Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9][13] Core Views - The company reported a revenue of 1.367 billion yuan for the first half of 2024, representing a year-on-year increase of 2.61%, while the net profit attributable to shareholders was 347 million yuan, up 28.8% year-on-year [6][10] - The company is focusing on global expansion and has established sales subsidiaries in over 80 countries, including the US, UK, Germany, and Australia [9][11] - The company has received recognition for its innovative products, such as the "French Fry Automatic Box Machine," which won the 2024 Kitchen Technology Innovation Award [9][11] Financial Performance - The gross margin and net margin for the first half of 2024 were 46.51% and 25.36%, respectively, showing an increase of 5.79 percentage points and 5.16 percentage points year-on-year [7] - The company’s operating cash flow for the first half of 2024 was 302 million yuan, a decrease of 27.92% year-on-year [7][10] - The company’s revenue is projected to reach 2.842 billion yuan in 2024, with a year-on-year growth of 7.1%, and net profit is expected to be 641 million yuan, reflecting a growth of 25.5% [10][15] Segment Analysis - Revenue from commercial refrigeration equipment was 1.014 billion yuan, up 3.51% year-on-year, while revenue from Western kitchen equipment was 215 million yuan, down 10.08% year-on-year [8] - The overseas market generated 1.291 billion yuan in revenue, an increase of 7.37% year-on-year, while the domestic market saw a decline to 74 million yuan, down 42.71% year-on-year [8][9] Valuation - The company is expected to achieve a PE valuation of 19-20 times for 2024, slightly above comparable companies, with a reasonable value range of 28.69-30.20 yuan per share [9][13] - The projected PB for 2024 is estimated to be between 3.76-3.96 times, which is considered reasonable compared to the range of comparable companies [9][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded profit expectations through product and cost optimization, and has announced a mid-term dividend distribution [4] - In H1 2024, the company achieved revenue of 1.367 billion yuan, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million yuan, a year-on-year increase of 28.8% [4] - The company plans to distribute a cash dividend of 2.12 billion yuan, with a dividend rate of 61%, resulting in an annualized dividend yield of 4% based on the current stock price [4] - The profit margin is expected to remain high, with new products and regions set to contribute to growth, leading to an upward revision of profit forecasts for 2024-2026 [4] Financial Performance Summary - In Q2 2024, the company reported revenue of 735 million yuan, a year-on-year increase of 0.18%, and a net profit of 182 million yuan, a year-on-year increase of 6.08% [4] - The gross profit margin for Q2 2024 was 45.09%, a year-on-year increase of 3.87 percentage points [4] - The company’s sales expense ratio was 12.98%, a year-on-year decrease of 0.64 percentage points, while the management expense ratio was 5.85%, a year-on-year increase of 0.43 percentage points [4] - The company’s revenue for H1 2024 was 1.291 billion yuan from exports, a year-on-year increase of 7.37%, while domestic sales revenue was 74.34 million yuan, a year-on-year decrease of 42.71% [5] Product and Market Expansion - The company is actively expanding into new regions, with a focus on the "85 Country Plan" and has established overseas warehouses in the UK and is progressing in France [5] - The sales revenue from self-owned brands has exceeded 70%, with a higher gross margin compared to OEM products [5] - The company’s self-developed "French Fry Automatic Box Machine" received the "2024 Kitchen Technology Innovation Award" from the American Restaurant Association, indicating strong market recognition [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 40.82 CNY, compared to the current price of 25.00 CNY [1]. Core Insights - The company reported a revenue of 1.367 billion CNY for the first half of 2024, representing a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million CNY, up 28.8% year-on-year [1]. - The overseas revenue increased by 7.4% year-on-year, while domestic revenue saw a decline of 42.7% [1]. - The gross margin for the first half of 2024 was 46.51%, an increase of 5.79 percentage points year-on-year, primarily due to a decrease in shipping costs [1]. - The company expects revenue growth of 10.6%, 12.6%, and 12.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 30.5%, 17.3%, and 15.8% for the same years [1][2]. Financial Summary - Total revenue for 2023 was 2.653 billion CNY, with a projected increase to 2.935 billion CNY in 2024 [2]. - The net profit for 2023 was 511 million CNY, expected to rise to 667 million CNY in 2024 [2]. - Earnings per share (EPS) is projected to increase from 1.20 CNY in 2023 to 1.57 CNY in 2024 [2]. - The company’s total assets are projected to grow from 3.838 billion CNY in 2023 to 4.208 billion CNY in 2024 [5].

证券代码：603277 证券简称：银都股份 公告编号:2024-050 银都餐饮设备股份有限公司 第五届监事会第六次会议决议公告 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 银都餐饮设备股份有限公司（以下简称"公司"或"银都股份"）第五届监 事会第六次会议于 2024 年 08 月 29 日上午 09 时 30 分在杭州临平区星桥街道博 旺街 56 号公司会议室以现场的方式召开。本次会议于 2024 年 08 月 19 日以电子 邮件方式通知各位监事。会议应到监事 3 名，亲自出席会议监事 3 名，委托其他 监事出席 0 名。会议由监事会主席张艳杰主持，本次会议的召开符合《中华人民 共和国公司法》及《公司章程》的有关规定，会议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于<公司2024年半年度报告>及摘要的议案》 公司监事会认为 2024 年半年度报告及其摘要的编制和审议程序符合法律、 法规、《公司章程》和公司内部管理制度的各项规定，报告的内容和格式符合中 国证监会和上海证券交易所的 ...

Dividend Distribution - The company plans to distribute a cash dividend of 5.00 RMB per 10 shares, totaling 212,381,750.00 RMB (including tax) for the first half of 2024[2]. - The total share capital for the dividend distribution is based on 42,476.35 million shares as of the latest announcement date[2]. - The company does not plan to increase capital through stock dividends or bonus shares in the current profit distribution proposal[39]. Financial Performance - The company's revenue for the first half of 2024 reached ¥1,366,801,878.67, representing a 2.61% increase compared to ¥1,332,023,682.84 in the same period last year[13]. - Net profit attributable to shareholders was ¥346,637,773.07, a significant increase of 28.80% from ¥269,119,610.64 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥329,254,361.44, up 25.98% from ¥261,349,175.37 year-on-year[13]. - Basic earnings per share for the first half of 2024 were ¥0.83, reflecting a 29.69% increase from ¥0.64 in the same period last year[14]. - The weighted average return on equity increased to 11.60%, up 1.59 percentage points from 10.01% in the previous year[14]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥4,042,574,243.72, a 5.33% increase from ¥3,838,132,137.00 at the end of the previous year[13]. - The net assets attributable to shareholders decreased to ¥2,750,504,956.44, a decline of 2.64% from ¥2,825,062,678.70 at the end of the previous year[13]. - Current liabilities rose to ¥940,509,665.77, compared to ¥732,340,966.14, indicating an increase of approximately 28.4%[68]. - Total liabilities rose to ¥1,292,069,287.28 from ¥1,013,069,458.30, representing an increase of approximately 27.5%[68]. Cash Flow - The net cash flow from operating activities was ¥301,909,992.64, down 27.92% from ¥418,836,684.32 in the same period last year[13]. - The cash inflow from operating activities totaled CNY 1,371,861,488.57, slightly decreasing from CNY 1,382,385,524.62 year-on-year[77]. - Cash flow from financing activities showed a net outflow of CNY 396,114,897.24, compared to a net outflow of CNY 235,282,077.87 in the same period last year, indicating a worsening cash position[78]. Market Expansion and Strategy - The company is focused on expanding its market presence in the lighting product sector, which includes LED sources and energy-saving lamps[8]. - The company has established sales subsidiaries in over 80 countries, including the US, UK, Germany, France, Italy, Australia, and Canada, to enhance its global market presence[18]. - The company aims to become a leading enterprise in the global commercial kitchenware industry by optimizing resource allocation and leveraging core competencies[21]. Research and Development - Research and development expenses amounted to CNY 25,326,817.47, a decrease of 6.98% from the previous year, reflecting a focus on intelligent and chain products[22]. - The company is investing in new technology development, allocating $50 million towards R&D initiatives aimed at enhancing product features and user experience[54]. Environmental Compliance - The company has implemented an environmental management system certified to GB-T 24001-2016/ISO 14001:2015, ensuring compliance with environmental standards[43]. - The company reported a total of 2,665 tons of CO2 equivalent emissions reduction during the reporting period[47]. - The production load reached over 75%, with all wastewater and air emissions meeting the required environmental standards[45]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 6,887[62]. - The largest shareholder, Zhou Junjie, holds 21,092.40 million shares, representing 50.14% of total shares[62]. - The company has elected three new independent directors, Liu Xiaosong, Meng Qingjun, and Xiao Jiajia, during the 2023 annual general meeting[38]. Risk Management - The company has outlined potential risks in the "Management Discussion and Analysis" section of the report[2]. - The report includes a forward-looking statement risk declaration, cautioning investors about investment risks[2]. - The company faces risks from fluctuations in raw material and shipping costs, which may lead to uncertainty in future operating performance[35]. Accounting Policies - The financial statements are prepared based on the going concern principle, indicating no significant doubts about the company's ability to continue operations[93]. - The company has implemented specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[94]. - The company recognizes revenue based on the completion of performance obligations, either at a point in time or over time, depending on specific criteria met[140].

证券代码：603277 证券简称：银都股份 公告编号：2024-054 银都餐饮设备股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、说明会类型 银都餐饮设备股份有限公司（以下简称"公司"）已于 2024 年 08 月 31 日 在上海证券交易所网站（www.sse.com.cn）披露了《2024 年半年度报告全文》及 《2024 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营 会议召开时间：2024 年 09 月 11 日（星期三）15:00-16:00 会议召开方式：网络纯文字互动方式 会议召开地点：价值在线（www.ir-online.cn） 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 09 月 11 日 前 访 问 网 址 https://eseb.cn/1h8Yifvm9ck 或扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会上，在信息披露允许范围内就投资者普遍关注的问 题进行回答。 业绩、发展 ...

证券代码：603277 证券简称：银都股份 公告编号：2024-052 银都餐饮设备股份有限公司 关于开展期货套期保值业务的公告 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： 交易目的、交易品种、交易工具、交易场所和交易金额：为规避生产经营 所需原材料及海运运费价格波动带来的风险，公司拟通过境内经监管机构批准、 具有相应业务资质，并满足公司套期保值业务条件的场内交易场所开展不锈钢、 铜、塑料等大宗商品和集运指数的期货套期保值业务，拟开展套期保值业务投入 保证金任意时点不超过人民币 10,000 万元。期限为自公司董事会审议通过之日 起 12 个月内，在前述额度和期限范围内可循环滚动使用。资金来源为公司自有 资金。 已履行及拟履行的审议程序：该事项已经公司第五届董事会第六次会议审 议通过，无需提交公司股东大会审议。 特别风险提示：公司开展套期保值业务，不以套利、投机为目的，但进行 套期保值业务仍可能存在市场风险、操作风险、技术风险、政策风险等，公司及 控股子公司积极落实风险控制措施，审慎操作，防范相关风险 ...

证券代码：603277 证券简称：银都股份 公告编号：2024-048 银都餐饮设备股份有限公司 关于完成工商变更登记事项暨章程备案的公告 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。 一、工商变更具体情况 （一）董事会、监事会及高级管理人员备案 银都餐饮设备股份有限公司（以下简称"公司"）分别于2024年04月13日、 2024年05月06日召开第四届董事会第二十二次会议、第四届监事会第十九次会议 及2023年年度股东大会审议通过了董事、监事以及高级管理人员换届相关议案。 具体详见公司于2024年05月08日在上海证券交易所网站（www.sse.com.cn）披露 的《关于完成董事会、监事会换届选举及聘任高级管理人员、证券事务代表的公 告》（编号：2024-018）。 （二）修订《公司章程》 公司分别于2024年04月13日、2024年05月06日召开第四届董事会第二十二次 会议、2023年年度股东大会，审议通过了《关于修订<公司章程>及部分公司治理 制度的议案》。具体详见公司于2024年04月16日在上海证券交易所 ...

证券代码：603277 证券简称：银都股份 公告编号：2024-047 银都餐饮设备股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：银都餐饮设备股份有限公司（以下简称"公司"）2021 年限制性股票激励计划的激励对象中，首次授予激励对象金可成、张伟强、周洪 和预留授予激励对象乐佳俊，因离职原因，不再具备激励对象资格。公司董事会 对上述4位激励对象已获授尚未解除限售的限制性股票进行回购注销。 本次注销股份的有关情况： | 回购股份数量(股) | 注销股份数量（股） | 注销日期 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 99,000 | 99,000 | 2024 | 年 | 08 | 月 | 29 | 日 | 一、 本次限制性股票回购注销的决策与信息披露 根据公司《2021 年限制性股票激励计划（草案）》相关规定以及 2021 年 第一次临时股东大会的授权， ...

浙江天册律师事务所 关于 银都餐饮设备股份有限公司 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 2021 年限制性股票激励计划调整首次、预留授予限制性股票回 购价格以及回购注销部分已授予限制性股票之 法律意见书 浙江天册律师事务所 电话：0571 8790 1111 传真：0571 8790 1500 http://www.tclawfirm.com 银都股份 2021 年限制性股票激励计划 法律意见书 浙江天册律师事务所 关于银都餐饮设备股份有限公司 2021年限制性股票激励计划调整首次、预留授予限制性股票回购价格以及回购注销 部分已授予限制性股票之 法律意见书 编号：TCYJS2024H1062号 致：银都餐饮设备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受银都餐饮设备股份有限公司（以 下简称"公司"或"银都股份"）的委托，为公司实行 2021 年限制性股票激励计划 （以下简称"本激励计划"或"本计划"）提供专项法律服务。依据《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》"）、《上市公司股权激励管理办法》（以下简 ...