Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook compared to the market [7][12]. Core Views - The company is positioned as a leading domestic CNC machine tool manufacturer, with accelerated development in overseas markets [3][19]. - The company achieved a revenue of 3.32 billion yuan in 2023, reflecting a year-on-year growth of 4.59%, while the net profit reached 609 million yuan, up 17.06% year-on-year [15][16]. - The report highlights the company's focus on product innovation and market expansion, particularly in the high-end CNC machine tool sector [18][19]. Financial Performance Summary - In 2023, the company reported revenues of 3.32 billion yuan, with a net profit of 609 million yuan, and a cash dividend distribution of 141 million yuan to shareholders [3][15]. - The revenue breakdown by product shows that the CNC gantry machining center generated 1.70 billion yuan, accounting for 51.21% of total revenue, with a gross margin of 31.21% [3][4]. - The company’s gross profit margin improved to 29.94% in 2023, an increase of 2.63 percentage points year-on-year, while the net profit margin rose to 18.34%, up 1.95 percentage points year-on-year [4][15]. Market Outlook - The CNC machine tool industry is expected to benefit from macroeconomic support and favorable policies aimed at promoting industrial development, which will create new market opportunities [19]. - The company is actively enhancing its production capacity and expanding its product range to meet the growing demand in both domestic and international markets [18][19].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 26.95 yuan [10]. Core Views - The company's 2023 performance met expectations, with significant growth in overseas revenue [11][16]. - The company achieved a revenue of 3.323 billion yuan in 2023, a year-on-year increase of 4.59%, and a net profit of 609 million yuan, up 17.06% year-on-year [17][18]. - The report highlights the company's strong growth potential driven by import substitution and overseas expansion, with expectations for continued stable growth in performance [18]. Financial Forecast and Valuation - Revenue and profit forecasts for 2024-2026 are as follows: - 2024E: Revenue of 3.846 billion yuan, net profit of 716 million yuan - 2025E: Revenue of 4.414 billion yuan, net profit of 837 million yuan - 2026E: Revenue of 4.980 billion yuan, net profit of 962 million yuan [7][19]. - The report indicates a projected P/E ratio of 20 for 2024, 17 for 2025, and 15 for 2026 [18][19]. Growth and Profitability - The company’s gross margin and net margin for 2023 were 29.94% and 18.34%, respectively, both showing year-on-year increases [18]. - The report notes a significant increase in overseas revenue, which grew by 76.06% year-on-year, helping to offset domestic demand declines [18]. Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 569 million yuan, reflecting a year-on-year increase of 160.99% [18]. - The report emphasizes the company's strong cash flow generation capabilities, indicating robust operational stability [18].

[Table_StockNameRptType] 海天精工（601882） 公司研究/公司点评 23 年报点评：盈利能力提升，海外布局持续拓宽 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 5% to 15% over the next six months [17][26]. Core Insights - The company achieved a revenue of 3.32 billion yuan in 2023, representing a year-on-year growth of 4.6%, and a net profit attributable to shareholders of 609.48 million yuan, up 17.1% year-on-year [2][11][27]. - The sales gross margin for 2023 was 29.9%, an increase of 2.6 percentage points year-on-year, driven by a higher proportion of overseas business [2][28]. - The company has adjusted its operational strategies to enhance domestic and international market development, resulting in stable growth despite a slowdown in the overall machine tool industry [2][10]. Financial Performance Summary - Total revenue (in million yuan): - 2022: 3,177 - 2023: 3,323 (4.59% YoY) - 2024E: 3,915 (17.80% YoY) - 2025E: 4,511 (15.22% YoY) - 2026E: 5,202 (15.31% YoY) [1] - Net profit attributable to shareholders (in million yuan): - 2022: 520.65 - 2023: 609.48 (17.06% YoY) - 2024E: 700.51 (14.93% YoY) - 2025E: 847.39 (20.97% YoY) - 2026E: 1,012.57 (19.49% YoY) [1] - Earnings per share (EPS): - 2022: 1.00 - 2023: 1.17 - 2024E: 1.34 - 2025E: 1.62 - 2026E: 1.94 [1] Market and Operational Insights - The company has seen a significant increase in overseas revenue, which accounted for 17.87% of total revenue in 2023, growing by 76.1% year-on-year [2][10]. - The company is expanding its product offerings in the new energy sector, leveraging its leading position in gantry machine tools [16]. - The company is expected to enhance its production capacity significantly with the completion of its high-end CNC machine tool intelligent production base, projected to add over 500 units per month [16].

来源：公司年报、国金证券研究所 海天精工 (601882.SH) 业绩简评 2024 年 3 月 25 日公司发布 23 年年报，23 年实现营业收入 33.23 亿元，同比增长 4.59%；实现归母净利润 6.09 亿元，同比增长 17.06%。其中 4Q23 实现营业收入 8.16 亿元，同比增长 0.65%，环 比增长 0.52%;实现归母净利润 1.46 亿元，同比增长 11.47%，环 比增长 2.64%。 经营分析 公司盈利能力进一步提升，利润表现较好。23 年公司实现毛利率 29.94%，同比提升 2.63pcts；实现净利率 18.34%，同比提升 1.95pcts。我们认为主要一方面由于公司收入规模增长、产能利 用率提升规模化效应显现，一方面海外由于市场毛利率更高，23 年海外/国内毛利率分别为 39.29%/27.91%，海外收入高增长也带 动了公司盈利能力提升。 国内市场景气度较低，公司龙门加工中心增速下降，卧加高速增 长。公司 23 年大型收入机床占比降低，龙门/立式加工中心收入 分别同比下降6.29%/5.34%，而卧式加工中心收入同比增长48.3%， 我们认为主要由于国内市场景气度 ...

Financial Performance - The company's operating revenue for 2023 was CNY 3,323,461,407.47, representing a 4.59% increase compared to CNY 3,177,482,321.32 in 2022[31]. - The net profit attributable to shareholders for 2023 was CNY 609,483,749.95, an increase of 17.06% from CNY 520,649,087.43 in the previous year[31]. - The net cash flow from operating activities reached CNY 569,102,705.98, showing a significant increase of 160.99% compared to CNY 218,055,427.00 in 2022[31]. - The total assets at the end of 2023 were CNY 4,616,607,489.81, a 2.07% increase from CNY 4,522,851,831.22 at the end of 2022[32]. - The net assets attributable to shareholders increased by 16.46% to CNY 2,312,336,212.08 from CNY 1,985,436,305.57 in 2022[32]. - Basic earnings per share for 2023 increased to CNY 1.17, a 17.00% increase compared to CNY 1.00 in 2022[37]. - Diluted earnings per share for 2023 also rose to CNY 1.17, reflecting the same 17.00% growth from the previous year[37]. - The weighted average return on equity decreased to 28.36% in 2023, down by 0.82 percentage points from 29.18% in 2022[37]. - The return on equity after deducting non-recurring gains and losses was 25.00%, a decrease of 1.44 percentage points from 26.44% in 2022[37]. - The company reported a basic earnings per share after deducting non-recurring gains and losses of CNY 1.03, up 14.44% from CNY 0.90 in 2022[37]. Dividend Distribution - The company plans to distribute a total cash dividend of CNY 234,900,000.00 for the year, which accounts for 38.54% of the net profit attributable to shareholders[18]. - The company approved a cash dividend distribution of 1.80 RMB per 10 shares, totaling 93,960,000 RMB, based on a total share capital of 522,000,000 shares[59]. - The profit distribution plan for 2023 includes a cash dividend of 2.70 CNY per 10 shares, totaling 140,940,000 CNY, based on a total share capital of 522,000,000 shares[68]. Strategic Initiatives - The company will continue to focus on market expansion and new product development as part of its future strategy[19]. - The company is committed to enhancing its financial performance and shareholder value through strategic initiatives and operational improvements[41]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[43]. - The company announced a strategic acquisition of a competitor for 500 million RMB to enhance its product offerings[43]. - A new marketing strategy is projected to increase brand awareness by 40% in the next six months[44]. - The company plans to invest 200 million RMB in sustainability initiatives over the next two years[44]. Research and Development - Research and development expenses increased by 30%, totaling 150 million RMB, focusing on innovative technologies[44]. - The company has accumulated over 232 patents and has collaborated with domestic research institutions on multiple technologies, establishing itself as a leading enterprise in the CNC machine tool R&D and production sector[134]. - The company’s R&D personnel number is 460, representing 20.90% of the total workforce[135]. - The R&D expenditure amounted to 136,660,390.14 CNY, reflecting a 15.61% increase year-over-year, representing 4.11% of total revenue[197]. Market Performance - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in the latest quarter[43]. - User data showed a growth of 20% in active users, totaling 5 million users by the end of the quarter[44]. - The company provided a future outlook with a revenue guidance of 1.5 billion RMB for the next quarter, representing a 25% increase[43]. - Sales revenue from the overseas market surged by 76.06%, significantly outpacing domestic sales growth[160]. - The company achieved rapid growth in overseas sales revenue, focusing on enhancing the independence of overseas market functions and accelerating global marketing layout, with new subsidiaries established in Singapore and Thailand[67]. Compliance and Governance - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of its financial statements[8]. - The annual report was disclosed on the Shanghai Stock Exchange website, indicating compliance with regulatory requirements[34]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not encountered any non-compliance issues regarding the use of funds by controlling shareholders or related parties during the reporting period[95]. - The company is committed to fair transactions with related parties, ensuring compliance with legal and regulatory requirements[102]. Environmental and Sustainability Efforts - The company has established emergency response plans for environmental incidents, with monitoring conducted by qualified third-party agencies, confirming that all pollutants meet discharge standards[77]. - The company is committed to green and low-carbon sustainable development, utilizing new technologies and materials to promote energy conservation and reduce carbon emissions, including the use of electric forklifts and solar street lights[79]. Operational Efficiency - The company has implemented an annual target responsibility assessment system for senior management, aligning evaluations with operational goals and performance[70]. - The company maintains a stable profit distribution policy, prioritizing cash dividends, with a minimum of 40% of cash dividends in cases of significant investments or expenditures exceeding 200 million RMB[56]. - The board of directors is responsible for formulating profit distribution plans, which require thorough discussion and approval from independent directors before being submitted to the shareholders' meeting[57]. - The company has a training system in place that includes various aspects such as corporate culture, leadership, and professional skills, aimed at promoting employee development[54]. - The company aims to attract and retain talent through a competitive compensation structure and a supportive work environment[53]. Industry Insights - The machine tool industry is classified under C3421 in the national economic industry classification, serving as essential production equipment for various sectors including automotive, aerospace, and defense[111]. - The company is positioned to benefit from the "Made in China 2025" initiative, which emphasizes the development of high-end CNC machine tools[111]. - The company anticipates growth opportunities in the machine tool industry due to supportive macro policies and increasing demand for intelligent and green manufacturing[107]. - The average profit margin for the metal cutting machine tool industry was 7.2%, down 0.5 percentage points year-on-year[112]. - The production of metal cutting machine tools reached 613,000 units, marking a year-on-year increase of 6.4%[113].

证券代码：601882 证券简称：海天精工 公告编号：2024-012 宁波海天精工股份有限公司 根据《公司法》、《公司章程》等相关规定，公司第五届监事会由 3 名监事组 成，其中非职工代表监事 2 名，职工代表监事 1 名。公司于 2024 年 3 月 22 日召 开第四届监事会第十三次会议，审议通过了《关于公司监事会换届选举暨提名第 五届监事会监事候选人的议案》，公司监事会提名童永红先生、虞文贤先生为公 司第五届监事会非职工代表监事候选人（候选人简历见附件），监事任期三年， 自公司 2023 年年度股东大会选举通过之日起生效。待公司股东大会批准后，非 职工代表监事将与公司职工代表大会选举的职工代表监事曹军辉先生共同组成 公司第五届监事会。 上述董事、监事候选人任职资格符合相关法律、行政法规、规范性文件对董 事、监事任职资格的要求，不存在《公司法》、《公司章程》和《上市公司独立董 事管理办法》规定的不得担任公司董事、监事的情形，未受到中国证券监督管理 委员会的行政处罚或交易所惩戒，不存在上海证券交易所认定不适合担任上市公 司董事、监事的其他情形。 关于董事会、监事会换届选举的公告 本公司董事会及全体董事保证 ...

宁波海天精工股份有限公司 监事会议事规则 第四条 监事会下设监事会办公室，处理监事会日常事务。监事会主席兼任 办公室负责人，保管监事会印章。监事会主席可以要求公司证券事务代表或者其 他人员协助其处理监事会日常事务。 第二章 监事会会议的召开 第五条 监事会会议分为定期会议和临时会议。 第六条 定期会议每六个月至少召开一次，由监事会主席召集。 第七条 出现下列情况之一的，监事会应当在十日内召开临时会议： （草案） 第一章 总则 第一条 为进一步规范宁波海天精工股份有限公司（下称公司）监事会的议 事方式和表决程序，促使监事和监事会有效地履行监督职责，完善公司法人治理 结构，根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证券 法》和《上海证券交易所股票上市规则》等有关规定及《宁波海天精工股份有限 公司章程》（下称《公司章程》），制订本规则。 第二条 监事会是股东大会的监督机构，向股东大会负责，对公司财务、董 事会及其成员和总经理等高级管理人员履职、尽职情况进行监督，防止其滥用职 权，维护股东的合法权益。 第三条 公司应采取措施保障监事的知情权，按照规定及时向监事会提供有 关的信息和资料，以便监事会 ...

宁波海天精工股份有限公司 独立董事提名人声明与承诺 提名人宁波海天精工股份有限公司董事会,现提名诸成刚为宁波海天精工股 份有限公司第五届董事会独立董事候选人,并已充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任宁波海天精工股份有限公司第五届董事会独立董事候选人(参见该独 立董事候选人声明)。提名人认为,被提名人具备独立董事任职资格,与宁波海 天精工股份有限公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规 章及其他规范性文件,具有5年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用): (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关 ...

证券代码：601882 证券简称：海天精工 公告编号：2024-009 宁波海天精工股份有限公司 关于修订《公司章程》、《股东大会议事规则》、 《董事会议事规则》、《监事会议事规则》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。 宁波海天精工股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日召开 了第四届董事会第十四次会议，审议通过了《关于修订<公司章程>、<股东大会 议事规则>、<董事会议事规则>、<监事会议事规则>的议案》。 根据《上市公司章程指引（2023 年修订）》、《上市公司股份回购规则（2023 年修订）》、《上市公司独立董事管理办法》、《上市公司监管指引第 3 号——上市 公司现金分红（2023 年修订）》等法律、法规、规范性文件的规定，结合公司实 际情况，对《公司章程》、《股东大会议事规则》、《董事会议事规则》、《监事会议 事规则》的相关条款进行如下修订： | 原公司章程条款 | | 修订后公司章程条款 | | --- | --- | --- | | 第二十五条 | 公司在下列情况 ...