Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 15% compared to the CSI 300 index [1][15]. Core Insights - The company reported a revenue increase of 3.72% year-on-year, with a net profit growth of 23.30% in the first half of the year, achieving a revenue of 1.835 billion yuan and a net profit of 0.451 billion yuan [3]. - The company has shown resilience in its main product categories, including refrigeration compressors, air compressors, and vacuum pumps, despite industry pressures [3]. - The gross profit margin reached 40.5%, and the net profit margin hit a historical high of 24.63%, driven by reduced raw material costs and improved business structure [3]. - The company has maintained a strong cash collection ratio, with cash received from sales accounting for 91.61% of operating revenue [3][10]. Financial Performance - The company’s main revenue sources are projected to grow steadily, with expected revenues of 4.021 billion yuan, 4.307 billion yuan, and 4.858 billion yuan for 2024, 2025, and 2026 respectively [5]. - The net profit forecast for the same period is 0.948 billion yuan, 1.020 billion yuan, and 1.191 billion yuan, reflecting year-on-year growth rates of 9.6%, 7.6%, and 16.7% [5]. - Earnings per share (EPS) are expected to be 1.773 yuan, 1.907 yuan, and 2.226 yuan for 2024, 2025, and 2026 respectively [5]. Market Position and Strategy - The company has expanded its product offerings through strategic investments, such as increasing its stake in Hangzhou Changhe Power Technology Co., focusing on gas suspension compressors [5]. - The company is actively innovating and launching new products to capture market opportunities in sectors like cold chain logistics and semiconductor packaging [3][5]. - The company’s contract liabilities and inventory levels have increased, indicating a stable order flow, although there are concerns about potential slowdowns in the photovoltaic sector [4][5].

[Table_StockNameRptType] 汉钟精机（002158） 公司点评 业务稳定发展，盈利能力持续提高 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|-------------------------------|-----------------------------------------|--------------------------------------------------- ...

2024 年 08 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚健 S0350522030001 yaoj@ghzq.com.cn 证券分析师： 杜先康 S0350523080003 duxk01@ghzq.com.cn [Table_Title] 2024Q2 业绩稳增长，毛利率环比显著提升 ——汉钟精机（002158）2024 年中报点评 最近一年走势 事件: 汉钟精机 8 月 24 日发布 2024 年中报：2024H1 公司实现收入 18.35 亿 元，同比增长 3.72%；实现归母净利润 4.51 亿元，同比增长 23.30%； 实现扣非归母净利润 4.25 亿元，同比增长 20.84%。 投资要点: 2024Q2 业绩稳增长。分产品，2024H1 公司压缩机组实现收入 9.60 亿元，同比增长 6.96%；真空产品实现收入 6.93 亿元，同比减少 7.11%；零件及维修实现收入 1.61 亿元，同比增长 65.79%；铸件产 品实现收入 0.21 亿元，同比减少 25.99%。2024Q2 公司实现收入 10.85 亿元，同比增长 0.60%，环比增长 44.84%；实 ...

关于增加 2024 年度日常关联交易的公告 证券代码：002158 证券简称：汉钟精机 公告编号：2024-030 1、关联交易概述 公司于 2024 年 4 月 25 日召开的第七届董事会第二次会议和 2024 年 5 月 24 日召开的 2023 年度股东大会审议通过了《关于预计 2024 年度日常关联交易的议案》（公告编号： 2024-012），同意公司 2024 年度预计发生的日常关联交易如下： 2、预计增加 2024 年度日常关联交易情况 上海汉钟精机股份有限公司 关于增加 2024 年度日常关联交易的公告 本公司及董事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。 上海汉钟精机股份有限公司（以下简称"公司"或"汉钟精机"）于 2024 年 8 月 23 日 召开的第七届董事会第四次会议审议通过了《关于增加 2024 年度日常关联交易的议案》， 详情如下： 一、日常关联交易基本情况 （1）公司及子公司向江西东成销售压缩机及零部件，原预计 2024 年额度为人民币 800 万 元，现增加至人民币 1,800 万元。 1 单位：人民币 万元 关联交易类别 关联人 关联 ...

Financial Performance - The company's operating revenue for the reporting period was ¥1,834,933,350.11, representing a year-on-year increase of 3.72% compared to ¥1,769,067,478.05[11]. - The net profit attributable to shareholders was ¥450,724,131.03, reflecting a significant increase of 23.30% from ¥365,550,416.14 in the same period last year[11]. - The net profit after deducting non-recurring gains and losses was ¥424,911,867.66, up by 20.84% from ¥351,621,732.40 year-on-year[11]. - The net cash flow from operating activities reached ¥386,969,159.44, marking a 19.33% increase from ¥324,283,140.89 in the previous year[11]. - The total profit from derivative investments during the reporting period was ¥377.78 million[48]. - The total operating revenue for the first half of 2024 reached ¥1,834,933,350.11, an increase of 3.7% compared to ¥1,769,067,478.05 in the same period of 2023[120]. - Net profit for the first half of 2024 was ¥451,859,807.02, representing a 23.4% increase from ¥366,262,754.85 in the first half of 2023[121]. - The total comprehensive income for the first half of 2024 was ¥420,172,004.96, compared to ¥395,950,690.71 in the first half of 2023, reflecting an increase of 6.1%[122]. Cash Flow and Investments - The net cash flow from investment activities improved significantly by 140.77%, reaching RMB 63,235,038.96, compared to a net outflow of RMB 155,107,864.23 in the same period last year, mainly due to the maturity of financial products[40]. - Cash inflows from investment activities reached CNY 2.66 billion in the first half of 2024, significantly higher than CNY 1.33 billion in the same period of 2023, marking an increase of about 100%[125]. - The company reported a net cash outflow from financing activities of CNY 335.06 million in the first half of 2024, compared to a net outflow of CNY 217.01 million in the same period of 2023, indicating a worsening of financing conditions[125]. - The company paid CNY 321.03 million in dividends and interest in the first half of 2024, compared to CNY 247.24 million in the same period of 2023, reflecting an increase of approximately 29.8%[127]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,273,696,707.25, a decrease of 4.73% from ¥6,585,239,110.71 at the end of the previous year[11]. - The total liabilities decreased from 2,858,665,881.39 to 2,436,587,928.71, a decline of about 14.77%[116]. - The company's total equity increased from 3,726,573,229.32 to 3,837,108,778.54, an increase of approximately 2.97%[117]. - Cash and cash equivalents increased from 674,961,870.81 to 755,068,353.98, a growth of approximately 11.88%[117]. - The total number of shares outstanding is 534,724,139, with 99.79% being unrestricted shares[100]. Research and Development - The company is focusing on innovation and upgrading existing models to provide energy-efficient and environmentally friendly products[16]. - The company has successfully developed a centrifugal air compressor for the photovoltaic industry, with significant market breakthroughs expected in 2024[25]. - The company has established partnerships with leading domestic semiconductor equipment manufacturers, providing cost-effective and timely procurement solutions for clients[30]. - The company has trained 30 intermediate engineers and 2 senior engineers, enhancing its professional skills workforce to support sustainable development[80]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit and adheres to various environmental protection standards[66]. - The company has implemented a comprehensive waste management system, including hazardous waste disposal protocols[69]. - The company invested 1.0502 million RMB in environmental protection expenses, including costs for environmental technology upgrades, hazardous waste treatment, and maintenance of environmental equipment[71]. - The company actively promotes green factory initiatives, focusing on energy conservation and emission reduction as part of its long-term operational goals[83]. Corporate Governance and Compliance - The financial report is guaranteed to be true, accurate, and complete by the company's management team[1]. - The company has established a comprehensive corporate governance structure to protect the rights of shareholders and creditors, ensuring compliance with legal and regulatory requirements during the 2023 annual shareholders' meeting[74]. - The company has implemented a profit distribution policy aimed at providing reasonable returns to investors while ensuring normal operations and sustainable development[75]. - The company has not reported any significant litigation or arbitration matters during the reporting period[90]. Market and Competitive Landscape - The domestic air compressor market is facing challenges due to increased competition, prompting the company to enhance R&D in energy-saving and environmentally friendly products[23]. - The company faces market risks due to its concentration in the high-end equipment manufacturing industry, particularly in the photovoltaic and semiconductor sectors[56]. - The company is addressing customer concentration risk by enhancing product technology and expanding into new markets[57]. Risk Management - The company has outlined potential risks and corresponding countermeasures in the management discussion section[1]. - The company has established risk control measures for derivative investments, including prohibiting speculative behavior and adhering to approved transaction limits[50]. - The company is enhancing its internal control systems and management talent to address operational management risks associated with its expanding scale[60].

第七届监事会第四次会议决议公告 证券代码：002158 证券简称：汉钟精机 公告编号：2024-031 上海汉钟精机股份有限公司 第七届监事会第四次会议决议公告 本公司及监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 述或重大遗漏。 一、会议召开情况 上海汉钟精机股份有限公司（以下简称"公司"）第七届监事会第四次会议通知于 2024 年 8 月 13 日以电子邮件形式发出，2024 年 8 月 23 日以现场表决的方式召开。 1、 审议通过了关于公司《2024 年半年度报告全文及摘要》的议案 经表决，赞成 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：董事会编制和审核的公司 2024 年半年度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存 在任何虚假记载、误导性陈述或重大遗漏。 2、 审议通过了关于增加 2024 年度日常关联交易的议案 经表决，赞成 3 票，反对 0 票，弃权 0 票。 经审核，监事为认为：公司本次增加 2024 年度日常关联交易事项符合公司生产经营的 实际需要，其决策程序符合法律、法规的要求，交易价格公 ...

2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：上海汉钟精机股份有限公司 单位：万元 | 非经营性 资金占用 | 资金占用方名称 | | 占用方与上市 公司 | 上市公司核算 的会计科目 | 2024年期初往 来资金余额 | 2024年度半年 度往来累计发 生金额（不含 | 2024年度半 年度往来资 金的利息 | 2024年半年度 偿还累计发生 | 2024年6月末 末往来资金余 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的关联关系 | | | 利息） | （如有） | 金额 | 额 | | | | 控股股东、实 | | | | | | | | | | | 非经营性占用 | | 际控制人及其 | | | | | | | | | | | | | 附属企业 | | | | | | | | | | | 非经营性占用 | | 小计 | | — | — | — | | | | | | | — | | 前控股股东、 | | | | | | ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [16][67]. Core Views - The company is a leader in the photovoltaic vacuum pump industry in China, with rapid growth in performance and profitability. In 2023, the company's revenue increased by 18.0% to 3.85 billion yuan, and net profit attributable to the parent company rose by 34.2% to 860 million yuan [17][67]. - The implementation of large-scale equipment renewal policies is expected to stabilize industry demand, with the company actively developing energy-efficient products and expanding its market presence [7][18][67]. - The company's revenue is projected to reach 4.02 billion yuan in 2024, with a year-on-year growth of 4.4%, and net profit is expected to be 1.02 billion yuan, reflecting an 18.4% increase [19][38][67]. Summary by Sections Company Overview - The company, Shanghai Hanzhong Machinery Co., Ltd., established in 1998 and listed in 2007, has been focusing on vacuum pumps and compressors, becoming a leading player in the photovoltaic vacuum pump sector [17][67]. Financial Performance - The company reported a 3.7% year-on-year increase in revenue for the first half of 2024, reaching 1.83 billion yuan, with net profit growing by 24.0% to 450 million yuan [35][67]. - The projected financials for 2024-2026 indicate a steady growth trajectory, with revenues of 4.02 billion yuan, 4.62 billion yuan, and 5.39 billion yuan, respectively [19][38][67]. Market Outlook - The demand for industrial energy-saving equipment is anticipated to rise due to government policies promoting equipment upgrades and energy efficiency improvements [7][18][67]. - The company's efforts in expanding its semiconductor product line and stabilizing its photovoltaic business are expected to contribute positively to future revenue [19][67].

Financial Performance - The company's total revenue for the first half of 2024 reached ¥1,834,933,350.11, representing a 3.72% increase compared to ¥1,769,067,478.05 in the same period last year[11] - Net profit attributable to shareholders increased by 24.02% to ¥453,354,374.30 from ¥365,550,416.14 year-on-year[11] - Operating profit rose by 26.67% to ¥539,358,465.90, up from ¥425,793,749.10 in the previous year[11] - The net profit after deducting non-recurring gains and losses increased by 21.59% to ¥427,542,110.93 from ¥351,621,732.40[11] Asset Management - The total assets decreased by 4.38% to ¥6,296,632,595.52 from ¥6,585,239,110.71 at the beginning of the period[11] - The net asset per share attributable to shareholders increased by 3.03% to ¥7.14 from ¥6.93[11] Profit Growth Factors - The company attributed the profit growth to product structure adjustments, budget management, and cost reduction measures[12] Risk Awareness - The company emphasized the importance of risk awareness regarding the preliminary financial data, which is subject to change upon final audit[4] - The company did not disclose any prior earnings expectations for the first half of 2024 before this announcement[14] Return on Equity - The weighted average return on equity was 11.68%, slightly up from 11.43% in the previous year[11]

证券代码:002158 证券简称:汉钟精机 上海汉钟精机股份有限公司投资者关系活动记录表 | --- | --- | |----------------|------------------| | | 编号:2024-07-002 | | 投资者关系活动 | | 类别□新闻发布会 □路演活动 □现场参观 ☑其他:线上交流 活动参与人员 UBS、Goldman Sachs Asset Mgmt、Longrising、LyGH Capital、Harding Loevner、Neo Criterion Capital、Tenbagger Capital、华泰证券海外、宽潭资本 时间 2024 年 7 月 10 日 地点 公司 上市公司 接待人员 证券事务代表、投资者关系管理员 一、 基本情况介绍 根据公司披露的 2023 年报和 2024 年一季度报: 2023 年营业收入 38.52 亿元,同比增长 17.96%,归属于上市公司股东的净利润 8.65 亿元, 同比增长 34.24%。 2024 年一季度营收 7.49 亿元,同比增长 8.61%,归属于上市公司股东的净利润 1.46 亿元, 同比增长 25.64 ...