出席本次业绩说明会的嘉宾有：董事、总裁吴建新先生、独立董事严骏先生、副总裁兼董事会秘书章其 强先生、财务总监林冬香女士、审计总监洪学超先生、保荐代表人徐开来等。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002438 证券简称：江苏神通 公告编号：2025-030 江苏神通阀门股份有限公司 关于举行2025年第一季度网上业绩说明会的公告 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。 江苏神通阀门股份有限公司（以下简称"公司"）2025年第一季度报告已于2025年4月29日刊登于巨潮资 讯网、《证券时报》《中国证券报》《上海证券报》。 为方便广大股东和投资者特别是中小投资者进一步了解公司2025年第一季度的经营情况，公司定于2025 年5月16日（星期五）下午15:00-17:00在全景网举行2025年第一季度业绩网上说明会，本次业绩说明会 将采用网络远程的方式举行，广大投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与 本次业绩说明会。 2025年5月15日 为充分尊重投资者、提升交流的针对性，现就公司20 ...

证券代码：002438 证券简称：江苏神通 公告编号：2025-030 江苏神通阀门股份有限公司 关于举行 2025 年第一季度网上业绩说明会的公告 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。 江苏神通阀门股份有限公司（以下简称"公司"）2025 年第一季度报告已 于 2025 年 4 月 29 日刊登于巨潮资讯网、《证券时报》《中国证券报》《上海证券 报》。 欢迎广大投资者积极参与本次网上说明会。 （问题征集专题页面二维码） 特此公告。 江苏神通阀门股份有限公司董事会 2025 年 5 月 15 日 1 为方便广大股东和投资者特别是中小投资者进一步了解公司 2025 年第一季 度的经营情况，公司定于 2025 年 5 月 16 日（星期五）下午 15:00-17:00 在全景 网举行 2025 年第一季度业绩网上说明会，本次业绩说明会将采用网络远程的方 式举行，广大投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net） 参与本次业绩说明会。 出席本次业绩说明会的嘉宾有：董事、总裁吴建新先生、独立董事严骏先生、 副总裁兼董事会秘书 ...

Group 1: Company Overview and Strategy - The roadshow was organized by Founder Securities, with the company's Vice President and Secretary of the Board, Mr. Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure [2] Group 2: Project Timelines and Deliverables - The ten newly approved nuclear power units are expected to complete the valve equipment bidding phase by the end of 2025 to the first quarter of 2026, with delivery to occur in 2-3 years [3] - The bidding for valves required for the 2024 approved nuclear power units is ongoing, with deliveries expected in 2026 and 2027 [4] Group 3: Financial Performance and Profitability - The gross profit margin for nuclear power valve products in 2024 is reported at 36.75%, which is within the normal fluctuation range [5] - The company has implemented effective measures for accounts receivable management to mitigate bad debt risks, ensuring overall controllable repayment risks [10] Group 4: Market Position and Product Development - The company is focusing on the development of nuclear-grade valves and has diversified its product offerings, including various types of nuclear valves and filters [9] - The company aims to establish a specialized production base for marine valves, leveraging the industrial advantages of the Nantong marine engineering base [8] Group 5: Future Growth Areas - Future growth is concentrated in nuclear power, hydrogen energy, semiconductor equipment, and marine engineering, with ongoing R&D investments to maintain technological leadership [11] - The company is also exploring opportunities in nuclear fusion technology and has committed resources to develop specialized valves for nuclear energy applications [12] Group 6: International Expansion and Market Trends - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia, particularly in oil refining and gas extraction [13] - The shift towards clean energy presents new opportunities for the company, which plans to enhance production efficiency and competitiveness through technological innovation and smart manufacturing projects [14]

江苏神通阀门股份有限公司投资者关系活动记录表 证券代码：002438 证券简称：江苏神通 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □√路演活动 | | | □现场参观 | | | | □其他（电话调研） | | | 参与单位名称及 资产 | | 方正证券、岙夏投资、长盛基金、浙商证券、高毅资产、诺德基金、磐泽 | | 人员姓名 | | | | 时间 2025 | 年 5 月 13 日 | | | 地点 | 浦东丽晶酒店 | | | 上市公司接待人 | 副总裁、董事会秘书章其强先生 | | | 员姓名 | | | | 投资者关系活动 | 公司介绍了 2024 年度及 2025 | 年一季度生产经营情况以及未来发 | | 主要内容介绍 | 展趋势等。 | | | 附件清单（如有） 具体内容详见附件：2025 | 年 | 5 月 13 日投资者调研会议记录 | | 日期 2025 | 年 5 月 13 日 | | 编号：2025-006 ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a relative increase in stock price of over 20% within the next six months [6][10]. Core Views - The company reported stable growth in its financial performance, with 2024 revenue reaching 2.143 billion yuan, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 295 million yuan, up 9.68% year-on-year [3][4]. - The nuclear power sector showed significant growth, with revenue of 743 million yuan in 2024, a 7.06% increase year-on-year, while the energy equipment sector saw a decline of 38.18% [4]. - The company achieved a record high in cash dividends for 2024, amounting to approximately 88.82 million yuan, representing 30.12% of the net profit attributable to shareholders [5]. Financial Performance Summary - For 2024, the company achieved a total revenue of 2.143 billion yuan, with a gross margin of 33.53%, an increase of 1.84 percentage points year-on-year [4][12]. - The company forecasts revenue growth for 2025-2027, expecting revenues of 2.370 billion, 2.695 billion, and 3.091 billion yuan, respectively, with year-on-year growth rates of 10.56%, 13.71%, and 14.73% [6][12]. - The net profit attributable to shareholders is projected to reach 358 million, 430 million, and 490 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 21.41%, 20.10%, and 13.89% [6][12].

公司基本情况 | 最新收盘价（元） | 11.17 | | --- | --- | | 总股本/流通股本（亿股）5.08 | / 4.69 | | 总市值/流通市值（亿元）57 | / 52 | | 周内最高/最低价 52 | 14.50 / 9.36 | | 资产负债率(%) | 42.2% | | 市盈率 | 19.23 | | 第一大股东 | 宁波聚源瑞利创业投资 | | | 合伙企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 江苏神通(002438) 证券研究报告：机械设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 业绩符合预期，核电订单同比高增 l 投资要点 事件：公司披露 2024 年年报和 2025 年一季报。 业绩符合预期，稳健增长。2024 年，公司实现营收 21.43 亿元， 同比+0.48%；实现归母净利润 2.95 亿元，同比+9.68%；实现扣非归 母净利 ...

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The hydrogen two-wheeler market is expected to see significant growth driven by policy support, with a projected domestic deployment of nearly 7,000 units in 2024, representing a year-on-year increase of over 230% [4][6] - Hydrogen two-wheelers offer advantages in energy density, range, environmental adaptability, and safety compared to lithium-ion and lead-acid models, making them suitable for B-end applications such as shared mobility and scenic transport [4][24] - The market for hydrogen two-wheelers is projected to grow from 0.9 billion yuan in 2024 to 35 billion yuan by 2030, with a compound annual growth rate (CAGR) of 84% from 2024 to 2030 [5][6] Summary by Sections 1. Policy and Market Dynamics - National top-level design and local demonstrations are accelerating the deployment of hydrogen two-wheelers, with the Ministry of Industry and Information Technology (MIIT) setting clear tasks for the industry [14][15] - Local governments are issuing supportive policies, with projections for the deployment of 20,000, 30,000, and 40,000 hydrogen two-wheelers by 2026, 2028, and 2030 respectively [19][18] 2. Safety and Economic Viability - Hydrogen two-wheelers are expected to be the first to achieve large-scale deployment in B-end applications due to their superior safety features and gradually improving economic viability [20][24] - The cost per kilometer for hydrogen two-wheelers is projected to decrease to 0.1805 yuan, although it currently remains higher than lithium-ion and lead-acid models by 35% and 13% respectively [4][6] 3. Market Potential and Growth - The shared electric vehicle market has a penetration potential of approximately 7 million units, with hydrogen two-wheelers expected to reach a penetration rate of 10% by 2030 [5][6] - The deployment of hydrogen two-wheelers is anticipated to accelerate in 2025, marking a significant year for market entry [18][19] 4. Beneficiary Companies - Key beneficiaries in the hydrogen two-wheeler market include: - Yong'an Xing (603776.SH): Leading in hydrogen two-wheeler deployment [6] - Hupu Co., Ltd. (300471.SZ): Holding a 35% stake in hydrogen technology with solid-state hydrogen storage technology [6] - Tianneng Co., Ltd. (688819.SH): Focusing on fuel cell development and partnerships in hydrogen electric bikes [6] - Shenkai Co., Ltd. (002278.SZ): Involved in hydrogen supply systems with potential for expansion in the two-wheeler sector [6] - Jiangsu Shentong (002438.SZ): Specializing in high-pressure hydrogen valve production with mass production capabilities [6]

Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The hydrogen two-wheeler market is expected to see significant growth driven by policy support, with a projected domestic deployment of nearly 7,000 units in 2024, representing a year-on-year increase of over 230% [4][6] - Hydrogen two-wheelers offer advantages in energy density, range, environmental adaptability, and safety compared to lithium-ion and lead-acid models, making them suitable for B2B applications such as shared mobility and scenic transport [4][24] - The market for hydrogen two-wheelers is projected to grow from 0.9 billion yuan in 2024 to 35 billion yuan by 2030, with a compound annual growth rate (CAGR) of 84% from 2024 to 2030 [5][6] Summary by Sections 1. Policy and Market Dynamics - National top-level design and local demonstrations are accelerating the deployment of hydrogen two-wheelers, with the Ministry of Industry and Information Technology (MIIT) setting clear targets for the industry [14][15] - Local governments are issuing supportive policies, with projections for the deployment of 20,000, 30,000, and 40,000 hydrogen two-wheelers by 2026, 2028, and 2030 respectively [19][18] 2. Safety and Economic Viability - Hydrogen two-wheelers are expected to be the first to achieve large-scale deployment in B2B scenarios due to their superior safety features and gradually improving economic viability [20][24] - The cost per kilometer for hydrogen two-wheelers is projected to decrease to 0.1805 yuan, although they currently remain 35% and 13% more expensive than lithium-ion and lead-acid models respectively [4][6] 3. Market Potential and Growth - The shared electric vehicle market has a penetration potential of approximately 7 million units, with hydrogen two-wheelers expected to capture a market share of 10% by 2030 [5][6] - The deployment of hydrogen two-wheelers is anticipated to accelerate in 2025, supported by various local policies and market demand [18][19] 4. Beneficiary Companies - Key beneficiaries in the hydrogen two-wheeler market include: - Yong'an Xing (603776.SH): Leading in hydrogen two-wheeler deployment [6] - Hupu Co., Ltd. (300471.SZ): Holding a 35% stake in hydrogen technology with competitive solid-state hydrogen storage technology [6] - Tianneng Co., Ltd. (688819.SH): Focusing on fuel cell development and partnerships in hydrogen electric bikes [6] - Shenkai Co., Ltd. (002278.SZ): Involved in hydrogen supply systems with growth potential in the two-wheeler sector [6] - Jiangsu Shentong (002438.SZ): Specializing in high-pressure hydrogen valve production with mass production capabilities [6]

证券代码：002438 证券简称：江苏神通 公告编号：2025-029 江苏神通阀门股份有限公司 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公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或重大遗漏承担责任。 重要提示： 1、本次股东大会召开期间没有增加、否决或变更议案情况发生； 2、本次股东大会采取现场投票与网络投票相结合的方式召开。 一、 会议召开情况 1、会议通知情况：公司董事会于 2025 年 4 月 15 日在《证券时报》《中国证 券报》《上海证券报》及巨潮资讯网 http://www.cninfo.com.cn 上刊登了《江苏 神通阀门股份有限公司关于召开 2024 年年度股东大会的通知》； 2、会议召开时间： （1）现场会议召开时间：2025年5月7日（星期三）下午14:00。 （2）网络投票时间为：2025年5月7日（星期三）。 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7日9:15～9:25，9:30～11:30，13:00～15:00；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7日上午9:15～下午15: ...

上海市通力律师事务所 关于江苏神通阀门股份有限公司 2024 年年度股东大会的法律意见书 致: 江苏神通阀门股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏神通阀门股份有限公司(以下简称 "公司")的委托, 指派本所徐青律师、赵伯晓律师(以下简称"本所律师")根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范性 文件(以下统称"法律法规")及《江苏神通阀门股份有限公司章程》(以下简称"公司章程") 的规定就公司 2024 年年度股东大会(以下简称"本次股东大会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有 签署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有 效的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并 不对本 ...