Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a slight decline in revenue in the first three quarters of 2024, with a year-on-year decrease of 0.57%, primarily due to slow recovery in machine tool demand and increased market price competition affecting profit levels [2][3] - The gross margin has slightly decreased, with a gross margin of 28.03% for the first three quarters of 2024, down 1.53 percentage points year-on-year, attributed to weak demand in the machine tool industry and intensified price competition [3] - The company is increasing its R&D investment during the industry's low point, demonstrating confidence in long-term growth and maintaining its leading product advantages [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.493 billion yuan and a net profit attributable to shareholders of 404 million yuan, reflecting a year-on-year decrease of 12.89% [2] - The company's net profit margin for the first three quarters was 16.20%, down 2.29 percentage points year-on-year, with a significant drop in the net profit margin in Q3 to 13.54% [3] - The report projects a downward adjustment in net profit forecasts for 2024-2026, with expected net profits of 5.45 billion yuan for 2024, 6.93 billion yuan for 2025, and 8.18 billion yuan for 2026 [4] Market Position and Strategy - The company is leveraging its multi-product advantages to expand into the new energy sector, with its leading products in the domestic market [4] - The company has a strong internal circulation advantage, with significant growth in overseas revenue, achieving a CAGR of 62.3% from 2017 to 2023 [4] - The company is in the process of ramping up production capacity at its South China base, with expectations to add over 500 units per month once fully operational [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a recovery in profitability due to industry improvement and the company's leading position in the market [3][9]. Core Insights - The company's revenue for the first three quarters of 2024 was 2.493 billion RMB, a year-on-year decrease of 0.57%, while the net profit attributable to shareholders was 404 million RMB, down 12.89% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 814 million RMB, a year-on-year increase of 0.26%, but a quarter-on-quarter decrease of 11.75%. The net profit for the same period was 110 million RMB, reflecting a year-on-year decrease of 22.47% and a quarter-on-quarter decrease of 32.42% [2]. - The machine tool industry remains under pressure, with a 3.5% decline in revenue and a 9.9% drop in total profit for key enterprises in the sector from January to August 2024. However, new orders for metal processing machine tools increased by 3.5% [2]. - The company's gross margin in Q3 2024 was 27.33%, down 3.72 percentage points year-on-year, and the net margin was 13.54%, down 3.97 percentage points year-on-year. The management expense ratio increased to 1.58%, while the sales expense ratio decreased to 4.84% [2]. - The company is enhancing its product capabilities through increased R&D investment, focusing on high-performance products for key industries, and accelerating the development and application of core functional components [2]. Summary by Sections Performance Review - For the first three quarters of 2024, the company reported a revenue of 2.493 billion RMB and a net profit of 404 million RMB, with Q3 showing a revenue of 814 million RMB and a net profit of 110 million RMB [2]. - The overall performance reflects the challenges faced in the machine tool industry, which is currently experiencing a downturn [2]. Industry Analysis - The machine tool industry is under pressure, with key enterprises reporting a 3.5% decline in revenue and a 9.9% drop in profit from January to August 2024. However, there is a slight increase in new orders, indicating potential recovery [2]. Profitability and Cost Management - The company's gross margin and net margin have decreased, but the management maintains a good control over expenses, with the management expense ratio increasing slightly and the sales expense ratio decreasing [2]. Product Development - The company is focusing on enhancing its product offerings through increased R&D investments, aiming to develop high-performance products and accelerate the application of core components [2].

证券代码：601882 证券简称：海天精工 公告编号：2024-030 宁波海天精工股份有限公司 关于召开 2024 年第一次临时股东大会的通知 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 11 月 15 日 14 点 00 分 召开地点：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 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交易 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 814,071,308.43, representing a year-over-year increase of 0.26%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 110,226,743.71, a decrease of 22.47% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was CNY 0.2112, down 22.47% year-over-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 2,492,986,544.50, a slight decrease of 0.57% compared to CNY 2,507,272,917.10 in the same period of 2023[13] - Net profit for the third quarter of 2024 was CNY 403,786,910.98, down 12.92% from CNY 463,552,698.12 in the same quarter of 2023[14] - The company reported a total comprehensive income of CNY 403,597,749.13 for the third quarter of 2024, compared to CNY 465,163,827.70 in the previous year[15] Assets and Liabilities - The total assets as of the end of Q3 2024 were CNY 4,780,066,552.88, reflecting a 3.54% increase from the end of the previous year[3] - As of September 30, 2024, the total assets of Ningbo Haitan Precision Machinery Co., Ltd. reached RMB 4,780,066,552.88, an increase from RMB 4,616,607,489.81 at the end of 2023, representing a growth of approximately 3.55%[10] - Total liabilities decreased to RMB 2,197,895,770.83 from RMB 2,304,271,277.73, a reduction of about 4.63%[11] - The total current assets slightly increased to RMB 3,733,693,020.23 from RMB 3,728,202,598.20, reflecting a marginal growth of about 0.15%[10] Equity and Shareholder Information - The total equity attributable to shareholders increased to CNY 2,580,070,681.53, an increase of 11.58% from the previous year[3] - The equity attributable to shareholders increased to RMB 2,580,070,681.53 from RMB 2,312,336,212.08, marking a growth of approximately 11.58%[12] - The number of common shareholders at the end of the reporting period was 20,419, with the largest shareholder holding 38.69% of the shares[7] Cash Flow and Investments - The cash flow from operating activities for the year-to-date period was CNY 236,305,525.47, down 0.93% year-over-year[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 236,305,525.47, slightly down from CNY 238,533,892.58 in 2023[17] - Cash inflow from investment activities increased significantly to CNY 1,217,204,405.01, compared to CNY 658,749,076.88 in the same period of 2023[17] - Net cash flow from financing activities was -140,227,502.00 CNY, compared to -189,267,494.00 CNY in the previous period[18] - Cash and cash equivalents increased by 265,892,907.89 CNY, compared to an increase of 205,330,617.31 CNY in the previous period[18] - The ending balance of cash and cash equivalents reached 724,348,265.70 CNY, up from 633,527,866.18 CNY in the previous period[18] Operational Costs and Expenses - Total operating costs increased to CNY 2,081,929,862.00, up 2.25% from CNY 2,036,090,678.93 in the previous year[13] - Research and development expenses rose significantly to CNY 125,360,158.56, an increase of 27.06% compared to CNY 98,618,480.44 in 2023[13] - The company's financial expenses improved, showing a net financial income of CNY -4,339,620.85 in 2024 compared to CNY -10,396,908.92 in 2023[13] Non-Recurring Gains and Losses - Non-recurring gains and losses for Q3 2024 amounted to CNY 5,579,743.05, with a year-to-date total of CNY 41,609,719.09[5] - The company reported a government subsidy of CNY 3,448,226.11 for the current period, contributing to its non-recurring gains[4] Inventory and Receivables - Accounts receivable increased to RMB 412,313,831.39 from RMB 332,395,511.41, reflecting a growth of about 24.00%[10] - Inventory decreased slightly to RMB 1,532,066,214.40 from RMB 1,570,358,240.68, showing a decline of approximately 2.43%[10] - The company reported a significant increase in prepayments, rising to RMB 32,909,769.91 from RMB 6,257,634.20, a growth of approximately 426.00%[10] Shareholder Participation - The company has not reported any significant changes in shareholder participation in financing or margin trading activities[8] - The company's short-term borrowings and other financial liabilities were not reported, indicating a focus on maintaining liquidity[11]

宁波海天精工股份有限公司 证券代码：601882 证券简称：海天精工 公告编号：2024-029 关于续聘 2024 年度审计机构的公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 宁波海天精工股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开 的第五届董事会第五次会议审议通过了《关于聘任公司 2024 年度审计机构的议 案》，拟续聘立信会计师事务所（特殊普通合伙）为公司 2024 年度审计机构，聘 期一年，并提请股东大会授权公司管理层决定其 2024 年度审计报酬、办理并签 署相关服务协议等事项。本议案尚需提交公司 2024 年第一次临时股东大会审议。 现将相关事宜公告如下： 一、 拟聘任会计师事务所的基本情况 (一) 机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计 ...

证券代码：601882 证券简称：海天精工 公告编号：2024-027 宁波海天精工股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 (二) 关于聘任公司 2024 年度审计机构的议案 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 2024 年 10 月 30 日，宁波海天精工股份有限公司（以下简称"公司"）第五 届董事会第五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 10 月 18 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 经与会全体董事认真审议并表决，通过如下议案： (一) 公司 2024 年第三季度报告 本议案已经公司第五届董事会审计委员会第四次会议审议通过，并同意将此 项议案提交公司董事会审议。 具体内容详见上 ...

证券代码：601882 证券简称：海天精工 公告编号：2024-028 宁波海天精工股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 2024 年 10 月 30 日，宁波海天精工股份有限公司（以下简称"公司"）第 五届监事会第四次会议以现场会议方式在公司三楼会议室召开。应到监事 3 人， 实到监事 3 人。监事会主席童永红先生主持了本次会议。本次会议通知于 2024 年 10 月 18 日以电子邮件形式发出。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) 关于聘任公司 2024 年度审计机构的议案 (一) 公司 2024 年第三季度报告 根据《证券法》第 82 条、《上海证券交易所上市公司自律监管指南第 1 号— —公告格式》附件《第五十二号 上市公司季度报告》、《上海证券交易所上市公 司自律监管指南第 2 号——业务办理》附件《第六号 定期报告》、上海证券交易 所《关于做好主板上市公司 2024 年第三季度报告 ...

公司于 2024 年 6 月 7 日披露了《公司董事兼高级管理人员集中竞价减持股 份计划公告》（公告编号：2024-020）。公司董事兼总经理王焕卫先生计划自该 减持计划公告之日起 15 个交易日后的 3 个月内（窗口期不减持）,通过集中竞价 交易方式减持公司股份不超过 2,000,000 股，即不超过公司总股本的 0.38%。 截至本公告披露日，本次减持计划期限已届满，王焕卫先生未减持公司股份。 证券代码：601882 证券简称：海天精工 公告编号：2024-026 宁波海天精工股份有限公司董事兼高级管理人员集 中竞价减持股份时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 董事兼高级管理人员持股的基本情况 本次减持股份计划实施前，宁波海天精工股份有限公司（以下简称"公司"） 董事兼总经理王焕卫先生持有公司股份 8,337,632 股，占公司总股本的 1.60%。 股份来源为公司首次公开发行前取得的股份。 集中竞价减持计划的实施结果情况 (一)董事兼高级管理人员因以下事项披 ...

证券代码：601882 证券简称：海天精工 公告编号：2024-025 宁波海天精工股份有限公司 关于召开 2024 年半年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。 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 8 月 30 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 10 月 11 日上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 11 日上午 9:00-10:00 会议召开时间：2024 年 10 月 11 日(星期五)上午 9:00-10:00 会议召 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨海天精工（601882.SH） [Table_Title] 海天精工：24Q2 营收创新高，扣非净利润降幅 缩窄 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司 24Q2 营收 9.22 亿元，同比 +1.13% ；归母净利润 1.63 亿元，同比 -12.29% ；扣非归母净 | | | 利润 1.51 亿元，同比 -3.24% 。在国内制造业弱需求背景 + 公司 23Q2 收入高基数情况下，公司 | | | 仍然在 实现增速转正且再创新高，我们认为充分反映了公司作为国内机床龙头的韧性。 | | | 24Q2 | | | 24Q2 公司净利润受非经常性损益影响，实际上扣非净利润降幅缩窄。大环境需求承压背景下， | | | 我们持续看好龙头公司提升份 ...