| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于变更部分回购股份用途并注销暨减少注册资本 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、准确性和完整性依法承担法律责任。 公司于 2025 年 4 月 25 日召开第三届董事会第十七次会议、第三届监事会第 九次会议审议通过了《关于变更部分回购股份用途并注销的议案》，同意对将回 购股份用途由"在未来适宜时机用于股权激励及/或员工持股计划，或用于转换 上市公司发行的可转换为股票的公司债券"变更为"在未来适宜时机用于股权激 励及/或员工持股计划，或用于注销并相应减少注册资本"，并将已回购的股份 8,000,000 股进行注销并相应减少注册资本。本议案尚需提交公司 2024 年年度 股东大会审议，现将本次具体情况公告如下： 一、回购股份的具体情况 公司于 2025 年 1 月 1 日召开第三届董事会第十二次会议、第三届监事会第 六次会议， ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-039 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 张家港广大特材股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日召开 第三届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司使用华夏银行股份有限公司张家港支行提供的专项贷款及公 司自筹资金不低于人民币 20,000 万元（含），不超过 40,000 万元（含）通过集中 竞价交易方式回购公司发行的人民币普通股（A 股）股票，回购价格不超过人民币 26.22 元/股（含），用于股权激励及/或员工持股计划，或用于转换上市公司发行 的可转换为股票的公司债券。回购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司分别于 2025 年 1 月 2 日和 2025 年 1 月 4 日在上海 证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份 方案的公告》（公告编号：2025-004）、《关于以集中竞价交易 ...

Core Viewpoint - The company reported significant revenue and profit growth in 2024 and Q1 2025, driven by increased sales volume and improved gross margins [1][2] Financial Performance - In 2024, the company achieved revenue of 4.003 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% year-on-year [1] - For Q4 2024, revenue was 1.044 billion yuan, a year-on-year increase of 25.31%, while net profit was 35 million yuan, marking a turnaround from losses [1] - In Q1 2025, revenue reached 1.122 billion yuan, a year-on-year increase of 25.75%, with net profit soaring to 74 million yuan, up 1488.76% year-on-year [1] Sales Volume and Margins - The overall sales volume in 2024 was 311,000 tons, a year-on-year increase of 7.31%, with significant growth in wind power main shafts, special alloys, and other components [2] - The gross margin for 2024 was 16.62%, an increase of 1.96 percentage points year-on-year, with Q4 2024 and Q1 2025 gross margins at 19.71% and 19.33%, respectively [2] Industry Trends - Wind power bidding accelerated in 2024, with new installed capacity reaching 520.68 GW, a year-on-year growth of 6%, and new bidding for wind turbines increasing by 90.2% [3] - The company is expanding its gearbox projects, with increased production capacity and a focus on various applications beyond wind power, enhancing profitability [3] Contracts and Future Outlook - The company signed a significant contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components, which is expected to substantially boost revenue [3] - Profit forecasts for 2025-2027 are projected at 318 million, 409 million, and 500 million yuan, respectively, with corresponding PE ratios of 17x, 13x, and 11x [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company achieved a revenue of 4.003 billion yuan in 2024, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% year-on-year [3]. - The wind power bidding is accelerating, with significant growth expected in the gearbox project, supported by a substantial contract signed with Mingyang Smart Energy worth 1.505 billion yuan [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 4.003 billion yuan, with a net profit of 115 million yuan and a non-recurring net profit of 74 million yuan [3]. - In Q4 2024, revenue reached 1.044 billion yuan, a 25.31% increase year-on-year, while the net profit turned positive at 35 million yuan [3]. - For Q1 2025, revenue was 1.122 billion yuan, up 25.75% year-on-year, with a net profit of 74 million yuan, marking a significant increase of 1488.76% year-on-year [3]. Sales Volume and Profitability - The overall sales volume in 2024 was 311,000 tons, a 7.31% increase year-on-year, with notable growth in wind power main shafts and gearbox components [4]. - The overall gross margin for 2024 was 16.62%, an increase of 1.96 percentage points year-on-year, with Q4 2024 and Q1 2025 gross margins at 19.71% and 19.33%, respectively [4]. Market Outlook - The wind power installation capacity reached 520.68 GW in 2024, with a new installed capacity of 79.82 GW, reflecting a 6% year-on-year growth [5]. - The company is expanding its gearbox project, which is expected to see increased production capacity and improved profitability due to higher operational efficiency and reduced fixed costs [5]. Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 318 million yuan, 409 million yuan, and 500 million yuan, respectively, with corresponding PE ratios of 17x, 13x, and 11x [7][6].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved a revenue of 4.003 billion yuan in 2024, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% year-on-year [3]. - The company’s overall sales volume in 2024 reached 311,000 tons, representing a year-on-year growth of 7.31%, with significant increases in various product categories [4]. - The wind power bidding process is accelerating, with a projected increase in installed capacity, which is expected to support demand for wind power installations in 2025-2026 [5]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.044 billion yuan, a year-on-year increase of 25.31%, while the net profit attributable to shareholders was 35 million yuan, marking a turnaround from losses [3]. - For Q1 2025, the company achieved a revenue of 1.122 billion yuan, a year-on-year increase of 25.75%, and a net profit of 74 million yuan, reflecting a substantial year-on-year growth of 1488.76% [3]. Product Performance - The gross profit margin for 2024 was 16.62%, an increase of 1.96 percentage points year-on-year, with specific product categories like gear steel and wind power precision machinery components contributing significantly to profitability [4]. - The company signed a framework procurement contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components, which is expected to significantly enhance the company's performance if executed smoothly [6]. Market Outlook - The wind power installed capacity reached 520.68 GW in 2024, with a new installed capacity of 79.82 GW, indicating a year-on-year growth of 6% [5]. - The company is expanding its gearbox project, which is expected to see increased production capacity and improved profitability due to higher operational efficiency and reduced fixed costs [5].

Core Viewpoint - Zhangjiagang Wide Special Materials Co., Ltd. demonstrated strong smelting and integrated industrial chain capabilities in its 2024 annual report, showcasing solid operational results and financial status through strategic planning and market expansion efforts [1] Revenue and Profit - The company achieved operating revenue of 4,003,145,034.96 yuan in 2024, a 5.67% increase from 3,788,453,030.22 yuan in the previous year, driven by the release of capacity in gearbox components and significant customer expansion [2] - The product structure is shifting towards the renewable energy and energy equipment sectors, with alloy products accounting for 66.37% of main business in 2024, reflecting strategic alignment with market demand [2] Net Profit and Earnings Per Share - The net profit attributable to shareholders was 114,639,557.76 yuan, up 4.97% from 109,209,990.26 yuan, indicating solid overall profitability [3] - Basic earnings per share rose to 0.54 yuan, a 5.88% increase from 0.51 yuan, reflecting improved operational efficiency [4] Expense Analysis - Sales expenses increased by 13.76% to 24,797,204.45 yuan due to intensified market expansion efforts, highlighting the need to monitor the return on investment [5] - Management expenses grew by 20.27% to 162,358,034.65 yuan, necessitating enhanced internal management and efficiency improvements [6] - Financial expenses surged by 47.18% to 135,150,388.82 yuan, primarily due to increased interest expenses from convertible bond projects, indicating potential pressure on profitability [7] Research and Development - R&D expenses rose by 12.71% to 211,020,869.60 yuan, underscoring the company's commitment to innovation with the addition of new core technologies and patents [8][9] Cash Flow Analysis - Operating cash flow improved significantly but remained negative at -261,373,669.02 yuan, necessitating better cash management and inventory control [10] - Investment cash flow decreased to -490,678,597.33 yuan, reflecting reduced spending on major projects [11] - Financing cash flow remained stable at 1,017,659,927.76 yuan, indicating a consistent approach to funding [12] Overall Assessment - The company achieved growth in revenue and profit in 2024 but faces challenges in cost control, cash flow management, and risk mitigation, necessitating strategic optimization for sustainable development [16]

Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 114,639,557.76[6] - The total distributable profit of the parent company as of December 31, 2024, is RMB 599,358,902.41[6] - The proposed cash dividend distribution is RMB 3.75 per 10 shares, totaling RMB 76,475,826.00 (including tax) for the actual participating shares[6] - The total cash dividend for 2024, including the interim distribution, amounts to RMB 87,187,899.95 (including tax), representing 76.05% of the net profit attributable to shareholders[7] - The company's operating revenue for 2024 reached ¥4,003,145,034.96, an increase of 5.67% compared to ¥3,788,453,030.22 in 2023[21] - The net profit attributable to shareholders for 2024 was ¥114,639,557.76, reflecting a growth of 4.97% from ¥109,209,990.26 in the previous year[21] - The basic earnings per share for 2024 was ¥0.54, a 5.88% increase from ¥0.51 in 2023[22] - The company's net assets attributable to shareholders increased by 2.68% to ¥3,627,380,911.00 at the end of 2024, compared to ¥3,532,634,836.82 in 2023[21] - The weighted average return on equity for 2024 was 3.2%, slightly up from 3.14% in 2023[22] Cash Flow and Liquidity - The cash flow from operating activities showed a significant improvement, with a net cash flow of -¥261,373,669.02 in 2024, compared to -¥794,950,744.82 in 2023[21] - The net cash flow from operating activities improved significantly to 467 million yuan after adjusting for certain accounting impacts, despite still being in a net outflow state[36] - The company's cash flow from operating activities was negative at CNY -261,373,669.02, indicating potential liquidity risks[115] - The net cash flow from investing activities decreased to -490,678,597.33 from -960,602,620.26 year-on-year, primarily due to reduced construction investment expenditures[142] - The net cash flow from financing activities was 1,017,659,927.76, slightly up by 0.13% from 1,016,343,804.38 in the previous year[141] Operational Efficiency - The company has implemented stricter cash flow management, impacting the cash flow from operating activities positively[23] - The company achieved a significant increase in product sales volume, with equipment utilization rates improving, effectively reducing fixed costs and enhancing profitability[35] - The company has maintained stable growth in key financial indicators over the past three years, reflecting strong operational efficiency and sound financial management[33] - The company has optimized supplier payment methods, which positively impacted cash flow management[121] Research and Development - Research and development expenses accounted for 5.27% of operating revenue in 2024, up from 4.94% in 2023[22] - R&D investment totaled approximately ¥211 million, an increase of 12.71% from the previous year, with R&D expenses accounting for 5.27% of operating revenue, up from 4.94%[75] - The company has received 30 new invention patents and 15 utility model patents during the reporting period, totaling 214 authorized patents[36] - The company is committed to continuous innovation in new product development and technology to enhance its competitive edge in the industry[68] Market Position and Strategy - The company has established a competitive advantage in the wind power materials sector by focusing on high technical requirements and production difficulties, despite having a smaller production scale compared to larger steel groups[57] - The company is actively pursuing technology breakthroughs to replace imports in key sectors, enhancing its market position[64] - The company is focused on expanding its market presence through the development of new products and technologies in the renewable energy sector[67] - The company aims to enhance its industrialization capabilities, particularly in the supply of precision mechanical components for wind power gearboxes, by expanding production lines and optimizing product structures[159] Corporate Governance - The company has held 4 shareholder meetings and 11 board meetings during the reporting period, ensuring compliance with corporate governance regulations[168][169] - The company approved the election of Mr. Xu Weiming as a non-independent director of the third board[170] - The company’s independent directors did not receive any remuneration from related parties[175] - The company has established specialized committees under the board, including the audit committee and the strategic development committee[192] Leadership and Personnel Changes - Several key executives are leaving the company, including the Vice General Manager and Chief Engineer, with significant shareholdings being reduced, such as 1,330,000 shares and 900,000 shares respectively[176] - The company is undergoing a leadership transition with multiple high-level departures scheduled for early 2024, which may impact operational continuity[176] - The company has a commitment to retaining key personnel, as indicated by the ongoing contracts for several executives until 2027[176] - The company’s management team has undergone significant changes, with new appointments aimed at improving operational efficiency[181] Investment and Future Outlook - The company plans to invest an additional 82,000.00 million in the "Core Precision Components for High-end Equipment Project (Phase I)"[149] - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product offerings[177] - The company plans to expand its market presence and is focusing on new product development to drive future growth[177] - The company aims to improve the yield and quality of its products through advanced forging and casting processes, targeting a reduction in harmful element content in steel[81]

Core Viewpoint - The company reported a modest growth in revenue and net profit for 2024, but the growth rate has significantly slowed down, indicating challenges in market competition and cost control [1][4]. Revenue and Profitability - In 2024, the company achieved an operating revenue of 4.003 billion, a year-on-year increase of 5.67%, which is a substantial decline from the previous year's growth rate of 12.51% [4]. - The net profit attributable to shareholders was 115 million, reflecting a year-on-year growth of 4.97%, while the non-recurring net profit increased by only 1.19% to 74.3766 million [1][4]. Cash Flow Management - The net cash flow from operating activities was -261 million, although this shows significant improvement compared to the previous year, it remains in a net outflow state [5]. - After excluding the impact of bill discounts and long-term asset purchases, the adjusted net cash flow from operating activities was 467 million, indicating some progress in cash flow management [5]. Accounts Receivable Management - The company faces considerable pressure in managing accounts receivable, despite implementing measures to improve collection efficiency by linking collection performance to individual accountability [5]. Research and Development - In 2024, the company increased its R&D investment to 211 million, a year-on-year growth of 12.71%, representing 5.27% of operating revenue, which is an increase of 0.33 percentage points from the previous year [6]. - The company introduced three core technologies focused on special alloy smelting and production technologies in the renewable energy wind power sector, achieving significant breakthroughs in various products [6]. Overall Performance - Despite maintaining a steady development momentum in 2024, the company continues to face issues such as slowing revenue growth, weak net profit growth, and cash flow pressure, necessitating further efforts in market competition, cost control, and technological innovation [6].

Company Distribution Plans - The company announced a distribution plan for 2024, proposing a cash dividend of 3.75 yuan per 10 shares, totaling approximately 76.48 million yuan [4] - This marks the seventh cumulative cash distribution since the company's listing, with a payout ratio of 66.71% of net profit and a dividend yield of 2.70% based on the average trading price [4] Financial Performance - For the year 2024, the company reported total revenue of 4.003 billion yuan, reflecting a year-on-year growth of 5.67% [1] - The net profit for the same period was 115 million yuan, an increase of 4.97% compared to the previous year, with basic earnings per share at 0.54 yuan and a weighted average return on equity of 3.2% [1] Market Activity - The stock experienced a net outflow of 7.68 million yuan in principal funds today, with a total net outflow of 4.39 million yuan over the past five days [2] - The latest margin financing balance for the stock stands at 439 million yuan, having increased by 11.90 million yuan over the past five days, representing a growth of 2.79% [3] Industry Comparison - In the steel industry, 20 companies have announced their 2024 distribution plans, with CITIC Special Steel leading with a cash distribution of 2.56 billion yuan, followed by Ordos and Jiuli Special Materials with distributions of 1.68 billion yuan and 920 million yuan, respectively [3]

目 录 | 1—5 | | --- | | 一、审计报告…………………………………………………………第 页 | | 二、财务报表……………………………………………………… 第 | 6—15 | 页 | | | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | 第 6 | 页 | | | （二）母公司资产负债表………………………………………… | 第 7 | 页 | | | （三）合并利润表………………………………………………… | 第 8 | 页 | | | （四）母公司利润表……………………………………………… | 9 | 页 | 第 | | （五）合并现金流量表……………………………………………第 | 10 | 页 | | | （六）母公司现金流量表…………………………………………第 | 11 | 页 | | | （七）合并所有者权益变动表……………………………… 第 | 12-13 | 页 | | | （八）母公司所有者权益变动表…………………………… 第 | 14-15 | 页 | | | | | 四、报告附件……………………………………… ...