Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [15]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 437 million to 572 million yuan in the first half of 2024, representing a year-on-year growth of 30% to 70% [15]. - The second quarter net profit is projected to be between 240 million to 375 million yuan, with a year-on-year growth of 1% to 58% [15]. - The industrial valve market is anticipated to grow significantly, with the global market size expected to reach 92.3 billion USD by 2026, highlighting the company's strong position in the high-end industrial valve sector [15]. - The company has a comprehensive product range and strong technical capabilities, which are expected to drive growth through market share expansion and product high-endization [15]. Financial Forecasts - Total revenue is projected to increase from 5,544 million yuan in 2023 to 6,869 million yuan in 2024, reflecting a year-on-year growth of 23.89% [1]. - Net profit attributable to shareholders is forecasted to grow from 721.80 million yuan in 2023 to 953.16 million yuan in 2024, indicating a growth rate of 32.05% [1]. - The earnings per share (EPS) is expected to rise from 0.95 yuan in 2023 to 1.25 yuan in 2024 [1]. Market Data - The company's closing price is 17.82 yuan, with a market capitalization of approximately 13,550.12 million yuan [2]. - The price-to-earnings (P/E) ratio is currently at 18.77, projected to decrease to 14.22 in 2024 [1][2]. Strategic Initiatives - The company has implemented a stock incentive plan to motivate key employees, which is expected to enhance team performance and reflect long-term growth confidence [15].

Investment Rating - The investment rating for the company is "Buy" with a target price of 20.98, maintaining the previous rating of "Buy" [2][3]. Core Views - The company's performance exceeded expectations, with strong orders and sales. The forecast for EPS for 2024-2026 has been raised to 1.21, 1.40, and 1.67 yuan respectively, up from the previous estimates of 1.14, 1.35, and 1.60 yuan. The target price remains at 20.98 yuan, and the recommendation is to "Buy" [3]. Summary by Sections Financial Performance - The company anticipates a net profit of approximately 4.37-5.72 billion yuan for H1 2024, representing a year-on-year growth of 30.0% to 70.0%, with a midpoint estimate of 5.05 billion yuan, a 50% increase year-on-year. For Q2 2024, the expected net profit is 2.41-3.75 billion yuan, with a year-on-year growth of 1.0% to 57.5% [3]. - The expected net profit after deducting non-recurring items for H1 2024 is approximately 4.30-5.65 billion yuan, indicating a year-on-year growth of 22% to 61% [3]. Order and Market Expansion - The company is actively expanding its market presence, optimizing product structure and design, improving product quality, and enhancing operational efficiency, which contributes to the high growth in profits. The high-margin businesses in offshore shipbuilding, oil and gas development, and LNG are expected to increase their share of orders [3]. - The order structure is continuously improving, with sufficient orders on hand and new orders being prepared for 2025. The company is seeing balanced order intake across various downstream sectors, which is a key driver for profit growth [3]. Industry Outlook - The traditional downstream sectors are benefiting from stable global power generation and increasing energy demand, which is driving high demand for industrial valves. The LNG and hydrogen sectors are also seeing increased demand due to geopolitical factors and energy transitions [3]. - The domestic LNG and FPSO ship orders are increasing, and the industry is expected to accelerate domestic substitution. The nuclear power sector is projected to disclose 6-8 new nuclear units annually, with each unit requiring valves valued at approximately 500 million yuan [3]. Financial Projections - The company’s revenue is projected to grow from 5,544 million yuan in 2023 to 6,930 million yuan in 2024, reflecting a growth rate of 25.0%. Net profit is expected to rise from 722 million yuan in 2023 to 923 million yuan in 2024, a growth of 27.9% [5]. - The projected EPS for 2024 is 1.21 yuan, with a net asset return rate of 22.1% [5]. Market Data - The stock has a market capitalization of 12,318 million yuan, with a price-to-earnings ratio of 17.07 based on the current price [25].

Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately ¥43,742.79 million to ¥57,202.12 million for the first half of 2024, representing an increase of ¥10,094.49 million to ¥23,553.81 million year-on-year, or a growth of 30% to 70%[15]. - The net profit excluding non-recurring gains and losses is estimated to be around ¥43,012.55 million to ¥56,471.87 million, an increase of ¥7,858.13 million to ¥21,317.45 million compared to the same period last year, reflecting a growth of 22% to 61%[20]. - The earnings per share for the previous year was reported at ¥0.45[18]. Market and Operational Strategy - The company has actively expanded its market, optimized product structure and design, improved product quality, and enhanced operational efficiency during the reporting period[4]. - The performance increase is attributed to the company's strategic initiatives in market expansion and cost management[4]. - The company anticipates improvements in orders and sales in the first half of 2024, contributing to stable and healthy development[4]. Earnings Forecast and Assurance - The earnings forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[22]. - The earnings forecast is subject to final confirmation in the official half-year report to be released later[12]. - The company assures that there are no significant uncertainties affecting the accuracy of this earnings forecast[23]. - The company emphasizes the importance of cautious decision-making for investors based on the preliminary data provided[12].

公司监事会、保荐机构已分别对此发表了同意的意见。 一、本次使用部分闲置募集资金购买理财产品到期赎回的情况 公司于 2024 年 2 月 20 日购买的东亚银行（中国）有限公司苏州分行发行的 "汇率挂钩结构性存款产品（澳元/美元双区间单层触及结构）"理财产品 2,000.00 万元（公告编号：临 2024-008），该理财产品已于 2024 年 7 月 5 日到期，实际年 化收益率 2.80%，公司收回本金人民币 2,000.00 万元，获得理财产品收益人民币 21.16 万元，本金及收益已于 2024 年 7 月 5 日到账，并已划至募集资金专用账户。 证券代码：603699 证券简称：纽威股份 公告编号：临 2024-051 苏州纽威阀门股份有限公司 关于使用部分闲置募集资金 进行委托理财到期赎回的公告 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。 苏州纽威阀门股份有限公司（以下简称"公司"）第五届董事会第十二次会 议、2023 年年度股东大会审议通过了《关于使用部分闲置募集资金及自有资金 购买理财产品的议案》，在确 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-050 苏州纽威阀门股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.52 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/9 | － | 2024/7/10 | 2024/7/10 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 15 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-049 苏州纽威阀门股份有限公司 2024 年第三次临时股东大会决议公告 (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 | 18 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 512,249,151 | | 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 | | | 份总数的比例（%） | 67.3667 | (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。 (五)公司董事、监事和董事会秘书的出席情况 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 ...

1 苏州纽威阀门股份有限公司 2024 年第三次临时股东大会 会议资料 二○二四年七月 | 求 | | --- | | 2024 年第三次临时股东大会须知 | 3 | | --- | --- | | 2024 年第三次临时股东大会会议议程 | 5 | | 关于对外投资暨设立境外子公司的议案 | 6 | 纽威股份 2024 年第三次临时股东大会会议资料 苏州纽威阀门股份有限公司 2024 年第三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、参会股东（或股东代理人）应严格按照本次会议通知所记载的会议登记 方法及时全面的办理会议登记手续及有关事宜。 六、每位股东（或股东代理人）发言原则上不超过两次，且每次发言原则上 不超过五分钟。 七、股东（或股东代理人）就有 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-048 苏州纽威阀门股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第三次临时股东大会 (二)股东大会召集人：董事会 至 2024 年 7 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2024-047 苏州纽威阀门股份有限公司 关于对外投资暨设立境外全资子公司的公告 1 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： 特别风险提示：越南当地的政治环境、经济环境、法律法规等与国内存 在一定差异性，项目实施过程中可能存在一定的管理、运营及市场风险以及汇率 波动风险，投资效果能否达到预期存在不确定性；本次对外投资尚需履行境内对 境外投资的审批或备案手续，以及越南当地投资许可和企业登记等审批或登记程 序，能否顺利实施存在一定的不确定性。 根据《公司章程》的规定，本次对外投资事项尚需提交股东大会审议。 一、对外投资概述 1、苏州纽威阀门股份有限公司（以下简称"公司"）根据公司整体战略规划， 结合公司未来产能布局，为进一步满足市场需求，提升国际竞争力，公司拟在越 南投建纽威阀门越南有限公司 Neway Valve Vietnam Co., LTD（暂定名，具体以 当地登记机关核准为准），拟投资总额 2,700 万美元，资金来源为自有资金，主 ...