Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, with a payout ratio of 74.55% for 2024 [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, representing a 17% increase year-on-year [3]. - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6]. - The gas operation segment achieved a revenue of 3,962 million yuan, with a year-on-year increase of 14.37% [6]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [8]. Profitability and Margins - The gross margin for 2024 is reported at 22.51%, with a net margin of 11.14%, both showing slight improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding into various downstream sectors, achieving breakthroughs in distributed energy, petrochemicals, and overseas markets [8]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, a 15.35% increase year-on-year [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, resulting in a dividend payout ratio of 74.55% for 2024 [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, reflecting a 17% year-on-year growth [3]. - The earnings per share (EPS) is expected to increase from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6][8]. - The gas operation segment achieved a revenue of 3,962 million yuan, marking a 14.37% increase [6][8]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [6][8]. Profitability and Margins - The gross margin for 2024 was reported at 22.51%, with a net margin of 11.14%, both showing improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding its presence in various sectors, including distributed energy, petrochemicals, and overseas markets, achieving significant breakthroughs in these areas [8][9]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, up 15.35% year-on-year [9].

Core Viewpoint - The company reported a revenue of 10.277 billion yuan for 2024, with a year-on-year growth of 1.32%, and a net profit attributable to shareholders of 1.042 billion yuan, reflecting a growth of 2.09% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.988 billion yuan, marking a year-on-year increase of 3.97%, and a net profit of 375 million yuan, which is a significant growth of 27.60% [1][2] - The proposed cash dividend for 2024 is 777 million yuan (before tax), resulting in a dividend payout ratio of 74.55% [1] - The company's gross margin and net margin for 2024 were 22.51% and 11.14%, respectively, both showing year-on-year increases of 1.02 percentage points and 0.31 percentage points [2] Group 2: Business Segments - The energy conversion equipment segment generated a revenue of 4.496 billion yuan, with a year-on-year growth of 3.83%, while the industrial services segment saw a revenue decline of 22.81% to 1.793 billion yuan [2] - The energy infrastructure operation segment (gas operation) reported a revenue of 3.962 billion yuan, reflecting a year-on-year increase of 14.37% [2] - The company's reliance on the metallurgy sector has decreased significantly, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [2][3] Group 3: Growth and Development - The company has made significant advancements in distributed energy development, achieving successful trials for the world's first 300MW compressed air energy storage power station [3] - The company has expanded its product offerings in various sectors, including oil and gas, and has made strides in overseas markets, securing multiple large-scale orders [3] - The gas business has also shown robust growth, with a contract gas supply volume of 165.36 Nm3/h, representing a year-on-year increase of 15.35% [3]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-020 西安陕鼓动力股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原因 西安陕鼓动力股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开第九届 董事会第十一次会议及第九届监事会第五次会议，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》。具体内容详见 公司 2025 年 4 月 18 日刊登于上海证券交易所网站（www.sse.com.cn）及公司指定信息 披露媒体的《西安陕鼓动力股份有限公司关于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公告》（临 2025-013）。 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 2,124,541 股，本次限制性股票回购事项应支付的回购价款为 9,687,832.69 元，全部为公司自有资金。 本次回购注销完成后，公司股份总数将由 1, ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-012 西安陕鼓动力股份有限公司 关于控股子公司吸收合并其全资子公司的公告 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： 西安陕鼓动力股份有限公司（以下简称"公司"）控股子公司陕西秦风气体股份 有限公司（以下简称"秦风气体"）拟吸收合并其全资子公司唐山陕鼓气体有限公司（以 下简称"唐山陕鼓气体"）。 本次吸收合并事项不涉及公司注册资本变更，无需支付对价，不构成关联交易， 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组情形。 本次吸收合并不会对公司财务状况、经营成果、业务发展产生不利影响，也不会 损害公司及全体股东的利益。 一、吸收合并情况概述 （一）基本情况 为进一步提高运营效率、降低管理成本、优化资源配置，公司控股子公司秦风气体 拟吸收合并其全资子公司唐山陕鼓气体。吸收合并完成后，唐山陕鼓气体不再存续，其 独立法人资格将被注销，全部资产、债权债务及其他一切权利与义务由秦风气体依法承 继。 （二）本次吸收合并事项已经公司第九届董事 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-013 西安陕鼓动力股份有限公司 关于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公告 重要内容提示： 限制性股票回购数量：2,124,541 股。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开了第九届 董事会第十一次会议及第九届监事会第五次会议，分别审议通过了《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》。现就相关 事项公告如下： 一、2021 年限制性股票激励计划批准及实施情况 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》，原则同意西安陕 鼓动力股份有限公司 2021 年限制性股票 ...

西安陕鼓动力股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） Grant Thornton 载|日 t to 5 = 内部控制审计报告 致同审字(2025) 第 110A013202 号 西安陕鼓动力股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了西安侠鼓动力股份有限公司(以下简称"陕鼓动力股份公司") 2024 年 12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是陕鼓动力股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外, 由于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的 程度降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 G ...

公司简称：陕鼓动力 证券代码：601369 上海荣正企业咨询服务（集团）股份有限公司 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首次授予部分第二 个解除限售期解除限售及回购注销部分限制性 股票相关事项 之 独立财务顾问报告 2025 年 4 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、股权激励计划的批准与授权 6 | | 五、独立财务顾问意见 9 | | （一）首次授予部分第二个解除限售期解除限售条件的达成情况说明 9 | | （二）首次授予部分第二个解除限售期解除限售情况 11 | | （三）回购注销部分限制性股票的说明 11 | | （四）结论性意见 13 | | 六、备查文件及咨询方式 14 | | （一）备查文件 14 | | （二）咨询方式 14 | 一、释义 3 1. 上市公司、公司、陕鼓动力：指西安陕鼓动力股份有限公司。 2. 股权激励计划、本激励计划：指西安陕鼓动力股份有限公司 2021 年限制性 股票激励计划。 3. 限制性股票：公司依照本激励计划授予的 A 股普通股股票，激励对象只有在 公司业绩目标和个人绩效考核结果 ...

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 年首次授予部分限制性股票解除限售条件成就 及回购注销部分 2021年限制性股票相关事宜的 法律意见书 大成西意字[2025]第 123 号 北京 7 大成西意字[2025]第 123 号 西安市西安国际港务区港务大道 4811 & 西安港国际采购用心 3 号楼 17 层 1702 室 (710026) Room 1702,17F,Building 3 Xian Port, International Purchasing Center No.4811 Gangwu Road Xi'an International Trade & Logistics Park,Xi'an,China Tel: +86 29-88866955 Fax: +86 29-88866956 北京大成(西安) 律师事务所 致:西安陕鼓动力股份有限公司 关于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 年限制性股票激励计划(以下简称"本次激励计划")的特聘 ...