Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][38]. Core Views - The company reported a revenue of 21.49 billion yuan in 2023, a year-on-year increase of 60.0%, and a net profit attributable to shareholders of 918 million yuan, up 44.3% year-on-year. The Q4 revenue reached 6.86 billion yuan, reflecting a 61.7% increase year-on-year, with a net profit of 228 million yuan, a growth of 65.6% [37]. - The performance of the goods trade and international engineering sectors was particularly strong, with goods trade revenue at 10.78 billion yuan, up 53.4%, and international engineering revenue at 7.63 billion yuan, up 200.2% [37]. - The report highlights the impact of exchange rate fluctuations on financial expenses, with a financial expense ratio of -0.82%, an increase of 1.83 percentage points year-on-year, primarily due to reduced exchange gains [37]. - The company is expected to achieve net profits of 1.15 billion yuan, 1.44 billion yuan, and 1.72 billion yuan for the years 2024 to 2026, respectively, maintaining a reasonable value estimate of 14.32 yuan per share [37]. Financial Summary - Revenue (in million yuan): 2022A: 13,433; 2023A: 21,488; 2024E: 26,487; 2025E: 32,087; 2026E: 37,331 [13]. - Net profit attributable to shareholders (in million yuan): 2022A: 636; 2023A: 918; 2024E: 1,153; 2025E: 1,443; 2026E: 1,718 [13]. - EBITDA (in million yuan): 2022A: 1,403; 2023A: 1,619; 2024E: 2,231; 2025E: 2,675; 2026E: 3,107 [13]. - EPS (in yuan): 2022A: 0.64; 2023A: 0.92; 2024E: 1.15; 2025E: 1.44; 2026E: 1.71 [13]. - P/E Ratio: 2022A: 12.99; 2023A: 12.25; 2024E: 9.45; 2025E: 7.56; 2026E: 6.35 [13].

Investment Rating - The investment rating for the company is "Buy" [1][3] - Previous rating was also "Buy" [1] Core Views - The company's net profit increased by 44.3%, exceeding expectations, driven by strong performance in the Mongolian coal segment [1][3] - Revenue for 2023 grew by 60%, with significant contributions from commodity trading and international engineering [1][3] - The target price is maintained at 19.30, corresponding to a PE ratio of 17.7 times for 2024 [1][3] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 9.1 billion, a 44.3% increase, with total revenue reaching 214.9 billion, up 60% [1][3] - The gross profit margin for 2023 was 10.32%, a decrease of 3.42 percentage points due to lower margins in international engineering and power generation [1][3] - Operating cash flow for 2023 was 7.02 billion, showing stability compared to the previous year [1][3] Business Segments - The commodity trading segment saw a revenue increase of 53.4%, contributing 108 billion to total revenue [1][3] - The international engineering segment's revenue increased by 200%, contributing 84 billion [1][3] - The power generation segment experienced a decline, with revenue dropping to 5.9 billion [1][3] Future Projections - EPS is projected to grow to 1.09 in 2024 and 1.30 in 2025, reflecting growth rates of 20% and 18% respectively [1][3] - The company expects to maintain a target price of 19.30, with a PE ratio of 17.7 for 2024 [1][3] Market Data - The current stock price is 11.67, with a market capitalization of 11,694 million [1][3] - The stock has traded within a range of 9.26 to 20.10 over the past year [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved operating revenue of 21.488 billion yuan in 2023, representing a year-on-year increase of 59.96%. The net profit attributable to shareholders was 0.918 billion yuan, up 44.31% year-on-year [6][2]. - The company is experiencing explosive growth in international engineering and trade, with international engineering contracting revenue reaching 7.631 billion yuan, a year-on-year increase of 200.16% [6]. - The Mongolian coal trade remains robust, with significant growth in import volumes and prices, driven by tight supply and demand dynamics [9]. Financial Performance - In 2023, the company reported a comprehensive gross margin of 10.32%, a decrease of 3.42 percentage points year-on-year. The gross margin for the fourth quarter was 10.75%, down 4.76 percentage points year-on-year [7]. - The operating cash flow for 2023 was 0.702 billion yuan, a slight decrease of 0.036 billion yuan year-on-year, with a cash collection ratio of 94.13%, down 15.64 percentage points year-on-year [8]. - The company signed new contracts worth 2.62 billion USD in 2023, a year-on-year increase of 27.1%, indicating a potential increase in customer stickiness [8]. Business Segmentation - The revenue from goods trade was 10.885 billion yuan, an increase of 52.3% year-on-year, with a gross margin of 9.47%, up 7.45 percentage points year-on-year [6]. - Power generation revenue decreased to 0.534 billion yuan, down 42.23% year-on-year, with a gross margin of 71.04%, down 12.06 percentage points year-on-year [6]. Market Dynamics - Mongolia has become a crucial source of coking coal for China, with imports from Mongolia reaching 53% of total coking coal imports in 2023, up from 40% in 2022 [9]. - The completion of cross-border railways is expected to enhance import capacity, further supporting the growth of Mongolian coal imports [9].

北方国际合作股份有限公司 对会计师事务所 2023 年度履职情况的评估报告 立信 2022 年业务收入（ 经审计）46.14 亿元，其中审计 业务收入 34.08 亿元，证券业务收入 15.16 亿元。 2023 年度立信为 671 家上市公司提供年报审计服务，主 要行业涉及计算机、通信和其他电子设备制造业、医药制造 业、专用设备制造业等，审计收费 8.17 亿元，同行业上市公 司审计客户 22 家。 二、执业记录 1、基本信息 1）项目合伙人近三年从业情况： 北方国际合作股份有限公司（ 以下简称（ 公司"）聘请立 信会计师事务所（ 特殊普通合伙）（ 以下简称（ 立信"）作为 公司 2023 年度审计机构。根据财政部、国务院国资委及证监 会颁布的（ 国有企业、上市公司选聘会计师事务所管理办法》 等法律法规的有关要求，公司对立信在 2023 年度审计中的 履职情况进行了评估。经评估，公司认为，2023 年度立信在 履职服务方面能够保持独立性，勤勉尽责，公允表达意见。 现将具体情况汇报如下。 一、资质条件 立信会计师事务所（ 特殊普通合伙） 以下简称（ 立信"） 由我国会计泰斗潘序伦博士于 1927 年在上海创建 ...

北方国际合作股份有限公司 董事会审计与风险管理委员会 对会计师事务所履行监督职责情况的报告 根据《 中华人民共和国公司法》 中华人民共和国证券法》 上市公司治理准则》 国有企业、上市公司选聘会计师事务 所管理办法》等规定和要求，董事会审计与风险管理委员会 本着勤勉尽责的原则，对立信会计师事务所《 特殊普通合伙） 以下简称《 立信"）审计资质及 2023 年审计工作履行了监 督职责，现将情况报告如下： 二、聘任会计师事务所履行的程序 公司于 2023 年 10 月 27 日召开八届三十次董事会，于 2024 年 1 月 31 日召开 2024 年第一次临时股东大会，分别审 议通过了《 续聘会计师事务所》的议案，同意续聘立信为公 司 2023 年度境内审计机构，服务范围包括公司本部及合并、 国内分子公司的年度审计、内控审计及中国证监会指定的有 关强制性审计事项。 三、2023 年度会计师事务所履职情况 按照《 审计业务约定书》和《 内部控制审计业务约定书》 的约定，遵循《 中国注册会计师审计准则》和其他执业规范， 立信对公司 2023 年度财务报告及 2023 年 12 月 31 日财务报 告内部控制的有效性进行 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 15.41 CNY, maintaining the rating [7][23]. Core Views - The company achieved a revenue of 21.49 billion CNY in 2023, representing a year-on-year growth of 60.0%. The net profit attributable to the parent company was 918.06 million CNY, up 44.31% year-on-year [23]. - The company is undergoing a transformation towards integrated investment and operation, with significant contributions from ongoing projects [2][4]. - The company signed new orders worth 26.2 billion USD (approximately 184.7 billion CNY) in 2023, a year-on-year increase of 27.7% [4]. Financial Performance - Revenue breakdown for 2023 includes international engineering contracting at 7.63 billion CNY, domestic construction at 250 million CNY, and cargo trade at 10.78 billion CNY, with respective year-on-year growth rates of 200.2%, -67.9%, and 53.4% [3]. - The overall gross margin for the company was 10.32%, a decrease of 3.4 percentage points year-on-year, with the fourth quarter gross margin at 10.75% [3]. - The company’s cash flow from operations (CFO) for 2023 was 702 million CNY, a decrease of 36 million CNY year-on-year [5]. Order Backlog and Project Execution - As of the end of 2023, the company had an order backlog of 57.5 billion USD (approximately 405.2 billion CNY), which is 1.89 times the revenue for the same period [4]. - The company is actively responding to the "Belt and Road" initiative, with ongoing projects such as the Iraq TQ refinery expansion [4]. Cost and Efficiency - The period expense ratio slightly increased by 0.8 percentage points to 3.2%, with financial expenses rising by 50.4% year-on-year due to reduced exchange gains [5]. - The total asset turnover ratio improved to 0.94 times, an increase of 0.29 times year-on-year [5]. Future Projections - The company is projected to achieve revenues of 24.56 billion CNY in 2024, with a growth rate of 14.29% [6]. - The estimated net profit attributable to the parent company for 2024 is 1.03 billion CNY, reflecting a growth rate of 12.13% [6].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 21.488 billion yuan, a year-on-year increase of 59.96%. The net profit attributable to shareholders was 0.918 billion yuan, up 44.31% year-on-year [7]. - The company signed new contracts totaling 2.620 billion USD, a 27.09% increase year-on-year, with a backlog of signed but uncompleted projects amounting to 14.737 billion USD [7]. - The company is benefiting from the "Belt and Road" initiative, actively expanding its market presence and implementing a strategy focused on investment-driven transformation [7]. Financial Summary - In 2023, the company's gross profit margin was 10.32%, a decrease of 3.42 percentage points from the previous year. The net profit margin was 4.44%, down 1.54 percentage points year-on-year [7]. - The operating cash flow for 2023 was 0.702 billion yuan, a slight decrease of 4.87% compared to the previous year [7]. - Revenue projections for 2024-2026 are 25.974 billion yuan, 30.314 billion yuan, and 34.675 billion yuan, representing year-on-year growth rates of 20.88%, 16.71%, and 14.39% respectively [7].

兵工财务有限责任公司 风险评估报告 信会师报字[2024]第 ZG23493 号 您可使用手机"扫一扫"或进入"注册会计师行业绩一监管平台（http://acc.mof.gov.cn）"进行查 兵工财务有限责任公司 风险评估报告 目录 | - | 风险评估报告 | .. | | --- | --- | --- | | l ---- | 风险评估说明 | «»«»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»«««««««»»»»»»»»»»»»»» | 言会计师事务所(特殊普通合 O CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 风险评估报告 信会师报字[2024]第 ZG23493 号 兵工财务有限责任公司: 我们接受委托,审核了后附的兵工财务有限责任公司(以下简称"财务公司") 管理层截至 2023 年 12 月 31 日止与财务报表相关的资金、信贷、投资、稽核、 信息管理等风险管理体系的制定及实施情况的认定。 建立健全并合理设计风险管理体系并保持其有效性,保证风险管理政策与程 序的真实性和完整性是财务公司管理层的责任。我们 ...

证券简称：北方国际 证券代码：000065 公告编码：2024-016 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 2024 年第一季度可转债转股情况公告 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。 特别提示： 2024 年第一季度可转债转股情况公告 30 日起开始转股，初始转股价格为 8.84 元/股。 2020 年 6 月 3 日，公司实施了 2019 年度权益分派方案，根据可转换公司债 券转股价调整相关规定，"北方转债"的转股价格由原来的 8.84 元/股调整为 8.75 元/股。2021 年 6 月 25 日，公司实施了 2020 年度权益分派方案，"北方转债"的 转股价格由 8.75 元/股调整至 8.65 元/股。2022 年 4 月 14 日，公司因实施配股对 "北方转债"转股价格进行了调整，"北方转债"的转股价格由 8.65 元/股调整至 7.86 元/股。2022 年 7 月 11 日，因公司实施 2021 年度权益分派方案，"北方转 债"的转股价格由原来的 7.86 元/股调整为 7.80 元/股。2023 年 ...

公 司 点 评 报 告 mengjie@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 建筑装饰 ＃investSuggestion＃ ＃dyCompany＃ 北方国际 （ 000065 ） 000009 ＃title＃ 国际工程承包强势修复，一体化转型加速 ＃createTime1＃ 2024 年 03 月 31 日 ＃assAuthor＃ | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-03-29 | | 收盘价（元） | 10.88 | | | | | 总股本（百万股） | 1002.02 | | 流通股本（百万股） | 905.59 | | 净资产（百万元） | 8465.43 | | 总资产（百万元） | 23759.54 | | 每股净资产 (元) | 8.45 | S0190513080002 郁晾 yuliang23@xyzq.com.cn S0190523040003 | --- | --- | --- | --- | --- | |------------ ...