Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown rapid growth in performance, with a 21.4% year-on-year increase in revenue to 2.57 billion yuan and a 222.4% increase in net profit to 130 million yuan for the first three quarters of 2024 [1] - The demand for gas heavy trucks is on the rise, with domestic sales reaching 148,000 units, a 38% increase year-on-year, capturing 34.4% of the heavy truck market [1] - The company is actively expanding its hydrogen energy sector, developing hydrogen valves and liquid hydrogen supply systems [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 950 million yuan, a 29.2% increase year-on-year, and a net profit of 43.75 million yuan, up 103.5% [1] - The gross margin and net margin for the first three quarters of 2024 were 19.8% and 6.2%, respectively, reflecting significant improvements [1] - The company expects net profits for 2024-2026 to be 170 million, 240 million, and 300 million yuan, respectively, with a compound annual growth rate of 27% [2] Business Expansion and Strategy - The company is optimizing its energy service business model, benefiting from increased efforts in developing remote gas resources in central and western China [1] - The establishment of a wholly-owned subsidiary in Brazil indicates the company's proactive approach to international market expansion [1] - The company has introduced liquid hydrogen valve products to meet market demands and is focusing on key components for fuel cell development [1]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 10.53 CNY, while the current stock price is 7.29 CNY [5][7]. Core Insights - The company has achieved significant revenue growth, with a 21.43% year-on-year increase in revenue to 2.566 billion CNY and a remarkable 222.42% increase in net profit to 126 million CNY for the first three quarters of 2024 [1][2]. - The company is transitioning towards a "manufacturing + service" business model, focusing on three main areas: LNG application equipment, heavy equipment, and LNG processing and operation services [2][3]. - The company plans to expand its energy service business internationally, leveraging its successful domestic LNG processing model to enter markets in resource-rich countries [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.566 billion CNY, a 21.43% increase year-on-year, and a net profit of 126 million CNY, up 222.42% [1]. - In Q3 2024, the company achieved revenue of 953 million CNY, a 29.17% increase year-on-year, but a slight decrease of 0.60% quarter-on-quarter [1]. Business Development - The company is focusing on three main business areas: 1. LNG application equipment, benefiting from the rapid growth of the LNG heavy truck industry, with a penetration rate of 34.4% [2]. 2. Heavy equipment, with sufficient orders and plans to increase production capacity [2]. 3. LNG processing and operation services, aligning with national strategies to reduce energy import dependence [2]. Market Expansion - The company is shifting its focus from primarily exporting heavy equipment to promoting its LNG processing services internationally, targeting countries like Brazil, Australia, and Indonesia [3]. Revenue Projections - Revenue projections for 2024 to 2026 are 3.476 billion CNY, 4.567 billion CNY, and 5.407 billion CNY, with growth rates of 14.4%, 31.4%, and 18.4% respectively [4][8].

经审核，监事会认为董事会编制的公司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，报告内容真实、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。 《2024年第三季度报告》具体内容详见中国证监会指定的创业板信息披露网 站。 股票简称：富瑞特装 股票代码：300228 公告编号：2024-050 张家港富瑞特种装备股份有限公司 第六届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 张家港富瑞特种装备股份有限公司（以下简称"公司"）第六届监事会第十 五次会议于2024年10月24日在公司会议室以现场方式召开。会议通知于2024年10 月18日以电子邮件送达全体监事。本次会议应出席监事3名，实际出席监事3名。 本次会议由公司监事会主席孙秀英女士主持。公司董事会秘书列席本次监事会。 本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规 定，合法有效。会议经过讨论，审议通过了以下决议： 一、审议通过《2024年第三季度报告》 表决结果：同意3票、反对0票、弃权0票。 特此公 ...

股票简称：富瑞特装 股票代码：300228 公告编号：2024-049 张家港富瑞特种装备股份有限公司 第六届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 《2024年第三季度报告》具体内容详见中国证监会指定的创业板信息披露网 站。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 一、审议通过《2024年第三季度报告》 张家港富瑞特种装备股份有限公司（以下简称"公司"）第六届董事会第十七 次会议于2024年10月24日在公司会议室以现场结合通讯方式召开。会议通知于 2024年10月18日以电子邮件方式送达全体董事。会议应出席董事7名，实际出席 董事7名，其中董事杨备先生，独立董事姜林先生、袁磊先生以通讯方式参加会 议，会议由公司董事长黄锋先生主持。会议的召集、召开符合《中华人民共和国 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》和《董事会议事规则》的有关规定，会议合法有效。 经与会董事表决，通过如下决议： 公司2024年第三季度报告真实反映了公司2024年第三季度的财务状况 ...

Financial Performance - Revenue for Q3 2024 reached ¥953,345,633.89, an increase of 29.17% compared to the same period last year[2] - Net profit attributable to shareholders was ¥43,753,475.28, up 103.48% year-on-year[2] - Net profit excluding non-recurring items was ¥42,032,474.94, reflecting a 148.93% increase compared to the previous year[2] - Basic earnings per share for the period was ¥0.0760, representing a growth of 103.21% year-on-year[2] - The company's net profit for the current period reached ¥158,670,593.77, representing a 188.94% increase compared to ¥54,914,849.43 in the same period last year[7] - Operating profit increased by 148.42% to ¥204,689,008.51 from ¥82,395,709.42 year-on-year, driven by revenue growth and improved gross margins on certain products[7] - Total revenue growth contributed to a 149.06% increase in total profit, which amounted to ¥205,445,739.31 compared to ¥82,489,968.56 in the previous year[7] - Net profit for Q3 2024 was CNY 158,670,593.77, up 187.5% from CNY 54,914,849.43 in Q3 2023[19] - The company reported a comprehensive income total of CNY 158,950,696.57 for Q3 2024, compared to CNY 55,120,715.32 in the same quarter last year[20] Assets and Liabilities - Total assets at the end of the period were ¥4,251,582,808.38, a slight decrease of 0.27% from the end of the previous year[2] - Shareholders' equity attributable to the parent company increased to ¥2,053,958,329.43, up 8.15% from the previous year[2] - Total liabilities decreased from approximately ¥2.06 billion to ¥1.99 billion, indicating a reduction of about 3.4%[16] - The total liabilities decreased to CNY 2,028,286,718.00 from CNY 2,237,779,247.97, reflecting a reduction of approximately 9.3%[19] - The company's total equity increased to CNY 2,223,296,090.38, compared to CNY 2,025,275,098.67, marking an increase of about 9.8%[19] Cash Flow - The company reported a 66.05% decrease in net cash flow from operating activities year-to-date, totaling ¥117,907,251.12[2] - Cash flow from operating activities decreased by 66.05% to ¥117,907,251.12, compared to ¥347,317,428.53 in the previous year, mainly due to increased payments to suppliers[8] - The net cash outflow from operating activities was CNY 2,820,535,663.84, an increase from CNY 1,984,328,403.57 in the previous year, indicating a significant rise in operational expenses[22] - The total cash and cash equivalents at the end of the period were CNY 369,320,276.52, down from CNY 555,401,485.92 at the end of the previous year[22] - The company reported a net increase in cash and cash equivalents of -CNY 120,499,113.88, contrasting with a positive increase of CNY 195,450,751.30 in the previous year[22] Expenses - The company’s management expenses rose by 47.94% to ¥132,072,143.88, attributed to the accrual of ¥52,519,000 in equity incentive expenses[7] - Research and development expenses for Q3 2024 were CNY 90,537,680.34, up from CNY 74,434,415.06, indicating a growth of 21.6%[19] - The company paid CNY 216,572,049.27 in employee compensation, up from CNY 178,268,505.39, showing a 21.5% increase in labor costs[22] - Tax payments increased significantly to CNY 123,947,636.36 from CNY 51,274,388.22, representing a 142.3% rise[22] Investments and Subsidiaries - The company established a wholly-owned subsidiary in Singapore with an investment of up to $15 million, and subsequently set up a wholly-owned subsidiary in Brazil[14] - The company plans to increase the registered capital of its subsidiary from ¥2 million to ¥50 million, with an additional investment of ¥48 million[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 44,710, with the top ten shareholders holding significant stakes, including Huang Feng with 7.52%[10] - The total number of restricted shares held by major shareholders at the end of the period was 32,480,250 shares, with a total of 34,650 shares released during the period[12] Other Income and Gains - Accounts receivable rose by 39.53% to ¥823,077,038.03, attributed to increased revenue and recovery of previous accounts[5] - Prepayments increased significantly by 131.94% to ¥169,150,045.78, due to higher advance payments for material procurement[5] - The company recorded a 63.92% increase in other income, amounting to ¥10,885,363.73, compared to ¥6,640,604.00, mainly due to increased VAT deductions[7] - Non-recurring gains and losses totaled ¥1,721,000.34 for the current period, with a cumulative amount of ¥7,080,363.96 year-to-date[3] Financial Management - The company reported a significant decrease in financial expenses, down 78.00% to ¥3,077,993.85 from ¥13,990,756.21, primarily due to reduced loan interest[7] - The net cash flow from investing activities was -CNY 128,970,169.78, compared to -CNY 96,096,917.78 in the same period last year, reflecting increased investment outflows[22] - The net cash flow from financing activities was -CNY 114,105,939.94, a deterioration from -CNY 64,007,182.36 year-over-year, indicating higher debt repayments[22] Employee and Management Changes - The company appointed a new employee representative supervisor following the resignation of the previous supervisor due to personal reasons[13]

股票简称：富瑞特装 股票代码：300228 公告编号：2024-048 张家港富瑞特种装备股份有限公司 关于公司申请银行授信并为全资、控股子公司银行授信提供 担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本次银行授信及担保情况概述 1、张家港富瑞特种装备股份有限公司（以下简称"公司"）及全资子公司张 家港富瑞深冷科技有限公司（以下简称"富瑞深冷"）、张家港富瑞重型装备有限 公司（以下简称"富瑞重装"）及公司控股子公司张家港富瑞阀门有限公司（以 下简称"富瑞阀门"）、江苏长隆石化装备有限公司（以下简称"长隆装备"）共 同向中国农业银行股份有限公司张家港分行（以下简称"农业银行"）申请的授 信额度已到期。现富瑞深冷、富瑞重装、富瑞阀门、长隆装备拟共同向农业银行 申请授信额度总计人民币 16,000 万元，期限一年。其中：富瑞深冷向农业银行 申请 3,000 万元授信额度，由公司提供连带责任担保；富瑞重装向农业银行申请 11,000 万元授信额度，其中 8,000 万敞口额度由公司提供连带责任担保并追加 公司自有不动产权证号：苏（2023）张家港市 ...

股票简称：富瑞特装 股票代码：300228 公告编号：2024-043 张家港富瑞特种装备股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 张家港富瑞特种装备股份有限公司（以下简称"公司"）第六届董事会第十六 次会议于2024年10月18日在公司会议室以现场结合通讯方式召开。会议通知于 2024年10月14日以电子邮件方式送达全体董事。会议应出席董事7名，实际出席 董事7名，其中董事杨备先生，独立董事姜林先生、袁磊先生以通讯方式参加会 议，会议由公司董事长黄锋先生主持。会议的召集、召开符合《中华人民共和国 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》和《董事会议事规则》的有关规定，会议合法有效。 经与会董事表决，通过如下决议： 一、审议通过《关于调整2023年限制性股票激励计划首次及预留授予价格 的议案》 由于公司已于2024年6月25日实施完毕了2023年度利润分配事项，根据公司 《2023年限制性股票激励计划（草案）》的相关规定以及公司2023年第六次临时 股 ...

股票简称：富瑞特装 股票代码：300228 公告编号：2024-044 张家港富瑞特种装备股份有限公司 第六届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 张家港富瑞特种装备股份有限公司（以下简称"公司"）第六届监事会第十 四次会议于2024年10月18日在公司会议室以现场方式召开。会议通知于2024年10 月14日以电子邮件送达全体监事。本次会议应出席监事3名，实际出席监事3名。 本次会议由公司监事会主席孙秀英女士主持。公司董事会秘书列席本次监事会。 本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规 定，合法有效。会议经过讨论，审议通过了以下决议： 一、审议通过《关于调整2023年限制性股票激励计划首次及预留授予价格 的议案》 经审核，监事会认为公司对2023年限制性股票激励计划首次及预留授予价格 的调整符合《上市公司股权激励管理办法》和公司《2023年限制性股票激励计划 （草案）》的有关规定，本次调整不会对公司的财务状况和经营成果产生实质性 影响，也不会损害公司及全体股东利益。因此，监事会同意公司本次对2 ...

上海市通力律师事务所 关于张家港富瑞特种装备股份有限公司 2023 年限制性股票激励计划授予价格调整及预留部分授予事项 的法律意见书 致：张家港富瑞特种装备股份有限公司 上海市通力律师事务所(以下简称"本所")受张家港富瑞特种装备股份有限公司(以 下简称"富瑞特装"或"公司")委托，指派翁晓健律师、赵婧芸律师(以下合称"本所 律师")作为公司特聘专项法律顾问，就公司 2023 年限制性股票激励计划(以下简称"本 次股权激励计划")授予价格调整(以下简称"本次价格调整")事项及预留部分限制性股 票授予(以下简称"本次预留授予")事项，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》")、中国证券监督管 理委员会(以下简称"中国证监会")发布的《上市公司股权激励管理办法》(以下简称 "《管理办法》")、《深圳证券交易所创业板股票上市规则》(以下简称"《上市规则》") 和《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》(以下简称"《业 务办理指南》")等法律、行政法规和其他规范性文件(以下简称"法律、法规和规范性文 件")和《张家港富瑞特种装 ...

股票简称：富瑞特装 股票代码：300228 公告编号：2024-047 张家港富瑞特种装备股份有限公司 关于向2023年限制性股票激励计划激励对象预留授予限制 性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要提示： 张家港富瑞特种装备股份有限公司（以下简称"公司"）《2023 年限制性股 票激励计划（草案）》规定的预留授予条件已经成就，根据公司 2023 年第六次临 时股东大会的授权，公司于 2024 年 10 月 18 日召开了第六届董事会第十六次会 议和第六届监事会第十四次会议，审议通过了《关于向 2023 年限制性股票激励 计划激励对象预留授予限制性股票的议案》，确定 2023 年限制性股票激励计划 （以下简称"本激励计划"）的预留授予日为 2024 年 10 月 18 日，向 44 名激励 对象授予 700 万股限制性股票，授予价格为 3.14 元/股。现将具体情况公告如下： 一、激励计划简述 1、本次授予限制性股票的股票来源 公司本激励计划涉及的标的股票来源为本公司向激励对象定向发行的本公 司人民币普通股（A 股）。 2、授予的限制 ...