Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company's performance is under pressure, but the improvement in gross margin continues to support a stable development outlook [9] - The company reported a revenue of 5.162 billion yuan in 2023, a year-on-year increase of 3.65%, while the net profit attributable to shareholders decreased by 12.62% to 154 million yuan [9] - The gross margin for the company improved to 15.14%, an increase of 1.14 percentage points year-on-year [9] - The company has strengthened strategic management and deepened state-owned enterprise reforms, including the introduction of strategic shareholder Hualing Xianggang and the acquisition of 100% equity in a superalloy company [9] - The nuclear energy business has achieved structural breakthroughs, with new orders amounting to 517 million yuan, a year-on-year increase of 154.60% [9] - The company has seen a significant increase in international market demand, with new orders of 291 million yuan, a year-on-year increase of 58.73% [9] Financial Summary - Revenue projections for 2024-2026 are adjusted to 61.86 billion yuan, 70.17 billion yuan, and 79.90 billion yuan respectively [9] - The projected net profit attributable to shareholders for 2024-2026 is 2.53 billion yuan, 3.13 billion yuan, and 3.77 billion yuan respectively [9] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.19 yuan, 0.24 yuan, and 0.29 yuan respectively [9] - The current price-to-earnings (P/E) ratio is 27, 22, and 18 for the years 2024-2026 [9]

Investment Rating - The investment rating for the company is "Accumulate" [13] Core Views - The company reported a revenue of 5.162 billion yuan in 2023, representing a year-on-year growth of 3.65%, while the net profit attributable to the parent company was 154 million yuan, a decrease of 12.62% year-on-year [13] - The company is actively integrating and optimizing its industrial chain, which is expected to lay a solid foundation for long-term development [13] - The company has seen significant growth in its nuclear energy sector, with new orders amounting to 517 million yuan in 2023, an increase of 154.60% year-on-year [13] Financial Performance Summary - The company’s revenue is projected to grow from 5.162 billion yuan in 2023 to 7.4 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 13.2% [6] - The net profit attributable to the parent company is expected to increase from 154 million yuan in 2023 to 258 million yuan in 2026, reflecting a growth rate of 14.0% [6] - The company’s return on equity (ROE) is forecasted to improve from 5.0% in 2023 to 6.7% in 2026 [6] Business Structure and Profitability - The company’s main business segments include traditional energy equipment (54.93%), new energy equipment (17.59%), and energy-saving and environmental protection equipment (7.31%) [13] - The gross profit margins for these segments are reported at 13.76%, 13.57%, and 16.81% respectively [13] - The company has increased its R&D expenditure, which now accounts for a higher percentage of total expenses, indicating a focus on technological innovation [13]

证券代码：603169 证券简称：兰石重装 公告编号：临 2024-033 兰州兰石重型装备股份有限公司 2023 年年度股东大会决议公告 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个别及连带责任。 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 5 月 8 日 (二)股东大会召开的地点：兰州市兰州新区黄河大道西段 528 号兰州兰石重 型装备股份有限公司六楼会议室 (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 | 1．出席会议的股东和代理人人数 | 21 | | --- | --- | | 2．出席会议的股东所持有表决权的股份总数（股） | 623,384,594 | | 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 | 47.7216 | | 数的比例（%） | | (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 本次股东大会采取现场投票和网络投票相结合的方式表决，会议由公司董事 会召集，董事长郭富永主持。会议的召 ...

地址：陕西省西安市丈八一路 10 号中铁西安中心 32 层 电话：029-89840840 传真：029-89840848 邮编：710065 网址：http://www.allbrightlaw.com 上海市锦天城（西安）律师事务所 法律意见书 上海市锦天城（西安）律师事务所 上海市锦天城（西安）律师事务所 关于兰州兰石重型装备股份有限公司 2023 年年度股东大会的 法律意见书 关于兰州兰石重型装备股份有限公司 2023 年年度股东大会的 法律意见书 致：兰州兰石重型装备股份有限公司 上海市锦天城（西安）律师事务所（以下简称"本所"）接受兰州兰石重型 装备股份有限公司（以下简称"公司"）委托，就公司召开 2023 年年度股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东大会规则（2022 年修订）》（以下简称"《上市公 司股东大会规则》"）等法律、法规和规范性文件及《兰州兰石重型装备股份有 限公司章程》（以下简称"《公司章程》"）的规定，就本次股东大会的召集和 召开程序、会议召集 ...

Investment Rating - The report maintains a "Buy" rating, expecting the company's stock price to outperform the benchmark index by over 20% in the next 6-12 months [1][14]. Core Views - The company reported a 12.62% decline in net profit for 2023, with total new orders amounting to 6.395 billion RMB, a decrease of 4.68% year-on-year. However, the first quarter of 2024 showed a 9.16% increase in profit compared to the same period in 2023 [17]. - The traditional energy equipment segment benefited from equipment upgrades, achieving a revenue of 2.835 billion RMB in 2023, a year-on-year increase of 22.19% [17]. - The new energy equipment segment faced challenges, with a revenue decline of 30.28% in 2023, but the hydrogen energy business is progressing steadily, with new orders reaching 517 million RMB, a 155% increase year-on-year [17]. Summary by Sections Financial Performance - The company’s main revenue for 2022 was 4,980 million RMB, with a projected increase to 6,448 million RMB in 2024, reflecting a growth rate of 24.9% [6][20]. - The EBITDA for 2023 is reported at 383 million RMB, with projections of 565 million RMB for 2024 [6]. - The net profit attributable to the parent company is expected to rise from 154 million RMB in 2023 to 236 million RMB in 2024, indicating a growth rate of 53.4% [6][20]. Earnings Per Share (EPS) and Valuation - The latest diluted EPS is projected to be 0.12 RMB in 2023, increasing to 0.18 RMB in 2024, with a corresponding P/E ratio of 29.3 for 2024 [6][20]. - The report adjusts the EPS forecasts for 2024-2026 to 0.18, 0.23, and 0.30 RMB respectively, with a maintained "Buy" rating [17]. Market Context - The report highlights the company's strategic focus on optimizing its industrial structure and advancing its hydrogen energy and storage initiatives [5][17]. - The traditional energy sector is expected to benefit from government policies promoting high-end and low-carbon development in coal chemical industries [17].

Financial Performance - In 2023, Lanzhou Lanshi Heavy Equipment Co., Ltd. achieved operating revenue of 5.162 billion yuan, a year-on-year increase of 3.65% [2] - The net profit attributable to shareholders was 154 million yuan, a decrease of 12.62% compared to the previous year [2] - Cash flow from operating activities was 258 million yuan, down 16.49% year-on-year [2] - The gross profit margin was 15.14%, reflecting a year-on-year increase of 1.13% [2] - Research and development investment reached 227 million yuan, showing a year-on-year growth [2] Strategic Outlook - 2024 is identified as a critical year for implementing the "14th Five-Year Plan" and enhancing high-quality development [3] - The company aims to strengthen strategic leadership, focus on reform and innovation, and enforce strict risk management [3] - Plans to expand into new energy, new materials, low-carbon environmental protection, and international markets are highlighted [3] - The company is committed to upgrading its industry towards integration, intelligence, and digitalization to deliver better performance for shareholders [3] Dividend Policy - The company emphasizes the importance of investor returns and has established clear dividend standards in its articles of association [3] - Future dividend plans will be based on operational performance, development planning, and cash flow, ensuring long-term healthy development [3] Core Competitiveness - The company is a leading player in the domestic energy and chemical equipment sector, with core competencies in industrial intelligent equipment, energy-saving and environmental protection equipment, and new metal materials [3] - It possesses comprehensive qualifications in engineering, technology, and process design, along with core manufacturing capabilities [3] - The "Lanshi" brand is recognized for its strong market reputation and significant influence in core products and technologies [3]

Financial Performance - The company's operating revenue for Q1 2024 was ¥927,255,084.99, representing a decrease of 0.93% compared to the same period last year[2] - Net profit attributable to shareholders was ¥33,114,671.21, an increase of 9.16% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥32,010,000.49, which increased by 66.91% due to higher product profits[5] - Operating profit increased to ¥33.07 million in Q1 2024, up 8.5% from ¥30.50 million in Q1 2023[16] - Net profit attributable to shareholders of the parent company rose to ¥33.11 million, a 9.3% increase from ¥30.34 million in the same period last year[17] - The net profit for Q1 2024 was CNY 16.06 million, a decrease of 59.5% compared to CNY 39.65 million in Q1 2023[25] Cash Flow - The net cash flow from operating activities decreased by 80.56% to ¥15,245,695.44, primarily due to increased payments for materials[5] - Cash flow from operating activities generated a net amount of ¥15.25 million, down 80.6% from ¥78.44 million in Q1 2023[19] - The net cash flow from financing activities was ¥610.51 million, a decrease of 38.1% compared to ¥986.18 million in Q1 2023[20] - The company reported a net cash flow from financing activities of CNY 526,234,779.57, a decrease of 47.9% from CNY 1,011,876,424.51 in Q1 2023[26] - The cash inflow from operating activities was impacted by a decrease in cash received from sales, which totaled CNY 825,150,228.31, down 9.6% from CNY 912,601,865.64 in Q1 2023[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,921,192,009.77, up 3.07% from the end of the previous year[2] - The company's total assets amounted to RMB 12,921,192,009.77, an increase from RMB 12,536,924,518.54 as of December 31, 2023, reflecting a growth of approximately 3.06%[12] - Total current liabilities decreased to RMB 7,699,248,784.88 from RMB 7,863,680,371.70, a reduction of approximately 2.09%[13] - The company's total liabilities increased to RMB 9,530,032,507.80 from RMB 9,178,749,003.31, indicating an increase of approximately 3.83%[13] - The total liabilities increased to CNY 8.32 billion, up from CNY 8.05 billion, indicating a rise of approximately 3.4%[23] Equity and Shareholder Information - The weighted average return on equity was 1.05%, an increase of 0.09 percentage points[2] - The number of ordinary shareholders at the end of the reporting period was 70,077[6] - The total equity attributable to shareholders increased to RMB 3,173,306,786.11 from RMB 3,139,578,321.28, showing a growth of approximately 1.07%[14] - The company's total equity increased slightly to CNY 3.14 billion from CNY 3.12 billion, reflecting a growth of 0.3%[23] Research and Development - Research and development expenses increased by 34.34% as the company continued to promote the development of new energy equipment[5] - Research and development expenses increased to ¥17.23 million, representing a 34.5% increase from ¥12.83 million in Q1 2023[16] - Research and development expenses for Q1 2024 were CNY 3.82 million, up 18.9% from CNY 3.21 million in Q1 2023[25] Inventory and Receivables - The company's inventory as of March 31, 2024, was RMB 3,382,538,527.14, up from RMB 3,185,165,580.12, reflecting an increase of about 6.19%[12] - The company's inventory as of March 31, 2024, was CNY 1.72 billion, an increase of 5.2% from CNY 1.63 billion at the end of 2023[22] - The accounts receivable decreased to RMB 1,052,860,978.96 from RMB 1,269,563,375.00, a decline of approximately 17.1%[12] Financing Activities - Long-term borrowings increased by 48.87% as the company adjusted its debt structure[5] - The company's long-term borrowings rose to RMB 1,570,405,504.16 from RMB 1,054,900,000.00, indicating an increase of around 48.6%[13] - Short-term borrowings rose to CNY 1.65 billion, an increase of 17.6% from CNY 1.41 billion at the end of 2023[23] - The company received CNY 2,383,000,000.00 in cash from borrowings, a decrease of 5.1% compared to CNY 2,511,000,000.00 in Q1 2023[26] Other Income and Expenses - The company recorded a significant increase in other income by 160.25% due to the enjoyment of VAT deduction policies[5] - The financial expenses for Q1 2024 were CNY 33.21 million, an increase of 35.4% compared to CNY 24.56 million in Q1 2023[25]

证券代码：603169 证券简称：兰石重装 公告编号：临 2024-028 兰州兰石重型装备股份有限公司 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承担法律责任。 重要内容提示： 会议召开时间：2024 年 4 月 30 日(星期二)上午 10:00-11:00 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：上证路演中心网络文字互动 投资者可于 2024 年 4 月 23 日(星期二)至 4 月 29 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（zqb@lshec.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。 兰州兰石重型装备股份有限公司（以下简称"公司"）已于 2024 年 4 月 18 日在上海证券交易所网站（http://www.sse.com.cn）披露了公司《2023 年年度报 告》，为便于广大投资者更全面深入地了解公司 20 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 4.99 yuan per share [6]. Core Insights - The company has shown significant growth in order quantity across multiple sectors, with notable increases in coal chemical equipment orders by 13.94%, nuclear energy orders by 154.60%, and international business orders by 58.73% [3]. - The company is enhancing its supply chain by integrating upstream suppliers and acquiring 100% of a superalloy company to strengthen its metal new materials business [5]. - The company has increased its R&D investment, completing 125 innovation projects with a total R&D expenditure of 227 million yuan, marking a 49.78% year-on-year increase [5]. Financial Performance - In 2023, the company achieved a revenue of 5.162 billion yuan, a 3.65% increase year-on-year, while the net profit attributable to shareholders was 153.73 million yuan, a decrease of 12.62% [12][13]. - The gross profit margin for 2023 was 15.14%, an increase of 1.13 percentage points year-on-year, while the net profit margin was 3.22%, a decrease of 1.06 percentage points [7]. - The company forecasts net profits of 293.11 million yuan, 362.82 million yuan, and 425.06 million yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 0.22, 0.28, and 0.33 yuan [8]. Market Outlook - The nuclear power market is expected to grow rapidly, with the company positioned to benefit significantly as a leader in nuclear energy equipment and new energy markets [8][14]. - The report highlights the increasing investment in nuclear power projects, with a 20.8% year-on-year growth in nuclear engineering investment [14]. Strategic Developments - The company is focusing on strategic investments and capital operations to leverage its position as a leading enterprise, enhancing resource aggregation advantages [15]. - Collaborations with various partners in hydrogen energy and other innovative projects are underway, aiming for comprehensive applications across the hydrogen energy value chain [5].

2023 年年度股东大会资料 股票简称：兰石重装 股票代码：603169 二〇二四年五月八日 | | | | 2023 | 年年度股东大会会议议程 3 | | --- | --- | | 会议议案 | | | 1．2023 | 年度董事会工作报告 4 | | 2．2023 | 年度监事会工作报告 15 | | 3．2023 | 年年度报告及摘要 20 | | 4．2023 | 年度独立董事述职报告 21 | | 5．关于 | 2023 年度利润分配预案 22 | | | 6．关于未弥补亏损达到实收股本总额三分之一的议案 23 | | | 7．关于部分募投项目结项并将节余募集资金用于新设募投项目的议案 25 | | | 8．关于为子公司青岛公司向光大银行青岛分行申请增加授信额度提供担保的议案 | | | 30 | 兰州兰石重型装备股份有限公司 2023 年年度股东大会会议议程 一、会议时间：2024 年 5 月 8 日 14 点 00 分 二、会议地点：兰州市兰州新区黄河大道西段 528 号兰州兰石重型装 备股份有限公司 6 楼会议室 三、主持人致欢迎辞 四、宣布大会参加人数、代表股数、会议有效。介绍会议出席人 ...