[Table_StockNameRptType] 海天精工（601882） 公司点评 24 半年报点评：业绩符合预期，全球市场布局加快 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024Q2 收入创历史新高，期待需求复苏 [Table_Title] 评级：买入(维持) 市场价格：19.64 元 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3177 3323 3585 4008 4600 增长率 yoy% 16% 5% 8% 12% 15% 净利润（百万元） 521 609 656 742 877 增长率 yoy% 40% 17% 8% 13% 18% 每股收益（元） 1.00 1.17 1.26 1.42 1.68 每股现金流量 0.42 1.09 0.82 1.39 1.49 净资产收益率 26.22% 26.36% 22.91% 21.18% 20.52% P/E 19.7 16.8 15.6 13.8 11.7 PEG 1.20 3.66 1.99 1.17 0.79 P/B 5.2 4.4 3.6 2.9 2.4 备注：股价取自 2024 年 8 月 29 日 分析师：王可 [Table_Profit] 基本状况 总股本(百万股) 522 流通股本(百万股) 522 市价(元) 19 ...

公司代码：601882 公司简称：海天精工 2024 年半年度报告 宁波海天精工股份有限公司 2024 年半年度报告 1 / 181 2024 年半年度报告 阅"第三节 管理层讨论与分析"之"五、其他披露事项"中"（一）可能面对的风险"。敬请 投资者注意投资风险。 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张剑鸣、主管会计工作负责人俞盈及会计机构负责人（会计主管人员）俞盈声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 | --- | --- | |-------|- ...

证券代码：601882 证券简称：海天精工 公告编号：2024-022 宁波海天精工股份有限公司 第五届董事会第四次会议决议公告 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个别及连带责任。 (二) 关于聘任公司副总经理的议案 经公司董事会提名委员会审核，公司董事会同意聘任周益荣先生为公司副总 经理，任期与公司第五届董事会一致。 具体内容详见上海证券交易所网站（www.sse.com.cn）披露的海天精工：《关 于聘任公司副总经理的公告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 2024 年 8 月 29 日，宁波海天精工股份有限公司（以下简称"公司"）第五 届董事会第四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，公司监事和部分高级管理人员列席了本次会议。本次会议 通知于 2024 年 8 月 16 日以电子邮件形式发出，会议由董事长张剑鸣先生主持。 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 ...

证券代码：601882 证券简称：海天精工 公告编号：2024-024 宁波海天精工股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更是宁波海天精工股份有限公司（以下简称"公司"） 根据财政部相关规定和要求进行的变更，无需提交公司董事会和股东大 会审议，不会对公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更概述 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告及其他相 关文件规定。 (四) 变更后公司采用的会计政策 (一) 会计政策变更的原因 财政部于 2023 年 10 月 25 日发布了《关于印发<企业会计准则解释第 17 号> 的通知》（财会〔2023〕21 号）（以下简称"准则解释第 17 号"），对"关于流动 负债与非流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易 的会计处理"等内容进行进一步规范及明确，该解释自 2024 年 ...

Investment Rating - Target price: 27.7 RMB, with a "Strong Buy" rating [1][13] Core Views - The company is a leader in high-end CNC machine tools, leveraging its technological advantages and the synergy within the Haitian Group to achieve rapid growth [13][14] - The machine tool industry is expected to enter a new recovery cycle due to multiple factors, including equipment renewal cycles, inventory cycles, and policy support [13][14] - The company is expanding its product line and global presence, with overseas revenue growing at a CAGR of 57% from 2015 to 2023 [13][14] Financial Performance - Revenue is expected to grow from 3,323 million RMB in 2023 to 5,135 million RMB in 2026, with a CAGR of 11.5% [2] - Net profit attributable to shareholders is projected to increase from 609 million RMB in 2023 to 985 million RMB in 2026, with a CAGR of 17.5% [2] - EPS is forecasted to rise from 1.17 RMB in 2023 to 1.89 RMB in 2026 [2] Industry Analysis - China is the largest producer and consumer of machine tools globally, accounting for 31% of global production and 29% of global consumption in 2023 [13][14] - The CNC penetration rate in China is still low at 43%, compared to 80% in developed countries, indicating significant room for growth and import substitution [13][14] - The machine tool industry is expected to benefit from the renewal cycle, with the last peak in production occurring in 2011-2014, and the next cycle expected to begin soon [13][14] Company Strengths - The company has a diversified product portfolio, including CNC gantry machining centers, horizontal machining centers, and vertical machining centers, with gantry machining centers contributing 51% of revenue in 2023 [13][14] - The company has achieved vertical integration in key components, reducing reliance on external suppliers and improving cost efficiency [13][14] - The company is expanding its global footprint, with overseas revenue reaching 594 million RMB in 2023, up from 16 million RMB in 2015 [13][14] Growth Drivers - The company is well-positioned to benefit from the growth of the new energy vehicle (NEV) industry, with its solutions tailored for NEV manufacturing [13][14] - The company is leveraging the experience of its sister company, Haitian International, in overseas markets to accelerate its global expansion [13][14] - The company is investing in R&D, with R&D expenses reaching 137 million RMB in 2023, and a stable R&D expense ratio of around 4% [13][14] Valuation and Forecast - The company is valued at 22x 2024E PE, with a target price of 27.7 RMB, based on its leading position in the domestic high-end CNC machine tool market and its potential in overseas markets [13][14] - Key assumptions for the forecast include successful expansion in the NEV sector, continued growth in overseas markets, and stable gross margins due to production optimization and economies of scale [13][14]

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].