Morimatsu International Holdings Company Limited 森松國際控股有限公司 （於香港註冊成立的有限公司） 股份代號：2155 年 報 2024 2024 Annual Report Morimatsu International Holdings Company Limited 森松國際控股有限公司 (Incorporated in Hong Kong with limited liability) Stock code : 2155 Morimatsu International Holdings Company Limited 森 松 國 際 控 股 有 限 公 司 Annual Report 2024 年報 目錄 | 公司信息 | 2 | | --- | --- | | 行政總裁致辭 | 4 | | 董事及高級管理層 | 7 | | 財務摘要 | 13 | | 管理層討論與分析 | 14 | | 董事報告 | 41 | | 企業管治報告 | 65 | | 環境、社會及管治報告 | 88 | | 獨立核數師報告 | 111 | | 綜合損益表 | 118 | | ...

打破我们既有的战略节奏而净利率则是下调不到一个百分点主要原因是个别行业的合同出现财务具体以及分红所得税等带来的整体税赋上的影响造成了净利率略微有所下降综合以上在总体毛利基本不变的情况下调整前的实际性利润较2024年下滑了13.4% 除了淨利率和所得税增加造成的下降影响还有新工厂从2024年开始进入折旧谈销阶段调整后的淨利润2024年到2023年利润下降2.3%从订单角度大家可能看到了比较明显的下滑首先我们不得不面对个别市场连续两年出现的持续需求下滑 而这个下滑也来自于多个行业多个细分领域同时我们也注意到越来越多的行业和客户在投资节奏上就要相较于过去对我们进行了分阶段的下单目前在理电新能源20年新天订单的总金额出现了20%左右的下滑但是公司在选择持续谨慎和努力的同时 也并没有出现太大的危机感因为我们预期相当比例的前期订单会最终转化为建造订单2024年我们使用了大量的前期工艺工程的设计以及研发工作为2025年的全面业绩复苏奠定了扎实的基础另外一个来审视订单的角度是 从2024年和2023年相比高权证订单占比过高客户和行业集中度较高等情况有了比较明显的改善而海外订单的比例依旧超过了70%因此目前公司的销售重点也是分 ...

研究报告 Research Report 8 Apr 2025 森松国际 Morimatsu International Holdings (2155 HK) 2024 年业绩：利润略低于预期；持续追踪订单恢复情况 FY24 Results: Profit Slightly Missed; Eyes on Backlogs Recovery [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$4.67 目标价 HK$6.96 HTI ESG 3.3-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$5.70bn / US$0.73bn 日交易额 (3 个月均值) US$11.07mn 发行股票数目 1,220mn 自由流通股 (%) 29% 1 年股价最高最低值 HK$8.34-HK$3.55 注：现价 HK$4.67 为 2025 年 04 月 08 日收盘价 ...

研究报告 Research Report 8 Apr 2025 森松国际 Morimatsu International Holdings (2155 HK) 2024 年业绩：利润略低于预期；持续追踪订单恢复情况 FY24 Results: Profit Slightly Missed; Eyes on Backlogs Recovery [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$4.67 目标价 HK$6.96 HTI ESG 3.3-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$5.70bn / US$0.73bn 日交易额 (3 个月均值) US$11.07mn 发行股票数目 1,220mn 自由流通股 (%) 29% 1 年股价最高最低值 HK$8.34-HK$3.55 注：现价 HK$4.67 为 2025 年 04 月 08 日收盘价 ...

– 1 – Morimatsu International Holdings Company Limited 森松國際控股有限公司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：2155） 截至2024年12月31日止年度的 年度業績公告 | 財務摘要 | | | | --- | --- | --- | | | 截至12月31日止年度 | | | | 2024 | 2023 | | | 人民幣元 | 人民幣元 | | 收益 | 6,948,354,000 | 7,360,262,000 | | 毛利潤 | 2,049,777,000 | 2,055,704,000 | | 毛利率 | 29.5% | 27.9% | | 淨利潤 | 729,881,000 | 842,548,000 | | 淨利潤率 | 10.5% | 11.4% | | 新簽訂單金額 | 5,968,901,000 | 7,784,856,000 | | 附註 EBITDA | 1,116,488,000 | 1,143,066,000 | | 每股基本盈利 | 0.62 | 0.73 | | 每股攤簿盈利 | ...

Morimatsu International Holdings Company Limited 森松國際控股有限公司 (Incorporated in Hong Kong with limited liability) Stock code : 2155 2024 Interim Report Interim Report 2024 中期報告 Morimatsu International Holdings Company Limited 森松國際控股有限公司 （於香港註冊成立的有限公司） 股份代號：2155Morimatsu International Holdings Company Limited 森 松 國 際 控 股 有 限 公 司 2024 中期報告 6 目錄 公司信息 2 釋義及詞彙 4 管理層討論與分析 8 補充資料 32 綜合損益表 47 綜合損益及其他全面收益表 48 綜合財務狀況表 49 綜合權益變動表 51 簡明綜合現金流量表 53 未經審核中期財務報告附註 54 公司信息 | --- | --- | |---------------------------------------- ...

Restricted Share Unit Plan - The purchase price for exercising a restricted share unit is determined by the board of directors, considering factors such as the closing price of shares before the grant date, the purpose of the restricted share unit plan, and the group's financial condition and valuation [1] - The board of directors has the discretion to determine the purchase price for restricted share units [1] - The restricted share unit plan details are supplementary to the annual reports for the years ending December 31, 2022, and December 31, 2023 [1] Compliance and Disclosure - The announcement is made in compliance with Chapter 17 of the Listing Rules to disclose additional information regarding the restricted share unit plan [1] - The supplementary information provided in the announcement does not affect the other information contained in the annual reports [1]

Investment Rating - The report maintains an **Outperform** rating for Morimatsu International Holdings (2155 HK) with a target price of HKD 7.24, revised down by 29% [8][6] Core Views - The company's revenue growth in 1H24 missed expectations, with total revenue of CNY 3.48 billion, down 5.8% YoY, primarily due to weak downstream demand and delayed revenue recognition from certain projects [2][6] - Overseas revenue grew significantly, reaching CNY 1.95 billion, up 37.2% YoY, accounting for 56% of total revenue, with Asia (excluding China) contributing CNY 1.01 billion, up 92.9% YoY [2][6] - Gross margin improved to 29.6%, up 0.3 ppts YoY, driven by product mix optimization and refined management [2][6] - Net profit attributable to shareholders declined 10.9% YoY to CNY 376 million, impacted by accounts receivable impairment of CNY 50 million [3][6] Revenue Breakdown - **By Segment**: - Oil & Gas: CNY 461 million, up 108.2% YoY [2] - Power Battery Materials: CNY 651 million, up 40.4% YoY [2] - Electronic Chemicals: CNY 660 million, flat YoY [2] - Chemicals: CNY 704 million, down 9.0% YoY [2] - Pharmaceuticals: CNY 664 million, down 49.7% YoY [2] - Daily Chemicals: CNY 92 million, down 50.0% YoY [2] - **By Region**: - China: CNY 1.52 billion, down 32.8% YoY [2] - Overseas: CNY 1.95 billion, up 37.2% YoY [2] Order Analysis - Backlog: Total backlog stood at CNY 8.78 billion as of 1H24, down 3.3% from the end of 2023, with pharmaceuticals accounting for 30.2% and chemicals for 21.6% [4][6] - New Orders: New signed orders in 1H24 were CNY 3.16 billion, down 35.7% YoY but up 10.5% sequentially, with Power Battery Materials contributing CNY 1.02 billion [4][6] - Overseas Orders: 76% of new orders were from overseas, up from 70% in 2023, with 70% of the total backlog being overseas orders [6] Profit Forecast - Revenue forecasts for FY24/25/26 were revised down to CNY 8.11 billion, CNY 9.06 billion, and CNY 10.12 billion, implying YoY growth of 10.2%, 11.7%, and 11.7% respectively [7] - Net profit attributable to shareholders for FY24/25/26 is expected to be CNY 879 million, CNY 992 million, and CNY 1.15 billion, with YoY growth of 4.1%, 12.9%, and 15.6% respectively [7] Valuation - The target price was revised down to HKD 7.24 using a DCF model, with WACC adjusted to 10.6% (previously 8.7%) and a perpetual growth rate of 2.5% [8] - The stock is currently trading at FY24/FY25 P/E ratios of 5.2x and 4.8x respectively [8]

Investment Rating - Buy (Maintained) [2] Core Views - The company reported a revenue of RMB 3.477 billion (yoy -5.8%) and a net profit of RMB 374 million (yoy -11.2%) for the first half of 2024 [2] - The decline in revenue is primarily due to reduced orders in the pharmaceutical and biopharmaceutical sectors, impacted by external economic conditions [2] - The company's gross profit margin improved to 29.58%, up 2.25 percentage points year-on-year [2] - EBITDA stood at RMB 556 million (yoy -3%) [2] Business Analysis Revenue Breakdown - Pharmaceutical and Biopharmaceutical: RMB 660 million (yoy -49.7%) [3] - Electronic Chemicals: RMB 660 million (yoy +0.4%) [3] - Power Battery Materials: RMB 650 million (yoy -40.4%) [3] - Chemical: RMB 700 million (yoy -9.0%) [3] - Oil & Gas Refining: RMB 460 million (yoy +108.2%) [3] - Daily Chemicals: RMB 90 million (yoy -50%) [3] - Others: RMB 240 million (yoy +236.0%) [3] New Orders - Total new orders: RMB 3.164 billion [3] - Electronic Chemicals: RMB 170 million (yoy -53.4%) [3] - Chemical: RMB 530 million (yoy -27.0%) [3] - Daily Chemicals: RMB 300 million (yoy +40%) [3] - Power Battery Materials: RMB 1.02 billion (yoy +23.2%) [3] - Oil & Gas Refining: RMB 380 million (yoy +21.8%) [3] - Pharmaceutical and Biopharmaceutical: RMB 590 million (yoy -71.0%) [3] - Others: RMB 160 million (yoy -61.7%) [3] Backlog - Total backlog: RMB 8.776 billion [3] Overseas Business - Overseas sales accounted for 56% of total revenue, 70% of the backlog, and 76% of new orders [3] - The company is actively expanding in the clean energy sector, particularly in green ammonia, with a projected global market size of USD 5.48 billion by 2030 [3] Financial Projections - Expected net profit for 2024-2026: RMB 904 million, RMB 1.037 billion, and RMB 1.253 billion, respectively [3] - Corresponding PE ratios: 5x, 4x, and 4x [3] Key Financial Metrics Revenue Growth - 2023A: 13.47% [5] - 2024E: 2.90% [5] - 2025E: 10.59% [5] - 2026E: 18.74% [5] Net Profit Growth - 2023A: 26.21% [5] - 2024E: 7.00% [5] - 2025E: 14.75% [5] - 2026E: 20.81% [5] ROE - 2023A: 19.27% [5] - 2024E: 17.10% [5] - 2025E: 16.40% [5] - 2026E: 16.54% [5] EPS - 2023A: RMB 0.696 [5] - 2024E: RMB 0.745 [5] - 2025E: RMB 0.855 [5] - 2026E: RMB 1.033 [5] Operating Cash Flow per Share - 2023A: RMB 0.553 [5] - 2024E: RMB 0.599 [5] - 2025E: RMB 0.936 [5] - 2026E: RMB 0.978 [5] Balance Sheet Highlights Total Assets - 2023A: RMB 8.932 billion [6] - 2024E: RMB 9.897 billion [6] - 2025E: RMB 11.366 billion [6] - 2026E: RMB 13.365 billion [6] Total Liabilities - 2023A: RMB 4.541 billion [6] - 2024E: RMB 4.603 billion [6] - 2025E: RMB 5.034 billion [6] - 2026E: RMB 5.780 billion [6] Shareholders' Equity - 2023A: RMB 4.382 billion [6] - 2024E: RMB 5.286 billion [6] - 2025E: RMB 6.323 billion [6] - 2026E: RMB 7.576 billion [6] Profitability Ratios Gross Margin - 2023A: 27.9% [6] - 2024E: 29.7% [6] - 2025E: 29.9% [6] - 2026E: 30.0% [6] Operating Margin - 2023A: 12.5% [6] - 2024E: 13.9% [6] - 2025E: 14.3% [6] - 2026E: 14.5% [6] Net Margin - 2023A: 11.5% [6] - 2024E: 11.9% [6] - 2025E: 12.4% [6] - 2026E: 12.6% [6] Cash Flow Analysis Operating Cash Flow - 2023A: RMB 671 million [6] - 2024E: RMB 727 million [6] - 2025E: RMB 1.136 billion [6] - 2026E: RMB 1.186 billion [6] Investing Cash Flow - 2023A: RMB -408 million [6] - 2024E: RMB -67 million [6] - 2025E: RMB -68 million [6] - 2026E: RMB -66 million [6] Financing Cash Flow - 2023A: RMB 507 million [6] - 2024E: RMB 4 million [6] - 2025E: RMB -3 million [6] - 2026E: RMB -3 million [6] Valuation Metrics P/E Ratio - 2023A: 5.47x [5] - 2024E: 5.11x [5] - 2025E: 4.46x [5] - 2026E: 3.69x [5] P/B Ratio - 2023A: 1.05x [5] - 2024E: 0.87x [5] - 2025E: 0.73x [5] - 2026E: 0.61x [5]

Key Points 1. Event Introduction - **Industry/Company**: Shensong International - **Event**: 2024 Q2 Earnings Release Conference Call - **Participants**: Investors, Management Team - **Moderator**: Jinmen Finance, Liu Teacher - **Time**: Evening - **Source**: <doc id='1'>1</doc> 2. Opening Remarks - **Industry/Company**: Shensong International - **Content**: Welcome message from the moderator, thanking participants for joining the conference call. - **Source**: <doc id='1'>1</doc>