Market Overview - The Shanghai Composite Index closed at 3346.84 points, slightly above the half-year line, with a change of -0.05% [1] - The total trading volume of A-shares reached 10338.72 billion yuan [1] Stocks Performance - A total of 231 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Junyao Health: 9.37% - Guangsha Environmental Energy: 8.42% - Longzhou Co., Ltd.: 7.79% [1] - Stocks with lower deviation rates that just crossed the half-year line include: - Wantai Biological Pharmacy: 6.51% - Huatai Securities: 6.40% - Jiayuan Technology: 6.17% [1] Notable Stocks - The top three stocks with the highest daily increase: - Junyao Health: +10.08% - Guangsha Environmental Energy: +9.23% - Longzhou Co., Ltd.: +10.02% [1] - The trading turnover rates for these stocks were also significant, with Guangsha Environmental Energy at 7.92% and Longzhou Co., Ltd. at 8.30% [1] Additional Stocks Data - Other notable stocks with their respective performance: - Huachang Communication: +19.99% with a turnover rate of 12.90% - Huali Technology: +7.44% with a turnover rate of 13.05% [1] - The data indicates a healthy trading environment with several stocks showing strong performance above the half-year line [1]

Investment Rating - The report indicates a strong investment rating for the company, highlighting its high dividend payout ratio of 68% and record profits [37]. Core Insights - The company, Xizhuang Co., specializes in high-end heat exchange pressure vessels, successfully replacing imported products and entering the global market, including partnerships with Fortune 500 companies [1][19]. - The company has achieved significant milestones in 2024, including collaborations with major clients like Shell and BASF, and has expanded its international presence to over 20 countries [29][19]. - The revenue structure shows a strong reliance on heat exchange pressure vessels, which accounted for 79% of total revenue in 2024, with a notable increase in sales from the petrochemical sector [16][26]. Summary by Sections Company Overview - Xizhuang Co. has been engaged in metal pressure vessel manufacturing for over 30 years, focusing on high-value products like high-throughput heat exchangers, benefiting from a collaborative model with East China University of Science and Technology [5][7]. Product and Market Position - The company has a competitive edge in high-throughput heat exchangers, with a gross margin of approximately 46% in 2022, significantly higher than other standard products [13][14]. - The company has established a strong client base, including major players in the oil and gas industry, and has been recognized as a strategic supplier for Shell [19][21]. Financial Performance - In 2024, the company reported a revenue of 1.53 billion yuan, marking a 22.85% increase from the previous year, with a notable rise in net profit by 79% to 250 million yuan [31][26]. - The company has maintained a healthy cash flow, generating 1.19 billion yuan from operating activities from 2018 to 2024, with a free cash flow of 690 million yuan after capital expenditures [34][35]. Strategic Initiatives - The company is committed to an internationalization strategy, focusing on high-end markets and expanding its footprint globally, which has resulted in a higher export ratio compared to peers [23][19]. - Recent projects include significant deliveries to major international clients, enhancing the company's reputation and market reach [29][19].

证券代码：001332 证券简称：锡装股份 公告编号：2025-021 无锡化工装备股份有限公司 2024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。 无锡化工装备股份有限公司（以下简称"公司"）关于 2024 年年度权益分派 方案已获 2025 年 5 月 8 日召开的公司 2024 年年度股东大会审议通过，现将权益 分派实施事宜公告如下： 一、股东大会审议通过权益分派方案的情况 （一）公司 2024 年年度股东大会审议通过的权益分派方案：以实施 2024 年度利润分配方案时股权登记日的总股本为基数，向全体股东每 10 股派发现金 红利 5 元人民币（含税），不送红股，不以公积金转增股本。按照公司现有总股 本 110,000,000 股计算，拟派发现金红利总额为 55,000,000.00 元（含税），若公 司股本总额在分配预案披露后至实施权益分派股权登记日期间因新增股份上市、 股权激励授予行权、可转债转股、股份回购等事项导致公司总股本发生变化的， 维持每股分配比例不变，相应调整分配总额，并另行公告具体实施结果。 （二）自公司 20 ...

证券代码：001332 证券简称：锡装股份 公告编号：2025-020 无锡化工装备股份有限公司 2024年年度股东大会决议公告 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。 重要提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召集人：公司董事会。 （二）会议方式：采用现场会议与网络投票相结合的方式。 （三）会议时间： 1、现场会议召开时间：2025 年 5 月 8 日下午 14:30； 2、网络投票时间为：2025 年 5 月 8 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：2025 年 5 月 8 日上午 9:15-9:25、9:30-11:30，下 午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 8 日上午 9:15-下午 15:00 期间任意时间。 （四）现场会议地点：江苏省无锡市滨湖区华谊路 36 号公司三楼会议室。 本次股东大会会议的召集、召开与表决程序符合《公司法》《深圳证券交易 所股票 ...

地址：上海市长宁区仙霞路 99 号尚嘉中心 12 层、22 层 （200051） Add: 12F&22F,L'Avenue No.99 XianXia Rd,Changning District,Shanghai,PRC 电话 Tel: +86 21 23563298 传真Fax: +86 21 23563299 网址 Website：http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 北京观韬（上海）律师事务所 关于 无锡化工装备股份有限公司 2024年年度股东大会的 法律意见书 _____________________________________ _____________________________________ 北京观韬（上海）律师事务所 法律意见书 北京观韬（上海）律师事务所 关于无锡化工装备股份有限公司 北京观韬（上海）律师事务所（以下简称"本所"）接受无锡化工装备股份 有限公司（以下简称"公司"）的委托，就公司召开 2024 年年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称《公 ...

Group 1: Industry Overview - The metal pressure vessel industry is experiencing intensified competition, with a trend towards high-end and international products [2] - Some companies are benefiting from high-value products and export growth, leading to significant increases in gross margins, revenue, and profits, while others face challenges due to costs and bad debt risks [2] Group 2: Company Performance - In 2024, the company achieved operating revenue of CNY 1,533.74 million, a year-on-year increase of 22.85% [3] - The net profit attributable to shareholders was CNY 255.16 million, reflecting a year-on-year growth of 54.64% [3] - The net profit after deducting non-recurring gains and losses was CNY 245.73 million, up 78.99% year-on-year [3] Group 3: Market and Product Development - The company focuses on high-end products and markets, emphasizing technological innovation and continuous R&D investment [3] - The company has a civil nuclear safety manufacturing license and has applied its nuclear-related products in several domestic and international nuclear power projects [3] - The company has established partnerships with renowned international firms in the high-tech shipbuilding sector [3] Group 4: Business Segmentation - In 2024, revenue distribution by application area was as follows: - Oil and petrochemical sector: 62.18% - Basic chemicals sector: 27.18% - Solar energy sector: 8.51% - High-tech ships and marine engineering: 1.01% - Nuclear power sector: 0.52% - Other sales: 0.61% [4] Group 5: Future Outlook - The company is actively exploring high-quality investment and acquisition opportunities that align with its strategic development goals [3] - As of the end of 2024, the company had an order backlog of CNY 1.719 billion, with a high capacity utilization rate [4]

Financial Performance - The company's operating revenue for Q1 2025 was ¥192,786,078.60, a decrease of 3.98% compared to ¥200,782,252.31 in the same period last year[5] - Net profit attributable to shareholders increased by 18.44% to ¥46,378,452.90 from ¥39,158,781.56 year-on-year[5] - Basic and diluted earnings per share rose by 16.67% to ¥0.42 from ¥0.36 in the same period last year[5] - Net profit for the current period was CNY 46,378,452.90, up from CNY 39,158,781.56, representing an increase of approximately 18.00%[20] Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥12,418,061.50, compared to a negative cash flow of ¥55,113,790.76 in the previous year, marking a 122.53% increase[5] - Cash flow from operating activities generated a net cash inflow of CNY 12,418,061.50, a significant improvement from a net outflow of CNY -55,113,790.76 in the previous period[22] - Investment activities generated a net cash inflow of CNY 24,725,832.23, a turnaround from a net outflow of CNY -31,970,754.80 in the previous period[22] - The company reported a significant increase in cash inflow from sales of goods and services, totaling CNY 284,554,442.21, compared to CNY 193,659,657.94 in the previous period, an increase of about 47.00%[21] - Cash and cash equivalents at the end of the period amount to CNY 1,231,323,657.20, an increase from CNY 1,194,748,041.94 at the beginning of the period[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,491,084,172.79, reflecting a 1.82% increase from ¥3,428,562,165.48 at the end of the previous year[5] - Total current assets are CNY 2,757,840,720.95, up from CNY 2,685,895,870.68 at the beginning of the period[15] - Total liabilities amount to CNY 1,051,031,279.64, compared to CNY 1,040,841,513.84 in the previous period[16] - Total equity attributable to the parent company is CNY 2,440,052,893.15, an increase from CNY 2,387,720,651.64 at the beginning of the period[16] - Inventory at the end of the period is CNY 664,255,826.55, up from CNY 581,913,448.45 at the beginning of the period[15] Expenses - Sales expenses increased by 64.55% to ¥5,941,182.96, attributed to a rise in sales personnel and related compensation[9] - Total operating costs decreased from CNY 160,063,525.20 to CNY 150,065,174.13, a reduction of about 6.19%[19] - Research and development expenses were CNY 10,880,993.47, slightly up from CNY 10,383,867.65, indicating a focus on innovation[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,888[11] - The company's equity attributable to shareholders increased by 2.19% to ¥2,440,052,893.15 from ¥2,387,720,651.64[5] Other Financial Metrics - Non-recurring gains and losses totaled ¥3,108,757.75, with government subsidies contributing ¥2,004,088.91[6] - Accounts receivable financing surged by 412.95% to ¥10,333,821.26, primarily due to an increase in bank acceptance bills[9] - Accounts receivable decreased to CNY 387,321,020.29 from CNY 423,044,084.82[15] - Non-current assets total CNY 733,243,451.84, down from CNY 742,666,294.80[15] - Contract liabilities increased to CNY 633,324,047.53 from CNY 567,154,500.11[16] - The company experienced a foreign exchange gain of CNY 791,454.00, compared to a loss of CNY -339,458.35 in the previous period, indicating improved currency management[22]

兴业证券股份有限公司 关于无锡化工装备股份有限公司 2024 年度保荐工作报告 | 保荐人名称：兴业证券股份有限公司 | 被保荐公司简称：锡装股份 | | --- | --- | | 保荐代表人姓名：王海桑 | 联系电话：021-38565732 | | 保荐代表人姓名：朱译 | 联系电话：021-38565732 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 防止关联方占用公司资源的制度、募集资金管理制度、 内控制度、内部审计制度、关联交易制度） | 是 | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 次 1 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4．公司治理督导情况 | | | （1）列席公司股东会 ...

兴业证券股份有限公司 关于无锡化工装备股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"、"保荐机构"或"本机构"） 作为无锡化工装备股份有限公司（以下简称"锡装股份"、"发行人"、"上市公司" 或"公司"）首次公开发行股票并上市项目的保荐机构，根据《证券发行上市保 荐业务管理办法》、证券交易所监管规则等相关规定及兴业证券与锡装股份签署 的《保荐协议》，兴业证券对锡装股份的持续督导时间为该上市公司上市当年及 其后 2 个完整的会计年度，锡装股份于 2022 年 9 月 20 日起在深圳证券交易所挂 牌上市，其持续督导期为 2022 年 9 月 20 日至 2024 年 12 月 31 日，现兴业证券 对锡装股份的持续督导期限已满，兴业证券根据相关法律法规，出具本保荐总结 报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）对保荐总结报告书相关事项进行 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.00, compared to the last closing price of 35.82 [1]. Core Insights - The company's 2024 performance met expectations, with revenue of 1.534 billion, a year-on-year increase of 22.85%, and a net profit of 255 million, up 54.64% [4][5]. - The company has implemented a stock incentive plan to enhance employee motivation, granting 2.5 million restricted shares, which is 2.31% of the total share capital [6]. - The company anticipates revenue growth for 2025-2027, projecting revenues of 1.671 billion, 1.803 billion, and 1.993 billion respectively, with corresponding net profits of 271 million, 300 million, and 337 million [7]. Financial Performance - The company achieved a gross margin of 32.19% in 2024, an increase of 9.04 percentage points year-on-year, attributed to a higher proportion of high-throughput heat exchanger sales and increased export revenue [5]. - The company reported a significant increase in sales orders, totaling 1.541 billion, a year-on-year growth of 3.74%, with a backlog of 1.719 billion at the end of 2024 [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.47, 2.72, and 3.07 respectively, with corresponding price-to-earnings ratios of 18.62, 14.51, and 13.15 [7].