公 司 深 度 单位：百万元 2023A 2024E 2025E 2026E 营业收入 3,323 3,822 4,395 5,055 年增长率（%） 4.6% 15.0% 15.0% 15.0% 归属于母公司的净利润 609 678 782 898 年增长率（%） 17.1% 11.3% 15.3% 14.7% 每股收益（元） 1.17 1.30 1.50 1.72 市盈率（X） 22.35 19.10 16.56 14.44 净资产收益率（%） 26.4% 24.6% 24.0% 23.3% 资料来源：Wind，甬兴证券研究所（2024 年 05 月 30 日收盘价) ◼ 核心观点 公司成立于 2002 年，已深耕行业二十余载。自成立以来致力于高端数 控金属切削机床的研发、生产和销售，主要产品包括数控龙门加工中 心、数控卧式加工中心、数控立式加工中心、数控车床等。下游应用 主要是航空航天、高铁、汽车零部件、模具等领域。公司航空领域产 品具有高速、高精的特性，主要针对航空零件的加工特点；在汽车行 业推出了五个系列高效加工设备。 公司营收从 2019 年的 11.65 亿元增至 2023 年的 33.23 亿 ...

公司自成立以来致力于高端数控金属切削机床的研发、生产和销售，主要产 品包括数控龙门加工中心、数控卧式加工中心、数控立式加工中心、数控车床等， 广泛应用于传统机械行业、汽车工业、电力设备、铁路机车、航空航天、模具制 造等领域。2023年度，公司实现营业收入332,346.14万元，较上年同期增长4.59%； 归属于上市公司股东的净利润 60,948.37 万元，较上年同期增长 17.06%。 2024 年，公司将继续坚持独立自主的品牌路线，以"铸造精品机床，振兴 民族工业"为己任，不断提升自主创新能力，持续提升经营业绩，树立资本市场 良好形象。公司将优化组织架构，加强对重点行业的深入理解和产品突破，加大 产品研发投入，巩固龙头产品优势，针对重点行业研制高性能产品以实现进口替 代，加快核心功能部件的开发和批量化应用，科学组织生产资源，优化产能布局， 加强国内外市场的开拓和管理能力。 二、重视投资者利益，践行投资者回报 证券代码：601882 证券简称：海天精工 公告编号：2024-021 宁波海天精工股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 35.01 CNY per share based on a 25x PE valuation for 2024 [2][46]. Core Insights - The company is positioned as a leader in the mid-to-high-end CNC machine tool sector, benefiting from capacity advantages and a strong market position [2]. - The company's revenue for 2024 is projected to reach 3.858 billion CNY, reflecting a growth rate of 16.1% [6]. - The net profit attributable to shareholders is expected to be 731 million CNY in 2024, with a growth rate of 19.9% [6]. - The company has announced a cash dividend of 0.27 CNY per share, demonstrating a commitment to shareholder returns [20]. Financial Summary - Revenue (in million CNY): - 2022A: 3,177 - 2023A: 3,323 - 2024E: 3,858 - 2025E: 4,448 - 2026E: 5,131 - Net Profit (in million CNY): - 2022A: 521 - 2023A: 609 - 2024E: 731 - 2025E: 839 - 2026E: 966 - EPS (CNY per share): - 2022A: 1.00 - 2023A: 1.17 - 2024E: 1.40 - 2025E: 1.61 - 2026E: 1.85 - EBITDA (in million CNY): - 2022A: 610 - 2023A: 685 - 2024E: 803 - 2025E: 926 - 2026E: 1,063 [6][20][24].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [14][8]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 756 million yuan, a year-on-year decrease of 3.41%, and a net profit of 130 million yuan, down 3.67% year-on-year. The decline is attributed to weak demand for industrial mother machines since the second half of 2023. However, there is optimism for a rebound in domestic demand and continued growth driven by import substitution and increasing overseas market share [16][17]. - The company is expected to benefit from ongoing import substitution, particularly in high-end CNC machine tools, as restrictions on exports from developed countries to China increase. In 2023, the import value of CNC machine tools was approximately 5.41 billion USD, accounting for 35.4% of domestic consumption [17]. - The report forecasts net profits for 2024-2026 to be 716 million, 837 million, and 962 million yuan, respectively, with corresponding P/E ratios of 21, 18, and 16 [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 756 million yuan, a decrease of 3.41% year-on-year, and a net profit of 130 million yuan, down 3.67% year-on-year, aligning with market expectations [16]. - The gross margin and net margin for Q1 2024 were 28.47% and 17.25%, respectively, showing slight declines due to reduced capacity utilization from weak demand [17]. Growth Potential - The company is positioned for long-term growth due to domestic demand recovery and import substitution, particularly in high-end machine tools. The ongoing development of core components and expansion into overseas markets are expected to enhance performance [17]. - The report highlights the establishment of subsidiaries in Singapore and Thailand, indicating a strategic focus on international markets, which are anticipated to grow faster than domestic markets [17]. Valuation Metrics - The report provides a detailed financial forecast, projecting revenues to grow from 3.32 billion yuan in 2023 to 4.98 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 13% [2]. - The company's net profit is expected to grow at a CAGR of around 15% from 2023 to 2026, reflecting strong operational efficiency and market positioning [2].

Investment Rating - The report maintains an "Overweight" rating for the company, reflecting a positive outlook based on its market position and growth potential [9][13]. Core Insights - The company's performance in Q1 2024 showed a slight decline, with revenue of 756 million yuan, down 3.41% year-on-year, and a net profit of 130 million yuan, down 3.67% year-on-year. The overall industry remains weak, with a 9.6% year-on-year decrease in new orders and a 14.9% decrease in orders on hand [4][5]. - A new policy aimed at promoting the replacement of industrial equipment, particularly machine tools over 10 years old, is expected to boost demand in the domestic market. This is anticipated to enhance the industry's recovery, benefiting the company as a leading player [1][4]. - The company has seen significant growth in overseas markets, with a 76.06% increase in overseas revenue in 2023, contributing to an improved profit margin compared to domestic operations [42]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 756 million yuan and a net profit of 130 million yuan, reflecting a year-on-year decrease of 3.41% and 3.67% respectively [4]. - The forecast for net profit from 2024 to 2026 is 733 million yuan, 883 million yuan, and 1.059 billion yuan, indicating a steady growth trajectory [13][45]. Industry Outlook - The machine tool industry is currently experiencing weak demand, but the introduction of equipment replacement policies is expected to stimulate market recovery [1][5]. - The company is well-positioned to capitalize on the anticipated increase in demand due to its leading market position and proactive strategies in overseas markets [1][42]. Growth Projections - The company is projected to achieve a revenue growth rate of 21.77% in 2024, followed by 20.94% in 2025 and 17.25% in 2026 [45]. - The return on equity (ROE) is expected to remain strong, with estimates of 26.70% in 2024 and gradually increasing to 27.10% by 2026 [45].

◼ 集团内循环优势明显，产能布局充足有望再造海天 市场数据 东吴证券研究所 1 / 3 ◼ 期间费用率控制较好，毛利率基本保持稳定 相关研究 投资评级基于分析师对报告发布日后 6 至 12 个月内行业或公司回报潜力相对基准表现 的预期（A 股市场基准为沪深 300 指数，香港市场基准为恒生指数，美国市场基准为标普 500 指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做市转 让标的），北交所基准指数为北证 50 指数），具体如下： 公司投资评级： 601882 海天精工（601882） 2024 年一季报点评：业绩短期承压，看好制 造业复苏背景下机床需求回暖 2024 年 04 月 30 日 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3,1 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥756,464,418.12, representing a decrease of 3.41% compared to the same period last year [4] - The net profit attributable to shareholders of the listed company was ¥130,453,587.65, down 3.67% year-on-year [4] - The basic earnings per share for the period was ¥0.2499, reflecting a decrease of 3.66% year-on-year [4] - Net profit for the first quarter was ¥130,453,587.65, down from ¥135,426,423.91, representing a decrease of approximately 3.6% [20] - Operating profit decreased from ¥140,593,440.99 to ¥134,318,974.35, a decline of about 4.3% [20] - The total comprehensive income for the period is CNY 132,995,512.85, a decrease from CNY 134,865,016.56 in the previous period [48] - Basic and diluted earnings per share are both CNY 0.2499, down from CNY 0.2594 in the previous period [48] Cash Flow - The net cash flow from operating activities was -¥189,909,738.75, a significant decline of 129.02% compared to the previous year [4] - Cash flow from operating activities generated CNY 593,549,771.43, compared to CNY 738,381,787.51 in the same period last year, reflecting a decrease of approximately 19.6% [50] - Cash received from operating activities totaled RMB 647,102,396.08 in Q1 2024, down from RMB 793,522,132.39 in Q1 2023 [43] - Cash flow from investment activities showed an inflow of RMB 422,454,170.86 in Q1 2024, up from RMB 375,221,685.71 in Q1 2023 [43] - The company reported a net cash outflow from financing activities of CNY -382,506.00, compared to CNY -509,915.18 in the previous period [50] - The net increase in cash and cash equivalents for the period is CNY 1,993,470.45, a sharp decline from CNY 231,532,704.77 in the previous period [50] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,544,951,673.04, down 1.55% from the end of the previous year [9] - Total liabilities decreased from ¥2,304,271,277.73 to ¥2,098,965,716.52, a reduction of about 8.93% [18] - The equity attributable to shareholders of the listed company increased by 5.78% to ¥2,445,985,956.52 compared to the end of the previous year [9] - Total current assets decreased to RMB 3,595,622,301.40 as of March 31, 2024, from RMB 3,728,202,598.20 at the end of 2023 [36] - Total non-current liabilities decreased from ¥150,347,928.16 to ¥147,707,884.58, a decline of approximately 1.6% [18] Expenses - Research and development expenses increased from ¥28,865,160.84 to ¥33,241,085.95, an increase of approximately 15.5% [20] - Total operating costs for Q1 2024 were RMB 629,445,085.89, down 2.1% from RMB 642,648,379.19 in Q1 2023 [40] Government Support - The company received government subsidies amounting to ¥23,402,865.30 during the reporting period [9] Other Financial Information - The company has not identified any significant non-recurring gains or losses beyond those listed in the relevant announcements [11] - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year [51] - The company's cash and cash equivalents were not explicitly detailed, but the overall financial position indicates a focus on maintaining liquidity amidst changing market conditions [20] - The impact of exchange rate changes on cash and cash equivalents was CNY -826,864.98, compared to CNY -1,429,980.83 in the previous period [50] - The company reported a decrease in cash and cash equivalents to RMB 473,040,001.98 as of March 31, 2024, from RMB 473,331,338.62 at the end of 2023 [36] - Deferred tax assets increased from ¥54,192,938.11 to ¥54,924,501.75, an increase of about 1.35% [17]

宁波海天精工股份有限公司 2023 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 0.27 元 相关日期 | | | 差异化分红送转： 否 证券代码：601882 证券简称：海天精工 公告编号：2024-019 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 2024 年 4 月 15 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 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 522,000,000 股为基数，每股派发 现金红利 0.27 元（含税），共计派发现金红利 140,940,000 元。 三、 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock over the next six months [21][31]. Core Views - The company is expected to benefit significantly from the recovery of the machine tool industry, driven by the accelerated replacement of outdated equipment over ten years old, which is anticipated to catalyze industry demand [7][20]. - The company has shown resilience in a challenging market, achieving a revenue of 33.23 billion yuan in 2023, a year-on-year increase of 4.59%, and a net profit of 6.09 billion yuan, up 17.06% year-on-year [21][21]. - The report forecasts revenue growth for the company from 40.62 billion yuan in 2024 to 54.09 billion yuan in 2026, with net profits expected to rise from 7.63 billion yuan to 10.38 billion yuan during the same period [21][21]. Summary by Sections Industry Overview - In 2023, China's machine tool industry generated a revenue of 1,097.4 billion yuan, a decline of 10.3% year-on-year, with the metal cutting machine tool sector seeing a revenue of 158.6 billion yuan, down 7.2% [6][6]. - The metal cutting machine tool industry has begun to recover since the fourth quarter of last year, ending a continuous decline that started in 2021, indicating a potential new cycle of growth [7][8]. Financial Performance - The company reported a revenue of 33.23 billion yuan in 2023, with a net profit of 6.09 billion yuan, reflecting a growth of 4.59% and 17.06% respectively [21][21]. - The forecast for the company's revenue is 40.62 billion yuan in 2024, 47.4 billion yuan in 2025, and 54.09 billion yuan in 2026, with corresponding net profits of 7.63 billion yuan, 8.93 billion yuan, and 10.38 billion yuan [21][21]. Profitability Metrics - The company's gross margin for 2023 was 29.94%, an increase of 2.61 percentage points year-on-year, while the net margin was 18.34%, up 1.95 percentage points [21][21]. - The report highlights that the company has maintained a stable dividend payout ratio, consistently above 30%, reaching as high as 50% in recent years [21][21].

第一章 总 则 第一条 为进一步完善宁波海天精工股份有限公司（以下称公司）法人治理 结构，为独立董事创造良好的工作环境，促进公司规范运行，根据《中华人民共 和国公司法》、《上市公司独立董事管理办法》（以下称《独董管理办法》）和 公司章程等规定，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断的关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事须按照 相关法律法规、监管规定、公司章程的要求，认真履行职责，维护公司整体利益 和全体股东利益，尤其要关注中小股东的合法权益不受损害。 宁波海天精工股份有限公司 独立董事工作制度 （2024 年 4 月修订） 第四条 独立董事须独立履行职责，不受公司主要股东、实际控制人或者其 他与公司存在利害关系的单位或个人的影响。 第五条 公司董事会成员中应当包括不低于三分之一的独立董事，其中至少 包括一名会计专业人士（会计专业人士是指具有高级职称或注册会计师资格的人 士）。 第六条 独立董事原则上最多在三家境内上市公司兼任独立董事，并确保有 足 ...