Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company, Nuwei Co., Ltd., is a leading domestic industrial valve manufacturer benefiting from the expansion of Chinese EPC contractors into overseas markets, particularly in the oil service industry [2][3] - The company has a strong competitive edge due to its comprehensive product offerings across various downstream sectors, including oil and gas extraction, chemical, and marine engineering [2][3] Summary by Sections 1. Company Overview - Nuwei Co., Ltd. specializes in the design, manufacturing, and sales of valves, establishing itself as a leading industrial valve supplier in China since its inception [2][3] - The company has a diverse product range, including gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, and nuclear valves, with over 5,000 specifications [2][3] 2. Market Dynamics - The industrial valve market is characterized by a fragmented competitive landscape, with significant growth driven by the oil and gas extraction and marine engineering sectors [2][3] - The company’s revenue is closely linked to the capital expenditure of major oil companies, which influences its profitability [2][3] 3. International Expansion - The deepening of the "Belt and Road" initiative has facilitated the overseas expansion of Chinese EPC contractors, creating new market opportunities for the company in the Middle East [2][3] - The company has established long-term partnerships with global energy giants, enhancing its market presence and customer loyalty [2][3] 4. Financial Performance - The report projects significant revenue growth, with total revenue expected to reach 6,869 million yuan in 2024, reflecting a year-on-year increase of 23.89% [1] - The net profit forecast for 2024 is set at 953.16 million yuan, indicating a 32.05% increase compared to the previous year [1] 5. Competitive Advantages - The company has a complete qualification and extensive experience in product safety applications, which are critical competitive advantages in the high-end market [2][3] - Nuwei Co., Ltd. has successfully integrated its supply chain, reducing the impact of raw material price fluctuations on profitability [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a revenue of 2.84 billion yuan for the first half of 2024, representing a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 490 million yuan, up 45.0% year-on-year [1]. - The business structure has been optimized, leading to significant improvements in profitability, with a gross margin of 35.5% and a net margin of 17.4% in the first half of 2024 [1]. - The company has successfully expanded its customer base and product offerings, enhancing its competitive position in the industrial valve market [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.48 billion yuan, a year-on-year increase of 11.1% and a quarter-on-quarter increase of 8.7%, with a net profit of 290 million yuan, up 22.2% year-on-year and 48.0% quarter-on-quarter [1]. - The comprehensive gross margin for H1 2024 was 35.5%, an increase of 5.8 percentage points year-on-year, while the net margin was 17.4%, up 3.3 percentage points year-on-year [1]. Business Development - The company has a diverse product range, including various types of valves and has achieved full coverage of API6D certification for key products [2]. - It has established deep collaborations with major players in the oil and gas sector, such as SHELL and TOTAL, and is expanding into clean energy projects [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 900 million yuan, 1.04 billion yuan, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 18% [2]. - The current stock price corresponds to a price-to-earnings ratio of 16, 14, and 12 for the next three years [2].

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-066 苏州纽威阀门股份有限公司 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 8 月 30 日 (二)股东大会召开的地点：江苏省苏州市高新区泰山路 666 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 130 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 567,209,469 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 74.5946 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事长鲁良锋先生主持，本次会议的召集、召开程序符合《公 司法》及《公司章程》的规定，表决方式及表决结果合法、有效。 ( ...

江苏合展兆丰律师事务所 H&Z L!W FIRM 江苏合展兆丰律师事务所 关于苏州纽威阀门股份有限公司 2024 年第四次临时股东大会的 法律意见书 苏兆证字（2024）第 0830 号 致：苏州纽威阀门股份有限公司 江苏合展兆丰律师事务所（以下简称"本所"）接受苏州纽威阀门 股份有限公司（以下简称"公司"）的委托，指派张知烈律师、吴开征 律师（以下简称"本所律师"）出席了公司 2024 年第四次临时股东大 会（以下简称"本次股东大会"）的现场会议，现本所根据《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"）、《上市公司股东大会规则》等我国现行法律、法规 以及《上海证券交易所上市公司股东大会网络投票实施细则》等规范 性文件和《苏州纽威阀门股份有限公司章程》（以下简称"《公司章 程》"）、上市公司股东大会规则的有关规定，就本次股东大会的有关 事宜出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关文件及其 复印件，核对了其中相关文件的原件，并取得公司向本所作出的如下 保证：公司已向本所提供了出具本法律意见书所必须的、真实的、完 整的原始书面材料、副 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-065 苏州纽威阀门股份有限公司 关于使用部分闲置募集资金购买理财产品的公告 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： 委托理财受托方：澳门国际银行股份有限公司（以下简称"澳门国际银 行"） 本次委托理财金额：两笔理财金额分别为 800 万元人民币和 1,500 万元 人民币 委托理财产品名称：800 万元理财为"澳银财富"结构性存款（三层结构） 第 728 期、1,500 万元理财为"澳银财富"结构性存款（三层结构）第 729 期 2.闲置资金使用情况 经中国证券监督管理委员会《关于核准苏州纽威阀门股份有限公司首次公开 发行股票的批复》（证监许可[2013]1653 号文）核准，公司于 2014 年 1 月 14 日 在上海证券交易所以人民币 17.66 元/股的发行价格公开发行 82,500,000 股人民 币普通股（A 股），其中公司公开发行新股 50,000,000 股，募集资金总额计人民 币 883,000,000.00 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 21.96 CNY, up from the previous target of 20.98 CNY [4] Core Views - The company has been deeply involved in the valve industry for 20 years, with a broad business layout and diversified downstream sectors, making it resilient to cyclical fluctuations [1] - The company is expected to achieve rapid growth due to the recovery of traditional downstream sectors and the rapid expansion of new businesses such as new energy and nuclear power [1] - The company's performance in H1 2024 met expectations, with revenue reaching 2.838 billion CNY (+17.14% YoY) and net profit attributable to shareholders reaching 488 million CNY (+45.04% YoY) [12] - The company's order structure has been optimized, with gross margin reaching 35.48% (+5.78 ppts YoY) and net margin reaching 17.41% (+3.33 ppts YoY) in H1 2024 [12] Financial Summary - Revenue is expected to grow from 4.059 billion CNY in 2022 to 9.051 billion CNY in 2026, with a CAGR of 22.2% [2] - Net profit attributable to shareholders is projected to increase from 466 million CNY in 2022 to 1.297 billion CNY in 2026, with a CAGR of 29.3% [2] - ROE is expected to rise from 14.3% in 2022 to 24.6% in 2026, indicating improving profitability [2] - The company's EPS is forecasted to grow from 0.61 CNY in 2022 to 1.71 CNY in 2026 [2] Business Highlights - The company has made breakthroughs in multiple areas, including the delivery of 106 sets of dual-link switching valves, the successful acceptance of a 28-inch subsea ball valve, and the acquisition of international FPSO projects [12] - The company has also secured contracts for energy storage and gas storage wellhead projects in the Middle East and Europe, as well as high-end nuclear power product procurement [12] - Traditional downstream sectors (chemical, refining, oil extraction) are experiencing increased demand, while new businesses (LNG, offshore engineering, nuclear power) are growing rapidly [12] - The global renewable energy share in electricity generation reached 30% in 2023, and is expected to increase to 35% by 2025, driving higher demand for industrial valves [12] Valuation - The company is valued at 18x 2024E PE, higher than the industry average of 17.24x, reflecting its strong competitive advantages and high growth potential [13] - Comparable companies include Jiangsu Shentong (002438 SZ) and CNNC SUFA Technology Industry (000777 SZ), with average 2024E PE of 17.24x [14]

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-062 苏州纽威阀门股份有限公司 第五届监事会第十四次会议决议的公告 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"）第五届监事会第十四次会 议于 2024 年 08 月 23 日上午以现场结合通讯方式召开。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相关规定。会议审议了以下议案： 1、审议并通过《关于公司 2024 年半年度报告及摘要的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 2、审议并通过《2024 年上半年募集资金存放与实际使用情况的专项报告的 议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 苏州纽威阀门股份有限公司 监事会 3、审议并通过《关于 2024 年半年度利润分配预案的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 2024 年 08 月 24 日 1 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-064 苏州纽威阀门股份有限公司 关于 2024 年中期利润分配预案的公告 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个别及连带责任。 重要内容提示： 苏州纽威阀门股份有限公司（以下简称"公司"）拟向全体股东每 10 股 派发现金红利人民币 3.80 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持按每 10 股派发现金红利 3.80 元（含税）不变，相应调整分配总额，并将在相关公告 中披露。 公司已于 2024 年 5 月 15 日召开 2023 年年度股东大会审议通过了《关于 2024 年中期利润分配预案的议案》，由股东大会授权董事会全权办理公司半年度 利润分配相关事宜。本次利润分配方案无需提交股东大会审议。 一、利润分配预案的内容 根据公司 2024 年半年度报告，2024 年半年度公司合并报表归属于母公司实 现的净利润为 488,027,5 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 2,837,963,786.72, representing a year-on-year increase of 17.14%[14] - The net profit attributable to shareholders of the listed company was RMB 488,027,575.54, a year-on-year increase of 45.04%[14] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 483,046,786.15, reflecting a year-on-year growth of 37.41%[14] - Basic earnings per share for the first half of 2024 were RMB 0.64, up 42.22% from RMB 0.45 in the same period last year[15] - The weighted average return on net assets was 12.83%, an increase from 9.80% in the previous year[15] - The company reported a total profit of CNY 594,353,973.58 for the first half of 2024, compared to CNY 335,406,585.26 in the same period last year, marking a growth of 77.3%[95] - The company achieved a gross profit margin of approximately 18.5% in the first half of 2024, compared to 15.5% in the same period of 2023, reflecting improved operational efficiency[91] Cash Flow and Financial Position - The net cash flow from operating activities decreased by 58.96% to RMB 70,814,256.22, primarily due to increased costs and expenses[16] - Cash flow from operating activities amounted to CNY 70,814,256.22, a decrease of 59% from CNY 172,540,664.28 in the first half of 2023[97] - The total cash and cash equivalents at the end of the period stood at CNY 1,313,159,505.54, up from CNY 1,071,127,984.09 at the end of the first half of 2023[97] - The company has a cash management balance of 0.65 billion RMB as of the end of the reporting period, with a maximum balance during the period not exceeding the authorized limit[79] - The company reported a significant increase in contract liabilities to ¥226,661,662.67 from ¥182,858,041.28, representing a rise of about 24%[86] Assets and Liabilities - Total assets grew by 5.01% to RMB 8,273,290,236.59 compared to the end of the previous year[14] - The company's total current assets as of June 30, 2024, amounted to CNY 6,600,821,342.58, an increase from CNY 6,183,782,948.91 as of December 31, 2023, reflecting a growth of approximately 6.7%[85] - Total liabilities increased to ¥4,256,084,674.37 in the first half of 2024, compared to ¥3,930,222,196.02 in the same period of 2023, marking an increase of 8.3%[90] - Current liabilities rose to ¥4,257,692,797.88, compared to ¥3,990,004,996.77, indicating an increase of about 7%[86] Research and Development - The company has invested in R&D with over 200 international team members across research centers in China, Italy, and the USA, focusing on advanced valve technologies[23] - Research and development expenses rose by 18.20% to ¥77,458,097.11 from ¥65,529,681.96 in the previous year[36] - The company is committed to continuous product improvement and innovation to meet the increasing demands of the energy sector[19] Market and Product Development - The company aims to expand its market share in both domestic and international markets by enhancing production capacity and investing in new technologies[20] - The company has expanded its product applications in various industries, including nuclear power, oil and gas equipment, and renewable energy, while developing new products such as flanges and tire molds, laying a solid foundation for future order increases[27] - The company has deepened strategic cooperation with global energy enterprises, expanding its market penetration in LNG and fine chemicals, and has participated in numerous significant domestic and international projects[28] Environmental Management - The company has established various environmental management systems and has received pollution discharge permits, ensuring compliance with total pollutant control requirements[52] - The company has committed to environmental protection regulations and has successfully passed environmental impact assessments for its projects[54] - The company has reduced carbon emissions by 585.3 tons during the last fiscal year through various measures, including replacing old machinery and increasing the installation of photovoltaic panels[58] Shareholder Information - The company plans to distribute a cash dividend of RMB 3.80 per 10 shares to all shareholders[3] - The total number of common shareholders reached 14,590 by the end of the reporting period[81] - The top two shareholders, Wang Baoqing and Cheng Zhangwen, each hold 15.99% of the shares, totaling 121,564,912 shares[81] Risks and Challenges - The company faces risks related to cyclical fluctuations in the oil and gas industry, rising costs, and exchange rate volatility[4] - Political instability in global markets could negatively impact the company's overseas sales and operations[44] - Rising costs due to macroeconomic changes and raw material price fluctuations pose a risk to future profitability[41] Corporate Governance - The company held its first and second extraordinary general meetings in January and March 2024, respectively, with all proposals approved[46] - The company has not reported any major litigation or arbitration matters during the reporting period[63] - There were no significant related party transactions or changes in major contracts during the reporting period[64]

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-061 表决结果：7 票同意，0 票反对，0 票弃权。 3、审议并通过《关于 2024 年半年度利润分配预案的议案》； 表决结果：7 票同意，0 票反对，0 票弃权。 苏州纽威阀门股份有限公司 第五届董事会第十七次会议决议的公告 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。 2024 年 08 月 23 日，苏州纽威阀门股份有限公司（以下简称"公司"）第五 届董事会第十七次会议以现场结合通讯方式召开。会议由董事长鲁良锋先生主持， 出席会议的董事或经董事授权的代理人共 7 名，符合法律、法规和《公司章程》 的要求。与会董事经审议作出如下决议： 1、审议并通过《关于公司 2024 年半年度报告及摘要的议案》； 表决结果：7 票同意，0 票反对，0 票弃权。 本议案已经公司第五届董事会审计委员会 2024 年度第三次会议审议通过。 2、审议并通过《2024 年上半年募集资金存放与实际使用情况的专项报告的 议案》； 特此公告。 1 苏州纽威阀门股份有限公司 董 ...