Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has shown significant growth in performance, with a total revenue of 1.162 billion yuan in Q3 2024, representing a year-on-year increase of 16.16%. The net profit attributable to shareholders reached 159 million yuan, up 75.34% year-on-year, with basic EPS of 0.66 yuan, also reflecting a 75.35% increase [1]. - The company's profitability and cost control capabilities are steadily improving, with a gross profit margin of 40.82%, the highest in recent years. The company benefits from industry prosperity and its leading position in the sector [1]. - The company is positioned as a leader in domestic thermal power DCS and is expected to benefit from the domestic substitution process, with a significant market share in large control systems [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.162 billion yuan, a 16.16% increase year-on-year, and a net profit of 159 million yuan, a 75.34% increase year-on-year. The sales expense ratio, management expense ratio, and financial expense ratio have decreased by 2.11%, 0.77%, and 0.04% respectively, while R&D expenses increased by 0.78%, indicating good overall cost control [1]. - The company's contract assets grew by 94.55% compared to the beginning of the year, suggesting a strong pipeline for future revenue [1]. - The company forecasts net profits of 248 million yuan, 326 million yuan, and 408 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.1, 14.6, and 11.6 [4][5]. Market Position and Industry Outlook - The domestic automation sector is witnessing a rise of domestic enterprises, particularly in process automation, driven by the energy and petrochemical sectors. The company’s self-controlled DCS products are expected to gain further market space due to the domestic substitution trend [1]. - The company is projected to maintain stable growth in revenue contributions from industrial automation and industrial internet products, with an expected increase in sales gross margin from 2024 to 2026 [1].

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a total revenue of 1.162 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 16.16%, and a net profit attributable to shareholders of 159 million yuan, which is a significant increase of 75.34% [2][3] - The company is expected to benefit from the policy push and high demand in downstream industries, maintaining a good growth trajectory in its main business [2] - The company is positioned to capitalize on the upcoming industrial software and operating system upgrades as outlined in the Ministry of Industry and Information Technology's guidelines [2] Financial Summary - For the first three quarters of 2024, the overall gross margin was 40.82%, an increase of 3.69 percentage points year-on-year [2] - The company’s revenue and profit growth rates slowed down in Q3 2024, with revenue of 357 million yuan, a year-on-year increase of 15.99%, and a net profit of 48.27 million yuan, a growth of 2.84% [2] - The company’s contract assets reached 71.28 million yuan by the end of Q3 2024, a growth of 94.55% compared to the end of 2023 [2] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.901 billion yuan, 2.430 billion yuan, and 3.109 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 35.14%, 27.78%, and 27.94% [3] - The net profit attributable to shareholders is expected to reach 239 million yuan, 313 million yuan, and 411 million yuan for the same years, with growth rates of 48.88%, 30.78%, and 31.25% respectively [3] - The earnings per share (EPS) are forecasted to be 1.00 yuan, 1.30 yuan, and 1.71 yuan for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with its DCS flagship product winning multiple large contracts [1] - The company reported a revenue of 1.162 billion yuan for Q3 2024, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 159 million yuan, up 75.34% year-on-year [1] - The company is positioned as a leader in the domestic energy and power industry with its domestically produced DCS projects [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,154 - 2023A: 1,407 - 2024E: 1,907 - 2025E: 2,436 - 2026E: 2,976 - Growth rate (yoy%): 2023A: 22%, 2024E: 36%, 2025E: 28%, 2026E: 22% [1][2] - Net profit (in million yuan): - 2023A: 161 - 2024E: 250 - 2025E: 351 - 2026E: 467 - Growth rate (yoy%): 2024E: 55.8%, 2025E: 40.0%, 2026E: 33.1% [1][2] - Earnings per share (in yuan): - 2023A: 0.67 - 2024E: 1.04 - 2025E: 1.46 - 2026E: 1.95 [1][2] - Cash flow per share: - 2023A: 0.72 - 2024E: 0.47 - 2025E: 2.10 - 2026E: 2.54 [1][2] - Return on equity (ROE): - 2023A: 8% - 2024E: 12% - 2025E: 14% - 2026E: 16% [1][2] - Price-to-earnings (P/E) ratio: - 2023A: 32.8 - 2024E: 21.0 - 2025E: 15.0 - 2026E: 11.3 [1][2] - Price-to-book (P/B) ratio: - 2023A: 2.7 - 2024E: 2.4 - 2025E: 2.1 - 2026E: 1.8 [1][2] Market Position and Strategy - The company has successfully launched various industry solutions, including smart power plants and smart chemicals, leveraging its EmpoworX platform [1] - The company aims to enhance its industrial internet capabilities and is expected to benefit from favorable policies in the domestic industrial automation sector [1]

Financial Performance - Revenue for the quarter increased by 15% compared to the same period last year [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new international markets, contributing to a 20% increase in global sales [4]. - A new distribution center was opened in Europe to support the growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products, which accounted for 25% of total sales this quarter [7]. - R&D investment increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented new supply chain management software, reducing delivery times by 15% [10]. - Production efficiency improved by 12% due to the adoption of advanced manufacturing technologies [11]. - Employee training programs were expanded, resulting in a 10% increase in productivity [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with new regulations [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor briefings [18].

证券代码：002380 证券简称：科远智慧 公告编号：2024-029 南京科远智慧科技集团股份有限公司 二、案件庭审及判决或裁决情况 2024 年 9 月 9 日，公司收到江苏省南通市崇川区人民法院(2023)苏 0602 民 初 10136 号及(2023)苏 0602 民初 9703 号两份《民事裁定书》，裁定书显示：江 苏省南通市中级人民法院已于 2023 年 9 月 6 日作出（2022）苏 06 刑初 33 号刑 事判决，被告人江某、杨某因犯金融凭证诈骗罪，均被判处无期徒刑。该案因被 告人提起上诉，江苏省高级人民法院正在审理中，尚未审结。本院经审查认为， 本案必须以上述刑事案件的审理结果为依据。因刑事案件尚未审结，本案不宜继 续审理。依照《中华人民共和国民事诉讼法》第一百五十三条第一款第（五）项、 第一百五十七条第一款第（六）项规定，裁定本案中止诉讼。 关于诉讼事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、诉讼的基本情况 南京科远智慧科技集团股份有限公司（以下简称"公司"）全资子公司南京 科远智慧能源投资有限公司（以下简称"智 ...

国浩律师（南京）事务所 关 于 南京科远智慧科技集团股份有限公司 2024 年第一次临时股东大会 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层（210036） 5,7,8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website:http://www.grandall.com.cn 2024 年 8 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于南京科远智慧科技集团股份有限公司 2024 年第一次临时股东大会之法律意见书 致：南京科远智慧科技集团股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》以及中国证券监 督管理委员会《上市公司股东大会规则》等法律法规规定，国浩律师（南京）事 务所（以下简称"本所"）接受南京科远智慧科技集团股份有限公司（以下简称"公 司"）的聘请，指派律师景忠、杨菲出席公司 2024 年第一次临时股东大会（以下 简称"本次股东大会"），并就公 ...

证券代码：002380 证券简称：科远智慧 公告编号：2024-028 南京科远智慧科技集团股份有限公司 2024年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、特别提示 1、本次股东大会无增加、否决或修改议案的情况； 2、本次股东大会未涉及变更前次股东大会决议的情况； 二、会议召开情况 1、召集人：公司董事会 网络投票时间为：2024年8月27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8月27日9:15-9:25，9:30-11:30和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：2024年8月27日9:15至 15:00期间的任意时间。 4、现场会议地点：南京市江宁区秣陵街道清水亭东路1266号 5、现场会议主持人：董事长刘国耀 6、会议的召集、召开程序符合法律、行政法规及公司章程的规定。 三、会议的出席情况 出席本次股东大会的股东及股东代表149名，代表有表决权股份125,670,942 股，占公司有表决权股份总数的52.3647%，其中：通过现场投票方式出席的 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has experienced rapid growth in H1 2024, with total revenue reaching 805 million yuan, a year-on-year increase of 16.24%, and a net profit attributable to shareholders of 110 million yuan, up 153.55% year-on-year. Excluding share-based payment expenses, the net profit increased by 169.75% [3][4] - The growth is driven by favorable policies in energy security, equipment upgrades, and the implementation of industrial artificial intelligence projects, which are gradually gaining traction [4] - The company is focusing on industrial automation, information technology, and smart solutions, with expected EPS for 2024-2026 projected at 1.03, 1.38, and 1.79 yuan, respectively, corresponding to P/E ratios of 15.12, 11.30, and 8.71 [5] Financial Performance Summary - For H1 2024, the company reported a total revenue of 805 million yuan and a net profit of 110 million yuan, with significant growth rates of 16.24% and 153.55% respectively [3] - The company’s revenue is projected to grow from 1.407 billion yuan in 2023 to 3.261 billion yuan in 2026, with annual growth rates of 21.90%, 32.00%, 32.00%, and 33.00% [6][8] - The net profit attributable to shareholders is expected to increase from 160.77 million yuan in 2023 to 429.81 million yuan in 2026, with growth rates of 137.07%, 54.04%, 33.73%, and 29.78% [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Insights - The company reported a revenue of 810 million yuan for the first half of 2024, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders reached 110 million yuan, up 153.6% year-on-year, while the net profit after deducting non-recurring items was 120 million yuan, reflecting a growth of 169.8% [1]. - The company has shown significant improvement in profitability, with a gross margin of 40.1% in H1 2024, an increase of 4.15 percentage points year-on-year. The expense ratios for sales, management, and R&D have also improved, contributing to profit elasticity [1]. - The domestic DCS market is experiencing high demand, with the company successfully securing contracts for major projects, indicating a robust order growth trend [1]. - The company is expanding its industrial AI business and accelerating overseas expansion, which is expected to open up significant growth opportunities in the long term [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.9 billion yuan, with a growth rate of 35.03%. The net profit attributable to shareholders is expected to be 255.74 million yuan, reflecting a growth rate of 59.07% [3][5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.07 yuan, with a price-to-earnings (PE) ratio of 15.02 [3][5]. - The company’s return on equity (ROE) is projected to increase to 12.22% in 2024, up from 8.60% in 2023 [3][5].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has significantly improved its profitability in the first half of 2024, achieving total revenue of 805 million yuan, a week-on-week growth of 16.24%, and a net profit attributable to shareholders of 110 million yuan, a week-on-week increase of 153.55% [2][3] - The company benefits from a high demand in downstream industries, with a strong performance in industrial automation, industrial internet, and industrial software sectors [4][5] - The company is positioned as a leading player in the domestic thermal power DCS market, expected to benefit from strong market demand and equipment replacement [5] Financial Performance - In the first half of 2024, the company achieved total revenue of 805 million yuan, a year-on-year increase of 16.24%, and a net profit of 110 million yuan, a year-on-year increase of 153.55% [3] - The overall gross margin for the first half of 2024 was 40.13%, an increase of 4.15 percentage points year-on-year [3] - The company’s revenue from industrial automation, industrial internet, and industrial software was 693 million yuan, 106 million yuan, and 0 million yuan respectively, with year-on-year growth of 28.97% and a decline of 23.35% [3] Business Outlook - The company is expected to continue benefiting from favorable industry conditions, including energy security and equipment upgrades in the industrial sector [4] - The company is actively implementing AI solutions in its operations, with projects like smart monitoring and unmanned power plants showing promising results [4] - The estimated market size for DCS system replacements and new constructions in the thermal power sector is approximately 190 billion yuan [5] Earnings Forecast and Valuation - The company is projected to achieve revenues of 1.93 billion yuan, 2.56 billion yuan, and 3.27 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 37.24%, 32.57%, and 27.83% [6] - The net profit attributable to shareholders is expected to reach 244 million yuan, 325 million yuan, and 417 million yuan for the same years, with growth rates of 51.98%, 33.13%, and 28.24% respectively [6] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 1.02 yuan, 1.36 yuan, and 1.74 yuan respectively [6]