[Table_Main] 公司研究|工业|资本货物 证券研究报告 江苏神通(002438)公司点评报告 2025 年 04 月 30 日 [Table_Title] 核电订单高增，核电机组批复高景气 ——江苏神通 2024 年年度报告点评 [Table_Summary] 事件： 公司发布 2024 年年度报告：2024 年度公司实现营收 21.43 亿元，同比增 长 0.48%；分别实现归母/扣非归母净利润 2.95/2.76 亿元，同比分别增长 9.68%/13.05%。其中第四季度公司实现收入 5.09 亿元，同比变动- 13.63%，实现归母/扣非归母净利润分别为 0.67/0.70 亿元，同比分别变动 -0.37%/6.29%。 能源装备承压，节能环保业务高增 分行业来看，公司 2024 年核电/节能环保/冶金/能源装备行业分别实现营收 7.43/4.25/4.12/4.03 亿 元 ， 同 比 分 别 增 减 7.06%/63.06%/13.38%/- 38.18%，节能环保相关业务高增主要系津西股份 1*135MW 超超临界煤气 发电机组和邯钢能嘉钢铁有限公司河钢邯钢老区退城整合项目配套煤气加 压 ...

Core Insights - The 2025 Chinese valve industry is characterized by a "dual-track" model, with East China brands leading high-end energy sectors through technology-intensive and globalized strategies, while South China brands focus on smart scene innovations in municipal and emerging markets [18] Group 1: Leading Brands - Suzhou Neway Valve is recognized as a technical benchmark, dominating the deep-sea oil and gas sector with the world's first 1500-meter deep-sea ball valve, certified to withstand 25000 psi [1][13] - China Nuclear Suval Technology is the only domestic company with full qualifications for nuclear-grade valves, achieving over 90% localization in third-generation nuclear power valves [3] - Jiangsu Shentong Valve holds a 53% market share in nuclear butterfly valves and has a 70MPa hydrogen refueling valve certified by Germany's TÜV [5] Group 2: Specialized Brands - Shanghai Guanlong Valve leads in the municipal water sector, with smart control valves covering 80% of municipal water supply projects and IoT technology reducing energy consumption by 30% [7] - Shanghai Qizhong Valve specializes in corrosion-resistant valves made from titanium and Hastelloy, with military products included in national procurement lists [9] - Sanhua Holdings Group dominates the thermal management valve market for new energy vehicles, holding a 38% global market share [11] Group 3: Technological Breakthroughs - The thorium-based molten salt reactor control valve has achieved a 57% reduction in production costs and has received IAEA certification [6] - Jiangsu Shentong's 70MPa hydrogen refueling valve has achieved a significant breakthrough in domestic production and has been certified by Germany's TÜV [14] - The AI health monitoring system from Di Ai Zhi Control has reduced failure rates by 62%, covering the entire lifecycle management of water supply networks [15] Group 4: Market Trends and Regional Competitiveness - High-end technology is concentrated in East China (Yangtze River Delta), where companies dominate nuclear power and deep-sea oil and gas sectors, with leading brands achieving over 40% of overseas revenue [16] - Specialized markets in South China (Pearl River Delta) focus on smart water management and IoT technologies, with municipal project coverage exceeding 80% and accelerating expansion into Southeast Asia [17]

Core Insights - The article discusses the evolving landscape of the valve industry in China, highlighting key players and market dynamics leading up to 2025 [2][3]. Group 1: Industry Restructuring Drivers - Breakthroughs in technology barriers have led to a 60% domestic replacement rate in nuclear power, deep-sea, and hydrogen energy sectors, with Suzhou Neway's deep-sea ball valve breaking the European and American monopoly [2]. - The acceleration of smart technology integration has resulted in a 99.7% quality rate for AI inspections and a 30% reduction in energy consumption for IoT valves [2]. - Emerging markets in Southeast Asia and the Middle East have seen a 40% increase in orders, with Shanghai Guanlong winning contracts for smart water projects through ASEAN free trade agreements [2]. - The imposition of carbon tariffs is pushing for low-carbon technologies, with Far East Valve's low-carbon stainless steel valves reducing carbon footprints by 40% [2]. Group 2: New Brand Landscape in 2025 - The top three companies in terms of comprehensive strength are Suzhou Neway Valve, China Nuclear Su Valve Technology, and Jiangsu Shentong Valve, with significant market shares in their respective fields [2]. - Suzhou Neway Valve holds a global market share in deep-sea ball valves, particularly for LNG ship valves, at 40%, and has a 42% overseas revenue share [2]. - China Nuclear Su Valve is the only domestic company with full qualifications for nuclear-grade valves, achieving over 90% localization in nuclear power valves [2]. - Jiangsu Shentong Valve has a 53% market share in nuclear-grade butterfly valves and has received TÜV certification for its hydrogen valves [2]. Group 3: Sector Leaders in Specific Fields - Shanghai Guanlong Valve leads in municipal and energy-saving sectors, with smart flow control valves covering 80% of municipal projects and reducing pipeline leakage rates to below 5% [2]. - Shanghai Qizhong Valve has seen a 180% annual increase in orders for new energy lithium battery valves and is recognized for its corrosion-resistant titanium alloy valves in military applications [2]. - Zhejiang Chaoda Valve excels in the petrochemical sector, with hydrogen sulfide-resistant valves lasting twice as long as the industry average and ranking among the top three in national export volume [2]. Group 4: Technological Innovation - Sanhua Holdings has a 38% global market share in thermal management valves for new energy vehicles, compatible with Tesla's 4680 battery system, and has reduced CO₂ refrigerant costs by 57% compared to Japanese competitors [3]. - AI monitoring systems from Di Ai Zhi Control Technology have decreased failure rates by 62%, covering smart pipeline networks in Beijing [3]. Group 5: Industry Trends and Procurement Recommendations - In high-end sectors, nuclear power valves should prioritize ASME certification or nuclear-grade qualifications, favoring China Nuclear Su Valve and Neway [3]. - For deep-sea and LNG applications, DNV certification is mandatory, with Neway's deep-sea ball valve setting industry standards [3]. - IoT valves can lower maintenance costs by 30%, while low-carbon valves have a 40% reduction in carbon footprints, with brands like Far East and Sanhua achieving EU certifications [3]. - The acceleration of domestic material substitution is evident, with Tai Steel's super duplex steel showing 30% better corrosion resistance than US standards [3].

Core Viewpoint - The company has announced the termination of a specific stock issuance plan and the transfer of part of its equity in a subsidiary, aiming to optimize its investment structure and support the independent development of its semiconductor business [10][36]. Financial Data Summary - The company reported a 62.43% increase in net cash flow from operating activities compared to the same period last year, attributed to higher cash receipts from sales [7]. - Other income increased by 98.39% year-on-year, mainly due to government subsidies received by a subsidiary [6]. - Investment income surged by 1100.73% year-on-year, driven by increased bank wealth management returns [6]. - The company’s total liabilities increased by 75.89% year-on-year, primarily due to higher VAT and income tax obligations [5]. Equity Transfer Details - The company plans to transfer part of its equity in the semiconductor subsidiary, with the total valuation set at 135 million yuan, resulting in a transfer price of 3.13 million yuan for one portion and 12 million yuan for another [21][23]. - The equity transfer involves related parties, including the company's chairman and some executives, necessitating their recusal from voting on the matter [12][47]. - Following the equity transfer, the company will no longer consolidate the subsidiary's financials, as its ownership will drop below 50% [32][36]. Board and Supervisory Meetings - The board and supervisory meetings held on April 27, 2025, approved the equity transfer and the change in partnership nature for a related entity, with all procedures complying with relevant laws [33][35]. - Independent directors expressed that the equity transfer aligns with the company's strategic planning and does not harm the interests of minority shareholders [48].

Core Insights - The company reported a revenue of 2.143 billion yuan for 2024, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 295 million yuan, up 9.68%, meeting expectations [1] Revenue and Profit Analysis - The nuclear power sector saw a revenue increase of 7.06% year-on-year, with a gross margin of 36.75%, down 3.09 percentage points [2] - The metallurgy sector experienced a revenue growth of 13.38% year-on-year, with a gross margin of 29.12%, down 2.27 percentage points [2] - The energy services sector benefited from a rise in demand for contract energy management, with revenue increasing by 63.06% year-on-year and a gross margin of 35.86%, up 0.45 percentage points [2] - The energy sector faced a revenue decline of 38.18% year-on-year, but the gross margin improved by 5.06 percentage points to 16.97% [2] Order and Product Structure - The company secured new orders worth 2.521 billion yuan in 2024, a decrease of 13.55% year-on-year [2] - Metallurgy orders amounted to 409 million yuan, down 9.31% year-on-year, while energy orders were 193 million yuan, down 8.53% year-on-year [2] - Nuclear power orders reached 1.102 billion yuan, a significant increase of 37.24% year-on-year, accounting for 43.7% of new orders, up 16.2 percentage points [2] Research and Development - The company increased its R&D expenditure, with an R&D expense ratio of 4.71% in 2024, up 0.28 percentage points year-on-year [3] - The company is positioned to benefit from the rising domestic production rate of nuclear power valves and has a comprehensive product range in hydrogen energy [3] - Long-term investments in the semiconductor equipment sector are aimed at providing critical components for the semiconductor and photovoltaic industries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.392 billion yuan, 2.592 billion yuan, and 2.743 billion yuan, representing year-on-year growth rates of 11.59%, 8.36%, and 5.83% respectively [4] - Net profit forecasts for the same years are 325 million yuan, 365 million yuan, and 406 million yuan, with growth rates of 10.15%, 12.31%, and 11.26% respectively [4] - Earnings per share (EPS) are projected to be 0.64 yuan, 0.72 yuan, and 0.80 yuan for 2025, 2026, and 2027 respectively [4]

证券代码：002438 证券简称：江苏神通 公告编号：2025-026 江苏神通阀门股份有限公司 关于转变南通瑞恒合伙人性质及转让神通半导体部分股权 暨关联交易的公告 为满足神通半导体产业投资方对于其独立发展的要求、实现神通半导体的长 足发展，公司现转变南通瑞恒的合伙人性质，上海神通企业发展有限公司（以下 简称"上海神通"）由普通合伙人转变为有限合伙人，所持有财产份额不变；同 时南通瑞恒的有限合伙人变更为普通合伙人并负责执行合伙事务。 同时，公司拟将其直接持有神通半导体的部分股权分别以 313 万元、1,200 万元转让给启东泉汇通企业管理合伙企业（有限合伙）（以下简称"泉汇通"）和 公司高管团队及其他投资方。泉汇通为神通半导体核心团队组成的合伙企业，不 涉及具体经营业务。 该等普通合伙人及有限合伙人的身份转变及公司直接持有的神通半导体部 分股权转让完成后，南通瑞恒及神通半导体不再纳入公司合并报表范围。此外， 为充分激发公司及神通半导体经营管理团队和核心技术骨干员工的积极性，增强 对新引进人才的吸引力，支持神通半导体的高效发展，公司在神通半导体设立时 即计划将上海神通所持有的南通瑞恒财产份额用作对神通半导体核 ...

证券代码：002438 证券简称：江苏神通 公告编号：2025-025 江苏神通阀门股份有限公司 第六届监事会第二十二次会议决议公告 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、会议召开情况 1、会议通知的时间和方式：本次会议已于 2025 年 4 月 17 日以电话或电子 邮件方式向全体监事发出了通知； 4、会议主持及列席人员：本次会议由陈力女士主持，公司部分高级管理人 员列席会议； 5、会议合规情况：本次监事会会议的召开符合《公司法》《证券法》及《公 司章程》的规定。 二、会议审议情况 1 1、关于公司 2025 年一季度报告的议案 董事会编制和审议的公司 2025 年一季度报告的程序符合法律、行政法规和 中国证监会、深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2025 年一季度的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票；反对 0 票；弃权 0 票。该议案获得通过。 2、会议召开的时间、地点和方式：本次会议于 2025 年 4 月 27 日在本公司 总部 1204 多功能会议室以现场方式召开； ...

Financial Performance - The company's revenue for Q1 2025 was CNY 577,472,364.87, representing a 1.21% increase compared to CNY 570,566,604.49 in the same period last year[3] - Net profit attributable to shareholders was CNY 89,502,578.69, up 6.94% from CNY 83,694,808.60 year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 90,108,546.28, an increase of 11.97% compared to CNY 80,474,775.05 in the previous year[3] - Basic earnings per share rose to CNY 0.1763, reflecting a 6.91% increase from CNY 0.1649 year-on-year[3] - Total operating revenue for the current period reached ¥577,472,364.87, an increase from ¥570,566,604.49 in the previous period, reflecting a growth of approximately 1.59%[17] - Operating profit for the current period was ¥103,701,215.60, up from ¥93,979,778.32, representing an increase of approximately 10.67%[18] - Net profit for the current period was ¥89,006,624.30, compared to ¥83,694,624.75 in the previous period, marking a growth of around 6.67%[18] - Basic earnings per share increased to ¥0.1763 from ¥0.1649, reflecting a rise of approximately 8.49%[18] Cash Flow - The net cash flow from operating activities improved significantly, reaching CNY -36,594,639.74, a 62.43% increase from CNY -97,410,048.26 in the same period last year[3] - Operating cash flow for the current period was -36,594,639.74 CNY, an improvement from -97,410,048.26 CNY in the previous period[19] - Cash received from sales of goods and services was 503,783,292.70 CNY, an increase from 460,147,890.92 CNY in the prior period[19] - Cash paid for goods and services was 414,408,895.29 CNY, a decrease from 434,347,396.45 CNY in the previous period[19] - Cash received from investment income was 11,226,956.40 CNY, significantly higher than 750,919.40 CNY in the previous period[19] - Cash paid for employee compensation was 70,848,720.18 CNY, an increase from 64,225,449.36 CNY in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,077,183,650.14, a slight decrease of 0.08% from CNY 6,081,865,717.78 at the end of the previous year[3] - Total liabilities decreased to ¥2,453,600,601.29 from ¥2,567,289,293.23, a reduction of about 4.43%[15] - Total equity increased to ¥3,623,583,048.85 from ¥3,514,576,424.55, showing a growth of approximately 3.10%[15] - Inventory rose to ¥880,456,789.19 from ¥869,458,684.91, indicating an increase of about 1.14%[15] - Long-term equity investments slightly decreased to ¥49,808,317.34 from ¥50,794,171.41, a decline of approximately 1.95%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 26,165[11] - The largest shareholder, Ningbo Juyuan Ruili Venture Capital Partnership, holds 16.29% of shares, totaling 82,678,557 shares, with 23,590,000 shares pledged[11] - The total number of shares held by the top ten unrestricted shareholders includes 82,678,557 shares from Ningbo Juyuan Ruili and 35,071,863 shares from Huzhou Fenglin Huoshan Equity Investment Partnership[11] - The company has not disclosed any related party transactions among its shareholders[11] Other Income and Investments - Other income increased by 98.39% year-on-year, primarily due to government subsidies received by a wholly-owned subsidiary[8] - Investment income surged by 1100.73% compared to the previous year, attributed to increased bank wealth management income[8] - The net cash flow from investing activities increased by 216.99%, mainly due to the recovery of investment funds from a subsidiary[9] - Total cash inflow from investment activities increased significantly to 694,408,842.78 CNY, compared to 80,109,519.40 CNY in the prior period[19] - Net cash flow from investment activities was 205,985,085.69 CNY, a turnaround from -176,063,861.73 CNY in the previous period[19] Financial Condition - The company’s financial condition is reported as stable, with ongoing project construction proceeding as planned[12] - The company decided to terminate the issuance of shares to specific investors and will utilize its own and self-raised funds for the "High-end Valve Intelligent Manufacturing Project"[12] - The company reported a total of ¥97,347,238.84 in trading financial assets, down from ¥132,257,324.28[13] - The company’s prepayments increased slightly to ¥77,817,760.69 from ¥75,436,092.24[13] - The company's cash and cash equivalents decreased to ¥409,747,324.92 from ¥530,491,142.27[13]

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。 1、会议通知的时间和方式：本次会议已于 2025 年 4 月 17 日以电话或电子 邮件方式向全体董事、监事和高级管理人员发出了通知； 一、会议召开情况 证券代码：002438 证券简称：江苏神通 公告编号：2025-024 江苏神通阀门股份有限公司 第六届董事会第二十三次会议决议公告 2、会议召开的时间、地点和方式：本次会议于 2025 年 4 月 27 日在本公司 总部 1204 多功能会议室以现场结合通讯表决的方式召开； 3、会议出席情况：本次会议应出席董事 7 名，实际出席 7 名； 4、会议主持及列席人员：鉴于公司董事长韩力先生通过远程会议系统参会 不能现场主持本次董事会，根据公司章程规定，会议由公司全体董事一致推选董 事兼总裁吴建新主持，公司监事、部分高级管理人员列席会议； 5、会议合规情况：本次董事会会议的召开符合《公司法》《证券法》及《公 司章程》的规定。 二、会议审议情况 1、关于公司 2025 年一季度报告的议案 董事会编制和审议的公司 2025 年一季度报告的程序符合法律、行政法规和 中国证 ...

江苏神通阀门股份有限公司 第六届董事会独立董事专门会议 2025 年第三次会议决议 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董 事管理办法》《上市公司治理准则》《江苏神通阀门股份有限公司章程》以及公司 《独立董事制度》等相关规定，公司于 2025 年 4 月 27 日以通讯会议的方式召开 了第六届董事会独立董事专门会议 2025 年第三次会议，本次会议由公司过半数 独立董事共同推举独立董事严骏召集并主持，应出席独立董事 3 人，实际出席独 立董事 3 人，会议的召集、召开和表决程序符合《公司章程》《独立董事制度》 等规定，经各位独立董事认真审议，会议形成了如下决议： 1、关于转变南通瑞恒合伙人性质及转让神通半导体部分股权暨关联交易的 议案 本次股权转让符合公司战略规划和发展需要，有利于神通半导体的长远发展。 不存在上市公司向关联方输送利益的情形，也不存在损害公司和股东特别是损害 中小股东利益的情况。 因此，同意该议案内容，并同意将该议案提交公司第六届董事会第二十三次 会议审议。 1 （以下无正文，为江苏神通阀门股份有限公司第六届董事会独立董事专门会议 2025年第三次会议决议之签字页 ...