证券代码：601882 证券简称：海天精工 公告编号：2024-015 宁波海天精工股份有限公司 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。 一、董事会会议召开情况 2024 年 4 月 15 日，宁波海天精工股份有限公司（以下简称"公司"）第五 届董事会第一次会议以现场结合通讯表决方式在公司三楼会议室召开。应到董事 9 人，实到董事 9 人，公司监事和候选高级管理人员列席了本次会议。本次会议 通知于 2024 年 4 月 15 日以口头方式告知，全体董事一致同意豁免本次会议通知 时限要求，会议由董事张剑鸣先生主持。会议的召集、召开和表决符合《中华人 民共和国公司法》、《公司章程》等的有关规定。 二、 董事会会议审议情况 经与会全体董事认真审议并表决，通过如下议案： (一) 关于选举公司第五届董事会董事长的议案 同意选举张剑鸣先生为公司第五届董事会董事长，任期与公司第五届董事会 一致。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 (二) 关于选举公司第五届董事会各专门委员会委员的议案 第五届董事会第一次会议 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [4][11]. Core Views - The company has shown enhanced profitability and strong overseas demand, with a projected revenue growth from 3.32 billion yuan in 2023 to 5.28 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.3% [4][14]. - The net profit is expected to increase from 609 million yuan in 2023 to 969 million yuan in 2026, with a steady growth rate of around 15.2% [4][20]. - The company is focusing on high-end CNC machine tools and expanding its production capacity both domestically and internationally, with overseas revenue reaching 594 million yuan in 2023, a year-on-year increase of 76.06% [4][14]. Financial Summary - Revenue for 2022 was 3.18 billion yuan, with a year-on-year growth of 16.4%, while 2023 revenue is projected at 3.32 billion yuan, a growth of 4.6% [20]. - The gross profit margin improved to 29.94% in 2023, up 2.63 percentage points from the previous year, indicating strong market competitiveness despite a challenging environment [4][14]. - The company’s return on equity (ROE) is projected to remain robust at 26.4% in 2023, slightly increasing from 26.2% in 2022 [20]. Product Performance - The CNC gantry machining center reported a revenue of 1.70 billion yuan in 2023, a decline of 6.29% year-on-year, while the CNC horizontal machining center saw a significant increase in revenue by 48.30% to 492 million yuan [4][14]. - The CNC vertical machining center experienced a revenue drop of 5.34%, indicating mixed performance across product lines [4][14]. Market Outlook - The report highlights a favorable long-term outlook for the industry, driven by macroeconomic policies and the demand for equipment upgrades in various sectors [15][18]. - The company is actively innovating its product offerings to meet the high-speed processing needs of the electric vehicle industry, enhancing its competitive edge in the market [4][14].

宁波海天精工股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 15 日 2023 年年度股东大会会议资料 | 目 录 | | --- | | 一、2023 | 年年度股东大会会议议程 3 | | --- | --- | | 二、2023 | 年年度股东大会会议须知 5 | | 三、2023 | 年年度股东大会议案 7 | | 议案 | 1、公司 2023 年度董事会工作报告 7 | | 议案 | 2、公司 2023 年度监事会工作报告 8 | | 议案 | 3、公司 2023 年年度报告及摘要 9 | | 议案 | 4、公司 2023 年度财务决算报告 10 | | 议案 | 5、关于公司 2023 年度利润分配方案的议案 11 | | 议案 | 6、关于为全资子公司申请银行综合授信额度提供担保的议案 12 | | 议案 | 7、关于确定 2024 年度公司就买方信贷业务提供对外担保总额度的议案 | | | 13 | | 议案 | 8、关于公司 2023 年度日常关联交易执行情况及 2024 年度日常关联交 | | 易预计的议案 | 15 | | 议案 | 9、关于公司 2023 年度董 ...

关于 2023 年年度股东大会更正补充公告 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、股东大会有关情况 证券代码：601882 证券简称：海天精工 公告编号：2024-013 宁波海天精工股份有限公司 1. 原股东大会的类型和届次： 2023 年年度股东大会 2、更正后： 本次股东大会审议议案及投票股东类型 | | | 序号 议案名称 投票股东类型 A 股股东 非累积投票议案 1 公司 2023 年度董事会工作报告 √ 2 公司 2023 年度监事会工作报告 √ 3 公司 2023 年年度报告及摘要 √ 4 公司 2023 年度财务决算报告 √ 5 关于公司 2023 年度利润分配方案的议案 √ 6 关于为全资子公司申请银行综合授信额度提供 担保的议案 √ 7 关于确定 2024 年度公司就买方信贷业务提供对 外担保总额度的议案 √ 8 关于公司 2023 年度日常关联交易执行情况及 2024 年度日常关联交易预计的议案 √ 9 关于公司 2023 年度董事、监事薪酬的议案 √ 10 关于修订公司《独立董事工作制度》 ...

[Table_Page] 年报点评|通用设备 海外业务放量，盈利能力增长可观 盈利预测： [Table_Title] 海天精工（601882.SH） ⚫ 营收小幅增长，利润率提升可观。2023Q4 公司实现营业收入 8.16 亿 元，同比增长 0.65%，归母净利润 1.46 亿元，同比增长 11.47%，全 年营收及归母净利润分别增长 4.59%/17.06%。利润增速领先营收增速 代表公司整体利润率水平有所提高，全年毛利率提升 2.63pct 至 29.94%，净利率提升 1.95pct 至 18.34%，盈利能力增长可观。 ⚫ 各产品毛利率稳步提升，高毛利卧加销售高增。23 年公司主要产品毛 利率均有所提升，龙门毛利率+0.26pct，卧加毛利率+1.28pct，立加毛 利率+5.63pct，成本控制有效。产品结构方面，龙门与立加销售额分别 减少 6.29%/5.34%，毛利率较高的卧加销售额增长 48.30%。另外公司 还针对新能源汽车行业和海外市场研发高性价比机型。 ⚫ 海外业务快速放量，带来更多成长性。2023 年公司海外业务营收 5.94 亿元，同比增长 76.06%，毛利率 39.29%。同期 ...

Investment Rating - Investment Rating: Buy (Maintain) [6] Core Views - The company's profitability is steadily improving, with a continuous increase in R&D investment [2] - The company has a strong technical foundation in the CNC machine tool sector, with an expanding product matrix. In 2023, it launched the BFH2030D dual five-axis high-speed milling center, catering to the high-speed processing needs of the new energy vehicle industry. Additionally, the CFVⅡ series high-speed vertical machining center has been introduced, which is expected to benefit from the trend of domestic substitution [3][19] - The company is actively developing cost-effective models tailored to overseas market demands and has established subsidiaries in Thailand, Vietnam, India, and Singapore to accelerate its global marketing layout [3][19] - The company achieved a gross margin of 29.9% in 2023, an increase of 2.63 percentage points year-on-year, and a net margin of 18.3%, up 1.95 percentage points year-on-year. The fourth quarter gross margin was 31.1%, with a slight year-on-year decline of 0.89 percentage points [8] - The company reported a revenue of 3.323 billion yuan in 2023, a year-on-year increase of 4.6%, and a net profit attributable to the parent company of 609 million yuan, up 17.1% year-on-year. The overseas revenue reached 594 million yuan, a significant increase of 76.06% year-on-year [18] Financial Summary - Revenue (million yuan): 2022A: 3,177; 2023A: 3,323; 2024E: 3,991; 2025E: 4,741; 2026E: 5,551 [4] - Net Profit (million yuan): 2022A: 521; 2023A: 609; 2024E: 732; 2025E: 864; 2026E: 1,017 [4] - Gross Margin (%): 2022A: 27.3; 2023A: 29.9; 2024E: 30.3; 2025E: 30.3; 2026E: 30.3 [4] - Net Margin (%): 2022A: 16.4; 2023A: 18.3; 2024E: 18.3; 2025E: 18.2; 2026E: 18.3 [4] - ROE (%): 2022A: 26.2; 2023A: 26.4; 2024E: 24.0; 2025E: 22.8; 2026E: 21.8 [4] - EPS (diluted): 2022A: 1.00; 2023A: 1.17; 2024E: 1.40; 2025E: 1.66; 2026E: 1.95 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.97 CNY based on a 23x average P/E ratio for comparable companies in 2024 [2][3]. Core Insights - The company achieved record high revenue and profit in 2023, demonstrating resilience and growth potential as an industry leader. In Q4 2023, the company reported revenue of 816 million CNY, a year-on-year increase of 0.7% and a quarter-on-quarter increase of 0.5%. The net profit attributable to the parent company was 146 million CNY, up 11.5% year-on-year and 2.6% quarter-on-quarter, marking the second-highest quarterly performance in history [1]. - The overall gross margin for the company improved to 29.94% in 2023, an increase of 2.63 percentage points year-on-year, while the net margin reached 18.34%, up 1.95 percentage points year-on-year. The company’s CNC machining centers showed significant gross margin improvements, indicating strong product competitiveness even during industry downturns [1]. - The overseas business segment saw substantial growth, with revenue reaching 594 million CNY in 2023, a year-on-year increase of 76%. This segment now accounts for 17.9% of total revenue, up 7.3 percentage points year-on-year, and has a gross margin of 39.29%, significantly higher than the domestic business margin of 27.91% [1]. Financial Summary - In 2023, the company reported total revenue of 3.32 billion CNY, a year-on-year growth of 4.6%, and a net profit of 609 million CNY, reflecting a 17.1% increase year-on-year. The earnings per share (EPS) for 2023 was 1.17 CNY, with projections for 2024 and 2025 set at 1.39 CNY and 1.62 CNY respectively [19][21]. - The company’s financial metrics indicate a gross margin of 29.9% and a net margin of 18.3% for 2023, with expectations for continued improvement in profitability in the coming years [19][21].

Investment Rating - The report maintains a "Buy" rating for the company [2][19] Core Views - The company is expected to benefit from structural opportunities such as policy advantages, self-sufficiency, and overseas expansion, with projected net profits of 700 million, 840 million, and 1 billion yuan for 2024-2026, corresponding to PE ratios of 19x, 16x, and 14x respectively [2] Financial Performance Summary - In Q4 2023, the company reported revenue of 816 million yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 146 million yuan, up 11.47% year-on-year. The non-recurring net profit was 137 million yuan, reflecting a 7.36% increase year-on-year [2][15] - The company's gross margin and net margin have been continuously improving since 2019, with a gross margin of 29.94% and a net margin of 18.34% in 2023, representing increases of 2.63 percentage points and 1.95 percentage points year-on-year respectively [13][36] - The company’s revenue from CNC horizontal lathes increased by 48.30% year-on-year, with sales volume up 29.52% and average price rising by 14.5%, primarily driven by strong demand in overseas markets [13][36] - The company’s overseas revenue grew by 76.06% year-on-year, indicating successful market expansion efforts [13][17] Market and Industry Context - The machine tool industry is closely tied to the manufacturing sector, which is currently in a phase of weak recovery. If the recovery does not meet expectations, it may adversely affect machine tool demand and the company's operating environment [6][39] - The domestic demand for CNC machine tools has shown signs of recovery, with production increasing since September 2023, ending a prolonged downturn [35]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.40 CNY, down from the previous forecast of 42.58 CNY [19]. Core Insights - The company's performance met expectations, achieving a revenue of 3.32 billion CNY in 2023, a 4.59% increase year-on-year, and a net profit of 609 million CNY, up 17.06% [3]. - The company is actively expanding into overseas markets due to a sluggish domestic market, with overseas sales increasing by 76.06% in 2023 [3]. - The report highlights the potential for industry recovery driven by equipment upgrades and the company's efforts to optimize domestic and international production capacity [3]. Financial Summary - Revenue is projected to grow from 3.32 billion CNY in 2023 to 5.62 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 19% [1]. - Operating profit (EBIT) is expected to increase from 617 million CNY in 2023 to 1.15 billion CNY in 2026, with a significant growth rate of 31% in 2024 [1]. - Net profit attributable to shareholders is forecasted to rise from 609 million CNY in 2023 to 1.04 billion CNY in 2026, with a growth rate of 20% in 2024 [1]. - Earnings per share (EPS) is projected to grow from 1.17 CNY in 2023 to 1.99 CNY in 2026 [1]. Profitability and Valuation Metrics - The company's operating profit margin is expected to improve from 18.6% in 2023 to 20.4% in 2026 [17]. - The net asset return rate (ROE) is projected to decrease slightly from 26.4% in 2023 to 21.0% in 2026 [17]. - The price-to-earnings (PE) ratio is expected to decline from 23.08 in 2023 to 13.52 in 2026, indicating a more attractive valuation over time [17].

分析师承诺及简介 本人承诺以勤勉的执业态度，独立、客观地出具本报告，本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 鲁佩，伦敦政治经济学院经济学硕士，证券从业 9 年，2021 年加入中国银河证券研究院。曾获新财富最佳分析师、IAMAC 最 受欢迎卖方分析师、万得金牌分析师、中证报最佳分析师、Choice 最佳分析师、金翼奖等。 免责声明 本报告由中国银河证券股份有限公司（以下简称银河证券）向其客户提供。银河证券无需因接收人收到本报告而视其为客户。 若您并非银河证券客户中的专业投资者，为保证服务质量、控制投资风险、应首先联系银河证券机构销售部门或客户经理，完成投 资者适当性匹配，并充分了解该项服务的性质、特点、使用的注意事项以及若不当使用可能带来的风险或损失。 本报告所载的全部内容只提供给客户做参考之用，并不构成对客户的投资咨询建议，并非作为买卖、认购证券或其它金融工具 的邀请或保证。客户不应单纯依靠本报告而取代自我独立判断。银河证券认为本报告资料来源是可靠的，所载内容及观点客观公正， 但不担保其准确性或完整性。本报告所载内容 ...