024-10- 10 | 835640 | 富士达 | 11.37 | 500000 | 开源证券股份有限公 司西安锦业一路证券 | 开源证券股份有限公 司德清舞阳街营业部 | | | | | | | 营业部 | | | 2024-10- 10 | 872925 | 锦好医疗 | 15.32 | 100000 | 东吴证券股份有限公 司上海西藏南路证券 | 广发证券股份有限公 司惠州下埔路营业部 | ...

Investment Rating - The report gives an "Accumulate" rating for the company for the first time [1]. Core Viewpoints - The company is a leading enterprise in the efficient heat exchanger industry, focusing on enhanced heat transfer technology and high-efficiency heat exchange equipment since its establishment in 2001. It has achieved significant operating results, with a CAGR of 8.05% in revenue from 2019 to 2023, and a 32.08% year-on-year growth in net profit for the first half of 2024 [2][3]. - The heat exchanger industry is transitioning towards high efficiency and low carbon, with a broad range of downstream applications. The market size has been steadily increasing, with a CAGR of approximately 11.05% from 2016 to 2022. The demand from downstream sectors such as refining, petrochemicals, and modern coal chemical industries is stable and growing [2][36]. - The company has a clear technical advantage and strong collaboration with major clients, with plans for capacity expansion to meet high growth demand. The company has increased its R&D investment, with R&D expenses rising from 0.12 billion to 0.24 billion from 2019 to 2023, and a projected increase in capacity by 10,000 tons by the end of 2025 [3][36]. Summary by Sections 1. Company Overview - The company specializes in enhanced heat transfer technology and high-efficiency heat exchange equipment, having established a professional technical team and achieved over 90 independent patents [14][22]. 2. Industry Trends - The heat exchanger market is expected to grow significantly, driven by stable demand in downstream applications such as refining and petrochemicals, with the market size reaching 1,426 billion in 2021 [36][38]. 3. Financial Performance - The company’s revenue and net profit have shown consistent growth, with a revenue of 3.44 billion in the first half of 2024, reflecting a 32.08% year-on-year increase [2][25]. The projected net profit for 2024-2026 is expected to grow by 21.21%, 13.50%, and 11.68% respectively [3]. 4. Technical and Operational Strengths - The company has a strong focus on R&D, with a notable increase in R&D expenses and a stable gross margin of around 40-50%. The company has also maintained a strong client base, including major players like Sinopec and China National Petroleum [3][31].

证券代码：873703 证券简称：广厦环能 公告编号：2024-104 北京广厦环能科技股份有限公司 关于完成注销分公司的公告 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、注销情况 企业类型：股份有限公司分公司 负责人：韩军 北京广厦环能科技股份有限公司（以下简称"公司"）于 2024 年 6 月 7 日分 别召开了第三届董事会第二十二次会议和第三届监事会第十七次会议，审议通过 了《关于拟注销北京广厦环能科技股份有限公司大兴分公司的议案》。 近日，公司收到北京市大兴区市场监督管理局出具的《登记通知书》和《注 销核准通知书》，公司大兴分公司于 2024 年 8 月 19 日完成注销手续。 二、注销分公司的基本情况 公司本次注销的大兴分公司基本情况如下： 企业名称：北京广厦环能科技股份有限公司大兴分公司 成立日期：2017 年 9 月 26 日 营业场所：北京市大兴区金星西路 6 号院 1 号楼 6 层 602 经营范围：技术开发、转让、咨询、服务；销售机械设备、电子产品、电气 设备；产品设计。（企 ...