证券代码：605305 证券简称：中际联合 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） | | 参与单位名称 | | 浙商证券、天弘基金、长盛基金、新华基金、国投机械、交银基金 | | 活动时间 | 2024 年 11 月 19 | 日 下午 | | 地点 | 公司会议室 | | | 上 市 公 司 接 待 人员姓名 | | 董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | 投 资 者 关 系 活 ...

Investment Rating - The report maintains an "Outperform" rating for Zhongji United (605305 SH) [1][6][20] Core Views - The company's Q3 performance continues to grow rapidly, with optimized order structure [1] - Net profit in the first three quarters increased by 101% YoY, with significant improvement in profitability [1][9] - The company's global layout is progressing steadily, with controllable risks from US trade sanctions [2][19] - Non-wind power sector revenue in the first three quarters has nearly doubled compared to the full year of 2023 [2][19] Financial Performance Revenue and Profit - Q1-Q3 revenue reached 934 million yuan, up 33 57% YoY, with net profit of 238 million yuan, up 101 01% YoY [1][9] - Q3 revenue was 364 million yuan, up 40 84% YoY and 10 35% QoQ, with net profit of 98 million yuan, up 166 07% YoY and 19 27% QoQ [1][18] - Gross margin for Q1-Q3 was 48 86%, up 2 77pct YoY, and net margin was 25 51%, up 8 56pct YoY [1][9] - Q3 gross margin was 49 21%, up 3 80pct YoY but down 0 94pct QoQ, while net margin was 26 90%, up 12 66pct YoY and 2 01pct QoQ [1][18] Orders and Market Expansion - New orders in the first three quarters increased by approximately 30% YoY, with overseas market growth outpacing domestic growth [1][18] - Large-load and rack-and-pinion elevator orders accounted for over 30% of total elevator orders in the first three quarters of 2024, up from 20% in 2023 [2][19] - Overseas revenue accounted for over 50% of total revenue in the first half of 2024 [2][19] Non-Wind Power Sector - Non-wind power sector revenue in 2023 was approximately 13 million yuan, a six-fold increase YoY [2][19] - Non-wind power sector revenue in the first three quarters of 2024 was nearly double that of the full year 2023, with a nearly three-fold YoY increase [2][19] Financial Forecasts - Revenue is expected to reach 1 41 billion yuan in 2024E, 1 818 billion yuan in 2025E, and 2 229 billion yuan in 2026E [4][24] - Net profit is forecasted to be 334 million yuan in 2024E, 428 million yuan in 2025E, and 555 million yuan in 2026E [4][24] - EPS is projected to be 1 57 yuan in 2024E, 2 01 yuan in 2025E, and 2 61 yuan in 2026E [4][24] - ROE is expected to be 13 7% in 2024E, 15 6% in 2025E, and 17 8% in 2026E [4][24] Valuation - The current PE ratio is 18x for 2024E, 14x for 2025E, and 11x for 2026E [4][24] - The PB ratio is 2 32x for 2024E, 2 06x for 2025E, and 1 80x for 2026E [4][24]

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].

证券代码：605305 证券简称：中际联合 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） | | 参与单位名称 | | 长江证券、国寿安保、南华基金 、国投证券 | | 活动时间 | 2024 年 11 月 15 | 日 下午 | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | | 董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | | 一、问答环节 | | | 投资者关系活 | | 1、介绍下公司大载荷升降机和齿轮齿条升降机订单情况。 | | 动主要内容介 | 答： 2023 | 年大载荷升降机和齿轮齿条升降机的新签订单金 | | ...

证券代码：605305 证券简称：中际联合 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） | | 参与单位名称 | 嘉实基金、中信证券 | | | 活动时间 | 2024 年 11 月 11 | 日 下午 | | 地点 | 公司会议室 | | | 上市公司接待 人员姓名 | | 董事长 刘志欣；董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | 投资者关系活 | 一、问答环节 | | | | 1 | 、公司销往美国的产品是否会受到贸易制裁？ | | 动主要内容介 | | 答：目前公司出口到美国的主要产品在美国本土还没有其 | | | | ...

证券代码：605305 证券简称：中际联合 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） | | 参与单位名称 | 交银施罗德基金 | | | 活动时间 | 2024 年 11 月 6 | 日 上午 | | 地点 | 现场调研 | | | 上市公司接待 | | | | 人员姓名 | | 董事会秘书 刘亚锋 证券事务专员 刘新雷 | | 投资者关系活 | 一、问答环节 | | | | 1 | 、公司最新的订单情况如何？ | | 动主要内容介 | 答： 2024 年 | 1-9 月，公司新增订单同比增长 30% 左右。相 | | | | 对来看，海外市场订单 ...

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].

2024 年 10 月 31 日 评级 买入 涨跌幅比较 证券研究报告 公司点评 中际联合(605305.SH) 机械设备｜ 工程机械 业绩超预期，费用管控效果显著 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | 预测指标 | | 2022A | 2023A | | | | 2024E | | 2025E | 2026E | | 主营收入 (亿元) | | 7.99 | 11.05 | | | | 14.70 | | 18.70 | 23.50 | | 净利润(亿元 ) | | 1.55 | 2.07 | | | | 3.60 | | 4.57 | 5.86 | | 每股收益（元） | | 0.73 | 0.97 | | | | 1.70 | | 2.15 | 2.76 | ...

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 | | | | ...