Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 6.20 yuan, unchanged from the previous rating [2][54]. Core Views - The company is expected to see a gradual recovery in demand in 2024, which is anticipated to improve its financial performance. The report forecasts net profits for 2024-2026 to be 468 million, 558 million, and 623 million yuan respectively, with corresponding EPS of 0.32, 0.38, and 0.42 yuan, reflecting year-on-year changes of -27% (non-recurring profit +16%), +19%, and +12% [54]. Summary by Sections Performance Overview - The company's 2023 revenue reached 4.106 billion yuan, a year-on-year increase of 7.52%, while net profit attributable to shareholders was 644 million yuan, up 113.28% year-on-year. The fourth quarter of 2023 saw revenue of 869 million yuan, down 24.55% year-on-year, and net profit of 59 million yuan, down 10.63% year-on-year [10][54]. Revenue Breakdown - In 2023, revenue contributions from various segments were as follows: home appliance PTC down 3%, new energy vehicle PTC up 23%, new energy equipment manufacturing up 35%, optical communication materials down 31%, and lithium battery materials down 23%. The growth in pre-plated nickel materials was below expectations due to slower-than-anticipated demand for large cylindrical batteries [10][11]. Profitability Analysis - The report highlights significant structural improvements in the PTC business. The average selling price of home appliance PTC products increased by 2.8% year-on-year, with a gross margin of 19.4%, up 2.5 percentage points. The gross margin for new energy vehicle PTC products reached 24.2%, up 2.3 percentage points, benefiting from a higher proportion of water heating products [44][45]. Cash Flow Performance - The company's operating cash flow showed a significant decline, with a net cash flow from operating activities of 63 million yuan in 2023, down 90.86% year-on-year. The fourth quarter of 2023 recorded a negative cash flow of 10 million yuan, a decrease of 130.63% year-on-year [36][48].

Financial Performance - The company's revenue for Q1 2024 was ¥875,590,999.27, a decrease of 3.44% compared to ¥906,753,804.64 in the same period last year[5] - Net profit attributable to shareholders was ¥85,747,703.39, representing a 27.14% increase from ¥67,443,643.62 year-on-year[5] - Basic earnings per share increased by 15.60% to ¥0.0578 from ¥0.0500 in the same period last year[5] - The net profit for Q1 2024 was ¥85,809,151.05, an increase of 26.67% compared to ¥67,752,359.97 in Q1 2023[24] - The total profit for Q1 2024 reached ¥100,053,347.39, up from ¥78,958,758.14 in the same period last year, reflecting a growth of 26.67%[24] - Operating profit for the quarter was ¥100,134,105.20, compared to ¥78,848,137.33 in Q1 2023, indicating a significant increase[24] - The total comprehensive income for Q1 2024 was ¥85,781,152.39, compared to ¥67,963,029.14 in Q1 2023, marking an increase of 26.14%[24] - Basic and diluted earnings per share for Q1 2024 were both ¥0.0578, up from ¥0.0500 in Q1 2023[24] Cash Flow and Assets - The net cash flow from operating activities was -¥45,953,545.51, a significant decline of 157.81% compared to ¥79,493,150.27 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥45,953,545.51, a decline from a net inflow of ¥79,493,150.27 in the previous year[26] - Cash flow from investing activities resulted in a net outflow of ¥88,821,752.04, compared to a larger outflow of ¥324,309,116.48 in Q1 2023[27] - Cash flow from financing activities recorded a net outflow of ¥62,127,178.16, slightly improved from an outflow of ¥65,039,908.72 in the same quarter last year[27] - Total assets at the end of the reporting period were ¥6,813,706,962.35, down 6.27% from ¥7,269,747,626.15 at the end of the previous year[5] - Cash and cash equivalents decreased to CNY 1,310,639,078.61 from CNY 1,464,677,403.80, a decline of 10.5%[20] - The cash and cash equivalents at the end of Q1 2024 were ¥1,193,241,661.88, down from ¥884,448,023.21 at the end of Q1 2023[27] Shareholder Information - Major shareholders include Tan Rongsheng with 12.65% ownership, Tan Wei and Tan Ke each with 11.13% ownership, and other significant shareholders holding between 0.69% to 1.13%[12] - The company repurchased a total of 9,729,600 shares at a total cost of RMB 50,197,723, reducing the total share capital from 1,487,706,540 shares to 1,477,976,940 shares[17] - The company plans to use between RMB 50 million and RMB 100 million for share repurchase, with a maximum price of RMB 8.51 per share[16] - The company has a total of 251,025,428 shares under lock-up due to executive restrictions, set to be released on January 2, 2025[15] - The report indicates that Tan Rongsheng, Tan Wei, and Tan Ke are acting in concert as they are family members and the actual controllers of the company[13] Operational Insights - The company reported a significant increase in credit impairment losses of 102.39% to -¥17,070,665.82, reflecting an increase in bad debt provisions[9] - The company experienced a 39.77% decrease in notes payable to ¥276,179,098.13, attributed to a reduction in bank acceptance notes issued[9] - The company reported a 93.65% increase in trading financial assets to ¥155,139,210.43 due to increased purchases of financial products[9] - The company recorded a 252.10% increase in other income to ¥7,918,202.81, primarily due to increased VAT deductions[9] - Total operating costs decreased to CNY 763,369,263.40 from CNY 822,317,041.53, reflecting a reduction of 7.1%[23] - Research and development expenses increased to CNY 42,616,182.31, up from CNY 37,784,452.47, indicating a growth of 7.0%[23] - The company reported a net profit margin improvement due to reduced operating costs despite lower revenue[23] Future Outlook - Future outlook includes continued investment in R&D to drive innovation and market expansion strategies[23] - The company has not disclosed any new product developments or technological advancements in the current report[13] - The company has not provided specific user data or market expansion strategies in the current report[13] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[13] - The company has not identified any other relationships or concerted actions among shareholders beyond the aforementioned family ties[13] - The company’s financial report for Q1 2024 is pending further details in the upcoming financial statements[18]

镇江东方电热科技股份有限公司 证券代码：300217 证券简称：东方电热 公告编号：2024-031 镇江东方电热科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司及董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。 2023年10月23日，镇江东方电热科技股份有限公司（以下简称：公司）召开第五届董事会 第十七次会议及第五届监事会第十六次会议，分别审议通过了《关于公司使用部分暂时闲置募 集资金进行现金管理的议案》。董事会同意公司在确保不影响募集资金投资项目建设进度的前 提下，使用部分暂时闲置募集资金进行现金管理，资金总额不超过25,000万元（含），用于购 买结构性存款、大额存单等安全性高、流动性好的保本型产品，产品期限不超过一年，以上资 金额度现金管理期限自2023年10月25日起至2024年10月25日止，可以滚动使用。保荐机构东方 证券承销保荐有限公司（以下简称"保荐机构"）出具了同意的核查意见。具体内容详见公司 于2023年10月25日披露在巨潮资讯网上的《关于公司使用部分暂时闲置募集资金进行现金管理 的公告》（公告编号：2023-073)。 ...

Investment Rating - The report assigns an "Increase" rating to the company, indicating an expected price increase of 5% to 15% over the next 6 to 12 months [1][11]. Core Views - The company is positioned as a pioneer in the domestic substitution of pre-plated nickel steel, with expectations for explosive growth in this business segment. The electric heater-related business is also expanding steadily [11]. - The company's net profit for 2023 is projected to be 644 million RMB, with earnings per share (EPS) of 0.433 RMB, reflecting a significant increase from the previous year [11]. - The report highlights a strong performance in the automotive PTC and new energy equipment sectors, with revenue growth driven by increasing demand for new energy vehicles and ongoing project releases [22]. Summary by Relevant Sections Financial Performance - In 2023, the company reported revenue of 4.106 billion RMB, a year-on-year increase of 7.5%, and a net profit of 644 million RMB, up 113% year-on-year. The fourth quarter saw a revenue decline of 24.6% year-on-year [13][22]. - The company’s gross margin improved to 23.6% in 2023, up 3.4 percentage points from the previous year, driven by an improved product mix [22]. Revenue Breakdown - Revenue from various segments in 2023 included: - Home PTC: 1.267 billion RMB (down 3.0%) - Automotive PTC: 297 million RMB (up 22.6%) - New energy equipment: 1.963 billion RMB (up 34.6%) - Optical communication materials: 500 million RMB (down 30.8%) - Lithium battery steel shell: 44 million RMB (down 22.6%) [22]. Profitability Metrics - The report projects the company's net profit for 2024 to be 431 million RMB, with an EPS of 0.292 RMB, and a PE ratio of 16.36 [15]. - The return on equity (ROE) is expected to be 10.00% in 2024, reflecting a strong profitability outlook [15]. Market Position - The company is recognized for its leading position in the pre-plated nickel steel market, with expectations for significant growth as it continues to optimize its product structure and expand its customer base [11][22].

镇江东方电热科技股份有限公司 关于 2023 年度内部控制自我评价报告及相关意见的公告 本公司及董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。 一、2023 年度内部控制自我评价报告 镇江东方电热科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称：企业内部控制规范体系），结合镇江东方电热科技股份有限公司（以 下简称"公司"或"东方电热"）内部控制制度和评价方法，在内部控制日常监督 和专项监督的基础上，我们对公司 2023 年 12 月 31 日（内部控制评价报告基准日） 的内部控制有效性进行了自我评价。 （一）重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有 效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和 实施内部控制进行监督，管理层负责组织领导企业内部控制的日常运行。公司董事 会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。公司内部控制的目标是合理保证企 ...

东方证券承销保荐有限公司 关于镇江东方电热科技股份有限公司 2023 年度募集资金存放与使用情况的核查意见 东方证券承销保荐有限公司（以下简称"东方投行"或"保荐机构"）作为镇江 东方电热科技股份有限公司（以下简称"东方电热"或"公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则（2023 年修订）》《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》等有关法律法规和规范性文件的要求，对东方电 热 2023 年度募集资金的存放与使用情况进行了审阅、核查，具体情况如下： 一、募集资金基本情况 （一）2020 年度向特定对象发行股票情况 二、募集资金的管理和存放情况 公司依照《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交 易所创业板股票上市规则（2023 年修订）》《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》等法律法规，结合公司实际情况，制 定了《镇江东方电热科技股份有限公司募集资金管理制度》。 经中国证券监督管理委员会《关于同意镇江东方电热科技股份有限公司向特 定对象发行股票注册的批复 ...

镇江东方电热科技股份有限公司 镇江东方电热科技股份有限公司 对会计师事务所 2023 年度履职情况评估报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国有 企业、上市公司选聘会计师事务所管理办法》等规定和要求，现公司对会计师事务所 2023 年 度履职评估的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 大华会计师事务所（特殊普通合伙）（以下简称"大华"）于 2012 年 2 月 9 日成立，组 织形式：特殊普通合伙。注册地址：北京市海淀区西四环中路 16 号院 7 号楼 1101。首席合伙 人：梁春。2023 年末，合伙人 270 人，注册会计师 1471 人，其中签署过证券服务业务审计报 告的注册会计师 1141 人。2022 年度经审计的收入总额为 332,731.85 万元、审计业务收入为 307,355.10 万元，证券业务收入为 138,862.04 万元。2023 年度上市公司审计客户家数 488 家，涉及的主要行业包括制造业、信息传输软件和信息技术服务业、批发和零售业、房地产业、 建筑业等，2022 年度上市公司年报审计收费 ...

镇江东方电热科技股份有限公司 2023 年度，在本人任职期间，公司共召开 7 次董事会会议，本人以现场方 式出席 3 次，以通讯方式出席 4 次；本人认真审阅了董事会相关议案，并基于自 身专业知识提供适当意见，尽到了勤勉尽责义务。2023 年度，公司共召开 4 次 股东大会，本人均现场出席。 2023 年度，在本人任职期间，公司董事会、股东大会的召集召开符合法定 1 独立董事万洪亮先生 2023 年度述职报告 本人万洪亮，担任镇江东方电热科技股份有限公司（以下简称"公司"）第 五届董事会独立董事。2023 年度，本人严格按照《公司法》、《上市公司独立 董事管理办法》、《深圳证券交易所创业板股票上市规则》、《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》及其他有关法律法 规和《公司章程》、《独立董事工作制度》等公司相关规定和要求，忠实履行独 立董事的职责，充分发挥独立董事的作用，勤勉尽责，维护了公司的整体利益， 维护了全体股东尤其是中小股东的合法权益，较好地发挥了独立董事的作用。现 将本人 2023 年度任职期间内履行独立董事职责的工作情况向各位股东及股东代 表汇报如下： 一、本人基 ...

东方证券承销保荐有限公司 关于镇江东方电热科技股份有限公司 调整部分募集资金投资项目计划进度的核查意见 | 2 | 年产 | 6,000 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 万支铲片式 PTC | 电加热 | 292,825,400.00 | 263,705,400.00 | 39,681,237.35 | 15.05% | 2024/6/30 | | | 器项目 | | | | | | | | 3 | 年产 350 | 万 | | | | | 一期工程 | | | 套新能源电 | | | | | | 2023/6/30 | | | 动汽车 | PTC | 202,069,000.00 | 100,129,000.00 | 68,900,329.78 | 68.81% | 二期工程 | | | 电加热器项 | | | | | | 2026/1/1 | | | 目 | | | | | | | | 4 | 补充流动资 | | 182,000,000.00 | 179,346,992.85 | 179,346,492.8 ...

Financial Performance - The company's operating revenue for 2023 was CNY 4,106,171,684.38, representing a 7.52% increase compared to CNY 3,818,868,588.19 in 2022[19]. - Net profit attributable to shareholders for 2023 reached CNY 643,543,838.80, a significant increase of 113.28% from CNY 301,739,369.64 in 2022[19]. - The net profit after deducting non-recurring gains and losses was CNY 404,516,563.22, up 47.12% from CNY 274,951,677.45 in 2022[19]. - The company's basic earnings per share for 2023 was CNY 0.43, a 104.76% increase compared to CNY 0.21 in 2022[19]. - The total assets at the end of 2023 were CNY 7,269,747,626.15, reflecting a slight increase of 0.45% from CNY 7,236,059,682.94 at the end of 2022[19]. - The net assets attributable to shareholders increased by 18.60% to CNY 3,907,182,648.12 from CNY 3,294,418,873.87 in 2022[19]. - The company reported a significant decline in net cash flow from operating activities, which was CNY 63,461,207.20, down 90.86% from CNY 694,111,334.35 in 2022[19]. - The company achieved a total operating revenue of 4,106.17 million yuan, representing a year-on-year growth of 7.52%[64]. - The net profit attributable to shareholders reached 643.54 million yuan, with a year-on-year increase of 113.28%[64]. - The company reported a significant increase in revenue for the first three quarters of 2023, with a year-on-year growth of 25%[154]. - The company anticipates a continued upward trend in revenue for Q4 2023, projecting a total annual revenue increase of 20%[154]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.68 RMB per 10 shares to all shareholders, based on a total of 1,477,976,940 shares[4]. - The company has not proposed any stock bonus or capital increase for shareholders in the current profit distribution plan[4]. - The company reported a cash dividend of 0.68 CNY per 10 shares, with no stock bonus or capital increase from reserves[192]. - The company distributed a cash dividend of RMB 0.2 per 10 shares, totaling RMB 29,754,130.8, based on a total share capital of 1,487,706,540 shares as of the end of 2022[190]. - There were no cash dividend distribution proposals despite the company being profitable and having positive distributable profits[192]. Market Position and Industry Insights - The company is recognized as the largest manufacturer of auxiliary electric heaters for air conditioning in China and has a leading market share in the PTC electric heater segment[31]. - The company has established stable long-term relationships with major appliance manufacturers such as Gree, Midea, and Haier, maintaining a strong market position[33]. - The company is one of the few in China capable of mass-producing PTC heating systems for pure electric vehicles, ranking among the top three in production capacity[31]. - The company is a leading manufacturer of polysilicon reduction furnaces and electric heaters for cold hydrogenation, holding a significant market share in the polysilicon production sector[34]. - In 2023, the production and sales of new energy vehicles in China reached 9.587 million and 9.495 million units, respectively, representing year-on-year growth of 35.8% and 37.9%[36]. - The market share of new energy vehicles in China exceeded 60% of global sales, with a market penetration rate of 31.6%, up 6 percentage points from the previous year[45]. - The company is focusing on digitalization, automation, and intelligence in the production of PTC electric heaters to enhance quality and competitiveness[37]. - The company is focusing on expanding its new energy sector, particularly in electric heating systems for electric vehicles[61]. Research and Development - Research and development expenses increased to 206 million yuan, reflecting a year-on-year growth of 12.78%[69]. - The company holds a total of 54 authorized invention patents, an increase of 22 from the previous year, enhancing its technological leadership[69]. - The company developed nearly 60 new products, enhancing its product line and competitive capabilities[82]. - The company is committed to enhancing research and development capabilities, particularly in high-temperature, high-pressure, and high-load heaters, to drive innovation and improve product quality[144]. - The company is focused on optimizing production processes to lower costs and improve efficiency through innovative technology[113]. - R&D investment amounted to ¥205,519,760.02 in 2023, representing 5.01% of operating revenue, up from 4.77% in 2022[117]. Operational Efficiency and Management - The company is implementing lean management practices to improve production efficiency and reduce costs, with a focus on optimizing production processes and enhancing organizational vitality[145]. - The company has established a performance evaluation system linking senior management's performance directly to their compensation, ensuring transparency and compliance with legal regulations[160]. - The company has a structured approach to determining the remuneration of its directors and senior management, considering factors such as profitability and individual performance[176]. - The company has adopted a performance evaluation system for its various departments to attract and retain talent[187]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic financial decisions[180]. Risks and Challenges - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, indicating potential operational risks and corresponding countermeasures[4]. - The company faces risks related to fluctuations in raw material prices, which account for over 60% of total costs, potentially impacting gross margins[147]. - The company is addressing customer dependency risks by expanding its product offerings and developing new markets to diversify its customer base[149]. - The company has seen a significant increase in accounts receivable due to rapid sales growth, necessitating ongoing management to mitigate collection risks[150]. - The company is accelerating the construction of fundraising investment projects to ensure timely production and mitigate risks associated with market changes[151]. Corporate Governance - The company has established a comprehensive corporate governance structure and internal control system, which has been effectively executed in key operational areas[197]. - The company has a complete and independent financial institution, with a robust accounting system and independent decision-making capabilities[163]. - The company maintained independence from its controlling shareholders in terms of business operations, personnel, assets, and financial management[162]. - The company has a diverse management team with backgrounds in economics, engineering, and law, enhancing its strategic decision-making capabilities[168]. - The company has established a sound governance structure, complying with relevant laws and regulations[162]. Future Outlook - The company plans to establish a core business structure centered around new energy, focusing on the lithium battery pre-plated nickel steel shell material business as a priority for future development[139]. - The company aims to achieve stable growth in operating net profit for the year, with a focus on improving profit margins[139]. - The company plans to strengthen order tracking for the new energy vehicle PTC electric heater business, ensuring timely delivery and completion rates[141]. - The company aims to develop and expand the electric power storage projects and related PTC heater and condenser businesses to achieve significant sales growth[141]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[154].