证券代码：600320 证券简称：振华重工 公告编号：临 2025-018 900947 |振华 B 股 上海振华重工（集团）股份有限公司 关于以集中竞价交易方式回购公司部分 A 股股票方案 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、准确性和完整性依法承担法律责任。 重要内容提示： ●回购股份的种类：上海振华重工（集团）股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）股票。 ● 回购股份金额：本次回购的资金总额不低于人民币 5,000 万元（含）且不 超过人民币 10,000 万元（含），具体回购资金总额以回购完毕或回购期满时实际 回购股份使用的资金总额为准。 ● 回购股份资金来源：公司自有资金或自筹资金。 ● 回购股份用途：本次回购股份用于注销并减少公司注册资本。 ● 回购股份价格：回购价格不高于公司董事会审议通过回购决议前 30 个交 易日公司股票交易均价的 150%，即不超过人民币 6.93 元/股(含)。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式进行股 份回购。 ● 回购股份期限：本次回购方案尚需 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 8,517,137,247, representing a year-on-year increase of 0.86% compared to CNY 8,444,849,315 in the same period last year[4]. - Net profit attributable to shareholders increased by 50.33% to CNY 255,338,086 from CNY 169,855,818 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 186.68% to CNY 268,835,264 from CNY 93,776,916 in the previous year[4]. - Basic and diluted earnings per share rose by 54.84% to CNY 0.048 from CNY 0.031 year-on-year[4]. - The total comprehensive income for the period reached CNY 306,735,155, an increase from CNY 202,640,399 in the previous year, representing a growth of approximately 51.3%[17]. - Net profit for Q1 2025 was ¥287,919,468, compared to ¥205,392,455 in Q1 2024, reflecting an increase of approximately 40.05%[16]. Cash Flow - The net cash flow from operating activities reached CNY 1,877,299,473, a significant increase of 957.68% compared to CNY 177,492,648 in the same period last year[4]. - The net cash flow from operating activities for Q1 2025 was CNY 1,877,299,473, significantly up from CNY 177,492,648 in Q1 2024, indicating a year-over-year increase of over 950%[19]. - The company’s total cash inflow from operating activities was CNY 9,360,715,303, up from CNY 8,561,742,907 in the previous year, representing a growth of about 9.3%[19]. - The net cash flow from investing activities was negative at CNY -162,182,017, compared to a positive CNY 149,512,025 in the previous year, indicating a shift in investment strategy[19]. - The company reported a net increase in cash flow from financing activities of CNY -3,168,781,809, compared to CNY -699,838,733 in the previous year, indicating increased financing pressures[20]. - Cash and cash equivalents at the end of the period stood at CNY 4,369,511,595, down from CNY 4,659,335,845 at the end of the previous year, a decrease of approximately 6.2%[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 83,414,289,668, a decrease of 2.74% from CNY 85,767,463,201 at the end of the previous year[5]. - Current assets totaled ¥44,864,847,788 as of March 31, 2025, a decrease from ¥46,943,756,227 at the end of 2024[12]. - Total liabilities amounted to ¥64,774,059,364 as of March 31, 2025, compared to ¥67,445,011,746 at the end of 2024[13]. - The company's long-term borrowings decreased to ¥15,175,845,947 from ¥17,785,704,495, indicating a reduction of approximately 14.66%[13]. - The equity attributable to shareholders increased by 1.81% to CNY 16,154,409,463 from CNY 15,867,533,500 at the end of the previous year[5]. - The total equity attributable to shareholders increased to ¥16,154,409,463 as of March 31, 2025, from ¥15,867,533,500 at the end of 2024[13]. Expenses - Total operating costs decreased to ¥8,096,884,928 in Q1 2025 from ¥8,240,064,478 in Q1 2024, a reduction of about 1.74%[15]. - Research and development expenses for Q1 2025 were ¥201,887,073, down from ¥240,563,527 in Q1 2024, a decrease of about 16.06%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 243,788[8]. - The company reported non-recurring losses totaling CNY 13,497,178, primarily due to fair value changes in financial assets and liabilities[6]. Tax and Other Income - The company received tax refunds amounting to CNY 546,013,917, compared to CNY 221,011,270 in the previous year, showing an increase of approximately 147%[19]. - The total other comprehensive income attributable to the parent company was CNY 21,288,456, a decrease from CNY -3,245,703 in the previous year, reflecting changes in market conditions[17].

证券代码：600320 900947 证券简称：振华重工 振华 B 股 公告编号：临 2025-017 重要内容提示： 一、交易概述 公司及公司下属子公司振华香港拟通过集合竞价或大宗交易方式择机出售 所持中国铁路通信信号股份有限公司（以下简称"中国通号"）的股票，出售数 量为不超过 123,063,000 股。拟通过集合竞价或大宗交易方式择机出售所持江西 华伍制动器股份有限公司（以下简称"华伍股份"）的股票，出售数量为不超过 8,401,800 股。 2025 年 4 月 27 日，公司第九届董事会第十一次会议审议通过了《关于审议 <授权择机出售股票资产>的议案》，董事会同意公司及公司下属子公司振华香港 根据市场情况，择机出售部分或全部持有的交易性金融资产。同意授权公司管理 层根据股票市场行情择机进行处置。 本次交易未构成关联交易，亦未构成重大资产重组。在本次减持的过程中， 如涉及金额达到股东大会审议标准，减持相关事项需另行提交股东大会审议。 二、交易标的基本情况 （一）中国通号（03969.HK） 1、公司名称：中国铁路通信信号股份有限公司 上海振华重工（集团）股份有限公司（以下简称"公司"）及公司下属子 ...

证券代码：600320 900947 证券简称：振华重工 振华 B 股 公告编号：临 2025-016 上海振华重工（集团）股份有限公司 关于续聘 2025 年度会计师事务所的公告 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法律责任。 重要内容提示： 2.投资者保护能力 安永华明具有良好的投资者保护能力，已按照相关法律法规要求计提职业风 险基金和购买职业保险，保险涵盖北京总所和全部分所。已计提的职业风险基金 和已购买的职业保险累计赔偿限额之和超过人民币 2 亿元。安永华明近三年不存 在任何因与执业行为相关的民事诉讼而需承担民事责任的情况。 3.诚信记录 安永华明近三年因执业行为受到刑事处罚 0 次、行政处罚 0 次、监督管理措 施 3 次、自律监管措施 0 次、纪律处分 0 次。13 名从业人员近三年因执业行为 受到刑事处罚 0 次、行政处罚 1 次、监督管理措施 4 次、自律监管措施 1 次和纪 律处分 0 次；2 名从业人员近三年因个人行为受到行政监管措施各 1 次，不涉及 审计项目的执业质量。根据相关法律法规的规定，上述事项不 ...

振华重工：拟择机出售不超过1.23亿股中国通号股票和不超过840.18万股华伍股份股票 智通财经4月27日电，振华重工(600320.SH)公告称，公司及子公司振华香港拟通过集合竞价或大宗交易 方式，出售不超过1.23亿股中国通号股票和不超过840.18万股华伍股份股票。 ...

振华重工（600320）公告，2025年第一季度营收为85.17亿元，同比增长0.86%；净利润为2.55亿元，同 比增长50.33%。 ...

振华重工：拟5000万元-1亿元回购股份用于注销 智通财经4月27日电，振华重工(600320.SH)公告，公司拟使用自有资金或自筹资金以集中竞价交易方式 回购公司部分A股股票，回购金额不低于5000万元且不超过1亿元，回购价格不超过6.93元/股。回购的A 股股票将用于注销并减少公司注册资本。 ...

证券代码：600320 900947 证券简称：振华重工 振华B股 公告编号：临2025-013 上海振华重工（集团）股份有限公司 关于召开2024年年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2025年4月25日(星期五) 下午14:00-15:30 会议召开方式：现场转播+网络直播+网络互动 投资者可于2025年4月18日（星期五）至4月24日（星期四）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ir@zpmc.com进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 上海振华重工（集团）股份有限公司（以下简称"公司"）已于2025年3月28日在上海证券交易所网站 （www.sse.com.cn）、《中国证券报》、《上海证券报》披露本公司2024年年度报告。 一、 说明会类型 本次业绩说明会以现场转播+网络直播+网络互动结合召开，公司将针对2024年年度经营成果、财务状 况等情况与投资者进行互动交流，就投资者普遍关注的问题进行回 ...

证券研究报告 振华重工 (600320 CH) 收入稳健增长，订单饱满蓄势 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 06 日│中国内地 | 专用设备 | 公司公布 24 年年报业绩：收入 344.56 亿元，同比+4.62%；归母净利润 5.34 亿 元 ， 同 比 +2.60% 。 其 中 第 四 季 度 收 入 90.94 亿 元 ， 同 比 / 环 比 -12.74%/+11.81%；归母净利润 1.01 亿元，同比/环比-49.76%/-20.35%。 公司年报业绩低于我们预期（预期 24 年归母净利润 8.3 亿元），主要系公司 港机业务产品确收节奏反常，收入不及预期；公司信用减值损失高于预期。 公司海工、港机等高端装备技术全球领先，未来有望持续受益于"深海科技" 的发展，维持"增持"评级。 原材料价格波动毛利率稍有承压，期间费用控制良好 24 年全年公司毛利率 12.76%，同比-0.76pp，主要系成本压力下港机业务 毛利率下降。全年销售费用率 0.68%，同比+0.03pp；管理费用率 2.38%， 同比-0 ...

Core Viewpoint - Zhenhua Heavy Industries reported a revenue of 33.456 billion yuan for 2024, marking a year-on-year growth of 4.62%, but net profit growth has significantly slowed down, indicating challenges in traditional manufacturing amidst technological upgrades and global changes [1][2]. Revenue and Profit Analysis - The company achieved record revenue and net profit in 2024, primarily driven by overseas market orders and domestic demand for upgrading old port equipment [2]. - Despite revenue growth, net profit only slightly increased by 2.6% to 534 million yuan, a sharp decline from the previous year's growth of 39.8% [1]. - The gross profit margin decreased by 0.76 percentage points to 12.76% in 2024, reflecting ongoing profitability challenges [1][7]. Business Segment Performance - The revenue structure includes port machinery, offshore engineering equipment, and steel structure businesses, with port machinery being the core segment [3]. - Port machinery revenue was 20.594 billion yuan, accounting for 59.77% of total revenue, but experienced a year-on-year decline of 3.03%, marking the first negative growth in three years [3]. - Offshore engineering equipment revenue surged by 52.92% to 8.293 billion yuan, driven by a 120% increase in offshore wind installation vessel orders [3]. - The steel structure business generated 3.342 billion yuan, with a drastic drop in gross margin to 1.45%, significantly impacting overall profitability [3]. Quarterly Performance Trends - The company's performance showed a clear trend of high growth in the first half of the year, with a 28.49% year-on-year revenue increase, followed by a sharp decline in the second half, particularly in Q4 [4]. - In Q4, revenue fell to 9.094 billion yuan, a 12.74% year-on-year decrease, with net profit dropping by 49.76% [4]. - The delay in revenue recognition from major projects, such as the Saudi NEOM project, highlighted the company's reliance on large overseas projects [4]. Cash Flow and Financial Health - Operating cash flow reached 5.276 billion yuan, a modest increase of 1.77% year-on-year, but accounts receivable issues remain a concern [4][5]. - As of the end of 2024, accounts receivable stood at 7.366 billion yuan, representing 1379.40% of net profit, indicating a long collection cycle [4]. - The company maintained a high debt ratio of 78.64%, with interest-bearing debt of 28.546 billion yuan, over 40% of which is short-term debt, indicating significant repayment pressure [5]. Research and Development Investment - Zhenhua Heavy Industries increased R&D investment to 1.502 billion yuan in 2024, a 14.55% year-on-year growth, with R&D accounting for 4.36% of revenue, the highest in five years [7]. - The company aims to enhance its technological capabilities in green and intelligent transformation, aligning with national policy directions [8]. - Despite high R&D spending, the gross margin decreased, suggesting challenges in cost control and profitability [7]. Future Outlook - The company plans to focus on deep-sea economy and digital transformation, aiming to enhance the intelligence of port machinery and the high-end nature of offshore equipment [8]. - The ability to seize opportunities in global port automation and deep-sea resource development will be crucial for valuation reconstruction [9].