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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][15]. Core Insights - The company is actively expanding its nuclear power and alloy steel businesses, which opens up growth opportunities. It has completed trial production and performance testing of nuclear waste storage tanks and has successfully developed special alloy steel products, achieving significant revenue growth in the alloy steel segment [1][14]. - The company has improved its profitability significantly in 2023, with a notable increase in gross margin and net margin due to cost control measures and efficiency improvements [14][15]. - The company has established a substantial casting capacity of 700,000 tons and is progressing on a large casting processing project, which is expected to enhance its profit margins [3][14]. Financial Performance - In 2023, the company reported a revenue of 4.556 billion yuan, a decrease of 4.30% year-on-year, while the net profit attributable to shareholders increased by 39.84% to 482 million yuan [4][14]. - The gross margin improved to 18.66%, up 5.82 percentage points year-on-year, and the net profit margin increased to 10.28%, reflecting enhanced operational efficiency [14][15]. - The company plans to distribute a cash dividend of 0.28 yuan per share to all shareholders [4]. Future Projections - The company is expected to achieve net profits of 647 million yuan, 812 million yuan, and 937 million yuan for the years 2024 to 2026, respectively, with corresponding EPS of 0.63 yuan, 0.79 yuan, and 0.91 yuan [15]. - The current stock price corresponds to a P/E ratio of 19 for 2024, 15 for 2025, and 13 for 2026, indicating potential for future growth [15].

二零二三年一季度实现就是出货十万吨啊收入实现了十点十点六个亿那么毛利率啊是实现了百分之二十点十八啊二季度嗯就是收入实现了啊就是出货啊十二万吨啊收入的话是十三点十三亿啊那毛利率的话是二十二点七五啊三季度 三季度的话就是说实际上那就出货啊11万顿啊收入实现了11.17亿顿啊11.17亿毛利率是15.26四季度啊收入实现了11.85万顿都就是出货收入的话是11.38亿啊就是毛利率是14.49啊 全年的话实现了就是出货44.75万吨销售收入是46.56亿那么毛利率全年的话综合毛利率是18.38大概是这样一个情况那么就全年的话就是总体就是租资机出货实现了就是实际上收入是6.7万吨风电是37.5万 37.5万对其他的业务包括铸钢业务6200对那收入的话注册机是5.3个亿那么封店是40个亿其他的话是8500万总体的话是46亿多点大概就是说2023年的就是整个一个就是财务数据跟大家就是分享到这里 这是第一个第一个方面第二个方面的话就是说给大家分享一下2023年度整个公司面临着行业的变化在做哪些事情给大家做个分享首先就是做产能的提升这一块的话 应该来讲就是说到就是2023年度的就是年终就是我们开半年度会议的时候给大家一个交流当 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the gradual release of industry demand and the upcoming realization of new quality production capacity [2][12]. Core Views - In 2023, the company achieved operating revenue of 4.656 billion yuan, a year-on-year decrease of 4.30%, while net profit attributable to shareholders increased by 39.84% to 482 million yuan [1][2]. - The company is expected to see revenue growth in the coming years, with forecasts of 5.69 billion yuan in 2024, 7.21 billion yuan in 2025, and 8.00 billion yuan in 2026, representing growth rates of 22.3%, 26.6%, and 10.9% respectively [2][3]. - The net profit attributable to shareholders is projected to reach 700 million yuan in 2024, 830 million yuan in 2025, and 960 million yuan in 2026, with growth rates of 44.9%, 18.9%, and 16.1% respectively [2][3]. Financial Performance Summary - The company's gross profit margin improved to 18.66% in 2023, an increase of 5.82 percentage points year-on-year, while the net profit margin rose to 10.28%, up by 3.21 percentage points [10]. - The company has made significant progress in capacity expansion, achieving a production capacity of 700,000 tons for castings and 320,000 tons for precision machining, with additional projects underway [10]. - The financial indicators for 2023 show a net profit margin of 10.34%, a current ratio of 2.54, and a debt-to-asset ratio of 28.73% [5][16].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 4.66 billion RMB in 2023, a decrease of 4.3% year-on-year, while the net profit attributable to shareholders was 480 million RMB, an increase of 39.8% year-on-year [1] - The fourth quarter saw a revenue of 1.13 billion RMB, down 26.8% year-on-year and 0.7% quarter-on-quarter, with a net profit of 129 million RMB, down 25.9% year-on-year but up 108.1% quarter-on-quarter [1] - The improvement in profit quality is attributed to a decrease in raw material prices and technological advancements, leading to a gross margin of 18.31%, an increase of 5.95 percentage points year-on-year [1] - The company achieved an operating cash flow of 616 million RMB in 2023, a significant increase of 238.0% year-on-year, due to enhanced customer management and collection of overdue payments [1] - The company is accelerating the development of precision processing capacity, with a current casting capacity of 700,000 tons and precision processing capacity of 320,000 tons, aiming to improve integrated delivery capabilities [1] - Continuous increase in R&D investment, with a research expense ratio of 5.56% in 2023, up 1.00 percentage points year-on-year, focusing on the development of ductile iron technology [1] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.66 billion RMB, with a year-on-year growth rate of -4.3% and a net profit of 480 million RMB, reflecting a growth rate of 39.8% [8] - The projected net profits for 2024 and 2025 are revised down to 694 million RMB (-19.8%) and 836 million RMB (-17.6%) respectively, with an expected net profit of 949 million RMB in 2026 [6] Operational Analysis - The company’s revenue from ductile iron products was 4.50 billion RMB in 2023, down 4.8% year-on-year, with a gross margin of 18.31% [1] - The direct material costs for ductile iron products decreased by 24.6% year-on-year, primarily due to lower raw material prices and reduced consumption from technological improvements [1] Cash Flow and Management - The operating cash flow improved significantly to 616 million RMB, driven by better management of customer payments and an optimized customer structure [1] - The company is focusing on enhancing its integrated delivery capabilities to mitigate the impact of raw material price fluctuations [1] Research and Development - The company increased its R&D spending, with a focus on ductile iron technology, which is expected to open new growth opportunities in various sectors [1]