证券代码：603218 证券简称：日月股份 公告编号：2024-034 日月重工股份有限公司 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,276,500 股。 本次股票上市流通总数为 1,276,500 股。 本次股票上市流通日期为 2024 年 5 月 13 日。 关于 2023 年限制性股票激励计划首次授予部分 日月重工股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日召开第六届 董事会第六次会议，关联董事张建中先生、虞洪康先生、王烨先生、周建军先生 回避表决，以 5 票同意，0 票反对，0 票弃权的审议结果通过了《关于 2023 年限 制性股票激励计划首次授予部分第一个解除限售期解除限售条件成就的议案》。同 日，召开第六届监事会第六次会议，以 3 票同意，0 票反对，0 票弃权的审议结果 通过了上述议案。根据《上市公司股权激励管理办法》及公司《2023 年限制性股 票激励计划（草案）》（以下简称《激励计划》）、《2023 年限制性股票激励计划实施 考核管理办法》的相关规定，公司将为 2023 年限制性股票激励计划（以下简称"本 次激励计划"）首次授 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [27]. Core Views - The company is experiencing revenue pressure due to declining domestic wind turbine bidding prices and a decrease in installation volumes starting from the second half of 2023. However, the net profit attributable to the parent company has significantly increased due to effective cost control and improvements in gross margins [2][4]. - The company is expanding its production capacity in casting and precision machining, which is expected to enhance its market competitiveness and profitability [5][11]. - The wind power industry is benefiting leading enterprises, with the company positioned to gain from the changing competitive landscape and increased global wind power installations [6][11]. Financial Performance Summary - In 2023, the company reported revenue of 4.656 billion yuan, a decrease of 4.3% year-on-year, while the net profit attributable to the parent company was 482 million yuan, an increase of 39.84% year-on-year [4][11]. - The company’s revenue is projected to grow to 5.585 billion yuan in 2024, with a year-on-year growth rate of 20%, and net profit is expected to reach 651 million yuan, reflecting a growth rate of 35.11% [4][11]. - The gross margins for domestic and foreign sales improved to 15.65% and 34.43%, respectively, with year-on-year increases of 4.53 percentage points and 11.39 percentage points [2][4]. Production Capacity and Market Position - The company has established a casting capacity of 700,000 tons and is expanding its precision machining capacity, which is expected to reach 540,000 tons [5][11]. - The company is actively involved in the design and development of large-scale wind power products, successfully breaking foreign monopolies in certain technologies, which is anticipated to enhance profit margins significantly [10][11]. Future Outlook - The company is expected to see a recovery in shipments in Q2 2024, with a projected revenue of 5.585 billion yuan in 2024, followed by 6.512 billion yuan in 2025 and 7.533 billion yuan in 2026 [11]. - The report anticipates that the company will maintain a competitive edge due to its production capacity and management capabilities, benefiting from the industry's consolidation trends [6][11].

证券代码：603218 证券简称：日月股份 公告编号：2024-033 | 回购方案首次披露日 | 2023/8/29 | | --- | --- | | 回购方案实施期限 | 2023/8/28~2024/8/27 | | 预计回购金额 | 万元~30,000 万元 10,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 793.50 | | 累计已回购股数占总股本比例 | 0.7697% | | 累计已回购金额 | 万元 10,004.7999 | | 实际回购价格区间 | 元/股~15.85 元/股 9.12 | 一、 回购股份的基本情况 日月重工股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 截至 2024 年 4 月 30 日，公司已累计回购公司股份 7,935,000 股，占公司现 有总股本 1,030,92 ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-----------------------------------------------|-----------------------------------------| | 2024 年 05 月 02 日 \n日月股份（ 603218.SH ） \n盈利能力稳中有升，新产品有望打开新增量 \n投资要点 | 投资评级 \n股价 | (2024-04-30) | 公司研究●证券研究报告 \n电力设备及新能源 买入 | 公司快报 \n\| 风电Ⅲ -A(维持) \n12.29 元 | | | 交易数据 | | | | | | | | | | | 事件 ：公司发布 2023 年年报与 2024 年 ...

股价：12.29 元 日月股份 == 沪深300指数 电站业务和核废料储存罐有望构建新的业绩增长点。根据前期公告，公司 拟与浙江新能签署《股权收购协议》，转让其持有的酒泉浙新能风力发电 有限公司 80%股权，转让价格为人民币 3.82 亿元，预计将带来投资收益 2.4 亿元，增厚 2024 年业绩，转让完成后甘肃日月持有酒泉浙新能股权比例由 95%降低至 15%；预计公司后续还将进一步 开展风电场开发和转让业务。2023 年公司完成核废料储存罐产品试生产和性能测试并得到客户的认可，完成了样机的生产和 交付，目前已经具备批量生产能力，核废料储存罐有望成为公司重要的具有成长潜力的新兴业务。 请通过合法途径获取本公司研究报告， ，请慎重使用并注意阅读研究报告尾页的声明内容。 2/ 4 | --- | --- | --- | --- | --- | |-------------------------|--------|--------|--------|----------------------| | 资产负债表 \n会计年度 | 2023A | 2024E | 2025E | 单位：百万元 \n2026E | ...

曾一赟，新能源与电力设备行业研究助理，悉尼大学经济分析硕士，中山大学金融学学 士，2022 年加入信达证券研发中心，负责电力设备及储能行业研究。 风险提示 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当 然客户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整 版本为准。 本报告版权仅为信达证券所有。未经信达证券书面同意，任何机构和个人不得以任何形式翻版、复制、发布、转发或引用本报告 的任何部分。若信达证券以外的机构向其客户发放本报告，则由该机构独自为此发送行为负责，信达证券对此等行为不承担任何 责任。本报告同时不构成信达证券向发送本报告的机构之客户提供的投资建议。 证券市场是一个风险无时不在的市场。投资者在进行证券交易时存在赢利的可能，也存在亏损的风险。建议投资者应当充分深入 地了解证券市场蕴含的各项风险并谨慎行事。 | --- | --- | |-------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [12]. Core Insights - The company reported a revenue of 4.656 billion yuan in 2023, a decrease of 4.3% year-on-year, while achieving a net profit attributable to the parent company of 482 million yuan, an increase of 39.8% year-on-year [12]. - The gross profit margin for 2023 was 18.7%, reflecting an increase of 5.8 percentage points compared to the previous year [12]. - The company is expanding its production capacity and has begun developing large castings for wind turbines, positioning itself as a leader in the industry [12]. - Research and development expenses increased by 16.77% in 2023, leading to significant advancements in technology and product offerings [12]. Financial Summary - Total revenue (in million yuan): - 2022: 4,865 - 2023: 4,656 - 2024E: 5,515 - 2025E: 6,680 - 2026E: 7,581 [4] - Net profit attributable to the parent company (in million yuan): - 2022: 344 - 2023: 482 - 2024E: 674 - 2025E: 880 - 2026E: 981 [4] - Gross margin: - 2022: 12.8% - 2023: 18.7% - 2024E: 21.1% - 2025E: 21.3% - 2026E: 21.2% [4] - Earnings per share (EPS, in yuan): - 2022: 0.33 - 2023: 0.47 - 2024E: 0.65 - 2025E: 0.85 - 2026E: 0.95 [4] - Price-to-earnings ratio (P/E): - 2022: 36.80 - 2023: 26.31 - 2024E: 18.79 - 2025E: 14.39 - 2026E: 12.91 [4]

深圳市福田区益田路 5023 号平安金 平安证券研究所 电话：4008866338 公 司 年 报 点 评 证 券 研 究 报 告 公 司 报 告 2023年出货量平稳，着力提升市占份额 事项： | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 4,865 | 4,656 | 5,351 | 6,093 | 7,090 | | YOY(%) | 3.2 | -4.3 | 14.9 | 13.8 | 16.4 | | 净利润 ( 百万元 ) | 344 | 482 | 683 | 816 | 969 | | YOY(%) | -48.4 | 39.8 | 41.7 | 19.6 | 18.7 | | 毛利率 (%) | 12.8 | 18.7 | 17.9 | 18.9 | 19.8 | | 净利率 (%) | 7.1 | 10.3 | 1 ...

Financial Performance - In Q1 2024, the company's operating revenue was CNY 697,687,177.34, a decrease of 34.96% compared to the same period last year[15] - The net profit attributable to shareholders of the listed company was CNY 86,803,384.79, down 33.98% year-on-year[15] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 70,451,033.49, reflecting a decline of 37.35%[15] - Basic earnings per share were CNY 0.08, down 38.46% compared to the previous year[15] - The net profit for Q1 2024 was CNY 85,664,813.22, a decrease of 34.7% compared to CNY 131,032,018.72 in Q1 2023[33] - The company's operating profit for the quarter was CNY 96,418,018.17, a decrease of 38.3% from CNY 156,324,138.87 in the same quarter last year[33] - The total comprehensive income for Q1 2024 was CNY 85,664,813.22, compared to CNY 131,032,018.72 in Q1 2023, marking a decrease of 34.7%[34] Assets and Liabilities - Total assets increased to CNY 13,946,926,556.85, a rise of 0.97% from the end of the previous year[7] - The equity attributable to shareholders of the listed company was CNY 9,896,623,399.74, up 0.64% from the previous year-end[7] - Total liabilities as of March 31, 2024, were RMB 4,041,660,251.61, compared to RMB 3,968,082,975.69 at the end of 2023[29] - The company’s total liabilities increased to CNY 7,752,773,462.46, compared to CNY 7,570,995,146.86 in the previous year, reflecting an increase of about 2.4%[43] Cash Flow - The net cash flow from operating activities was negative at CNY -424,607,079.07, indicating a decrease in cash inflow[15] - Cash and cash equivalents as of March 31, 2024, were RMB 1,742,308,008.97, slightly up from RMB 1,732,341,533.91 at the end of 2023[26] - The cash flow from financing activities showed a net inflow of CNY 507,701,253.87, significantly higher than CNY 66,151,600.00 in Q1 2023[38] - Total cash inflow from operating activities was $793.56 million, a decrease from $893.73 million in the previous year[52] - The company reported a total cash outflow from operating activities of $1.22 billion, down from $1.36 billion year-over-year[52] Operating Costs and Expenses - Total operating costs for Q1 2024 were RMB 618,616,407.98, down 34.1% from RMB 940,341,919.98 in Q1 2023[31] - Research and development expenses for Q1 2024 amounted to RMB 31,923,247.69, a decrease of 45.1% compared to RMB 58,285,099.79 in Q1 2023[31] Shareholder Information - The number of common shareholders at the end of the reporting period was 57,514[20] - The top ten unrestricted shareholders held a total of 3,340,246 shares, representing a significant portion of the company's equity[23] Government Support and Non-Recurring Items - The company received government subsidies amounting to CNY 12,024,300.79 during the period[7] - Non-recurring gains and losses included a loss from the disposal of non-current assets amounting to CNY -1,137,672.46[7] Inventory and Accounts Receivable - The company reported a significant increase in inventory, which rose to CNY 845,760,320.85 from CNY 652,271,845.08, indicating a growth of approximately 29.7%[43] - Accounts receivable increased to RMB 1,464,925,858.70 in Q1 2024 from RMB 1,434,967,789.52 in Q4 2023[26] Borrowings - The company’s long-term borrowings increased to RMB 721,840,000.00 in Q1 2024 from RMB 481,255,789.97 in Q4 2023[29] Accounting Standards - The company did not apply new accounting standards for the current year[54]

[Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) 年结日：12 月 31 日 2022 2023 2024E 2025E 2026E 年结日：12 月 31 日 2022 2023 2024E 2025E 2026E 营业总收入 4,865 4,656 5,336 6,295 7,464 净利润 344 479 698 797 956 营业收入 4,865 4,656 5,336 6,295 7,464 折旧摊销 253 380 508 618 710 营业成本 4,240 3,787 4,400 5,171 6,134 营运资金变动 498 502 (3) (204) (29) 营业税金及附加 26 29 32 33 40 其他 (913) (744) (285) (201) (252) 销售费用 37 40 43 47 52 经营活动现金流 182 616 917 1,010 1,386 管理费用 156 176 171 201 231 资本支出 (1,179) (1,800) (800) (800) (750) 研发费用 222 259 267 283 3 ...