Investment Rating - Maintain "Buy" rating [20] - The company's short-term performance is under pressure due to weak demand and price competition, but its long-term growth potential is supported by its expansion into general, specialized, and high-end gear reducers [20] Core Views - The company's profitability is under pressure due to intense industry price competition, with gross and net profit margins declining in 2023 and Q1 2024 [5] - Despite short-term challenges, the company continues to expand its product categories and application fields, achieving progress in multiple segments such as injection molding machines and port machinery in 2023 [24] - The company is actively diversifying its business, including entering the precision planetary gear reducer market through the acquisition of Modoli Transmission, and expanding into industrial automation fields like laser cutting and CNC machine tools [24] Financial Performance - In 2023, the company achieved revenue of 2.66 billion yuan, a year-on-year decrease of 1.35%, and net profit attributable to shareholders of 396 million yuan, a year-on-year decrease of 4.44% [25] - In Q1 2024, the company's revenue was 585 million yuan, a year-on-year decrease of 6.48%, and net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 19.59% [25] - The company's gear reducer sales reached 654,500 units in 2023, a year-on-year increase of 7.64%, with market share continuing to grow [29] Business Expansion - The company has developed new harmonic reducer products for applications in four-axis and five-axis machine tools, humanoid robots, and other fields, with production capacity further enhanced after relocating its manufacturing base to Changzhou headquarters [24] - In the engineering planetary gear reducer business, the company has diversified its operations, securing large orders in the marine and offshore sectors, increasing supply share in the construction machinery sector, and developing series products for the photovoltaic and wind power industries [24] Market Position - The company's overseas revenue has grown, driven by its strong market position in Southeast Asia's paper and palm oil industries, the Middle East's rubber extrusion industry, and new orders in Russia's metallurgy, mining, and grain storage sectors [29] - The company's GNORD high-end products have been affected by the decline in lithium battery industry demand, but it is actively expanding into new industries such as injection molding machines, port machinery, pharmaceuticals, and food and oil processing [24]

| --- | --- | --- | |--------------------------------|--------------|-------------| | | | | | [Table_ 交易数据 Market] | | | | 52 周内股价区间（元） | | 10.59-21.45 | | 总市值（百万元） | | 9,618 | | 总股本 / 流通 A | 股（百万股） | 662/657 | | 流通 B 股 /H | 股（百万股） | 0/0 | | 流通股比例 | | 99% | | 日均成交量（百万股） | | 4.29 | | 日均成交值（百万元） | | 59.70 | | [Table_Balance] 资产负债表摘要 | | | | | | | | 股东权益（百万元） | | 3,656 | | 每股净资产 | | 5.52 | | 市净率 | | 2.6 | | 净负债率 | | -50.19% | | | | | | [Table_Eps] EPS （元） | 2023A | 2024E | | Q1 | 0.12 | 0.15 | | Q2 | 0.14 | 0. ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-018 江苏国茂减速机股份有限公司 2023 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 (一)股东大会召开的时间：2024 年 5 月 20 日 (二)股东大会召开的地点：江苏省常州市武进高新技术产业开发区龙潜路 98 号 江苏国茂减速机股份有限公司联合办公楼 3 楼会议室 (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 | 15 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 456,961,275 | | 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 | 69.0330 | | 份总数的比例（%） | | (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徐国忠先生主持。本次会议的召集、召开和表决方式、 表决程序符合 ...

北京 · 上海 · 深圳 · 杭州 · 广州 · 昆明 · 天津 · 成都 · 福州 · 宁波 · 西安 · 南京 · 南宁 · 济南 · 重庆 苏州 · 长沙 · 太原 · 武汉 · 贵阳 · 乌鲁木齐 · 郑州 · 石家庄 · 香港 · 巴黎 · 马德里 · 斯德哥尔摩 BEIJING · SHANGHAI · SHENZHEN · HANGZHOU · GUANGZHOU · KUNMING · TIANJIN · CHENGDU · FUZHOU · NINGBO · XI'AN · NANJING · NANNING · JINAN · CHOGNQING SUZHOU · CHANGSHA · TAIYUAN · WUHAN · GUIYANG · URUMQI · ZHENGZHOU · SHIJIAZHUANG · HONG KONG · PARIS · MADRID · · STOCKHOLM 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9/F, Taikang Financial Tower, 38 North Road East Third Ring, Ch ...

关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原因 江苏国茂减速机股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召 开了第三届董事会第六次会议和第三届监事会第六次会议，审议通过了《关于回 购注销部分限制性股票及调整回购价格和回购数量的议案》。 根据《江苏国茂减速机股份有限公司 2020 年限制性股票激励计划》的相关规 定，鉴于公司 2020 年限制性股票激励计划中规定的首次授予部分第四个解除限售 期及预留授予部分第三个解除限售期的业绩考核指标无法成就，以及 18 名获授限 制性股票的激励对象离职，公司决定对前述已获授但尚未解除限售的限制性股票 共计 2,857,190 股予以回购注销。本次回购注销完成后，公司股份总数由 661,945,620 股变更为 659,088,430 股，注册资本由人民币 66,194.5620 万元变更 为人民币 65,908.8430 万元。具体内容详见公司于 2024 年 4 月 27 日发布的《江 苏国茂减速机股 ...

Investment Rating - The investment rating for the company is "Buy" [2][22]. Core Views - The company is expected to benefit from the recovery of the general manufacturing industry and its diversified layout will drive growth [2]. - In 2023, the company achieved revenue of 2.66 billion yuan, a year-on-year decline of 1.35%, and a net profit attributable to the parent company of 396 million yuan, down 4.44% year-on-year [2]. - The company’s sales volume of reducers reached approximately 654,500 units in 2023, an increase of about 7.64% year-on-year, outperforming the industry growth rate [2]. - The company’s gross margin was under pressure due to price wars, with a gross margin of 26.01% in 2023, down 0.73 percentage points year-on-year [2]. - The company is actively expanding its product portfolio, particularly in specialized reducers, and has made significant progress in various downstream sectors [2]. Financial Data Summary - In 2024, the company is projected to achieve revenues of 3.03 billion yuan, 3.50 billion yuan in 2025, and 3.99 billion yuan in 2026, with net profits of 466 million yuan, 545 million yuan, and 631 million yuan respectively [5][22]. - The current price-to-earnings ratio is projected to be 21X for 2024, 18X for 2025, and 16X for 2026 [2][5]. - The company’s net asset return rate (ROE) is expected to improve gradually, reaching 12.90% by 2026 [5][22].

机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [Table_QuotePic] -50% -37% -24% -11% 2% 15% 27% 40% 23-05 23-08 23-11 24-02 [国茂股份 Table_NewTitle]（603915）：需求承压拖累短期 业绩，平台化布局彰显韧性 ——公司简评报告 ➢ 下游需求承压背景下，公司减速机主业显韧性。市场需求不足叠加原材料价格下降导致市 场竞争激烈，产品价格承压。公司为行业龙头，2023年营收及归母净利润保持稳健，展现 较强韧性。公司产品竞争力不断增强，积极抢占市场份额，推动国产替代，全年减速机销 售约65.45万台，同比增长约7.64%。同时，产品结构持续优化，附加值较高的齿轮减速机 发货台数以及销售额均保持增长，工业齿轮箱产品销售数量同比增长约20%。2024Q1收 入略有下滑；一季度因春节假日影响，在全年中占比有限，仍需关注后续需求情况。 ➢ 深挖下游细分市场，扩展业务领域。公司把握多领域头部客户，与比亚迪、先导智能、中 信博、天元装备等新兴优质客户业务合作进一步加深。加速构建项目型合作模式，中标多 个重大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved an operating revenue of 2.66 billion yuan in 2023, a year-on-year decrease of 1.4%, and a net profit attributable to shareholders of 400 million yuan, down 4.4% year-on-year. However, operating cash flow increased by 51.6% to 530 million yuan [1] - The company expects to benefit from the recovery in the general automation industry and the industrialization of humanoid robots, maintaining a "Buy" rating despite a weak downstream demand forecast [1] Summary by Sections Financial Performance - In 2023, the company reported a total operating revenue of 2.66 billion yuan, with a gross margin of 26.0%, down 0.7 percentage points year-on-year. The net profit margin was 14.8%, down 0.5 percentage points year-on-year [1] - For Q1 2024, the company recorded an operating revenue of 590 million yuan, a decline of 6.5% year-on-year, and a net profit of 60 million yuan, down 19.6% year-on-year [1] Product Line Development - The company sold approximately 654,500 gear reducers in 2023, a year-on-year increase of 7.64%. The revenue from gear reducers was 2.05 billion yuan, up 2.2% year-on-year, while the revenue from cycloidal pinwheel reducers was 380 million yuan, down 10.9% [1] - Domestic revenue was 2.61 billion yuan, a decrease of 1.5% year-on-year, while overseas revenue increased by 20.2% to 20 million yuan [1] Strategic Initiatives - The company is upgrading its production capacity with a new factory covering 60,000 square meters, focusing on expanding its product lines in injection molding machines and photovoltaic film production equipment [1] - The company plans to acquire 65% of Moduli Transmission to quickly enter the precision planetary reducer market [1] Future Profit Forecast - The company forecasts net profits of 490 million yuan and 560 million yuan for 2024 and 2025, respectively, with a new estimate of 650 million yuan for 2026 [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company reported a revenue of 2.66 billion yuan in 2023, a decrease of 1.35% year-on-year, with a net profit attributable to shareholders of 396 million yuan, down 4.44% year-on-year [3][4]. - The company anticipates a gradual improvement in demand, with projected net profits for 2024-2026 expected to grow at a compound annual growth rate (CAGR) of 18% [8][11]. Revenue and Profitability - The revenue from gear reducers was 2.052 billion yuan, a slight increase of 2.20% year-on-year, while the revenue from cycloidal gear reducers decreased by 10.85% to 385 million yuan [1]. - The gross profit margin for the company in 2023 was 26.01%, a decrease of 0.73 percentage points year-on-year, with the gear reducer margin at 25.26%, down 1.57 percentage points [4]. Business Segments - The company achieved breakthroughs in various sectors with its engineering planetary gear reducers, including significant orders in offshore engineering and wind power [1]. - The GNORD gear reducers, which are part of the high-end segment, saw a revenue decline of 15.30% to 121 million yuan, primarily due to a downturn in the lithium battery industry [1][15]. Future Projections - Revenue is expected to recover with projected growth rates of 17.20% in 2024, 14.16% in 2025, and 14.44% in 2026 [9]. - The company is expected to maintain a gross margin of around 27.2% in the coming years, with specific segments like GNORD gear reducers projected to grow at 30% annually [11][15].

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for the stock over the next six months [7][20]. Core Views - The company's performance in 2023 showed resilience despite a slight decline in revenue and net profit due to weakened downstream demand. Revenue was 2.66 billion yuan, down 1.35% year-on-year, while net profit attributable to shareholders was 396 million yuan, down 4.44% year-on-year [7]. - The company is expected to see a recovery in profit margins in 2024, driven by effective cost control and gradual industry recovery. The gross profit margin for 2023 was 26.0%, a decrease of 0.73 percentage points year-on-year [7]. - The company is expanding its business into specialized and mechatronic fields, establishing a platform-based business layout that includes eight major sectors, which is anticipated to open up growth opportunities [7]. Financial Performance Summary - In 2023, the company achieved a revenue of 2.66 billion yuan, with a slight decline in net profit. The fourth quarter of 2023 saw a revenue of 650 million yuan, down 2.04% year-on-year, but net profit increased by 5.41% year-on-year [7]. - The first quarter of 2024 reported a revenue of 585 million yuan, down 6.48% year-on-year, while net profit increased by 19.59% year-on-year, attributed to a high base in the previous year and slow recovery in industry demand [7]. - The company’s gross profit margin for 2023 was 26.0%, with a net profit margin of 14.8%. The first quarter of 2024 saw a gross profit margin of 23.0% and a net profit margin of 11.0% [7]. Business Outlook - The company is focusing on cost control and efficiency improvements, with a significant reduction in rework rates and after-sales service metrics. The industrial gearbox segment saw a sales volume increase of approximately 20% year-on-year in 2023 [7]. - The company has successfully relocated its precision transmission manufacturing base to its headquarters, enhancing synergy with its main business and preparing for future growth [7]. - Profit forecasts for 2024 and 2025 have been adjusted to 495 million yuan and 563 million yuan, respectively, with a projected net profit of 648 million yuan for 2026 [7][15].