Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Viewpoints - The company has over 20 years of experience in the oil and gas industry and has entered the supply chain of global oil service leaders, establishing itself as a high-tech enterprise specializing in the research, production, and sales of oil and gas drilling equipment components [2][15]. - The oil service industry is expected to benefit from increased capital expenditure by oil and gas companies, particularly in deep-sea and unconventional oil and gas sectors, which are seen as long-term trends [3][50]. - The company currently has a low market share, indicating significant growth potential, especially as it aims to increase its market presence in deep-sea and fracturing equipment [4][67]. Summary by Sections Company Overview - The company, established in 1996, has developed a range of specialized components for oil and gas production systems, blowout preventers, and unconventional oil and gas extraction [15][20]. - The company has faced revenue fluctuations, with a projected revenue of 1.12 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 90 million yuan, down 40% year-on-year, primarily due to external factors affecting export orders [2][28]. Industry Outlook - The global deep-sea oil and gas equipment market is projected to grow from $18.4 billion in 2023 to $26.5 billion by 2029, with a CAGR of 6.1% [4]. - The company is well-positioned to benefit from the increasing demand for deep-sea oil and gas extraction technologies, supported by government policies promoting deep-sea technology development [57][62]. Financial Projections - The company is expected to achieve net profits of 140 million yuan, 210 million yuan, and 260 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27, 18, and 14 [10]. - The company's revenue is anticipated to grow significantly in the coming years, driven by the release of scale effects and the ongoing domestic development of unconventional oil and gas [2][10]. Market Position - The company has established long-term strategic partnerships with major global oil service companies, with its top five customers accounting for over 70% of annual sales [23][24]. - The company aims to increase its market share in deep-sea equipment to 3%, translating to potential revenue of 2.9 billion yuan, and in domestic fracturing equipment to 40%, corresponding to 680 million yuan in revenue [4][67].

证券代码：688377 证券简称：迪威尔 公告编号：2025-013 南京迪威尔高端制造股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （二） 股东大会召开的地点：江苏省南京市江北新区迪西路 8 号公司三楼 1 号 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 56 | | --- | --- | | 普通股股东人数 | 56 | | 2、出席会议的股东所持有的表决权数量 | 80,576,339 | | 普通股股东所持有表决权数量 | 80,576,339 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 41.54 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.54 | （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。 ...

国枫律股字[2025]0024 号 致：南京迪威尔高端制造股份有限公司（贵公司） 北京国枫（南京）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《南 京迪威尔高端制造股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次 会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等 事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 南京市鼓楼区集庆门大街 270 号苏宁环球国际中心 43 层 电话：025-85803866 传真：025-85803680 邮编：210003 北京国枫（南京）律师事务所 关于南京迪 ...

Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, where it will discuss various proposals including financial results, profit distribution, and the authorization for the board to issue shares to specific investors. Group 1: Meeting Procedures - The shareholder meeting will ensure the protection of shareholders' rights and maintain order during discussions [1][2] - Only authorized personnel, including shareholders and board members, will be allowed to attend the meeting [2][3] - Voting will be conducted both in-person and online, with specific time frames for each method [3] Group 2: Financial Performance - The total assets of the company for 2024 are reported at approximately 2.76 billion yuan, a 9.50% increase from 2023 [5][8] - Total liabilities increased by 24.28% to approximately 972.51 million yuan, while equity rose by 2.86% to about 1.79 billion yuan [5][8] - The company reported a net profit of approximately 85.60 million yuan for 2024, a decrease of 39.90% compared to 2023 [5][8] Group 3: Profit Distribution Proposal - The board proposes a cash dividend of 1.4 yuan per 10 shares, which represents 31.72% of the net profit attributable to shareholders [9][10] - The total number of shares eligible for the dividend is 194.67 million [9] Group 4: Share Issuance Authorization - The board seeks authorization to issue shares to specific investors, with a total financing amount not exceeding 300 million yuan [24][25] - The issuance will be limited to no more than 30% of the company's total shares prior to the issuance [25][26] - The funds raised will be used for business-related projects and to supplement working capital [28]

2024 年年度股东大会会议资料 证券代码：688377 证券简称：迪威尔 南京迪威尔高端制造股份有限公司 2024年年度股东大会会议资料 二〇二五年五月 2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 目录 | 2024 | 年年度股东大会会议须知 2 | | --- | --- | | 2024 | 年年度股东大会表决办法说明 3 | | 2024 | 年年度股东大会会议议程 4 | | 2024 | 年年度股东大会会议议案 5 | | 议案 | 1：关于公司 2024 年度财务决算的议案 5 | | 议案 | 2：关于公司 2024 年年度利润分配方案的议案 10 | | 议案 | 3：关于公司 年年度报告全文及摘要的议案 2024 11 | | 议案 | 4：关于公司 2024 年度董事会工作报告的议案 12 | | 议案 | 5：关于公司 2024 年度监事会工作报告的议案 17 | | 议案 | 6：关于公司董事、监事及高级管理人员 2025 年度薪酬的议案 19 | | 议案 | 7：关于聘请 2025 年度会计师事务所的议案 20 | | 议案 | 8：关于提请股东大会授权 ...

Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to slower growth in the oil and gas production system components business, but anticipates potential market opportunities from upcoming projects [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.124 billion yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 86 million yuan, down 39.90% year-on-year [1]. - For Q1 2025, revenue was 271 million yuan, a decline of 5.36% year-on-year, with a net profit of 21 million yuan, down 25.40% year-on-year [1]. - The annual report's performance was below expectations, with a forecasted net profit of 104 million yuan [1]. Profitability and Cost Structure - The gross margin for 2024 was 18.80%, a decrease of 3.18 percentage points, attributed to delays in downstream oil and gas projects and a decline in deep-sea product sales [2]. - In Q1 2025, the gross margin was 18.96%, showing a year-on-year decrease of 0.54 percentage points but an increase of 0.62 percentage points from the previous quarter [2]. - The total expense ratio for 2024 was 9.47%, an increase of 0.58 percentage points year-on-year, driven by higher management expenses due to the acquisition of a Singapore subsidiary [2]. Market Outlook and Opportunities - The offshore oil and gas exploration and development sector remains robust, with deep-sea product orders expected to rebound as international oil prices remain high [2]. - According to Clarkson's forecast, global capital expenditure for offshore oil and gas projects is expected to exceed 100 billion dollars in 2025, representing a year-on-year increase of over 20% [2]. - The company is a key supplier of specialized components in the deep-sea equipment sector for major players like TechnipFMC, SLB, and Baker Hughes, positioning it to benefit from the structural recovery in deep-sea markets [2]. Investment Projects and Future Growth - The company has been advancing its multi-directional forging project for over a decade, targeting the domestic replacement of high-end large valves, with leading global forging technology [3]. - The project is on schedule, having completed critical phases such as equipment installation and main equipment debugging, indicating a potential for substantial returns from high capital expenditures [3]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 14% and 2% respectively, estimating net profits of 150 million yuan and 245 million yuan [4]. - The estimated net profit for 2027 is projected to be 296 million yuan [4]. - The company is assigned a target price of 21.58 yuan for 2025, based on a price-to-earnings ratio of 28 times, reflecting a premium due to its leading technology in investment projects [4].

Summary of the Conference Call for Dewel Company Overview - Dewel reported a revenue of 270 million yuan and a net profit of 21.05 million yuan for Q1 2025, with a year-on-year decline of 5.36%, 25.4%, and 21.36% respectively, primarily due to slow growth in industry capital expenditure, intense market competition, and rising costs [2][4][3] Financial Performance - For the fiscal year 2024, Dewel achieved a revenue of 1.124 billion yuan and a net profit of 85.6 million yuan, with a year-on-year decline of 7.12%, 39.9%, and 39.7% respectively, attributed to weak global economic recovery and cautious capital expenditure from oil companies [3] - Management expenses increased by 9.67% due to higher personnel costs and acquisition-related expenses, while R&D expenses decreased by 9.83% [3] - The gross margin for the main business decreased by 3.56 percentage points, influenced by stagnant order prices and rising costs [3] Product Segmentation - In 2024, the revenue breakdown by product category was as follows: - Deep-sea equipment components: 42% of revenue, gross margin of 33% - Wellhead components: 37% of revenue, gross margin of 8% - Fracturing components: 18% of revenue, gross margin of 12% - Drilling components: 4% of revenue, gross margin of 18% - Deep-sea equipment orders accounted for nearly 60% of new orders in 2025, indicating a potential improvement in profitability [2][5] Strategic Acquisitions - Dewel completed the acquisition of 100% of HME in Singapore, aiming to enhance capacity and achieve synergies, with expected revenue and profit growth of approximately 20% this year [2][11] - The Singapore subsidiary reported a revenue of 18 million yuan in Q1, with a full-year target of 240 million yuan, and an expected net profit margin of 15-20% [12][13] Market Dynamics - The share of orders from Shanghai increased from 40% last year to 60% this year, indicating a growing concentration of domestic market demand [3][10] - The deep-sea oil and gas demand remains stable, with decreasing extraction costs and advancements in exploration technology, positioning Dewel favorably for future growth [9] Pricing Strategy - Dewel has gradually increased product prices since December 2024, with significant price hikes for deep-sea products and limited increases for wellhead products [16][18] - The overall average price increase is limited, as some products are bound by fixed-price agreements [17] Project Development - Dewel is advancing its fundraising projects, having completed key stages such as equipment installation and product design, with clients showing strong interest in the new factory [8] - The company is focusing on high-end valve and piping component manufacturing, with plans to expand into aerospace and nuclear power sectors [8] Challenges and Future Outlook - The company faces challenges related to rising costs, including labor and depreciation, which have contributed to a decline in overall gross margin [4] - Dewel is committed to optimizing its pricing strategy and enhancing operational capabilities at the Singapore facility to improve market competitiveness and achieve long-term growth [24]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.58 [7][8]. Core Views - The company reported a revenue of RMB 1.124 billion for 2024, a year-on-year decrease of 7.12%, and a net profit attributable to the parent company of RMB 0.856 billion, down 39.90% year-on-year. The first quarter of 2025 saw a revenue of RMB 0.271 billion, a decline of 5.36%, and a net profit of RMB 0.021 billion, down 25.40% year-on-year. The underperformance is attributed to slower growth in the oil and gas production system components business [1]. - The company is expected to benefit from the recovery in deep-sea product orders as the international oil price remains high, and upstream exploration and development investments are increasing. Global capital expenditure for offshore oil and gas projects is projected to exceed USD 100 billion in 2025, representing a year-on-year increase of over 20% [3]. - The company has been advancing its multi-directional forging project, which aims at high-end large valve localization, and is expected to enter a period of substantial returns following years of high capital expenditure [4]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 18.80%, a decrease of 3.18 percentage points year-on-year, primarily due to delays in downstream oil and gas projects and a decline in deep-sea product sales proportion. However, there was a notable increase in orders for cladding and precision machining, which is expected to gradually improve profitability [2]. - The total operating revenue for 2025 is projected to be RMB 1.387 billion, with a year-on-year growth of 23.39%. The net profit attributable to the parent company is expected to be RMB 1.500 billion, reflecting a 75.17% increase compared to 2024 [6]. Market Outlook - The company is positioned as a key supplier of specialized components in the deep-sea equipment sector for major players like TechnipFMC, SLB, and Baker Hughes, which is expected to enhance its market share as the deep-sea sector experiences structural recovery [3]. - The company’s multi-directional forging products are anticipated to have high visibility in downstream demand, with potential markets in aviation and nuclear power being particularly promising [4]. Profitability and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 downwards by 14% and 2% respectively, now estimating RMB 1.500 billion and RMB 2.450 billion. The estimated net profit for 2027 is RMB 2.960 billion. The adjustments are due to anticipated increases in costs and expense ratios [5]. - The company is assigned a price-to-earnings (PE) ratio of 28 times for 2025, reflecting a premium valuation due to its leading global technology in manufacturing processes and equipment [5].

Core Viewpoint - Nanjing Diweier High-end Manufacturing Co., Ltd. reported a significant decline in financial performance for 2024, with net profit down 39.90% and cash flow from operating activities down 47.89%, indicating challenges in the market environment and operational efficiency [1][2][3]. Revenue and Profitability - Revenue for 2024 was 1,123,895,642.59 yuan, a decrease of 7.12% from 2023's 1,210,066,911.38 yuan, primarily due to a decline in orders for deep-sea equipment components amid a weak global economic recovery [2]. - Net profit attributable to shareholders was 85,602,699.18 yuan, down 39.90% from 142,432,629.62 yuan in 2023, influenced by reduced revenue and declining profit margins on high-value products [3]. - Deducted non-recurring gains, the net profit was 82,649,807.79 yuan, a 39.70% decrease from 137,055,635.14 yuan in 2023, indicating weakened core business profitability [4]. Earnings Per Share - Basic earnings per share fell to 0.44 yuan, a decline of 40.54% from 0.74 yuan in 2023, reflecting reduced shareholder returns due to lower profitability [5]. - Deducted non-recurring gains, the earnings per share was 0.43 yuan, down 39.44% from 0.71 yuan in 2023, highlighting challenges in core business performance [6]. Expense Management - Management expenses increased by 9.67% to 52,955,247.64 yuan, driven by higher personnel costs and acquisition-related expenses, necessitating attention to cost control [7][9]. - Research and development expenses decreased by 9.83% to 38,920,796.42 yuan, which may impact future innovation capabilities [11][12]. Cash Flow Analysis - Cash flow from operating activities was 103,924,442.40 yuan, down 47.89% from 199,422,928.38 yuan in 2023, indicating operational pressure due to declining sales and increased inventory [14][15]. - Cash flow from investing activities showed a reduction in outflows, suggesting a strategic adjustment in investment pace [17]. - Cash flow from financing activities turned positive at 121,199,432.73 yuan, primarily due to increased bank borrowings for acquisitions, raising concerns about debt levels [18]. R&D and Human Resources - R&D personnel increased from 130 to 149, with a diverse educational background, which could enhance R&D capabilities despite reduced investment [13]. - The decrease in R&D spending may hinder technological innovation and product competitiveness in the long term [12].

证券代码：688377 证券简称：迪威尔 公告编号：2025-008 南京迪威尔高端制造股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 20 日 14 点 00 分 召开地点：江苏省南京市江北新区迪西路 8 号 公司三楼 1 号会议室 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9: ...