2024 年年度股东大会 西安陕鼓动力股份有限公司 2024 年年度股东大会 会 议 议 案 关于公司 2024 年度董事会工作报告的议案 各位股东及股东代表： 2024 年是新中国成立 75 周年，也是公司全面攻坚 EISS4.0 方案落地，不断 深化改革、深化转型的关键之年，更是陕鼓为建设新型分布式能源体系而砥砺奋 斗之年。面对外部环境变化带来的不利影响加深，国内需求不足等，西安陕鼓动 力股份有限公司（以下简称"公司"或"陕鼓"）管理层及全体员工坚定发展信心， 加速开拓分布式能源市场，实现了高质量发展。 1 | 1、..关于公司 | 2024 年度董事会工作报告的议案 3 | | --- | --- | | 2、..关于公司 | 年年度报告的议案 22 2024 | | 3、..关于公司 | 2024 年度董事、监事及高级管理人员薪酬的议案 23 | | 4、..关于公司续聘会计师事务所的议案 25 | | | 5、..关于公司 | 2024 年年度利润分配预案的议案 28 | | 6、..关于提请股东大会授权董事会决定 | 年中期利润分配的议案 29 2025 | | 7、..关于公司 | 2024 年 ...

Core Viewpoint - The company focuses on the development strategy in the distributed energy sector, emphasizing smart manufacturing through product, process, and service intelligence [1] Group 1: Product Intelligence - The successful development of intelligent control technology for air energy storage compressor units addresses control challenges such as rapid start-stop, pressure increase, and multi-machine collaborative rapid loading [1] Group 2: Process Intelligence - The completion of high-performance simulation computing platforms, rapid 3D design, and digital engineering design applications significantly shortens the design, manufacturing, and engineering delivery time of core components [1] Group 3: Service Intelligence - The development of a service intelligence platform constructs a full lifecycle service chain for products, enabling online real-time management of large equipment data assets and establishing a digital precision control system for service project fulfillment [1] Group 4: Digital Transformation and AI Integration - The company is recognized as one of the first national digital leading enterprises by the Ministry of Industry and Information Technology and has received multiple honors in intelligent manufacturing and industrial internet integration [1] - The integration of artificial intelligence technology is expected to transform the company's market development, product R&D, manufacturing, management, engineering services, and industrial operations [1] - Ongoing research is being conducted in various scenarios such as online diagnostics, remote operation and maintenance, smart construction sites, and smart gas applications, aiming to leverage AI technology for both the company's and clients' transformation and high-quality development [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company is expected to achieve a revenue of 10.277 billion yuan in 2024, representing a year-on-year growth of 1.32%, and a net profit attributable to the parent company of 1.042 billion yuan, up 2.09% year-on-year [1]. - The gross profit margin for 2024 is projected to be 22.51%, an increase of 1.02 percentage points compared to the previous year [1]. - The company has made significant progress in various business segments, including breakthroughs in compressor equipment for compressed air energy storage and offshore platforms [3]. - The dividend payout ratio has increased to 74.5% in 2024, reflecting the company's commitment to returning value to shareholders [4]. Financial Performance Summary - For Q4 2024, the company reported a revenue of 2.988 billion yuan, a year-on-year increase of 3.97%, and a net profit of 375 million yuan, up 27.6% year-on-year [2]. - The gross profit margin for Q4 2024 was 21.66%, showing a year-on-year increase of 4.98 percentage points [2]. - The company achieved overseas revenue of 1.06 billion yuan in 2024, with a gross margin of 28.18%, higher than the domestic business margin of 21.73% [3]. Earnings Forecast - The company forecasts net profits attributable to the parent company of 1.152 billion yuan, 1.290 billion yuan, and 1.442 billion yuan for 2025, 2026, and 2027, respectively [4]. - The report indicates a steady growth trajectory with expected revenue growth rates of 11.10%, 10.23%, and 9.79% for the years 2025, 2026, and 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company achieved a revenue of 10.28 billion yuan in 2024, representing a year-on-year increase of 1.32%, and a net profit attributable to shareholders of 1.04 billion yuan, up 2.09% year-on-year [1]. - The gross profit margin for the year was 22.51%, an increase of 1.02 percentage points compared to the previous year, while the net profit margin was 10.14%, up 0.08 percentage points [1]. - The company has made significant progress in various business segments, including breakthroughs in compressor equipment for compressed air energy storage and offshore platforms [3]. - The dividend payout ratio has increased to 74.5% in 2024, reflecting the company's commitment to returning value to shareholders [4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.99 billion yuan, a year-on-year increase of 3.97% and a quarter-on-quarter increase of 30.73% [2]. - The net profit attributable to shareholders for Q4 2024 was 375 million yuan, up 27.6% year-on-year and 80.73% quarter-on-quarter [2]. - The company expects net profits for 2025 to reach 1.15 billion yuan, with a growth rate of 10.56% [4]. Business Development - The company has made strides in its compressor equipment business, with notable projects in compressed air energy storage and offshore platform compressors [3]. - The overseas business generated 1.06 billion yuan in revenue in 2024, an increase of 8.07% year-on-year, with a gross margin of 28.18% [3]. - The company has signed several significant overseas contracts, including the largest air separation compressor project for export from China [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a steady revenue growth of 1.32% year-on-year for 2024, achieving total revenue of 10.277 billion yuan and a net profit attributable to shareholders of 1.042 billion yuan, reflecting a 2.09% increase [1][2]. - The gas operation segment has been a key driver of revenue growth, with the company continuing to deliver strong performance into Q1 2025 [2]. - The high-end equipment segment is showing robust growth, with overseas market expansion contributing positively to revenue [3]. Financial Performance Summary - For 2024, the company achieved revenues of 10.277 billion yuan, with a gross profit margin of 22.51%, an increase of 1.02 percentage points year-on-year [2][12]. - The company’s net profit margin for 2024 was 10.14%, reflecting a slight increase from the previous year [12]. - In Q4 2024, the company reported revenues of 2.988 billion yuan, a year-on-year increase of 3.97%, and a net profit of 375 million yuan, up 27.60% year-on-year [1][2]. Product Segment Performance - Revenue from energy conversion equipment, industrial services, and energy infrastructure operations for 2024 was 4.496 billion yuan, 1.793 billion yuan, and 3.962 billion yuan respectively, with year-on-year changes of +3.83%, -22.81%, and +14.37% [1]. - The gross profit margins for these segments were 29.72%, 18.82%, and 15.71%, showing improvements across the board [1]. Future Projections - The company is projected to achieve revenues of 10.837 billion yuan, 11.676 billion yuan, and 12.725 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.121 billion yuan, 1.222 billion yuan, and 1.319 billion yuan [3][12]. - The expected price-to-earnings (PE) ratios for the next three years are 13.17x, 12.09x, and 11.20x, indicating a favorable valuation trend [3].

西安陕鼓动力股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日、4 月 30 日 分别发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地 了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划于 2025 年 5 月 23 日上午 09:00-10:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问 题进行交流。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-021 西安陕鼓动力股份有限公司 关于召开 2024 年度暨 2025 年第一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： 问题征集方式：投资者可于 2025 年 5 月 16 日(星期五)至 5 月 22 日(星期四)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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,559,006,030.96, representing a 2.68% increase compared to CNY 2,492,149,868.09 in the same period last year[4] - Net profit attributable to shareholders was CNY 247,702,605.91, reflecting a 5.57% increase from CNY 234,630,037.74 year-over-year[4] - The basic earnings per share increased to CNY 0.15, up 7.14% from CNY 0.14 in the previous year[4] - The total operating revenue for Q1 2025 reached CNY 2,559,006,030.96, an increase of 2.68% compared to CNY 2,492,149,868.09 in Q1 2024[26] - The net profit for Q1 2025 was CNY 278,881,299.23, an increase of 5.63% compared to CNY 265,389,924.33 in Q1 2024[27] - The total profit before tax was CNY 345,202,613.49, up from CNY 327,405,144.53 in the same quarter last year[27] - The total comprehensive income for Q1 2025 was CNY 273,362,897.00, a decrease from CNY 282,408,478.74 in Q1 2024[28] Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,815,650,768.13, a 2.18% increase from CNY 25,264,416,097.26 at the end of the previous year[4] - Total liabilities increased to CNY 15,972,369,212.39 from CNY 15,702,920,133.21, marking a rise of 1.72%[24] - The total equity attributable to shareholders rose to CNY 9,118,447,208.11, compared to CNY 8,868,697,938.27, reflecting an increase of 2.93%[24] - Cash and cash equivalents increased to CNY 21,141,901,390.77 from CNY 20,620,367,399.43, showing a growth of 2.52%[24] - Short-term borrowings rose to CNY 2,639,328,176.71 from CNY 2,460,812,346.30, an increase of 7.26%[23] - The company reported a decrease in accounts payable to CNY 5,360,021,651.25 from CNY 5,564,804,381.72, a decline of 3.67%[23] - The company’s deferred tax assets were CNY 421,692,137.98, slightly down from CNY 433,697,981.15, a decrease of 2.77%[24] Cash Flow - The net cash flow from operating activities was CNY 235,855,056.27, which is a 2.26% increase compared to CNY 230,640,557.66 in the same period last year[4] - The net cash flow from investing activities was negative at CNY -24,342,535.43, an improvement from CNY -519,124,084.55 in the previous year[32] - The company experienced a decrease in cash and cash equivalents, ending Q1 2025 with CNY 2,228,488,694.61 compared to CNY 4,446,940,251.56 at the end of Q1 2024[32] - The company reported a significant increase in investment cash inflow, totaling CNY 4,281,481,131.63, compared to CNY 1,206,329,150.00 in Q1 2024[32] Research and Development - The company has initiated 125 R&D projects, with 2 projects passing provincial technology plan acceptance[16] - The company holds a total of 715 patents, including 124 invention patents and 561 utility model patents[16] - Research and development expenses in Q1 2025 amounted to CNY 93,206,372.16, compared to CNY 88,190,067.71 in Q1 2024, indicating an increase of 5.77%[26] - The company achieved a technological breakthrough with the first domestic high-pressure CO2 compressor for carbon capture projects[12] - The company’s innovative projects have been included in the national green technology promotion directory for 2024[18] Market and Expansion - The company signed a major project for a 300,000 tons/year aromatics conversion reforming unit, enhancing its market influence in the chemical sector[15] - The company successfully entered the West Asian market with a significant RFCC oil processing unit project, marking a breakthrough in international refining[13] - The company is actively pursuing international expansion and has made significant strides in distributed energy market opportunities[11] - The company has not disclosed any new product developments or market expansion strategies in this report[1] Shareholder Information - The company reported a total of 30,193 common shareholders at the end of the reporting period[9] - The largest shareholder, Shaanxi Blower (Group) Co., Ltd., holds 56.19% of the shares, totaling 969,635,806 shares[9] Other Financial Metrics - The weighted average return on equity rose to 2.75%, an increase of 0.11 percentage points from 2.64%[4] - The company recognized non-recurring gains and losses totaling CNY 12,481,096.75 after accounting for tax and minority interests[7] - Total operating costs for Q1 2025 were CNY 2,271,439,011.46, up from CNY 2,142,575,239.69 in Q1 2024, reflecting a year-over-year increase of 6.02%[26] - The company reported a decrease in other comprehensive income, with a net amount of CNY -5,518,402.23 compared to CNY 17,018,554.41 in Q1 2024[27]

Summary of the Conference Call for ShanGu Power (陕鼓动力) Company Overview - **Company**: ShanGu Power (陕鼓动力) - **Year**: 2024 - **Revenue**: 10.25 billion CNY, up 7.04% YoY - **Net Profit**: 605 million CNY, up 10.44% YoY - **Operating Cash Flow**: 1.15 billion CNY, indicating strong cash flow and high profit quality - **Dividend**: 0.45 CNY per share, with a payout ratio of 74.55% [2][3][11] Key Business Segments Performance Energy Conversion Equipment - **Revenue**: 4.512 billion CNY, up 3.72% YoY - **Gross Margin**: Increased by 1.13 percentage points - **Sales Performance**: Axial compressors down 44.3%, centrifugal compressors up 1.06%, air separation compressors down 10% [2][5][6] Industrial Services - **Revenue**: Nearly 1.8 billion CNY, down significantly - **EPC Engineering Revenue**: Decreased to 620 million CNY due to project delays - **Traditional Industrial Services Revenue**: Grew to 1.178 billion CNY, up 55% in energy-saving services [2][7] Energy Infrastructure Operations - **Revenue**: 3.972 billion CNY, up 14.5% YoY - **Gross Margin**: Increased by 1.25 percentage points - **Components**: Pipeline gas revenue around 3.1-3.2 billion CNY, with new projects expected to launch soon [2][8] Industry Dynamics - **Client Composition**: Metallurgy clients below 40%, while petrochemical clients have reached 40% - **Demand for Energy-Saving Services**: Increased significantly in heavy industries like petrochemicals and coal chemicals [2][9][10] - **Future Trends**: Anticipated growth in coal chemical and petrochemical sectors, with emerging businesses like compressed air energy storage [2][10][26] International Business - **Overseas Orders**: Exceeded 1 billion CNY, accounting for about 10% of total revenue, with faster growth than previous years - **Breakthroughs**: Achieved in large ethylene and air separation projects abroad [4][15] CCUS Developments - **New Projects**: Signed the largest domestic carbon capture project with a capacity of one million tons - **Future Dividend Stability**: Expected to stabilize around 70% due to sufficient cash flow [4][40][41] Market Challenges - **Metallurgy Sector**: Facing a downturn with significant profit declines, impacting order volumes [13][46] - **Petrochemical Sector**: Despite saturation, it remains a large market with ongoing demand for new projects [14][47] Conclusion - **Investment Outlook**: The company shows strong financial health with stable dividends and diversified client base, particularly in the petrochemical sector, while facing challenges in the metallurgy industry. Future growth is expected in energy-saving services and international markets.

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue and profit growth in 2024, with operating income reaching 10.28 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 1.04 billion yuan, up 2.1% [1] - The gross margin improved to 22.5%, an increase of 1.0 percentage points year-on-year, while the net margin rose to 11.1%, up 0.3 percentage points [1] - The company plans to distribute a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 74.6% [1] Revenue and Profit Growth - The energy conversion equipment business generated revenue of 4.5 billion yuan, reflecting a year-on-year growth of 3.8% [2] - The gas operation business saw revenue of 3.96 billion yuan, a significant increase of 14.4% year-on-year, with the company achieving record revenue and profit in its Qin Feng gas company [3] - The company invested 620 million yuan in new gas projects in 2024, marking a 100.7% increase year-on-year, and the contracted gas supply volume reached 1.654 million cubic meters, up 15.4% [3] Financial Forecasts - The company’s revenue is projected to grow from 10.28 billion yuan in 2024 to 13.61 billion yuan by 2027, with a compound annual growth rate of approximately 9.27% [5] - Net profit is expected to increase from 1.04 billion yuan in 2024 to 1.4 billion yuan in 2027, with corresponding EPS rising from 0.60 yuan to 0.81 yuan [5] - The report forecasts a decline in net profit growth for 2025 and 2026, with adjustments of 7% and 8% respectively, due to lower demand in the downstream metallurgy industry [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 14 in 2024 to 11 by 2027, indicating a potential increase in valuation attractiveness [12] - The P/B ratio is expected to decline from 1.7 in 2024 to 1.3 in 2027, suggesting improved market perception over time [12]

Core Viewpoint - The company has demonstrated strong financial performance in 2024, achieving a revenue of 10.277 billion yuan, a year-on-year increase of 1.32%, and a record high net profit attributable to shareholders, reflecting a compound annual growth rate of 11.05% from 2020 to 2024 [11][12][13]. Group 1: Financial Performance - The company reported a total profit of 1.1 billion yuan in 2024, marking a 49.40% increase compared to 2020 and a 3.88% increase year-on-year [11]. - The net profit attributable to shareholders reached a historical high, with a year-on-year growth of 2.09% [11]. - The company's asset-liability ratio hit a five-year low, indicating improved financial stability [12]. Group 2: Business Operations - The company operates in various sectors including energy storage, petrochemicals, metallurgy, and power generation, providing comprehensive energy solutions [4][6]. - The energy infrastructure segment accounted for 38.65% of total revenue in 2024, with a five-year compound growth rate of 19.48% [13]. - The company has successfully expanded its market presence both domestically and internationally, particularly in the distributed energy market [13][18]. Group 3: Innovation and Technology - The company has focused on innovation, completing 154 research and development projects in 2024, enhancing its core technological capabilities [14]. - It has developed advanced energy conversion equipment and solutions, including a world-first 300MW compressed air energy storage technology [14][15]. - The company has made significant strides in low-carbon technologies, contributing to national goals for carbon neutrality [9][14]. Group 4: Market Strategy - The company employs a direct sales model in the domestic market while collaborating with large design institutes for international expansion [7]. - It has established a strong presence in emerging markets along the Belt and Road Initiative, enhancing its global footprint [7][18]. - The company is actively pursuing opportunities in the green energy sector, aligning with national policies for energy transition [3][9]. Group 5: Corporate Social Responsibility - The company has a strong commitment to shareholder returns, with a proposed cash dividend of 0.27 yuan per share, totaling approximately 776.52 million yuan for the year [11]. - It has been recognized for its contributions to social responsibility, including significant tax payments and community support initiatives [35][36]. - The company has received multiple awards for its innovative practices and contributions to the industry, enhancing its brand reputation [33][34].