证券代码： 000065 证券简称：北方国际 北方国际合作股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------|----------------------------------------------------------| | 投资者关系活动 | √特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | | 广发证券、华泰证券、国联证券、中金公司、风炎投资、诚旸投 | | 人员姓名 | 资等 16 | 家机构参加线下交流，财通基金、国盛证券、中信证券、 | | | 国投证券、泓德基金、诺安基金等 | 17 家机构参加线上交流。 | | 时间 | 2024 年 8 月 23 日 | 9:30-11:30 | | 地点 | 公司会议室、线上会议室 | | | 上市公司接待人 | | | | | | 董 ...

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Insights - The company's revenue growth in the first half of 2024 was stable on a high base, with a slight increase of 0.1% year-on-year, while net profit faced pressure mainly due to a significant decrease in foreign exchange gains [2][6] - The engineering contracting business showed resilience, and the profitability of operating projects, particularly power plants, faced challenges [2][6] - The company continues to deepen its involvement in countries along the "Belt and Road" initiative, benefiting from the ongoing projects [2][6] - Integrated project operations are stable, supporting the company's transformation prospects, with ongoing projects in Bangladesh, Congo, and Mongolia expected to contribute additional revenue [2][6] Financial Performance Summary - In H1 2024, the company reported revenue of 10.41 billion yuan, with a year-on-year increase of 0.1%, and a net profit of 540 million yuan, up 7.4% year-on-year [6] - The Q2 2024 revenue was 5.40 billion yuan, down 3.7% year-on-year, with a net profit of 280 million yuan, down 10.7% year-on-year [6] - The comprehensive gross margin improved slightly to 10.1%, up 0.8 percentage points year-on-year, while the net profit margin for H1 2024 was 5.2%, an increase of 0.3 percentage points year-on-year [6][7] - The company expects revenue growth of 11% for the years 2024 to 2026, with net profit projected to grow at a similar rate [6][7]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 10.415 billion yuan in H1 2024, a year-on-year increase of 0.12%, and a net profit attributable to the parent company of 539 million yuan, up 7.38% year-on-year [5] - The company is undergoing a transformation towards an integrated investment and operation model, which is expected to enhance future performance [5] - The company signed new contracts worth 727 million USD in H1 2024, a decrease of 64.17% year-on-year [5] Financial Performance Summary - In H1 2024, the company's revenue from various segments included: - Goods trade: 5.422 billion yuan, down 6.23% - International engineering contracting: 3.555 billion yuan, up 10.06% - Metal packaging container sales: 625 million yuan, up 16.87% - Freight forwarding: 298 million yuan, down 25.32% - Power generation: 209 million yuan, down 23.82% - Domestic construction engineering: 148 million yuan, up 124.24% - Operation maintenance: 42 million yuan, up 3.74% - Other businesses: 116 million yuan, up 53.51% [5] - The company reported a gross margin of 10.09%, an increase of 0.80 percentage points year-on-year [5] - The net profit margin improved to 5.55%, up 0.49 percentage points year-on-year [5] Future Earnings Forecast - The company is projected to achieve revenues of 21.488 billion yuan in 2023, 23.212 billion yuan in 2024, and 24.429 billion yuan in 2025, with year-on-year growth rates of 60.0%, 8.0%, and 5.2% respectively [6][7] - The net profit is expected to reach 1.019 billion yuan in 2024 and 1.223 billion yuan in 2025, with corresponding year-on-year growth rates of 11.0% and 20.0% [6][7] - The estimated EPS for 2024 and 2025 is projected to be 1.02 yuan and 1.22 yuan respectively [6][7] Investment Recommendation - The company is positioned as an international platform for civilian products under the Weapon Group, with a focus on integrated investment and operation, suggesting promising future performance [5] - The reasonable valuation range for the company is estimated to be between 13.22 yuan and 14.24 yuan based on a P/E ratio of 13-14 times for 2024 [5]

-19% 资料来测: Wind, 公司点评报告 · 建筑行业 利能力提升，一带一路潜力大 ● 事件:公司发布 2024年半年度报告。 ● 业绩如期稳健提升,经营现金流改善。2024H1 实现营收 104.15 亿元,同增 0.12%;其中,国际工程承包收入 35.54亿元,占比 34.13%,同增 10.06%; 货物贸易收入54.22亿元,占比52.06%,同降 6.23%;金属容器包装收入 6.25 亿元,占比 6%,同增 16.87%。境内收入 51.20亿元,占比 49.16%;境外收 入 52.95 亿元,占比 50.84%。报告期实现归母净利润 5.39 亿元,同增 7.38%。 实现扣非净利润 5.28亿元,同增5.19%。经营活动现金净流量为-3.84亿元, 同比少流出 0.65 亿元。 ● 盈利能力提升。2024H1 公司毛利率为 10.09%,同比提高 0.8pct,国际工程 承包及发电收入毛利率下降,货物贸易毛利率提升;净利率为5.55%,同比提 高 0.48pct;期间费用率为3.74%,同比提高 1.5pct。销售费用率为 2.3%, 同比下降 0.04pct。管理费用率为 1.86 ...

盈利预测： [Table_Page] 中报点评|专业工程 证券研究报告 [Table_Title] 北方国际（000065.SZ） Q2 现金流改善，焦煤贸易毛利率显著修复 [Table_Summary] 核心观点： ⚫ 公司发布 2024 半年报。根据财报，24H1，公司实现营收 104 亿元， 同比保持不变，实现归母净利润 5.4 亿元，同比+7%。其中 24Q2 单季 度实现营收 54 亿元，同比-4%；归母净利润 2.8 亿元，同比-11%。业 绩符合预期。 ⚫ 财务费用率提升，现金流改善。24H1，公司期间费用率（不含研发） 为 3.42%，其中销售/管理/财务费用率分别为 2.30%/1.86%/-0.73%， 同比-0.04/+0.36/+1.15pct，财务费用率提升主要系 2024 年美元兑人 民币汇率波动较上年同期减小，汇兑收益较上年降低。24H1，公司经 营性现金流净流出 3.84 亿元，同比少流出 0.65 亿元。 ⚫ 货物贸易毛利率改善，矿服业务开展顺利。分业务看，①货物贸易： 24H1 营收 54 亿元/同比-6%，毛利率 9.8%/同比+6.1pct；蒙古矿山一 体化项目累计采矿 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4][11]. Core Views - The company experienced a slight decline in Q2 performance, with a year-on-year decrease in net profit of 10.68% to 275 million yuan. However, the overall revenue for the first half of 2024 showed a modest increase of 0.12% year-on-year, reaching 10.415 billion yuan [1][2]. - The company is expected to benefit from the completion of the Bangladesh coal-fired power plant project in the second half of 2024, which will contribute to operational revenue in 2025. The integrated investment and operation model is viewed positively for future growth [1][2]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 10.415 billion yuan, with a net profit of 539 million yuan, reflecting a year-on-year increase of 7.38%. The adjusted net profit was 528 million yuan, up 5.19% year-on-year [1][2]. - The revenue breakdown for H1 2024 includes international engineering contracting at 3.55 billion yuan (up 10.1%), domestic construction at 150 million yuan (up 124.2%), and goods trading at 5.42 billion yuan (down 6.2%) [2]. - The overall gross margin improved to 10.09%, a year-on-year increase of 0.8 percentage points, with Q2 gross margin at 10.52%, up 4.27 percentage points year-on-year [2]. Future Projections - The company forecasts net profits of 1.03 billion yuan, 1.19 billion yuan, and 1.39 billion yuan for the years 2024, 2025, and 2026, respectively [1][2]. - The projected revenue growth rates for the upcoming years are 14.29% for 2024, 15.70% for 2025, and 16.60% for 2026 [5][7]. Market Position and Strategy - The company is actively expanding its presence in the Central and Eastern European power market, with plans to establish a wholly-owned subsidiary in Hungary and acquire an 80% stake in Aurora Solar d.o.o. [2][5]. - The investment in the Komany Mountain 125MWp photovoltaic project in Bosnia is expected to yield an internal rate of return of 9.68% over its operational period [2].

北方国际合作股份有限公司 2024 年半年度财务报表 北方国际合作股份有限公司 2024 年半年度财务报表 1、合并资产负债表 编制单位：北方国际合作股份有限公司 2024 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 3,629,550,745.57 | 4,092,044,058.82 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | 461,222.78 | | 衍生金融资产 | | | | 应收票据 | 48,566,503.94 | 61,309,169.30 | | 应收账款 | 4,146,785,856.71 | 3,656,230,159.48 | | 应收款项融资 | 49,024,103.77 | 38,866,198.54 | | 预付款项 | 1,970,995,750.85 | 1,867,192,835.90 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 515 ...

独立董事候选人声明及承诺 证券简称：北方国际 证券代码：000065 公告编码：2024-040 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 独立董事候选人声明及承诺 声明人谢兴国，作为北方国际合作股份有限公司（以下简称该公司）第九届 董事会独立董事候选人，已充分了解并同意由提名人中国北方工业有限公司提名 为北方国际合作股份有限公司第九届董事会独立董事候选人。现公开声明和保证， 本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、行政法 规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资 格及独立性的要求，具体声明并承诺如下事项： 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 √是 □否 如否，请详细说明：______________________________ 四、本人符合该公司章程规定的独立董事任职条件。 √是 □否 一、本人已经通过北方国际合作股份有限公司第八届董事会提名委员会或者 独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独 立履职情形的密切关系。 √是 ...

证券简称：北方国际 证券代码：000065 公告编码：2024-038 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 关于董事会换届选举的公告 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"） 第八届董事 会三年任期届满，依据《公司法》、《公司章程》的相关规定，拟进行董事会换届 选举。公司于2024年8月20日召开八届三十八次董事会，审议通过了《公司第九 届董事会换届选举提名》的议案。现将本次董事会换届选举情况公告如下： 一、董事会换届选举情况 第九届董事会由9名董事组成，其中独立董事3名，董事会中兼任公司高级管 理人员以及由职工代表担任的董事人数总计不得超过公司董事总数的二分之一， 董事任期自股东大会选举产生之日起计算，任期三年。 关于董事会换届选举的公告 经股东方中国北方工业有限公司推荐，提名纪巍先生、单钧先生、杜晓东先 生、徐舟先生、张亮先生为第九届董事会非独立董事候选人；经股东方北方工业 科技有限公司推荐，提名孙飞先生为第九届董事会非独立董事候选人；经股东方 中国北方工业公 ...

Group 1: General Principles of Investor Relations Management - The purpose of the investor relations management system is to enhance communication between the company and investors, particularly protecting the rights of minority investors [1] - The basic principles include compliance, equality, proactivity, and honesty [2] Group 2: Content and Methods of Investor Relations Management - Key communication topics include the company's development strategy, legal disclosures, management information, and risk factors [3][4] - Multiple channels and platforms should be utilized for investor relations, including the company website, stock exchange platforms, and investor education bases [4] Group 3: Responsibilities and Organization - The main responsibilities of investor relations management include drafting management policies, organizing communication activities, and handling investor inquiries [9] - The board secretary is responsible for coordinating investor relations activities, supported by the company's management [20] Group 4: Compliance and Ethical Standards - Company personnel must not disclose undisclosed significant information or provide misleading information during investor relations activities [10] - Investor relations activities should not replace formal disclosures, and any inadvertent leaks of undisclosed information must be promptly addressed [28]