Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting the stock price to outperform the industry index by over 15% in the next six months [25]. Core Views - The company achieved a revenue of 2.133 billion yuan in 2023, representing a year-on-year growth of 9.1%, and a net profit of 269 million yuan, up 18.2% year-on-year [15][19]. - The diversification of downstream industries is expected to support long-term growth, with significant contributions from sectors such as energy and semiconductor equipment [2][3][19]. - The company plans to raise 300 million yuan through a private placement to fund a high-end valve intelligent manufacturing project, which is anticipated to enhance its capabilities in the nuclear power sector [27]. Financial Summary - Revenue is projected to grow from 2.133 billion yuan in 2023 to 3.424 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 18.2% [1]. - The net profit is expected to increase from 269 million yuan in 2023 to 481 million yuan in 2026, with corresponding EPS rising from 0.53 yuan to 0.95 yuan [1][19]. - The company's return on equity (ROE) is forecasted to improve from 8.2% in 2023 to 11.1% in 2026 [1]. Order and Revenue Breakdown - In 2023, the company secured new orders totaling 2.916 billion yuan, with significant contributions from various sectors including nuclear energy and metallurgy [16]. - The revenue from the energy service sector saw a notable increase of 64.01% year-on-year, driven by new projects coming online [2]. Strategic Initiatives - The establishment of "Shentong New Energy" focuses on the development of high-pressure valves for hydrogen energy applications, indicating a strategic move towards emerging energy sectors [3]. - The company is also advancing in the semiconductor equipment sector through its subsidiary "Shentong Semiconductor," which is currently in the prototype validation stage for key components [3].

证券代码：002438 证券简称：江苏神通 公告编号：2024-031 江苏神通阀门股份有限公司 关于举行 2024 年第一季度网上业绩说明会的公告 为充分尊重投资者、提升交流的针对性，现就公司 2024 年第一季度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 9 日（星期四）15:00 前访问 https://ir.p5w.net/zj/，或扫描下 方二维码，进入问题征集专题页面。公司将在 2024 年第一季度业绩说明会上， 对投资者普遍关注的问题进行回答。 江苏神通阀门股份有限公司（以下简称"公司"）2024 年第一季度报告已 于 2024 年 4 月 30 日刊登于巨潮资讯网、《证券时报》《上海证券报》。 江苏神通阀门股份有限公司董事会 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 2024 年第一季 度的经营情况，公司定于 2024 年 5 月 10 日（星期五）下午 15:00-17:00 在全 景网举行 2024 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 " ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 570,566,604.49, representing a 14.78% increase compared to CNY 497,091,458.19 in the same period last year[2] - Net profit attributable to shareholders for Q1 2024 was CNY 83,694,808.60, up 10.17% from CNY 75,969,470.17 in the previous year[2] - The net profit after deducting non-recurring gains and losses was CNY 80,474,775.05, reflecting a 12.65% increase from CNY 71,439,637.32 year-on-year[2] - Total operating revenue for Q1 2024 reached ¥570,566,604.49, an increase of 14.77% compared to ¥497,091,458.19 in the same period last year[22] - Net profit for Q1 2024 was ¥83,694,624.75, representing a growth of 10.36% from ¥75,969,470.17 in Q1 2023[23] - The total comprehensive income for the first quarter of 2024 was approximately ¥83.69 million, compared to ¥75.97 million in the same period last year, representing an increase of about 10.5%[24] - Basic and diluted earnings per share for the first quarter were both ¥0.1649, up from ¥0.1497 in the previous year, indicating a growth of approximately 10.1%[24] Assets and Liabilities - The company's total assets at the end of Q1 2024 were CNY 5,726,490,283.87, a decrease of 2.04% from CNY 5,845,909,153.64 at the end of the previous year[2] - Total assets decreased to ¥5,726,490,283.87 from ¥5,845,909,153.64, a decline of 2.03%[20] - Total liabilities decreased to ¥2,365,097,645.02 from ¥2,568,211,139.54, a reduction of 7.91%[20] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 97,410,048.26, which is a 2.66% increase in outflow compared to CNY 94,888,134.01 in the same period last year[2] - Cash inflows from operating activities totaled ¥468.41 million, down from ¥548.49 million year-over-year, reflecting a decrease of about 14.6%[26] - The net cash outflow from operating activities was ¥97.41 million, slightly worse than the previous year's outflow of ¥94.89 million[27] - Cash inflows from investment activities were ¥80.11 million, significantly lower than ¥242.69 million in the prior year, marking a decline of approximately 67.0%[27] - The net cash outflow from investment activities was ¥176.06 million, compared to an outflow of ¥166.08 million in the same period last year[27] - Cash inflows from financing activities amounted to ¥472.97 million, an increase from ¥250.00 million year-over-year, representing a growth of approximately 89.2%[27] - The net cash outflow from financing activities was ¥78.76 million, an improvement from the previous year's outflow of ¥101.06 million[27] - The ending cash and cash equivalents balance was ¥269.95 million, down from ¥428.94 million at the end of the previous year, indicating a decrease of about 37.0%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,324[9] - The top shareholder, Ningbo Juyuan Ruili Venture Capital Partnership, holds 82,678,557 shares, accounting for a significant portion of the company's equity[12] - The report highlights the involvement of major shareholders in financing activities, with specific details on shareholding structures provided[12] Investments and Projects - The company plans to raise 300 million RMB through a private placement to fund high-end valve intelligent manufacturing projects, focusing on specialized valves for the nuclear energy sector[14] - The company received approval from the National Nuclear Safety Administration for the renewal of its civil nuclear safety equipment manufacturing license for its wholly-owned subsidiary, Wuxi Flange[15] - The company aims to enhance its R&D and manufacturing capabilities for high-end valves, addressing domestic needs and expanding export potential[14] - The report indicates that the company is actively engaged in the development of core technologies for high-end valves, aiming for self-sufficiency in nuclear power valve manufacturing[14] - The company is committed to strengthening its supply chain for high-end valve components, particularly in the nuclear energy sector[14] Operational Metrics - The weighted average return on equity was 2.52%, a slight decrease of 0.02 percentage points compared to 2.54% in the previous year[2] - Total operating costs for Q1 2024 were ¥471,059,941.42, up 15.03% from ¥409,462,061.75 in Q1 2023[22] - The company reported R&D expenses of ¥19,160,136.03, slightly down from ¥20,188,624.49 in the previous year[23] - Long-term equity investments slightly decreased to ¥50,587,292.47 from ¥51,369,775.58[19] - The company experienced a 66.75% increase in long-term borrowings, indicating new financing activities during the reporting period[6] Audit and Reporting - The company has not undergone an audit for the first quarter report[29] - The company’s financial report for Q1 2024 is pending, with expectations for improved performance metrics[17]

➢ 受益核电发展球阀、蝶阀、法兰增长，节能服务产品高增 公 司 报 告│ 公 司 年 报 点 评 江苏神通(002438) 2024 年 04 月 26 日 ➢ Q4 扣非利润高增，毛利率提升 业绩符合预期，核电行业高景气度带动发展 公司 2023Q4 实现营业收入 5.9 亿元，同比+16.18%，实现归母净利润 0.67 亿元，同比+38.71%，实现扣非归母净利润 0.66 亿元，同比+83.65%。 公司 2023 年实现毛利率 31.69%，同比+1.84pct，实现净利率 12.6%，同比 +0.96pct，主要系高毛利率核电、节能服务产品同比提升所致。 公司为核电阀门主要供应商，2008 年至今公司获得已招标核级蝶阀、核级 球阀 90%以上订单，受益核电核准开工加速，2023 年公司蝶阀/球阀/法兰 及锻件/地坑过滤器营收分别为 5.21/1.70/7.01/0.4 亿元，同比增长分别 为 16.83%/16.79%/16.29%/37.4%。受益钢铁行业节能降碳需求，公司节能 业务快速发展，2023 年实现营收 2.61 亿元，同比+64.01%。 相关报告 1、《江苏神通（002438）：盈 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of 10.05 to 13.4 CNY for 2024, based on a PE ratio of 15-20 times [6][10]. Core Insights - The company achieved stable revenue growth in 2023, with a total revenue of 21.33 billion CNY, representing a year-on-year increase of 9.10%. The net profit attributable to shareholders was 2.69 billion CNY, up 18.16% year-on-year [13][21]. - The company has a strong order intake, securing new orders worth 2.916 billion CNY in 2023, a 21% increase year-on-year. Key segments include nuclear energy, metallurgy, and energy equipment [5][15]. - The company is expanding into nuclear chemical and nuclear power applications, as well as military products and high-pressure hydrogen valves, indicating a diversified growth strategy [6][15]. Financial Performance - In 2023, the company reported a gross margin of 31.69%, an increase of 1.84 percentage points year-on-year, and a net margin of 12.60%, up 0.97 percentage points [21][30]. - The company’s revenue projections for 2024-2026 are 26.10 billion CNY, 31.62 billion CNY, and 38.00 billion CNY, respectively, with net profits expected to reach 3.39 billion CNY, 4.22 billion CNY, and 5.08 billion CNY [6][16]. Product and Segment Analysis - Revenue from key products such as flanges and forgings, butterfly valves, and ball valves has shown consistent growth, contributing significantly to overall revenue [4][14]. - The nuclear power segment is highlighted as a growth driver, with the company being a leading supplier in the domestic market, maintaining a high bid win rate of over 90% [15][30]. Cost and Efficiency Metrics - The company’s expense ratio increased slightly to 16.47% in 2023, compared to 15.64% in the previous year, with sales, management, and R&D expenses showing varied trends [21][30]. - Key performance indicators per employee improved, with revenue per employee at 1.3578 million CNY and profit per employee at 171,100 CNY, reflecting operational efficiency [21].

国泰君安证券股份有限公司 关于江苏神通阀门股份有限公司 非公开发行股票持续督导之保荐工作总结报告书 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 江苏神通阀门股份有限公司（以下简称"江苏神通"或"公司"或"发行人"） 非公开发行A股股票项目的持续督导机构，持续督导期截至2023年12月31日。 截至本报告出具之日，持续督导期限已届满，国泰君安现根据《证券发行上市保 荐业务管理办法》（2023 年修订）和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定，出具本持续督导保荐工作总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐工作总结报告书和证明文件及其相关资料的内容不存在虚假记载、 误导性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承 担法律责任。 2、本保荐机构及本人自愿接受中国证券监督管理委员会（以下简称"中国 证监会"）对保荐工作总结报告书相关事项进行的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 根据中国证监会的相关规定，国泰君安对江苏神通的 ...

国泰君安证券股份有限公司 关于江苏神通阀门股份有限公司 四、其他事项 | 报告事项 | 说 明 | | --- | --- | | 1.保荐代表人变更及其理由 | 无 | | | 1、中国证券监督管理委员会安徽监管局行政监 | | | 管措施决定书【2023】46 号 | | | 年 月 日，因在保荐滁州多利汽车科 2023 11 17 | | | 技股份有限公司首次公开发行股票并上市过程 | | | 中，未勤勉尽责，存在对发行人董监高资金流水 | | | 的穿透核查程序不充分等问题，不符合《证券发 | | | 行上市保荐业务管理办法》第五条相关规定，安 | | 2.报告期内中国证监会和本所对保荐机 | 徽证监局对国泰君安、李懿、蔡伟成采取出具警 | | 构或者其保荐的公司采取监管措施的事 | | | 项 | 示函的行政监管措施。 | | | 2、深圳证券交易所自律监管措施【2023】788 | | | 号 | | | 年 月 日，因在保荐科都电气股份有 2023 11 27 | | | 限公司首次公开发行股票并在创业板上市过程 | | | 中，存在未充分核查并督促发行人及时整改财务 | | | 内控不规范情 ...

⚫ 各业务较为均衡，节能服务为增长亮点。各业务的情况来看，冶金行业 / 核 电 行 业 / 能 源 行 业 / 节能服务 行 业 分别占 当期收入的 17.1%/32.6%/30.6%/12.2%，同比-22.4%/+10.5%/+12.2%/+64.0%， 毛利率分别为 32.02%/40.31%/11.59%/35.42%，毛利率较为稳定。 ⚫ 积极拓展新行业。氢能源方面，通过子公司神通新能源开展氢燃料电 池、储氢系统及加氢站等领域所需特种高压阀门的研发生产，主要面向 70-105MPa 高压氢阀，涵盖由制氢、储氢、运氢到加氢站用的高压阀 门；半导体装备领域，公司于 2022 年 12 月设立"神通半导体"，主要 研发生产半导体装备用特种阀门，目前公司研发的真空阀门、超洁净阀 门等已进入用户端样机验证阶段；参股鸿鹏航空，积极布局低空经济领 域，开拓新增长曲线。 ⚫ 盈利预测 与投资建议 。 我 们 预 计 公 司 24-26 年 的 收 入 为 材料价格上涨盈利承压，期 [Table_Contacts] 证券研究报告 业绩符合预期，多行业均衡发展 ⚫ 业绩符合之前预告。公司于 4 月 22 日发布年报，2 ...

国泰君安证券股份有限公司 关于江苏神通阀门股份有限公司 2023年度内部控制自我评价报告的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法律法规和规范性 文件的规定，国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"） 作为江苏神通阀门股份有限公司（以下简称"江苏神通"、"公司"或"上市公司"） 非公开发行的保荐机构，对江苏神通 2023 年度内部控制自我评价报告进行了审 核，具体核查情况如下： 一、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，董事会认为，公司不存在财务报告内部控制重大缺陷，公司已按照企业内部 控制规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制存在重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内部 控制有效性评价结论的 ...

证券代码：002438 证券简称：江苏神通 公告编号：2024-028 江苏神通阀门股份有限公司 关于 2023 年度利润分配预案的公告 经天职国际会计师事务所（特殊普通合伙）审计，截止2023年12月31日，公 司2023年度实现归属于母公司所有者的净利润268,866,553.16元，依据《公司章 程》规定，提取10%法定盈余公积金共计15,634,610.26元，加上年初未分配利润 1,174,270,110.30元及其他影响15,727,010.00元，减去2023年支付的2022年度普 通股股利25,376,873.05元，总计可供股东分配的利润为1,417,852,190.15元。 根据公司未来资金支出计划，结合目前经营情况、资金状况，经公司第六届 董事会第十三次会议和第六届监事会第十二次会议审议通过，拟定公司2023年度 利润分配预案为：以现有总股本507,537,461股为基数，向全体股东每10股派发现 金红利1.60元(含税)，共计派发现金红利81,205,993.76元。公司2023年度不以资 本公积金转增股本，不送红股，剩余未分配利润结转以后年度。 在本公告披露日至本次预案具体实施前，若 ...