八届三十六次董事会决议公告 备查文件 证券简称：北方国际 证券代码：000065 公告编码：2024-027 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 八届三十六次董事会决议公告 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"）八届三十六次 董事会会议通知已于2024年5月23日以电子邮件和传真方式送达公司全体董事。 本次会议于2024年5月27日以通讯表决形式召开，应参与审议表决的董事9名，实 际参与审议表决的董事9名，会议由董事长纪巍主持。会议召开程序符合《公司 法》及《公司章程》的有关规定，会议合法有效。经全体参会董事审议： 一、会议审议通过了《公司拟投资波黑科曼耶山 125MWp 光伏项目》的议 案 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案具体内容详见同日刊登于《中国证券报》、《证券时报》和巨潮资讯网 （www.cninfo.com.cn）的《关于波黑科曼耶山 125MWp 光伏项目对外投资公告》 （2024-026）。 八届三十六次董事会决议 北方 ...

关于波黑科曼耶山 125MWp 光伏项目对外投资公告 证券简称：北方国际 证券代码：000065 公告编号：2024-026 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 关于波黑科曼耶山 125MWp 光伏项目对外投资公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要内容提示： 1、公司拟通过匈牙利子公司以自有资金1300万欧元收购Aurora Solar d.o.o. 80%的股权，并投资、建设及运营波黑科曼耶山125MWp光伏项目。预计项目 总投资10,986万欧元。 2、投资相关协议尚未正式签署。后续的合作内容、实施进度均需双方进一 步协商，存在一定的不确定性。敬请投资者注意投资风险。 3、本次投资尚需履行国务院国资委、国家发改委和商务部的备案程序。 一、对外投资概述 为落实投资驱动发展战略，进一步深耕和拓展中东欧电力市场，实现公司 在中东欧地区新能源领域的产业布局，北方国际合作股份有限公司（以下简称 "公司"或"北方国际"）拟投资建设及运营波黑科曼耶山125MWp光伏项目 （以下简称"项目"或"本项目"），预计项目总投资1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][33]. Core Insights - The company has shown a robust performance in Q1 2024, with a revenue of 5.014 billion yuan, representing a year-on-year growth of 4.63%. The net profit attributable to shareholders reached 264 million yuan, up 36.07% year-on-year, driven by the release of profits from the integrated business model and a significant reduction in financial expenses and credit impairment losses [30][31]. - The transition from traditional engineering to an integrated investment and operation model is increasingly supporting the company's performance. The integrated projects are expected to enhance profitability and stability in earnings, contributing to sustained growth in the long term [4][30]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 9.62%, a decrease of 3.23 percentage points year-on-year. However, the net profit margin improved to 5.26%, an increase of 1.22 percentage points year-on-year, primarily due to lower expense ratios and credit impairment losses [3][30]. - The company reported a significant reduction in financial expenses by 159.06% year-on-year, mainly due to increased exchange gains, and a decrease in credit impairment losses by 89.28% to 8.3127 million yuan [30][31]. Business Development - The company has made notable progress in its Mongolian coal trading business, with a total throughput of 5.2 million tons in 2023, a 70% increase year-on-year. Additionally, the sales of coking coal reached 5.31 million tons, marking a 194% year-on-year growth [4][30]. - The integrated projects, including the Croatian wind power project and the Laos South Power Station, are progressing smoothly, contributing positively to the company's operational capabilities and market expansion [4][30]. Future Outlook - The company is expected to achieve net profits of 1.01 billion yuan and 1.12 billion yuan in 2024 and 2025, respectively, corresponding to a price-to-earnings ratio of 12.1 and 11.0 times based on the current stock price [4][30].

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：2024-024 转债简称：北方转债 转债代码：127014 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 张，占发行总量的 13.12%。 北方科技自 2020 年 11 月 17 日至 2020 年 12 月 3 日期间通过深圳证券交易 所交易系统以集中竞价方式减持北方转债共计 758,777 张，占发行总量的 13.12%， 其持有的北方转债已减持完毕。 二、 ...

转债简称：北方转债 转债代码：127014 股票简称：北方国际 股票代码：000065 公告编号：2024-023 2024 年第一季度工程业务经营情况公告 北方国际合作股份有限公司 2024 年第一季度工程业务经营情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，北方国际合作股份有限公司（以下 简称"公司"）2024 年第一季度经营情况如下： 一、公司合同总体情况 | 项 目 | 数量 | 金额(万美元) | | --- | --- | --- | | 2024年第一季度新签项目合同 | 4 | 25,29.67 | | 截至2024年3月31日累计已签约未完工项目合同 | 95 | 1,473,890.98 | | 其中： | | | | 已签约尚未生效项目合同 | 38 | 899,819.65 | | 已生效正在执行项目合同 | 57 | 574,071.33 | | 已中标尚未签约项目合同 | 0 | 0 | 二、重大项目情况 1 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 15.23 CNY, based on a target PE of 15 times for 2024 [4][15]. Core Views - The company reported a revenue of 5.01 billion CNY for Q1 2024, representing a year-over-year increase of 4.6%, and a net profit of 260 million CNY, which is a 36.1% increase year-over-year [3]. - The company continues to benefit from the "Belt and Road" initiative, with ongoing projects in Bangladesh, Congo, and Mongolia contributing to its growth [4]. - The company is expected to achieve revenues of 23.8 billion CNY, 26.3 billion CNY, and 29.1 billion CNY for the years 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 11% [4]. Financial Performance - In Q1 2024, the gross profit margin was 9.6%, down 3.2 percentage points year-over-year, attributed to decreased benefits from international engineering and wind power projects [6]. - The net profit margin for Q1 2024 was 5.3%, an increase of 1.2 percentage points year-over-year, primarily driven by profit growth from the integrated mining project in Mongolia [6]. - The company’s asset-liability ratio at the end of Q1 2024 was 60.6%, a decrease of 1.4 percentage points year-over-year [13]. Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are 23.8 billion CNY, 26.3 billion CNY, and 29.1 billion CNY, respectively, with corresponding net profits of 1.0 billion CNY, 1.1 billion CNY, and 1.3 billion CNY [4][19]. - The company is expected to maintain a net profit growth rate of approximately 11% for 2024 and 2025, and 12% for 2026 [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 19.30 CNY, corresponding to a PE ratio of 17.7 times for 2024 [3][5]. Core Views - The company reported a net profit increase of 36% in Q1 2024, exceeding expectations, driven by the performance of the Mongolian coal segment and foreign exchange gains [5]. - The company has established a strong international marketing network and has demonstrated excellent global resource allocation and project management capabilities [3]. - The company aims to deepen its investment and acquisition efforts in the Central and Eastern European power market through a wholly-owned subsidiary in Hungary [5]. Financial Summary - **Income Statement**: - Total revenue is projected to grow from 13,433 million CNY in 2022 to 21,488 million CNY in 2023, and further to 22,517 million CNY in 2024 [3]. - Net profit attributable to shareholders is expected to increase from 636 million CNY in 2022 to 918 million CNY in 2023, reaching 1,087 million CNY in 2024 [3]. - **Balance Sheet**: - Cash and cash equivalents are forecasted to decrease from 4,981 million CNY in 2022 to 4,093 million CNY in 2023, then increase to 4,621 million CNY in 2024 [3]. - Total assets are projected to grow from 22,080 million CNY in 2022 to 23,760 million CNY in 2023, and further to 25,140 million CNY in 2024 [3]. - **Cash Flow Statement**: - Free cash flow is expected to rise significantly from 303 million CNY in 2022 to 464 million CNY in 2023, and further to 1,150 million CNY in 2024 [3]. - Operating cash flow is projected to increase from 738 million CNY in 2022 to 702 million CNY in 2023, and then to 1,681 million CNY in 2024 [3]. Growth Metrics - Revenue growth rate is expected to be 2.9% in 2022, 60.0% in 2023, and 4.8% in 2024 [3]. - Net profit growth rate is projected at 2.0% in 2022, 44.3% in 2023, and 18.4% in 2024 [3]. Valuation Ratios - The company’s PE ratio is expected to decrease from 19.23 in 2022 to 13.33 in 2023, and further to 11.25 in 2024 [3]. - The PB ratio is projected to decline from 1.58 in 2022 to 1.45 in 2023, and then to 1.30 in 2024 [3]. Market Performance - The stock price has fluctuated between 9.26 CNY and 20.10 CNY over the past 52 weeks, with a market capitalization of 12,235 million CNY [3].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved significant revenue growth driven by the integrated mining project in Mongolia, with Q1 2024 revenue reaching 5.014 billion yuan, a year-on-year increase of 4.63%. The net profit attributable to shareholders was 263 million yuan, up 36.07% year-on-year, primarily due to increased profits from the mining project and currency fluctuations [4]. - The company plans to establish a wholly-owned subsidiary in Hungary with an investment of 29 million euros to expand its presence in the Central and Eastern European power market [4]. Financial Performance Summary - Q1 2024 gross margin was 9.62%, a decrease of 3.23 percentage points year-on-year, while the net margin improved to 5.56%, an increase of 0.87 percentage points year-on-year [4]. - The company forecasts revenues of 25.974 billion yuan, 30.314 billion yuan, and 34.675 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 20.88%, 16.71%, and 14.39% [5]. - The projected net profits for the same years are 1.082 billion yuan, 1.246 billion yuan, and 1.382 billion yuan, with year-on-year growth rates of 17.91%, 15.08%, and 10.96% [5]. Operational Highlights - The mining segment saw a significant increase in output, with the company mining 43 million cubic meters in Mongolia, a year-on-year increase of 185% [4]. - The logistics segment achieved a record coal transportation volume of 6.05 million tons, up 225% year-on-year [4]. - The company optimized its customs clearance model, resulting in a 70% year-on-year increase in cargo throughput to 5.2 million tons [4]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.08 yuan, 1.24 yuan, and 1.38 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 10.91, 9.48, and 8.55 [4][5].

Investment Rating - The investment rating for the company is "Buy" with a current price of 12.46 CNY and a fair value of 14.32 CNY [1]. Core Views - The company reported a significant increase in Q1 performance, driven by high cargo volume at the Mandula port and foreign exchange gains, leading to a decrease in financial expense ratio [4]. - The steel demand outlook is positive, which is expected to support coal prices, indicating potential growth for the company's Mongolian mining business [4]. - The establishment of a wholly-owned subsidiary in Hungary aims to expand into the Central and Eastern European power market, with additional subsidiaries planned in Bosnia, UAE, and South Africa [4]. - Profit forecasts for the company are optimistic, with expected net profits of 1.15 billion CNY, 1.44 billion CNY, and 1.72 billion CNY for 2024, 2025, and 2026 respectively [4]. Financial Summary - In Q1 2024, the company achieved revenue of 5.014 billion CNY, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 264 million CNY, up 36.1% year-on-year [30]. - The operating cash flow for Q1 2024 was a net inflow of 339 million CNY, which is a decrease of 363 million CNY compared to the previous year [4]. - The company’s integrated coal project in Mongolia saw a throughput of 5.2 million tons in 2023, representing a 70% year-on-year increase, with sales of 5.31 million tons, up 194% year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Views - The company's performance in Q1 2024 shows significant growth driven by increased coal trade and foreign exchange gains, with a net profit of 260 million yuan, up 36% year-on-year [7]. - The company has a robust order backlog, with effective project contracts amounting to 5.75 billion USD (approximately 41.7 billion yuan), supporting stable growth in the engineering segment [7]. - The Mongolian coal integration project and the gradual commissioning of the Bangladesh power plant are expected to contribute significantly to revenue growth [20]. Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 5 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 260 million yuan, a 36% increase [7]. - The comprehensive gross margin for Q1 2024 was 9.62%, a decrease of 3.23 percentage points year-on-year, primarily due to reduced profitability in the engineering segment and an increase in low-margin trading business [7]. - The net profit margin improved to 5.26%, up 1.22 percentage points year-on-year, aided by a significant reduction in financial expense rates due to foreign exchange gains [7]. - The company forecasts net profits of 1.04 billion yuan, 1.31 billion yuan, and 1.49 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.04, 1.31, and 1.49 yuan [8][21]. Operational Highlights - The Mongolian coal project saw a substantial increase in throughput, with a 70% year-on-year growth in cargo volume, and coal trade sales increased by 194% year-on-year [20]. - The Bangladesh power plant project is expected to be operational in the second half of 2024, potentially generating an annual net profit of 1 billion USD (approximately 7.2 billion yuan) [20].