Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3][8]. Core Views - The manufacturing industry is experiencing an upward trend, supported by policies that are releasing market demand. The PMI for China's manufacturing sector rose to 50.1% in October 2024, indicating expansion after a contraction period [3]. - The company is leveraging its technological advantages in high-end CNC machine tools to benefit from the industry's recovery and growth opportunities [3]. - Continuous investment in R&D has strengthened the company's technological moat, with R&D expenditure reaching 125 million yuan in the first three quarters of 2024, a 27.1% increase year-on-year [4]. - The company has shown strong overseas expansion capabilities, achieving a CAGR of 62.3% in overseas revenue from 2017 to 2023, with overseas revenue reaching 590 million yuan in 2023, a 76.06% increase [5]. Summary by Sections Industry Outlook - The macroeconomic environment is improving, with a notable recovery in manufacturing demand driven by equipment upgrades and supportive policies [3]. - The machine tool industry saw a revenue of 1,040.7 billion yuan in 2024, despite a 5.2% year-on-year decline, indicating structural differentiation within the industry [3]. Company Performance - The company is expanding its production capacity, focusing on optimizing its manufacturing bases in Ningbo, Dalian, and Southern China, while also establishing overseas production capabilities [4]. - The company is enhancing its product offerings to include various high-performance CNC machine tools, which are aimed at replacing imports and improving market competitiveness [4]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 34.26 billion yuan, 39.17 billion yuan, and 44.95 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.19 yuan, and 1.40 yuan [8][10]. - The current stock price corresponds to a PE ratio of 23.5, 20.3, and 17.2 for the years 2024, 2025, and 2026, respectively, indicating potential for growth [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3][8]. Core Insights - The manufacturing sector in China is experiencing a recovery, with the PMI rising to 50.1% in October 2024, indicating expansion after a contraction period [3]. - The company is expected to benefit from the recovery in the machine tool industry, supported by favorable policies and market demand [3]. - The company has significantly increased its R&D investment, reaching 125 million yuan in the first three quarters of 2024, a 27.1% year-on-year increase, enhancing its competitive edge in high-end CNC machine tools [4]. - The company has demonstrated strong overseas expansion capabilities, achieving a CAGR of 62.3% in overseas revenue from 2017 to 2023, with a 76.06% year-on-year growth in 2023 [5]. Summary by Sections Industry Outlook - The machine tool industry is projected to recover, with a notable increase in new orders and backlogs for metal cutting machine tools, indicating structural differentiation within the industry [3]. R&D and Capacity Expansion - The company is focusing on enhancing its product structure and expanding its production capacity, particularly in Ningbo and Southern China, to support long-term growth [4]. Global Expansion - The company has established subsidiaries in Singapore and Thailand, and is set to open a subsidiary in Germany, further solidifying its global presence [5][7]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 34.26 billion yuan, 39.17 billion yuan, and 44.95 billion yuan respectively, with corresponding EPS of 1.03 yuan, 1.19 yuan, and 1.40 yuan [8][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [3][8]. Core Insights - The manufacturing industry in China is experiencing a recovery, with the PMI rising to 50.1% in October 2024, indicating expansion after a contraction period [3]. - The company is expected to benefit from the recovery in the machine tool industry, supported by government policies and market demand [3]. - The company has significantly increased its R&D investment, reaching 125 million yuan in the first three quarters of 2024, a 27.1% year-on-year increase, enhancing its competitive edge in high-end CNC machine tools [4]. - The company has shown strong overseas revenue growth, with a CAGR of 62.3% from 2017 to 2023, and achieved 590 million yuan in overseas revenue in 2023, a 76.06% increase [5]. Summary by Sections Industry Outlook - The machine tool industry is projected to recover, with a notable increase in new orders and backlogs for metal cutting machine tools, indicating structural differentiation within the industry [3]. R&D and Capacity Expansion - The company is focusing on enhancing its product range and developing high-performance products to replace imports, which solidifies its market position [4]. - The company is optimizing its production capacity with a focus on establishing manufacturing bases in Ningbo, Dalian, and Southern China, while also planning overseas production capabilities [4]. Global Expansion - The company has successfully established subsidiaries in Singapore and Thailand, and is expanding into Germany, indicating a robust global strategy [5][7]. - The ongoing global capacity layout is expected to provide greater growth opportunities in international markets [7]. Financial Projections - Revenue forecasts for 2024-2026 are 34.26 billion yuan, 39.17 billion yuan, and 44.95 billion yuan respectively, with corresponding EPS of 1.03 yuan, 1.19 yuan, and 1.40 yuan [8][10]. - The current stock price corresponds to a PE ratio of 23.5, 20.3, and 17.2 for the years 2024, 2025, and 2026 respectively, reflecting a favorable valuation [8].

公司 2024 年已按照 15%的企业所得税税率进行纳税申报及预缴，因此，本 次通过高新技术企业认定不会影响公司 2024 年度的相关财务数据。 宁波海天精工股份有限公司 关于通过高新技术企业重新认定的公告 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。 根据全国高新技术企业认定管理工作领导小组办公室于近日发布的《对宁波 市认定机构 2024 年认定报备的第一批高新技术企业进行备案的公告》，宁波海天 精工股份有限公司（以下简称"公司"）通过了高新技术企业认定，高新技术企 业证书编号为 GR202433102560，认定有效期三年。 本次高新技术企业的认定系公司 2021 年原证书有效期满后的重新认定。根 据《中华人民共和国企业所得税法》以及国家对高新技术企业的相关税收规定， 公司自本次通过高新技术企业认定后连续三年（2024 年至 2026 年）可继续享受 国家关于高新技术企业的税收优惠政策，即按 15%的税率缴纳企业所得税。 证券代码：601882 证券简称：海天精工 公告编号：2024-034 特此公告。 宁波海天精 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 33.8 CNY [4][6]. Core Views - The company's performance in Q3 2024 faced pressure, with revenue of 814 million CNY, a year-on-year increase of 0.26% but a quarter-on-quarter decrease of 11.75%. The net profit attributable to shareholders was 110 million CNY, down 22.47% year-on-year and 32.42% quarter-on-quarter [3]. - The overall gross margin for Q3 2024 was 27.33%, a decrease of 3.72 percentage points year-on-year, while the net profit margin was 13.54%, down 3.97 percentage points year-on-year [3]. - The company has increased its R&D expenditure by 27% year-on-year to 125 million CNY in the first three quarters of 2024, indicating a strategic focus on enhancing product performance and capabilities during the industry's downturn [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 2.493 billion CNY, a slight decline of 0.57% year-on-year, and a net profit of 404 million CNY, down 12.89% year-on-year [3]. - The company’s expense ratio for the first three quarters was 10.81%, an increase of 0.77 percentage points year-on-year, primarily due to rising R&D costs [3]. Industry Context - The machine tool industry continues to face demand pressures, with a reported 6.6% year-on-year decline in revenue and a staggering 78.8% drop in total profits across the industry from January to September 2024 [3]. - Despite the overall industry challenges, the company is focusing on R&D to maintain its competitive edge and prepare for future recovery phases [3]. Earnings Forecast - The report adjusts the revenue forecast for 2024 downwards, predicting EPS of 1.06 CNY for 2024, 1.30 CNY for 2025, and 1.52 CNY for 2026, reflecting a cautious outlook amid current market conditions [4].

证券代码：601882 证券简称：海天精工 公告编号：2024-032 宁波海天精工股份有限公司 2024 年第一次临时股东大会决议公告 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长张剑鸣先生因工作原因未能出席本 (一) 股东大会召开的时间：2024 年 11 月 15 日 (二) 股东大会召开的地点：浙江省宁波市北仑区小港街道海天路 1688 号海天 大楼三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 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。 次股东大会，根据《公司章程》有关规定，经半数以上董事推举，本次股东大会 由董事赵万勇先生主持。本次股东大会采取现场投票和网络投票相结合的方式召 开并表决，会议的召开及表决方式符合《公司法》及《公司章程》的规定。 重要内容提示： (五) 公司董事、监事和董事会秘书的出席情况 本次会议是否有否决议案：无 一、 会议召开和出席情况 二、 议案审议情况 | 1、出席会议的股东和代理人人数 ...

关于召开 2024 年第三季度业绩说明会的公告 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。 证券代码：601882 证券简称：海天精工 公告编号：2024-033 宁波海天精工股份有限公司 （一）会议召开时间：2024 年 11 月 26 日上午 09:00-10:00 会议召开时间：2024 年 11 月 26 日(星期二)上午 09:00-10:00 会议召开地点： 上海证券 交 易 所 上 证 路 演中心（ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 19 日(星期二)至 11 月 25 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jgzq@mail.haitian.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 重要内容提示： 宁波海天精工股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发 布公司 2024 年第三季度报告，为 ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 关于宁波海天精工股份有限公司 2024 年第一次临时股东大会之法律意见书 宁波海天精工股份有限公司： 本所受贵公司的委托，指派律师出席了贵公司 2024 年第一次临时股东大会 （以下称本次股东大会）。现根据《中华人民共和国公司法》（以下称《公司法》）、 《中华人民共和国证券法》（以下称《证券法》）、《上市公司股东大会规则》 （以下称《股东大会规则》）、《上海证券交易所上市公司股东大会网络投票实 施细则》（以下称《网络投票细则》）等有关法律、行政法规、规范性文件及贵 公司章程之规定，出具本法律意见书。 为出具本法律意见书，本所律师列席了本次股东大会并审查了贵公司提供的 本次股东大会有关文件的原件或影印件，包括（但不限于）本次股东大会各项议 程及相关决议等文件，同时听取了贵公司就有关事实的陈述和说明。贵 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Views - The company reported a revenue of 2.493 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.57%, and a net profit attributable to shareholders of 404 million yuan, down 12.89% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 814 million yuan, a slight increase of 0.26% year-on-year, while the net profit decreased by 22.47% year-on-year to 110 million yuan [4][5]. - The overall demand in the manufacturing sector remains weak, impacting the company's profitability, with a decline in gross margin and increased costs due to lower capacity utilization [5][6]. - The company is expected to benefit from structural opportunities such as policy support, self-sufficiency, and international expansion in the medium to long term [6][7]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.493 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 362 million yuan, reflecting year-on-year declines of 12.89% and 9.55% respectively [4][5]. - The gross margin decreased by 3.72 percentage points year-on-year, primarily due to weak demand and increased competition leading to lower product prices [5][6]. - The company is focusing on expanding its production capacity and enhancing its product advantages through increased R&D investment [6][7]. - The forecasted net profits for 2024, 2025, and 2026 are 556 million yuan, 663 million yuan, and 799 million yuan respectively, with corresponding price-to-earnings ratios of 20x, 17x, and 14x [7][12].

Investment Rating - The report maintains a "Buy" rating for the company [6][9][16] Core Views - The company's short-term performance is under pressure, with a slight decline in profitability in Q3 2024. For the first three quarters, the company achieved revenue of 2.493 billion yuan, down 0.57% year-on-year, and a net profit attributable to shareholders of 404 million yuan, down 12.89% year-on-year [5] - The company is a leader in the domestic CNC machine tool industry, with a diverse product layout across multiple sectors, including aerospace, high-speed rail, and automotive components [5] - The company is accelerating its overseas market expansion, with significant growth in overseas sales revenue in 2023, and has established subsidiaries in Singapore and Thailand [5] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 814 million yuan, a year-on-year increase of 0.26%, and a net profit of 110 million yuan, down 22.47% year-on-year. The gross margin for Q3 was 27.33%, compared to 31.05% in the same period last year [5] - For the first three quarters, the company’s revenue was 2.493 billion yuan, with a net profit of 404 million yuan and a non-recurring net profit of 362 million yuan [5] Revenue and Profit Forecast - The company is expected to achieve total revenues of 3.822 billion yuan, 4.395 billion yuan, and 5.055 billion yuan for 2024, 2025, and 2026, respectively, with a year-on-year growth rate of 15% for each year. The net profit attributable to shareholders is projected to be 678 million yuan, 782 million yuan, and 898 million yuan for the same years, with growth rates of 11.3%, 15.3%, and 14.7% respectively [6][8]