Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% within the next six months [11]. Core Views - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 862 million yuan, a slight decrease of 0.28% [3][6]. - The semiconductor vacuum pump products have begun bulk supply, with recognition from domestic chip manufacturers, while the company is expanding its overseas factory layout [5][6]. - The photovoltaic industry is facing overcapacity, which has pressured the sales of the company's vacuum pump products, although other business segments remain stable [4]. Financial Performance Summary - In 2024, the company's compressor revenue was 2.030 billion yuan, up 4.31% year-on-year, while vacuum product revenue was 1.346 billion yuan, down 18.04% year-on-year [4]. - The company expects revenues for 2025, 2026, and 2027 to be 3.343 billion yuan, 3.587 billion yuan, and 3.976 billion yuan, respectively, with corresponding growth rates of -9.03%, 7.31%, and 10.84% [6][9]. - The projected net profit for 2025, 2026, and 2027 is 693 million yuan, 743 million yuan, and 862 million yuan, with growth rates of -19.72%, 7.33%, and 16.04% respectively [6][9]. Cost and Expense Analysis - The company reported a decrease in total expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.84%, 4.03%, 4.95%, and -1.48% respectively [4]. - The financial expenses decreased mainly due to increased exchange gains [4]. Market Expansion and Product Development - The company is actively expanding its market presence in Southeast Asia by constructing a factory in Vietnam, which has already commenced operations [5]. - The central air conditioning compressors are seeing increased applications in data centers, indicating a positive trend in product demand [5].

Group 1 - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a decrease of 0.28% year-on-year [1] - The company is focusing on technological and product innovation, market expansion, and the construction of green low-carbon smart factories to lay a solid foundation for long-term development [1] - Research and development investments are centered around technologies such as screw, centrifugal, scroll, magnetic suspension centrifugal, and gas suspension centrifugal compressors, with efforts to enhance market competitiveness through innovative product launches [1] Group 2 - The company is actively responding to national energy conservation and emission reduction requirements by initiating a green enterprise framework and conducting carbon management and energy optimization pilot projects [2] - An ESG (Environmental, Social, and Governance) management structure has been established, with plans to release the first ESG annual report by April 2025 [2] - The company is expanding its international presence by constructing a factory in Bắc Ninh, Vietnam, with plans to enhance market share and service levels in Southeast Asia [2] Group 3 - The company specializes in the research, manufacturing, and sales of screw, scroll, and centrifugal compressors, integrating its upstream and downstream supply chains [3] - It has accumulated advanced production equipment and processes over the years, along with a professional intelligent system and lean manufacturing production lines [3]

Core Viewpoint - The company, Shanghai Hanzhong Precision Machinery Co., Ltd., has released its 2024 annual report summary, highlighting its financial performance, business conditions, and future development strategies amidst a challenging market environment. Company Overview - The company operates in various sectors including commercial central air conditioning, refrigeration, heat pumps, air compressors, and photovoltaic industries, each facing unique market dynamics and challenges [4][5][8][9]. Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of 862,593,975.15 yuan, with an ending undistributed profit of 2,836,460,371.54 yuan [12][14]. - The proposed profit distribution plan includes a cash dividend of 5.80 yuan per 10 shares, totaling 310,140,000.62 yuan, with no capital reserve conversion into shares [3][12]. Industry Insights - The commercial central air conditioning market is experiencing a downward trend due to a sluggish real estate market and reduced project numbers, although demand for energy-efficient and intelligent products in niche markets remains strong [4]. - The cold chain logistics market is expanding, driven by government policies and market demand, but faces challenges from increased competition and cost pressures [4]. - The industrial heat pump market is expected to grow due to carbon reduction policies, with applications in various energy-intensive industries [5]. - The air source heat pump market is witnessing innovation and a shift towards domestic sales, particularly in northern regions due to policy changes [5]. - The photovoltaic industry is facing significant challenges with declining project initiation rates and profitability, despite a global increase in installed capacity [8][9]. - The semiconductor industry continues to grow, driven by emerging technologies, with the global market expected to reach 600 billion USD in 2024, indicating a strong demand for vacuum pumps [9][10]. Future Development Strategies - The company plans to focus on product innovation and market expansion, particularly in high-efficiency and cost-effective solutions to meet diverse customer needs [6][7][9]. - The company aims to enhance its market share in the semiconductor vacuum pump sector, leveraging its technological advancements and cost advantages [9][10].

Summary of Key Points Core Viewpoint The company HanZhong Precision Machinery announced its 2024 dividend distribution plan, proposing a cash dividend of 5.8 yuan per 10 shares, totaling 310 million yuan, which represents 35.95% of its net profit. This marks the 18th cash distribution since the company's listing. Company Financial Performance - The company reported a revenue of 3.674 billion yuan for 2024, a year-on-year decrease of 4.62% - The net profit for the same period was 863 million yuan, down 0.28% - Basic earnings per share stood at 1.6132 yuan, with a weighted average return on equity of 21.8% [3] Dividend Distribution Details - The proposed cash dividend of 5.8 yuan per 10 shares results in a dividend yield of 3.03% based on the average trading price for 2024 - The total cash distribution of 310 million yuan is equivalent to 35.95% of the company's net profit [2][5] - Historical dividend distribution data shows a consistent increase in cash dividends over the years, with the previous year's distribution also being 5.8 yuan per 10 shares [2] Market Activity - The stock experienced a net outflow of 5.4944 million yuan in principal funds on the day of the announcement, with a total net outflow of 8.5837 million yuan over the past five days [4] - The latest margin financing balance for the stock is 344 million yuan, reflecting a decrease of 5.536 million yuan, or 1.58%, over the past five days [5] Industry Context - Within the machinery equipment industry, 293 companies have announced their 2024 dividend distribution plans, with China CNR leading with a total cash distribution of 6.027 billion yuan, followed by SANY Heavy Industry and Zoomlion with distributions of 3.034 billion yuan and 2.603 billion yuan, respectively [5]

内部控制审计报告 上海汉钟精机股份有限公司 容诚审字[2025]100Z2034 号 容诚会计师事务所(特殊普通合伙) 中国·北京 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是汉钟 精机公司董事会的责任。 内部控制审计报告 容诚审字[2025]100Z2034 号 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 上海汉钟精机股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了上海汉钟精机股份有限公司（以下简称"汉钟精机公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 中国注册会计师： 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告 ...

2024 年度独立董事述职报告（周波） 上海汉钟精机股份有限公司 2024 年度独立董事述职报告—周波 各位股东及代表： 大家好！ 本人作为上海汉钟精机股份有限公司（以下简称"汉钟精机"或"公司"）的独立董事，在 任职期间严格按照《公司法》《证券法》《上市公司治理准则》《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》以及《公司 章程》和《独立董事制度》等法律法规和规章制度的规定，忠实履行职责，积极出席相关会 议，对各项议案进行认真分析、审议，对公司重大事项发表独立意见，充分发挥了独立董事 及各专门委员会委员的作用，切实维护公司利益和全体股东的权益，尤其是中小股东的合法 权益。 现将本人 2024 年度的履职情况报告如下： 一、独立董事基本情况 （一）个人基本情况 本人周波，女，中国籍，1983 年出生，博士研究生，会计学副教授，博士生导师。2012 年起就职于上海财经大学会计学院，历任助理教授、副教授、院长助理、副院长。2020 年 1 月起至今担任本公司独立董事，同时兼任新相微（股票代码：688593）及华宝基金管理有 限公司独立董事。 （二）独立性情况 ...

2024 年度独立董事述职报告（魏春燕） 上海汉钟精机股份有限公司 2024 年度独立董事述职报告—魏春燕 各位股东及代表： 大家好！ 作为上海汉钟精机股份有限公司（以下简称"公司"）的独立董事，2024 年度本人严格 按照《公司法》《证券法》《上市公司治理准则》《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》，以及《公司章程》和《独 立董事制度》等法律法规和规范性文件的规定，秉持独立、客观、公正的原则，忠实履行独 立董事职责，积极参与公司治理，切实维护公司和全体股东，尤其是中小股东的合法权益。 现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 | 会议类型 | 应出席次数 | 现场出 | 以通讯方式 | 委托出席次数 | 缺席次数 | 是否连续两次 | | --- | --- | --- | --- | --- | --- | --- | | | | 席次数 | 参加次数 | | | 未亲自出席会议 | | 董事会 | 4 | 1 | 3 | 0 | 0 | 否 | 报告期内，本人根据相关法律、行政法规和规范性文件的要求，未发生缺席会议的 ...

第三条 本制度所称舆情包括但不限于： （一）报刊、电视、网络媒体、自媒体等对公司的不实或负面报道、评论、留言等信息； 第一章 总则 第一条 为规范上海汉钟精机股份有限公司（以下简称"公司"）的舆情管理工作，建 立健全快速反应和应急处置机制，有效应对舆情风险，维护公司公众形象、商业信誉及投资 者合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司信 息披露管理办法》、《深圳证券交易所股票上市规则》等法律法规及《公司章程》，结合公 司实际情况，特制定本制度。 第二条 本制度适用于公司及纳入合并报表范围内的子公司。 舆情管理制度 上海汉钟精机股份有限公司 舆情管理制度 第四条 舆情分类： （一）重大舆情：传播范围广，严重影响公司公众形象或正常经营活动，已或可能造成 公司重大损失或股价显著波动； （二）一般舆情：除重大舆情外的其他舆情，传播范围较小，对公司影响有限。 第二章 组织体系与职责分工 第五条 公司实行"统一领导、分级负责、快速响应、协同应对"的舆情管理机制，成 立舆情应对工作小组，由董事长任组长，董事会秘书任副组长，成员由公司其他高级管理人 员及相关职能部门负责人组成。 第六条 领导 ...

重大经营与投资决策管理制度 上海汉钟精机股份有限公司 重大经营与投资决策管理制度 第一章 总 则 第一条 为规范上海汉钟精机股份有限公司（以下简称"公司"）的重大经营及对外投 资决策程序，建立系统完善的重大经营及对外投资决策机制，确保决策的科学、规范、透明， 有效防范各种风险，保障公司和股东的利益，根据有关法律、法规及《上海汉钟精机股份有 限公司章程》（下称"《公司章程》"）的规定，特制定本制度。 第二条 重大经营与投资决策管理的原则： （一）遵守国家法律、法规，符合国家产业政策。 （二）符合公司发展战略及经营规划，突出公司主营业务。 （三）严格执行决策程序，科学决策，规范管理，控制风险。 第三条 公司总经理室为公司重大经营决策的职能部门，负责重大经营事项的承揽、论 证、实施和监控； 公司证券部、财务部、合规部为公司管理投资事项的职能部门，负责公司投资项目的规 划、论证、监控以及年度投资计划的编制和实施过程的监控。 第二章 决策范围 第四条 依据本管理制度进行的重大经营与投资事项包括： (一)购买资产； (二)出售资产； (三)对外投资（含委托理财、对子公司投资等）； (四)提供财务资助（含委托贷款等）； ( ...

2024 年度独立董事述职报告（周志华） 上海汉钟精机股份有限公司 2024 年度独立董事述职报告—周志华 （二）独立性情况说明 作为公司的独立董事，经自查，本人符合《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》等相关法律法规对独立董事 独立性的要求，具备担任上市公司独立董事的任职资格，不存在影响独立性的情形，与公司 及主要股东之间无利益关联，能够独立履行职责。 二、2024 年度履职概况 （一）出席董事会会议情况 各位股东及代表： 大家好！ 作为上海汉钟精机股份有限公司（以下简称"公司"）的独立董事，2024 年度本人严格 按照《公司法》《证券法》《上市公司治理准则》《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》，以及《公司章程》和《独 立董事制度》等法律法规和规范性文件的规定，秉持独立、客观、公正的原则，忠实履行独 立董事职责，积极参与公司治理，维护公司整体利益和全体股东的权益，尤其是中小股东的 合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 （一）个人基本情况 本人 ...