2024 年 04 月 26 日 新兴铸管（000778.SZ） 业绩短期承压，铸管需求有望扩张 事件：公司发布 2024 年一季度报告。公司一季度实现营业收入 91.24 亿元，同比减少 23.01%； 归属于母公司所有者的净利润 1.71 亿元，同比减少 49.9%；基本每股收益 0.0428 元，同比减 少 49.94%。 相关研究 1、《新兴铸管（000778.SZ）：业绩降幅收窄，多业务加 速推进》2024-04-11 2、《新兴铸管（000778.SZ）：业绩同比回落，多项业务 加速推进》2023-10-24 3、《新兴铸管（000778.SZ）：业绩降幅有限，产销规模 有望高增》2023-08-22 证券研究报告 | 季报点评 业绩短期承压，一季度毛利率回落。公司 2024Q1 实现归母净利 1.71 亿元，同比下降 49.9%， 环比下降 34.73%；2024 年一季度钢价普遍回落，钢企盈利比例低位运行，公司业绩短期承压， 与行业盈利趋势一致。公司 2023Q2-2024Q1 逐季销售毛利率分别为 6.18%、6.50%、7.93%、 4.99%，逐季销售净利率分别为 4.15%、2.29% ...

Cash Flow and Liquidity - The company's monetary funds decreased by 34.70% due to a lower proportion of cash receipts compared to cash expenditures[6] - The company's investment activities resulted in a net cash outflow of RMB 127.75 million, a decrease from RMB 303.00 million in the previous period[27] - The company's financing activities resulted in a net cash outflow of RMB 1.16 billion, compared to a net inflow of RMB 239.73 million in the previous period[27] - Cash received from sales of goods and services is 8,127,784,706.93, down from 10,511,688,206.28 in the previous period[38] - Total cash inflow from operating activities is 8,594,038,370.00, down from 10,795,231,259.28 in the previous period[38] - Total cash outflow from operating activities is 10,627,642,729.08, down from 13,542,623,410.84 in the previous period[38] - Net cash flow from operating activities is -2,033,604,359.08, an improvement from -2,747,392,151.56 in the previous period[38] - Net cash flow from operating activities improved by 25.98% to -2,033,604,359.08 yuan[53] Accounts Receivable and Financing - Accounts receivable financing increased by 62.75% due to a higher proportion of bill receipts and increased bill discounting[6] - Accounts receivable increased by 26.47% to 3,271,895,643.59 yuan[59] Prepayments and Pre-received Items - Prepayments increased by 35.81% due to higher prepayments for raw materials[6] - Pre-received items decreased by 47.65% due to a reduction in pre-received rental fees[6] Liabilities and Debt Structure - Non-current liabilities due within one year decreased by 60.67% due to the repayment of long-term loans and bonds[6] - Long-term loans increased by 37.72% as part of optimizing the debt structure[6] - Long-term borrowings increased by 37.72% to 8,042,663,000.00 yuan[51] - Total current liabilities decreased by 14.07% to 16,721,809,820.61 yuan[51] Risk Provisions and Impairment - General risk provisions increased by 34.33% due to provisions made by the factoring company[6] - Asset impairment losses decreased by 100.00% due to reduced inventory write-downs[47] - Credit impairment loss for the current period was -19,008,219.64, an improvement from -23,451,539.82 in the previous period[62] Earnings and Profitability - Basic earnings per share for the current period is 0.0428, compared to 0.0855 in the previous period[38] - Diluted earnings per share for the current period is 0.0428, compared to 0.0855 in the previous period[38] - Net profit attributable to shareholders of the listed company decreased by 49.90% to 170,936,900.84 yuan[53] - Net profit for the current period was 152,525,366.56, compared to 359,020,096.41 in the previous period[62] - Total comprehensive income for the current period was 154,453,866.56, compared to 420,732,096.41 in the previous period[62] Revenue and Operating Costs - Revenue for the reporting period decreased by 23.01% to 9,124,363,531.11 yuan compared to the same period last year[53] - Total operating revenue for the current period was 9,124,363,531.11, a decrease from the previous period's 11,850,911,365.16[61] - Operating costs for the current period were 9,101,544,499.21, down from 11,706,787,006.80 in the previous period[61] Investment Income and Losses - Investment income received is 127,890,000.00, a significant increase from 6,150,000.00 in the previous period[38] - Investment income decreased by 92.16% due to reduced income from MSP and Wanxin Wenhui investments[47] - Investment income for the current period was 13,990,020.77, significantly lower than the previous period's 178,466,933.57[62] Non-operating Income and Expenses - Non-operating income increased by 948.87% due to increased guarantee forfeiture income[47] - Asset disposal income for the current period was 108,711,207.55, up from 48,158,464.99 in the previous period[62] Assets and Inventory - Total assets decreased slightly by 0.64% to 55,173,386,406.49 yuan[53] - Inventory increased by 24.71% to 7,013,034,817.56 yuan[59] - Fixed assets decreased by 1.02% to 21,574,873,383.14 yuan[59] - Development expenditure increased to 3,000,000.00 yuan from 0.00 yuan in the previous period[59] Bond and Debt Repayment - The company completed the principal and interest payment and delisting of its green bond (19 Xingxing G1) on January 22, 2024[10] Audit and Reporting - The company's first quarter report for 2024 was not audited[65]

业绩追随行业有所下滑，期间费用率下降显著 ——新兴铸管（000778.SZ）2023 年年报业绩点评 事件：公司发布 2023 年年报，全年实现营业收入 432.53 亿元，同比-9.44%， 归母净利润 13.51 亿元，同比-19.40%，扣非后归母净利润 8.31 亿元，同比 -38.75%。2023 年 Q4 实现营业收入 69.32 亿元，同比-25.33%，环比-41.26%， 归母净利润 2.62 亿元，同比-12.20%，环比+4.38%，扣非后归母净利润 1.01 亿元，同比-35.94%，环比-55.11%。2023 年公司现金分红总额为 2.39 亿元， 现金分红比例为 17.71%。 2024 年公司金属制品产量目标为 947 万吨：2023 年公司铸管及其他铸造产品 产量为 282.8 万吨，同比-5.29%，普钢产品产量为 363.2 万吨，同比+11.27%， 优特钢产量为 211.65 万吨，同比-2.01%。2024 年公司金属制品产量目标为 947 万吨，较 2023 年经营目标（966 万吨）微降 1.97%。 2023 年公司期间费用率降至 3.87%，创近 11 年来 ...

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 -10% 3% 17% 30% 44% 57% -15% -7% 0% 8% 16% 23% 2023-04 2023-09 2024-02 股票绝对涨幅和相对涨幅 新兴铸管价格涨幅 新兴铸管相对指数涨幅 -10% -7% -4% -1% 3% 6% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 2% 3% 4% 5% 6% 7% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 82% 86% 90% 94% 99% 103% 26733 27054 27374 27694 28015 28335 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|- ...

Investment Rating - The report downgrades the investment rating of **Xinxing Ductile Iron Pipes (000778)** to "Recommend" from a previous higher rating [4] Core Views - The steel industry faced challenges in 2023, with declining steel prices and high raw material costs, putting pressure on the company's profits [36] - Ductile iron pipes, the company's main product, contributed 30.87% of revenue and 50.62% of gross profit, up 2.27 percentage points from 2022, stabilizing the company's performance [36] - Despite industry headwinds, the company achieved a 3.8% increase in ductile iron pipe sales, with capacity utilization well above the industry average [36] - The company optimized its product structure, achieving a 100% sales-to-production ratio for steel products, and saw record production levels for pipe castings and steel grating [36] - Cost reduction and efficiency improvements contributed to a 23 yuan/ton increase in profit across four dimensions, with operating expenses reduced by 400 million yuan and financial expenses down by 40 million yuan [36] - The company's long-term prospects are supported by ongoing infrastructure development in water conservancy and municipal pipelines, though short-term challenges in steel demand may persist [36] Financial Performance - In 2023, the company reported revenue of 43.253 billion yuan, down 9.4% year-over-year, and net profit attributable to shareholders of 1.351 billion yuan, down 19.4% [5][12] - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, representing a dividend yield of 1.5% based on the closing price on April 10 [12] - For 2024-2026, the company is expected to achieve revenue of 45.136 billion yuan, 48.147 billion yuan, and 51.106 billion yuan, with year-over-year growth of 4.4%, 6.7%, and 6.1%, respectively [5][36] - Net profit attributable to shareholders is forecasted to be 1.444 billion yuan, 1.534 billion yuan, and 1.714 billion yuan for 2024-2026, with growth rates of 6.9%, 6.2%, and 11.8%, respectively [5][36] - The company's price-to-book ratio (P/B) is projected to be 0.6x, 0.6x, and 0.5x for 2024-2026, with a target price of 4.42 yuan based on a 0.7x P/B ratio for 2024 [36] Key Financial Metrics - The company's gross margin improved slightly, from 6.3% in 2023 to an expected 7.2% by 2026 [37] - Return on equity (ROE) is forecasted to increase from 5.3% in 2023 to 5.8% by 2026 [37] - The debt-to-equity ratio is expected to decline from 54.3% in 2023 to 50.6% by 2026, reflecting improved financial health [37] - Earnings per share (EPS) are projected to grow from 0.34 yuan in 2023 to 0.43 yuan by 2026 [37]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company reported a revenue of 43.253 billion yuan in 2023, a year-on-year decrease of 9.44%. The net profit attributable to shareholders was 1.351 billion yuan, down 19.40% year-on-year, but the decline in profit has narrowed compared to previous quarters [1][10]. - The company demonstrated resilience against cyclical downturns, with a gradual recovery in gross margin and net margin in the fourth quarter of 2023, benefiting from expectations of increased infrastructure and water conservancy investments [1][10]. - The production and sales volume of metal products increased significantly, with a production target of 9.47 million tons for 2024, representing a year-on-year growth of 10.2% [1][10]. - The company is advancing multiple new business initiatives, including a successful launch of a green intelligent manufacturing project and international expansion in the ductile iron pipe sector [1][10]. - The water conservancy construction investment in China reached 1.1996 trillion yuan in 2023, a 10.1% increase from 2022, indicating a favorable market environment for the company's ductile iron pipe products [1][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 43.253 billion yuan, with a net profit of 1.351 billion yuan and a basic earnings per share of 0.3385 yuan. The decline in net profit was less severe than in previous quarters, showing signs of recovery [1][10]. - The gross margin and net margin improved in Q4 2023, with gross margins reaching 7.93% and net margins at 3.72% [1][10]. Production and Sales - The company produced 8.592 million tons of metal products in 2023, a 3.3% increase year-on-year, with sales volume reaching 8.577 million tons, up 2.0% year-on-year. The production target for 2024 is set at 9.47 million tons [1][10]. Strategic Initiatives - The company has launched several new business projects, including a green intelligent manufacturing project and a strategic partnership with the Dalian Institute of Chemical Physics for research in energy storage and new materials [1][10]. - A significant investment cooperation framework was signed for a 250,000-ton ductile iron pipe project in Egypt, aimed at enhancing international competitiveness [1][10]. Market Outlook - The water conservancy construction sector is expected to continue growing, with substantial investment opportunities for the company's products in municipal, water conservancy, sewage, and thermal applications [1][10].

Financial Performance - The company reported a net profit of 2,400 million yuan for the year, representing a 24.20% increase compared to the previous year[12]. - The overall revenue for the year was reported at 15,260,539,404 yuan, reflecting a robust performance in the mechanical manufacturing industry[14]. - The company's operating revenue for 2023 was ¥43.25 billion, a decrease of 9.44% compared to ¥47.76 billion in 2022[33]. - Net profit attributable to shareholders for 2023 was ¥1.35 billion, down 19.40% from ¥1.68 billion in 2022[33]. - The net cash flow from operating activities decreased by 40.74% to ¥1.91 billion in 2023 from ¥3.23 billion in 2022[33]. - Basic earnings per share for 2023 were ¥0.3385, a decline of 19.40% compared to ¥0.4200 in 2022[33]. - The total operating revenue for 2023 was ¥43,253,477,822.32, representing a decrease of 9.44% compared to ¥47,760,058,256.98 in 2022[88]. - The revenue from cast pipes and cast fittings was ¥13,353,623,901.55, accounting for 30.87% of total revenue, with a year-on-year decrease of 9.23%[89]. - Domestic revenue was ¥42,064,817,675.01, which is 97.25% of total revenue, showing a decline of 8.83% year-on-year[88]. - The company reported a significant non-operating income of ¥519.47 million in 2023, compared to ¥318.71 million in 2022[38]. Subsidiary Performance - The subsidiary Hebei Xinxing reported a net profit of 97,629,016 yuan, contributing over 10% to the company's total net profit[14]. - Wuhu Xinxing achieved a net profit of 236,452,319 yuan, also exceeding the 10% threshold for profit contribution[14]. - The subsidiary Xinjiang Holdings reported a net loss of 214,013,090 yuan, highlighting challenges in the coal resource sector[14]. Market Strategy and Expansion - The company plans to expand its market presence through strategic acquisitions and new product developments in the mechanical manufacturing sector[12]. - The company is focusing on technological advancements and new product research to enhance its competitive edge in the market[12]. - The company is actively participating in the "Billion Green Steel" initiative, aiming to complete approximately 25 million tons of green steel transactions during the 14th Five-Year Plan period[51]. - The company holds over 30% market share domestically and exports to more than 40 countries and regions, maintaining the world's largest production scale for steel grating and ductile iron pipes[60]. Production and Sales - The company achieved a 16.4% year-on-year increase in sales in specific markets such as water conservancy, sewage, and heating[56]. - The company’s sales volume of cast pipes increased by 3.8%, with a production capacity utilization rate significantly higher than the industry average[44]. - The production of castings rose by 8% year-on-year, while the sales of steel grating surged by 25%, both achieving historical highs[44]. - The company achieved a record monthly production in high furnace, coking, and steelmaking processes, with 11 record-breaking months[79]. Research and Development - The company has invested in R&D focusing on new product development, process innovation, and intelligent equipment upgrades, achieving significant technological advancements with a total of 2,765 patents, including 535 inventions[103]. - R&D investment amounted to ¥1,322,826,028.54 in 2023, a decrease of 7.35% from ¥1,427,756,224.27 in 2022, representing 3.06% of operating revenue[109]. - R&D personnel increased to 1,098 in 2023, up 8.39% from 1,013 in 2022, with a proportion of 7.84% of total employees[109]. - The company has established a national-level enterprise technology center and multiple research centers, indicating a strong commitment to innovation and market leadership[103]. Financial Position and Investments - The total assets at the end of 2023 were ¥55.53 billion, a slight decrease of 0.69% from ¥55.92 billion at the end of 2022[33]. - The net assets attributable to shareholders increased by 3.33% to ¥25.46 billion at the end of 2023 from ¥24.64 billion at the end of 2022[33]. - The company reported a significant equity investment of ¥1,626,689,750.00 in Jihua Group, with a cumulative fair value change of -¥13,499,500.00, resulting in a year-end book value of ¥547,694,000.00[126]. - The total investment amount for the reporting period was ¥2,685,906,201.47, a decrease of 22.85% compared to the same period last year, which was ¥3,481,474,182.67[126]. Operational Efficiency - The company aims to improve operational efficiency and profitability through enhanced management strategies and cost control measures[12]. - The company successfully launched 29 robots and established a preliminary robot cloud platform, enhancing operational efficiency[80]. - The company implemented a contract management system to optimize production processes, leading to cost reductions and efficiency improvements[81]. - The company achieved a profit increase of 23 yuan per ton of steel through a four-dimensional profit enhancement strategy[72]. Corporate Social Responsibility - The company has been actively involved in rural revitalization efforts, improving infrastructure and living conditions in the supported villages, which has led to recognition as a provincial-level beautiful village[142]. - The company has supported local agricultural development by purchasing local agricultural products worth 100,013.2 yuan, contributing to the increase of farmers' income[143]. Related Party Transactions - The total amount of related party transactions for the reporting period was 31,872.15 million, against an approved limit of 32,500.00 million[163]. - The company’s related party transactions included labor services amounting to 1,606.56 million, representing 7.98% of similar transactions[1]. - The company’s related party transactions for sales of products included steel sales totaling 1,646.96 million, accounting for 0.04% of similar transactions[1]. Compliance and Governance - The financial statements comply with the requirements of enterprise accounting standards, reflecting the company's financial position, operating results, and cash flows accurately[196]. - The financial statements were approved by the board of directors on April 9, 2024[192]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its ongoing viability[193].

新兴铸管股份有限公司 2023 年度董事会工作报告 2024 年 4 月 | 第一部分 2023 | 年度完成的主要工作 1 | | --- | --- | | 一、坚持深化改革，贯彻落实上级部署 | 1 | | 二、强化科学创新，全面推进规划实施 | 2 | | 三、开展深入调查，精准实施科学决策 | 3 | | 四、加强合规管理，强化防范风险作用 | 8 | | 五、优化价值管理，树立公司良好形象 | 11 | | 六、践行央企责任，彰显公司社会担当 | 11 | | 第二部分 2024 | 年重点工作 12 | | 一、加强董事会建设，提升决策水平 | 13 | | 二、加强风险控制，保障稳健经营 | 13 | | 三、完善信披通道，提升信披质量 | 13 | | 四、提升投关质效，优化价值传递 | 14 | | 五、强化党建工作，推动科学发展 | 14 | 第一部分 2023 年度完成的主要工作 2023 年度，新兴铸管股份有限公司（简称"公司"或"本 公司"）董事会严格按照《公司法》、《证券法》和《深圳 证券交易所股票上市规则》等有关法律、法规和规范性文件 及《公司章程》的相关规定履行董事会职责。公 ...

新兴铸管股份有限公司 2023 年度 环境、社会及治理（ESG）报告 证券代码：000778 证券简称：新兴铸管 2024 年 4 月 报告简介 本报告旨在向股东与投资者、客户、供应商与行业、员工、 社会公众等利益相关方披露新兴铸管股份有限公司（股票代码： 000778）2023 年度在环境、社会及治理（以下简称"ESG"） 方面的实践与绩效，本报告经 2024 年 4 月 9 日召开的公司第十 届董事会第二次会议审议通过。 时间范围 本报告的时间跨度为 2023 年 01 月 01 日至 2023 年 12 月 31 日。报告的组织范围为公司及公司下属子公司。 编制依据 本报告根据《公司法》、《证券法》等法律、行政法规的 规定，按照《主板信息披露业务备忘录第一号---定期报告披露 相关事宜》规定编制，结合公司在履行 ESG 方面的具体情况编 制。 称谓说明： 为便于表述，文中以简称或代称代替各公司全称，文章涉 及"武安本级"、"芜湖新兴"、"新疆控股"、"资源投资"、 "国际发展"等分别为公司按区域所划分的区域型生产企业的 集合或所属二级子公司。 发布形式 第一章 公司概况 电子文档发布在新兴铸管官方网站。 ...

证券代码：000778 证券简称：新兴铸管 公告编号：2024-22 新兴铸管股份有限公司 关于召开 2023 年度股东大会的通知 3、会议召开的合法性、合规性情况：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期和时间： （1）现场会议召开时间为：2024 年 5 月 16 日（星期四）下午 14:30 （2）网络投票时间为：2024 年 5 月 16 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 16 日（现场股东大会召开日）9:15—9:25,9:30—11:30 和 13:00—15:00 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 新兴铸管股份有限公司（以下简称"本公司""公司"）拟于 2024 年 5 月 16 日（星 期四）召开 2023 年度股东大会，会议安排如下： 一、召开会议基本情况 1、会议届次：2023 年度股东大会。 2、会议召集人：公司董事会。经公司第十届董事会第二次会议审议通过，决定召开 2023 年度股东大会。 通过深圳证券交易所互 ...