八届三十七次董事会决议公告 一、会议审议通过了《不提前赎回"北方转债"》的议案 表决结果：同意 9 票，反对 0 票，弃权 0 票。 董事会决定不行使本次提前赎回"北方转债"的权利，并自本次决议公告之 日起 3 个月内（即 2024 年 6 月 1 日至 2024 年 8 月 31 日），如再次触及"北方转 债"上述有条件赎回条款时，公司均不行使提前赎回权利。 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《关于暂不赎回"北方转债"的公告》（公告编号：2024- 028）。 备查文件 八届三十七次董事会决议 | 股票简称：北方国际 | 股票代码：000065 | 公告编号：2024-029 | | --- | --- | --- | | 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 八届三十七次董事会决议公告 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"）八届三十七次 董事会会议通知已于2024年5月28 ...

北方国际合作股份有限公司 2024 年跟踪评级报告 | | | www.lhratings.com 1 . . 联合〔2024〕3435 号 联合资信评估股份有限公司通过对北方国际合作股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持北方国际合作 股份有限公司主体长期信用等级为 AA+，维持"北方转债"信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： . . . . . . . . . . . . . 二〇二四年五月二十八日 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不得 用于其他债券或证券的发行活动。 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.32 CNY per share, while the current price is 11.77 CNY [6][5]. Core Views - The company is expected to benefit from strong global steel demand and robust coking coal prices, continuing to expand its power investment and operation business along the Belt and Road Initiative [5]. - The projected net profits for the company are estimated to be 1.15 billion CNY in 2024, 1.44 billion CNY in 2025, and 1.72 billion CNY in 2026, reflecting a growth trajectory [5]. Summary by Sections Investment Overview - The company plans to invest 13 million euros to acquire 80% of Aurora Solar d.o.o. and develop a 125MWp solar project in Bosnia, with a total investment of 110 million euros [2]. - The project is expected to have an internal rate of return of 9.68% and a payback period of approximately 8.85 years, with an average annual net cash flow of 123.4 million CNY during the first eight years of operation [2]. Financial Projections - Revenue is projected to grow from 13.43 billion CNY in 2022 to 37.33 billion CNY by 2026, with a compound annual growth rate of 16.3% [21]. - The company's net profit is expected to increase from 636 million CNY in 2022 to 1.72 billion CNY in 2026, indicating a strong growth rate of 19.1% [21]. Operational Strategy - The company aims to establish a foothold in the Central and Eastern European power market through its wholly-owned subsidiary in Hungary, leveraging its integrated investment and operation capabilities [20].

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].