证券研究报告 | 半年报点评 gszqdatemark 2024 08 18 年 月 日 再升科技（603601.SH） 悠远出表影响逐步减弱，高效节能板块成为增长主力 事件：再升科技发布 2024 年中报。公司上半年实现收入 7.51 亿元，同 比下滑 8.67%，实现归母净利润 7615 万元，同比下滑 6.3%，其中非经 常性损益 2125 万元，主要包括政府补助、投资收益、应收款减值准备转 回等，去年同期非经常性损益为 1014 万元，扣非后归母净利润 5491 万 元，同比下滑22.81%。单二季度公司实现营收4.11亿元，同比下滑7.64%， 实现归母净利润 4379 万元，同比下滑 8.76%，实现扣非归母净利润 2883 万元，同比下滑 30.24%。 高效节能板块保持快速增长态势，占比已超干净空气板块。上半年公司营 收同比下降 8.67%，主要系去年同期悠远环境有贡献一定收入利润，若剔 除悠远部分，上半年公司总营收同比增长 17.56%，保持了相对稳健的内 生增长节奏。分产品来看，上半年公司高效节能板块收入同比增长 29.64%，干净空气板块收入同比下降 36.55%，其中干净空气设备板块收 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 3.47 [1] Core Views - The company's revenue and net profit attributable to the parent company decreased by 8.7% and 6.3% YoY respectively in H1 2024, but the revenue grew by 17.56% YoY after excluding the impact of Youyuan Environment [1] - The company's EPS forecasts for 2024-2026 are maintained at RMB 0.10, RMB 0.13, and RMB 0.17 respectively [1] - The company's PEG ratio for 2024 is set at 0.56x, lower than the industry average of 0.61x, reflecting uncertainties in the company's transformation and short-term business adjustments [1] Financial Performance - In H1 2024, the company's revenue from clean air and high-efficiency energy-saving businesses were RMB 314 million (-41.32% YoY) and RMB 400 million (+49.01% YoY) respectively [2] - The gross margin for H1 2024 was 22.90%, a decrease of 1.22 percentage points YoY, with clean air and high-efficiency energy-saving businesses contributing gross margins of 33.17% and 14.52% respectively [2] - The company's net profit margin in H1 2024 was 10.15%, up 0.26 percentage points YoY, with Q2 net profit margin at 10.7% [3] - The company's operating cash flow improved significantly, with H1 2024 operating cash flow reaching RMB 77 million, a 40.21% increase YoY [3] Dividend Policy - The company plans to distribute an interim dividend of RMB 0.30 per 10 shares, with a dividend payout ratio of 40.25% [4] Historical and Forecasted Financials - The company's revenue is expected to grow from RMB 1,662 million in 2024E to RMB 2,153 million in 2026E, with a CAGR of 14.79% [5] - Net profit attributable to the parent company is forecasted to increase from RMB 98.02 million in 2024E to RMB 170.11 million in 2026E, with a CAGR of 27.46% [5] - The company's ROE is projected to improve from 4.41% in 2024E to 6.95% in 2026E [5] Valuation Metrics - The company's PE ratio is expected to decrease from 28.25x in 2024E to 16.28x in 2026E, while the PB ratio is forecasted to decline from 1.22x in 2024E to 1.11x in 2026E [5] - The EV/EBITDA ratio is projected to decrease from 11.95x in 2024E to 8.36x in 2026E [5]

Summary of Conference Call Company Overview - The conference call involved a discussion about the performance of a company in the construction materials sector, specifically focusing on Recycled Technology [1]. Key Points - The company reported a revenue growth of approximately 17% to 18% for the first half of the year, excluding the impact of the previous year's performance from a competitor [1]. Additional Important Content - The call included insights from the company's Secretary, indicating a positive outlook on the company's financial performance despite external influences [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.30 CNY, reflecting a 1.5x price-to-book (PB) ratio for 2024 [4][6]. Core Views - The company experienced a decline in revenue and net profit in the first half of the year, with revenue of 7.51 million CNY and a net profit of 0.76 million CNY, down 8.67% and 6.3% year-on-year, respectively [1][2]. - Despite the overall decline, the high-efficiency energy-saving segment saw a revenue increase of 29.64%, driven by rising environmental protection demands both domestically and internationally [2]. - The company has made progress on its fundraising projects, with the first phase of the "8000 tons of clean air filter materials" project completed and operational, and other projects nearing completion [2]. Financial Performance - The gross profit margin for the first half of the year was 22.90%, a decrease of 1.22 percentage points year-on-year, while the second quarter saw a gross margin of 24.34%, reflecting a quarter-on-quarter increase of 3.18 percentage points [3]. - The company reported a net profit margin of 12.02% for Q2, which is an increase of 2.00 percentage points from the previous quarter [3]. - Operating cash flow for the first half of the year was 0.77 million CNY, an increase of 0.22 million CNY year-on-year, indicating good cash flow management [3]. Long-term Growth Potential - The demand for "clean air" and "high-efficiency energy-saving" products is expected to remain strong, suggesting promising long-term growth potential for the company [4]. - The company announced a high dividend payout ratio of 80% for 2023, with plans for a mid-year dividend distribution of 0.3 CNY per share, amounting to approximately 30.65 million CNY [4]. - The profit forecasts for 2024-2026 have been adjusted upwards to 1.5 million CNY, 1.8 million CNY, and 2.4 million CNY, respectively, reflecting improved performance expectations [4].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥750.61 million, a decrease of 8.67% compared to ¥821.86 million in the same period last year [22]. - Net profit attributable to shareholders was ¥76.15 million, down 6.30% from ¥81.27 million year-on-year [22]. - The net profit after deducting non-recurring gains and losses was ¥54.91 million, a decline of 22.81% compared to ¥71.13 million in the previous year [22]. - The net cash flow from operating activities increased by 40.21% to ¥77.18 million from ¥55.05 million in the same period last year [22]. - The company's total assets at the end of the reporting period were ¥3.17 billion, up 2.46% from ¥3.09 billion at the end of the previous year [22]. - The company's total profit for the first half of 2024 was CNY 96,582,671.03, slightly up from CNY 96,387,088.10 in the same period of 2023 [144]. - The net profit for the first half of 2024 was CNY 83,422,003.09, down from CNY 88,803,408.74 in the first half of 2023, representing a decline of 6.4% [145]. - The company's financial expenses increased to CNY 7,660,607.55 in the first half of 2024, compared to CNY 2,589,437.89 in the same period of 2023, indicating higher interest costs [144]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.30 per 10 shares to all shareholders based on the total share capital on the dividend distribution date [5]. - The company will adjust the total distribution amount if there are changes in the total share capital before the dividend distribution date, while maintaining the per-share distribution amount [90]. Research and Development - The company invested CNY 39.69 million in R&D during the reporting period, accounting for 5.29% of total revenue, ensuring a solid foundation for innovation and product competitiveness [36]. - The company holds 190 patents, including 83 invention patents, 100 utility model patents, and 7 design patents, with 3 new patents granted during the reporting period, reinforcing its market position in high-end materials [35]. - Research and development expenses rose by 4.40% to ¥37.92 million from ¥36.32 million year-on-year, reflecting the company's focus on new product development [74]. Market and Product Development - The company is committed to clean air technology and aims to enhance its market presence through new product development and strategic initiatives [16]. - The company has developed new products such as high-precision water filtration materials and composite fuel filter materials, enhancing its product portfolio and application fields [35]. - The company aims to expand its cleanroom market, projected to grow at a CAGR of approximately 15%, with an expected market size exceeding CNY 570 billion by 2029 [41]. Environmental and Social Responsibility - The company has been recognized as a national-level high-tech enterprise and has received dual titles of "Manufacturing Single Champion" from the Ministry of Industry and Information Technology [36]. - The company is committed to sustainable development and has been recognized for its social responsibility efforts, including awards for its female workforce [38]. - The company has implemented pollution prevention facilities, including bag dust collectors and SCR denitrification equipment, which are operating normally [94]. Governance and Compliance - The board of directors has ensured the authenticity, accuracy, and completeness of the semi-annual report [3]. - The company has a robust internal control system in place, enhancing governance and operational efficiency [39]. - The company has made long-term commitments to comply with securities laws and regulations, ensuring timely information disclosure obligations [100]. Risks and Challenges - The company faces risks related to raw material cost fluctuations, particularly natural gas prices, which significantly impact production costs [86]. - Accounts receivable increased by 13% compared to the previous year, raising concerns about cash flow and potential bad debts [86]. - The company is experiencing a talent shortage, particularly for high-end technical and management personnel, due to rapid growth [86]. Shareholder Information - The largest shareholder, Guo Mao, holds 372,062,408 shares, representing 36.42% of the total shares [124]. - The total number of common stock shareholders reached 40,098 by the end of the reporting period [124]. - The company has not reported any changes in the number of shares held by the top ten shareholders during the reporting period [124]. Financial Position - The total equity attributable to shareholders reached CNY 2,240,043,676.89, an increase from CNY 2,193,557,522.76, representing a growth of approximately 2.11% [139]. - The company's cash and cash equivalents increased by 52.18% to ¥323.31 million from ¥212.45 million year-on-year [76]. - The total liabilities were CNY 848,496,169.22, up from CNY 828,289,991.71, which is an increase of about 2.6% [139].

2024 年上半年，公司营业收入与去年同期剔除苏州悠远环境科技有限公司后的 营业收入相比，实现 17.56%的增长；受益于欧盟等发达国家与地区冰箱能效标准提 升、环保替代等市场需求增长的影响，公司高效节能系列产品收入增长明显，较去 年同期增长 29.64%。 2、深化专业无尘空间布局，融合业内资源优势，扩展市场应用版图 重庆再升科技股份有限公司 2024 年度"提质增效重回报"行动方案 的半年度评估报告 为践行党的二十大、中央经济工作会议和中央金融工作会议精神，积极响应上 海证券交易所号召，落实"以投资者为本"的理念，维护公司全体股东利益。重庆 再升科技股份有限公司（以下简称"公司"或"再升科技"）制定了《2024 年度"提 质增效重回报"行动方案》，通过持续加强自身价值创造能力，切实履行上市公司的 责任和义务，以回报投资者信任，维护公司在资本市场形象，共同促进资本市场平 稳健康发展。2024 年上半年，行动方案主要举措的进展及成效情况如下： 一、"聚焦新质生产力，推动公司高质量发展"方面 1、优化经营指标，推动公司高质量发展 公司为了更好地服务于"专业无尘空间"，2024 年 4 月将全资子公司重庆爱干净 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 | 2024-063 | | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | | 重庆再升科技股份有限公司 2024 年半年度募集资金存放与实际使用情况 的专项报告 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。 按照中国证监会《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求（2022 修订）》、上海证券交易所颁布的《上海证券交易所上市公司自 律监管指引第 1 号——规范运作（2023 年 12 月修订）》及相关格式指引的要求， 现将重庆再升科技股份有限公司（以下简称"公司"）2024 年半年度募集资金存放 与实际使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准重庆再升科技股份有限公司公开发行可 转换公司债券的批复》（证监许可（2022）1687 号文）核准，公司于 2022 年 9 月 29 日公开发行了 ...

重庆再升科技股份有限公司 舆情管理制度 重庆再升科技股份有限公司 舆情管理制度 重庆再升科技股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高重庆再升科技股份有限公司（以下简称"公司"）应对各类舆情 的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正确把握和引 导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信誉及正常生 产经营活动造成的影响，切实保护投资者合法权益，根据《上海证券交易所股票 上市规则》等相关法律法规规定和《重庆再升科技股份有限公司章程》制订本制 度。 第二条 本制度所称舆情包括： 重庆再升科技股份有限公司 舆情管理制度 （2024 年 8 月） 1 （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影 响的事件信息。 第三条 公司舆情应对坚持"科学应对、突出导向、注重实效"的总体原则，有 效引导内部舆论和社会舆论，避免和消除因媒体可能对公司造成的各种负面影响， 切实 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 | 2024-061 | | --- | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | | 重庆再升科技股份有限公司 第五届董事会第十四次会议决议公告 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。 一、董事会召开情况： 重庆再升科技股份有限公司（以下简称"公司"）第五届董事会第十四次会 议通知于 2024 年 8 月 2 日以邮件或专人送达等方式发出，会议于 2024 年 8 月 13 日以现场方式在公司会议室召开。本次会议应出席董事 8 人，实际出席董事 8 人（其中委托出席 1 人）。独立董事龙勇先生因其他事务未能亲自出席本次会议， 委托独立董事刘斌先生代为表决。会议由董事长郭茂先生召集并主持，公司部分 监事及高级管理人员列席了本次会议，会议召集、召开、表决程序及审议事项符 合《中华人民共和国公司法》《中华人民共和国证券法》《重庆再升科技股份有限 公司章程》等的规定，会议合法有效。 二、董事会会议 ...

第二条 本制度所称资产核销是指公司对其拥有或控制的、原预计可为企业带来 经济利益流入的资产，因坏账、盘亏、灾害、技术淘汰等原因造成了资产事实损 失，对损失事项进行确认并作出相应财税处理。本制度所称资产核销不包含未终 止确认资产原值情况下各项资产减值的计提，不包含因资产处置而减少的资产， 不包含公司日常生产经营过程中发生的资产销售、折让等情形。 重庆再升科技股份有限公司 资产核销管理制度 重庆再升科技股份有限公司 资产核销管理制度 （2024 年 8 月） 1 重庆再升科技股份有限公司 资产核销管理制度 重庆再升科技股份有限公司 资产核销管理制度 第一章 总则 第一条 为加强重庆再升科技股份有限公司（以下简称"公司"）资产核销管理， 确保公司规范化运作，保护公司、股东和债权人的合法权益，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》"）《上海证券交易所股票上市规则》《企业会计准则》等法律法规及《公司 章程》的规定，结合公司实际情况，制订本制度。 第三条 本制度所称资产包括但不限于货币资金、债权类资产、股权类资产、实 物类资产、无形资产等。其中： （一）货 ...