证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-067 西安陕鼓动力股份有限公司 第九届董事会第八次会议决议公告 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。 西安陕鼓动力股份有限公司（以下简称"公司"）第九届董事会第八次会议于 2024 年 12 月 10 日在西安市高新区沣惠南路 8 号陕鼓动力 810 会议室以现场结合通 讯表决方式召开。本次会议通知及会议资料已于 2024 年 12 月 9 日以电子邮件形式和 书面形式发给各位董事。本次会议应出席董事 9 人，实际出席董事 9 人（其中，4 人 以通讯表决方式出席）。会议由公司董事长李宏安先生主持。会议符合《公司法》和 《公司章程》的有关规定。 经与会董事审议，形成如下决议： 一、审议通过《关于修订<西安陕鼓动力股份有限公司内部控制评价制度>的议 案》 本议案已经公司审计委员会审议通过。 修订后的《西安陕鼓动力股份有限公司内部控制评价制度》详见上海证券交易所 网站 http://www.sse.com.cn。 表决结果：同意 9 票，占公司全体董事 ...

西安陕鼓动力股份有限公司 关于召开 2024 年第三季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 11 月 19 日(星期二)至 11 月 25 日(星期一)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。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-066 西安陕鼓动力股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、 财务状况，公司计划于 2024 年 11 月 26 日上午 09:00-10:00 举行 2024 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营成果及 财务指标的具体 ...

Investment Rating - The report maintains a "Buy-A" rating with a 6-month target price of 10.4 CNY [1][3] Core Views - The company has shown a positive turnaround in Q3 2024, with a year-on-year revenue increase of 9.7% in Q3 and a net profit growth of 5.37% [1] - The company is expanding into new markets, particularly in metallurgy and energy, which is expected to drive revenue growth [2][3] - The company has a strong position in the domestic turbine machinery market, particularly in axial compressors, and is expected to benefit from a recovery in the metallurgy sector [2][3] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.289 billion CNY, a slight increase of 0.28% year-on-year, while net profit was 666 million CNY, a decrease of 8.25% [1] - The gross profit margin for the first three quarters was approximately 22.86%, a decrease of 0.54 percentage points year-on-year, and the net profit margin was about 9.14%, down 0.85 percentage points [1] - The company has maintained a high dividend payout ratio of over 62% from 2019 to 2023, with a corresponding dividend yield of approximately 4.9% in 2023 [2] Revenue and Profit Forecast - The company is projected to achieve net profits of 1.05 billion CNY, 1.23 billion CNY, and 1.42 billion CNY for the years 2024, 2025, and 2026, respectively, with growth rates of 3.0%, 16.8%, and 15.3% [3] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 15, 12, and 11 times, respectively [3] Market Expansion - The company has signed new contracts in the overseas metallurgy sector and is making strides in the domestic non-metallurgy sector [1] - The company is also expanding its gas project operations, with a 17% year-on-year revenue growth in gas operations for the first three quarters of 2024 [1]

北京大成(西安) 律师事务所 关于 大成西意字[2024]第194号 大成 is Dentons d Law Firm in China. 北京大成 事务所 西安市西安国际港务区大道西安港国际采购中心 3 号楼 16-17 层 (710026) 16-17/F,Xi'an International Trade & Logistics Park Building 3 , Xi'an International Trade & Logistics Park Avenue,710026 , Xi'an, China Tel: +86 29-88866955 Fax: +86 29-88866956 北京大成(西安) 律师事务所 关于 西安陕鼓动力股份有限公司 2024 年第五次临时股东大会的 法律意见书 西安陕鼓动力股份有限公司 2024 年第五次临时股东大会的 见书 港 大成西意字[2024]第 194 号 致:西安陕鼓动力股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中 华人民共和国公司法》(以下简称"《公司法》")和中国证券监督管理 委员会《上市公司股东大会规则(2022年修订)》 ...

2024 年第五次临时股东大会决议公告 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。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-065 西安陕鼓动力股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一) 股东大会召开的时间：2024 年 11 月 1 日 (二) 股东大会召开的地点：西安市高新区沣惠南路 8 号陕鼓动力 810 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 441 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,084,374,750 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 62.8404 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场记名投票与网络投票相结合的表决方式，符合《公司法》 及《公司章程》的规定。大会由公司董事会召集， ...

Summary of Conference Call Company and Industry - The conference call involved a discussion about the performance of a company in the energy and industrial equipment sector, specifically focusing on its financial results for the first three quarters of 2024. Key Points and Arguments Financial Performance - The company's revenue for the first three quarters of 2024 reached **72.89 billion**, reflecting a **0.28% increase** compared to the same period last year [2] - The net profit was reported at **755 million**, showing a decline of approximately **4.3%** year-over-year [2] - The gross profit margin decreased by **8.25%**, indicating challenges in maintaining profitability [2] - The operating cash flow remained strong at **888 million**, demonstrating resilience despite market challenges [3] Revenue Breakdown - Revenue was segmented into three main areas: 1. **Energy Generation Equipment**: Revenue of **32.64 billion**, with a slight decline of less than **2%** year-over-year [3] 2. **Industrial Services**: Revenue of **11.5 billion**, down from **14.8 billion** in the previous year, primarily due to project delays [4] 3. **Energy Infrastructure Operations**: Revenue of **28.8 billion**, with a slight increase in gross margin from **16.05%** to **16.7%** [4] Market Conditions - The overall market remains stagnant, with limited new projects and a lack of significant growth in existing projects [8] - The company has made efforts to enter new markets, such as corn processing and plastic recycling, to diversify its revenue streams [9] - The company is experiencing increased competition in the centrifugal compressor market, but maintains a strong position in the axial flow segment [16] Future Outlook - The company anticipates a **15% increase** in order growth compared to the previous year, despite facing challenges in the market [10] - There is uncertainty regarding the recovery of the real estate and metallurgy sectors, which are crucial for the company's future performance [20][22] - The company is exploring potential acquisitions to enhance its capabilities and market position, although it remains cautious due to current market conditions [24][25] Strategic Initiatives - The company is focusing on improving its product offerings and entering new markets to mitigate risks associated with traditional sectors [14] - There is an emphasis on energy efficiency and carbon reduction initiatives, which may provide new opportunities for growth [30] Shareholder Returns - The company has a history of consistent dividends and plans to maintain a high payout ratio, reflecting its commitment to shareholder returns [29] Other Important but Overlooked Content - The company is facing challenges in the compressed air energy storage sector due to a lack of supportive policies from the government, which may hinder growth in this area [35][36] - The company has a significant backlog of orders, exceeding **100 billion**, but execution timelines are uncertain due to various market factors [35] - The company is optimistic about the long-term potential of the compressed air storage market, despite current challenges [37]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved positive growth in both revenue and profit for Q3 2024, marking the first positive growth in revenue and profit for the year [1] - The gas operation and compressed air energy storage businesses have shown strong performance, contributing significantly to the company's results [2] - The company is actively expanding into new markets and businesses to mitigate the negative impact of the downturn in the metallurgy industry [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue of 7.289 billion yuan, a year-on-year increase of 0.28%, and a net profit of 666 million yuan, a year-on-year decrease of 8.25% [1] - In Q3 2024, the company achieved revenue of 2.285 billion yuan, a year-on-year increase of 9.70%, and a net profit of 208 million yuan, a year-on-year increase of 5.37% [1] - The gross margin for Q3 2024 was 21.72%, down 0.29 percentage points year-on-year, while the net margin was 10.29%, down 0.32 percentage points year-on-year [1] Business Segments - The gas operation business saw a revenue increase of 17% year-on-year, reaching a historical high for the same period [2] - The company played a key role in the successful commissioning of the world's first 300 MW compressed air energy storage power station, which is expected to benefit from future policy developments [2] Market Expansion - The company is pursuing new business opportunities to counteract the downturn in the metallurgy sector, including projects in corn deep processing and plastic resource utilization [3] - Internationally, the company has secured contracts for high furnace supporting units and maintenance projects for mineral thermal furnaces [3] Earnings Forecast and Valuation - The company has adjusted its net profit forecasts for 2024-2026 downwards by 3.27%, 8.36%, and 9.88% to 1.076 billion yuan, 1.255 billion yuan, and 1.408 billion yuan, respectively [3] - The report indicates that the expansion into new business areas is expected to support future performance [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [2][8]. Core Insights - The company achieved a positive turnaround in Q3 2024, with revenue and profit exceeding market expectations, marking the first time both metrics turned positive after a decline [1]. - The company is expected to continue reducing its reliance on the metallurgical industry, with growth in sectors such as coal chemical and petrochemical [1]. - The forecasted net profit for 2024-2026 is projected at 1.167 billion, 1.367 billion, and 1.522 billion yuan respectively, with corresponding P/E ratios of 12.5, 10.7, and 9.6 [2]. Financial Performance Summary - **Revenue**: - 2022A: 10,766 million yuan - 2023A: 10,143 million yuan (down 6% YoY) - 2024E: 11,133 million yuan (up 10% YoY) - 2025E: 12,447 million yuan (up 12% YoY) - 2026E: 13,842 million yuan (up 11% YoY) [1][6] - **Net Profit**: - 2022A: 968 million yuan - 2023A: 1,020 million yuan (up 5% YoY) - 2024E: 1,167 million yuan (up 14% YoY) - 2025E: 1,367 million yuan (up 17% YoY) - 2026E: 1,522 million yuan (up 11% YoY) [1][6] - **Earnings Per Share (EPS)**: - 2022A: 0.56 yuan - 2023A: 0.59 yuan - 2024E: 0.68 yuan - 2025E: 0.79 yuan - 2026E: 0.88 yuan [1][6] - **Cash Flow**: - Operating cash flow for 2023A: 1,352 million yuan - Expected to be negative in 2024E at -3,375 million yuan [5][6]. Market Position and Growth Potential - The company has signed several overseas projects, indicating a successful expansion into international markets [2]. - The report highlights the company's strategic focus on enhancing its research and development capabilities, particularly in distributed energy and compressed air energy storage technologies [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company's performance in the third quarter of 2024 met expectations, with steady growth in the industrial gas business and an anticipated recovery in equipment demand. The compressed air energy storage projects are expected to accelerate development [3][4]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 7.289 billion yuan (up 0.28% year-on-year) and a net profit attributable to shareholders of 666 million yuan (down 8.25 year-on-year). The third quarter alone saw revenue of 2.285 billion yuan (up 9.70% year-on-year) and a net profit of 208 million yuan (up 5.37% year-on-year) [4][5]. - The company forecasts EPS for 2024-2026 to be 0.64, 0.72, and 0.83 yuan respectively, with a target price raised to 10.44 yuan based on a PE of 14.5 times for 2025 [4][5]. Business Segments - The industrial gas business is experiencing steady growth, with the Qin Feng gas segment's revenue increasing by 17% year-on-year, reaching a historical high for the same period. Liquid production for Qin Feng gas increased by 4.39% compared to the same period in 2023 [4]. - The energy conversion equipment segment is expected to develop steadily, with a recovery in demand from downstream metallurgy and chemical sectors [4]. - The compressed air energy storage market presents significant opportunities, with the company leading in technology and application. It has developed the largest capacity compressed air storage system solutions, covering various scales from 10MW to 660MW [4].

Investment Rating - The investment rating for the company is "Accumulate" [2][3][16] Core Views - The company is a leading player in the turbine machinery sector in China, with a compound annual growth rate (CAGR) of 17% in revenue and 27% in net profit from 2017 to 2023. The company aims to become a "world-class smart green energy enterprise" and has established three main business segments: energy conversion equipment manufacturing, energy conversion system services, and energy infrastructure operation [2][4] - The company benefits from the growing demand in the metallurgy and petrochemical industries, which are cyclical in nature. The expansion of industrial gases and distributed energy EPC services is expected to enhance the company's growth trajectory [2][4] - The energy conversion equipment manufacturing segment is highlighted as a key area, with the company holding a dominant market share in axial compressors and significant growth potential in compressed air energy storage technology [2][4] - The energy conversion system services segment leverages the company's equipment advantages to provide energy-saving and environmentally friendly solutions, contributing to increased efficiency for clients [2][4] - The energy infrastructure operation segment is expected to see growth driven by domestic substitution and outsourcing of industrial gas services, with the company's subsidiary, Qin Feng Gas, gaining market share [2][4] Financial Summary - The company's projected financials indicate a revenue forecast of 10,143 million yuan for 2023, with a slight decline of 6%, followed by a recovery with expected growth rates of 6%, 8%, and 10% for the years 2024, 2025, and 2026 respectively [2][13] - The net profit attributable to the parent company is forecasted to be 1,020 million yuan in 2023, with growth rates of 5%, 3%, 4%, and 6% for the subsequent years [2][13] - Earnings per share (EPS) is projected to increase from 0.59 yuan in 2023 to 0.67 yuan in 2026, reflecting a positive trend in profitability [2][14] Market Position and Growth Potential - The company is positioned as a leader in the industrial gas market, which is expected to grow from approximately 212.9 billion yuan in 2023 to 284.2 billion yuan by 2026, representing a CAGR of 10% [2][4] - The company’s competitive advantages include advanced manufacturing capabilities and a strong brand presence in the energy conversion equipment sector [2][4] - The report emphasizes the potential for compressed air energy storage as a promising non-chemical energy storage technology, with significant projected installed capacity by 2025 and 2030 [2][4]