本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 中 国动力(600482.SH) 证券研究报告 柴油机订单大幅增长，盈利能力改善 机械 投资评级 增持-A 事件：中国动力发布2023 年年报及2024年一季报，2023年实 首次评级 现营收 451.03亿元，同比+17.82%，归母净利润7.79 亿元，同比 6个月目标价 23.60元 +132.18%。2024Q1实现营收 114.02亿元，同比+24.42%，归母净 股价 (2024-04-29) 20.56元 利润 0.88 亿元，同比+167.82%。 交易数据 中船集团下属唯一上市船用动力平台，产业链核心标的 总市值(百万元) 45,013.07 公司是我国船舶动力系统科研生产的核心力量，也是中国船舶集 流通市值(百万元) 45,013.07 团下属唯一上市船用动力平台。公司动力业务涵盖七大动力板块， 总股本(百万股) 2,189.35 在国内船舶动力系统研发、设计、制造、配套等领域居领先地位。 流通股本(百万股) 2,189.35 全球造船行业在经历日本、韩国、中国的产能转移后，此轮造船 12个月 ...

中国船舶重工集团动力股份有限公司 会计师事务所选聘管理办法 第一章 总则 第一条 为规范中国船舶重工集团动力股份有限公司（以下简称"公司"） 选聘（含续聘、改聘，下同）会计师事务所行为，提升审计质量，切实维护 股东合法权益，根据《中华人民共和国公司法》《中华人民共和国会计法》 《国有企业、上市公司选聘会计师事务所管理办法》等相关法律法规及公司 章程的规定，结合公司实际情况，制定本办法。 第二条 本办法所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在 董事会、股东大会审议前聘请会计师事务所开展审计业务。 第二章 会计师事务所的执业质量要求 第四条 公司选聘的会计师事务所应当具备下列条件： （一）具有独立的法人资格，具备国家行业主管部门和中国证监会规 定的开展证券期货相关业务的执业资格； （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控 制制度； （三）熟悉国家有关财务会计方面法律、法规、规章和政策 ...

Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of RMB 779,487,252.58, with undistributed profits totaling RMB 7,350,123,680.35 as of December 31, 2023[8]. - The company plans to distribute a cash dividend of RMB 1.07 per 10 shares, amounting to a total cash dividend of RMB 233,978,863.99, which represents 30.02% of the annual net profit[8]. - The company's operating revenue for 2023 reached ¥45.10 billion, an increase of 17.82% compared to ¥38.28 billion in 2022[22]. - Net profit attributable to shareholders for 2023 was ¥779.49 million, a significant increase of 132.18% from ¥335.72 million in 2022[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 429.68% to ¥558.75 million from ¥105.49 million in 2022[22]. - The net cash flow from operating activities increased by 48.41% to ¥4.60 billion, up from ¥3.10 billion in the previous year[22]. - Basic earnings per share rose by 125% to ¥0.36 in 2023, compared to ¥0.16 in 2022[23]. - Diluted earnings per share also increased by 125% to ¥0.36, reflecting the substantial growth in net profit[23]. - The weighted average return on equity improved to 2.15%, up by 1.32 percentage points from 0.83% in 2022[23]. - The total assets of the company at the end of 2023 were ¥99.12 billion, representing a 15.43% increase from ¥85.87 billion in 2022[22]. - The company's net assets attributable to shareholders increased by 3.49% to ¥36.79 billion from ¥35.55 billion in 2022[22]. Business Operations and Achievements - The company successfully delivered multiple units of the world's first CMD-WinGD 9X92DF-2.0 dual-fuel main engine in 2023[3]. - The company also completed the successful trial run of the world's first CMD-WinGD 10X92DF-2.0 dual-fuel main engine in 2023[4]. - The company secured a bid for a 300MW/1,200MWh electrochemical energy storage system project in 2023[5]. - The company successfully ignited the independently developed 920mm bore single-cylinder technology integration verification platform in December 2023[1]. - The company plans to continue expanding its market presence and enhancing product offerings, particularly in the shipbuilding sector, which has seen a recovery in demand[24]. - The company achieved a total revenue of 45.103 billion RMB in 2023, representing a year-on-year growth of 17.82%[34]. - The company completed an industrial output value of 45.102 billion RMB, with a year-on-year increase of 19.03%[34]. - The shipbuilding industry signed new contracts worth 27.598 billion RMB, a year-on-year growth of 47.32%[35]. - The production of marine low-speed diesel engines reached 403 units, an increase of 10.71% year-on-year, with a power output of 7,491,430 KW, up 25.73%[35]. - The company secured new contracts for marine low-speed diesel engines totaling 560 units, a year-on-year increase of 42.49%[35]. - The company produced 758 units of medium and high-speed diesel engines, with a power output of 1,321,065 KW[37]. - New contracts for medium and high-speed diesel engines reached 799 units, reflecting a year-on-year growth of 17.85%[37]. - The application industry signed new contracts worth 26.737 billion RMB, a year-on-year increase of 13.10%[37]. Research and Development - The company has committed to ensuring that cash distribution profits will not be less than 30% of the annual distributable profits[8]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute substantive commitments to investors[9]. - Research and development expenses increased by 25.82% to ¥2.1 billion, driven by ongoing technological innovations[66]. - The company is actively developing key technologies such as MW-level gas turbines and supercritical carbon dioxide closed Brayton cycle power generation to respond to emerging technologies[60]. - The company has established a stable and reliable partnership network with major global shipowners and well-known automotive manufacturers, which supports its future growth[60]. - The company is focusing on the development of integrated power supply systems for various types of vessels, with a growing adoption of electric propulsion systems in luxury cruise ships and other marine applications[49]. - The company has completed the development of 58 battery models in the automotive low-voltage battery sector[45]. Environmental and Social Responsibility - The company is committed to environmental protection by investing in pollution control equipment and accelerating the transformation of high-pollution production capacity[116]. - Environmental protection investments during the reporting period totaled RMB 66.28 million[161]. - The company has established an environmental management system and conducts annual assessments of environmental performance[196]. - The company has implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 12,750.5 tons[197]. - The company has invested a total of 727,500 CNY in social responsibility projects, benefiting 1,486 individuals[200]. - The company has initiated the "Blue Sail Project" to advance the construction of distributed photovoltaic energy systems on factory rooftops[197]. Corporate Governance and Compliance - The company has implemented a robust internal control system focused on risk management and compliance, with no significant deficiencies reported during the period[157]. - The company has established a performance evaluation mechanism for senior management, aligning performance assessments with compensation distribution[156]. - The company has maintained compliance with relevant remuneration policies for its directors and senior management[135]. - The company has not reported any significant risks that could materially affect its production and operations during the reporting period[11]. - The company has maintained the independence of its controlling shareholder and has not experienced any fund or asset occupation issues[120]. - The company held a total of 19 board meetings from March to October 2023, with all resolutions passed without any dissenting votes[138]. - The company has undergone a restructuring of its supervisory board, with multiple resignations and appointments in 2023[131]. - The company is committed to maintaining compliance with corporate governance standards through these leadership changes[131]. Market Position and Future Outlook - The company holds a leading position in the domestic gas turbine sector, particularly in the medium and small gas turbine (5-50MW) market, with the CGT25 series units successfully delivered and entering overseas markets[52]. - The company holds over 70% market share in domestic low-speed marine engines and nearly 40% in the international market, indicating strong competitive positioning[106]. - The company is focusing on expanding its market presence and exploring potential mergers and acquisitions to drive growth[104]. - The company aims to enhance its international competitiveness by promoting marine products and energy equipment overseas, alongside building an overseas service system[112]. - The company is facing intensified competition in certain businesses, particularly in medium-speed diesel engines and nuclear power, due to market cycle fluctuations and procurement strategy adjustments by customers[115].

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 11.40 billion, a 24.42% increase compared to CNY 9.16 billion in the same period last year[6]. - Net profit attributable to shareholders of the listed company was CNY 88.11 million, representing a significant increase of 167.82% from CNY 33.86 million year-on-year[6]. - The net cash flow from operating activities was CNY 1.92 billion, up 646.75% from CNY 258.28 million in the previous year[6]. - Basic and diluted earnings per share both increased to CNY 0.040, a rise of 166.67% compared to CNY 0.016 in the same period last year[6]. - Total revenue for Q1 2024 reached ¥11,401,794,980.84, a 24.4% increase from ¥9,163,778,349.15 in Q1 2023[24]. - Net profit for Q1 2024 was ¥182,501,946.56, compared to ¥42,782,162.19 in Q1 2023, representing a significant increase of 326.5%[25]. - Earnings per share for Q1 2024 was ¥0.040, up from ¥0.015 in Q1 2023, indicating a growth of 166.7%[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 100.28 billion, reflecting a 1.17% increase from CNY 99.12 billion at the end of the previous year[6]. - The company reported a total asset value of ¥100,280,051,644.60 as of Q1 2024, an increase from ¥99,119,595,878.61 in Q1 2023[20]. - Total liabilities increased to ¥52,684,868,787.61 in Q1 2024 from ¥51,813,839,632.31 in Q1 2023, marking a rise of 1.7%[20]. - The company's total liabilities as of March 31, 2024, were CNY 1.65 billion, down from CNY 1.71 billion at the end of 2023[31]. - The company's equity increased to CNY 37.90 billion as of March 31, 2024, compared to CNY 37.85 billion at the end of 2023[31]. Cash Flow - The company's cash and cash equivalents as of March 31, 2024, amount to ¥28,783,408,733.47, an increase from ¥27,154,474,523.45 at the end of 2023[18]. - The company's cash and cash equivalents at the end of Q1 2024 were CNY 20.98 billion, up from CNY 16.95 billion at the end of Q1 2023[28]. - In Q1 2024, the company reported cash inflows from operating activities of approximately CNY 13.19 billion, a 24.3% increase from CNY 10.58 billion in Q1 2023[27]. - Cash outflows from investment activities totaled CNY 1.21 billion in Q1 2024, slightly down from CNY 1.35 billion in Q1 2023, resulting in a net cash flow from investment activities of -CNY 1.20 billion[28]. - The company raised CNY 1.13 billion through borrowings in Q1 2024, a decrease from CNY 2.82 billion in Q1 2023, leading to a net cash flow from financing activities of -CNY 85.57 million[28]. Operational Highlights - The company experienced a significant increase in new contracts, leading to a total cash inflow of CNY 13.18 billion, which is a year-on-year increase of CNY 2.61 billion[8]. - The gross margin improved due to increased sales volume and higher prices for main products, particularly marine low-speed engines[7]. - The company optimized production processes to reduce costs, overcoming challenges related to raw material supply and price increases[8]. - Research and development expenses for Q1 2024 were ¥356,457,981.16, compared to ¥280,900,467.83 in Q1 2023, reflecting a 27% increase[24]. - The company plans to expand its market presence and invest in new technologies to drive future growth[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 58,100,000[13]. - The largest shareholder, China Shipbuilding Industry Group Co., Ltd., holds 563,578,173 shares, representing 25.74% of total shares[14]. - The total number of shares held by the top 10 shareholders includes significant stakes from state-owned enterprises[14]. - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[15]. Tax and Other Financial Metrics - The company received CNY 55.65 million in tax refunds during Q1 2024, significantly higher than CNY 9.74 million in Q1 2023[27]. - The company reported a significant increase in tax expenses, totaling CNY 20,136,305.35 in Q1 2024, compared to CNY 6,580,756.51 in Q1 2023[36]. - Non-recurring gains and losses totaled CNY 34.62 million, with government subsidies and asset disposal gains contributing to this figure[10]. - The increase in other payables by 75.09% was primarily due to an increase in patent fees payable during the reporting period[11].

中国船舶重工集团动力股份有限公司 募集资金存放与使用情况 审 核 报 告 大信专审字[2024]第1-01661号 大信专审字[2024]第1-01661号 中国船舶重工集团动力股份有限公司全体股东： 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 募集资金存放与使用情况审核报告 我们接受委托，对后附的中国船舶重工集团动力股份有限公司（以下简称"中国动力"） 《 2023 年度募集资金存放与实际使用情况的专 ...

| 股票代码：600482 | 股票简称：中国动力 | 编号：2024-020 | | --- | --- | --- | | 债券代码：110807 | 债券简称：动力定 01 | | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司 第八届董事会第二次会议决议公告 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。 中国船舶重工集团动力股份有限公司（以下简称"公司"）第八届董事会第二次会 议于 2024 年 4 月 25 日上午 9:00 以现场结合通讯方式召开，会议通知于 2024 年 4 月 14 日以专人送达或电子邮件方式发出。公司应出席董事 11 名，实际出席董事 11 名，其 中以通讯表决方式出席会议的董事 6 名。经半数以上董事推举，会议由公司董事施俊 先生主持召开，公司监事、高级管理人员列席了会议。 本次会议的召开符合《中华人民共和国公司法》等法律、行政法规及规范性文件 和《中国船舶重工集团动力股份有限公司章程》（以下简称"《公司章程》"）的有 关规定。 经与会董事 ...

中国船舶重工集团动力股份有限公司 审 计 报 告 大信审字[2024]第 1-01855 号 审 计 报 告 大信审字[2024]第 1-01855 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 中国船舶重工集团动力股份有限公司全体股东： 一、审计意见 我们审计了中国船舶重工集团动力股份有限公司（以下简称"中国动力"）的财务报表， 包括 2023 年12 月 31 日的合并及母公司资产负债表，2023 ...

| 股票代码：600482 | 股票简称：中国动力 | 编号：2024-025 | | --- | --- | --- | | 债券代码：110807 | 债券简称：动力定 01 | | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司关于 2023 年度其他关联交易执行情况 及 2024 年度预计情况的公告 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： | 序号 | 关联交易类别 | 2023 | 年交易限额 | 2023 | 年实际交易 | 未超限金额 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 金额 | | | 1 | 其他关联交易 | | 5 | | 0.92 | 4.08 | 二、2024 年度日常关联交易预计情况 公司与中船集团及其他成员单位之间存在关联租赁等其他交易，按照公允 价格进行定价。在充分考虑 2023 年日常关联交易实际发生情况与 2024 年公司 及下属子公司 ...

中国船舶重工集团动力股份有限公司 对会计师事务所 2023 年度履职情况评估报告 根据《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）等有关规定，结合公司相关内控管理要求，公司组织对公司聘任的外部审计 机构大信会计师事务所（特殊普通合伙）（以下简称"大信"）2023 年度履职情 况进行了评估，具体情况如下： 一、会计师事务所的基本情况 大信成立于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，首席合伙 人为谢泽敏先生。截至 2023 年 12 月 31 日，从业人员总数 4001 人，合伙人 160 人，注册会计师 971 人，其中签署过证券服务业务审计报告的超过 500 人。 二、评估内容和范围 根据《国有企业、上市公司选聘会计师事务所管理办法》，公司对大信年度 审计服务情况进行评估，评估内容主要包括对大信 2023 年度执业记录、内部质 量管理、审计服务水平和质量、信息安全管理、风险承担能力水平等方面，并出 具评估报告。 三、会计师事务所履职情况 （一） 执业记录 大信承做公司 2023 年度审计项目的项目合伙人、签字注册会计师和项目质 量控制复核人的基本信息如下： ...

（二）监事会换届情况 中国船舶重工集团动力股份有限公司 2023 年度监事会工作报告 2023 年度，中国船舶重工集团动力股份有限公司（以下简称"公司"）监 事会遵照《公司法》《证券法》《上市公司治理准则》及《公司章程》等赋予的 职责，本着勤勉尽责的精神，严格按照公司《监事会议事规则》的有关规定，依 法认真监督董事会履行股东大会的决议，督促董事和公司高级管理人员遵守法律、 行政法规和《公司章程》等相关规定，并认真发表监事会意见和建议，在维护公 司及全体股东利益、全面提高公司治理水平、规范公司运作等方面发挥积极作用， 维护了公司及股东的合法权益。在此，报告监事会 2023 年的工作情况和 2024 年主要工作重点。 一、监事会构成情况 （一）报告期内监事变动情况 公司第七届监事会成员共 5 人，含 3 名非职工监事及 2 名职工监事。 2023 年 3 月 10 日，公司监事会收到时任监事会主席陈维扬先生的书面辞职 报告，因年龄原因，陈维扬先生向监事会提出辞去公司监事会主席及监事职务。 公司于 2023 年 4 月 17 日召开 2023 年第二次临时股东大会，同意增补尤祥浩先 生为公司第七届监事会非职工监事。 ...