Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company has achieved significant performance growth driven by breakthroughs in multiple high-end products, with a revenue of 6.238 billion yuan in 2024, representing a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.1% year-on-year [3][5] - The company is positioned as a global leader in energy valves, making progress in technology innovation, product performance, quality control, and service capabilities [5] - The ongoing global energy transition and the Belt and Road Initiative are expected to provide continuous opportunities for the company in both domestic and international markets [5] Financial Performance Summary - In 2024, the company reported a revenue of 6.238 billion yuan, a 12.5% increase from the previous year, and a net profit of 1.156 billion yuan, reflecting a 60.1% growth [3][7] - The company forecasts net profits of 1.289 billion yuan, 1.449 billion yuan, and 1.637 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.7, 14.0, and 12.4 [5][7] - The company plans to maintain robust growth in its main valve and component business while achieving rapid growth in castings and forgings, with an expected increase in gross margin as high-end products continue to break through [5][7] Market Position and Competitive Landscape - The company has successfully broken the monopoly of foreign brands in the domestic high-end market by obtaining domestic certification for multiple products and achieving breakthroughs in emerging fields such as nuclear power, hydrogen energy, and energy storage [5] - The company is actively expanding its overseas market presence, benefiting from the rising investment climate in traditional and new energy sectors along the Belt and Road Initiative [5] Earnings Forecast Summary - The company is expected to continue increasing its R&D investment while expanding in traditional sectors and achieving breakthroughs in nuclear power, shipbuilding, deep-sea, fine chemicals, and energy storage [5][7] - The projected revenue growth rates for 2025, 2026, and 2027 are 14.99%, 11.01%, and 10.05% respectively, with net profit growth rates of 11.59%, 12.36%, and 13.01% [7][10]

Core Insights - Niuwei Co., Ltd. reported its best annual performance for 2024, achieving a revenue of 6.238 billion yuan, a year-on-year increase of 12.5%, and a net profit of 1.156 billion yuan, up 60.1% [1] - The company attributed its growth to increased sales revenue and the resulting economies of scale [1] Financial Performance - The company's core product, valves and parts, generated a revenue of 6.072 billion yuan in 2024, representing a year-on-year growth of 13.69% with a gross margin of 39.01%, an increase of 6.79 percentage points compared to 2023 [1] - Niuwei's operating cash flow significantly increased, reaching 1.112 billion yuan in 2024, a growth of 74.5% [2] - The company maintained a stable financial position with a debt-to-asset ratio of 49.31%, the lowest in four years, and cash on hand of 1.441 billion yuan [2] Dividend Policy - Niuwei announced a cash dividend of 11.4 yuan per 10 shares (including tax), resulting in a dividend yield of 4.67% based on the closing price of 24.43 yuan per share on April 22 [3] - The total cash dividend for 2024 exceeded 1.165 billion yuan, accounting for 100.84% of the company's net profit [3] - Since its listing, Niuwei has distributed a total of 4.148 billion yuan in cash dividends [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2024, the company achieved total revenue of 6.2 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 1.16 billion yuan, up 60% year-on-year, with non-recurring net profit at 1.14 billion yuan, increasing by 53% [2] - The company reported a significant increase in gross margin to 38.10%, up 6.7 percentage points year-on-year, with a net profit margin of 18.7%, up 5.5 percentage points year-on-year [3] - The outlook for 2025 indicates stable growth in orders and performance, driven by geopolitical factors and increased investment in the oil and gas industry, particularly in the Middle East [4] Summary by Sections Financial Performance - Total revenue for 2023 was 5.54 billion yuan, projected to grow to 6.24 billion yuan in 2024, with a year-on-year growth rate of 12.50% [1] - The net profit attributable to shareholders for 2023 was 721.80 million yuan, expected to rise to 1.16 billion yuan in 2024, reflecting a growth rate of 60.10% [1] - The earnings per share (EPS) is projected to increase from 0.94 yuan in 2023 to 1.50 yuan in 2024 [1] Revenue Breakdown - In Q4, the company achieved total revenue of 1.78 billion yuan, a year-on-year increase of 37%, with net profit of 330 million yuan, up 146% year-on-year [2] - Revenue from exports reached 3.8 billion yuan, a 26% increase, accounting for 61% of total revenue, while domestic sales decreased by 3% to 2.4 billion yuan [2] Profitability Metrics - The sales gross margin for 2024 is projected at 38.10%, with a net profit margin of 18.7% [3] - The company’s cost control remains stable, with a total expense ratio of 13.1%, down 0.7 percentage points year-on-year [3] Market Outlook - The company is expected to benefit from high visibility in demand from the Middle East and strategic capacity expansion in new products [4] - Major clients such as Saudi Aramco and ADNOC are expected to contribute to significant order growth [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance [1][10]. Core Views - The company achieved a total revenue of 6.2 billion yuan in 2024, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 1.16 billion yuan, up 60% year-on-year [2][10]. - The company reported a significant increase in Q4 revenue, with a 37% year-on-year growth, driven by overseas markets and expansion into emerging sectors [2]. - The company’s gross profit margin improved significantly to 38.1%, up 6.7 percentage points year-on-year, benefiting from structural optimization and lower steel prices [3]. - The outlook for 2025 is positive, with expectations of continued order growth and stable performance, particularly in the Middle East and emerging sectors like nuclear power and water treatment [4]. Financial Performance Summary - Total revenue projections for the company are as follows: 5.54 billion yuan in 2023, 6.24 billion yuan in 2024, and expected growth to 10.42 billion yuan by 2027, with a compound annual growth rate of approximately 17.32% [1][11]. - The net profit attributable to shareholders is projected to grow from 721.8 million yuan in 2023 to 2.06 billion yuan by 2027, reflecting a robust growth trajectory [1][11]. - The earnings per share (EPS) are expected to increase from 0.94 yuan in 2023 to 2.69 yuan in 2027, indicating strong profitability growth [1][11].

Summary of Nuwai Co., Ltd. Conference Call Company Overview - Nuwai Co., Ltd. reported a revenue of 6.2 billion yuan for 2024, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 1.2 billion yuan, up 60% year-on-year, driven by growth in overseas markets, particularly in the Middle East and the LNG industry [1][2][5] Key Financial Metrics - Gross margin significantly improved to 38%, reaching 41.6% in Q4, attributed to product mix optimization, favorable steel prices, exchange rates, and enhanced management efficiency [1][4] - The company expects a net profit of 1.45 billion yuan for 2025, a 25% increase year-on-year, with a mid-term target of 10 billion yuan in revenue and a projected compound annual growth rate (CAGR) of around 15% by 2028 [1][5] Market Dynamics - Nuwai's performance has become less correlated with oil prices, benefiting from domestic refining projects, the development of the photovoltaic industry, and breakthroughs in overseas markets, especially in the context of changing LNG energy supply dynamics and growing demand in the Middle East [1][6][8] - The company has diversified its operations and expanded into downstream sectors such as nuclear power and water treatment, providing a stable growth trajectory [1][8] Regional Performance - Domestic revenue for 2024 was 2.4 billion yuan, down 3% year-on-year, while overseas revenue reached 3.8 billion yuan, up 26% year-on-year, driven by sustained demand in the Middle East and recovery post-pandemic [2][4] Competitive Positioning - Compared to peers, Nuwai's full industry chain layout reduces sensitivity to oil price fluctuations, with significant growth in the Middle East due to "Belt and Road" initiatives and cost-reduction demands [3][9] - The impact of U.S. tariffs is limited, as the U.S. market accounts for only about 8% of overseas revenue, and the company has established production bases in Vietnam and Saudi Arabia to mitigate tariff effects [10] Future Growth Drivers - Key growth drivers include a robust order backlog and rapid growth in new orders, with a conservative estimate of over 30% profit growth in Q1 2025 due to a low base from the previous year [5][6] - The company is well-positioned to benefit from increased project volumes from Chinese EPC contractors in the Middle East, with an estimated market space of around 1 billion USD [12][13] Notable Highlights - Nuwai is a leader in underwater valve technology, being the first domestic company to obtain deep-water certification, and has established long-term strategic agreements with major players [14] - The company is enhancing its automation and smart technology capabilities in the valve sector, with plans for mergers or independent R&D to improve revenue and profitability [14] Overall Assessment - Nuwai Co., Ltd. is characterized by its technological leadership, low valuation, and stable growth, with unique competitive advantages in the oil service chain industry. The projected profit for 2025 is 1.45 billion yuan, corresponding to a valuation of 14 times earnings, with a mid-term goal of 10 billion yuan in revenue and a CAGR of approximately 15% [15]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-033 苏州纽威阀门股份有限公司 关于董事辞职的公告 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、基本情况 苏州纽威阀门股份有限公司（以下简称"公司"）董事会于近日收到公司董 事吴真林先生提交的书面辞职报告。吴真林先生因个人原因申请辞去公司董事职 务，同时辞去董事会审计委员会委员、董事会薪酬与考核委员会委员职务，辞职 后将不再担任本公司任何职务。公司董事会对吴真林先生在任职期间对公司做出 的贡献表示衷心的感谢。截至本公告披露日，吴真林先生未持有公司股份。 根据《公司法》《公司章程》等有关规定，吴真林先生辞职不会导致公司董 事会成员低于法定最低人数，但其辞职将导致公司董事会审计委员会人数低于法 定人数。为确保董事会审计委员会的正常运作，吴真林先生的辞职申请将在公司 补选产生新任董事会审计委员会委员后生效。在此期间，吴真林先生将按照法律 法规和《公司章程》的有关规定，继续履行董事、董事会审计委员会委员、董事 会薪酬与考核委员会委员职责。公司将尽快完成 ...

纽威股份 2024 年度独立董事述职报告 苏州纽威阀门股份有限公司 2024 年度独立董事述职报告 （黄强） 作为苏州纽威阀门股份有限公司（以下简称"公司"）的独立董事，在 2024 年的工作中，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等法律法规及《公司章程》《独立董事制度》的规定，本着对全体股东负责的态 度，勤勉、忠实地履行独立董事的职责，对公司重大事项发表客观、审慎、公正 的事前认可或独立意见，维护了公司整体利益和中小股东的合法权益。现将本人 2024 年度（以下简称"报告期"）主要工作汇报如下： 一、独立董事的基本情况 本人经公司于 2022 年 12 月 28 日召开的 2022 年第二次临时股东大会获选举 为公司第五届董事会独立董事。本人的基本情况简介如下： 纽威股份 2024 年度独立董事述职报告 自查情况报告提交公司董事会。 二、年度履职概况 本人作为公司第五届董事会独立董事，报告期内，按照规定和要求，本人以 审慎负责、积极认真的态度履行职责，相关情况如下： 1、出席股东大会、董事会和董事会专门委员会情况 报告期内，公司共召开 1 次年度股东大会、5 次临时股东大会。本人均 ...

纽威股份 2024 年度独立董事述职报告 苏州纽威阀门股份有限公司 2024 年度独立董事述职报告 作为苏州纽威阀门股份有限公司（以下简称"公司"）的独立董事，在 2024 年 的工作中，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》等 法律法规及《公司章程》《独立董事制度》的规定，本着对全体股东负责的态度， 勤勉、忠实地履行独立董事的职责，对公司重大事项发表客观、审慎、公正的事 前认可或独立意见，维护了公司整体利益和中小股东的合法权益。现将本人 2024 年度（以下简称"报告期"）主要工作汇报如下： 一、独立董事的基本情况 本人经公司于 2022 年 12 月 28 日召开的 2022 年第二次临时股东大会获选 举为公司第五届董事会独立董事。本人的基本情况简介如下： 1、个人工作履历、专业背景以及兼职情况 高钟，1952 年 8 月出生。中国国籍，无境外永久居留权。1995 年毕业于华 中师范大学，博士学历，历史学博士学位。1995-1997 出任湖北冶钢集团劳服科 技公司总经理。1997 年 9 月—2004 年 8 月，湖北师范学院政法经济系经济学副 教授、教授；2004 年 9 月—20 ...

苏州纽威阀门股份有限公司 章 程 （2025 年第一次修订） 二〇二五年四月 | | | | | | 苏州纽威阀门股份有限公司章程 第一章 总则 第一条 为维护苏州纽威阀门股份有限公司（以下简称"公司"）、股东和 债权人的合法权益，规范公司的组织和行为，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》"）、《上市公司章程指引》以及和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定，由苏州纽威阀门有限公 司整体变更，以发起设立的方式成立的股份有限公司。 第三条 公司在江苏省苏州市行政审批局注册登记，取得营业执照，统一 社会信用代码 91320500743905732G。 第四条 公司于 2013 年 12 月 30 日经中国证券监督管理委员会（以下简称 "中国证监会"）批准，首次公开发行人民币普通股 8,250 万股；公司股票于 2014 年 1 月 17 日在上海证券交易所上市。 第五条 公司注册名称：苏州纽威阀门股份有限公司。 公司英文名称：Neway Valve (Suzhou) Co., Ltd. 公司住所：江苏省苏州市苏州 ...

纽威股份 2024 年度独立董事述职报告 苏州纽威阀门股份有限公司 2024 年度独立董事述职报告 （周玫芬） 作为苏州纽威阀门股份有限公司（以下简称"公司"）的独立董事，在 2024 年的工作中，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等法律法规及《公司章程》《独立董事制度》的规定，本着对全体股东负责的态 度，勤勉、忠实地履行独立董事的职责，对公司重大事项发表客观、审慎、公正 的事前认可或独立意见，维护了公司整体利益和中小股东的合法权益。现将本人 2024 年度（以下简称"报告期"）主要工作汇报如下： 一、独立董事的基本情况 周玫芬，1963 年出生，中国国籍，无境外永久居留权，毕业于苏州大学商学 院，大学本科学历。苏州市第十二届、十三届、十四届政协委员、民建会员；1994 年 3 月入职苏州中惠会计师事务所，1998 年 11 月起，任该所副所长，因该所几 经合并、改制，本人作为核心团队成员留任，故现任职于天衡会计师事务所（特 殊普通合伙）苏州分所，任副所长。曾任公司独立董事，未持有公司股份。 2、独立性的情况说明 本人通过进行独立董事独立性情况年度自查，符合中国证监会《上市公司独 ...