Investment Rating - The report maintains a **Buy** rating for Northern International (000065 SZ) [5] Core Views - Northern International achieved double-digit profit growth despite a revenue decline in Q3, driven by improved gross margin and reduced asset/credit impairment losses [8] - The company's operating projects are progressing steadily, with key projects in Mongolia, Croatia, and Pakistan showing positive developments [11] Financial Performance - Q1-3 revenue reached 14 122 billion yuan, down 3 48% YoY, while net profit attributable to shareholders grew 9 70% to 758 million yuan [5] - Q3 gross margin improved to 16 23%, up 4 07 percentage points YoY, contributing to a net profit margin increase of 1 43 percentage points to 5 89% [9] - Operating cash flow turned negative in Q3, with a net outflow of 73 million yuan, and the collection ratio dropped by 20 92 percentage points to 102 39% [10] Project Progress - Mongolia mining integration project: 23 02 million cubic meters of mining completed, 3 01 million tons of mid-range transportation, and 3 16 million tons of coking coal sold [11] - Croatia Senj wind power project: Generated 178 million kWh of electricity in H1 and signed virtual power plant service agreements [11] - Pakistan Orange Line Metro operation project: Average passenger volume increased by 30%, with cumulative ridership exceeding 170 million [11] Financial Forecasts - Revenue is expected to grow from 214 88 billion yuan in 2023 to 352 81 billion yuan in 2026, with net profit projected to increase from 918 million yuan to 1 249 billion yuan [21] - EPS is forecasted to rise from 0 92 yuan in 2023 to 1 25 yuan in 2026, with P/E ratio decreasing from 12 20 to 9 30 [21]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.05 yuan, based on a 12x PE multiple for 2024 [4] Core Views - The company's Q3 2024 results show a 16% YoY increase in net profit attributable to the parent company, reaching 218 million yuan, with a significant improvement in gross margin to 16.2%, up 4.1 percentage points YoY [2] - The company's resource and power business growth logic remains strong, with continued expansion in power investment and construction operations along the "Belt and Road" countries [2] - The company's mining services business is progressing smoothly, and the increase in electricity prices in Croatia is expected to improve the profitability of the wind power project [2] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 14.12 billion yuan, a 3% YoY decrease, while net profit attributable to the parent company increased by 10% YoY to 758 million yuan [2] - The company's operating cash flow for Q1-Q3 2024 was a net outflow of 457 million yuan, an increase of 208 million yuan compared to the same period last year, mainly due to increased cash outflows for various engineering projects [2] - The company's financial expense ratio increased by 1.86 percentage points YoY, primarily due to reduced exchange gains from currency fluctuations [2] Business Operations - The company signed new project contracts worth 790 million USD in Q1-Q3 2024, a 61% YoY decrease, with Q3 contracts amounting to 60 million USD [2] - Key projects include the Bangladesh coal-fired power plant, which is 96.1% complete as of Q3 2024, and the Mongolia mining integration project, which produced 33.36 million cubic meters of ore in Q1-Q3 2024 [2] - The Croatia wind power project generated 268 GWh of electricity in Q1-Q3 2024, with Q3 electricity prices in Croatia averaging 103 EUR/MWh, a 43% increase QoQ and 9% YoY [2] Profit Forecast - The company's net profit attributable to the parent company is expected to reach 1.035 billion yuan in 2024, 1.397 billion yuan in 2025, and 1.639 billion yuan in 2026, representing YoY growth rates of 12.7%, 35.0%, and 17.3% respectively [3] - The company's EPS is forecasted to be 1.03 yuan in 2024, 1.39 yuan in 2025, and 1.64 yuan in 2026 [3] - The company's ROE is expected to improve from 10.7% in 2024 to 13.2% in 2026, while the EV/EBITDA ratio is projected to decline from 5.90x in 2024 to 3.00x in 2026 [3]

关于控股股东减持公司可转换公司债券的提示性公告 股票简称：北方国际 股票代码：000065 公告编号：2024-069 转债简称：北方转债 转债代码：127014 北方国际合作股份有限公司 1 关于控股股东减持公司可转换公司债券的提示性公告 关于控股股东减持公司可转换公司债券的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、控股股东可转债配售及历次减持情况 经中国证券监督管理委员会《关于核准北方国际合作股份有限公司公开发行 可转换公司债券的批复》（证监许可【2019】1444 号）核准，北方国际合作股份 有限公司（以下简称"公司"或"北方国际"）于 2019 年 10 月 24 日公开发行了 5,782,100 张可转换公司债券，发行总额 57,821 万元。公司控股股东中国北方工 业有限公司（以下简称"北方公司"）及其一致行动人北方工业科技有限公司（以 下简称"北方科技"）共计配售北方转债 3,254,998 张，占发行总量的 56.29%。 其中，北方公司配售 2,496,221 张，占发行总量的 43.17%，北方科技配售 758,777 ...

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company's net profit growth of 15.9% in Q3 2024 aligns with expectations, with future growth anticipated from the commencement of the Bangladesh coal-fired power project and the initiation of the Bosnia solar project [2][3] - The report forecasts stable growth in the Mongolian coal business, contributing to sustained profit increases [2] Financial Summary - For the first three quarters of 2024, revenue was 14.122 billion yuan, a decrease of 3.48% year-on-year, while net profit attributable to the parent company was 758 million yuan, an increase of 9.7% [3] - The operating cash flow for the first three quarters of 2024 was -455 million yuan, compared to -294 million yuan in the same period of 2023 [3] - The company plans to raise no more than 960 million yuan for the Bosnia solar project, with an expected internal rate of return of 17.74% and a payback period of 8.85 years [3] Earnings Forecast - The report revises the earnings per share (EPS) estimates for 2024-2026 to 1.01, 1.10, and 1.21 yuan, respectively, reflecting a downward adjustment from previous estimates [3] - The target price is adjusted to 16 yuan, corresponding to a price-to-earnings (PE) ratio of 15.8 times for 2024 [3] Order and Project Updates - New signed contracts in Q3 2024 amounted to 787 million USD, a decline of 61.3% year-on-year, with a total of 14.367 billion USD in uncompleted orders as of September 2024 [3][14] - The company has made progress in various projects, including the completion of 96.1% of the EPC engineering for the Bangladesh coal-fired power station [3]

Group 1: Investment Projects Progress - The Mongolian integrated mining project has completed a mining volume of 33.36 million cubic meters and a transportation volume of 4.85 million tons, with coking coal sales reaching 4.04 million tons [1] - The coal-fired power plant project in Bangladesh is 96.1% complete and aims to achieve commercial operation by mid-2024, addressing local electricity shortages [1] - The Croatian wind power project generated 268 million kWh by the end of Q3, with 39 turbines passing national acceptance [1] Group 2: Market Development Strategy - Mongolia is a key market for the company, leveraging its rich mineral resources and infrastructure needs to enhance economic cooperation [2] - The company aims to strengthen market development for copper and coal integrated projects, utilizing its unique advantages in mining services and infrastructure [2] - The company is exploring a "resource for engineering" model to acquire projects in clean energy and infrastructure sectors [2] Group 3: New Investment Opportunities - The company plans to invest in a 125MWp photovoltaic project in Bosnia and Herzegovina, with a post-tax internal rate of return of 9.68% and a payback period of 8.85 years [2] - The project aligns with EU sustainability goals and is expected to enhance the company's brand in the Central and Eastern European power market [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported a revenue of 14.12 billion yuan for the first three quarters of 2024, a year-over-year decrease of 3.5%, while the net profit attributable to shareholders was 760 million yuan, an increase of 9.7% year-over-year [5]. - In Q3 2024, the revenue was 3.71 billion yuan, down 12.3% year-over-year, but the net profit attributable to shareholders increased by 15.9% to 220 million yuan [5]. - The company continues to focus on projects along the "Belt and Road" initiative, benefiting from the ongoing development of overseas projects [5]. - Integrated project operations remain stable, supporting the company's long-term outlook, with ongoing projects in Bangladesh, Congo, and Mongolia expected to contribute additional revenue [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 11.7%, an increase of 1.6 percentage points year-over-year, with Q3 gross margin at 16.2%, up 4.1 percentage points year-over-year [5]. - The net profit margin for the first three quarters of 2024 was 5.4%, an increase of 0.6 percentage points year-over-year, while Q3 net profit margin was 5.9%, up 1.4 percentage points year-over-year [5]. - The company expects revenues of 23.8 billion yuan, 26.3 billion yuan, and 29.1 billion yuan for 2024, 2025, and 2026 respectively, with a consistent year-over-year growth rate of 11% [5]. Key Projects and Future Outlook - The ongoing construction of the Bangladesh power station is 96% complete, and the company anticipates steady growth in engineering revenue despite some pressure from specific projects [5]. - The company is expected to benefit from the seasonal increase in demand for coal and electricity in Q4, which may alleviate some revenue pressure [5].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - In Q3, the company achieved a parent net profit growth of over 15% despite a continuous decline in coking coal prices, indicating stable overall operations [1]. - The company’s revenue for the first three quarters of 2024 was 14.122 billion, a year-on-year decrease of 3.48%, while the net profit attributable to the parent company was 758 million, an increase of 9.7% [1]. - The report anticipates that the Bangladesh coal-fired power plant project will be completed in the second half of this year, contributing operational income in 2025, which supports a positive long-term outlook for the company [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 3.707 billion, down 12.32% year-on-year, but the net profit attributable to the parent company was 218 million, up 15.9% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 11.7%, an increase of 1.58 percentage points year-on-year, with Q3 margins at 16.23% [2]. - The financial expenses increased significantly due to reduced foreign exchange gains, with total financial expenses rising to 53 million, a year-on-year increase of 270 million [2]. Operational Projects - The company signed new contracts worth 60 million USD in Q3 2024, a year-on-year increase of 4650%, while the total effective project contract amount was 5.94 billion USD, down 19.4% year-on-year [3]. - Key operational projects include: 1. Mongolia mining integration project: 33.36 million cubic meters mined in the first nine months of 2024, with a total coal sales volume of 4.04 million tons [3]. 2. Croatia wind power project: Generated 268 million kWh in the first nine months of 2024, accounting for 58% of the total generation in 2023 [3]. 3. Bangladesh coal-fired power plant: Construction is on schedule, expected to be completed within 2024 and operational in Q1 2025 [3]. Financial Forecasts - Revenue projections for 2024 are estimated at 21.79 billion, with a growth rate of 1.41% [6]. - The net profit attributable to the parent company is forecasted to be 988.89 million in 2024, reflecting a growth rate of 7.71% [6]. - The report provides a detailed financial outlook, including EBITDA and profit margins, indicating a stable growth trajectory for the company [6][8].

的投资者提供财务资助或补偿的公告 股票简称：北方国际 股票代码：000065 公告编号：2024-068 转债简称：北方转债 转债代码：127014 北方国际合作股份有限公司 关于向特定对象发行股票不存在直接或通过利益相关方向参与认购 关于向特定对象发行股票不存在直接或通过利益相关方向 参与认购的投资者提供财务资助或补偿的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）于 2024 年 10 月 31 日召开九届四次董事会会议，审议通过了 2024 年度向特定对象发行 A 股 股票（以下简称"本次发行"）的相关议案。 现公司就本次发行不存在直接或通过利益相关方向参与认购的投资者提供 财务资助或补偿事宜承诺如下： 公司不存在向参与认购的投资者作出保底保收益或变相保底保收益承诺的 情形，亦不存在直接或通过利益相关方向参与认购的投资者提供财务资助或者补 偿的情形。 特此公告。 北方国际合作股份有限公司董事会 二〇二四年十一月一日 1 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）于 2024 年 10 月 31 日召开九届四次董事会会议，审议通过了关于公司 2024 年度向特定对 象发行 A 股股票（以下简称"本次发行"）的相关议案，前述议案需经公司股东 大会审议通过。 北方国际合作股份有限公司 关于择期召开股东大会的公告 关于择期召开股东大会的公告 | 股票简称：北方国际 | 股票代码：000065 | 公告编号：2024-064 | | --- | --- | --- | | 转债简称：北方转债 | 转债代码：127014 | | 基于整体工作安排，经公司董事会审议，决定择期召开股东大会。待相关工 作及事项准备完成后，公司将在股东大会召开前以公告形式发出关于召开股东大 会的通知，提请股东大会审议本次发行相关议案。具体的会议召开时间、地点、 议案内容等信息将以另行公告的股东大会通知为准。 特此公告。 北方国际合作股份有限公司董事会 二〇二四年十一月一日 1 ...

九届三次监事会决议公告 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）九届三次 监事会会议通知已于 2024 年 10 月 28 日以电子邮件方式送达公司全体监事。本 次会议于 2024 年 10 月 31 日以通讯会议表决的形式召开，本次会议应参与审议 表决的监事 3 名，实际参与审议表决的监事 3 名，会议由监事会召集人李正安主 持。会议召开程序符合《中华人民共和国公司法》和《公司章程》的有关规定， 会议合法有效。经全体参会监事审议： 一、会议审议通过了《关于公司符合向特定对象发行 A 股股票条件的议 案》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》等法律、法规和规范性文件中对上市公司向特定对象发行 A 股股票相关资格和条件的有关规定，公司监事会对公司的实际经营情况及相关事 项进行了逐项对照核查，认为公司符合现行法律、法规及规范性文件关于上市公 司向特定对象发行 A 股股票的各项规定，具备向特定对象发行 A 股股票的各项 条件和资格。 本议案尚需提交公司股东大会审议。 二、会议逐项审议通过《关于 ...