[Table_Main] 证券研究报告 | 公司点评 冰轮环境(000811.SZ) 2024 年 08 月 22 日 | --- | --- | |-------------------------------------------------------|---------------------------------| | 增持（维持） | 冰轮环境（ 000811.SZ ）：国内需 | | 所属行业：机械设备 / 通用设备 当前价格 ( 元 ) ： 8.03 | 求不足致业绩下滑，盈利能力依 | | 证券分析师 | | | 郭雪 | 旧稳健 | 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 卢璇 资格编号：S0120524050004 邮箱：luxuan＠tebon.com.cn 联系人 市场表现 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 冰轮环境 沪深300 | --- | --- | --- | --- | |------------------------------ ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-019 冰轮环境技术股份有限公司 董事会 2024 年第三次会议（临时会议）决议公告 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。 冰轮环境技术股份有限公司（以下简称"公司"）董事会 2024 年第三次会议 （临时会议）于 2024 年 8 月 20 日以通讯表决方式召开，会议通知于 2024 年 8 月 12 日以书面方式发出，会议由董事长李增群先生召集和主持。本次会议应参 加董事 9 人，实际参加董事 9 人，全体监事收悉了全套会议资料。本次会议的召 集、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。 会议形成决议如下： 董事 XXX 因（具体和明确的理由）不能保证公告内容真实、准确、完整。 一、审议通过 2024 年半年度报告全文及摘要 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 二、审议通过《冰轮环境技术股份有限公司关于确定主责主业的议案》 同意公司将主责核定为：作为中国工商制冷空调行业领军企业，承担行业前 沿技术探索的责任，聚焦工业制冷、暖 ...

Financial Performance - Revenue for the first half of 2024 was RMB 3.35 billion, a decrease of 8.29% compared to the same period last year[11] - Net profit attributable to shareholders was RMB 331.05 million, down 11.51% year-on-year[11] - Basic earnings per share (EPS) were RMB 0.44, a decrease of 12.00% compared to the same period last year[11] - Weighted average return on equity (ROE) was 6.02%, down 1.20 percentage points year-on-year[11] - Revenue for the reporting period was 3.35 billion yuan, a decrease of 8.29% year-on-year[19] - Net profit for the first half of 2024 was 349.62 million yuan, a decrease of 6.6% from 374.51 million yuan in the same period of 2023[84] - Basic earnings per share for the first half of 2024 were 0.44 yuan, down from 0.50 yuan in the same period of 2023[85] - Total comprehensive income for the first half of 2024 was 297.03 million yuan, a decrease of 12.4% from 339.01 million yuan in the same period of 2023[85] - Parent company revenue for the first half of 2024 was 1.59 billion yuan, down 14.6% from 1.86 billion yuan in the same period of 2023[86] - Parent company net profit for the first half of 2024 was 216.18 million yuan, a decrease of 23.3% from 281.95 million yuan in the same period of 2023[87] - Other comprehensive income for the parent company in the first half of 2024 was 30.07 million yuan, compared to a loss of 20.20 million yuan in the same period of 2023[87] Cash Flow and Liquidity - Operating cash flow was negative RMB 258.62 million, an improvement from the previous year's negative RMB 311.11 million[11] - Sales of goods and services received cash of 2,909,592,345.62 yuan in the first half of 2024, a decrease of 7.97% compared to 3,161,421,503.13 yuan in the same period of 2023[88] - Total cash inflow from operating activities was 2,972,137,705.40 yuan in the first half of 2024, down 7.70% from 3,219,966,406.89 yuan in the same period of 2023[89] - Net cash flow from operating activities was -258,620,664.47 yuan in the first half of 2024, an improvement from -311,111,267.68 yuan in the same period of 2023[89] - Net cash flow from investing activities was -187,074,202.52 yuan in the first half of 2024, compared to -90,336,774.86 yuan in the same period of 2023[89] - Net cash flow from financing activities was -113,408,742.36 yuan in the first half of 2024, compared to -14,780,954.82 yuan in the same period of 2023[89] - Cash and cash equivalents decreased by 571,843,382.65 yuan in the first half of 2024, compared to a decrease of 401,276,738.28 yuan in the same period of 2023[89] - Parent company's sales of goods and services received cash of 1,254,367,736.20 yuan in the first half of 2024, a decrease of 18.89% compared to 1,546,456,786.39 yuan in the same period of 2023[91] - Parent company's net cash flow from operating activities was -300,626,497.46 yuan in the first half of 2024, compared to -97,448,227.12 yuan in the same period of 2023[91] - Parent company's net cash flow from investing activities was 364,320,608.37 yuan in the first half of 2024, compared to 486,074,034.38 yuan in the same period of 2023[91] - Parent company's cash and cash equivalents decreased by 17,662,511.95 yuan in the first half of 2024, compared to an increase of 435,286,262.86 yuan in the same period of 2023[91] Assets and Liabilities - Total assets at the end of the reporting period were RMB 11.09 billion, a decrease of 3.55% compared to the end of the previous year[11] - Total assets at the end of the reporting period were RMB 11,085,702,496.68, a decrease from RMB 11,493,894,899.70 at the beginning of the period[76][78] - Current assets totaled RMB 7,136,647,132.09, down from RMB 7,574,334,587.07 at the start of the period[76] - Non-current assets increased slightly to RMB 3,949,055,364.59 from RMB 3,919,560,312.63[78] - Monetary funds decreased by 4.47 percentage points to 15.49% of total assets, amounting to 1,716,994,399.48 yuan[22] - Accounts receivable increased by 1.94 percentage points to 16.82% of total assets, amounting to 1,864,073,435.60 yuan[22] - Long-term loans increased by 1.39 percentage points to 4.37% of total liabilities, amounting to 484,323,776.63 yuan[22] - Total liabilities decreased from 5,665,322,653.90 yuan to 5,045,073,845.66 yuan, a reduction of approximately 11%[79] - Total assets increased from 7,715,579,479.90 yuan to 7,984,790,762.28 yuan, an increase of approximately 3.5%[82] - Long-term loans increased from 342,731,244.94 yuan to 484,323,776.63 yuan, a growth of approximately 41%[79] - Trade receivables increased from 603,988,528.14 yuan to 725,347,524.75 yuan, an increase of approximately 20%[82] - Inventory decreased from 471,288,754.76 yuan to 359,316,570.06 yuan, a reduction of approximately 24%[82] - Total equity increased from 5,828,572,245.80 yuan to 6,040,628,651.02 yuan, an increase of approximately 3.6%[79] - Short-term borrowings decreased from 100,066,666.66 yuan to 0 yuan, a complete reduction[82] - Long-term investments increased from 2,711,533,933.81 yuan to 2,858,417,124.07 yuan, an increase of approximately 5.4%[82] - Contract liabilities decreased from 598,059,494.34 yuan to 519,309,462.77 yuan, a reduction of approximately 13%[83] - Deferred tax liabilities increased from 121,773,605.99 yuan to 129,476,619.81 yuan, an increase of approximately 6.3%[83] Revenue and Costs - Operating costs decreased by 11.18% to 2.45 billion yuan[19] - R&D investment increased by 2.53% to 123.89 million yuan[19] - Domestic revenue accounted for 84.89% of total revenue, a decrease of 13.65% year-on-year[20] - International revenue increased by 40.76% to 506.28 million yuan, accounting for 15.11% of total revenue[20] - Gross profit margin for industrial product sales increased by 0.54 percentage points to 27.36%[21] - Gross profit margin in the domestic market increased by 1.83 percentage points to 25.93%[21] - Gross profit margin in the international market increased by 3.60 percentage points to 32.87%[21] - R&D expenses increased to 123.89 million yuan in the first half of 2024, up 2.5% from 120.82 million yuan in the same period of 2023[84] Investments and Financial Assets - Non-recurring gains and losses amounted to RMB 33.29 million, primarily from government subsidies and financial asset gains[15] - The company's investment in securities, specifically in Wanhua Chemical, resulted in a report period profit of 14,020,725.88 yuan[29] - The total restricted assets at the end of the reporting period amounted to 764,049,764.40 yuan, including 39,525,495.20 yuan in monetary funds and 452,816,000.00 yuan in other equity instrument investments[26] - The company's total financial assets at the end of the reporting period amounted to 2,202,027,935.25 yuan, including 1,136,062,521.10 yuan in trading financial assets[25] - The company's investment in the reporting period amounted to 28,616,509.12 yuan, compared to -13,843,151.72 yuan in the same period last year[27] - The company's trading financial assets increased from 1,095,854,478.09 to 1,138,116,653.37, primarily driven by bank wealth management products[186] - The company's accounts receivable increased from 2,038,607,429.37 to 2,196,586,056.67, with 63.1% of receivables within 1 year[189] - The company's bank acceptance notes decreased from 271,529,793.22 to 215,667,594.60, while commercial acceptance notes increased from 2,966,929.16 to 4,610,560.67[187] - The company's bad debt provision for accounts receivable increased from 148,346.46 to 230,528.03, with an additional provision of 82,181.57[188] Environmental and Social Responsibility - Beijing Huayuan Taimeng Energy-saving Equipment Co., Ltd. Baoding Branch paid a total of 0.38 million yuan in environmental protection taxes during the reporting period[45] - The company completed an emergency environmental drill in May 2024 as required by the emergency plan[44] - Yantai Moon Intelligent Machinery Technology Co., Ltd. completed an exhaust gas upgrade project in November 2023 and was no longer classified as a key pollutant discharge unit after review by local environmental regulatory authorities in January 2024[48] - The company's wastewater treatment capacity is 50M3/d, using a process of "neutralization + chemical demulsification air flotation + sand filtration + activated carbon adsorption," with treated water discharged into Lugang Sewage Treatment Plant[43] - The company's emissions of particulate matter and non-methane total hydrocarbons were 0.1333 t/a and 0.0046 t/a, respectively, well below the permitted levels of 0.914 t/a and 0.76 t/a[42] - The company's COD emissions were 0.244 t/a, total nitrogen emissions were 0.1063 t/a, total phosphorus emissions were 0.0047 t/a, and ammonia nitrogen emissions were 0.0726 t/a, all below the permitted levels[42] - The company actively participates in environmental protection, promoting energy conservation and resource recycling[50] Corporate Governance and Shareholder Information - The company did not distribute cash dividends, stock dividends, or capital reserve transfers during the reporting period[2] - The company reported no significant risks affecting its future development and operational goals[2] - The company's annual general meeting in 2023 had a 43.46% investor participation rate, held on May 8, 2024, with resolutions disclosed on May 9, 2024[37] - Cheng Weiwei was elected as a director at the 2023 annual general meeting on May 8, 2024[38] - The company has no significant litigation or arbitration cases, with a total amount involved of 2,203.50 million yuan as the plaintiff and 5.34 million yuan as the defendant[52] - The company's indirect controlling shareholder, Yantai Guofeng, is optimizing resource allocation by transferring shares, involving 102,790,679 shares (13.46% of total shares) and 71,701,983 shares (9.39% of total shares)[66] - The company has no significant related-party transactions, including daily operations, asset acquisitions, or joint investments[55][56][57] - The company has no significant guarantees, leases, or entrusted management situations during the reporting period[62][63] - The company has no penalties or rectifications during the reporting period[53] - The company and its controlling shareholders maintain good credit status with no significant unpaid debts or court judgments[54] - The company has no significant related-party debt or financial transactions with associated financial companies[58][59][60] - The company has no significant contracts or other major events during the reporting period[65][67] - Limited-sale shares decreased by 5,857 shares, from 17,835,173 shares (2.34%) to 17,829,316 shares (2.33%)[68] - Unrestricted shares increased by 5,857 shares, from 745,822,631 shares (97.66%) to 745,828,488 shares (97.67%)[68] - The total number of shares remained unchanged at 763,657,804 shares (100.00%)[68] - Restricted shares for Jiao Yuxue decreased by 5,857 shares, from 155,857 shares to 150,000 shares[69] - The largest shareholder, Yantai Moon Holding Co., Ltd., holds 102,790,679 shares (13.46%)[69] - Yantai Moon Investment Co., Ltd. holds 94,883,703 shares (12.42%)[69] - Yantai Guosheng Investment Holding Co., Ltd. holds 71,701,983 shares (9.39%)[69] - Hongta Innovation Investment Co., Ltd. holds 30,399,658 shares (3.98%)[69] - China Construction Bank - Dacheng New Industry Mixed Securities Investment Fund holds 19,314,633 shares (2.53%)[69] - National Social Security Fund 114 Portfolio holds 11,654,123 shares (1.53%)[69] Research and Development - The company's core competitiveness was further enhanced, with several products recognized for innovation and energy efficiency[17] - The company focused on intelligent manufacturing and digital transformation, deepening MCP and optimizing business processes[16] - The company strengthened technological innovation and management upgrades to enhance core competitiveness and seek structural growth opportunities, accelerating the transformation from a production-oriented to a service-oriented manufacturing model[35] Taxation and Regulatory Compliance - The company's subsidiaries in South Africa and Vietnam calculate VAT at rates of 14% and 10% respectively, while Malaysian subsidiaries pay a 10% sales tax[179][180] - The company and its subsidiaries enjoy a 15% corporate income tax rate due to their high-tech enterprise status, with certificates valid for 3 years[183] - The company's subsidiaries in Vietnam and Malaysia are subject to higher corporate tax rates of 20% and 24% respectively[181][182] - The company's subsidiaries in Cayman Islands and MENA region enjoy a 0% corporate tax rate[181] - The company's subsidiary in India is subject to a corporate tax rate of 34.61%[182] - The company's subsidiary in the US is subject to a progressive tax rate ranging from 15% to 38%[181] Inventory and Receivables - Raw materials inventory increased by 32.5% from 324.59 million to 430.08 million[198] - Finished goods inventory decreased by 33.6% from 618.65 million to 410.99 million[198] - Total inventory decreased by 9.1% from 1.45 billion to 1.32 billion[198] - Inventory impairment provision remained unchanged at 44.84 million[198][199] - Warranty and progress payments increased by 3.9% from 437.39 million to 454.62 million[200] - Impairment provision for warranty and progress payments increased by 8.9% from 31.54 million to 34.34 million[200] - Net value of warranty and progress payments increased by 3.6% from 405.85 million to 420.28 million[200] - The total bad debt provision at the end of the period was 332,512,621.07, with a provision ratio of 15.14%[190] - The provision ratio for individually assessed bad debts increased from 77.41% at the beginning of the period to 82.10% at the end of the period[190] - The provision ratio for bad debts aged 4 to 5 years is 80.00%, and for those over 5 years, it is 100.00%[191] - The top five accounts receivable at the end of the period totaled 272,565,666.70, accounting for 12.41% of the total amount[193] - Prepayments within 1 year accounted for 94.56% of the total prepayments at the end of the period[194] - The top five prepayments at the end of the period totaled 26,219,353.70, accounting for 10.66% of the total amount[194] - The total other receivables at the end of the period were 66,190,350.07, with a bad debt provision of 18,328,194.72[195][197] - The bad debt provision for other receivables decreased by 2,141,255.55 during the period[197] - The top five other receivables at the end of the period totaled 16,461,225.00, accounting for 19.48% of the total amount[197] Accounting and Financial Reporting - The company's consolidated financial statements include subsidiaries such as Yantai Moon Heat Exchange Technology Co., Ltd[102] - The company's financial statements are prepared on a going concern basis, with no significant events affecting its ability to continue operations for at least the next 12 months[103] - The company follows the Chinese Accounting Standards and relevant regulations for financial reporting, ensuring the accuracy and completeness of its financial information[104] - The company uses the RMB as its functional currency and applies specific accounting treatments for business combinations under both common control and non-common control scenarios[

- 1 - | | 万华化学集团股份有限公司 | 同一实际控制人 | 应收账款 | 0.96 | 63.55 | | 40.10 | 24.41 | 结算 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 万华化学集团物资有限公司 | 同一实际控制人 | 应收账款 | 1,404.31 | 2,772.19 | | 47.63 | 4,128.87 | 结算 | 经营性往来 | | | 万华化学集团物资有限公司 | 同一实际控制人 | 合同资产 | 420.69 | | | 420.69 | | 结算 | 经营性往来 | | | 万华化学集团物资有限公司 | 同一实际控制人 | 其他应收款 | | 6.00 | | 1.00 | 5.00 | 结算 | 经营性往来 | | | 泰和新材集团股份有限公司 | 同一实际控制人 | 应收账款 | 1.68 | | | 1.68 | | 结算 | 经营性往来 | | | 烟台东方电子电气有限公司 | 同一实际控制人 | 预付款项 | 5.31 | 3.10 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-018 冰轮环境技术股份有限公司 关于股东国有股份无偿划转的进展公告 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。 一、本次无偿划转的基本情况 冰轮环境技术股份有限公司（以下简称"公司"）收到间接控股 股东烟台国丰投资控股集团有限公司（以下简称"烟台国丰"）通知， 为深入贯彻落实市属企业优化整合工作部署要求，进一步优化资源配 置，提升运营效率，烟台国丰将烟台冰轮控股有限公司（以下简称"冰 轮控股"）持有的全部本公司 102,790,679 股股份（占公司目前已发 行股份总数的 13.46%）无偿划转至烟台国丰；将烟台国盛投资控股有 限公司（以下简称"烟台国盛"）持有的全部本公司 71,701,983 股 股份（占公司目前已发行股份总数的 9.39%）无偿划转至烟台国泰诚 丰资产管理有限公司（以下简称"国泰诚丰"）。 具体内容详见公司于 2024 年 4 月 8 日披露的《冰轮环境技术 股份有限公司关于股东国有股份无偿划转的提示性公告》（公告编号： 2024-009）及 2024 年 4 月 20 ...

证券代码:000811 证券简称:冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|--------------------|------------------------| | | | 编号:【2024】第 014 号 | | | √特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称及人员姓名 | 朱雀基金张璇 | | | 时间 | 2024 年 7 月 12 日 | | | 地点 | 公司会议室 | | 上市公司接 待人员姓名 董事会秘书孙秀欣 | --- | |------------------------------------------------------| | 活动期间谈论的主要内容如下: | | 一、讨论了公司 2023 年年报和 2024 年第一季度报告情况 | | 二、讨论了公司战略 | | 使命:推动全球可持续发展 | | 愿景:成为员工爱戴 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-017 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。 一、本次无偿划转的基本情况 冰轮环境技术股份有限公司（以下简称"公司"）收到间接控股 股东烟台国丰投资控股集团有限公司（以下简称"烟台国丰"）通知， 为深入贯彻落实市属企业优化整合工作部署要求，进一步优化资源配 置，提升运营效率，烟台国丰将烟台冰轮控股有限公司（以下简称"冰 轮控股"）持有的全部本公司 102,790,679 股股份（占公司目前已发 行股份总数的 13.46%）无偿划转至烟台国丰；将烟台国盛投资控股有 限公司（以下简称"烟台国盛"）持有的全部本公司 71,701,983 股 股份（占公司目前已发行股份总数的 9.39%）无偿划转至烟台国泰诚 丰资产管理有限公司（以下简称"国泰诚丰"）。 具体内容详见公司于 2024 年 4 月 8 日披露的《冰轮环境技术 股份有限公司关于股东国有股份无偿划转的提示性公告》（公告编号： 2024-009）及 2024 年 4 月 20 日披露的《冰轮环境技术股份有限公司 收购报告书摘要》、《冰轮 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-016 冰轮环境技术股份有限公司2023年年度权益分派实施公告 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。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1个月（含1 个月）以内，每10股补缴税款0.2元；持股1个月以上至1年（含1年）的，每10股补缴税款0.1 元；持股超过1年的，不需补缴税款。】 三、股权登记日与除权除息日 一、股东大会审议通过权益分派方案情况 冰轮环境技术股份有限公司2023年度利润分配方案已获2024年5月8日召开的2023年度股 东大会审议通过，决议公告刊登在2024年5月9日的《中国证券报》、《证券时报》、《证券 日报》及http://www.cninfo.com.cn上。公司2023年度利润分配方案为：2023年度利润以分 配总额固定的方式分配，即以2023年12月31日总股本763,657,804股为基数，向全体股东每 10股派现金1.00元（含税），现金分红总额为76,365,780.40元。 自分配方案披露至实施期间，公司股本总额未发生变 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-015 冰轮环境技术股份有限公司 本次股权划转后，公司的控股股东将由冰轮控股变更为烟台国丰， 公司的实际控制人未发生变更，仍为烟台市人民政府国有资产监督管 理委员会。 根据《上市公司收购管理办法》的规定，本次无偿划转事项可 免于发出要约收购。本次国有股份无偿划转事项尚需经深圳证券交 易所确认，并在中国证券登记结算有限责任公司深圳分公司办理过 户登记手续。公司将密切关注该事项进展情况，严格按照《深圳证 券交易所股票上市规则》等有关规定，及时履行信息披露义务，请 广大投资者理性投资，注意风险。 关于股东国有股份无偿划转的进展公告 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。 一、本次无偿划转的基本情况 冰轮环境技术股份有限公司（以下简称"公司"）收到间接控股 股东烟台国丰投资控股集团有限公司（以下简称"烟台国丰"）通知， 为深入贯彻落实市属企业优化整合工作部署要求，进一步优化资源配 置，提升运营效率，烟台国丰将烟台冰轮控股有限公司（以下简称"冰 轮控股"）持有的全部本公司 102,790,679 股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 10, 8, and 6 times for the years 2024, 2025, and 2026 respectively [4]. Core Insights - The company is expected to achieve steady growth throughout the year, benefiting from domestic circulation and dual carbon strategies. The projected net profits for 2024, 2025, and 2026 are 880 million, 1,108 million, and 1,340 million yuan respectively, with a revenue forecast of 12,148 million, 15,723 million, and 19,746 million yuan for the same years [4][19][20]. - The first quarter of 2024 saw the company achieve a revenue of 1,635 million yuan, a year-on-year increase of 4.46%, and a net profit of 122 million yuan, up 13.78% year-on-year, indicating that the performance met expectations [18][25]. Summary by Sections Financial Performance - For Q1 2024, the company reported a revenue of 16.35 billion yuan, with a year-on-year growth of 4.46%. The net profit attributable to the parent company was 1.22 billion yuan, reflecting a year-on-year increase of 13.78% [18][25]. - The company aims for revenue and profit growth rates to exceed national economic growth rates, while also focusing on reducing cost ratios and increasing R&D investment [26]. Business Strategy - The company is transitioning towards low-carbon energy industries, leveraging its strengths in energy and power engineering technology. It aims to enhance its smart control technology advantages through the integration of processes, automation, and digitalization [10]. - The operational strategy for 2024 includes a focus on high-quality development through a framework termed "Two Increases, One Decrease, Three Improvements" [26]. Market Position - The company has received recognition for its subsidiaries, with several being awarded the title of "Specialized, Refined, Unique, and Innovative" small giant enterprises by the state [18]. - The stock's closing price was reported at 11.18 yuan, with a market capitalization of 8.338 billion yuan [16]. Earnings Forecast - The projected earnings per share for 2024, 2025, and 2026 are 1.15 yuan, 1.45 yuan, and 1.75 yuan respectively, with a corresponding net profit growth rate of 34.4%, 26.0%, and 20.9% [19][20].