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 | --- | --- | --- | --- | --- | |------------ ...

| --- | --- | |----------------|----------------| | | | | 2023A | 2024E | | 14190 | 15478 | | 4092 | 4320 | | 3718 | 4158 | | 597 | 522 | | 1867 | 2509 | | 1363 | 1237 | | 2553 | 2733 | | 9570 | 10237 | | 1705 2909 1548 | 2095 3130 1447 | | 3407 | 3565 | | 23760 | 25715 | | 9502 | 10675 | | 904 6626 | 904 7501 | | | | | 1972 | 2270 | | 4963 | 4689 | | 4808 | 4534 | | | | | 155 | 155 | | 14465 | 15363 | | 829 | 935 | | 1002 | 1002 | | 1894 | 1894 | | 5747 | 6787 | | 8465 23760 | 9417 25715 | | --- | --- | -- ...

市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的 投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，海通证券及其所属 关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|------------|----------|-------|-----------------------------------------------------------| | 1. 投资评级的比较和评级标准： | 类 别 | 评 级 | | 说 明 | | 以报告发布后的 6 个月内的市场表现 | | 优于大市 | | 预期个股相对基准指数涨幅在 10% 以上； | | 为比较标准，报告发布日后 6 个月内 | 股票投资评 | 中性 | | 预期个股相对基准指 ...

Financial Performance - The company reported a total operating revenue of approximately ¥21.49 billion for the year, with a net profit attributable to shareholders of approximately ¥1.02 billion[69]. - The company's operating revenue for 2023 reached ¥21,487,899,585.26, representing a 59.96% increase compared to ¥13,433,273,051.45 in 2022[77]. - Net profit attributable to shareholders for 2023 was ¥918,064,819.63, up 44.31% from ¥636,006,850.49 in 2022[77]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥906,319,491.90, an 18.18% increase from ¥766,759,972.46 in 2022[77]. - The company's total assets at the end of 2023 amounted to ¥23,759,542,018.80, a 7.61% increase from ¥22,080,481,462.95 at the end of 2022[77]. - The net assets attributable to shareholders increased by 9.17% to ¥8,465,428,013.71 at the end of 2023, compared to ¥7,754,810,239.84 at the end of 2022[77]. - The basic earnings per share for 2023 was ¥0.92, reflecting a 37.31% increase from ¥0.67 in 2022[77]. - The diluted earnings per share for 2023 was ¥0.88, a 35.38% increase from ¥0.65 in 2022[77]. - The company reported a net cash flow from operating activities of ¥702,058,412.44, a decrease of 4.87% compared to ¥738,034,656.25 in 2022[77]. Business Operations - The company has undergone several changes in its main business operations, currently focusing on international engineering contracting, power station operation, and coal trading[65]. - The company has expanded its business scope to include logistics automation system integration services and heavy equipment export trade[65]. - The company tracked 105 projects across 33 countries in 2023, with significant contracts signed in Uzbekistan and South Sudan[108]. - The company achieved a project completion rate of 90% for the Bangladesh coal-fired power plant project, with major milestones reached in construction and installation[133]. - The company completed the power generation of 460 million kWh from the Croatia wind power project in 2023[109]. - The company has made significant progress in the integrated project in Mongolia, with a substantial increase in coal trade volume due to improved import and sales at various ports[157]. Investments and Projects - The company invested 2.5 billion USD in the Bangladesh coal-fired power plant project, marking it as the largest investment project and a key transformation initiative[89]. - The company invested 421,251,000 in the Bangladesh rural power project, with a 50% ownership stake, and the project is 88.90% complete[173]. - The total amount of committed investment projects is CNY 116,760.38 million, with a cumulative investment of CNY 117,294.51 million, achieving an investment progress of 100.46%[179]. Risk Management and Compliance - The company is committed to enhancing its risk management and compliance systems to navigate the challenging market landscape[184]. - The external environment remains complex, with increased compliance risks and competition in key markets, particularly in Africa and the Asia-Pacific region[186]. - The company is actively managing risks associated with its operations, as highlighted in the management discussion and analysis section of the report[57]. Shareholder and Capital Structure - The company has maintained a stable shareholder structure, with the current controlling shareholder being North Company[65]. - The total approved guarantee amount at the end of the reporting period is RMB 1,120,018.59 million, with actual guarantees totaling RMB 797,393.77 million[21]. - The total number of shares increased from 1,001,709,414 to 1,001,993,713, reflecting a change of 284,299 shares due to the conversion of bonds[27]. Research and Development - R&D expenses surged by 228.24% to ¥66,398,938.45 in 2023 compared to ¥20,229,085.30 in 2022, reflecting increased investment in R&D[146]. - The research and development investment for 2023 was ¥207,560,497.41, reflecting a 54.80% increase from ¥134,084,659.92 in 2022[167]. - The number of R&D personnel increased to 248 in 2023, up from 225 in 2022, marking a 10.22% growth[167]. Market Position and Recognition - The company ranked 75th in the ENR rankings for 2023, placing 19th among 81 Chinese companies[107]. - The company has been recognized as a "specialized and innovative small and medium-sized enterprise" in Shenzhen, enhancing its market position[112]. Cash Flow and Financial Health - The company reported a cash inflow from operating activities of ¥21,809,791,730.82, which is a 35.08% increase compared to ¥16,145,705,707.32 in 2022[168]. - Total cash and cash equivalents decreased by 145.30% to -¥644,080,248.58, down from an increase of ¥1,421,749,670.06 in the previous year[150]. - The company's monetary funds at the end of 2023 were ¥4,092,044,058.82, accounting for 17.22% of total assets, down from 22.56% at the beginning of the year[152]. Environmental and Social Responsibility - The company is committed to fulfilling its social responsibilities and addressing major environmental issues as part of its operational strategy[59]. - The company emphasizes innovation and technology development as key drivers for future growth and market expansion[184].

环境、社会及管治 (ESG) 报告 2023 Environmental,Social and Governance (ESG) Report 报告规范 报告说明 本报告为北方国际合作股份有限公司（以下简称"北方国 际"或"公司"）发布的第二份ESG年度报告。 披露范围 本报告披露范围涵盖北方国际及所属分、子公司。报告时间 跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日。为了遵循 信息披露完整性、连续性的原则，部分内容适当超出。 编制准则 国务院国资委《提高央企控股上市公司质量工作方案》、 中国社会科学院《中国企业社会责任报告指南之军工行业 （CASS-ESG 5.0）》、全球报告倡议组织《可持续发展报 告标准》（GRI Standards）、证监会相关要求、《深圳证 券交易所上市公司社会责任指引》《上海证券交易所股票上 市规则》、国际标准化组织《社会责任指南：26000》、联 合国可持续发展目标（SDGs）。 内容说明 本报告使用数据均来自公司统计报告、正式文件。本报告经 公司第八届三十四次董事会审议通过，郑重承诺本报告中所 披露的信息、数据真实可靠，不存在任何虚假性陈述或误导。 ...

根据《 上市公司独立董事管理办法》 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 1 号 --主板上市公司规范运作》等要求，北方国际合作股份有限 公司(以下简称《 公司")董事会，就公司在任独立董事袁立、 谢兴国、姚颐的独立性情况进行评估并出具如下专项意见。 二〇二四年三月二十八日 北方国际合作股份有限公司董事会 关于独立董事独立性情况的专项意见 北方国际合作股份有限公司董事会 经核查独立董事袁立、谢兴国、姚颐的任职经历以及签 署的相关自查文件，上述人员未在公司担任除独立董事以外 的任何职务，也未在公司主要股东公司担任任何职务，与公 司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，因此，公司独立董事符合《 上市公 司独立董事管理办法》 深圳证券交易所上市公司自律监管 指引第 1 号--主板上市公司规范运作》中对独立董事独立性 的相关要求。 ...