Financial Performance - The company's operating revenue for Q3 2024 was ¥658,998,195.38, representing a decrease of 1.94% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥62,277,383.66, down 34.40% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥53,881,253.62, a decline of 38.92% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.09, reflecting a decrease of 40.00% year-on-year[4]. - The diluted earnings per share for Q3 2024 was also ¥0.09, down 40.00% from the same period last year[4]. - The weighted average return on equity decreased by 0.98 percentage points to 1.75% for Q3 2024[4]. - Total operating revenue for the first three quarters of 2024 was CNY 1,926,978,761.76, a decrease of 4.15% compared to CNY 2,010,818,725.82 in the same period of 2023[17]. - Net profit for the first three quarters of 2024 was CNY 238,390,658.78, down from CNY 290,555,102.72 in the same period of 2023[17]. - The net profit for the third quarter of 2024 was CNY 210,976,809.59, a decrease of 20.2% compared to CNY 264,434,809.69 in the same period of 2023[18]. - The total profit for the third quarter was CNY 240,595,883.94, down from CNY 292,570,684.93, reflecting a decline of 17.8% year-over-year[18]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥5,243,952,821.33, an increase of 4.59% compared to the end of the previous year[4]. - Total assets increased to CNY 5,243,952,821.33, up from CNY 5,013,784,332.71 year-over-year[16]. - Total liabilities rose to CNY 1,594,193,895.40, compared to CNY 1,416,489,944.82 in the previous year[16]. - Current liabilities totaled CNY 1,505,611,998.35, an increase from CNY 1,347,065,743.00 in the same period last year[16]. - Non-current assets increased to CNY 1,794,042,466.12, up from CNY 1,639,629,912.45 year-over-year[16]. Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 94.15% to ¥325,368,768.51[2]. - Operating cash flow for the first nine months of 2024 was CNY 2,049,882,931.51, an increase of 14.6% from CNY 1,789,031,694.85 in the same period of 2023[20]. - The company reported a net cash outflow from investing activities of CNY -349,425,594.56 for the first nine months of 2024, compared to CNY -347,270,355.79 in the previous year[21]. - The cash and cash equivalents at the end of the third quarter were CNY 502,702,907.44, down from CNY 617,698,763.13 at the end of the same period in 2023[21]. - The company reported a significant increase in cash outflows for operating activities, totaling CNY 1,724,514,163.00, compared to CNY 1,621,446,611.15 in the same period of 2023[20]. Shareholder Information - The total number of shares held by the largest shareholder, Guomao Reducer Group Co., Ltd., is 333,760,000, representing 50.64% of total shares[10]. - The company reported no pledged or frozen shares among its major shareholders, indicating a stable ownership structure[10]. - The top ten shareholders collectively hold 99.99% of the total shares, with no significant changes in their holdings reported[12]. - The company has not engaged in any financing or securities lending activities among its top shareholders during the reporting period[12]. Operational Insights - The decline in net profit was mainly attributed to a decrease in product prices, leading to a lower gross margin[7]. - As of September 30, 2024, the company's current assets totaled approximately RMB 1.4 billion, with cash and cash equivalents at RMB 515.67 million, down from RMB 696.03 million at the end of 2023[14]. - Accounts receivable increased to RMB 420.91 million from RMB 257.24 million, indicating a significant rise in credit sales[14]. - Inventory levels rose to RMB 662.35 million, compared to RMB 544.94 million at the end of 2023, reflecting increased production or stockpiling[14]. - The company's financial assets held for trading increased to RMB 1.4 billion from RMB 1.2 billion, showing a growth in investment activities[14]. Research and Development - Research and development expenses amounted to CNY 86,641,388.18, a decrease of 8.73% from CNY 95,208,921.20 in the same period last year[17]. - The report indicates that there are no new strategies or significant changes in market expansion plans for the upcoming quarter[13]. - The company has not disclosed any new product developments or technological advancements in this reporting period[13].

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： 会议召开时间：2024 年 11 月 13 日(星期三)下午 13:00-14:00 证券代码：603915 证券简称：国茂股份 公告编号：2024-035 江苏国茂减速机股份有限公司 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日(星期三)至 11 月 12 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 （https://roadshow.sseinfo.com/questionCollection.do），根据活动时间， 选中本次活动进行提问，或通过江苏国茂减速机股份有限公司（以下简称"公司"） 邮箱（contact@guomaoreducer.com）向公司提问，公司将在 ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-033 江苏国茂减速机股份有限公司 2024 年半年度权益分派实施公告 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： 每股分配比例 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经江苏国茂减速机股份有限公司(以下简称"公司")2024 年 9 月 18 日的 2024 年第一次临时股东大会审议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： A 股每股现金红利 0.12 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/10 | － | 2024/10/11 | 2024/10/11 | 差异化分红 ...

江苏国茂减速机股份有限公司 2024 年第一次临时股东大会决议公告 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 9 月 18 日 证券代码：603915 证券简称：国茂股份 公告编号：2024-032 (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 | 117 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 456,387,275 | | 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 | 69.2452 | | 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 ...

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 · 马来西亚 · 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 · MALAYSIA · 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 Eas ...

% 1 个月 3 个月 12 个月 相对收益 -5.7 -30.0 -40.2 绝对收益 -7.3 -40.3 -54.0 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 09 日 湘财证券研究所 公司研究 国茂股份（603915）事件点评 公司短期业绩承压，看好产品应用领域拓展 相关研究： 1.《20240630湘财证券-国茂股份 （603915.SH）-国内通用减速机 龙头，国产替代与市场扩张双轮 驱动》2024.06.30 公司评级：增持（维持） 近十二个月行业表现 -60% -40% -20% 0% 20% 23/09 23/12 24/03 24/06 24/09 国茂股份 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621)50295321 Email：xuanpc@xcsc.com 联系人：汪炜 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 公司发布 2024 年半年报，上半年业绩承压 近日，公司发布 2024 年半年度报告。上半 ...

公 司 研 究 [Table_Reportdate] 2024年09月10日 机 械 设 备 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn | --- | --- | |---------------------------|------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/09 | | 收盘价 | 7.89 | | 总股本 ( 万股 ) | 65,909 | | 流通 A 股 /B 股 ( 万股 ) | 65,663/0 | | 资产负债率 (%) | 28.51% | | 市净率 ( 倍 ) | 1.42 | | 净资产收益率 ( 加权 ) | 4.06% | | 12 个月内最高 / 最低价 | 18.80/7.83 | [Table_QuotePic] -66% -54% -42% -30% -18% -6% 6% 18% 23-09 23-12 24-03 24-06 国茂股份 沪深 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company's performance is under short-term pressure due to insufficient domestic demand, but its market share continues to increase. The company, as a leading manufacturer of general reducers in China, is expected to benefit from the elimination of less competitive small enterprises in the market, which will enhance its market share and narrow the gap with foreign brands [3][4]. - The company's profitability has improved on a quarter-on-quarter basis, with stable expenses despite a decline in revenue scale. The gross margin decreased by 1.9 percentage points year-on-year but increased by 1.0 percentage point quarter-on-quarter, while the net margin also showed a similar trend [3][4]. - The company is focusing on structural market opportunities in downstream sectors such as plastic machinery and oil extraction equipment, while also expanding its presence in niche markets. The sales of specialized and high-end reducers are showing positive growth, and the company is successfully entering new fields and securing significant projects [4][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.268 billion yuan, down 5.29% year-on-year, and a net profit attributable to shareholders of 146 million yuan, down 14.64% year-on-year. In Q2 2024, revenue was 683 million yuan, down 4.25% year-on-year, and net profit was 82 million yuan, down 10.26% year-on-year [3][4]. - The company's reducer sales (excluding Modoli products) grew by approximately 4.23% year-on-year in H1 2024, with market share further increasing [3][4]. Business Development - The company is consolidating its core business while seizing structural market opportunities in downstream sectors. The sales of modular reducers and other specialized products have increased, with a 7.9% year-on-year improvement in per capita output in the general reducer business [4][3]. - The company is actively developing specialized and high-end reducers, achieving breakthroughs in new fields and securing bulk orders from notable clients [4][3]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 374 million, 435 million, and 513 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 14x, 12x, and 10x [4][3].

Investment Rating - The report maintains a "Buy" rating for Guomao Co., Ltd. (603915) [1] Core Views - The company's performance is under pressure, with a year-on-year revenue decline of 5.29% to 1.268 billion yuan in H1 2024, and a net profit decline of 14.64% to 146 million yuan [1] - The demand in the reducer industry is weak, leading to competitive pressures, but there are growth opportunities in sectors like rubber and plastic machinery, marine engineering, and non-standard automation [1] - The company is focusing on structural opportunities in niche mechanical fields such as injection molding machines and elevator traction machines [1] - There is a quarter-on-quarter improvement in gross margin and net margin, with H1 2024 gross margin at 23.53% and net margin at 11.55% [1] Financial Summary - For H1 2024, the company reported revenue of 1.268 billion yuan, down 5.29% year-on-year, and a net profit of 146 million yuan, down 14.64% year-on-year [1] - Q2 2024 revenue was 683 million yuan, a 4.25% year-on-year decline but a 16.67% quarter-on-quarter increase, with net profit at 82 million yuan, down 10.26% year-on-year but up 26.32% quarter-on-quarter [1] - The company forecasts net profits of 450 million yuan, 508 million yuan, and 568 million yuan for 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 13% [1][2]

证券代码：603915 证券简称：国茂股份 公告编号：2024-008 江苏国茂减速机股份有限公司 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。 金额单位：人民币元 | 序号 | 开户银行 | 银行账号 | 账户名称 | 余额 | | | --- | --- | --- | --- | --- | --- | | 1 | 中国银行股份有限公司常 州湖塘支行 | 462473289529 | 江苏国茂减速 | 0（注 | 1） | | 2 | 江苏江南农村商业银行股 份有限公司常州市武进支 行 | 1032500000009197 | 机股份有限公 司 | 0（注 | 1） | 5 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号） 、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证 券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定 ...