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].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company has accelerated its expansion into overseas markets, leading to improved profitability. In 2023, the company achieved a revenue of 3.323 billion yuan, a year-on-year increase of 4.59%, and a net profit attributable to shareholders of 609 million yuan, up 17.06% year-on-year [4]. - The company has shown better performance than the industry, with a quarter-on-quarter improvement in Q4. Despite a weakened industry demand in 2023, the company continued to advance product development and expand its model range, particularly targeting the high-speed processing needs of the new energy vehicle sector [4]. - The company’s gross profit margin and net profit margin for 2023 were 29.94% and 18.34%, respectively, reflecting an increase of 2.63 percentage points and 1.95 percentage points year-on-year [4]. Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 3.908 billion yuan in 2024, 4.632 billion yuan in 2025, and 5.255 billion yuan in 2026, with corresponding revenue growth rates of 17.58%, 18.55%, and 13.45% [7]. - The net profit attributable to shareholders is expected to reach 726 million yuan in 2024, 867 million yuan in 2025, and 1.013 billion yuan in 2026, with profit growth rates of 19.14%, 19.33%, and 16.88% respectively [7]. - The company’s earnings per share (EPS) are projected to be 1.39 yuan in 2024, 1.66 yuan in 2025, and 1.94 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 19 times, 16 times, and 14 times [7]. Market Position and Strategy - The company is positioned as a high-end product manufacturer, continuously enhancing its competitiveness. In 2023, the company’s domestic revenue was 2.671 billion yuan, a decrease of 4.17% year-on-year, while overseas revenue reached 594 million yuan, an increase of 76.06%, accounting for 17.87% of total revenue [4]. - The company has established subsidiaries in Singapore and Thailand and is building production bases in Ningbo, Dalian, and South China to deepen its overseas market layout [4]. - The machine tool industry is expected to benefit from domestic demand improvements driven by large-scale equipment updates and accelerated overseas expansion, with the company poised to be a key beneficiary [4].

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].