Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 9.7x, 9.1x, and 8.1x for 2024, 2025, and 2026 respectively [4][6] Core Views - The company achieved significant year-on-year growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 30.941 billion yuan (up 12.18% YoY) and net profit attributable to shareholders reaching 584 million yuan (up 85.12% YoY) [1] - The company's sales gross margin and net margin improved due to strong production and sales in the domestic stainless steel wide cold-rolled market, with domestic production increasing by 1.49 million tons (21.7% YoY) in the first half of 2024 [1] - The company is accelerating its transformation towards deep processing, with multiple projects under construction, including high-performance stainless steel material projects and titanium alloy new material projects [3] Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 156 million yuan, a 53.13% YoY increase, and a non-GAAP net profit of 152 million yuan, a 66.44% YoY increase [1] - The company's gross profit margin and net profit margin fluctuated quarterly, with Q3 2024 figures at 5.61% and 1.97% respectively [1] - The company's cold-rolled stainless steel production and sales reached 2.3488 million tons and 2.2921 million tons respectively in the first three quarters of 2024, representing YoY growth of 19.0% and 17.7% [2] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 730 million yuan, 790 million yuan, and 880 million yuan in 2024, 2025, and 2026 respectively [4] - The company's revenue is projected to grow at a compound annual growth rate of 9.3% from 2024 to 2026, reaching 52.089 billion yuan in 2026 [5] - The company's ROE is expected to remain stable at around 13.4% to 13.7% from 2024 to 2026 [5] Industry and Market Position - The company maintains a competitive advantage in the stainless steel cold-rolled processing sector, with rapid capacity expansion supported by leading stainless steel hot-rolled enterprises [4] - The company's business is gradually expanding from traditional stainless steel processing to metal deep processing, including non-ferrous metals, enhancing its ability to withstand industry cyclical fluctuations [3]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——甬金股份 2024 年 3 季报点评 股票研究 /[Table_Date] 2024.10.30 | --- | |-----------------------------------| | | | [table_Authors] 李鹏飞 ( 分析师 ) | | 010-83939783 | | lipengfei@gtjas.com | | 登记编号 S0880519080003 | | --- | --- | --- | --- | --- | --- | --- | |-------------------|-------|----------------------|-------|-------|-------|-------| | | | | | | | | | 魏雨迪 ( 分析师 ) | | 王宏玉 ( 分析师 | ) | | | | | 021-38674763 | | 021-38038343 | | | | | | weiyudi@gtjas ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥10,644,052,391.32, representing a year-on-year increase of 3.89%[2] - The net profit attributable to shareholders for Q3 2024 was ¥156,060,868.02, an increase of 53.13% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥152,343,113.00, reflecting a growth of 66.74% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.42, up 82.61% from the previous year[3] - Diluted earnings per share for Q3 2024 were ¥0.38, an increase of 65.22% year-on-year[3] - Operating profit for the third quarter of 2024 was CNY 907,039,682.68, up from CNY 542,985,032.22 in the previous year, reflecting a growth of 67.1%[16] - Net profit attributable to shareholders of the parent company for the third quarter of 2024 was CNY 583,908,333.15, compared to CNY 315,427,459.80 in the same quarter of 2023, representing an increase of 85.0%[16] - The company's total comprehensive income for the third quarter of 2024 was CNY 727,769,776.14, compared to CNY 432,389,063.32 in the same quarter of 2023, reflecting a growth of 68.3%[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥15,226,745,110.88, a growth of 20.73% compared to the end of the previous year[3] - The total liabilities as of the end of the third quarter of 2024 amounted to CNY 8,688,475,107.35, compared to CNY 6,408,351,704.69 at the end of the same period in 2023, indicating a rise of 35.5%[14] - The total equity attributable to shareholders of the parent company was CNY 5,512,139,726.99, an increase from CNY 5,195,947,447.40 year-on-year, reflecting a growth of 6.1%[14] - The company's total assets reached CNY 15,226,745,110.88, up from CNY 12,582,735,571.57 in the previous year, representing a growth of 21.0%[14] Cash Flow - The cash flow from operating activities for the year-to-date period increased by 147.87% to ¥440,249,811.18[2] - In the first three quarters of 2024, the company reported cash inflows from operating activities totaling CNY 33,911,847,287.80, an increase from CNY 30,494,544,846.35 in the same period of 2023, representing a growth of approximately 7.9%[17] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 440,249,811.18, significantly higher than CNY 177,614,088.66 in 2023, indicating a year-over-year increase of about 148.5%[17] - The company experienced cash outflows from investing activities amounting to CNY 979,543,251.68, compared to CNY 962,042,789.97 in the previous year, reflecting a slight increase of approximately 1.8%[18] - The net cash flow from investing activities was negative at CNY -593,812,632.07, an improvement from CNY -767,505,877.68 in the same period of 2023[18] - Cash inflows from financing activities totaled CNY 2,496,422,344.04, compared to CNY 2,359,516,294.32 in 2023, marking an increase of about 5.8%[18] - The net cash flow from financing activities was CNY 208,521,195.67, down from CNY 435,833,854.08 in the previous year, indicating a decrease of approximately 52.2%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,482, indicating a diverse shareholder base[8] - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending activities[11] Government Subsidies and R&D - The company reported a significant increase in government subsidies, amounting to ¥5,520,816.35 for the current period[4] - Research and development expenses for the first three quarters of 2024 were CNY 631,883,982.10, compared to CNY 534,356,136.83 in the same period of 2023, marking an increase of 18.3%[15] Inventory and Receivables - The company's current assets totaled approximately RMB 6.95 billion, up from RMB 4.69 billion at the end of 2023, indicating a growth of around 48%[12] - Accounts receivable increased to approximately RMB 1.33 billion from RMB 827.82 million, marking a growth of about 61%[11] - Inventory surged to approximately RMB 3.61 billion, up from RMB 2.30 billion, which is an increase of around 57%[12] Taxation - The company paid CNY 352,014,637.47 in taxes during the first three quarters of 2024, an increase from CNY 228,060,738.45 in the same period of 2023, representing a rise of about 54.4%[17]

| 证券代码：603995 | 证券简称：甬金股份 公告编号：2024-077 | | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | 甬金科技集团股份有限公司 2024 年三季度主要经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第七号——钢铁》第二十二条的相关规定，公司现将 2024 年三季度的 主要经营数据主要经营数据（未经审计）公告如下： | 主要 | 产量（吨） | | | | 销量（吨） | | | | | 销售价格（元/吨） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品 | 第三季度 | | 本年累计 | | 第三季度 | | 本年累计 | | 第三季度 | | 本年累计 | | | | （7-9 | 月） | （1-9 | 月） | （7-9 | 月） ...

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2024-076 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 关于不向下修正"甬金转债"转股价格的公告 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。 特别提示： 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3286 号"文核准，公司于 2021 年 12 月 13 日公开发行了 1,000.00 万张可转换公司债券，每张面值 100 元，发 行总额 100,000.00 万元，期限 6 年（票面利率：第一年 0.30%、第二年 0.50%、 第三年 0.80%、第四年 1.50%、第五年 2.50%、第六年 3.00%）。 自 2024 年 9 月 30 日至 2024 年 10 月 25 日，甬金科技集团股份有限公司（以 下简称"公司"）股票在连续 30 个交易日中已有 15 个交易日的收盘价低于 当期转股价格 27.54 元/股的 80%（即 2 ...

二、可转债转股价格调整概况 根据有关规定和《浙江甬金金属科技股份有限公司公开发行可转换公司债券 募集说明书》（下称"《募集说明书》"）的约定，公司该次发行的"甬金转债" 自 2022 年 6 月 17 日起可转换为公司股份，初始转股价格为 53.07 元/股。 | 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2024-075 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 关于"甬金转债"预计满足转股价格向下修正条件 的提示性公告 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、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3286 号"文核准，甬金科技 集团股份有限公司（以下简称"公司"）于 2021 年 12 月 13 日公开发行了 1,000.00 万张可转换公司债券，每张面值 100 元，发行总额 100,000.00 万元， 期限 6 年（票面利率：第一年 0.30%、第二年 0.50%、第三年 ...

| | | 甬金科技集团股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 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： 累计转股情况：截至 2024 年 9 月 30 日，累计已有 471,000 元"甬金转 债"转换为公司 A 股股票，累计转股股数为 13,072 股，占可转债转股前公司已 发行股份总额的 0.0039%。 未转股可转债情况：截至 2024 年 9 月 30 日，"甬金转债"尚未转股的 金额为 999,529,000 元，占可转债发行总量的 99.9529%。 本季度转股情况：本季度累计有 0 元"甬金转债"转换为公司 A 股股票， 本季度累计转股股数为 0 股。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3286 号"文核准，甬金科技集 团股份有限公司（以下简称"公司"）于 2021 年 12 月 13 日公开发行了 1,000.00 万张可转换公司债券，每张面值 100 元，发行总额 100,000.00 万元，期限 6 年 （票面利率：第一年 0.3 ...

| 证券代码：603995 | 证券简称：甬金股份 | 公告编号：2024-073 | | --- | --- | --- | | 债券代码：113636 | 债券简称：甬金转债 | | 甬金科技集团股份有限公司 关于为子公司提供担保的公告 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： 被担保人：江苏甬金金属科技有限公司（以下简称"江苏甬金"）、甬金金 属科技（越南）有限公司（以下简称"越南甬金"） 本次担保金额：1、甬金科技集团股份有限公司（以下简称"公司"）本次 为江苏甬金向交通银行股份有限公司南通分行（以下简称"交行南通分行"）申 请的授信提供最高不超过人民币24,000.00万元的连带责任保证担保。2、公司本 次为江苏甬金向平安银行股份有限公司义乌分行（以下简称"平安银行义乌分行"） 申请的授信提供最高不超过人民币5,000.00万元的连带责任保证担保。3、公司 本次为越南甬金向中国建设银行股份有限公司胡志明市分行（以下简称"建行胡 志明分行"）申请的授信提供最高不超过1,000.00万美元的连带责任 ...

证券代码：603995 证券简称：甬金股份 甬金科技集团股份有限公司 投资者关系活动记录表 编号： | --- | --- | |----------------|--------------------------------------------------------------------| | | | | | 特定对象调研 分析师会议 | | | □媒体采访 业绩说明会 | | 投资者关系活动 | □ 新闻发布会 □路演活动 | | 类别 | □现场参观 电话会议 | | | □ 其他（请文字说明其他活动内容） | | | 长江证券、山西证券、国泰君安、华创证券、华福证券、国盛证券、浙商 | | | 证券、广发证券、华泰证券、招商证券、中信证券、国投证券、申万宏源、 | | | 兴业证券、东北证券、民生证券、光大证券、中泰证券、天风证券、中信 | | | 建投、东方证券、中金公司、广发基金、易方达、汇添富、华富基金、兴全 | | | 基金、大成基金、国泰基金、建信基金、永赢基金、中庚基金、淳厚基金、 | | | 博时基金、诺安基金、嘉实基金、华安基金、安联基金、睿远基金、兴银 | | 参与单位名称 ...

甬金科技集团股份有限公司董事会 2024 年 9 月 6 日 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。 甬金科技集团股份有限公司（以下简称"公司"）董事会于 2024 年 9 月 5 日收到公司副总经理陈登贵先生提交的书面离职报告。因工作安排变动，陈登 贵先生不再担任公司水管事业部总经理的职务，故申请辞去公司副总经理的职 务。陈登贵先生将继续担任公司董事并承担子公司管理工作，陈登贵先生的辞 职不会影响公司生产经营的正常运行。 公司董事会对陈登贵先生在副总经理任职期间所做出的贡献表示衷心的感 谢！ 特此公告。 | | | 甬金科技集团股份有限公司 关于公司副总经理工作变动离任的公告 ...