Investment Rating - The report assigns a "Buy" rating for the company, Chuan Yi Co., Ltd. (川仪股份) [5][15][223] Core Insights - Chuan Yi Co., Ltd. is positioned as a leading player in the domestic industrial automation instrument sector, with the potential to become the "Chinese Emerson" due to multiple competitive advantages [2][9][15]. - The industrial automation market in China is expected to reach approximately 350 billion yuan in 2024, with the automation instrument market (including control valves and instruments) projected at around 85 billion yuan [2][13][68]. - The company has successfully replaced second-tier foreign brands and is now targeting first-tier foreign brands like Emerson [9][15][122]. Summary by Sections Company Overview - Chuan Yi Co., Ltd. has a history of over 60 years in the industrial automation instrument field, evolving into the largest and most comprehensive domestic player in this sector [29][30]. - The company has shown robust growth, with revenue increasing from 3.13 billion yuan in 2017 to 7.41 billion yuan in 2023, representing a CAGR of approximately 15% [9][51]. Market Dynamics - The report highlights a recovery in the capital expenditure of the petrochemical industry, which is expected to drive demand for automation instruments [9][51]. - The company benefits from favorable policies aimed at economic stabilization, which are likely to enhance demand in the basic chemical industry [9][100]. Competitive Landscape - Chuan Yi Co., Ltd. has achieved significant market share in various product categories, including being the second-largest in control valves with a market share of approximately 6.5% [9][115]. - The company is positioned to capture a larger share of the high-end market, traditionally dominated by foreign brands [9][122]. Financial Projections - Revenue forecasts for 2024-2026 are 7.75 billion, 8.51 billion, and 9.74 billion yuan, respectively, with expected growth rates of approximately 5%, 10%, and 14% [15][208]. - The net profit for the same period is projected to be 770 million, 880 million, and 1.03 billion yuan, with growth rates of 4%, 14%, and 18% [15][208]. Investment Valuation - The report estimates a target price of 27.3 yuan per share based on a relative valuation method, applying a PE ratio of 16 times for 2025 [15][223]. - The DCF model suggests a current value of approximately 12.3 billion yuan, translating to a per-share value of 23.9 yuan [15][213][218].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown resilience in profitability despite a slight decline in revenue due to macroeconomic factors. The report anticipates a recovery in demand and stable growth driven by expansion into new sectors such as petrochemicals, equipment manufacturing, metallurgy, and nuclear power [1][3] - The company is recognized as a leader in the domestic industrial automation instrument sector, with a comprehensive product range and a strong market position. The report highlights the company's ability to maintain profitability through cost control and lean production practices [1][3] Financial Performance Summary - **Revenue Forecast**: - 2022A: 6,370 million - 2023A: 7,411 million (16% growth) - 2024E: 7,789 million (5% growth) - 2025E: 8,887 million (14% growth) - 2026E: 10,306 million (16% growth) [1] - **Net Profit Forecast**: - 2022A: 579 million - 2023A: 744 million (28% growth) - 2024E: 787 million (6% growth) - 2025E: 915 million (16% growth) - 2026E: 1,082 million (18% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.13 - 2023A: 1.45 - 2024E: 1.53 - 2025E: 1.78 - 2026E: 2.11 [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 19.1 - 2023A: 14.9 - 2024E: 14.1 - 2025E: 12.1 - 2026E: 10.2 [1] - **Price-to-Book (P/B) Ratio**: - 2022A: 3.2 - 2023A: 2.8 - 2024E: 2.4 - 2025E: 2.0 - 2026E: 1.7 [1] Market Position and Strategy - The company is expanding its presence in emerging sectors and has a strong focus on international markets. It aims to benefit from import substitution policies and is actively pursuing opportunities in new industries such as nuclear power, lithium batteries, hydrogen energy, and pharmaceuticals [1][3] - The report emphasizes the company's competitive edge in technology and product offerings, which are aligned with international standards, positioning it well for future growth [1][3]

国浩律师（上海）事务所 关于 重庆川仪自动化股份有限公司 2024 年第二次临时股东大会 之 法律意见书 上海市北京西路 968 号嘉地中心 23-25 层 邮编：200041 23-25/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5243 3320 网址/Website: http://www.grandall.com.cn 二〇二四年十一月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于重庆川仪自动化股份有限公司 2024 年第二次临时股东大会 之 法律意见书 致：重庆川仪自动化股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受重庆川仪自动化股份有限公司（以下简称"公司"）的委托， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、中国证券监督管理委员会《上市公司股东 大会规则》（以下简称"《股东大会 ...

重庆川仪自动化股份有限公司（以下简称"川仪股份"或"公司"）第五 届董事会第四十七次会议于 2024 年 11 月 1 日以现场结合通讯表决方式在公司 会议室召开，会议通知及议案内容根据章程的规定于 2024 年 11 月 1 日口头通 知全体董事，全体董事同意豁免通知时限。本次会议应参加董事 11 名，实际 参加董事 11 名，其中 8 名董事现场参会，3 名董事以通讯表决方式参会，本 次董事会由董事长田善斌先生主持。公司部分监事、高级管理人员、相关部门 负责人列席会议。本次会议的召集、召开及表决程序符合《公司法》和公司章 程的有关规定，合法有效。 二、董事会会议审议情况 经与会董事认真审议，通过了以下议案： （一）《关于川仪股份吸收合并全资子公司的议案》 同意川仪股份吸收合并全资子公司重庆川仪物流有限公司、重庆川仪速达 机电有限公司、上海宝川自控成套设备有限公司、重庆川仪工程技术有限公司、 上海川仪工程技术有限公司、重庆川仪控制系统有限公司、重庆川仪软件有限 公司。吸收合并完成后，川仪股份存续经营，公司名称、注册资本等保持不变， 前述 7 家全资子公司独立法人资格将予以注销，其全部资产、债权债务、业务 及 ...

证券代码：603100 证券简称：川仪股份 公告编号：2024-050 重庆川仪自动化股份有限公司 关于吸收合并子公司的公告 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法律责任。 重要内容提示： ●重庆川仪自动化股份有限公司（简称"公司 "或"川仪股份"）拟吸 收合并全资子公司重庆川仪物流有限公司（简称"川仪物流"）、重庆川仪 速达机电有限公司（简称"川仪速达"）、上海宝川自控成套设备有限公司 （简称"上海宝川"）、重庆川仪工程技术有限公司（简称"川仪工程技 术"）、上海川仪工程技术有限公司（简称"上海川仪工程技术"）、重庆 川仪控制系统有限公司（简称"川仪控制系统"）、重庆川仪软件有限公司 （简称"川仪软件"），控股子公司重庆川仪自动化工程检修服务有限公司 （简称"川仪工程检修"）。本次吸收合并完成后，前述子公司依法注销， 其全部资产、债权债务、业务及人员等将由公司依法承继。 ●本次吸收合并事项已经公司第五届董事会第四十七次会议审议通过，吸 收合并支付的价款未超过公司净资产的10%，根据《公司法》、公司章程等 规定，无需提交股东大 ...

证券代码：603100 证券简称：川仪股份 公告编号：2024-048 重庆川仪自动化股份有限公司 2024 年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 11 月 1 日 (二)股东大会召开的地点：重庆川仪自动化股份有限公司两江新区工业园科研楼 一楼会议厅（重庆市两江新区黄山大道 61 号） (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： | 1、出席会议的股东和代理人人数 | 249 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 288,746,490 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.2457 | (四)公司董事、监事和董事会秘书的出席情况 1、公司在任董事 11 人，出席 8 人，董事程宏先生、何朝纲先生、柴毅先生（独 立董事）因事未能亲自出席本次会 ...

证券代码：603100 证券简称：川仪股份 公告编号：2024-047 重庆川仪自动化股份有限公司 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法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 8 日(星期五)下午 15:00-16:00 会议召开地点：全景网 "投资者关系互动平台 "（网址： http://ir.p5w.net） 会议召开方式：网络文字互动 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 7 日(星期四)12： 00 前访问 http://ir.p5w.net/zj/，进入问题征集专题页面进行提问，或者通过 公司邮箱：cyzqb@cqcy.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。 一、说明会类型 重庆川仪自动化股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 经营成果、财务状况，公司计划于 2024 年 11 月 ...

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、董事会会议召开情况 重庆川仪自动化股份有限公司（以下简称"川仪股份"或"公司"）第五 届董事会第四十六次会议于 2024 年 10 月 29 日以现场结合通讯表决方式在公 司会议室召开，会议通知及相关资料已于 2024 年 10 月 24 日以电子邮件方式 发出。本次会议应参加董事 11 名，实际参加董事 11 名，其中 5 名董事现场参 会，6 名董事以通讯表决方式参会，本次董事会由董事长田善斌先生主持。公 司部分监事、高级管理人员、相关部门负责人列席会议。本次会议的召集、召 开及表决程序符合《公司法》和公司章程的有关规定，合法有效。 证券代码：603100 证券简称：川仪股份 公告编号：2024-046 重庆川仪自动化股份有限公司 第五届董事会第四十六次会议决议公告 二、董事会会议审议情况 经与会董事认真审议，通过了以下议案： （一）《关于公司 2024 年第三季度报告的议案》 公司第五届董事会审计委员会 2024 年第四次定期会议审议通过本议案， 并同意提交本次董事会审 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 187,741.56 million, a decrease of 0.61% compared to the same period last year[2]. - The net profit attributable to shareholders was CNY 19,559.85 million, an increase of 7.84% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 16,583.29 million, up by 0.97% compared to the previous year[2]. - The basic earnings per share for the period was CNY 0.38, reflecting a growth of 5.56% year-on-year[2]. - Total operating revenue for the first three quarters of 2024 reached CNY 5,621,788,991.41, an increase from CNY 5,482,716,755.24 in the same period of 2023, representing a growth of approximately 2.5%[15]. - Net profit for the first three quarters of 2024 was CNY 559,287,169.31, compared to CNY 536,710,803.64 in 2023, reflecting an increase of about 4.2%[16]. - Earnings per share for the first three quarters of 2024 were CNY 1.09, compared to CNY 1.05 in the same period of 2023, reflecting an increase of approximately 3.8%[16]. - The total comprehensive income for the first three quarters of 2024 was CNY 559,128,780.04, compared to CNY 536,738,795.73 in 2023, indicating a growth of about 4.1%[16]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 828,668.85 million, a decrease of 0.40% from the end of the previous year[3]. - The equity attributable to shareholders increased to CNY 424,024.40 million, representing a growth of 7.21% compared to the end of the previous year[3]. - The company's total assets amounted to CNY 8,286,688,524.61, slightly down from CNY 8,319,848,747.34 in the previous year, indicating a decrease of about 0.4%[14]. - The company's total liabilities amounted to CNY 4,029,233,095.18, down from CNY 4,348,238,754.27 in the previous year, indicating a reduction of approximately 7.3%[14]. - The total liabilities decreased from CNY 3.92 billion at the end of 2023 to CNY 3.76 billion, reflecting a decline of approximately 4.1%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY -14,247.29 million, a significant decrease of 186.87% year-on-year[7]. - In the first three quarters of 2024, the company reported cash inflows from operating activities of approximately CNY 4.31 billion, a decrease of 1.7% compared to CNY 4.38 billion in the same period of 2023[17]. - The net cash flow from operating activities was negative CNY 142.47 million, contrasting with a positive CNY 164.01 million in the first three quarters of 2023[17]. - Cash inflows from investment activities totaled CNY 181.30 million, significantly lower than CNY 1.26 billion in the same period last year[18]. - The net cash flow from investment activities improved to CNY 111.13 million, compared to a negative CNY 389.73 million in the previous year[18]. - The company reported cash outflows from financing activities of CNY 317.83 million, slightly lower than CNY 320.75 million in the same period of 2023[18]. - The ending balance of cash and cash equivalents was CNY 2.12 billion, down from CNY 1.26 billion at the beginning of the year[18]. - The company received CNY 303.84 million in dividend payments, an increase from CNY 246.76 million in the same period last year[18]. - The company experienced a foreign exchange loss of CNY 710,696.12, compared to a gain of CNY 842,218.36 in the previous year[18]. Investments and Expenses - Research and development expenses for the first three quarters of 2024 were CNY 395,178,626.52, slightly up from CNY 388,439,449.37 in 2023, showing a growth of approximately 1.9%[15]. - The company reported a decrease in sales expenses to CNY 670,150,791.31 from CNY 714,320,145.58, a reduction of about 6.2%[15]. - The company plans to raise up to CNY 660 million through a private placement to fund the construction of intelligent regulating valves and to supplement working capital[11]. Market Strategy - The company aims to enhance its market expansion strategies and invest in new product development to drive future growth[17]. - The company is committed to improving operational efficiency and managing costs effectively in response to the current market conditions[17].

重庆川仪自动化股份有限公司 2024 年第二次临时股东大会 会议资料 二〇二四年十月 目 录 | 议案 | 1 | 关于续聘公司年度财务审计及内部控制审计会计师事务所的议案 | 1 | | --- | --- | --- | --- | | 议案 | 2 | 关于变更公司注册资本、经营范围及修订公司章程的议案 5 | | | | | 附件：重庆川仪自动化股份有限公司章程（草案） 18 | | 议案 1 关于续聘公司年度财务审计及内部控制审计 会计师事务所的议案 各位股东： 重庆川仪自动化股份有限公司（简称"公司"或"川仪股份"）拟续聘中 审众环会计师事务所（特殊普通合伙）（简称"中审众环"）作为 2024 年年 度财务审计及内部控制审计会计师事务所，现提请股东大会审议，相关情 况汇报如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准 具有从事证券、期货相关业务资格及金融业务审计资格的大型会计师事务 所之一。根据财政部、证监会发布的从事证券服务业务会计师事务所备案 名单 ...