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]

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 ...