公司报告 | 年报点评报告 汽车线束、电力工程盈利提升，培育光芯片及超导业务 | --- | --- | --- | --- | --- | --- | |----------------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 4,227.60 | 4,345.06 | 4,996.61 | 5,776.11 | 6,556.10 | | 增长率 (%) | 8.13 | 2.78 | 15.00 | 15.60 | 13.50 | | EBITDA( 百万元 ) | 613.09 | 658.81 | 547.52 | 609.02 | 710.30 | | 归属母公司净利润 ( 百万元 ) | 214.32 | 43.25 | 120.54 | 153.02 | 191.05 | | 增长率 (%) | 77.63 | (79.82) | 178.69 | 26.9 ...

Investment Rating - The report maintains a "Recommended" rating for the company [10][13][16] Core Views - The company achieved a revenue of 4.345 billion yuan in 2023, a year-on-year increase of 2.78%, but the net profit attributable to shareholders decreased by 79.82% to 43.25 million yuan [10][13] - The company is focusing on traditional business areas such as optical communication, overseas power engineering, and automotive wiring harnesses while accelerating the development of high-tech fields like optical chips and high-temperature superconductors [13] - The projected net profits for 2024, 2025, and 2026 are 223 million yuan, 383 million yuan, and 614 million yuan respectively, with corresponding PE ratios of 27X, 16X, and 10X [13] Financial Summary - Total revenue is expected to grow from 4.345 billion yuan in 2023 to 5.217 billion yuan in 2024, with a growth rate of 20.1% [11] - The net profit attributable to shareholders is projected to increase significantly from 43 million yuan in 2023 to 223 million yuan in 2024, reflecting a growth rate of 415% [11] - The company's gross margin for the optical communication segment decreased to 13.34% in 2023, while the automotive wiring harness segment saw an increase in gross margin to 14.21% [13]

Financial Performance - The company expects a net profit attributable to shareholders of between 70 million and 100 million RMB for 2023, a decrease of 12.607 million to 15.607 million RMB compared to the previous year, representing a year-on-year decline of 56% to 69%[10]. - The net profit attributable to shareholders for 2023 was reported at 43.2503 million RMB, significantly lower than the initial profit warning[10]. - The net profit excluding non-recurring gains and losses for 2023 is reported at 6.8214 million RMB, a decrease of 3.727 million to 5.527 million RMB compared to the previous year, reflecting a decline of 51% to 75%[10]. - The company's operating revenue for 2023 was CNY 4,345,055,940.19, representing a 2.78% increase compared to CNY 4,227,604,437.83 in 2022[25]. - The net profit attributable to shareholders of the listed company decreased by 79.82% to CNY 43,250,293.83 from CNY 214,317,748.35 in the previous year[25]. - The basic earnings per share for 2023 was CNY 0.0308, down 79.47% from CNY 0.15 in 2022[26]. - The cash flow from operating activities for 2023 was CNY 287,384,075.41, a recovery from a negative cash flow of CNY -495,482,081.99 in 2022[25]. - The company's total revenue for the reporting period was 225,915.72 million yuan, with the top five customers accounting for 51.99% of total sales[99]. Dividend and Capital Management - The company plans to distribute a cash dividend of 0.36 RMB per 10 shares (including tax) to all shareholders, based on the total share capital as of the dividend record date[6]. - The company has not implemented a capital reserve transfer to increase share capital for the current year[6]. - The company has not proposed a profit distribution plan for the current year, despite having positive distributable profits, indicating a focus on reinvestment[193]. - The company has established a cash dividend policy that aligns with its operational performance and development plans, ensuring active implementation of profit distribution when conditions permit[192]. Operational Challenges and Risks - The company has faced challenges due to ongoing audits and impairment tests related to its joint venture, which impacted its long-term equity investments and current investment income[10]. - The company has disclosed risks related to industry and market conditions in its management discussion and analysis section[9]. - The company emphasizes that forward-looking statements in the report do not constitute substantive commitments to investors, urging caution regarding investment risks[7]. - The company is actively addressing external risks posed by geopolitical uncertainties and is focusing on new opportunities in "new infrastructure," "new energy," and "new materials" sectors[141]. Research and Development - The company plans to increase its research and development efforts in data intelligence applications and product innovation, particularly in ICT and data security[41]. - The company is focusing on innovation and has established partnerships with universities to enhance research and development capabilities[83]. - Research and development expenses increased by 31.15% to approximately ¥242 million, driven by increased investment in automotive wiring harnesses and optoelectronic industries[90][91]. - The company has applied for a total of 46 patents in the automotive wiring harness sector during the reporting period, including 2 invention patents[106]. Market Expansion and Product Development - The company is expanding its overseas power engineering projects along the Belt and Road Initiative, focusing on total contracting for power generation and transmission projects in countries like Bangladesh and Laos[68]. - The company is expanding its global market presence, particularly in Southeast Asia and East Africa, to support its overseas power engineering projects[86]. - The company has established a comprehensive strategy in the optical communication industry, covering the entire value chain from raw materials to high-end products, including optical fibers and data analysis services[60]. - The company is committed to developing high-value specialty cables and aims to provide comprehensive solutions to meet customer demands[140]. Corporate Governance and Compliance - The company held 1 annual and 3 temporary shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[149]. - The board of directors convened 7 meetings, ensuring thorough discussions and independent opinions on significant matters[150]. - The company engaged in over 30 investor and analyst meetings, enhancing communication and transparency with stakeholders[152]. - The company has received a warning letter from the Jiangsu Securities Regulatory Bureau regarding its accounting practices, highlighting the importance of compliance[171]. Employee and Management Structure - The total number of employees across the parent company and major subsidiaries is 3,776, with 534 in the parent company and 3,242 in subsidiaries[183]. - The company has 2,466 production personnel, 260 sales personnel, 575 technical personnel, 88 financial personnel, and 387 administrative personnel, totaling 3,776 employees[184]. - The company has established a multi-level welfare system for employees, including social insurance and supplementary medical insurance, to ensure shared development benefits[186]. - The company has implemented a stock incentive plan, with 134 incentive objects meeting the conditions for unlocking restricted stock, reflecting its commitment to employee performance and retention[181].

| 证券代码：600105 | 证券简称：永鼎股份 | 公告编号：临 | 2024-040 | | --- | --- | --- | --- | | 债券代码：110058 | 债券简称：永鼎转债 | | | 江苏永鼎股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩暨现金分红 说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 会议召开时间：2024 年 5 月 16 日(星期四) 下午 13:00-14:30 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 6 日(星期一) 至 5 月 15 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （zqb@yongding.com.cn）进行提问。公司将在说明会上对投 ...

江苏采鼎股份有限公司 2023年度财务报告非标准审计意见的 专项说明 江苏永鼎股份有限公司全体股东: 我们接受委托,对江苏永鼎股份有限公司(以下简称"永鼎股份")2023年 度财务报表进行了审计,并于 2024年4月 25 日出具了带强调事项段的无保留意 见审计报告(报告编号:中兴华审字(2024)第 021222 号)。根据中国证券监督 管理委员会《公开发行证券的公司信息披露编报规则第 14 号 -- 非标准审计意见 及其涉及事项的处理》、《监管规则适用指引-审计类第 1 号》和《上海证券交易 所股票上市规则》的相关要求,就相关事项说明如下: 一、审计报告中带有强调事项段所涉及事项 如审计报告三、"强调事项段"所述: 中共华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 电话: (010) 51423818 传真:(010) 51423816 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANIS LLP ...

江苏永鼎股份有限公司 章 程 二〇二四年 目 录 | 第一章 | 总则 | | --- | --- | | 第二章 | 经营宗旨及范围 | | 第三章 | 股份 | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 | | 第三节 | 股份转让 | | 第四章 | 股东和股东大会 | | 第一节 | 股东 | | 第二节 | 股东大会的一般规定 | | 第三节 | 股东大会的召集 | | 第四节 | 股东大会的提案与通知 | | 第五节 | 股东大会的召开 | | 第六节 | 股东大会的表决和决议 | | 第五章 | 董事会 | | 第一节 | 董事 | | 第二节 | 董事会 | | 第六章 | 总经理及其他高级管理人员 | | 第七章 | 监事会 | | 第一节 | 监事 | | 第二节 | 监事会 | | 第八章 | 财务会计制度、利润分配和审计 | | 第一节 | 财务会计制度 | | 第二节 | 内部审计 | | 第三节 | 会计师事务所的聘任 | | 第九章 | 通知与公告 | | 第一节 | 通知 | | 第二节 | 公告 | | 第十章 | 合并、分立、增资、减资、解散和清算 | ...

江苏采鼎股份有限公司 2023年度合并及母公司财务报系 审计报告节 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 S0H0 Ｂ座 20 层 邮编：100073 电话:(010) 51423818 传真:(010) 51423816 目 录 一、审计报告 二、审计报告附送 1. 合并资产负债表 2. 合并利润表 3. 合并现金流量表 4. 合并股东权益变动表 5. 母公司资产负债表 6. 母公司利润表 7. 母公司现金流量表 8. 母公司股东权益变动表 9. 财务报表附注 三、审计报告附件 1. 中兴华会计师事务所(特殊普通合伙) 营业执照复印件 2. 中兴华会计师事务所(特殊普通合伙) 执业证书复印件 3. 注册会计师执业证书复印件 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(location): 北京市丰台区丽泽路 20 号丽泽 SOHO B 座 20 层 0/F,Tower B,Lize SOHO ...

债券代码：110058 债券简称：永鼎转债 证券代码： 600105 证券简称：永鼎股份 公告编号：临 2024-041 江苏永鼎股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 2023 年 10 月 25 日，财政部发布了《关于印发<企业会计准则解释第 17 号> 的通知》（财会〔2023〕21 号），规定了"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露"和"关于售后租回交易的会计处理"的内容，自 2024 年 1 月 1 日起施行。 1 （三）本次会计政策变更的相关程序 ● 江苏永鼎股份有限公司（以下简称"公司"）根据财政部《企业会计准 则解释第 16 号》《企业会计准则解释第 17 号》的相关规定进行会计政策变更， 免于提交董事会审议。 ● 本次会计政策变更是根据财政部修订的相关会计准则作出的调整，不会 对公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更概述 （一）执行《企业会计准则解释第 16 号》 2022 年 11 月 3 ...

江苏永鼎股份有限公司 2023 年度独立董事述职报告 本人蔡雪辉，作为江苏永鼎股份有限公司（以下简称"公司"）的独立董事， 严格按照《公司法》《上市公司独立董事管理办法》《上市公司治理准则》《上海证券 交易所股票上市规则》等法律法规、规范性文件及《公司章程》《公司独立董事工作 制度》的有关规定，勤勉、忠实、尽责地履行独立董事职责，及时了解公司的生产 经营信息，全面关注公司的发展状况，积极出席相关会议，认真审议董事会各项议 案，对公司相关事项发表独立意见，充分发挥了独立董事的作用，维护了公司和股 东尤其是社会公众股东的利益。现将 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人蔡雪辉，中国国籍，1974 年出生，研究生学历，正高级会计师。曾任南京 审计学院财务管理科科长、财务处副处长、财务部部长，南京审计大学会计学院党 委书记，南京审计大学社会审计学院党委书记。现任南京审计大学金审学院党委书 记，兼任江苏省高级会计师职称评审委员会评审专家，南京市高级会计师职称评审 委员会评审专家，江苏省教育会计学会常务理事，2021 年 6 月至今任公司独立董事。 （二） ...

江苏永鼎股份有限公司董事会 关于公司 2023 年度财务报告非标准审计意见涉及事项的 专项说明 公司董事会认为:中兴华为公司出具的带强调事项段的无保留意见审计报告 揭示了公司当前面临的风险,董事会尊重会计师事务所出具的审计意见,并高度 重视会计师出具的非标准审计意见的审计报告中所涉及事项对公司产生的影响。 公司将持续关注上述事项的进展情况,切实维护公司及全体股东的利益。 (二) 监事会意见 1 监事会认为《董事会关于公司 2023年度财务报告非标准审计意见涉及事项 的专项说明》客观、真实,符合实际情况。监事会同意董事会的前述说明及意见。 中兴华会计师事务所(特殊普通合伙)(以下简称"中兴华")为江苏永鼎股 份有限公司(以下简称"公司")2023年度财务报告的审计机构,对公司 2023 年度财务报告出具了带强调事项段的无保留意见审计报告(中兴华审字(2024) 第 021222 号)。根据中国证券监督管理委员会《公开发行证券的公司信息披露编 报规则第14 号 -- 非标准审计意见及其涉及事项的处理》和《上海证券交易所 股票上市规则》等相关规定,公司董事会对该非标准审计意见涉及事项作如下说 明: 一、强调事项段涉 ...