Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue and profit growth in 2024, with operating income reaching 10.28 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 1.04 billion yuan, up 2.1% [1] - The gross margin improved to 22.5%, an increase of 1.0 percentage points year-on-year, while the net margin rose to 11.1%, up 0.3 percentage points [1] - The company plans to distribute a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 74.6% [1] Revenue and Profit Growth - The energy conversion equipment business generated revenue of 4.5 billion yuan, reflecting a year-on-year growth of 3.8% [2] - The gas operation business saw revenue of 3.96 billion yuan, a significant increase of 14.4% year-on-year, with the company achieving record revenue and profit in its Qin Feng gas company [3] - The company invested 620 million yuan in new gas projects in 2024, marking a 100.7% increase year-on-year, and the contracted gas supply volume reached 1.654 million cubic meters, up 15.4% [3] Financial Forecasts - The company’s revenue is projected to grow from 10.28 billion yuan in 2024 to 13.61 billion yuan by 2027, with a compound annual growth rate of approximately 9.27% [5] - Net profit is expected to increase from 1.04 billion yuan in 2024 to 1.4 billion yuan in 2027, with corresponding EPS rising from 0.60 yuan to 0.81 yuan [5] - The report forecasts a decline in net profit growth for 2025 and 2026, with adjustments of 7% and 8% respectively, due to lower demand in the downstream metallurgy industry [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 14 in 2024 to 11 by 2027, indicating a potential increase in valuation attractiveness [12] - The P/B ratio is expected to decline from 1.7 in 2024 to 1.3 in 2027, suggesting improved market perception over time [12]

Core Viewpoint - The company has demonstrated strong financial performance in 2024, achieving a revenue of 10.277 billion yuan, a year-on-year increase of 1.32%, and a record high net profit attributable to shareholders, reflecting a compound annual growth rate of 11.05% from 2020 to 2024 [11][12][13]. Group 1: Financial Performance - The company reported a total profit of 1.1 billion yuan in 2024, marking a 49.40% increase compared to 2020 and a 3.88% increase year-on-year [11]. - The net profit attributable to shareholders reached a historical high, with a year-on-year growth of 2.09% [11]. - The company's asset-liability ratio hit a five-year low, indicating improved financial stability [12]. Group 2: Business Operations - The company operates in various sectors including energy storage, petrochemicals, metallurgy, and power generation, providing comprehensive energy solutions [4][6]. - The energy infrastructure segment accounted for 38.65% of total revenue in 2024, with a five-year compound growth rate of 19.48% [13]. - The company has successfully expanded its market presence both domestically and internationally, particularly in the distributed energy market [13][18]. Group 3: Innovation and Technology - The company has focused on innovation, completing 154 research and development projects in 2024, enhancing its core technological capabilities [14]. - It has developed advanced energy conversion equipment and solutions, including a world-first 300MW compressed air energy storage technology [14][15]. - The company has made significant strides in low-carbon technologies, contributing to national goals for carbon neutrality [9][14]. Group 4: Market Strategy - The company employs a direct sales model in the domestic market while collaborating with large design institutes for international expansion [7]. - It has established a strong presence in emerging markets along the Belt and Road Initiative, enhancing its global footprint [7][18]. - The company is actively pursuing opportunities in the green energy sector, aligning with national policies for energy transition [3][9]. Group 5: Corporate Social Responsibility - The company has a strong commitment to shareholder returns, with a proposed cash dividend of 0.27 yuan per share, totaling approximately 776.52 million yuan for the year [11]. - It has been recognized for its contributions to social responsibility, including significant tax payments and community support initiatives [35][36]. - The company has received multiple awards for its innovative practices and contributions to the industry, enhancing its brand reputation [33][34].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, with a payout ratio of 74.55% for 2024 [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, representing a 17% increase year-on-year [3]. - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6]. - The gas operation segment achieved a revenue of 3,962 million yuan, with a year-on-year increase of 14.37% [6]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [8]. Profitability and Margins - The gross margin for 2024 is reported at 22.51%, with a net margin of 11.14%, both showing slight improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding into various downstream sectors, achieving breakthroughs in distributed energy, petrochemicals, and overseas markets [8]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, a 15.35% increase year-on-year [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, resulting in a dividend payout ratio of 74.55% for 2024 [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, reflecting a 17% year-on-year growth [3]. - The earnings per share (EPS) is expected to increase from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6][8]. - The gas operation segment achieved a revenue of 3,962 million yuan, marking a 14.37% increase [6][8]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [6][8]. Profitability and Margins - The gross margin for 2024 was reported at 22.51%, with a net margin of 11.14%, both showing improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding its presence in various sectors, including distributed energy, petrochemicals, and overseas markets, achieving significant breakthroughs in these areas [8][9]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, up 15.35% year-on-year [9].

Core Viewpoint - The company reported a revenue of 10.277 billion yuan for 2024, with a year-on-year growth of 1.32%, and a net profit attributable to shareholders of 1.042 billion yuan, reflecting a growth of 2.09% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.988 billion yuan, marking a year-on-year increase of 3.97%, and a net profit of 375 million yuan, which is a significant growth of 27.60% [1][2] - The proposed cash dividend for 2024 is 777 million yuan (before tax), resulting in a dividend payout ratio of 74.55% [1] - The company's gross margin and net margin for 2024 were 22.51% and 11.14%, respectively, both showing year-on-year increases of 1.02 percentage points and 0.31 percentage points [2] Group 2: Business Segments - The energy conversion equipment segment generated a revenue of 4.496 billion yuan, with a year-on-year growth of 3.83%, while the industrial services segment saw a revenue decline of 22.81% to 1.793 billion yuan [2] - The energy infrastructure operation segment (gas operation) reported a revenue of 3.962 billion yuan, reflecting a year-on-year increase of 14.37% [2] - The company's reliance on the metallurgy sector has decreased significantly, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [2][3] Group 3: Growth and Development - The company has made significant advancements in distributed energy development, achieving successful trials for the world's first 300MW compressed air energy storage power station [3] - The company has expanded its product offerings in various sectors, including oil and gas, and has made strides in overseas markets, securing multiple large-scale orders [3] - The gas business has also shown robust growth, with a contract gas supply volume of 165.36 Nm3/h, representing a year-on-year increase of 15.35% [3]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-020 西安陕鼓动力股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原因 西安陕鼓动力股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开第九届 董事会第十一次会议及第九届监事会第五次会议，审议通过了《关于公司回购注销部分 激励对象已获授但尚未解除限售的限制性股票及调整回购价格的议案》。具体内容详见 公司 2025 年 4 月 18 日刊登于上海证券交易所网站（www.sse.com.cn）及公司指定信息 披露媒体的《西安陕鼓动力股份有限公司关于回购注销部分激励对象已获授但尚未解除 限售的限制性股票及调整回购价格的公告》（临 2025-013）。 公司决定回购注销部分激励对象已获授但尚未解除限售的限制性股票共计 2,124,541 股，本次限制性股票回购事项应支付的回购价款为 9,687,832.69 元，全部为公司自有资金。 本次回购注销完成后，公司股份总数将由 1, ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-012 西安陕鼓动力股份有限公司 关于控股子公司吸收合并其全资子公司的公告 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： 西安陕鼓动力股份有限公司（以下简称"公司"）控股子公司陕西秦风气体股份 有限公司（以下简称"秦风气体"）拟吸收合并其全资子公司唐山陕鼓气体有限公司（以 下简称"唐山陕鼓气体"）。 本次吸收合并事项不涉及公司注册资本变更，无需支付对价，不构成关联交易， 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组情形。 本次吸收合并不会对公司财务状况、经营成果、业务发展产生不利影响，也不会 损害公司及全体股东的利益。 一、吸收合并情况概述 （一）基本情况 为进一步提高运营效率、降低管理成本、优化资源配置，公司控股子公司秦风气体 拟吸收合并其全资子公司唐山陕鼓气体。吸收合并完成后，唐山陕鼓气体不再存续，其 独立法人资格将被注销，全部资产、债权债务及其他一切权利与义务由秦风气体依法承 继。 （二）本次吸收合并事项已经公司第九届董事 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-013 西安陕鼓动力股份有限公司 关于回购注销部分激励对象已获授但尚未解除限售的限制 性股票及调整回购价格的公告 重要内容提示： 限制性股票回购数量：2,124,541 股。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开了第九届 董事会第十一次会议及第九届监事会第五次会议，分别审议通过了《关于公司回购注销 部分激励对象已获授但尚未解除限售的限制性股票及调整回购价格的议案》。现就相关 事项公告如下： 一、2021 年限制性股票激励计划批准及实施情况 1、2021 年 1 月 29 日，公司第七届董事会第三十次会议及第七届监事会第十八次会 议分别审议通过了《关于公司 2021 年限制性股票激励计划（草案）及其摘要的议案》及 其他相关议案，公司监事会发表了核查意见，独立董事发表了同意的独立意见。 2、2021 年 6 月 25 日，公司取得《西安市国资委关于对西安工业投资集团公司提请 西安陕鼓动力股份有限公司实施 2021 年限制性股票激励计划的批复》，原则同意西安陕 鼓动力股份有限公司 2021 年限制性股票 ...

西安陕鼓动力股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） Grant Thornton 载|日 t to 5 = 内部控制审计报告 致同审字(2025) 第 110A013202 号 西安陕鼓动力股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了西安侠鼓动力股份有限公司(以下简称"陕鼓动力股份公司") 2024 年 12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是陕鼓动力股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 G ...