Core Viewpoint - The company is experiencing rapid growth in performance, with a significant increase in contract liabilities year-on-year, indicating a strong order backlog. The ongoing globalization and diversification strategies are supporting long-term growth [1][2]. Financial Performance - The company achieved a revenue of 6.238 billion yuan in 2024, representing a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% year-on-year [2]. - In Q1 2025, the company reported a revenue of 1.556 billion yuan, a 14.44% increase year-on-year, and a net profit of 263 million yuan, reflecting a 33.52% year-on-year growth [2]. - The gross margin and net margin for 2024 were 38.10% and 18.69%, respectively, showing an increase of 6.70 percentage points and 5.44 percentage points year-on-year [2]. - For Q1 2025, the gross margin and net margin were 35.38% and 17.05%, respectively, with increases of 2.07 percentage points and 2.39 percentage points year-on-year [2]. Contract Liabilities and Cash Flow - By the end of 2024, the company's contract liabilities reached 354 million yuan, nearly doubling year-on-year, confirming a robust order backlog [3]. - The net operating cash flow for 2024 and Q1 2025 was 1.112 billion yuan and 325 million yuan, respectively, showing significant improvements of 74.50% and 415.91% year-on-year [3]. Globalization and Diversification Strategy - The company offers a comprehensive range of industrial valve solutions, including gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, and nuclear valves, catering to diverse customer needs [4]. - The company is actively responding to market demands in emerging sectors such as renewable energy, nuclear power, and marine engineering, accelerating technological upgrades and achieving breakthroughs in key technology areas [4]. - The globalization strategy is advancing, with the establishment of sales subsidiaries or offices in over 90 countries across five continents, including North America, Europe, Southeast Asia, the Middle East, and West Africa [4]. - The company plans to invest approximately 11 million USD to establish a wholly-owned subsidiary in Saudi Arabia for local production capacity development [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved operating revenue of 1.556 billion yuan, representing a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 263 million yuan, reflecting a year-on-year growth of 33.52% [2][6]. - The company continues to strengthen its advantages in traditional sectors such as pipelines, refining, LNG, offshore, and chemicals, while gradually enhancing its market position in emerging fields like power generation (both thermal and renewable), water treatment, and renewable energy (nuclear, LNG, hydrogen) [6]. - The gross profit margin for Q1 2025 increased by 2.18 percentage points to 35.38%, and the net profit margin rose by 2.41 percentage points to 16.88% [6]. - As of the end of Q1 2025, the company's contract liabilities amounted to 321 million yuan, a year-on-year increase of over 52.4%, indicating a strong order acquisition capability [6]. - The company plans to establish production bases globally to meet international standards, with ongoing projects in Saudi Arabia [6]. - The net cash flow from operating activities for Q1 2025 reached 325 million yuan, with cash on hand at 1.9 billion yuan, demonstrating healthy order quality and cash collection [6]. - The company forecasts net profits attributable to shareholders of 1.456 billion, 1.766 billion, and 2.041 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 15, 12, and 10 [6]. Financial Summary - In Q1 2025, the company reported a net profit of 263 million yuan, with a gross profit margin of 35.38% and a net profit margin of 16.88% [2][6]. - The total revenue for 2024 is projected at 6.238 billion yuan, with a gross profit of 2.376 billion yuan, leading to a gross profit margin of 38% [14]. - The company expects to maintain a strong financial position with significant cash reserves and healthy cash flow from operations [6][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.156 billion yuan in 2024, representing a year-on-year increase of 60.1%. In Q1 2025, the net profit reached 263 million yuan, up 33.52% year-on-year [4][5] - The company's revenue for 2024 was 6.238 billion yuan, a year-on-year increase of 12.5%, while Q1 2025 revenue was 1.556 billion yuan, up 14.44% year-on-year. Domestic sales slightly declined due to industry conditions, but export sales grew significantly [5] - The company has made continuous investments in R&D, with R&D expenses reaching 167 million yuan in 2024, accounting for 2.68% of revenue. This has led to breakthroughs in high-end products across multiple fields [6] - The company has expanded its upstream production capacity and customer base, establishing four foundries and enhancing its product applications in various industries, including clean energy [7] Financial Summary - The company’s revenue projections for 2025-2027 are 7.282 billion, 8.379 billion, and 9.556 billion yuan, respectively. The net profit forecasts for the same period are 1.447 billion, 1.654 billion, and 1.900 billion yuan, respectively [8][10] - The projected EPS for 2025-2027 is 1.88, 2.15, and 2.47 yuan, with corresponding PE ratios of 14.8, 12.9, and 11.3 times [8][10] - The company’s gross margin for 2024 is expected to be 38.1%, with a net profit margin of 18.69% [10]

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has seen a recent increase in stock price, but its price-to-earnings (PE) ratio is significantly lower than the industry average, indicating potential undervaluation [1] - As of May 9, Nuwai's stock closed at 27.81 yuan, up 1.50%, with a rolling PE ratio of 17.50, marking a new low in 24 days and a total market capitalization of 21.374 billion yuan [1] - The average PE ratio for the general equipment industry is 78.78, with a median of 40.37, placing Nuwai at the 60th position in the industry ranking [1] Group 2 - Nuwai Co., Ltd. specializes in the research, manufacturing, and sales of industrial valves, with key products including gate valves, globe valves, check valves, ball valves, butterfly valves, forged steel valves, oil and gas extraction equipment, safety valves, and castings [1] - The company received a "Five-Star Equipment Supplier" performance evaluation certificate from China General Nuclear Power Group for 2024, reflecting high recognition of its product quality and service in the nuclear power industry [1] - In the first quarter of 2025, Nuwai reported revenue of 1.556 billion yuan, a year-on-year increase of 14.44%, and a net profit of 263 million yuan, up 33.52%, with a gross profit margin of 35.38% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company achieved operating revenue of 6.238 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.156 billion yuan, a year-on-year increase of 60.1%, which is in line with the performance forecast [2][6] - In Q4 2024, the company reported operating revenue of 1.782 billion yuan, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 328 million yuan, a year-on-year increase of 145.73% [2][6] - The gross profit margin for the year reached 38.1%, an increase of 6.7 percentage points compared to 2023, with Q4 2024 gross profit margin at 41.55% [12] - The company has a strong order backlog, with contract liabilities reaching 354 million yuan by the end of 2024, nearly doubling from the previous year [12] - The company plans to establish production bases globally to meet international standards, with ongoing projects in Saudi Arabia [12] Summary by Sections Financial Performance - The company reported total operating revenue of 6.238 billion yuan and a gross profit of 2.376 billion yuan in 2024, with a gross margin of 38% [16] - The net profit attributable to shareholders for 2024 was 1.156 billion yuan, with an EPS of 1.52 yuan [16] Market Position and Growth - The company continues to strengthen its position in traditional sectors such as pipelines, refining, and LNG, while expanding into emerging fields like power generation and renewable energy [12] - Significant projects won in 2024 include contracts for major LNG and petrochemical projects [12] Future Outlook - Forecasted net profits for 2025, 2026, and 2027 are 1.456 billion yuan, 1.766 billion yuan, and 2.041 billion yuan respectively, with corresponding PE ratios of 14, 12, and 10 [12]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-038 苏州纽威阀门股份有限公司 关于控股股东部分股份质押的公告 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: 截至本公告日，苏州纽威阀门股份有限公司（以下简称"公司"）总股本 为 768,573,661 股，控股股东、实际控制人及其一致行动人持股情况如下： | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 王保庆 | 121,564,912 | 15.82% | | 程章文 | 121,564,912 | 15.82% | | 陆斌 | 83,545,482 | 10.87% | | 席超 | 83,545,482 | 10.87% | | 北京恒德时代私募基金管理有限公司－ 注 1 恒德智信 20 号私募证券投资基金 | 38,019,430 | 4.95% | | 北京恒德时代私募基金管理有限公司－ 2 恒德远征金锐 号私募证券投资基金注 1 | 38,019,430 | 4.95% ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-034 苏州纽威阀门股份有限公司 第五届董事会第二十八次会议决议的公告 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法律责任。 表决结果：7 票同意，0 票反对，0 票弃权。 2、 审议通过《关于补选公司第五届董事会董事的议案》； 一、董事会会议召开情况 苏州纽威阀门股份有限公司（以下简称"公司"）第五届董事会第二十八次会 议于 2025 年 04 月 18 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 04 月 29 日下午在公司会议室以现场结合通讯表决方式召开。本次会议应参加董 事 7 名，实际参加董事 7 名。会议由董事长鲁良锋先生主持，公司全体监事、董 事会秘书及其他部分高级管理人员列席了会议。会议的召集、召开及表决程序符 合有关法律、法规、部门规章、规范性文件和公司章程的规定，会议程序合法、 有效。 二、董事会会议审议情况 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、 审议通过《关于公司 2025 年第一季度报告的议案》； 本 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-036 苏州纽威阀门股份有限公司 关于补选第五届董事会董事的公告 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法律责任。 一、关于董事辞职的情况说明 审议。 特此公告。 苏州纽威阀门股份有限公司 董事会 2025 年 04 月 30 日 2 苏州纽威阀门股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 23 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 ...

一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-037 苏州纽威阀门股份有限公司 关于2024年年度股东大会增加临时提案的公告 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法律责任。 召开日期时间：2025 年 5 月 15 日 14 点 00 分 召开地点：江苏省苏州市高新区泰山路 666 号会议室 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603699 | 纽威股份 | 2025/5/8 | 二、 增加临时提案的情况说明 公司已于2025 年 4 月 23 日公告了 2024 年年度股东大会召开通知，合计直 接持有53.28%股份的股东王保庆、程章文、陆斌、席超，在2025 年 4 月 29 日 提出临时提案并书面提交股东大会召集人。股东大会召集人按照《上市公司股东 大会规则》有关规定，现予以公告。 2. 股东大会召开日期：2025 年 5 月 15 ...

苏州纽威阀门股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 1 纽威股份 2024 年年度股东大会会议资料 | | | | 年年度股东大会须知 4 2024 | | --- | | 年年度股东大会会议议程 6 2024 | | 关于 年度董事会工作报告的议案 8 2024 | | 关于 2024 年度监事会工作报告的议案 19 | | 关于 2024 年度财务决算报告的议案 23 | | 关于 2025 年度财务预算报告的议案 30 | | 关于 2024 年度利润分配预案的议案 32 | | 关于 2025 年度中期利润分配预案的议案 33 | | 关于 年年度报告及摘要的议案 34 2024 | | 关于公司及子公司 年度向银行申请综合授信额度的议案 35 2025 | | 关于公司 年度为下属控股子公司提供担保额度的议案 39 2025 | | 关于公司使用自有资金购买理财产品的议案 41 | 2 纽威股份 2024 年年度股东大会会议资料 | 关于续聘容诚会计师事务所（特殊普通合伙）为公司审计机构及内部控制审计机构的议 | | | | --- | --- | --- | | 案 | ...