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]

Core Insights - The article highlights the robust growth of natural gas consumption as a clean fossil energy source amid the global low-carbon transition, driving countries to enhance their natural gas pipeline infrastructure [1] - Shaanxi Blower (Group) Co., Ltd. (referred to as "the company") showcases its advanced natural gas pipeline compressors and innovative EISS4.0 system at the 8th China International Pipeline Conference, emphasizing its commitment to smart and low-carbon solutions [1][2] - The company has achieved significant breakthroughs in domestic high-end compressor technology, with its products now meeting international standards and being utilized in major national energy projects [2][3] Industry Trends - The natural gas pipeline compressor is described as the "power heart" of the gas transmission network, essential for ensuring stable delivery to households and industrial users [1] - The company is actively optimizing its system solutions to adapt to the evolving needs of the energy sector, focusing on smart and green transitions [3] - The EISS4.0 energy interconnection solution integrates advanced compressed air energy storage technology, enhancing energy supply stability and reliability [4] Technological Advancements - The company has developed a comprehensive digital design platform to support the digitalization and intelligent transformation of pipeline equipment, ensuring efficient lifecycle data management [6] - The EISS4.0 solution has demonstrated significant efficiency improvements, with successful applications in various projects, including a world-record-setting compressed air energy storage demonstration plant [5][6] - The company’s compressors cover a wide range of power scales from 10 to 400 megawatts, aligning with integrated energy network requirements and showcasing high efficiency and long operational lifespan [5]

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.

公司下游冶金行业景气度不及预期，我们随之下调公司25-26 年归母净利润预测7%/8%至11.7/12.9 亿 元，引入27 年归母净利润预测14.0 亿元，对应EPS分别为0.68/0.75/0.81 元。公司积极拓展新业务有望 对未来业绩形成支撑，维持"买入"评级。 风险提示：下游需求放缓；订单执行进度不及预期；气体投资增速放缓。 陕鼓动力2024 年实现营业收入102.8 亿元，同比增长1.3%；归母净利润10.4 亿元，同比增长2.1%。毛利 率为22.5%，同比上升1.0 个百分点；净利率为11.1%，同比上升0.3 个百分点。公司2024 年全年拟派发 现金红利合计7.8亿元，分红率达74.6%。 维持"买入"评级 营收、利润双双实现正增长，分红率达74.6% 设备业务积极拓展市场，新业务有望对公司业绩形成支撑2024 年，公司能量转换设备业务实现营收45.0 亿元，同比增长3.8%。公司在压气储能、石油化工、海外市场等多个领域实现突破。在压气储能领 域，公司为世界首台（套）300MW 级压气储能电站提供的双线四段八套大型压缩机组全部一次试车成 功，顺利并网；为全国最大规模的UOP 工艺丙烷脱氢装 ...

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].

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]