Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant results in expanding its research and market development efforts, with a notable increase in revenue and a slight decrease in net profit for the first three quarters of 2024 [4][5] - The company is expected to benefit from the long-term growth of the domestic aerospace industry, which is a critical part of national security strategy [4] - The company is actively improving its capital structure through a private placement to raise up to 280 million yuan, aimed at enhancing liquidity and supporting business expansion [6] - The company is diversifying its business in the aerospace sector and expanding applications of high-temperature alloys into other industries, which is expected to yield significant results in the next 3-5 years [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.533 billion yuan, a year-on-year increase of 4.74%, while the net profit attributable to shareholders was 235 million yuan, a slight decrease of 0.17% [4] - The gross profit margin improved by 2.90 percentage points to 31.43% in the first three quarters of 2024, with notable increases in the margins for casting and deformation alloys [5] - The company’s inventory at the end of Q3 2024 was 2.060 billion yuan, reflecting a year-on-year increase of 22%, indicating proactive production and stocking strategies [5] - The projected net profits for 2024, 2025, and 2026 are estimated to be 354 million yuan, 494 million yuan, and 670 million yuan respectively, corresponding to price-to-earnings ratios of 39, 28, and 21 times [7]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 2.533 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 4.7%. The net profit attributable to shareholders was 235 million yuan, a slight decrease of 0.2% year-over-year [2]. - The company is focusing on expanding its international market presence and is actively advancing its capacity construction [2]. - The gross margin improved by 2.9 percentage points to 31.4% for the first three quarters of 2024, while the net profit margin increased by 0.5 percentage points to 13.0% [2]. - The company plans to raise 280 million yuan through a private placement to enhance liquidity and strengthen its long-term development foundation [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 804 million yuan, down 15.7% year-over-year, and a net profit of 55 million yuan, down 32.1% year-over-year [2]. - The company’s operating cash flow was -375 million yuan for the first three quarters of 2024, compared to -173 million yuan in the same period last year [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 395 million yuan, 490 million yuan, and 600 million yuan, respectively, with corresponding PE ratios of 35x, 28x, and 23x [3][5]. Market Position and Future Outlook - The company is one of the largest producers of high-end and new high-temperature alloy products in China, with significant production capabilities in aerospace applications [2]. - The company is expected to benefit from the high demand in the "two-machine" industry, which includes aerospace and defense sectors [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved a revenue of 2.533 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.74%. However, the net profit attributable to the parent company is 235 million yuan, showing a slight decline of 0.17% year-on-year [1] - The company is expanding its sales scale and has a strong technical reserve in high-temperature alloys, particularly benefiting from demand growth in aerospace, power, automotive, and metallurgy sectors [1][2] - The company plans to issue shares to its controlling shareholder, China Steel Research, to raise up to 280 million yuan, which will be used to supplement working capital and enhance financial stability [3] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 3,408 in 2023 to 4,128 in 2024, with a year-on-year growth rate of 21.14% [9] - The net profit attributable to the parent company is expected to increase from 416 million yuan in 2024 to 629 million yuan in 2026, with corresponding growth rates of 30.46% and 18.91% [9] - The company’s earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2024 to 0.81 yuan in 2026 [9] Cash Flow and Financial Health - The company experienced a significant decrease in cash flow from operating activities, with a net cash flow of 24 million yuan projected for 2024, down from 526 million yuan in 2023 [10] - The company’s short-term borrowings increased by 32.15%, indicating a rise in bank loans to support business expansion [2] - The asset-liability ratio is projected to decrease from 48.38% in 2023 to 44.07% in 2026, reflecting improved financial stability [10]

证券研究报告 | 季报点评 gszqdatemark 2024 10 27 年 月 日 钢研高纳（300034.SZ） 2024 年前三季度归母净利润 2.35 亿元，同比-0.17% 事件：公司发布 2024 年三季报。2024 年前三季度营收 25.33 亿元，同比+4.74%； 归母净利润 2.35 亿元，同比-0.17%；扣非归母净利润 2.24 亿元，同比-0.21%。 单季度来看，2024Q3 营收 8.04 亿元，同比-15.70%，环比-13.56%；归母净利润 0.55亿元，同比-32.09%，环比-35.26%；扣非归母净利润0.51亿元，同比-34.33%， 环比-36.10%。 利润表：收入端，2024 年前三季度整体保持稳定增长；盈利能力端，2024 年前三 季度毛利率 31.43%，同比+2.90pct，净利率 12.98%，同比+0.54pct，其中销售 /研发费用率分别同比增长 1.29/1.25pct，单季度来看 2024Q3 毛利率 30.42%， 同比+2.11pct，环比-0.41pct，净利率 9.19%，同比-2.87pct，环比-4.37pct。 资产负债表：存货 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2024-061 北京钢研高纳科技股份有限公司 第六届监事会第二十六次会议决议的公告 二、会议审议情况 （一）审议通过了《公司2024年第三季度报告》 经审核，监事会认为：董事会编制和审核公司2024年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，内容真实、准确、完整地反映了报告期 内公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司于2024年10月28日在巨潮资讯网（www.cninfo.com.cn）披 露的相关公告。 表决结果：5 票同意、0 票反对、0 票弃权。 特此公告。 本公司及其监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏，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、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"）第六届监 事会第二十六次会议于2024年10月16日以通信方式通知各位监事，于2024年10 月25日在公司会议室以现场结合通讯的方式召开。会议实际出席监事5名,表决监 事5名，委托其他监事出席0名。 本次会议的 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2024-060 北京钢研高纳科技股份有限公司 第六届董事会第三十四次会议决议的公告 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、会议召开情况 具体内容详见公司于2024年10月28日在巨潮资讯网（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 2024 年 10 月 25 日 本次会议的召开符合《公司法》及有关法律法规的规定。会议由董事长孙少 斌先生主持，经表决形成如下决议： 二、会议审议情况 1、审议通过了《公司 2024 年第三季度报告》 经认真审阅，与会董事一致认为：公司《2024年第三季度报告》的编制和审 核程序符合相关法律法规、规范性文件及《公司章程》的规定，符合中国证监会、 深圳证券交易所的有关要求，报告内容真实、准确、完整地反映了公司 2024年 第三季度的实际经营情况、财务状况和现金流量，不存在虚假记载、误导性陈述 或者重大遗漏。 本议案已经公 ...

Financial Performance - The company's revenue for Q3 2024 was ¥804,224,763.80, a decrease of 15.70% compared to the same period last year[2] - Net profit attributable to shareholders was ¥55,070,664.56, down 32.09% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥51,226,856.39, a decline of 34.33% compared to the previous year[2] - The basic earnings per share were ¥0.0712, down 34.04% compared to the same period last year[2] - The net profit for Q3 2024 was CNY 328,846,922.42, an increase from CNY 300,802,202.39 in Q3 2023, representing a growth of approximately 9.8%[15] - Operating profit for the period was CNY 379,290,577.14, compared to CNY 349,758,511.43 in the previous year, marking an increase of about 8.4%[15] - The total comprehensive income for the period was CNY 328,846,922.42, compared to CNY 300,802,202.39 in the previous year, indicating an increase of about 9.8%[16] - The investment loss for the period was CNY -19,481,918.70, worsening from CNY -16,532,797.11 in the previous year[15] - The tax expenses for the quarter were CNY 50,340,268.28, compared to CNY 48,310,769.86 in the same quarter last year, reflecting an increase of about 4.2%[15] - Minority interests in net profit increased to CNY 93,952,301.01 from CNY 65,498,986.46, representing a growth of approximately 43.5%[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,449,814,401.57, an increase of 3.18% from the end of the previous year[2] - Total liabilities increased to CNY 3,514,542,512.06 from CNY 3,493,307,376.61, reflecting a rise of 0.6%[14] - Non-current assets amounted to CNY 2,328,580,899.72, up from CNY 2,187,542,682.98, indicating an increase of 6.43%[13] - The company's equity increased to CNY 3,935,271,889.51 from CNY 3,726,861,599.51, representing a growth of 5.6%[14] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥375,292,588.83, a decrease of 116.51% year-on-year[2] - The net cash flow from operating activities was -375,292,588.83 CNY, compared to -173,337,926.59 CNY in the previous year, indicating a decline in operational performance[18] - Total cash inflow from operating activities reached 2,319,985,854.97 CNY, while cash outflow was 2,695,278,443.80 CNY, resulting in a net cash outflow of 375,292,588.83 CNY[18] - Cash and cash equivalents at the end of the period were 326,573,039.67 CNY, down from 586,625,854.15 CNY at the end of the previous year[19] - The company reported a cash inflow from financing activities of 178,482,528.86 CNY, significantly lower than 437,014,922.81 CNY in the same period last year[18] - Cash outflow from financing activities totaled 191,282,913.02 CNY, compared to 528,522,062.50 CNY in the previous year, reflecting a reduction in financing costs[18] - The company received 14,819,044.34 CNY in tax refunds, compared to 30,205,712.85 CNY in the previous year, indicating a decrease in tax recovery[18] - Investment activities resulted in a net cash outflow of -221,436,907.36 CNY, worsening from -161,121,834.11 CNY year-over-year[18] - The company paid 424,114,933.85 CNY to employees, slightly increasing from 414,069,031.40 CNY in the previous year, reflecting stable labor costs[18] - The total cash inflow from investment activities was 1,612,358.63 CNY, a significant drop from 16,949,817.23 CNY in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,375[7] - The largest shareholder, China Steel Research Group Corporation, holds 40.38% of the shares, totaling 312,962,795 shares[7] - The company completed the 2023 profit distribution plan, distributing cash of RMB 1.24 for every 10 shares, based on a total share capital of 775,137,713 shares[11] - The top ten shareholders collectively hold a significant portion of the shares, with the top three alone accounting for over 46%[7] - The company has no pledged, marked, or frozen shares among the top shareholders[7] - The number of restricted shares at the beginning of the period was 26,310,591, which were all released during the period[10] - The company has not disclosed any related party transactions among the top shareholders[9] Operational Metrics - Total operating revenue for Q3 2024 reached CNY 2,533,186,106.69, an increase of 4.75% compared to CNY 2,418,604,933.99 in the same period last year[14] - Total operating costs decreased to CNY 2,153,556,857.74 from CNY 2,063,900,612.09, reflecting a reduction of approximately 4.3%[14] - Accounts receivable increased significantly to CNY 1,816,782,649.43, up from CNY 1,127,608,835.94, indicating a growth of 61.3%[13] - Inventory rose to CNY 2,059,863,147.83, compared to CNY 1,634,588,001.41, marking an increase of 26%[13] - Current assets totaled CNY 5,121,233,501.85, slightly up from CNY 5,032,626,293.14, showing a growth of 1.76%[13] - The cash balance at the end of the reporting period is RMB 353,313,685.78, down from RMB 968,850,288.40 at the beginning of the period[12] - Accounts receivable at the end of the reporting period amount to RMB 505,033,378.17, compared to RMB 974,404,307.05 at the beginning[12] Future Outlook - Future outlook includes continued focus on market expansion and potential new product development, although specific figures were not disclosed in the report[14]

关于北京钢研高纳科技股份有限公司 2024 年度向特定对象发行股票并 在创业板上市 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 发行保荐书 华泰联合证券有限责任公司 关于北京钢研高纳科技股份有限公司 2024 年度向特定对象发行股票并在创业板上市发行保荐书 北京钢研高纳科技股份有限公司（以下简称"钢研高纳"或"发行人"或"上 市公司"或"公司"）申请向特定对象发行股票并在创业板上市，依据《公司法》 《证券法》《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》等相关的法律、法规的有关规定，提交发行申请文件。华泰联 合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为其本次发 行的保荐人，孙琪和吴思航作为具体负责推荐的保荐代表人，特为其出具本发行 保荐书。 保荐人华泰联合证券、保荐代表人孙琪和吴思航承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易所 的有关规定，诚实守信、勤勉尽责，严格按照依法制定的业务规则、行业执业规 范和道德准则出具本发行保荐书，并保 ...

上市保荐书 华泰联合证券有限责任公司关于 北京钢研高纳科技股份有限公司 2024 年度向特定对象发行 股票并在创业板上市之上市保荐书 深圳证券交易所： 作为北京钢研高纳科技股份有限公司（以下简称"发行人"、"公司"）2024 年度向特定对象发行股票并在创业板上市的保荐人，华泰联合证券有限责任公司 及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）等法律法规和中国证券监督管理 委员会（以下简称"中国证监会"）及贵所的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文 件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：北京钢研高纳科技股份有限公司 注册地址：北京市海淀区大柳树南村 19 号 成立时间：2002 年 11 月 8 日 联系方式：010-62182656 （二）发行人的主营业务 钢研高纳成立于 2002 年 11 月 8 日，前身为钢铁研究总院高温材料研究所， 主要从事高温合金材料及制品的研发、生产和销售。公司坚持"成为世界一流的 ...

Investment Rating - The investment rating for the company is "Buy" [5][10][16] Core Views - The company achieved a 16.61% growth in net profit attributable to shareholders in the first half of 2024, driven by overseas business expansion and rapid growth in high-temperature alloy products [3][10] - The company is expected to continue its performance growth due to favorable conditions in downstream sectors such as aviation and energy [10][11] Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.729 billion yuan, an increase of 18.05%, and a net profit of 180 million yuan, up 16.61% [10] - The gross margin was 31.90%, up 3.23 percentage points, and the net margin was 14.74%, up 2.06 percentage points, marking the highest levels in three years [10] - Revenue from casting alloy products reached 1.242 billion yuan, growing 38.00%, with a gross margin of 34.50%, up 6.33 percentage points [10] Market Position and Opportunities - The company holds a leading position in the high-temperature alloy market, having developed over 90 types of deformed high-temperature alloys and over 10 types of powder high-temperature alloys, accounting for over 80% of the national market [10] - The company plans to raise up to 280 million yuan through a private placement to enhance liquidity and support production line upgrades, which will aid in capturing market opportunities [10] Future Projections - The company maintains an EPS forecast of 0.52, 0.59, and 0.69 yuan for 2024, 2025, and 2026 respectively, with a target price of 27.07 yuan based on a 52x PE ratio for 2024 [10][11] - Revenue projections for the next few years are 3.932 billion yuan in 2024, 4.554 billion yuan in 2025, and 5.295 billion yuan in 2026, reflecting a steady growth trajectory [11]