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]

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,285,413,417.57, representing a year-on-year increase of 9.70%[2] - The net profit attributable to shareholders for the same period was ¥207,718,068.37, an increase of 5.37% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.12, reflecting a 9.09% increase year-on-year[2] - The company reported cash flow from operating activities of ¥188,297,610.14, a year-on-year increase of 3.41%[2] - The company reported a total comprehensive income of ¥768.25 million, compared to ¥804.99 million in the previous year, a decrease of approximately 4.6%[28] - The net profit attributable to shareholders decreased to CNY 2,745,531,430.75 from CNY 3,062,949,614.23 year-on-year[25] - Net profit for Q3 2024 was ¥755.09 million, down from ¥789.05 million, representing a decrease of about 4.3%[27] - Total revenue for the first three quarters of 2024 was ¥4.61 billion, a decline of approximately 17.9% compared to ¥5.62 billion in the same period of 2023[29] - Basic earnings per share decreased to ¥0.39 from ¥0.43, reflecting a decline of about 9.3%[28] - Operating profit for Q3 2024 was ¥929.36 million, down from ¥961.34 million, a decrease of approximately 3.3%[27] - Cash inflow from operating activities totaled ¥5.01 billion, down from ¥6.11 billion, a decline of about 18.1% year-over-year[29] Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥26,001,086,103.08, marking a 2.04% increase from the end of the previous year[3] - The equity attributable to shareholders decreased by 3.03% to ¥8,480,654,291.64 compared to the end of the previous year[3] - The company's total liabilities reached CNY 16,843,403,512.42, compared to CNY 16,147,226,397.09 in the previous year[25] - Current liabilities increased to CNY 15,869,546,909.74 in Q3 2024 from CNY 14,678,479,780.40 in Q3 2023[24] - The company's total cash and cash equivalents amounted to ¥11.44 billion, an increase of 8.63% from ¥10.53 billion on December 31, 2023[22] Research and Development - The company completed 76 research projects and 29 frontline R&D topics by the end of September 2024, reinforcing its commitment to technological advancement[10] - R&D expenses increased to ¥280.18 million from ¥226.84 million, a growth of approximately 23.5% year-over-year[27] - The company has accumulated 651 patents, including 111 invention patents, 517 utility model patents, and 23 design patents, as of September 2024[12] Market Expansion and Projects - In Q3 2024, the company signed a contract for a 600,000-ton corn deep processing cogeneration project, utilizing three axial flow compressor units, marking its first entry into the corn deep processing market[10] - The company signed a maintenance project for a coal chemical industry system, which is its largest contract in terms of value and equipment variety, demonstrating its capability in the industrial service market[10] - The company has signed a project for high furnace supporting units, which is its largest BPRT unit export to a foreign market, showcasing its international expansion efforts[10] - The company has entered the non-electricity industry self-supplied power plant market with its turbine generator set, laying a solid foundation for future market expansion[10] - The company achieved a nearly 3% improvement in operational efficiency for a 20,000-ton turbine generator set project, which is a global first using a new technology for deep catalytic cracking of mixed waste plastics[10] - The company is promoting a customized "axial + centrifugal, multi-cylinder series" compressed air energy storage solution, integrating world-class storage technology with its award-winning energy interconnection island technology[11] - The company has made significant strides in market expansion, achieving notable milestones in both domestic and overseas projects during the reporting period[10] Financial Activities - Cash inflow from investment activities totaled $5,191,576,432.85, significantly up from $2,077,509,504.60, marking an increase of about 150.9%[30] - The net cash flow from investment activities was -$2,630,694,898.23, worsening from -$1,744,341,228.18, indicating a decline of approximately 50.8%[30] - Cash inflow from financing activities reached $6,453,059,380.25, compared to $1,923,402,627.49, representing an increase of around 236.5%[30] - The net cash flow from financing activities improved to $1,098,842,060.56 from -$1,290,826,388.88, showing a positive turnaround[30] Community and Brand Initiatives - The company has been actively involved in community support initiatives, including agricultural projects and educational guidance for local students[21] - The company received multiple honors, including the "Innovative Unit Award" from the China Industrial Gas Association, reflecting its strong brand capabilities[21] - The company organized 18 training sessions under the "Shan Gu Mode," covering nearly 260 enterprises and 826 management personnel, promoting industry transformation[21] - The company has strengthened its brand influence through extensive media coverage, with over 80 reports highlighting its achievements in green energy solutions and service-oriented manufacturing[20] - The company is committed to cultural initiatives, promoting teamwork and community spirit through various themed activities[20] - The company is focused on digital transformation, as highlighted in the Xi'an government's plan to support leading enterprises in this area[20]

西安陕鼓动力股份有限公司 2024 年第五次临时股东大会 2024 年第五次临时股东大会 5、还本付息方式：按季付息，每半年还本不超过 100 万，到期一次性归还 剩余本金及到期利息。 为满足西安陕鼓动力股份有限公司（以下简称"公司"）绿色制造、智能制 造、科技创新投入及日常经营周转资金需求，公司拟申请新增银行借款，借款金 额不超过 140,100 万元，借款期限不超过 3 年，借款利率不超过 2.5%。具体情况 如下： 1、借款主体：西安陕鼓动力股份有限公司 2、借款额度：借款金额不超过 140,100 万元 3、借款利率：不超过 2.5% 4、借款期限：不超过 3 年 会 议 议 案 1 www.shaangu.com 2024 年第五次临时股东大会 关于公司申请银行借款的议案 各位股东及股东代表： 本议案已经公司第九届董事会第六次会议审议通过，请各位股东及股东代表 审议。 西安陕鼓动力股份有限公司 二〇二四年十月二十四日 2 www.shaangu.com ...

Summary of Conference Call Transcript Company or Industry Involved - The discussion revolves around a domestic retail company focusing on physical storefronts [1] Core Points and Arguments - The company emphasizes the importance of physical stores in its business model, highlighting that they are integral to its operations within the domestic market [1] Other Important but Possibly Overlooked Content - The transcript suggests that the company's strategy is heavily reliant on the performance and management of its physical locations, indicating a potential risk if market conditions change [1]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-061 本次股票上市流通总数为 435,600 股。 本次股票上市流通日期为 2024 年 10 月 18 日。 西安陕鼓动力股份有限公司 关于 2021 年限制性股票激励计划预留授予部分第一期 解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 435,600 股。 一、2021 年限制性股票激励计划批准及实施情况 （一）股权激励计划方案及履行的程序 1、2021 年 1 月 29 日，公司第七届董事会第三十次会议及第七届监事会第十 八次会议分别审议通过了《关于公司 2021 年限制性股票激励计划（草案）及其摘 要的议案》及其他相关议案，公司监事会发表了核查意见，独立董事发表了同意 的独立意见。 2、2021 年 6 月 25 日，公司取得《西安市国资委关于对西安工业投资集团公 司提请西安陕鼓动力股份有限公司实施 2021 年限制性股票激励计划的批复》，原 则同意 ...

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 2021 年限制性股票激励计划预留授予的 限 制 性 股 票 第 一 期 解 锁 暨 上 市 的 法律意见书 大成西意字[2024]第 181 号 北京大成 西安市西安国际港务区港务大道西安港国际采购中心3号楼 16-17层(710026) 16-17/F,Xi'an International@rade & Logistics Park Building 3 , Xi'an International Trade & Logistics Park Gangwu Road,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 2021 年限制性股票激励计划预留授予的 限制性股票第一期解锁暨上市的 法律意见书 大成西意字[2024]第 181 号 致:西安陕鼓动力股份有限公司 北京大成(西安)律师事务所(以下简称"本所")接受委托,担 任西安陕鼓动力股份有限公司(以下简称"陕鼓动力"或"公司")实 施 2021 年限制性 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2024-064 西安陕鼓动力股份有限公司 关于召开 2024 年第五次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第五次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 1 日 14 点 0 分 召开地点：西安市高新区沣惠南路 8 号陕鼓动力 810 会议室 至 2024 年 11 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业 ...