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].

董事、监事、高管对一季报的书面确认意见 北方国际合作股份有限公司董事 对公司 2024 年第一季度报告的书面确认意见 根据《证券法》第八十二条的要求，本人作为北方国际 合作股份有限公司的董事，保证公司 2024 年第一季度报告 内容真实、准确、完整，不存在任何虚假记载、误导性陈述 或者重大遗漏。 | | | 北方国际合作股份有限公司董事会 二〇二四年四月二十三日 董 事 长：纪 巍 董 事：单 钧 董 事：杜晓东 独立董事：袁 立 独立董事：谢兴国 独立董事：姚 颐 董 事：徐 舟 董 事：张 亮 董 事：孙 飞 董事、监事、高管对一季报的书面确认意见 北方国际合作股份有限公司监事 北方国际合作股份有限公司高级管理人员 对公司 2024 年第一季度报告的书面确认意见 根据《证券法》第八十二条的要求，本人作为北方国际 合作股份有限公司的高级管理人员，保证公司 2024 年第一 季度报告内容真实、准确、完整，不存在任何虚假记载、误 导性陈述或者重大遗漏。 签 名 签 名 董事总经 理： 单 钧 纪委书记： 张斌华 副总经理： 杜晓东 副总经理： 王新庆 副总经理： 王晓冰 财务总监、董事会秘书: 倪 静 副总经理 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥5,014,375,387.21, representing a 4.63% increase compared to ¥4,792,486,384.26 in the same period last year[4]. - Net profit attributable to shareholders for Q1 2024 was ¥263,893,107.66, a significant increase of 36.07% from ¥193,932,616.87 in the previous year[4]. - Basic earnings per share for Q1 2024 were ¥0.2634, up 36.05% from ¥0.1936 in the previous year[4]. - The weighted average return on equity for Q1 2024 was 3.07%, an increase from 2.48% in the same period last year[4]. - The net profit for the current period is 278,865,996.09, an increase from 224,831,037.36 in the previous period, representing a growth of approximately 24%[44]. - The total profit for the current period is 305,513,281.42, compared to 262,692,748.93 in the previous period, indicating an increase of about 16%[44]. - The operating profit for the current period is 304,834,323.90, compared to 266,968,393.70 in the previous period, indicating an increase of about 14%[44]. - The diluted earnings per share for the current period is 0.2530, up from 0.1888 in the previous period, indicating a growth of about 34%[44]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 51.75%, amounting to ¥338,720,289.89 compared to ¥702,058,343.17 in the same period last year[4]. - The total cash and cash equivalents at the end of the period amounted to ¥3,863,026,665.01, a decrease from ¥4,092,044,058.82 at the beginning of the period[34]. - The net cash flow from investing activities was negative at ¥146,843,403.12, with total cash outflows from investing activities reaching ¥156,115,746.85[34]. - The company reported a net cash outflow from financing activities of ¥178,492,101.47, with total cash outflows amounting to ¥229,464,324.26[34]. - The total cash inflow from operating activities is 4,801,632,484.24, compared to 4,552,637,404.56 in the previous period, showing an increase of about 5.5%[46]. - The cash outflow from operating activities totals 4,462,912,194.35, resulting in a net cash flow from operating activities of 338,720,289.89, compared to 702,058,343.17 in the previous period[46]. Assets and Liabilities - Total assets at the end of Q1 2024 were ¥24,262,434,653.10, reflecting a 2.12% increase from ¥23,759,542,018.80 at the end of the previous year[4]. - The total current assets increased to ¥14,626,737,356.81 from ¥14,189,732,779.42, indicating a growth in liquidity[40]. - Accounts receivable rose significantly to ¥4,025,899,479.60 from ¥3,656,230,159.48, reflecting an increase in sales or credit extended[40]. - The total liabilities increased, with a notable rise in long-term debt, indicating potential leverage for future growth[40]. - Total liabilities increased to $14,712,473,662.10 from $14,464,699,687.16, representing a rise of 1.71%[43]. - The total non-current assets amounted to $9,635,697,296.29, slightly up from $9,569,809,239.38, indicating a growth of 0.69%[43]. Expenses - The company's R&D expenses increased by 189.11% compared to the same period last year, indicating a significant increase in investment in research and development[22]. - Management expenses rose by 50.62% year-on-year, primarily due to increased labor costs during the reporting period[22]. - Total operating costs amounted to $4,701,089,900.63, up 5.50% from $4,456,096,441.70 in the prior period[43]. - The company reported a decrease in financial expenses, with a net financial cost of -$58,646,792.97 compared to $99,293,692.75 in the previous period[43]. Comprehensive Income - The other comprehensive income after tax for the current period is -21,012,731.86, an improvement from -101,978,228.68 in the previous period[44]. - The total comprehensive income for the current period is 257,853,264.23, compared to 122,852,808.68 in the previous period, reflecting a significant increase of approximately 110%[44]. Investment Activities - The company is focusing on expanding its investment activities, with cash inflows from investment activities reported at ¥9,272,343.73[34]. - The company reported a 684.23% increase in receivable dividends compared to the previous year, attributed to unpaid dividends from certain affiliated companies[22]. Inventory - The company’s inventory increased to ¥1,759,533,025.33 from ¥1,362,933,426.57, suggesting a buildup in stock levels[40]. Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[34].

关于公司拟在匈牙利投资设立子公司的公告 证券简称：北方国际 证券代码：000065 公告编码：2024-020 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 关于公司拟在匈牙利投资设立子公司的公告 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。 一、对外投资概述 1、对外投资的基本情况 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"）拟通过全资子公司香港辉邦集团有限公司投资2,900万欧元在 匈牙利设立全资子公司（以下简称"匈牙利子公司"），作为公司在中东欧的投资 平台。 2、董事会审议情况 2024年4月23日，公司八届三十五次董事会审议通过了《公司拟在匈牙利投 资设立子公司》的议案。根据深圳证券交易所《股票上市规则》及公司《章程》 的规定，本次投资金额尚未达到股东大会审议标准，无需经公司股东大会审议。 3、投资涉及的其他审批和程序 根据境外投资有关法律法规及规范性文件的规定，本次投资需履行商务部、 发改委的备案程序。截至目前 ...

八届三十五次董事会决议公告 证券简称：北方国际 证券代码：000065 公告编码：2024-019 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 八届三十五次董事会决议公告 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"）八届三十五次 董事会会议通知已于2024年4月13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4月23日以现场会议表决的形式召开。会议应到会董事9名，实 际到会董事8名，纪巍董事长因公出差，委托单钧董事表决。会议由董事总经理 单钧主持。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《2024 年第一季度报告》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《2024 年第一季度报告》。 二、会议审议通过了《公司拟在匈牙利投资设立子公司》的议案 表决结果：同意 9 ...

证券简称：北方国际 证券代码：000065 公告编码：2024-021 北方国际合作股份有限公司 关于公司拟开展应收账款保理业务的公告 转债简称：北方转债 转债代码：127014 关于公司拟开展应收账款保理业务的公告 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、误导性陈述或者重大遗漏。 一、应收账款保理业务概述 为进一步推动公司业务发展，提高资金使用效率，改善公司资产负债结构， 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）拟同银行、商 业保理公司等具备相关业务资质的机构，自董事会审议通过之日起12个月内，开 展总金额不超过人民币38亿元(含等值外币)的应收账款无追索权保理业务。 董事会授权公司管理层在保理额度范围内行使具体操作的决策权并签署相 关合同文件。 公司(含子公司)开展保理业务的合作机构为银行、商业保理公司等具备相关 业务资质的机构。根据合作关系，并综合考虑资金成本、融资期限、服务能力等 因素审慎选择。 三、交易标的基本情况 交易标的为公司(含子公司)依据基础商务合同约定履行义务后，应收取而未 收取的工程款项、出口成套设备或服务等应收账款。 四、应收账款保理 ...