2024年10月30日公司发布的三季报数据显示，前三季度公司共实现营业总收入10.13亿元，同比下降 19.50%，实现净利润0.35亿元，同比下降56.98%。（数据宝） 近日该股表现 宁水集团再度涨停，6个交易日内录得5个涨停，累计涨幅为53.42%，累计换手率为38.47%。截至9:25， 该股今日成交量543.00万股，成交金额8514.21万元，换手率2.67%。最新A股总市值达31.87亿元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日涨幅偏离值达7%上榜龙虎榜2 次，买卖居前营业部中，营业部席位合计净买入1640.36万元。 ...

宁水集团(603700) 公司研究/公司点评 宁水流深，表以甬兴 ——宁水集团点评报告 ◼ 事件描述 根据 2 月 28 日的交易所互动平台信息，宁水集团 AI 虚拟人研发工作 正在稳步推进当中，计划将于 2025 年 3 月正式发布，届时将以多个角 色，同时融合 DeepSeek 等 AI 大模型，为客户提供更为直观的服务。 ◼ 核心观点 董监高换届选举顺利落地：根据公告，公司于 2025 年 2 月 17 日召开 了职工代表大会，会议选举产生了第九届监事会职工代表监事；于 2025 年 2 月 18 日召开临时股东大会，选举产生了公司第九届董事会 董事、监事会非职工代表监事。在完成董事会、监事会换届选举后， 公司于 2 月 18 日召开第九届董事会及监事会的第一次会议，审议通 过了相关议案，选举产生了公司董事长、各专门委员会委员、监事会 主席，聘任了公司新一届高级管理人员、证券事务代表。 积极推动人工智能在智慧水务的应用实践：公司积极推动新一代信息 技术与水务技术的深度融合，发掘数据价值和逻辑关系。根据公司公 众号报道，2024 年 1 月，宁水集团与通义千问、智谱清言、百度文心 等传统 AI 大模型合作 ...

证券代码：603700 证券简称：宁水集团 宁波水表（集团）股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |--------------|--------------------------|-------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 | R 业绩说明会 | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | □现场参观 □电话通讯 | | | | □ | 其他 （请文字说明其他活动内容） | | 时间 | 2024 年 11 月 27 | 日 13:00 至 14:00 | | 地点 | 网络互动 | | | 上市公司接待 | | 董事长、总经理 张琳女士 独立董事 包建亚女士 | | 人员姓名 | | 董事会秘书、副总经理 马溯嵘先生 财务总监 王哲斌先生 | | 投资者关系活 | 2024 年 11 | 月 27 日（星期三） 13:00-14:00 ，公司通 | | 动主要 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for its performance relative to the market index [4]. Core Insights - The company's revenue for the first three quarters of 2024 decreased by 19.5% year-on-year to 1.013 billion yuan, and net profit attributable to shareholders fell by 56.98% to 35 million yuan [1]. - The decline in revenue is attributed to external macroeconomic factors, fluctuations in the real estate industry, and adjustments in downstream customer demand [1]. - The company is actively expanding its overseas business by increasing resource investment in key markets and establishing a robust distribution network [1]. - The company focuses on the smart water supply sector, developing a range of smart water meter products and related services [1]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 19.5% and net profit down 56.98% [1]. - The revenue forecast for 2024-2026 is adjusted to approximately 1.485 billion, 1.710 billion, and 1.982 billion yuan, respectively, with net profit estimates of 73 million, 76 million, and 85 million yuan [2]. Business Strategy - The company is enhancing its overseas business development by targeting key markets and customers, participating in international exhibitions, and strengthening customer relationships [1]. - The focus remains on the smart water supply sector, with an emphasis on smart metering and operational solutions [1]. Market Outlook - The report suggests that the operational challenges faced by the company may persist throughout 2024 due to a complex domestic and international environment [2]. - Despite the current challenges, the company is viewed as a leader in the water meter industry with strong growth potential [2].

宁波水表（集团）股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603700 证券简称：宁水集团 宁波水表（集团）股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张琳、主管会计工作负责人王哲斌及会计机构负责人（会计主管人员）王哲斌保证季 度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------|----------------|-------------------------------------------|------------------|---------------------- ...

Investment Rating - The report initiates coverage on Ningbo Water Meter (Group) Co Ltd with a "Buy" rating, citing its leading position in the water meter industry and growth potential in smart water services [2] Core Views - The company is a leading water meter manufacturer with over 60 years of experience, offering a wide range of products including mechanical and smart water meters, serving over 2,300 domestic water companies and exporting to 80+ countries [1] - Despite macroeconomic challenges, the company's revenue and net profit growth rebounded in 2023, driven by market recovery [1] - The domestic water meter market is expected to reach 238 million units and 25.4 billion yuan in sales by 2027, with smart water meters becoming a key growth driver [1] - The company is actively developing smart water services as its second growth curve, leveraging its deep industry expertise and technological capabilities [1] Financial Analysis - Revenue and net profit growth slowed after 2019 due to macroeconomic factors but showed signs of recovery in 2023 [1] - Smart water meters accounted for 60% of revenue in 2023, with higher gross margins than mechanical meters, though margins have been under pressure due to competition [37] - The company's gross and net profit margins stabilized in 2023 after a period of decline [39] - Accounts receivable days increased due to the rise in smart meter sales and macroeconomic impacts, but the company has implemented stricter controls to manage this [41] Industry Overview - The domestic water meter market is projected to grow steadily, with demand reaching 238 million units by 2027 [43] - Traditional mechanical water meters are being replaced by smart water meters, driven by advancements in wireless communication and ultrasonic technologies [44][50] - Smart water meter penetration in China increased from 23% in 2017 to 40% in 2021, with further growth expected as urbanization and smart city initiatives accelerate [53] - The global smart water services market is forecasted to reach $26 billion by 2027, with China's market also expanding rapidly [64][66] Key Highlights - The company is a leader in the water meter industry, with a strong R&D focus and participation in drafting industry standards [15] - It has a well-established sales network, serving over 2,300 domestic water companies and exporting to 80+ countries [60] - The company is leveraging its expertise to develop smart water services, including DMA metering, pipeline monitoring, and non-excavation repair solutions [63] - Despite macroeconomic headwinds, the water meter industry is expected to benefit from government policies and infrastructure investments [17][71] Profit Forecast and Valuation - Revenue is expected to grow to 1.85 billion yuan in 2024, 2.13 billion yuan in 2025, and 2.45 billion yuan in 2026, with net profit reaching 133 million yuan, 142 million yuan, and 159 million yuan, respectively [93] - The company's PE ratio is 14x for 2024 and 13x for 2025, higher than the industry average, reflecting its leading position and growth potential in smart water services [93]

证券代码：603700 证券简称：宁水集团 宁波水表（集团）股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |--------------|-------------------------|-------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 | R 业绩说明会 | | 投资者关系活 | □ | 新闻发布会 □路演活动 | | 动类别 | □现场参观 □电话通讯 | | | | □ | 其他 （请文字说明其他活动内容） | | 时间 | 2024 年 9 月 10 | 日 13:00 至 14:00 | | 地点 | 网络互动 | | | 上市公司接待 | | 董事长、总经理 张琳女士 独立董事 包建亚女士 | | 人员姓名 | | 董事会秘书、副总经理 马溯嵘先生 财务总监 王哲斌先生 | | 投资者关系活 | 2024 年 9 | 月 10 日（星期二） 13:00-14:00 ，公司通 | | 动主要内容介 | | 过文字 ...

| --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------------------------------------------|-------|----------------| | | | | | | | | | | | 宁波水表（集团）股份有限公司 | 2024 | 年半年度报告 | | 公司代码： 603700 集团 2024 | | | 宁波水表（集团）股份有限公司 年半年度报告 | | 公司简称：宁水 | | | | | | | | | | | | | | | | | | | 1 / 249 | | | 宁波水表（集团）股份有限公司 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张琳、主管会计工作负责人王哲斌及会计机构负责人（会计主管人员 ...

证券代码：603700 证券简称：宁水集团 宁波水表（集团）股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 R业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 □电话通讯 □其他 （请文字说明其他活动内容） 时间 2024年4月26日 13:00至14:30 地点 网络互动 上市公司接待 董事长 张琳女士 独立董事 唐绍祥先生 人员姓名 财务总监 王哲斌先生 董事会秘书 马溯嵘先生 投资者关系活 2024 年 4 月 26 日（星期五）13:00-14:30，公司通 ...