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： ...

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]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.80 CNY over the next six months, based on a current price of 21.56 CNY [1]. Core Insights - The company is positioned as a leading player in the industrial valve market, benefiting from a global market size of 73.2 billion USD, with significant growth potential due to its comprehensive product offerings and global expansion strategy [1][25]. - The company has established a strong presence in both domestic and international markets, with revenue growth of 48.2% year-on-year in overseas markets and 27.4% in domestic markets for 2023 [1]. - The company is expanding into high-demand sectors such as oil and gas, nuclear power, and water treatment, which are expected to drive future revenue growth [1][25]. Summary by Sections 1. Company Overview - The company has evolved into a leading manufacturer of industrial valves, providing a full range of valve solutions across various industries including oil and gas, chemical, and power generation [11][13]. - The company has a well-established global footprint with subsidiaries in multiple countries, enhancing its competitive edge [1][11]. 2. Market Potential - The global valve market is projected to grow from 73.2 billion USD in 2021 to 92.3 billion USD by 2026, with a compound annual growth rate (CAGR) of 4.8% [1][25]. - The competitive landscape is highly fragmented, with the top 10 companies holding only a 13% market share, indicating significant opportunities for growth [1][25]. 3. Financial Performance - The company reported a revenue of 55.4 billion CNY in 2023, with a CAGR of 15.3% from 2016 to 2023, and a net profit of 7.2 billion CNY, reflecting a CAGR of 18.5% [18]. - The company’s gross margin has improved, with a gross margin of 31.4% in 2023, up from 30.5% in 2017 [19]. 4. Growth Drivers - The company is actively expanding its product lines into high-end valve markets, including deep-sea and nuclear valves, which are expected to contribute significantly to revenue growth [13][19]. - Strategic partnerships with major global energy companies are enhancing the company's market position and driving demand for its products [1][25]. 5. Profitability Forecast - The company is expected to achieve a net profit of 9.1 billion CNY in 2024, with an EPS of 1.20 CNY, and a projected net profit growth of 19% over the next three years [1][2].

会议资料 二○二四年十月 1 纽威股份 2024 年第五次临时股东大会会议资料 | | | | 2024 年第五次临时股东大会须知 | 3 | | --- | --- | | 2024 年第五次临时股东大会会议议程 | 5 | | 关于滚动实施中长期激励计划的议案 | 6 | | 关于公司 2024 年限制性股票激励计划（草案）及其摘要的议案 | 8 | | 关于公司 2024 年限制性股票激励计划实施考核管理办法的议案 | 9 | | 关于提请股东大会授权董事会办理股权激励相关事宜的议案 10 | | 苏州纽威阀门股份有限公司 2024 年第五次临时股东大会 苏州纽威阀门股份有限公司 2024 年第五次临时股东大会须知 为维护苏州纽威阀门股份有限公司（以下简称"公司"）全体股东的合法权益， 确保本次股东大会的正常秩序和议事效率，保证大会顺利进行,根据中国证券监 督管理委员会发布的《上市公司股东大会规则》《上市公司治理准则》等有关规 定，特制定本次会议须知如下： 一、会议按照法律、法规、有关规定和公司章程、股东大会议事规则的规定 进行，请参会人员自觉维护会议秩序，防止不当行为影响其他股东合法权益。 二、参会股 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-078 苏州纽威阀门股份有限公司 关于控股股东部分股份解除质押的公告 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 760,847,603 股，控股股东、实际控制人王保庆先生、程章文先生均直接持有 公司股份 121,564,912 股，均占公司总股本的 15.98%；陆斌先生、席超先生均直 接持有公司股份的 83,545,482 股，均占公司总股本的 10.98%。恒德智信 20 号私 募证券投资基金、恒德远征金锐 1 号私募证券投资基金均直接持有公司股份的 38,019,430 股，均占公司总股本的 5.00%；纽威集团有限公司（以下简称"纽威集 团"）持有公司股份 7,490,620 股，占公司总股本的 0.98%。 纽威集团的共同实际控制人为王保庆先生、陆斌先生、程章文先生、席 超先生；恒德智信 20 号私募证券投资基金穿透至底层的唯一持有人为席超先生； 恒德远 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to implement a rolling stock incentive plan, binding core executives' interests to long-term growth [2] - The new management team is young and internally cultivated, which is expected to enhance motivation and align their interests with the company's long-term development [3] - The company is experiencing rapid business expansion, with significant revenue growth in various sectors, particularly in oil and gas, marine engineering, and water treatment [3] - The company is confident in its growth prospects, as evidenced by its planned expansion of precision casting capacity [3] - The report forecasts net profits for 2024-2026 at 9.5 billion, 12.0 billion, and 14.8 billion respectively, with corresponding P/E ratios of 17, 14, and 11 [3] Financial Forecasts - Total revenue is projected to grow from 5,544 million in 2023 to 9,422 million in 2026, with a compound annual growth rate (CAGR) of 17.95% [8] - Net profit is expected to increase from 721.80 million in 2023 to 1,479.99 million in 2026, reflecting a CAGR of 23.64% [8] - The latest diluted EPS is forecasted to rise from 0.95 in 2023 to 1.95 in 2026 [8] - The company's total assets are projected to grow from 9,643 million in 2024 to 13,569 million in 2026 [8] Market Data - The closing price of the stock is 21.61 yuan, with a market capitalization of approximately 16.44 billion [4] - The stock has a price-to-book ratio of 4.25 [4] - The company has a total share capital of 760.85 million shares [5]