Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Insights - The company has shown significant growth in net profit, with a year-on-year increase of 101% in the first three quarters, and a revenue of 934 million yuan, representing a 33.57% increase [9][18]. - The company has optimized its order structure, with new orders increasing by approximately 30% year-on-year, particularly in the overseas market [2][18]. - The company is expanding its non-wind power sector, achieving a revenue of approximately 13 million yuan in 2023, which is over six times the previous year, and nearly double the revenue of the entire previous year in the first three quarters of 2024 [2][19]. Summary by Sections Financial Performance - In the first three quarters, the company achieved a revenue of 934 million yuan, with a gross margin of 48.86% and a net margin of 25.51% [9][18]. - For Q3, the company reported a revenue of 364 million yuan, a 40.84% increase year-on-year, and a net profit of 98 million yuan, reflecting a 166.07% increase year-on-year [18]. - The company’s gross margin for Q3 was 49.21%, with a net margin of 26.90% [18]. Order and Market Expansion - The company’s new orders in the large-load and gear rack elevators accounted for over 30% of total orders in 2024, indicating a growing market demand [2][19]. - The company has established subsidiaries in various countries, including Germany, the USA, India, Japan, and Brazil, with overseas revenue expected to exceed 50% in the first half of 2024 [2][19]. Profit Forecast - The profit forecast for the company has been raised, with expected net profits of 334 million yuan, 428 million yuan, and 555 million yuan for 2024, 2025, and 2026 respectively [20][24]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18, 14, and 11 for the years 2024, 2025, and 2026 [20][24].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [17]. Core Views - The company has experienced rapid growth in Q3 2024, with revenue reaching 934 million yuan, a year-on-year increase of 33.57%, and net profit attributable to shareholders at 238 million yuan, up 101.01% year-on-year [1]. - The significant growth in revenue and profit is attributed to product upgrades, continuous R&D, and effective cost control, leading to improved profitability [2]. - The company has secured a substantial increase in new orders, particularly in the wind power sector, with a 30% year-on-year growth in new contracts [3]. Financial Performance Summary - Revenue (million yuan): - 2022A: 799 - 2023A: 1,105 - 2024E: 1,448 - 2025E: 1,776 - 2026E: 2,236 - Year-on-year growth rates: 2023A: 38.2%, 2024E: 31.1% [1][12] - Net Profit (million yuan): - 2022A: 155 - 2023A: 207 - 2024E: 323 - 2025E: 417 - 2026E: 511 - Year-on-year growth rates: 2023A: 33.3%, 2024E: 56.0% [1][12] - ROE (%): - 2022A: 7.2 - 2023A: 9.0 - 2024E: 12.5 - 2025E: 14.3 - 2026E: 15.2 [1][12] - EPS (yuan): - 2022A: 0.73 - 2023A: 0.97 - 2024E: 1.52 - 2025E: 1.96 - 2026E: 2.41 [1][12] Business Development Summary - The company has effectively controlled costs, leading to improved gross margin and net margin, with Q3 2024 gross margin at 49.21% and net margin at 26.90% [2]. - The company has expanded its product offerings in both wind and non-wind sectors, capturing growth opportunities in various markets [3]. - The company has established a strong presence in international markets, with over 30% market share in key products [3].

中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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个别及连带责任。 重要内容提示： ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 2024 年 4 月 11 日召开第四届董事会第七次会议及第四届监事会第六次 会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该 议案并经公司 2023 年年度股东大会审议通过，同意公司及子公司在确保募投项 目所需资金正常使用和保证募集资金安全的前提下，对不超过人民币 10,000.00 万元（含本数）的闲置募集资金进行现金管理，在上述额度内，资金可以循环使 用，投资期限自公司 2023 年年度股东大会审议通过之日起 12 个月内有效。公司 监事会发表了明确的同意意见，保荐人中信建投证券股份有限公司对本事项出具 了明确的核查意见。详细内容见公司于 2024 年 4 月 13 日、2024 年 5 月 9 日在 上海证券交易所网站（www.sse.com.cn ...

证券代码：605305 证券简称：中际联合 1 中际联合（北京）科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------|--------------------------|--------------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投资者关系活 | □ | 媒体采访 ■业绩交流会 | | 动类别 | □ 新闻发布会 □路演活动 | | | | □ | 现场参观 ■其他（线上调研） | | | | 博时基金、嘉实基金、浙商基金、易方达基金、泓德基金、博道基金、嘉合 | | | | 基金、淳厚基金、银华基金、湘财基金、长盛基金、国寿安保基金、金鹰基 | | | | 金、中邮创业基金、摩根士丹利基金、兴证全球基金、汇丰银行、亿能投 | | | | 资、三峡资本、森锦投资、和谐汇一、耕霁(上海)投资、宏盛鹏达投资、聚 | | | | 鸣投资、前海合智投资基金、鸿运私募基金、凯丰投资、明河投资、泽泉 | | | | ...

证券代码：605305 证券简称：中际联合 公告编号：2024-060 中际联合（北京）科技股份有限公司 第四届监事会第九次会议决议公告 一、监事会会议召开情况 中际联合（北京）科技股份有限公司（以下简称"公司"）第四届监事会第九 次会议于 2024 年 10 月 29 日在公司会议室以现场表决方式召开，会议通知于 2024 年 10 月 23 日以通讯方式向全体监事发出。会议应出席监事 3 名，实际出席监事 3 名，本次会议由监事会主席丁增杰先生主持。会议的召集、召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定，所作决议合法有效。 二、监事会会议审议情况 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个别及连带责任。 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 根据《公司法》《公司章程》等相关规定，公司总结了主要财务数据、股东信 息等情况，编制了公司 2024 年第三季度报告。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《中 ...

证券代码：605305 证券简称：中际联合 公告编号：2024-059 中际联合（北京）科技股份有限公司 第四届董事会第十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 中际联合（北京）科技股份有限公司（以下简称"公司"）第四届董事会第十 次会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯表决方式召开，会议通 知于 2024 年 10 月 23 日以通讯方式向全体董事发出。会议应出席董事 9 名，实际 出席董事 9 名，本次会议由董事长刘志欣先生主持，公司监事和高级管理人员列席 了会议。本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 （二）审议通过《关于公司及子公司向北京银行申请综合授信暨为子公司提供 担保的议案》 1.议案内容： 1 为满足公司生产经营及业务发展的资金需要，公司及全资子公司中际联合（天 津）科技有限公司拟 ...

会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://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 1 日(星期五)至 11 月 7 日（星期四）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 ir@3slift.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。 证券代码：605305 证券简称：中际联合 公告编号：2024-058 中际联合（北京）科技股份有限公司 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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 11 月 8 日(星期五) 下午 13:00-14:00 中际联合（北京）科技股份有限公司（以下简称"公司"）已于 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 ...

证券代码：605305 证券简称：中际联合 公告编号：2024-062 中际联合（北京）科技股份有限公司 关于子公司向招商银行申请综合授信暨为子公司 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个别及连带责任。 重要内容提示: 一、担保情况概述 （二）担保事项履行的内部决策程序 公司于2024年10月29日召开的第四届董事会第十次会议及第四届监事会第九次 会议分别审议通过了《关于子公司向招商银行申请综合授信暨为子公司提供担保的 1 被担保人名称及是否为公司关联人：FICONT INDUSTRY (HONGKONG) LIMITED （中文名：中际联合（香港）科技有限公司）（以下简称"中际香港"）为公 司全资子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额最高额度为人民币 23,000.00 万元；截至本公告披露日，公司对中际香港的担保余额为 0.00 万元。 本次担保是否有反担保：无。 对外担保逾期的累计数量：截至目前公司无逾期对外担保。 议案》，同意公司为中际香港提供担保，该议案无需提交股东大会审议。 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥363,828,608.99, representing a year-on-year increase of 40.84%[2] - Net profit attributable to shareholders for Q3 2024 was ¥97,859,172.82, a significant increase of 166.07% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥91,500,827.41, up 174.33% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.46, reflecting a 170.59% increase compared to the same period last year[3] - The net profit attributable to shareholders for the first three quarters of 2024 reached RMB 238 million, representing a year-on-year growth of 101.01%[12] - Total operating revenue for the first three quarters of 2024 reached ¥934,082,390.58, a 33.5% increase from ¥699,316,837.04 in the same period of 2023[17] - Operating profit for the first three quarters of 2024 was ¥286,000,083.60, compared to ¥126,830,642.76 in the previous year, reflecting a significant growth[18] - Net profit attributable to the parent company for the first three quarters of 2024 was ¥238,291,541.82, up from ¥118,544,217.92 in 2023, indicating a year-on-year increase of 100.9%[19] - Basic and diluted earnings per share for the first three quarters of 2024 were both ¥1.12, compared to ¥0.56 in the same period last year, marking a 100% increase[20] - The total comprehensive income for the first three quarters of 2024 was ¥234,707,590.29, compared to ¥125,419,503.87 in the same period last year, an increase of 87%[20] Cash Flow and Assets - The net cash flow from operating activities for Q3 2024 was ¥107,906,296.42, with a year-to-date increase of 418.67%[3] - The net cash flow from operating activities for the first three quarters of 2024 was ¥188,135,210.50, a significant increase from ¥36,272,458.78 in the same period of 2023, reflecting improved operational efficiency[22] - Total cash inflow from operating activities reached ¥981,248,587.14, compared to ¥733,866,184.45 in the previous year, indicating a growth of approximately 33.7%[22] - Cash outflow for purchasing goods and services was ¥416,307,969.87, up from ¥325,006,066.16, representing a 28.1% increase year-over-year[22] - The net cash flow from investment activities was -¥298,230,859.04, an improvement from -¥797,206,543.61 in the same period last year, showing a reduction in cash outflow[22] - The ending cash and cash equivalents balance for the first three quarters of 2024 was ¥708,295,804.24, compared to ¥587,233,449.82 at the end of the same period in 2023, indicating a positive cash position[22] - The company received tax refunds amounting to ¥20,563,965.64, an increase from ¥18,588,789.77 in the previous year, contributing to cash inflows[22] - The total cash outflow for other operating activities was ¥65,134,459.97, down from ¥99,177,030.61, indicating improved cost management[22] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥3,264,159,502.07, marking a 15.71% increase from the end of the previous year[3] - The company's total assets increased to RMB 3.26 billion, up from RMB 2.82 billion in the previous period[14] - Total liabilities increased to ¥761,148,460.34 in Q3 2024 from ¥513,442,720.01 in Q3 2023, representing a 48.2% rise[16] - Total equity attributable to shareholders reached ¥2,503,011,041.73, up from ¥2,307,423,754.73 in the previous year, showing an 8.5% increase[16] Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,793[10] - The top shareholder, Liu Zhixin, holds 51,656,387 shares, accounting for 24.31% of the total shares[11] - The company has no known related party transactions among the top shareholders[11] Operational Efficiency and Strategy - The increase in operating revenue is primarily attributed to growth in overseas performance during the reporting period[7] - The company expects continued growth in revenue and profitability due to improved operational efficiency and cost management strategies[7] - The company has optimized cost and expense management, leading to improved gross and net profit margins[12] - The company is actively engaged in new product development and business expansion based on market demand[12] Expenses - Research and development expenses for the first three quarters of 2024 were ¥53,971,847.98, down from ¥69,041,267.74 in the same period of 2023, a decrease of 21.9%[17] - Sales expenses decreased to ¥90,300,693.31 from ¥106,880,130.00, reflecting a reduction of 15.5% year-on-year[17] - The company reported a significant increase in contract liabilities, rising to RMB 196.86 million from RMB 99.88 million[14]

证券代码：605305 证券简称：中际联合 公告编号：2024-061 中际联合（北京）科技股份有限公司 关于公司及子公司向北京银行申请综合授信暨为子公司 提供担保的公告 为满足公司生产经营及业务发展的资金需要，中际联合（北京）科技股份有限公 司（以下简称"中际联合"或"公司"）及全资子公司中际天津拟向北京银行股份有 限公司现代城支行（以下简称"北京银行"）申请综合授信，授信总额度不超过人民 币25,000.00万元，授信方式为信用方式，主要用于流动资金贷款、开具银行承兑汇票、 保函、国内信用证等业务。公司为子公司中际天津取得的授信额度（最高额度人民币 3,000.00万元）提供担保，担保方式为连带责任保证。上述授信额度不等于公司及子 公司的实际融资金额，实际融资金额以北京银行与中际联合、中际天津签署并实际发 生的融资金额为准。该授信及担保事项以银行最终批复为准。本次公司为全资子公司 申请综合授信提供担保风险可控，有助于满足子公司经营发展的资金需求。 （二）担保事项履行的内部决策程序 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个别及 ...