证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-054 西安陕鼓动力股份有限公司 第九届董事会第五次会议决议公告 具体内容详见《西安陕鼓动力股份有限公司关于控股子公司秦风气体申请银行借 款的公告》（临 2024-055） 表决结果：同意 9 票，占公司全体董事的 100%；反对 0 票，占公司全体董事的 0%；弃权 0 票，占公司全体董事的 0%。 二、审议通过《关于公司控股子公司秦风气体为徐州气体开展融资租赁业务提 供担保的议案》 具体内容详见《西安陕鼓动力股份有限公司关于控股子公司秦风气体为徐州气体 开展融资租赁业务提供担保的公告》（临 2024-056） 表决结果：同意 9 票，占公司全体董事的 100%；反对 0 票，占公司全体董事的 0%；弃权 0 票，占公司全体董事的 0%。 三、审议通过《关于公司控股子公司秦风气体投资凌钢股份 3 万空分项目及投 资设立凌源秦风气体有限公司的议案》 具体内容详见《西安陕鼓动力股份有限公司关于控股子公司秦风气体对外投资的 公告》（临 2024-057） 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 ...

西安陕鼓动力股份有限公司 关于控股子公司秦风气体对外投资的公告 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-057 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： 投资标的名称：陕西秦风气体股份有限公司拟投资设立凌源秦风气体有限公司， 并由其建设、拥有、运行凌源钢铁股份有限公司 1#-4#高炉装备升级建设项目配套 30000Nm3 /h 空分项目 1、项目建设风险：本项目建设过程中如遇行业政策调整、市场环境变化及客户需求 重大变动等不可预计或不可抗力因素的影响，可能会导致项目无法如期或全部建设完成。 2、交易对方本身的经营风险：交易对方项目仍在建设期间，存在因市场变化、行业 变化、法规政策等不确定因素带来的项目无法顺利建设完成的风险。 3、运营回款风险：在未来项目实际经营中，存在因行业波动、凌源钢铁股份有限公 司经营而导致的回款风险。 一、对外投资概述 （一）对外投资的基本情况 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"）拟投资 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-055 1、借款人：陕西秦风气体股份有限公司 2、借款金额：不超过 16,020 万元 3、借款利率：不超过 3.35% 4、借款期限：期限不超过 1 年 5、还本付息方式：按季付息，到期还本。 西安陕鼓动力股份有限公司 关于控股子公司秦风气体申请银行借款的公告 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。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2024 年 9 月 11 日召开第九届 董事会第五次会议，审议通过了《关于公司控股子公司秦风气体申请银行借款的议案》， 具体情况如下： 公司控股子公司陕西秦风气体股份有限公司拟向银行申请总额不超过16,020万元借 款，借款利率不超过 3.35%，用于日常经营周转。具体情况如下： 特此公告。 二○二四年九月十三日 西安陕鼓动力股份有限公司董事会 - 1 - www.shaangu.com ...

2024 年第四次临时股东大会 西安陕鼓动力股份有限公司 2024 年第四次临时股东大会 会 议 议 案 1 www.shaangu.com 2024 年第四次临时股东大会 | 目录 | | --- | | 1、关于公司聘任会计师事务所的议案 3 | | | --- | --- | | 2、关于修订《西安陕鼓动力股份有限公司章程》的议案 6 | | | 3、关于开封陕鼓气体有限公司投资并运营晋开集团 19 万 Nm³/h 合成气项目的议 | | | 11 | 案 | 2 www.shaangu.com 2024 年第四次临时股东大会 关于公司聘任会计师事务所的议案 各位股东及股东代表： 希格玛会计师事务所（特殊普通合伙）为公司 2023 年度年报审计会计师事 务所，聘期一年已届满。现将 2024 年度年报审计会计师事务所的聘任情况汇报 如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙）(以下简称"致同 所") 成立日期：1981 年【工商登记：2011 年 12 月 22 日】 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [3][11]. Core Insights - The company reported a revenue of 5.004 billion yuan for H1 2024, a year-on-year decrease of 3.51%, and a net profit attributable to shareholders of 458 million yuan, down 13.33% year-on-year [1]. - The company aims for a revenue target of 10.245 billion yuan for the full year 2024, representing a 1% increase year-on-year, and a net profit target of 1.036 billion yuan, reflecting a 1.6% increase year-on-year [2]. - The company is focusing on enhancing its core technology capabilities and professional service abilities, particularly in the context of the dual carbon strategy [2]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 23.38%, a decrease of 0.58 percentage points year-on-year, and a net profit margin of 9.16%, down 1.04 percentage points year-on-year [1]. - The company’s Q2 2024 revenue was 2.512 billion yuan, a slight decrease of 0.45% year-on-year, but an increase of 0.79% quarter-on-quarter [1]. - The company’s revenue from energy conversion equipment (compressors) was 2.65 billion yuan, down 16% year-on-year, while revenue from energy infrastructure operations (industrial gases) increased by 17% year-on-year to 1.87 billion yuan [1]. Earnings Forecast - The earnings forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 1.095 billion yuan, 1.219 billion yuan, and 1.345 billion yuan respectively [2]. - The corresponding price-to-earnings ratios for these years are estimated to be 11.55, 10.38, and 9.41 [2]. Market Position and Strategy - The company is leveraging its leading position in axial compressors and turbine expanders to enhance its technological capabilities and meet market demands [2]. - The introduction of innovative solutions in the casting sector and the metallurgical energy interconnection system is expected to drive performance improvements [2].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 8.45 CNY, maintaining the rating [4][7]. Core Views - The company reported a slight decline in revenue for H1 2024, with total revenue of 5.004 billion CNY, down 3.51% year-on-year, and a net profit of 458 million CNY, down 13.33% year-on-year. The second quarter showed a smaller revenue decline of 0.45% compared to the previous year [2]. - The company is experiencing pressure in the metallurgy sector due to weak downstream demand, but it is making progress in expanding into new markets such as petrochemicals and energy, which is stabilizing revenue [2][3]. - The gas segment has shown stable growth, with revenue of 1.867 billion CNY in H1 2024, up 17.43% year-on-year, contributing to 37.31% of total revenue [3]. - The company maintains a high dividend level, with a proposed cash dividend of 0.18 CNY per share, reflecting a distribution ratio of approximately 67% [6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 5.004 billion CNY, a decrease of 3.51% year-on-year, and a net profit of 458 million CNY, down 13.33% year-on-year. The Q2 revenue was 2.512 billion CNY, a decrease of 0.45% year-on-year, with a net profit of 224 million CNY, down 16.04% year-on-year [2]. - The sales gross margin was approximately 23.38%, a decrease of 0.57 percentage points year-on-year, while the net profit margin was about 9.16%, down 1.04 percentage points year-on-year [2]. Business Segments - The equipment segment generated revenue of 2.650 billion CNY in H1 2024, down 12.31% year-on-year, accounting for 52.95% of total revenue [2]. - The gas segment's revenue reached 1.867 billion CNY, up 17.43% year-on-year, contributing 37.31% to total revenue [3]. - The industrial services segment reported revenue of 487 million CNY, down 15.20% year-on-year, accounting for 9.74% of total revenue [3]. Market Outlook - The company is focusing on expanding its market share in the petrochemical and energy sectors, achieving significant breakthroughs in various projects, including the largest nitric acid unit in China [2][3]. - The company is expected to maintain stable profit growth due to its competitive position in the equipment sector and the steady growth of its gas business [6][7].

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 performance was under pressure, with equipment orders increasing by 26.8% YoY [1] - Gas business accounted for a larger proportion, with excellent profitability [1] - Gas business grew steadily, with equipment sales orders increasing by 26.8% YoY [1] - Compressor and nitric acid unit technologies are internationally leading, with smooth expansion of compressed air energy storage business [1] - The company is expected to achieve a net profit attributable to the parent company of 11.2, 12.6, and 14.3 billion yuan from 2024 to 2026, with a compound growth rate of 12% [1] Financial Performance - 24H1 revenue was 5.0 billion yuan, a decrease of 3.5% YoY [1] - Net profit attributable to the parent company was 460 million yuan, a decrease of 13.3% YoY [1] - Single 24Q2 revenue was 2.51 billion yuan, a decrease of 0.4% YoY and an increase of 0.8% QoQ [1] - Net profit attributable to the parent company in 24Q2 was 220 million yuan, a decrease of 16.0% YoY and a decrease of 4.6% QoQ [1] - Comprehensive gross margin in 24H1 was 23.4%, a decrease of 0.58pp YoY [1] - Net profit margin in 24H1 was 10.4%, a decrease of 0.56pp YoY [1] - Period expense ratio in 24H1 was 9.0%, an increase of 0.70pp YoY [1] Business Segments - Gas business revenue in 24H1 was 1.87 billion yuan, an increase of 17.4% YoY [1] - Gas business gross margin increased by 1.4pp to 17.7% [1] - Liquid production increased by 8.78% compared to the same period in 2023, reaching a historical high [1] - Energy conversion equipment revenue was 2.65 billion yuan, a decrease of 15.9% YoY [1] - Energy conversion system service revenue was 490 million yuan, a decrease of 47.5% YoY [1] Technological Advancements - The company successfully broke the monopoly of foreign companies in the marine platform centrifugal compressor market [1] - Developed a centrifugal compressor suitable for small and medium-sized medium-pressure nitric acid plants [1] - The company has a 10MW-400MW compressed air energy storage system solution [1] - Successfully completed the trial run and grid connection of the world's first 300MW compressed air energy storage power station [1] Financial Forecast - Expected net profit attributable to the parent company from 2024 to 2026 is 11.2, 12.6, and 14.3 billion yuan [1] - Current stock price corresponds to a PE of 11, 10, and 9 times [1] - Compound growth rate of net profit attributable to the parent company over the next three years is 12% [1]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's performance in H1 2024 met expectations, with steady growth in the industrial gas segment, while the equipment and industrial services segments faced short-term pressure. The compressed air energy storage project is expected to bring new growth opportunities [2][9]. Financial Summary - In H1 2024, the company achieved revenue of 5.004 billion yuan, a year-on-year decrease of 3.51%, and a net profit attributable to shareholders of 458 million yuan, down 13.33% year-on-year. The Q2 2024 revenue was 2.512 billion yuan, a slight decrease of 0.45% year-on-year, with a net profit of 224 million yuan, down 16.04% year-on-year [9][10]. - The company maintains EPS forecasts of 0.64, 0.72, and 0.83 yuan for 2024, 2025, and 2026 respectively, with a target price adjusted to 8.96 yuan based on a 14x PE for 2024 [9][10]. Segment Performance - The industrial gas segment showed steady growth, while the energy conversion equipment segment reported revenue of 2.650 billion yuan, down 15.91% year-on-year. The company has strengthened its global leadership in axial compressors and turbine expanders, with significant technological advancements [9][10]. - The energy infrastructure operations generated revenue of 1.867 billion yuan, up 17.43% year-on-year, with the Qin Feng gas intelligent remote control center now operational [9][10]. Growth Potential - The company has developed a leading position in compressed air energy storage technology, with solutions ranging from 10MW to 400MW. The successful trial operation of a 300MW compressed air energy storage power station is expected to open new growth avenues for the company [9][10].

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-053 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 8 月 28 日 上午 10:00-11:00 三、 参加人员 西安陕鼓动力股份有限公司 关于召开 2024 年半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： 投资者可于 2024 年 8 月 23 日(星期五) 至 8 月 27 日(星期二)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（securities@shaangu.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。 西安陕鼓动力股份有限公司（以下简称"公司"）已于 2024 年 8 月 23 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,003,930,810.14, a decrease of 3.51% compared to CNY 5,186,065,901.99 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 458,455,196.96, down 13.33% from CNY 528,939,727.44 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 434,168,489, a decrease of 11.22% compared to the previous year[14]. - Basic earnings per share decreased by 15.63% to CNY 0.27, while diluted earnings per share decreased by 12.90% to CNY 0.27[15]. - The total profit for the first half of 2024 was CNY 643,682,307.34, a decrease of 8.0% from CNY 699,743,350.40 in the same period of 2023[117]. - The company reported a significant increase in financing activities, with net cash flow from financing activities reaching CNY 1,479,440,721.54, compared to a negative cash flow of -CNY 828,139,845.33 in the previous year[48]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 17.53% to CNY 582,107,390.68[14]. - The company's cash and cash equivalents at the end of the period reached CNY 12,008,616,724.42, accounting for 45.64% of total assets, an increase of 13.99% compared to the previous year[50]. - The company's operating cash inflow for the first half of 2024 was CNY 3,409,880,846.15, a decrease of 14.7% compared to CNY 3,998,680,070.93 in the same period of 2023[119]. - The company received CNY 5,004,794,413.40 in borrowings during the first half of 2024, compared to CNY 989,728,395.06 in the same period last year, indicating a substantial increase in financing activities[120]. Research and Development - Research and development expenses increased by 20.85%, reaching CNY 191,464,251.55, compared to CNY 158,436,070.08 in the same period last year[48]. - The company successfully completed 76 research projects and 12 frontline R&D topics during the reporting period, enhancing its technological capabilities[37]. - The company has made a global breakthrough in additive manufacturing technology for core components, significantly reducing manufacturing cycles and costs[44]. Market Expansion and Strategy - The company is expanding its market presence both domestically and internationally, focusing on personalized financial solutions and lifecycle services[23]. - The company is actively pursuing market opportunities in low-carbon metallurgy and energy storage, aligning with national green energy initiatives[24]. - The company has established a smart manufacturing strategy, utilizing technologies like IoT and AI to enhance digital transformation for clients[29]. Environmental and Social Responsibility - The company has established an environmental emergency response plan and has reported it to the local environmental authority[71]. - The company has actively participated in improving living conditions in assisted villages, including infrastructure projects like road repairs and flood prevention measures[78]. - The company is committed to long-term non-competition agreements with major shareholders, ensuring no direct or indirect competition with its core business since November 16, 2007[79]. Corporate Governance - The company has elected a new board of directors and supervisory board members during the shareholder meetings held on July 4, 2024[64]. - The company has implemented a governance system and procedural rules as part of its corporate governance strategy[62]. - The company has undergone changes in its board and supervisory board, with several members completing their terms and new members being elected[65]. Financial Position - The total assets at the end of the reporting period were CNY 26,313,914,382.49, reflecting a growth of 3.27% year-on-year[14]. - The company's total liabilities amounted to CNY 25,000,000,000, with a notable decrease in accounts payable by 6.92% to CNY 5,332,219,363.48[51]. - The company's total equity decreased by 7.00% to CNY 2,848,421,188.32, reflecting changes in retained earnings[51]. Shareholder Information - The company plans to distribute a cash dividend of CNY 0.18 per share (including tax), totaling approximately CNY 310,607,825.94 based on the current total share capital of 1,725,599,033 shares[2]. - The largest shareholder, Shaanxi Blower (Group) Co., Ltd., holds 969,635,806 shares, representing 56.19% of the total shares[100]. - The total number of common shareholders as of the end of the reporting period is 33,388[99]. Compliance and Reporting - The financial statements are prepared based on the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy in financial reporting[132]. - The company recognizes joint arrangements based on the rights and obligations held, classifying them as either joint operations or joint ventures[143]. - The company assesses expected credit losses for financial assets measured at amortized cost and recognizes loss provisions based on credit risk assessments[152].