证券代码：603700 证券简称：宁水集团 公告编号：2024-052 宁波水表（集团）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 11 月 20 日（星期三）至 11 月 26 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@chinawatermeter.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 宁波水表（集团）股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 27 日下午 13:00- 14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标 ...

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].

证券代码：603700 证券简称：宁水集团 公告编号：2024-051 宁波水表（集团）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 上述回购进展符合相关法律法规的规定及公司既定的回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 一、 回购股份的基本情况 2024 年 2 月 7 日，宁波水表（集团）股份有限公司（以下简称"公司"）第八 届董事会第十一次会议审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》。公司拟使用不低于人民币 3,000 万元，不超过人民币 5,000 万元的自有 资金回购公司股份，回购期限自董事会审议通过回购 A 股股份方案之日起 12 个月 内。具体内容详见公司于 2024 年 2 月 8 日披露于上海证 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥373,554,808.71, a decrease of 16.53% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥4,857,106.51, down 84.09% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥2,576,808.38, a decline of 91.05% compared to the same period last year[4]. - The basic earnings per share for Q3 2024 was ¥0.02, representing a decrease of 87.50% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 1,013,101,711.23, a decrease of 20.0% compared to CNY 1,258,561,335.61 in the same period of 2023[19]. - Net profit for the first three quarters of 2024 was CNY 35,082,795.93, a decline of 57.3% compared to CNY 81,976,736.86 in the same period of 2023[20]. - The total comprehensive income for the first three quarters of 2024 was CNY 35,082,795.93, down from CNY 81,976,736.86 in the previous year[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,224,612,973.27, a decrease of 2.24% from the end of the previous year[4]. - The equity attributable to shareholders at the end of the reporting period was ¥1,588,583,676.35, down 1.33% from the end of the previous year[4]. - The company's total liabilities decreased to CNY 637,027,583.76 in Q3 2024 from CNY 666,527,397.70 in Q3 2023, a reduction of 4.4%[20]. - The company's total current liabilities decreased to CNY 1,531,998,145.10 from CNY 1,582,229,838.14, a reduction of about 3.2%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥141,905,143.48, indicating a significant cash outflow[4]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 1,102,711,298.29, a decrease of 18.5% compared to CNY 1,352,995,502.87 in the same period of 2023[23]. - The net cash flow from operating activities was -CNY 141,905,143.48, worsening from -CNY 66,523,409.28 in the previous year[23]. - The company experienced a cash decrease of CNY 206,479,304.99 in the current period, compared to a decrease of CNY 146,080,843.92 in the same period last year[24]. Competition and Market Conditions - The decline in revenue and profit was attributed to increased market competition and a slowdown in the recovery of accounts receivable[9]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,808[10]. Government Support - The company reported a government subsidy of ¥4,665,201.16 for the current period, contributing to its financial results[5]. Other Financial Metrics - Research and development expenses for the first three quarters of 2024 were CNY 53,028,740.53, a slight increase from CNY 52,361,151.98 in the same period of 2023[19]. - The company's tax expenses for the first three quarters of 2024 were CNY 996,432.59, significantly lower than CNY 8,213,650.72 in the same period of 2023[20]. - The company reported a financial asset fair value change gain of CNY 299,332.24, compared to a gain of CNY 36,019.79 in the previous year[20].

证券代码：603700 证券简称：宁水集团 公告编号：2024-050 宁波水表（集团）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/8 | | | --- | --- | --- | | 回购方案实施期限 | | 待第八届董事会第十一次会议审议通过后 12 个月 | | 预计回购金额 | 3,000 | 万元~5,000 万元 | | 回购用途 | | □减少注册资本 | | | | √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 254.92 | 万股 | | 累计已回购股数占总股本比例 | 1.25% | | | 累计已回购金额 | 2,551.90 | 万元 | | 实际回购价格区间 | 8.91 | 元/股~11.04 元/股 | 一、 回购股份的基本情况 2024 年 2 月 7 日，宁波水表（集团）股份有 ...

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 公告编号：2024-049 宁波水表（集团）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应当在每个月的前 3 个交易日内公告截至上 月末的回购进展情况。现将公司回购股份进展情况公告如下： 2024 年 8 月，公司未进行回购。截至 2024 年 8 月 31 日，公司通过上海证券 交易所系统以集中竞价交易方式已累计回购股份数量为 2,549,180 股，占公司总 股本的比例为 1.25%，成交的最高价格为 11.04 元/股，成交的最低价格为 8.91 元 /股，已支付的总金额为 25,519,025.91 元人民币（不含交易费用）。 上述回购进展符合相关法律法规的规定及公司既定的回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 ...

证券代码：603700 证券简称：宁水集团 公告编号：2024-044 宁波水表（集团）股份有限公司 第八届监事会第十五次会议决议公告 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法律责任。 一、监事会会议召开情况 （一）宁波水表（集团）股份有限公司（以下简称"公司"）第八届监事会 第十五次会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》 《上海证券交易所股票上市规则》等相关法律、行政法规、规范性文件及《宁波 水表（集团）股份有限公司章程》（以下简称"《公司章程》"）的有关规定； （二）公司于2024年8月18日以通讯方式向监事会全体监事发出会议通知； （三）本次会议于2024年8月28日以现场方式在公司会议室召开； （四）本次会议应参会监事3名，实际参会监事3名； （五）本次会议由监事会主席林琪先生召集主持。 二、监事会会议审议情况 监事会认为：公司 2024 年半年度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定。公司 2024 年半年度报告的内容 和格式符合中国证券监督管理委员会和上 ...

证券代码：603700 证券简称：宁水集团 公告编号：2024-045 宁波水表（集团）股份有限公司 2024年半年度募集资金存放与实际使用情况的专项 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准宁波水表股份有限公司首次公开发 行股票的批复》"证监许可[2018]1725号"文核准，宁波水表（集团）股份有 限公司（以下简称"公司"）向社会公众公开发行人民币普通股（A股）3,909 万股，每股面值1.00元，每股发行价格16.63元，募集资金总额为人民币 65,006.67万元，扣除发行费用人民币5,339.12万元，实际募集资金净额为人民 币59,667.55万元。 上述募集资金已于2019年1月16日全部到账，已经立信会计师事务所（特殊 普通合伙）审验并出具"信会师报字[2019]第ZA10022号"《验资报告》。 （二）募集资金使用及结余情况 本报告期内公司实际投入募集资金人民币18,636,959.26元，截至2024 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a year-on-year growth of 15%[2]. - The company's total revenue for the first half of 2024 was CNY 639,546,902.52, a decrease of 21.14% compared to the same period last year[15]. - Net profit attributable to shareholders was CNY 30,330,258.11, down 40.85% year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22,217,656.19, a decline of 50.82% compared to the previous year[15]. - The basic earnings per share decreased to CNY 0.15, down 40.00% from CNY 0.25 in the same period last year[16]. - The weighted average return on net assets was 1.92%, a decrease of 1.43 percentage points from 3.35% year-on-year[16]. - The decline in revenue was attributed to external macroeconomic factors, fluctuations in the real estate industry, and adjustments in downstream customer demand[16]. - The company reported a net cash flow from operating activities of -CNY 153,243,529.48, indicating a worsening cash flow situation compared to -CNY 93,115,630.10 in the previous year[15]. - The total comprehensive income for the first half of 2024 was CNY 37,783,261.78, a decrease from CNY 54,767,300.09 in the same period of 2023, reflecting a decline of approximately 31%[140]. Market Expansion and Strategy - The company has set a revenue target of 1 billion RMB for the full year 2024, representing a 10% growth from 2023[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[4]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase production capacity by 40%[5]. - The company is focusing on smart hardware and big data services to enhance customer retention and optimize urban water supply network operations[27]. - The company aims to innovate and advance urban smart water supply management towards digitalization and intelligence[27]. - The company is actively expanding its international market presence to diversify operational risks[89]. Product Development and Innovation - New product development includes the launch of a next-generation smart water meter, expected to enhance data accuracy and reduce operational costs by 25%[8]. - The company is investing 50 million RMB in R&D for new technologies related to IoT and smart water management systems[7]. - The company is focusing on the development of a smart water service application platform that integrates production, operation, and marketing services[22]. - The company has established a production capacity of 14 million water meters per year, following the relocation and upgrade of its smart water meter manufacturing plant[56]. - The company applied for 67 patents and 3 software copyrights during the reporting period, showcasing its commitment to innovation and technology development[55]. Competition and Market Conditions - The company experienced increased competition leading to a decrease in product prices and extended collection periods for some receivables[16]. - The industry remains fragmented with low concentration, leading to intensified price competition and product homogeneity, affecting profit margins for manufacturers[38]. - The competitive landscape is intensifying, leading to potential price volatility due to product homogeneity and lack of significant price advantages[85]. Financial Management and Risks - No significant risks were identified that could materially impact the company's operations during the reporting period[3]. - The company is implementing strict accounts receivable management to mitigate risks associated with delayed payments and potential defaults[86]. - The company faces risks from RMB appreciation affecting its foreign currency sales, particularly in USD, which could reduce revenue and net profit[84]. - The company plans to increase the proportion of advance payments in cooperation with clients to reduce accounts receivable risks[89]. Sustainability and Environmental Responsibility - The management highlighted a focus on sustainability, aiming to reduce water loss in distribution systems by 15% over the next two years[6]. - The company has implemented a low-carbon factory energy management system, which includes energy management, carbon emission management, and carbon reduction management[101]. - The company has incurred costs related to environmental protection and plans to continue investing in environmental measures[99]. - The company has been recognized for its social responsibility efforts, including participation in blood donation activities and poverty alleviation initiatives[103]. Corporate Governance and Compliance - The company reported a commitment to ensure the authenticity, accuracy, and completeness of the information in its prospectus, with legal responsibilities for any false statements or omissions[106]. - The controlling shareholders and senior management have committed to not interfere with the company's management activities and to not infringe on the company's interests[109]. - The company has established a long-term commitment to ensure compliance with legal regulations and to compensate investors for any losses caused by false statements in the prospectus[108]. - The company emphasizes the importance of transparency and accountability in its financial reporting and management practices[106]. Investment and Financial Position - The total assets at the end of the reporting period were CNY 2,255,038,312.58, a decrease of 0.91% from the previous year[16]. - The company's total liabilities increased to CNY 1,348,199,860.60 from CNY 1,309,458,058.70, representing an increase of approximately 2.97%[129]. - The company's cash and cash equivalents decreased to CNY 224,522,461.92 from CNY 402,846,410.99, representing a significant decline of approximately 44.54%[128]. - The company raised a total of RMB 650,066,700.00 from the public offering of 39,090,000 shares at a price of RMB 16.63 per share, with a net amount of RMB 596,675,472.53 after expenses[76].