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].

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-049 西安陕鼓动力股份有限公司 关于变更会计师事务所的公告 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： 变更会计师事务所的简要原因及前任会计师的异议情况：根据财政部、国务院国 资委、证监会下发的《国有企业、上市公司选聘会计师事务所管理办法》对于连续聘任 期限的规定，原聘任的会计师事务所已达到对会计师事务所进行必要轮换的期限要求。 公司已就变更会计师事务所事项与原聘任会计师事务所进行了充分沟通，原聘任会计师 事务所无异议。 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") - 1 - www.shaangu.com 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） 原聘任的会计师事务所名称：希格玛会计师事务所（特殊普通合伙） 2、投资者保护能力 致同所已购买职业保险，累计赔偿限额 9 亿元，职业保险购买符合相关规定。2023 年末职业风险基金 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-050 西安陕鼓动力股份有限公司 关于注册资本变更及章程修订的公告 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 8 月 21 日召开第九届董 事会第四次会议，审议通过了《关于修订〈西安陕鼓动力股份有限公司章程〉的议案》， 根据《上市公司章程指引》要求，结合公司实际情况，公司拟对章程中相关条款以及注 册资本内容进行适应性调整，现将相关事项公告如下： 一、注册资本变更情况 2023 年 7 月 28 日，公司第八届董事会第二十四次会议及第八届监事会第十二次会议 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》，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 403,562 股，2023 年 10 月 10 日注销实施完毕。 2023 年 12 月 28 日,公司第八届董事会第二十七次会议及第八届监事会第十五次会议 审议通过了《关于公 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-048 西安陕鼓动力股份有限公司 关于 2024 年中期利润分配方案的公告 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： ●每股分配比例：每股派发现金红利 0.18 元（含税） ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益 分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比例不 变，相应调整分配总额。 一、利润分配预案内容 公 司 2024 年中期 合 并 报 表 口 径 实 现 归 属 于 上 市 公 司 股 东 的 净 利 润 为 458,455,196.96 元，合并报表期末未分配利润为 2,848,421,188.32 元。截至 2024 年 6 月 30 日，公司母公司报表期末实现净利润为 364,809,044.55 元。母公司未分配利润余 额为 2,335,750,668.61 元。 为了更好的回报投资者，与投资者共享公司成长收益，在保证公司正常经营和长远 发 ...

第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司经西安市人民政府《关于同意发起设立西安陕鼓动力股份有限公司的批 复》（市政函[1999]19 号）批准，以发起方式设立；在西安市市场监督管理局 注册登记，取得营业执照，统一社会信用代码为 91610131628001738N。 第三条 公司于 2010 年 3 月 26 日经中国证券监督管理委员会（以下简称"中 国证监会"）证监许可【2010】375 号核准，首次向社会公开发行人民币普通股 109,251,349 股，于 2010 年 4 月 28 日在上海证券交易所上市。 第四条 公司注册中文名称：西安陕鼓动力股份有限公司。 公司英文名称：Xi'an Shaangu Power Co., Ltd. 第五条 公司住所：西安市高新区沣惠南路 8 号，邮政编码：710075。 西安陕鼓动力股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第六条 公 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-046 西安陕鼓动力股份有限公司 第九届董事会第四次会议决议公告 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"）第九届董事会第四次会议于 2024 年 8 月 21 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 8 月 19 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： 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 2024 年半年度报告的议案》 一、审议通过《关于公司聘任高级管理人员的议案》 具体内容详见《西安陕鼓动力股份有限公司关于 ...