Group 1: Financial Performance - The company's Q1 2025 revenue was 57,747.24 million yuan, representing a year-on-year growth of 1.21% [7] - The net profit attributable to shareholders for Q1 2025 was 8,950.26 million yuan, with a year-on-year increase of 6.94% [7] - As of the end of 2024, the company's total assets reached 6,081,865,717.78 yuan, up 4.04% year-on-year, while net assets attributable to shareholders increased by 7.20% to 3,513,514,355.60 yuan [9] Group 2: Business Expansion and Strategy - The company is actively expanding its international business, particularly in the Middle East, with a focus on oil refining and gas extraction sectors [5] - The annual production capacity for nuclear valves is sufficient to meet current market demand, with plans to increase capacity to support over 12 nuclear power units [3] - The company aims to enhance operational efficiency and shareholder returns while maintaining a focus on core business development [6] Group 3: Market Trends and Future Outlook - The nuclear energy sector is expected to grow, with projections indicating that by 2035, nuclear power generation in China could account for approximately 10% of total energy production [14] - The company is committed to sustainable development and green production practices, including the use of low-energy equipment and efficient pollution control measures [16] - The demand for nuclear valve maintenance and repair services is anticipated to increase as more nuclear power units become operational [15] Group 4: Corporate Governance and Market Position - The company emphasizes the importance of value creation and improving corporate governance to enhance market capitalization [21] - There are no undisclosed significant information leaks from the earnings call, ensuring transparency in communications with investors [22]

Core Viewpoint - Jiangsu Shentong reported a revenue of 577.47 million yuan in Q1 2025, reflecting a year-on-year growth of 1.21%, and a net profit of 89.50 million yuan, up 6.94%, indicating strong competitiveness in the nuclear valve market [1][2] Financial Performance - The company achieved a revenue of 577.47 million yuan in Q1 2025, which is a 1.21% increase compared to the previous year [1] - The net profit attributable to shareholders was 89.50 million yuan, representing a 6.94% year-on-year growth [1] Business Development - The company emphasizes sustainable development through energy conservation and green production, utilizing low-energy equipment and enhancing automation in production processes [1] - Jiangsu Shentong is committed to building an environmentally friendly manufacturing enterprise by investing in efficient pollutant treatment devices [1] Market Outlook - The demand for nuclear valves is expected to grow due to advancements in nuclear technology and its expanding application areas [1] - The company plans to increase R&D investment and new product development to drive high-quality growth [2] - Jiangsu Shentong specializes in various valve systems for industries such as metallurgy, nuclear power, petrochemicals, and coal chemical [2]

Group 1: Haida Group - Haida Group has set short-term and medium-term goals for its feed business, targeting an increase of 3 million tons by 2025 and 51.5 million tons by 2030 [1] - The company emphasizes the importance of core technological capabilities, particularly in breeding technology, farming models, and feed technology [1] - The overseas strategy focuses on Southeast Asia, Africa, and South America, with capital expenditures aimed at overseas capacity construction and domestic equipment upgrades [1] - The company is exploring a light-asset, low-risk pig farming model and aims to maintain procurement advantages through technological research and development [1] - In aquaculture, factory-based shrimp farming has become a key focus, with plans for future expansion [1] - The company plans to distribute 1.8 billion yuan in cash dividends for the year 2024 [1] Group 2: Jiangsu Shentong - Jiangsu Shentong continues to invest in R&D in the nuclear valve sector, successfully launching products that meet the requirements of third and fourth-generation nuclear power technologies [2] - The company expects to complete bidding by the end of 2025 to early 2026, with phased deliveries of nuclear valve products over the next 2-3 years [2] - The gross margin stands at 36.75%, within a normal fluctuation range [2] - The company emphasizes the management of accounts receivable and has implemented various measures to reduce bad debt risks [2] - Future profit growth is concentrated in key areas such as nuclear power, hydrogen energy, semiconductor equipment, and marine engineering [2] Group 3: Anji Technology - Anji Technology continues R&D in electroplating solutions and additives, with local production progressing smoothly in 2024 [3] - The company has seen significant growth in functional wet electronic chemicals, particularly in post-etch cleaning and post-polishing cleaning solutions [3] - The gross margin is expected to improve in 2024 due to product diversification and enhanced production efficiency [3] - The company is strengthening its supply capability of core raw materials to enhance product stability and competitiveness [3] - Product pricing is determined by market mechanisms, taking into account customer demand and other factors [3]

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]