苏州纽威阀门股份有限公司 2024 年限制性股票激励计划首次授予激励对象名单 （授予日） | | | | | | 占本激励 | | --- | --- | --- | --- | --- | --- | | | | | 获授的限制 | 占本激励计划授 | 计划公告 | | 序号 | 姓名 | 职务 | 性股票数量 | 予限制性股票总 | 时公司股 | | | | | （万股） | 数的比例 | 本总额的 | | | | | | | 比例 | | 1 | 鲁良锋 | 董事长 | 82.59 | 6.72% | 0.11% | | 2 | 冯银龙 | 董事，总经理 | 80.00 | 6.51% | 0.11% | | 3 | 陆建红 | 副总经理 | 57.12 | 4.65% | 0.08% | | 4 | 庄益军 | 副总经理 | 43.80 | 3.56% | 0.06% | | 5 | 程学来 | 副总经理 | 32.57 | 2.65% | 0.04% | | 6 | 陈斌 | 副总经理 | 29.39 | 2.39% | 0.04% | | 7 | 凌蕾菁 | 财务总监,董秘 | 26.12 | 2 ...

Investment Rating - The report assigns a "Buy" rating for Nuwei Co., Ltd. (603699.SH) for its overseas market expansion and improved profitability [1]. Core Views - Nuwei Co., Ltd. reported a revenue of 4.455 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.09%, while the net profit attributable to shareholders reached 828 million yuan, up 40.69% year-on-year [1]. - The company benefits from declining raw material prices, which have significantly boosted its gross profit margin, with a gross margin of 36.72% for the first three quarters of 2024, an increase of 5.78 percentage points year-on-year [1]. - Nuwei is expanding its precision casting capacity, with plans to invest 220 million yuan to increase production capacity, which is expected to enhance its market competitiveness [1][2]. Summary by Sections Financial Performance - For Q3 2024, Nuwei achieved a revenue of 1.617 billion yuan, a decrease of 10.98% year-on-year, while the net profit was 340 million yuan, an increase of 34.88% year-on-year [1]. - The company’s net profit growth is primarily attributed to changes in sales revenue and gross profit [1]. Market and Production Capacity - The company is actively expanding its precision casting capacity, with an expected annual output of 5,000 tons each for carbon steel and stainless steel precision castings, leading to an estimated annual output value of 260 million yuan [1]. - Nuwei is broadening its market reach into various downstream application industries, including oil and gas equipment, wind energy equipment, and petrochemical pressure vessels [1]. Cost Management and Profitability - Nuwei has effectively controlled its expense ratios, with a sales gross margin of 38.89% in Q3 2024, up 6.30 percentage points year-on-year, and a net profit margin of 21.08%, up 7.14 percentage points year-on-year [2]. - The company’s overall expense management remains strong, with a total expense ratio of 11.94%, a slight decrease of 0.29 percentage points year-on-year [2]. Earnings Forecast - The company is projected to achieve revenues of 6.524 billion yuan, 7.689 billion yuan, and 8.704 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.20 yuan, 1.43 yuan, and 1.66 yuan [3]. - The current stock price corresponds to a PE ratio of 19.5, 16.4, and 14.1 for the years 2024, 2025, and 2026, respectively, supporting the "Buy" investment rating [3].

[Table_StockInfo] 2024 年 10 月 25 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：23.23 元 纽威股份（603699）机械设备 目标价：——元（6 个月） 24Q3 业绩高增长，盈利能力再提升 [Table_Summary] 事件：公司发布 2024年三季报，2024Q1-Q3实现营收 44.6亿元，同比+5.1%； 实现归母净利润 8.3亿元，同比+40.7%；单 2024Q3实现营收 16.2亿元，同比 -11.0%，环比+9.4%；实现归母净利润 3.4亿元，同比+34.9%，环比+16.7%。 24Q3 业绩高增长，盈利能力显著提升。 产品结构优化、经营效率提升，公司盈利能力持续提高。2024Q1-Q3公司综合 毛利率为 36.7%，同比+5.8pp，毛利率提升主要系工业产品结构优化、2024年 以来钢材等原材料价格下降、公司优化生产流程等降本增效措施推进；净利率 为 18.7%，同比+4.3pp；期间费用率为 12.9%，同比+1.3pp；其中，销售、管 理、研发和财务费用率分别为 7.0%、3.8%、2.1%、0.01%，分别同比-0.05pp ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 29.04 CNY based on a 2024 PE of 22 times [4][9]. Core Views - The company is a leading player in the industrial valve sector, with a continuous increase in global market share. The downstream sectors such as oil and gas extraction, refining, marine engineering, LNG, nuclear power, and water treatment are experiencing high demand, indicating sustained growth potential for the company [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 4.455 billion CNY, representing a year-on-year increase of 5.09%. The net profit attributable to shareholders was 828 million CNY, up 40.69% year-on-year, while the net profit excluding non-recurring items was 816 million CNY, reflecting a 29.66% increase [4][5]. - In Q3 2024, the company reported a revenue of 1.62 billion CNY, down 10.98% year-on-year, primarily due to high shipment volumes and revenue recognition in Q3 2023. The net profit for Q3 was 340 million CNY, an increase of 34.88% year-on-year, driven by a significant improvement in gross margin [4][5]. Profitability and Market Position - The company's gross margin for Q3 2024 was 38.9%, an increase of 6.3 percentage points year-on-year, attributed to a higher proportion of overseas revenue, product structure upgrades, and declining raw material prices. The net profit margin for Q3 was 21.0%, up 7.1 percentage points year-on-year [4]. - The company’s domestic market share is approximately 2%, while its global market share stands at around 0.5%. The company is positioned as a leading domestic industrial valve brand expanding internationally, with over 65% of its revenue coming from overseas [4][5]. Future Outlook - The company has raised its EPS forecasts for 2024-2026 to 1.32 CNY, 1.59 CNY, and 1.89 CNY respectively, from previous estimates of 1.22 CNY, 1.42 CNY, and 1.71 CNY. The expected revenue growth rates for 2024, 2025, and 2026 are 6.2%, 20.3%, and 19.9% respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's revenue growth was impacted by a high base from the previous year, but profit growth exceeded expectations, with a 41% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024 [2] - The company achieved a significant improvement in gross margin, reaching 38.9% in Q3 2024, an increase of 6.3 percentage points year-on-year [3] - The new management team has been incentivized effectively, leading to accelerated business expansion and a focus on overseas markets, particularly benefiting from the "Belt and Road" initiative [4] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 61.81 billion yuan, a year-on-year increase of 11.48% [1] - The net profit attributable to shareholders is expected to reach 1,013.19 million yuan in 2024, reflecting a 40.37% year-on-year growth [1] - The earnings per share (EPS) is forecasted to be 1.33 yuan for 2024, with a price-to-earnings (P/E) ratio of 17.44 based on the current market price [1] Market Data - The closing price of the company's stock is 23.23 yuan, with a market capitalization of approximately 17.67 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.49 [5] Basic Data - The company's total assets are projected to reach 9.095 billion yuan by 2024, with a debt-to-asset ratio of 50.08% [6] - The company has a total share capital of 760.85 million shares [6]

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-079 苏州纽威阀门股份有限公司 第五届董事会第十九次会议决议的公告 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。 1 本议案提交董事会审议前，已经过公司第五届董事会审计委员会 2024 年度 第四次会议审议通过，委员一致同意将本议案提交董事会审议。 表决结果：7 票同意，0 票反对，0 票弃权。 具体内容详见上海证券交易所网站： http://www.sse.com.cn 。 特此公告。 苏州纽威阀门股份有限公司 董事会 2024 年 10 月 26 日 苏州纽威阀门股份有限公司（以下简称"公司"）第五届董事会第十九次会议 于 2024 年 10 月 25 日以现场结合通讯表决方式召开。本次会议应到董事 7 名， 亲自出席会议的董事 7 名。会议由董事长鲁良锋先生主持。会议的召开符合有关 法律、行政法规、部门规章、规范性文件和公司章程的规定。 本次会议经与会董事认真审议，以投票表决方式做出如下决议： 1、 审议并通过《关于公司 2024 年第三季度报 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-080 苏州纽威阀门股份有限公司 第五届监事会第十六次会议决议的公告 一、审议并通过《关于公司 2024 年第三季度报告的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见上海证券交易所网站： http://www.sse.com.cn 。 特此公告。 苏州纽威阀门股份有限公司 监事会 2024 年 10 月 26 日 1 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。 苏州纽威阀门股份有限公司（以下简称"公司"）第五届监事会第十六次会议 于 2024 年 10 月 25 日以现场结合通讯表决方式召开，本次会议应到监事 3 名， 实到监事 3 名。会议由监事会主席邹琴女士主持。会议的召开符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 会议审议了以下议案： ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-081 苏州纽威阀门股份有限公司 监事会关于公司 2024 年限制性股票激励计划激励 对象名单的核查意见及公示情况说明 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、公示及核查情况 2024 年 10 月 15 日，苏州纽威阀门股份有限公司（以下简称"公司"）第五 届董事会第十八次会议审议通过了《关于<公司 2024 年限制性股票激励计划（草 案）>及其摘要的议案》（以下简称"激励计划"或"本激励计划"）等议案，根据 《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公司 对激励对象的姓名和职务在公司内部进行了公示，公司监事会结合公示情况对激 励对象进行了核查，相关公示情况及核查方式如下： 1、公司对激励对象的公示情况 公司除在上海证券交易所网站（ www.sse.com.cn ）上公告了《苏州纽威阀 门股份有限公司 2024 年限制性股票激励计划激励对象名单》（以下简称"激励对 象名单"）外，亦于 2024 年 10 月 15 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,617,350,455.02, a decrease of 10.98% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥339,810,339.14, an increase of 34.88% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥333,373,223.94, up by 19.87% compared to the same period last year[2] - Basic earnings per share for Q3 2024 was ¥0.45, representing a year-on-year increase of 32.35%[3] - Total operating revenue for the first three quarters of 2024 reached ¥4,455,314,241.74, an increase of 5.1% compared to ¥4,239,559,516.46 in the same period of 2023[14] - Operating profit for the first three quarters of 2024 was ¥990,079,985.01, up from ¥687,362,422.93 in 2023, reflecting a growth of 44.1%[14] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was ¥827,837,914.68, compared to ¥588,424,865.93 in 2023, representing an increase of 40.7%[15] - The total comprehensive income for the first three quarters of 2024 was ¥830,084,122.18, compared to ¥607,455,063.18 in 2023, reflecting an increase of 36.7%[15] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥8,060,254,854.25, reflecting a 2.31% increase from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2024 was ¥3,935,166,520.65, up by 5.20% compared to the end of the previous year[3] - Total liabilities decreased to ¥4,036,197,594.54 from ¥4,054,914,165.53, a reduction of 0.5%[12] - Total equity increased to ¥4,024,057,259.71 from ¥3,823,679,792.42, marking a growth of 5.3%[12] - The company’s total assets increased to ¥8,060,254,854.25 from ¥7,878,593,957.95, an increase of 2.3%[12] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥615,834,264.17, an increase of 33.11% year-on-year[2] - Cash inflow from operating activities reached 4,548,261,709.89 CNY, up from 3,964,194,391.88 CNY, representing a growth of approximately 14.7%[16] - Net cash flow from operating activities was 615,834,264.17 CNY, compared to 462,665,838.72 CNY in the previous year, an increase of about 33%[16] - Cash inflow from investment activities totaled 1,595,561,160.31 CNY, while cash outflow was 1,840,618,574.22 CNY, resulting in a net cash flow of -245,057,413.91 CNY[18] - Cash inflow from financing activities amounted to 1,089,663,402.63 CNY, with cash outflow of 1,543,173,157.45 CNY, leading to a net cash flow of -453,509,754.82 CNY[18] - The company reported a decrease in cash and cash equivalents by 61,777,953.99 CNY, compared to an increase of 257,078,241.25 CNY in the previous year[18] - Total cash and cash equivalents at the end of the period stood at 1,076,987,884.48 CNY, slightly up from 1,048,311,408.24 CNY year-over-year[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,516[8] - The largest shareholder, Wang Baoqing, holds 121,564,912 shares, representing 15.98% of total shares[9] Inventory and Current Assets - Total current assets as of September 30, 2024, amount to RMB 6,384,432,997.69, an increase from RMB 6,183,782,948.91 at the end of 2023[10] - Inventory as of September 30, 2024, is RMB 2,389,073,595.01, up from RMB 2,253,359,455.81 at the end of 2023, indicating a growth of approximately 6.0%[10] - The total amount of accounts receivable is RMB 2,137,939,563.90, slightly up from RMB 2,127,377,055.34[10] Expenses - Research and development expenses for the first three quarters of 2024 were ¥95,019,524.07, down from ¥116,785,954.29 in 2023, indicating a decrease of 18.6%[14] - The company reported a financial expense of ¥614,814.93 in 2024, a significant change from a financial income of ¥49,969,040.14 in 2023[14] - The company’s tax expenses for the first three quarters of 2024 were ¥155,125,905.33, compared to ¥92,923,079.96 in 2023, an increase of 67.0%[15] - The company paid 634,648,537.89 CNY to employees, an increase from 571,889,328.91 CNY in the previous year[16] - The company reported a total tax payment of 275,536,865.20 CNY, compared to 219,583,033.82 CNY in the previous year, reflecting a rise of approximately 25.5%[16] Non-Recurring Gains and Losses - Non-recurring gains and losses for Q3 2024 included government subsidies of ¥5,309,918.00[4] - The company reported a significant increase in cash flow from sales, contributing to the rise in net profit and earnings per share[6]

[Table_StockInfo] 2024 年 10 月 17 日 证券研究报告•公司研究报告 买入 （维持） 当前价：21.56 元 纽威股份（603699）机械设备 目标价：27.80 元（6 个月） 工业阀门龙头，全球化布局享下游高景气 [Table_Summary] 推荐逻辑：1）全球工业阀门市场 732亿美元，纽威股份充分受益。全球阀门市 场规模超 732亿美元，TOP10市占率仅 13%；纽威股份内部深化工艺研发，外 部拓展渠道、客户、下游，铸就核心竞争力，有望加速胜出。2）全球化布局优 势凸显。公司立足全球市场，已在荷兰、美国、意大利、新加坡、迪拜、尼日利 亚、越南、沙特设立 8家子公司，2023年国内外营收分别同比+27.4%、+48.2%， 持续打破海外垄断，业绩高增长可期。3）高景气赛道助力成长。公司油气领域 起家，全产业链覆盖，海工造船、核电、水处理等高景气领域拓展顺利，新业务 放量有望拉升公司业绩增长。 全球 732 亿美元市场空间，市场大而散，纽威股份乘势而上。根据 GIA，2021 年全球/中国工业阀门分别为 732、135亿美元，预计 2026年将分别达 923、182 亿美元 ...