Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned to benefit significantly from the rising demand in the nuclear power sector, particularly as a supplier for the ITER project, which has achieved a major milestone in controlled nuclear fusion technology [2][3] - The company has received necessary certifications to supply various types of nuclear-grade valves, enabling it to participate in both domestic and international nuclear power projects [3] - Recent government approvals for multiple nuclear power projects in China and reforms in the U.S. nuclear regulatory framework indicate a sustained high demand for nuclear power, which the company is well-equipped to capitalize on [4] - The geopolitical landscape is driving increased investment in the oil and gas sector, particularly in the Middle East, which is expected to enhance the company's order visibility and revenue growth [5] Financial Summary - The company forecasts total revenue growth from CNY 5,544 million in 2023 to CNY 10,423 million by 2027, representing a compound annual growth rate (CAGR) of approximately 17.32% [1] - Net profit attributable to shareholders is projected to grow from CNY 721.80 million in 2023 to CNY 2,063.66 million by 2027, with a peak growth rate of 60.10% in 2024 [1] - The earnings per share (EPS) is expected to increase from CNY 0.94 in 2023 to CNY 2.69 in 2027, reflecting strong profitability [1] - The current price-to-earnings (P/E) ratio is projected to decrease from 33.22 in 2023 to 11.62 by 2027, indicating an attractive valuation as earnings grow [1]

尽管2024年江苏阀门行业前三甲纽威阀门、苏盐阀门、神通阀门持续领跑，但头部企业出现明显分化态 势。部分头部企业相比去年产值有所下滑，利税下滑超30%。盛根林指出，主要原因包括：第一，受行 业内卷影响，企业主动调整产业线，导致企业低价竞争，由开发低利润通用阀门转向研发周期较长的高 端产品；第二，海外市场的波动导致个别企业因中东、东欧地区项目延期，影响短期交付；第三，供应 链重组导致新能源领域客户账期拉长，企业为控制风险阶段性收缩规模。 "在全球经济增长疲软、国内部分下游领域（如石化、冶金）投资阶段性放缓、原材料价格高位运行的 三重压力下，2024年江苏阀门行业增速较上年放缓至2.60%。增速放缓的信号表明当前阀门行业正处于 结构调整与转型升级的关键期，正在从'量增'转向'质升'。"江苏省阀门工业协会秘书长盛根林向记者表 示，同质化竞争、技术人才缺口及成本压力仍是企业突围的掣肘，但高端化、智能化升级已为企业打开 新增长空间，推动企业向高技术附加值领域突围。 盛根林强调，江苏阀门行业正逐步摆脱低端化、同质化发展模式，高端阀门（如超低温阀LNG、核电 阀）占比不断提升。以江苏阀门行业龙头企业苏州纽威阀门股份有限公司 ...

截至本公告披露日，王世文先生未持有公司股份。 特此公告。 附件：王世文先生简历 苏州纽威阀门股份有限公司 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-040 苏州纽威阀门股份有限公司 关于王世文先生当选公司董事的公告 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。 根据公司 2024 年年度股东大会决议，王世文先生当选公司董事。 根据公司第五届董事会第二十八次会议决议，王世文先生当选公司第五届董 事会审计委员会委员、薪酬与考核委员会委员。 2025 年 05 月 16 日 1 简历：王世文，1969 年出生，中国国籍，无境外永久居留权，博士学历、 硕士生导师、苏州市政协委员。1994 年 7 月至 2002 年 8 月，先后任华北工学院 分院讲师、系副主任。2002 年 8 月至今，任苏州科技大学商学院教授、江苏省 资本市场研究会理事；2019 年 12 月至 2022 年 12 月任苏州昀冢电子科技股份有 限公司独立董事；2021 年 3 月至 2024 年 5 月任苏州可川电子科技股份有限公司 独立 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-039 苏州纽威阀门股份有限公司 2024年年度股东大会决议公告 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 (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 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：公司关于 2024 年度董事会工作报告的议案 审议结果：通过 (一)股东大会召开的时间：2025 年 5 月 15 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 | 248 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 ...

Core Points - Wang Shiwun has been elected as a director of Suzhou Neway Valve Co., Ltd. according to the resolution of the 2024 annual general meeting of shareholders [1] - Wang Shiwun has also been appointed as a member of the Audit Committee and the Compensation and Assessment Committee of the fifth board of directors [1] - As of the announcement date, Wang Shiwun does not hold any shares in the company [1] Summary of Wang Shiwun's Background - Wang Shiwun, born in 1969, is a Chinese national with a doctoral degree and serves as a master's supervisor and a member of the Suzhou Political Consultative Conference [1] - He has held various academic positions, including lecturer and deputy director at North China Institute of Technology from July 1994 to August 2002, and has been a professor at Suzhou University of Science and Technology since August 2002 [1] - Wang has served as an independent director for several companies, including Suzhou Yunzong Electronics Technology Co., Ltd. and Suzhou Kechuan Electronics Technology Co., Ltd., and has been involved with Kunshan Rural Commercial Bank and Suzhou Traffic Investment Group [1]

Meeting Details - The annual general meeting of Suzhou Neway Valve Co., Ltd. was held on May 15, 2025, at the meeting room located at 666 Taishan Road, Suzhou High-tech Zone, Jiangsu Province [1] - The meeting was presided over by the chairman, Mr. Lu Liangfeng, and complied with the provisions of the Company Law and the Articles of Association [1][3] - A total of 79.1446% of the shares were represented at the meeting [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement, with the majority of votes in favor exceeding 99.99% for several proposals [1][2] - Specific voting results included: - Proposal 1: 608,229,686 votes in favor (99.9909%), 500 against (0.0000%), 54,700 abstentions (0.0091%) [1][2] - Proposal 2: 608,146,086 votes in favor (99.9771%), 500 against (0.0000%), 138,300 abstentions (0.0229%) [1] - Proposal 3: 607,484,832 votes in favor (99.8684%), 745,354 against (0.1225%), 54,700 abstentions (0.0091%) [2] Legal Compliance - The meeting's procedures and voting results were confirmed to be legal and valid by the attending lawyers, ensuring compliance with relevant laws and regulations [3][4]

江苏合展兆丰律师事务所 H&Z LAW 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 年年度股东大会的 法律意见书 苏兆证字（2025）第 00515 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，指派郭新花律师、顾静梅律师（以下简称"本所 律师"）出席了公司 2024 年年度股东大会（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、副本材 料、复印件 ...

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 industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].