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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [7][24]. Core Insights - In 2023, the company reported a revenue of 10.143 billion yuan, a year-on-year decrease of 5.79%, while the net profit attributable to shareholders increased by 5.36% to 1.020 billion yuan. The fourth quarter showed significant growth with a revenue increase of 23.97% and a net profit increase of 89.62% [10][19]. - The company is diversifying its business beyond the metallurgical sector, with revenue from this sector decreasing from 71.60% in 2021 to 45.85% in 2023, indicating a successful expansion into other fields such as energy and pharmaceuticals [19]. - The company has demonstrated strong cash flow management, with a net cash flow from operating activities of 1.352 billion yuan in 2023, indicating robust operational quality and strong bargaining power within the supply chain [19]. Financial Performance Summary - Revenue Forecast: - 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) [2] - Net Profit Forecast: - 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) [2] - Earnings Per Share (EPS): - 2022A: 0.56 yuan - 2023A: 0.59 yuan - 2024E: 0.68 yuan - 2025E: 0.79 yuan - 2026E: 0.88 yuan [2] - Profitability Ratios: - Gross Margin: 21.49% in 2023 (down 0.55 percentage points YoY) - Net Margin: 10.83% in 2023 (up 1.05 percentage points YoY) [19] Market Expansion and Opportunities - The company is advancing in the compressed air energy storage sector, having developed systems for 10MW to 350MW scale compressors and winning multiple project bids, indicating a strong market presence [26]. - The company is actively pursuing international markets, achieving significant breakthroughs in Europe and other regions, which is expected to enhance its market share and revenue potential [26].

Investment Rating - The report maintains a "Buy" rating for the company [18] Core Insights - The company experienced overall revenue pressure in 2023, with a reported revenue of 10.14 billion yuan, a decrease of 5.79% year-on-year. However, the net profit attributable to the parent company increased by 5.36% to 1.02 billion yuan, indicating a continuous improvement in profitability [12][21] - The gas operation business showed remarkable performance, with significant growth in sales and revenue, contributing positively to the overall financial results [21][22] - The company is actively expanding its service areas and new business initiatives, which are expected to support future performance despite challenges in the traditional metallurgy sector [13][16] Financial Performance Summary - Revenue for 2023 was 10,143 million yuan, down from 10,766 million yuan in 2022, with a projected increase to 11,958 million yuan in 2024 [14] - The net profit for 2023 was 1,020 million yuan, with forecasts of 1,112 million yuan in 2024 and 1,369 million yuan in 2025 [14] - The company’s EPS is expected to grow from 0.59 yuan in 2023 to 0.91 yuan in 2026 [14] Business Development and Projects - The company has signed several significant projects, including a 350MW gas storage project and a carbon capture and storage project, which are expected to enhance its market position and revenue streams [16][21] - The successful launch of the refined krypton-xenon project marks a breakthrough in the gas industry, expanding the company's product offerings [21][22]

西安陕鼓动力股份有限公司 2023 年度监事会工作报告 2023 年，公司监事会依据《公司法》和《公司章程》的有关规定，本着对 公司和全体股东负责的态度，严格按照公司监事会的议事规则规范运作，紧紧围 绕公司总体发展战略目标，忠实履行监事会的各项工作职能，充分行使对公司董 事及高级管理人员的监督职能，现将公司监事会 2023 年度工作报告如下： 一、2023 年主要工作 2023 年度，公司监事会共召开六次会议，会议召集、召开、决议程序均严 格遵守《公司法》、《公司章程》和《监事会议事规则》的有关规定。同时，监事 会成员出席了公司2022年年度股东大会和2023年三次临时股东大会，参与计票， 对股东大会的决策和表决程序进行了监督。为全面了解公司总体运行情况，监事 会成员多次列席了公司总经理办公会，对公司重大事项的决策及表决程序进行监 督。 | 届次 | | | 时间 | | | | 议案名称 1、《关于公司 2022 年度监事会工作报告的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 议案》； 2、《关于公司 2022 年 ...

公司代码：601369 公司简称：陕鼓动力 西安陕鼓动力股份有限公司 2023 年度内部控制评价报告 西安陕鼓动力股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能 ...

西安陕鼓动力股份有限公司 审计报告 希会审字(2024) 3145 号 目 录 | ·· 一、审计报告 ………………………… | | --- | | 二、财务报表 | | (一)合并财务报表 | | 1. 合并资产负债表 . | | 2. 合并 利润表 | | 3 合并现金流量表 …………………………………………………………………………… (10) | | 4. 合并股东权益变动表 . | | (二)母公司财务报表 | | 1 母公司资产负债表 . | | 2. 母公司利润表 | | 3. 母公司现金流量表 | | 4. 母公司 股东权 益 变 动 表 ( 17-18 ) | | 三、财务报表附注……………………………………………………… (19-123) | | 四、证书复印件 | (一)注册会计师资质证明 (二) 会计师事务所营业执照 (三)会计师事务所执业证书 希格玛会计师事务所(特殊普通合伙) Xigema Cpas(Special General Partnership) 希会审字(2024)3145 号 审计 报告 西安陕鼓动力股份有限公司全体股东: 一、审计意见 我们审计了西安陕鼓动力股份有限公 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-017 西安陕鼓动力股份有限公司 关于 2024 年度日常关联交易的公告 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： ●是否需要提交股东大会审议：是 ●日常关联交易对上市公司的影响：不会对关联方形成依赖 ●需要提请投资者注意的其他事项：无 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会专门会议审议情况：西安陕鼓动力股份有限公司（以下简称"公司"）独 立董事专门会议 2024 年第一次会议审议通过了《关于公司 2024 年度日常关联交易的议 案》，同意将本议案提交公司第八届董事会第三十次会议审议。 2、董事会表决情况和关联董事回避情况：公司于 2024 年 4 月 16 日召开的第八届董 事会第三十次会议审议通过了《关于公司 2024 年度日常关联交易的议案》。关联董事李 宏安、刘金平、陈党民、牛东儒回避了对本议案的表决，公司其他非关联董事全票同意 通过此议案。 3、该议案尚需提交股东大会审议，关联股东将回避表决。 - ...

独立董事 2023 年度述职报告 本人于 2018 年 5 月 31 日经西安陕鼓动力股份有限公司 2018 年第一次临时股东大 会选举为公司独立董事。2021 年 6 月 15 日，经公司 2021 年第二次临时股东大会选 举，本人连任公司独立董事。根据《公司法》、《证券法》、《上市公司独立董事履 职指引》等法律法规及《公司章程》的规定，本人积极履行职责，发挥独立董事作 用，维护全体股东的合法权益。在 2023 年度，本人恪尽职守、勤勉尽责，积极履行独 立董事的职责。现将 2023 年本人履行职责情况汇报如下： 一、基本情况： 本人李树华先生，1971 年出生，会计学博士、金融与法学博士后，中国注册会 计师协会非执业会员；新世纪百千万人才工程国家级人选、全国会计领军人才、深圳 市国家级领军人才。历任中国证券监督管理委员会会计部审计处副处长（主持工 作）、综合处副处长（主持工作）、财务预算管理处处长、综合处处长；中国银河证 券股份有限公司执行委员会委员兼首席财务官、首席风险官、首席合规官。现任西安 陕鼓动力股份有限公司独立董事、常州光洋轴承股份有限公司董事长；兼任国家会计 学院（厦门）、北京大学、上海交通大学 ...