股票代码：300034 股票简称：钢研高纳 北京钢研高纳科技股份有限公司投资者关系活动记录表 编号：2024-060 | --- | --- | --- | |------------------|------------------------------|----------------------------| | | | | | 投资者关系活动类 | √特定对象调研 □分析师会议 | | | 别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及人 | 中国国际金融股份有限公司 | 刘婧 | | 员姓名 | 西部证券股份有限公司 | 牛先智 | | | 华安证券股份有限公司 | 李元晨 | | | 招商证券股份有限公司 | 廖世刚 | | | 东方证券股份有限公司 | 冯函 | | | 国联证券股份有限公司 | 曲芮萱 | | | 中邮证券有限责任公司 | 马强 | | | 兴业证券股份有限公司 | 徐东晓 | | | 中信证券股份有限公司 | 杨博钧 | | | 兴业证券股 ...

毕中南先生辞职后，将继续遵守《上市公司董事、监事和高级管理人员所 持本公司股份及其变动管理规则》《上市公司股东减持股份管理暂行办法》《深 圳证券交易所上市公司自律监管指引第 18 号——股东及董事、监事、高级管理 人员减持股份》等相关法律法规要求。 特此说明。 北京钢研高纳科技股份有限公司董事会 2024 年 9 月 9 日 北京钢研高纳科技股份有限公司 离任董监高持股及减持承诺事项的说明 北京钢研高纳科技股份有限公司（以下简称"公司"）董事会于近日收到公 司副总经理毕中南先生的辞职申请，毕中南先生因工作调动另有任用，申请辞 去公司副总经理的职务。根据《公司法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》《公司章程》等有关规定，毕中南先生 的辞职报告自送达董事会之日起生效。 毕中南先生担任副总经理原定任期为第六届董事会届满之日止。截至本公 告披露日，毕中南先生直接持有公司股份 128,000 股，占公司总股本的 0.0165%，其配偶或其他关联人未直接或间接持有公司股份。 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in the high-temperature alloy industry and its expanding production capacity [5][7] Core Views - The company achieved revenue of 1.729 billion yuan in H1 2024, a YoY increase of 18.05%, with net profit attributable to shareholders of 180 million yuan, up 16.61% YoY [1] - In Q2 2024, revenue reached 930 million yuan, up 16.5% QoQ and 10.29% YoY, while net profit was 85 million yuan, down 10.23% QoQ and 9.63% YoY [1] - The company's gross profit margin was 31.9%, and net profit margin was 14.74% in H1 2024 [2] Business Segment Performance - Cast high-temperature alloys: Revenue of 1.242 billion yuan in H1 2024, up 38% YoY, with gross margin of 34.5%, up 6.33 percentage points YoY [2] - Wrought high-temperature alloys: Revenue of 330 million yuan in H1 2024, down 6.47% YoY, with gross margin of 23.91%, up 7.42 percentage points YoY [2] - New high-temperature alloys: Revenue of 150 million yuan in H1 2024, down 23.71% YoY, with gross margin of 28.85%, down 25.5 percentage points YoY [2] Project Development and R&D - Key projects: Deyang forging phase I project and aerospace ring rolling pilot base both reached 95% completion, while Xi'an blade and small structural parts production base reached 80% completion [3] - R&D investment: 90 million yuan in H1 2024, with R&D expense ratio of 5.21%, up 0.14 percentage points from the previous year [3] - Subsidiary performance: Qingdao Xinlitong achieved net profit of 161 million yuan, up 171.99% YoY, while Hebei Dekai's net profit fell 29.93% YoY to 45 million yuan [3] Financial Forecasts - Revenue forecast: 4.11 billion yuan for 2024E, 4.875 billion yuan for 2025E, and 5.762 billion yuan for 2026E [6] - Net profit forecast: 425 million yuan for 2024E, 522 million yuan for 2025E, and 637 million yuan for 2026E [6] - EPS forecast: 0.55 yuan for 2024E, 0.67 yuan for 2025E, and 0.82 yuan for 2026E [6] Valuation Metrics - P/E ratio: 24.4x for 2024E, 19.8x for 2025E, and 16.3x for 2026E [6] - P/B ratio: 2.8x for 2024E, 2.6x for 2025E, and 2.4x for 2026E [6] - ROE forecast: 10.1% for 2024E, 11.1% for 2025E, and 12.1% for 2026E [9]

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 ...