Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.84 yuan, based on a projected 28 times PE for 2024 [2][3]. Core Insights - The company reported a revenue of 1.729 billion yuan for H1 2024, representing an 18.05% year-on-year increase, and a net profit of 180 million yuan, up 16.61% [1]. - The foundry alloy segment showed significant growth with a revenue of 1.242 billion yuan, a 38.00% increase, and a gross margin of 34.50%, up 6.33 percentage points [1]. - The company is a leading player in the high-end and new high-temperature alloy sector, actively expanding its industrial base [1]. Financial Performance - For H1 2024, the overall gross margin was 31.90%, an increase of 3.23 percentage points, while the net profit margin rose to 14.74%, up 2.06 percentage points year-on-year [1]. - The company adjusted its EPS forecasts for 2024 and 2025 to 0.53 yuan and 0.70 yuan respectively, with a new estimate for 2026 at 0.90 yuan [2]. - The revenue projections for the next few years are as follows: 4.289 billion yuan in 2024, 5.249 billion yuan in 2025, and 6.387 billion yuan in 2026, with respective growth rates of 25.8%, 22.4%, and 21.7% [2][8]. Segment Performance - The deformation alloy segment reported a revenue of 330 million yuan, down 6.47%, with a gross margin of 23.91%, up 7.42 percentage points [1]. - The new alloy segment saw a revenue decline of 23.71% to 149 million yuan, with a gross margin of 28.85%, down 25.50 percentage points [1]. - The company’s subsidiaries showed varied performance, with Hebei Dekai's revenue decreasing by 28.31% to 362 million yuan, while Xinlitong's revenue increased by 66.16% to 766 million yuan [1]. Project Development - The company has multiple projects under construction, with construction in progress increasing by 210.22% to 326 million yuan, primarily due to significant fixed asset investments [1]. - Accounts receivable increased by 51.76% to 1.711 billion yuan, attributed to decreased customer payments due to industry conditions [1].

证券研究报告 | 半年报点评 gszqdatemark 2024 08 30 年 月 日 钢研高纳（300034.SZ） 2024H1 实现归母净利润 1.80 亿元，同比+16.61% 事件：公司发布 2024 年半年报。2024H1 公司实现营收 17.29 亿元，同比+18.05%； 归母净利润 1.80 亿元，同比+16.61%；扣非归母净利润 1.72 亿元，同比+18.00%。 单季度来看，2024Q2 营收 9.30 亿元，同比+10.29%，环比+16.50%；归母净利 润 0.85 亿元，同比-9.63%，环比-10.23%；扣非归母净利润 0.80 亿元，同比11.76%，环比-13.15%。 利润表：铸造合金是 2024H1 收入主要增长点，公司盈利能力持续改善。 1）收入端：铸造合金方面，2024H1 实现营收 12.42 亿元，同比+38.00%，其中 河北德凯 2024H1 营收 3.62 亿元，同比-28.30%，净利润 0.45 亿元，同比-29.93%， 青岛新力通营收 7.66 亿元，同比+66.06%，净利润 1.61 亿元，同比+171.99%， 主要系下游石化等需求增 ...

钢研高纳（300034.SZ）2024 年中报点评 [盈利预测与财务指标 Table_Forcast] 盈利能力有所提升；新力通和西安钢研发展较快 2024 年 08 月 29 日 ➢ 事件：公司 8 月 28 日发布 2024 年中报，1H24 实现营收 17.3 亿元， YoY+18.1%；归母净利润 1.8 亿元，YoY+16.6%；扣非归母净利润 1.7 亿元， YoY+18.0%。公司业绩表现基本符合市场预期。1H24 子公司新力通和西安钢研 实现快速增长，是公司业绩增长的主要动能。我们综合点评如下： ➢ 2Q24 收入稳健增长；盈利能力有所提升。1）单季度看：2Q24 实现营收 9.3 亿元，YoY+10.3；归母净利润 0.85 亿元，YoY-9.6%；扣非净利润 0.80 亿 元，YoY-11.8%。2Q24 毛利率同比增加 2.1ppt 至 30.8%；净利率同比增加 0.2ppt 至 13.6%。2）上半年看：1H24 毛利率同比增加 3.2ppt 至 31.9%；净 利率同比增加 2.1ppt 至 14.7%。盈利能力有所提升。 ➢ 铸造合金制品实现快速增长；新力通和西安钢研是增长的主要 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,728,961,342.89, an increase of 18.05% compared to ¥1,464,552,662.67 in the same period last year[10]. - Net profit attributable to shareholders was ¥179,823,956.85, reflecting a growth of 16.61% from ¥154,208,263.79 year-on-year[10]. - The basic earnings per share increased to ¥0.2321, up 15.13% from ¥0.2016 in the previous year[10]. - The company's operating revenue for the reporting period reached ¥1,728,961,342.89, representing an 18.05% increase compared to ¥1,464,552,662.67 in the same period last year, primarily due to expanded business scale[31]. - The company's operating costs increased by 12.71% to ¥1,177,341,965.71 from ¥1,044,541,260.53, also attributed to the expansion of business scale[31]. - Sales expenses surged by 103.18% to ¥33,253,353.25 from ¥16,366,528.40, driven by increased sales scale and expenses related to overseas market development[31]. - The company reported a significant increase in financing cash flow by 4,070.66% to ¥86,041,999.43, mainly due to new borrowings[32]. - The company reported a total asset of approximately CNY 1,693,107,830.81 and a net profit of CNY 45,047,926.42 from its subsidiary Hebei Steel Research DeKai Technology Co., Ltd., which contributes over 10% to the company's net profit[45]. - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the first half of 2024[136]. - The total assets of the company reached 1.2 billion RMB, reflecting a 10% increase compared to the previous year[143]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥440,582,290.19, worsening by 136.87% compared to -¥186,000,513.65 in the same period last year[10]. - Operating cash flow decreased significantly by 136.87% to -¥440,582,290.19, primarily due to reduced customer payments and longer settlement cycles[32]. - The net cash flow from investing activities was -194,946,592.78 CNY in the first half of 2024, compared to -107,659,897.32 CNY in the same period of 2023, indicating a worsening investment cash flow situation[105]. - The total cash and cash equivalents at the end of the first half of 2024 were 386,598,636.48 CNY, down from 669,121,211.75 CNY at the end of the first half of 2023, a decrease of approximately 42.3%[104]. - The company reported a decrease in cash and cash equivalents, which may impact liquidity management moving forward[92]. Research and Development - The company has built a research and development system centered around key laboratories and engineering centers, focusing on frontier technologies and next-generation high-temperature materials[22]. - The company's R&D investment increased by 12.55% to ¥119,325,105.19, reflecting a stronger focus on independent research and development[32]. - Research and development expenses increased to CNY 90,082,229.38, a rise of 49.29% from CNY 60,385,023.19 in the previous year[98]. - The company has developed over 120 types of high-temperature alloys since 1958, with over 80% of the domestic market share in deformation high-temperature alloys[25]. - The company has integrated casting high-temperature alloys and lightweight alloys into its subsidiary, enhancing its R&D capabilities for new products[27]. Market and Product Development - The company is focused on expanding its market presence and enhancing its product development strategies[1]. - The demand for high-end and new high-temperature alloys is driven by the development of domestic aerospace engines and advancements in large power generation equipment manufacturing[17]. - The company is actively expanding its customer base beyond the aerospace sector, achieving notable performance in ground gas turbines, glass manufacturing, metallurgy, and petrochemicals[48]. - The company plans to enhance its management system between the parent company and its six subsidiaries to ensure coordinated operations and effective management[49]. - The company plans to expand its market presence by entering three new regions by the end of 2024[139]. Financial Position and Assets - The total assets at the end of the reporting period were ¥7,274,281,113.09, a slight increase of 0.75% from ¥7,220,168,976.12 at the end of the previous year[10]. - The net assets attributable to shareholders rose to ¥3,441,432,866.21, marking a 2.56% increase from ¥3,355,522,109.67[10]. - The total liabilities at the end of the period were 3,859,924,198.33, indicating a substantial financial commitment[110]. - The company's total assets at the end of the reporting period amounted to CNY 3,489,393,295.11, showing a stable asset base[116]. Shareholder and Equity Information - The company has distributed a total of 269 million CNY in dividends over the past three years, emphasizing its commitment to investor returns[52]. - The company has not distributed cash dividends or bonus shares for the half-year period, focusing on reinvestment and growth[55]. - The company has approved the release of 85,335 shares from the third vesting period of its restricted stock incentive plan, which became tradable on January 10, 2024[56]. - The company has a total registered capital of CNY 110,000,000 for its subsidiary Xi'an Steel Research High-Temperature Alloy Components Co., Ltd., which reported a net profit of CNY 35,329,779.00[46]. - The company reported a profit distribution of CNY -99,273,537.60 to shareholders[118]. Risk Management and Compliance - The company has implemented measures to mitigate risks associated with raw material price fluctuations, including technical optimizations and renegotiating prices with customers[47]. - The company has not engaged in any entrusted financial management or derivative investments during the reporting period[43]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[58]. - The company has not reported any violations or penalties during the reporting period[64]. - The company has signed confidentiality and non-compete agreements with core technical personnel to protect its proprietary technologies[48]. Environmental and Social Responsibility - The company has committed to a 36-month lock-up period for shares acquired during a private placement, which will end on April 1, 2024[61]. - The company has actively participated in various public welfare activities, contributing to social progress and rural revitalization[60]. - The company has maintained a commitment to environmental protection and energy conservation as a core strategy[59]. - The company actively promotes low-carbon and green office practices, advocating for paperless operations to save resources[59]. Accounting and Financial Reporting - The financial statements were approved by the board of directors on August 28, 2024[120]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect true and complete information[124]. - The company’s accounting period aligns with the calendar year, from January 1 to December 31[125]. - The semi-annual financial report has not been audited, which may affect the reliability of the financial data presented[91].

北京钢研高纳科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其它关联资金 往来 | 资金往来方名称 | 往来方与上市公司的 关联关系 | 上市公司核算的会 计科目 | 2024年初占用 资金余额 | 2024年半年度占 用累计发生金额 | 2024年半年度 占用资金的 利息（如 | 2024年半年度偿 还累计发生额 | 2024年半年度末 占用资金余额 | 往来形成原因 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） 有） | | | | | | | 大股东及其附属 | 钢研昊普科技有限公司 安泰天龙（北京）钨钼科技有限公司 | 受同一母公司控制 | 其他非流动资产 | 6,168.00 | | | 6,168.00 | | 购置固定资产 | 经营性往来 经营性往来 | | | | 受同一母公司控制 | 应收账款 | 1.42 | 0.25 | | | 1.67 | 销售商品、提供劳务 | | | 企业 | 安泰环境工程技术有限公 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2024-055 北京钢研高纳科技股份有限公司 第六届董事会第三十三次会议决议公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 （一）审议通过了《关于公司2024年半年度报告全文及摘要的议案》 公司董事会经审议认为：公司2024年半年度报告及其摘要所载资料内容真实、 准确、完整地反映了公司2024年半年度的实际经营情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 本议案在提交董事会审议前已经公司第六届董事会审计委员会审核通过。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公 告。 表决结果：9票同意、 0票反对、 0票弃权。 特此公告。 北京钢研高纳科技股份有限公司董事会 一、会议召开情况 北京钢研高纳科技股份有限公司（以下简称"公司"或"钢研高纳"）第六届董 事会第三十三次会议于2024年8月19日以通信方式通知各位董事，于2024年8月28 日在公司会议室以现场结合通讯的方式召开。会议实际出席董事9名,表决董事9 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2024-056 北京钢研高纳科技股份有限公司 第六届监事会第二十五次会议决议公告 北京钢研高纳科技股份有限公司（以下简称"公司"或"钢研高纳"）第六届监 事会第二十五次会议于2024年8月19日以通信方式通知各位监事，于2024年8月28 日在公司会议室以现场结合通讯的方式召开。会议应出席监事5人，实际出席监 事5人，全体监事均亲自出席了本次会议。 本次会议由监事会主席金戈女士召集和主持，会议的召集、召开符合法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 二、会议审议情况 （一）审议通过了《关于公司2024年半年度报告全文及摘要的议案》 公司监事会认为：公司董事会审核公司 2024 年半年度报告的程序符合法 律、行政法规和中国证监会的规定。2024 年半年度报告真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载，误导性陈述或者重大遗漏。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公 告。 特此公告。 北京钢研高纳科技股份有限公司监事会 本公司及监事会全体成员保证公告内容不存在任何虚假 ...

北京金杜（成都）律师事务所 关于北京钢研高纳科技股份有限公司 2024 年第三次临时股东大会 之法律意见书 致：北京钢研高纳科技股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受北京钢研高纳科技股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东大会规则》（以下简称《股东大会规则》）等中华人民共和国 境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范 性文件和现行有效的公司章程有关规定，指派律师出席了公司于 2024 年 8 月 9 日召开的 2024 年第三次临时股东大会（以下简称本次股东大会），并就本次股东 大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1 1. 经公司 2022 年第三次临时股东大会审议通过的《北京钢研高纳科技股份 有限公司章程》（以下简称《公司章程》）； 2. 公司 2024 年 6 月 29 日刊登于深圳 ...

2024 年第三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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 证券代码：300034 证券简称：钢研高纳 公告编号：2024-054 北京钢研高纳科技股份有限公司 一、会议召开情况 1、召集人：公司董事会 2、召开方式：现场投票与网络投票相结合的方式 3、召开时间： （1）现场会议时间：2024年8月9日（星期五）14：30 （2）网络投票时间：2024年8月9日通过深圳证券交易所系统进行网络投票 的具体时间为2024年8月9日上午9：15至9：25、9:30至11:30，下午13：00至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9日上午9： 15至2024年8月9日下午15：00期间的任意时间。 4、股权登记日：2024年8月5日 5、现场会议召开地点：北京市海淀区大柳树南村19号 6、现场会议主持人：董事长孙少斌先生 7、本次股东大会由公司董事会召集，由董事长孙少斌先生主持，公司董事、 监事、高 ...

1、股东大会届次：2024 年第三次临时股东大会。 证券代码：300034 证券简称：钢研高纳 公告编号：2024-051 北京钢研高纳科技股份有限公司 关于召开公司 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其内容的真实性、准确性和完整性承担个别及连带责任。 根据《深圳证券交易所创业板股票上市规则》和《公司章程》等有关规定，北京 钢研高纳科技股份有限公司（以下简称"公司"或"钢研高纳"）第六届董事会第三十二次 会议，审议通过了《关于召开公司 2024 年第三次临时股东大会的议案》，决定于 2024 年8月9日以现场投票和网络投票相结合的方式召开公司2024年第三次临时股东大会。 现将本次会议有关事项公告如下： 一、召开股东大会的基本情况 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：经公司第六届董事会第三十二次会议，审议通过 《关于召开公司 2024 年第三次临时股东大会的议案》，会议的召集程序符合有关法律、 行政法规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》等有关 规定。 4、会议召开日期和 ...