所得税 31.62 58.68 67.99 94.60 124.85 每股收益（元） 0.51 0.98 1.42 1.98 2.61 毛利率 流动比率 总资产周转率 市盈率 资料来源：公司公告，天风证券研究所 分析师声明 特别声明 天风证券研究 公司报告 | 年报点评报告 2023 年全年：1)实现营收 22.37 亿元，同比+2.18%；实现归母净利润 2.05 亿元，同比+92.38%；实 现扣非归母净利润 1.48 亿元，同比+67.09%。2)全年毛利率 25.34%，同比+4.29pct；归母净利润率 9.15%，同比+4.29pct；扣非归母净利润率 6.59%，同比+2.56pct。3)期间费用率为 12.1%，同比+2.25pct， 销售/管理/研发/财务费用率分别为 4.08%、4.09%、3.61%、0.32%，同比分别变动+0.5、+0.53、+0.76、 +0.46pct。 分产品来看：1）电解铜箔：电解铜箔销售收入 11.40 亿元，占营业总收入比例为 50.94%；2）油气 类商品：油气类商品销售收入 8.46 亿元，占营业总收入比例为 37.82%；3）电气及风电类商品：电 气 ...

1 | 主要内容介绍 | | | --- | --- | | | 1. 年底持股超 5%的股东陈德林在年初至今多次减持公司股 | | | 票，董事长对此有什么看法？ | | | 答：感谢您的关注。公司股东陈德林减持股份系个人资金需求 | | | 安排，与公司无关。其作为持股超过 5%以上股东实施股份减 | | | 持计划已遵照上交所股票上市规则及其他相关规定履行相关 | | | 披露，详见相关公告（2023-079、2024-004）。谢谢！ | | | 2. 请问公司未来的分红计划和派息政策？ | | | 答：感谢您的关注。公司未来将依据《公司法》《证券法》《上市 | | | 公司监管指引第 3 号—上市公司现金分红》及《公司章程》的 | | | 相关规定，在充分考虑公司实际经营情况及未来发展需要的 | | | 基础上，制定积极的分红回报计划。谢谢！ | | | 3. 请问公司如何鼓励科研人员创新？在激励制度方面做了哪 | | | 些工作？能否简单介绍一下？谢谢 | | | 答：感谢您的关注。公司为提升新产品的研发能力和研发人员 | | | 的科研发展水平，已制定行之有效的研发人员薪酬考核管理 | 2 | ...

证 券 研 究 报 告 道森股份（603800）2023 年报&2024 年一季报点评 强推（维持） 电解铜箔设备维持高增长，内生外延打造高 端装备制造平台 事项： 公司发布 2023 年度报告以及 2024 年第一季度报告，2023 年公司实现营收 22.4 亿，同比+2.2%，实现归母净利 2.0 亿，同比+92.4%，实现扣非归母净利 1.5 亿，同比+67.1%；2024 年第一季度，公司实现营收 3.4 亿，同比-13.5%，实现 归母净利润 0.3 亿，同比+64.2%，实现扣非净利 0.2 亿，同比+768.4%。 评论： 电解铜箔设备业务维持高增长、高盈利。2023 年公司电解铜箔业务实现 11.4 亿收入，同比+93%（并表口径），实现毛利率 35.1%，同比提升 4.9pcts；公司 23 年下半年剥离苏州道森钻采设备有限公司 100%股权，因此 24 年 Q1 营收 规模同比下滑 13.5%，但公司核心控股子公司洪田科技业务维持高增长，同时 对洪田科技并表比例由 51%提升至 81%（相较于 23Q1），因此 24Q1 公司归母 实现大幅增长。 持续剥离低效资产，公司拟更名为洪田科技。公 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of 5% to 15% over the next six months [14][16][51]. Core Insights - The company achieved a revenue of 2.24 billion yuan in 2023, a year-on-year increase of 2.2%, with lithium battery copper foil equipment revenue reaching 1.14 billion yuan, up 93% year-on-year, accounting for 50.83% of total revenue [6][15]. - The net profit attributable to shareholders for 2023 was 210 million yuan, a 92% increase year-on-year, while the net profit excluding non-recurring items was 150 million yuan, up 67% year-on-year [6][15]. - In Q1 2024, the company reported a revenue of 337 million yuan, down 13.5% year-on-year, but the net profit attributable to shareholders increased by 64.2% year-on-year to 29 million yuan [6][8]. Revenue and Profit Forecast - The company forecasts net profits attributable to shareholders of 260 million yuan, 400 million yuan, and 490 million yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic P/E ratios of 18, 12, and 10 times [16][39]. Financial Performance - The gross margin for 2023 was 25.3%, an increase of 4.3 percentage points year-on-year, with a net margin of 12.5%, up 4.8 percentage points year-on-year [15][22]. - As of Q1 2024, the gross margin was 25%, maintaining the year-on-year increase of 4.3 percentage points, while the net margin was 11.7%, up 2.9 percentage points year-on-year [15][22]. Inventory and Contract Liabilities - As of Q1 2024, the company's contract liabilities stood at 840 million yuan, a decrease of 10% year-on-year, while inventory was 1.01 billion yuan, down 15% year-on-year [2][26]. Employee Stock Ownership Plan - The company launched its first "Striver" employee stock ownership plan in December 2023, demonstrating confidence in long-term development with specific performance targets for revenue and patent applications [2][30]. Product Development - The company is leveraging vacuum equipment technology to develop composite copper foil and aluminum foil equipment, including innovative machines for dual-sided coating [28][44].

道森股份（ [Table_StockNameRptType] 603800） 公司研究/公司点评 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-04-19 | | [Table_BaseData] 收盘价（元） | 24.54 | | 近 12 个月最高 / 最低（元） | 35.18/16.51 | | 总股本（百万股） | 208 | | 流通股本（百万股） | 208 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 51.04 | | 流通市值（亿元） | 51.04 | [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzb@hazq.com 相关报告 1.道森股份深度：转型电解铜箔设备 为基，布局复合铜箔设备为新增长极 2023-03-26 2.洪田科技并表业绩符合预期，传统+ 复合铜箔设备双轮驱动 2023-05-05 3.战 ...

关于苏州道森钻采设备股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA11171 号 苏州道森钻采设备股份有限公司全体股东: 我们审计了苏州道森钻采设备股份有限公司(以下简称"道森股 份")2023年度的财务报表,包括 2023年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 4 月 18 日出具了报告号为信会师报字[2024]第 ZA11170 号审 计报告。 道森股份公司管理层根据中国证券监督管理委员会《上市公司监 管指引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监 会公告〔2022〕26 号)和《上海证券交易所上市公司自律监管指南 第 2 号 -- 业务办理》的相关规定编制了后附的 2023 年度非经营性 资金占用及其他关联资金往来情况汇总表(以下简称"汇总表")。 编制汇总表并确保其真实、准确、完整是道森股份公司管理层的 责任。我们将汇总表所载信息与我们审计道森股份公司 2023 年度财 务报表时所审核的会计资料 ...

Financial Performance - The company's operating revenue for 2023 was CNY 2,237,235,267.21, representing a 2.18% increase compared to CNY 2,189,552,898.02 in 2022[30] - The net profit attributable to shareholders for 2023 was CNY 204,781,020.16, a significant increase of 92.38% from CNY 106,446,884.70 in the previous year[30] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 147,541,124.58, up 67.09% from CNY 88,302,254.19 in 2022[30] - Basic earnings per share increased by 94.12% to CNY 0.99 in 2023 from CNY 0.51 in 2022[31] - The weighted average return on equity rose to 21.29% in 2023, up from 11.46% in 2022, marking an increase of 9.83%[31] - The net profit attributable to the parent company for 2023 was CNY 221.62 million, exceeding the performance commitment of CNY 85 million for the year[161] - The cumulative net profit for the three-year commitment period (2022-2024) is CNY 342.54 million, surpassing the total commitment of CNY 360 million[161] Cash Flow and Assets - The net cash flow from operating activities for 2023 was CNY 4,283,609.59, a decrease of 93.25% compared to CNY 63,446,753.73 in 2022[30] - The total assets at the end of 2023 were CNY 3,620,525,071.70, down 2.07% from CNY 3,696,935,565.86 at the end of 2022[30] - The net assets attributable to shareholders at the end of 2023 were CNY 814,213,627.67, a decrease of 18.32% from CNY 996,801,046.41 in 2022[30] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares, totaling CNY 30,540,965.85, subject to shareholder approval[4] - The total amount of cash dividends distributed (including tax) is 80,527,783.85 RMB, accounting for 39.32% of the net profit attributable to ordinary shareholders in the consolidated financial statements[147] - The company adheres to a stable dividend distribution policy, emphasizing reasonable returns for investors, especially small and medium-sized investors[121] Investments and Expansion - The company plans to invest CNY 1 billion in a new high-end equipment manufacturing project in Nantong, Jiangsu Province[56] - The company plans to invest CNY 1 billion to expand the production capacity of composite copper foil and lithium battery copper foil equipment[74] - The company is focusing on consolidating its core product capacity in electrolytic copper foil and accelerating the innovation of consumables[130] - The company aims to enhance its market development efforts for high-end production equipment in both domestic and international markets[169] Innovation and Technology - The new vacuum magnetron sputtering integrated machine was successfully launched, marking a significant innovation in the vacuum coating equipment sector[58] - The first "one-step dry method" composite copper foil vacuum coating equipment was successfully launched[76] - The company has developed the first domestic one-step dry vacuum magnetron sputtering machine, enhancing environmental friendliness and material density[86] - The company aims to develop ultra-precision vacuum coating equipment to create a new growth driver[199] Corporate Governance and Compliance - The audit report issued by Lixin Certified Public Accountants confirmed the accuracy and completeness of the financial statements[4] - The company has established a comprehensive governance structure, ensuring fair and transparent decision-making processes[104] - The company has conducted multiple shareholder meetings, ensuring compliance with legal requirements and protecting shareholder rights[104] - The company has established independent financial and operational structures to ensure compliance with regulatory requirements[161] - The company has implemented a performance evaluation system for senior management, aligning employee interests with shareholder value maximization[127] Risks and Challenges - The company has identified potential risks in its operations, which are detailed in the management discussion and analysis section of the report[6] - The company faces risks from rising raw material costs and intensified competition, which could significantly impact profitability[100] - The rapid development of the new energy industry, supported by national industrial policies, poses a risk if there are significant changes in the policy environment[99] - The company is actively upgrading technology and launching new products to mitigate the risk of being overtaken by emerging technologies[100] Market and Industry Trends - In 2023, global electric vehicle sales reached 14.653 million units, a year-on-year increase of 35.4%, with China accounting for 9.495 million units, or 64.8% of the total[81] - The manufacturing value added of China's manufacturing industry accounted for approximately 30% of the global total, maintaining its position as the world's largest manufacturing country for 14 consecutive years[89] - The company aims to increase the domestic PVD coating market size at a CAGR of 13% by 2025, driven by the growing application of PVD technology[64] Share Buyback and Equity Management - The company completed a share buyback totaling CNY 49.9868 million, acquiring 1.9418 million shares at an average price of CNY 25.74 per share[58] - The company initiated a share buyback program to lay the foundation for future equity incentives[76] - The company has approved a share repurchase plan through centralized bidding, as discussed in the board meeting on May 26, 2023[136] Miscellaneous - The company has not disclosed any social responsibility report or ESG report for the reporting period[129] - The company has not implemented an employee stock ownership plan for the reporting period[125] - The company has no major litigation or arbitration matters reported for the year[189] - The company has retained the auditing firm for 2023, ensuring continuity in financial oversight[166]

苏州道森钻采设备股份有限公司 独立董事2023年度述职情况报告 作为苏州道森钻采设备股份有限公司(以下简称"公司")第五届董事会 的独立董事，本人严格按照《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司独立董事管理办法》等相关法律法规和《公司章程》《独立 董事工作细则》及董事会各专门委员会工作细则等内控制度的要求，忠实勤勉 履行职责，独立负责行使职权，客观公正发表独立意见，维护公司整体利益， 尤其关注中小投资者的合法权益不受损害。现将2023年本人履行职责情况报告 如下： 2023年度，本人亲自出席了公司共召开的9次董事会和5次股东大会。每 次召开会议前，本人通过多种方式对董事会审议的各项议案进行认真审核， 仔细审阅公司提供的相关会议资料，认真听取公司管理层的报告，着重关注 公司定期财务报告，对相关财务数据事前及时与公司董秘、公司财务总监、 审计机构进行沟通确认，并在此基础上独立、审慎、客观的行使表决权。 独立董事 本 年 度 出 席 董事会次数 本年度亲自 出席董事会 （含通讯） 委托其他董事 出席次数 缺席次 数 本 年 度 出 席 股 东 大 会次数 高文进 9 9 0 0 5 2023年本 ...

经核查本公司在任独立董事高文进先生、陈妙财先生、陈旋旋女士任职经历 及各自签署的关于独立性的自查文件，上述人员未在公司担任除独立董事和董事 会专门委员会主任委员或委员以外的任何职务，亦未在公司主要股东公司担任任 何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客 观判断的关系，符合中国证券监督管理委员会《上市公司独立董事管理办法》和 上海证券交易所《上市公司自律监管指引第 1 号——规范运作》中关于上市公司 独立董事独立性的相关要求。 苏州道森钻采设备股份有限公司董事会 苏州道森钻采设备股份有限公司 第五届董事会对独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》和上海证券交易所《上市公司自律监管 指引第 1 号——规范运作》等相关规定，苏州道森钻采设备股份有限公司（以下 简称"公司"）董事会根据独立董事独立性自查情况以及任职经历等信息，对照独 立性的相关要求，对公司独立董事的独立性进行了评估，出具以下专项意见： 2024 年 4 月 18 日 ...

苏州道森钻采设备股份有限公司 2023 年度董事会工作报告 2023 年度，公司董事会严格按照《公司法》《证券法》《上海证券交易所 股票上市规则》等相关法律法规和《公司章程》《董事会议事规则》等规定， 认真履行义务及行使职权，严格执行股东大会决议，积极开展董事会各项工作， 不断规范公司治理，保障了公司的良好运作和可持续发展。全体董事廉洁自律、 恪尽职守、勤勉尽责，积极推动公司持续健康发展，实现经营业绩稳定增长。 现将公司董事会 2023 年度工作情况报告如下： 一、2023 年度公司经营情况 报告期内，公司经营业绩得到了较大的提升。现就公司 2023 年度主要业务 经营情况报告如下：2023 年实现营业收入 223,723.53 万元，同比增长 2.18%； 利润总额 33,747.58 万元， 较上年同期增长 69.16%；实现归属于上市公司股东 的净利润 20,478.10 万元，较上年同期增长 92.38%。截止 2023 年 12 月 31 日， 公司资产总额 362,052.51 万元，归属上市公司股东的净资产 81,421.36 万元，资 产负债率 73.69%。 | 主要会计数据 | 2023年 ...