Investment Rating - The report assigns a "Buy-A" rating to the company, with a target price of 11 CNY based on a 17x PE for 2024 [4]. Core Insights - The company is a leading player in the domestic turbine machinery sector, continuously expanding into new industries such as chemicals and energy, and developing new products and fields [4]. - The company is expected to benefit from the energy transition and emission reduction opportunities, particularly in compressed air energy storage, hydrogen energy, and carbon capture [4]. - Projected net profits for 2024-2026 are estimated at 1.13 billion, 1.31 billion, and 1.51 billion CNY, representing year-on-year growth of 10.2%, 15.9%, and 15.2% respectively [4]. Company Overview - The company, Shaanxi鼓动力, is a large equipment manufacturing firm focused on turbine machinery design and manufacturing, providing solutions and services to key industries such as petroleum, chemicals, metallurgy, power, urban construction, and environmental protection [10]. - The company has undergone multiple business transformations to seek diversification, evolving from a single equipment manufacturer to a solution provider and service provider [10][11]. - The company has established a comprehensive business model centered around distributed energy systems, covering equipment, services, operations, EPC, finance, and intelligent solutions [10]. Financial Analysis - The company has maintained a stable gross margin around 20%, with a slight decline to 21.5% in 2023, while the net profit margin has improved to 10.1% [51]. - The company has a strong cash position, with cash and cash equivalents increasing from 21.3% to 41.3% from 2019 to 2023, indicating robust financial health and capacity for new project investments [34]. - The company has consistently maintained a high dividend payout ratio, averaging 64.7% over the past five years, with a dividend yield close to 5% [23]. Market Position and Competition - The company has a dominant position in the metallurgy sector, with over 90% market share in high furnace energy recovery turbines and a significant presence in the chemical sector [52][76]. - The company is actively expanding its presence in the energy sector, particularly in compressed air energy storage and CO2 capture, with a notable increase in revenue contribution from these areas [27]. - The company is also exploring international markets, with overseas revenue contributing an average of 11% since 2014, capitalizing on opportunities from the Belt and Road Initiative [27].

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-031 西安陕鼓动力股份有限公司关于参加 "2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度 业绩说明会"的公告 网址：http://rs.p5w.net。 特此公告。 西安陕鼓动力股份有限公司董事会 二〇二四年五月十四日 - 1 - www.shaangu.com 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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广大投资 者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会根据陕西证监局工作 部署，联合深圳市全景网络有限公司举办"2024 年陕西辖区上市公司投资者集体接待日 暨 2023 年度业绩说明会活动"。 届时，公司财务总监、总工程师、董事会秘书及相关人员将通过互动平台与投资者 进行网络沟通和交流，欢迎广大投资者踊跃参加！ 活动时间：2024 年 5 月 22 日 15:00-17:00。 活动地址："全景路演" ...

所以说就整个从目前来看市场上的信息量还是非常足的归结起来就是几个大方面给大家说一下第一个就是从整体的形式来看 石化煤化工啊这些项目的信息量非常多非常多就是明显的感觉到这个增速起来但是冶金呢还没有明显的复苏其实在23年的年报和一季报的这个市场开拓部分这个介绍呢从我们的这个项目啊这些一些个别性的这种市场开拓的这种案例的项目的介绍呢实际上大家都能看出来因为不再像以前的年报或者季报里面我们披露的很多的都是冶金用户某某某钢铁项目某某某什么什么炼钢项目 很多的都是石化、煤化工或一些新兴市场的项目介绍这就能看出来就是陕谷东历在逐步在摆脱冶金市场这个单一市场对我们带来的影响另外一个特点就是工程业务呢EPC这块基本上现在也是一个市场的底部 我们异地驻也拿了两个比较大一点的工程项目一个是在东北地区我们拿到了一个热电站的项目大概是1.87亿另外还拿到了一个华工内的项目大概是1.5个亿左右这是一个总包行的项目 因为从我们整体来看就是冶金它的没有复苏实际上对我来说有两部分的影响第一个就是在设备板块因为冶金实际上我们的影响力是非常之大的它的没有复苏实际上在第一板块对我们有影响第二个就是在工业服务中的EPC这个影响因为在冶金方面我们EPC ...

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"）董事会于 2024 年 5 月 7 日收到公 司独立董事冯根福先生提交的书面辞职报告，因个人原因，冯根福先生申请辞去公司第 八届董事会独立董事职务及董事会相关专业委员会委员职务。辞职生效后，冯根福先生 将不再担任公司任何职务。 冯根福先生的辞职将使公司独立董事人数少于公司董事会成员的三分之一，根据《上 市公司独立董事管理办法》《上海证券交易所股票上市规则》及《公司章程》的相关规 定，在公司股东大会选举出新任独立董事之前，冯根福先生仍将按照有关法律法规和《公 司章程》的规定继续履行独立董事及其在各专业委员会中的职责。公司将按照相关法定 程序，尽快完成独立董事的补选工作。 公司及公司董事会对冯根福先生任职期间为公司发展做出的贡献表示感谢。 特此公告。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-028 西安陕鼓动力股份有限公司 关于独立董事辞职的公告 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 - 1 - www.shaangu.com 西安陕鼓动力股份有限公 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [27]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 2.492 billion yuan, a year-on-year decrease of 6.42%, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is attributed to the downturn in the metallurgy sector, which has affected capital expenditures [23][13]. - The company is actively expanding into various sectors beyond metallurgy, including coal chemical, petrochemical, pharmaceuticals, electricity, and compressed air energy storage, which is expected to reduce reliance on the metallurgy industry [13][24]. - The company has made significant advancements in compressed air energy storage technology, with projects covering a range of scales and has secured multiple contracts in this area, indicating a promising market potential [24]. - The overseas market expansion strategy is yielding positive results, with successful entries into international projects, including a significant breakthrough in the polyolefin sector [24]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.492 billion yuan, a decrease of 6.42% year-on-year, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is primarily due to the challenges faced in the metallurgy sector [23][13]. - The company’s gross margin for Q1 2024 was 23.40%, a decrease of 1.53 percentage points year-on-year, while the net margin was 10.65%, an increase of 0.07 percentage points year-on-year [13]. Growth Potential - The company is diversifying its revenue sources, with the metallurgy sector's contribution dropping from 71.60% in 2021 to 45.85% in 2023, indicating a strategic shift towards other industries [13]. - The projected net profits for 2024-2026 are 1.167 billion yuan, 1.367 billion yuan, and 1.522 billion yuan, respectively, with corresponding P/E ratios of 13.6, 11.6, and 10.4 [24]. Research and Development - The company has invested heavily in R&D, with 89 approved standards and 611 patents, enhancing its competitive edge in multiple fields [13]. - The increase in R&D expenditure reflects the company's commitment to innovation and adaptation to the dual carbon goals [13]. Market Outlook - The report highlights the potential for new energy storage solutions, particularly in compressed air storage, which is expected to see significant market growth, estimated at a long-term market space of around 100 billion yuan [24]. - The company's overseas strategy is focused on collaboration with large domestic design institutes and engineering companies to penetrate international markets effectively [24].

西安陕鼓动力股份有限公司 2023 年年度股东大会 2023 年年度股东大会 会 议 议 案 1 关于公司 2023 年度董事会工作报告的议案 各位股东及股东代表： 2023 年年度股东大会 目 录 | 1、关于公司 | 2023 | 年度董事会工作报告的议案 | 3 | | --- | --- | --- | --- | | 2、关于公司 | 2023 | 年年度报告的议案 | 21 | | 3、关于公司 | 2023 | 年度董事、监事及高级管理人员薪酬的议案 | 22 | | 4、关于公司 | 2023 | 年度利润分配预案的议案 | 24 | | 5、关于提请股东大会授权董事会决定 | | 2024 年中期利润分配的议案 | 25 | | 6、关于公司 | 2023 | 年度财务决算报告的议案 | 26 | | 7、关于公司 | 2023 | 年度财务预算完成情况的议案 | 32 | | 8、关于公司 | 2024 | 年度财务预算草案的议案 | 34 | | 9、关于公司 | 2024 | 年度日常关联交易的议案 | 37 | | 10、关于公司 | 2024 | 年度购买理财产品的议案 | 50 ...

Financial Performance - In Q1 2024, the company's operating revenue was CNY 2,492,149,868.09, a decrease of 6.42% compared to the same period last year[23] - The net profit attributable to shareholders of the listed company was CNY 234,630,037.74, down 10.57% year-on-year[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 220,913,316.78, a decrease of 9.77%[23] - Total revenue for Q1 2024 was $2.49 billion, a decrease of 6.42% compared to $2.66 billion in Q1 2023[76] - Net profit for Q1 2024 was $265.39 million, a decline of 5.84% from $281.88 million in Q1 2023[78] - The company achieved a total profit of $327.41 million in Q1 2024, down from $346.33 million in Q1 2023[78] - Basic earnings per share for Q1 2024 was $0.14, compared to $0.16 in Q1 2023[79] - Total operating costs for Q1 2024 were $2.14 billion, down 4.28% from $2.24 billion in Q1 2023[76] Cash Flow and Assets - The net cash flow from operating activities was CNY 230,640,557.66, an increase of 10.99% compared to the previous year[23] - Cash flow from operating activities for Q1 2024 was $230.64 million, an increase of 10.36% from $207.80 million in Q1 2023[81] - Cash and cash equivalents at the end of Q1 2024 totaled $4.45 billion, down from $5.74 billion at the end of Q1 2023[81] - As of March 31, 2024, the company's total current assets increased to approximately ¥22.47 billion, up from ¥20.70 billion as of December 31, 2023, representing an increase of about 8.5%[46] - The company's cash and cash equivalents rose to approximately ¥12.61 billion from ¥10.53 billion, marking an increase of about 19.8%[46] - The company's accounts receivable increased to approximately ¥3.89 billion from ¥3.70 billion, reflecting a growth of about 5.1%[46] Research and Development - The company completed 70 out of 91 planned research projects during the reporting period[13] - The company completed 12 out of 43 frontline R&D projects during the reporting period, focusing on customer needs[58] - Research and development expenses increased to $88.19 million in Q1 2024, up from $79.71 million in Q1 2023[76] - Four provincial-level or above scientific research projects were initiated during the reporting period[33] Technological Advancements - The company successfully developed intelligent control technology for gas storage compressor units, achieving international leading technical levels[18] - The company has launched new technologies in the petrochemical and CO2 cryogenic separation fields, marking significant market breakthroughs[11] - The company achieved its first application of vacuum machines in the soda ash process, improving competitiveness in the market[31] - The company secured its first electric-driven axial flow compressor set for a 550,000 tons/year isobutane dehydrogenation unit, marking a significant milestone in the petrochemical industry[31] - The company achieved a breakthrough in the green electricity pressure gas storage service field, successfully completing a complex configuration project, laying a solid foundation for expanding system services in the new energy sector[35] Market Expansion - The company is actively expanding its overseas market channels, achieving breakthroughs in the foreign compressor market[10] - The company signed a contract for a 100,000 m³ LNG liquefaction plant and a 42,000 m³ LNG regasification station, marking its entry into the international LNG market[31] - The company signed a total engineering contract for a hydrogenation project with a capacity of 1.6 million tons/year, enhancing competitiveness in the heavy oil hydrogenation market[31] Financial Position - Total assets increased by 5.88% to ¥26,977,659,442.39 compared to the previous year[25] - Total liabilities increased to approximately ¥17.35 billion, up from ¥16.15 billion, reflecting a growth of about 7.5% year-over-year[49] - Total equity rose to approximately ¥9.63 billion, compared to ¥9.33 billion, marking an increase of about 3.2% year-over-year[49] - Equity attributable to shareholders rose by 2.98% to ¥9,006,586,223.90 year-over-year[25] - The company's total assets reached approximately ¥26.98 billion, up from ¥25.48 billion, representing an increase of about 5.9%[48] Community Engagement and Recognition - The company has been recognized with multiple awards, including the "2023 Excellent Party Building Brand" in Xi'an and being named a "Quality Supplier" by a global top 50 steel company[42] - The company is committed to community support, implementing initiatives in education and agriculture to assist local villages[69] - The company is actively promoting a culture of responsibility and community engagement, organizing blood donation activities and environmental protection initiatives[44] Operational Efficiency - The company has implemented a "six self and one integration" approach to enhance its information system, significantly shortening the new product development cycle and improving design efficiency[38] - The smart service platform has improved, managing over 8,000 sets of equipment for more than 3,000 users in real-time[64] - The company provided comprehensive domestic technical services for multiple users' axial flow compressors and other equipment, enhancing service capabilities[60] - The company has strengthened its brand influence, receiving extensive media coverage with nearly 150 reports on its achievements in service-oriented manufacturing and smart manufacturing[67] Non-Recurring Gains and Losses - Non-recurring gains included a profit from the disposal of non-current assets amounting to ¥777,152.50[25] - Government subsidies recognized in the current period totaled ¥3,753,612.04[25] - Other comprehensive income after tax for Q1 2024 was $17.02 million, significantly higher than $0.72 million in Q1 2023[78]

Investment Rating - The report maintains a "Buy" rating for Shaangu Power (601369) with a target price of 12.16 CNY, up from the previous target of 11.16 CNY [1][8]. Core Views - The company is experiencing steady growth in industrial gases, while compressed air energy storage is expected to open new growth opportunities. However, short-term pressure is noted in equipment and industrial services due to a decline in downstream demand [1][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10.14 billion CNY, a decrease of 5.79% year-on-year, with a net profit attributable to shareholders of 1.02 billion CNY, reflecting a growth of 5.36% [1][8]. - The company’s energy conversion equipment generated revenue of 4.33 billion CNY, down 1.63% year-on-year, while industrial services revenue was 2.32 billion CNY, down 30.01% due to short-term demand decline [1][8]. Earnings Forecast - The report projects the EPS for 2024 to be 0.64 CNY, down from the previous estimate of 0.72 CNY, with a new estimate for 2026 at 0.83 CNY [1][8]. - The expected revenue for 2024 is 11.44 billion CNY, with a projected growth rate of 12% [1][8]. Market Position - The company is positioned in the industrial sector, focusing on energy conversion equipment, industrial services, and energy infrastructure operations, which are critical for national economic pillars [1][8]. - The report highlights the company's leading position in compressed air energy storage technology, which is anticipated to drive new growth [1][8]. Valuation Metrics - The report indicates a PE ratio of 16.41 for 2023, projected to decrease to 15.20 in 2024, reflecting a favorable valuation compared to industry peers [1][8]. - The net profit margin is expected to stabilize around 10.1% in 2023, with a slight increase projected for 2024 [1][8]. Industry Outlook - The industrial gas market is noted to have significant growth potential, particularly with the domestic substitution of electronic specialty gases [1][8]. - The report emphasizes the importance of the compressed air energy storage market, which is expected to expand significantly, contributing to the company's future growth [1][8].

[Table_StockInfo] 2024 年 04 月 17 日 证券研究报告•23 年年报点评 买入 （维持） 当前价：9.59 元 陕鼓动力（601369）机械设备 目标价：——元（6 个月） 气体业务稳步增长，盈利能力提升 [Table_Summary] 事件：公司发布 2023年年报，2023年实现营收 101.4亿，同比-5.8%；归母净 利润 10.2 亿，同比+5.4%。单 2023Q4 实现营收 28.7 亿，同比+24.0%，环比 +37.9%；归母净利润 2.9 亿，同比+89.6%，环比+49.3%。公司气体业务稳步 增长，盈利能力提升。 石化、能源、国防等行业的市场开拓顺利、增速高，冶金等行业宏观环境及客 户项目延期，公司营收整体小幅下降。分行业看，2023年公司加大石化、能源、 国防等行业的市场开拓，石化行业实现营收 30.7 亿，同比+56.0%，毛利率 -4.52pp 至 22.7%；能源行业实现营收 12.5亿，同比+279.2%，毛利率+4.75pp 至 24.1%；国防行业实现营收 3.2亿，同比+4584.6%，毛利率-1.86pp至 15.3%； 城建行业实现营收 ...

执业证书编号：S0740522100003 [Table_QuotePic] 股价与行业-市场走势对比 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|------------------|-------|-------|-------|-------| | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 10766 | 10143 | 11133 | 12447 | 13842 | | 增长率 yoy% | 4% | -6% | 10% | 12% | 11% | | 净利润（百万元） | 968 | 1020 | 1167 | 1367 | 1522 | | 增长率 yoy% | 13% | 5% | 14% | 17% | 11% | | 每股收益（元） | 0.56 | 0.59 | 0.68 | 0.79 | 0.88 | | 每股现金流量 | 0.5 ...