Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2025, the company's revenue faced short-term pressure with a slight decline of 2.17% year-on-year, resulting in a net profit attributable to shareholders of 99 million yuan, down 24.17% year-on-year [2] - The company's gross margin decreased to 25.93%, a decline of 2.54 percentage points year-on-year, primarily due to changes in accounting standards and intense price competition in the machine tool industry [3] - The company is in a capacity expansion phase, with ongoing projects to enhance production capabilities and international market presence, which is expected to strengthen its leading position in the industry [4] - The profit forecast for 2025-2027 is maintained at 641 million, 760 million, and 896 million yuan respectively, with corresponding dynamic P/E ratios of 16, 13, and 11 times [4]

证券研究报告·公司点评报告·通用设备 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] [投资要点 Table_S ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][4] Financial Data - The financial statements for the first quarter of 2025 are unaudited, with the company reporting a net profit of 0.00 yuan for the merged entity in the current and previous periods [3][5] - The company has not applied new accounting standards or interpretations for the first time in 2025 [5] Shareholder Information - There are no changes in the top ten shareholders or significant shareholders due to the transfer of shares for margin trading [4]

Financial Performance - Revenue for Q1 2025 was CNY 740,043,095.58, a decrease of 2.17% compared to CNY 756,464,418.12 in the same period last year[4] - Net profit attributable to shareholders was CNY 98,916,879.46, down 24.17% from CNY 130,453,587.65 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.1895, reflecting a decline of 24.17% compared to CNY 0.2499 in the previous year[5] - Total operating revenue for Q1 2025 was ¥740,043,095.58, a decrease of 2.8% compared to ¥756,464,418.12 in Q1 2024[19] - Net profit for Q1 2025 was ¥98,916,726.72, down 24.2% from ¥130,453,587.65 in Q1 2024[20] - The company reported a total profit of ¥111,826,205.40 for Q1 2025, down from ¥149,716,074.88 in Q1 2024, a decrease of 25.3%[20] - The company’s comprehensive income for Q1 2025 was ¥97,866,332.34, compared to ¥132,995,512.85 in Q1 2024, reflecting a decrease of 26.4%[21] Assets and Liabilities - Total assets increased by 2.84% to CNY 4,870,857,633.11 from CNY 4,736,390,783.25 at the end of the previous year[5] - Current assets totaled RMB 3,683,159,058.04, up from RMB 3,611,158,613.92, indicating an increase of about 2%[15] - Total liabilities reached RMB 2,065,373,561.66, compared to RMB 2,031,687,340.33, showing an increase of around 1.94%[16] - The company’s total equity remained stable at RMB 2,805,484,071.45, consistent with previous periods[16] Cash Flow - Net cash flow from operating activities improved significantly, reaching CNY 12,018,832.34, a 106.33% increase compared to a negative cash flow of CNY -189,909,738.75 in the same period last year[4][8] - Cash inflow from operating activities increased to ¥834,453,981.53 in Q1 2025, up from ¥647,102,396.08 in Q1 2024, marking a growth of 28.9%[23] - Cash outflow from investing activities totaled 96,262,741.70, down from 229,341,590.68 in the previous year, resulting in a net cash flow from investing activities of -5,690,002.91[24] - The cash flow from financing activities showed a net increase of 595,826.00, compared to a net outflow of -382,506.00 in the previous year[24] - The total cash outflow from operating activities was 822,435,149.19, slightly down from 837,012,134.83 year-over-year[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,305[10] - The largest shareholder, Ningbo Haitian Co., Ltd., held 201,986,000 shares, accounting for 38.69% of total shares[10] Other Financial Metrics - The weighted average return on equity decreased to 3.59%, down 1.89 percentage points from 5.48%[5] - Non-recurring gains and losses totaled CNY 13,733,681.78 after tax, with government subsidies contributing CNY 15,872,619.15[6][7] - Research and development expenses for Q1 2025 were ¥35,916,875.34, slightly up from ¥33,241,085.95 in Q1 2024, indicating a 8.0% increase[19] - Other income decreased to ¥8,370,395.00 in Q1 2025 from ¥15,065,160.72 in Q1 2024, a decline of 44.5%[19] Market Strategy - The company is focusing on expanding its market presence and enhancing product development strategies to drive future growth[12]

证券代码：601882 证券简称：海天精工 公告编号：2025-013 宁波海天精工股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.36元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/4/29 | － | 2025/4/30 | 2025/4/30 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 15 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本522,00 ...

证券代码：601882 证券简称：海天精工 公告编号：2025-012 宁波海天精工股份有限公司 关于召开 2024 年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个别及连带责任。 重要内容提示： 宁波海天精工股份有限公司（以下简称"公司"）已于 2025 年 3 月 25 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 4 月 24 日（星期四）16:00-17:00 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度经营成果及财 务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 24 日（星期四）16:00-17:00 会议召开时间：2025 年 4 月 24 日（星期四）16:00-17:00 会 议 召 开 地 点 ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 关于宁波海天精工股份有限公司 2024 年年度股东大会之法律意见书 宁波海天精工股份有限公司： 本所受贵公司的委托，担任贵公司 2024 年年度股东大会（以下称本次股东 大会）专项法律顾问，根据《中华人民共和国公司法》（以下称《公司法》）、 《中华人民共和国证券法》（以下称《证券法》）、《上市公司股东大会规则》 （以下称《股东大会规则》）及其他有关法律、行政法规之规定，对贵公司本次 股东大会进行见证，并出具本法律意见书。 为了出具本法律意见书，本所律师列席了贵公司本次股东大会并审查了贵公 司提供的本次股东大会有关文件的原件或影印件，包括（但不限于）召开贵公司 本次股东大会的通知以及本次股东大会的各项议程等文件，同时听取了贵公司就 有关事实的陈述和说明。贵公司已保证和承诺，贵公司提供的文件和所作的陈述 ...

证券代码：601882 证券简称：海天精工 公告编号：2025-011 宁波海天精工股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 04 月 15 日 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 193 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 388,897,602 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 74.5014 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长张剑鸣先生因工作原因未能出席本 次股东大会，根据《公司章程》有关规定，经半数以上董事推举，本次股东大会 由董事赵万勇先生主持。本次股东大会采取现场投票和网络投票相结合的方 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

宁波海天精工股份有限公司 会议资料 目 录 议案 6、关于 2025 年度为全资子公司申请银行综合授信额度提供担保的议案 议案 7、关于确定 2025 年度公司就买方信贷业务提供对外担保总额度的议案 议案 8、关于公司 2024 年度日常关联交易执行情况及 2025 年度日常关联交 一、2024 年年度股东大会会议议程 现场会议时间：2025 年 4 月 15 日 14 点 00 分 现场会议地点：浙江省宁波市北仑区小港街道海天路 1688 号海天大楼三楼会议 室 一、与会人员签到，领取会议资料；股东（或股东代理人）同时递交身份证明材 料（授权委托书、营业执照复印件、身份证复印件等）； 二、会议主持人宣布 2024 年年度股东大会会议开始； 三、会议主持人宣布出席股东大会现场会议的股东（或股东代理人）人数及所持 有的表决权股份总数，占公司有表决权股份总数的比例；并同时宣布参加现场会 议的其他人员； 四、提议现场会议的计票人和监票人； 五、董事会秘书宣读《2024 年年度股东大会会议须知》； 六、会议审议议案： 序号 议案名称 非累积投票议案 计的议案 七、听取《宁波海天精工股份有限公司独立董事 2024 年度 ...