Investment Rating - The investment rating for the company is "Buy-A" with a target price of 7.29 CNY for the next six months [4][6]. Core Insights - The company achieved a revenue of 1.613 billion CNY in the first half of 2024, representing a year-on-year growth of 17.28%, and a net profit of 82.61 million CNY, which is a significant increase of 367.02% year-on-year [1][2]. - The company is advancing its "manufacturing + service" transformation with three main business segments: LNG application equipment, heavy equipment, and LNG processing and operation services, all showing positive performance [2][3]. - The company is implementing a "full industry chain" and "globalization" strategy, enhancing its collaborative advantages across the LNG industry chain and expanding its international presence [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 959 million CNY, a year-on-year increase of 57.00% and a quarter-on-quarter increase of 46.76%, with a net profit of 62.80 million CNY, reflecting a year-on-year growth of 319.44% and a quarter-on-quarter growth of 217.08% [1]. - The company plans to achieve revenues of 3.476 billion CNY, 4.567 billion CNY, and 5.407 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 14.4%, 31.4%, and 18.4% [4][7]. Business Segments - The LNG application equipment segment generated 698 million CNY in revenue in the first half of 2024, up 21.94% year-on-year, with a gross margin of 21.21% [2]. - The heavy equipment segment achieved a revenue of 446 million CNY, a year-on-year increase of 4.95%, with a gross margin of 24.48% [2]. - The LNG sales and operation services segment reported a revenue of 407 million CNY, reflecting a year-on-year growth of 19.08%, with a gross margin of 15.08% [2]. Market Position and Strategy - The company is focusing on the LNG industry chain, creating synergies among its products such as LNG liquefaction plants, LNG vehicle supply systems, and low-temperature valves [3]. - The company is expanding its global footprint, with subsidiaries actively promoting LNG applications and services in overseas markets [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company reported a total revenue of 1.61 billion RMB for the year, a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 80 million RMB, reflecting a significant growth of 367.0% [2]. - The second quarter alone contributed nearly 70% of the half-year performance, with revenue reaching 960 million RMB, a 57.0% increase year-on-year, and a net profit of 63 million RMB, up 319.4% [2]. - The strong performance is attributed to the unexpected surge in LNG heavy truck sales, which reached approximately 109,000 units in the first half of 2024, marking a 104.0% increase year-on-year [2]. - The company is positioned as a leading supplier of LNG truck cylinders, benefiting from the growth in low-temperature storage and transportation equipment, which saw a revenue increase of 21.2% [2]. - The report highlights the company's strategic shift towards energy services and hydrogen storage and transportation, which is expected to enhance overall valuation [2]. Summary by Sections Performance Overview - Total revenue for 2024 is projected at 4.615 billion RMB, with a growth rate of 51.88% [6]. - Net profit attributable to shareholders is forecasted to reach 240 million RMB in 2024, a 63.15% increase [6]. - The diluted earnings per share (EPS) is expected to be 0.417 RMB in 2024, with a price-to-earnings (P/E) ratio of 19.49 [6]. Business Analysis - The company's main business gross margin and net margin are both on the rise, with the hydrogen energy sector entering a critical phase [2]. - The LNG truck sales are expected to continue to set new records in the second half of the year, driven by long-term energy independence and declining LNG price expectations [2]. - The company is expanding its production capacity and has initiated overseas operations in Brazil, which is anticipated to replicate domestic profit models [2]. Financial Projections - The projected net profit for 2024-2026 is 240 million RMB, 359 million RMB, and 454 million RMB respectively, with corresponding EPS of 0.417 RMB, 0.623 RMB, and 0.790 RMB [2][6]. - The report indicates a gradual improvement in overall gross profit margins, driven by the optimization of the business model from equipment manufacturing to energy services and operations [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company reported a total revenue of 1.61 billion RMB for the year, a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 80 million RMB, reflecting a significant growth of 367.0% [2]. - The second quarter alone contributed nearly 70% of the half-year performance, with revenue reaching 960 million RMB, a 57.0% increase year-on-year, and a net profit of 63 million RMB, up 319.4% [2]. - The growth in LNG heavy truck sales, which reached approximately 109,000 units in the first half of 2024, represents a 104.0% increase year-on-year, significantly contributing to the company's performance [2]. - The company is positioned as a leading supplier of LNG heavy truck cylinders, benefiting from the robust demand in the LNG sector, which is expected to continue in the second half of the year [2]. - The company is also expanding its hydrogen storage and transportation capabilities, with a focus on high-end applications, which is anticipated to enhance overall valuation [2]. Summary by Sections Performance Overview - The company achieved a total revenue of 1.61 billion RMB in 2024, with a year-on-year growth of 17.3% and a net profit of 80 million RMB, marking a 367.0% increase [2][6]. - The second quarter's revenue was 960 million RMB, a 57.0% increase year-on-year, contributing significantly to the half-year results [2]. Business Analysis - The LNG heavy truck sales surged, with 109,000 units sold in the first half of 2024, a 104.0% increase year-on-year, driving substantial revenue growth [2]. - The company’s low-temperature storage and transportation equipment business also saw a 21.2% increase in revenue during the reporting period [2]. - The company is expanding its energy services and has initiated operations in Brazil, which is expected to replicate domestic profit models [2]. Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 240 million RMB, 359 million RMB, and 454 million RMB, respectively, with corresponding EPS of 0.42, 0.62, and 0.80 RMB [2][6]. - The company’s P/E ratios are projected to be 20, 13, and 10 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation outlook [2].

张家港富瑞特种装备股份有限公司 股票简称：富瑞特装 股票代码：300228 公告编号：2024-041 第六届监事会第十三次会议决议公告 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。 《2024年半年度募集资金存放与使用情况的专项报告》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3票、反对0票、弃权0票。 特此公告。 张家港富瑞特种装备股份有限公司监事会 《2024年半年度报告》及《2024年半年度报告摘要》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3票、反对0票、弃权0票。 二、审议通过《2024年半年度募集资金存放与使用情况的专项报告》 经审核，监事会认为公司严格按照有关法律、法规对募集资金进行管理和使 用，并及时对外披露募集资金的使用情况，不存在违规使用募集资金、变相改变 募集资金投向和损害股东利益的情况。 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 三次会议于2024年8月27日在公司会议室以现场方式召开。会议通知于2024年8 月16日以电子邮件送达全体监事。本次会议应出席监事3 ...

张家港富瑞特种装备股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 经中国证券监督管理委员会《关于同意张家港富瑞特种装备股份有限公司向 特定对象发行股票注册的批复》（证监许可[2021]185 号）核准，张家港富瑞特 种装备股份有限公司（以下简称"公司"）由主承销商中国国际金融股份有限公 司（以下简称"中金公司"）于 2021 年 3 月向特定对象发行普通股（A 股）股票 103,989,757 股，每股面值 1 元，每股发行价人民币 4.53 元。截至 2021 年 3 月 11 日止，本公司共募集资金 471,073,599.21 元，扣除发行费用不含税金额 11,664,141.29 元，募集资金净额 459,409,457.92 元。本公司上述发行募集的 资金已全部到位，业经公证天业会计师事务所（特殊普通合伙）以"苏公 W[2021]B019 号"验资报告验证确认。 截止 2024 年 6 月 30 日，本公司对募集资金项目（含补充流动资金）累计投 入人民币 255,039,827.54 元，于 2024 年 1 月 1 日起至 2024 年 6 月 30 日止会 ...

股票简称：富瑞特装 股票代码：300228 公告编号：2024-040 《2024年半年度报告》及《2024年半年度报告摘要》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。 二、审议通过《2024 年半年度募集资金存放与使用情况的专项报告》 《2024 年半年度募集资金存放与使用情况的专项报告》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。 张家港富瑞特种装备股份有限公司 第六届董事会第十五次会议决议公告 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"）第六届董事会第十五 次会议于2024年8月27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8月16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，其中董事黄锋先生、杨备先生，独立董事姜林先生、袁磊先生、郭静娟 女士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》、 ...

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（续） 编制单位：张家港富瑞特种装备股份有限公司 单位：万元 | | | 往来方与上 | 上市公 | 2024 年期 | 2024年半年度往 | 2024 年半 | 2024 年半 | 2024 年半年 | | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联 | 资金往来方名称 | 市公司的关 | 司核算 | 初往来资 | 来累计发生金额 | 年度往来 | 年度偿还 | 度期末往来 | 往来形成 | （经营性 | | 资金往来 | | | 的会计 | | | 资金的利 | 累计发生 | | 原因 | 往来、非经 | | | | 联关系 | | 金余额 | （不含利息） | | | 资金余额 | | | | | | | 科目 | | | 息 | 金额 | | | 营性往来） | | 控股股东、 | | | | | | | | | | | | 实际控制 | | | | | | | | | | | | 人及其附 | | | | | | | ...

Financial Performance - Revenue for the first half of 2024 reached 1,612,702,795.81 yuan, a 17.28% increase compared to the same period last year[13] - Net profit attributable to shareholders of the listed company was 82,605,618.88 yuan, a significant increase of 367.02% year-on-year[13] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 77,246,255.26 yuan, up 186.11% compared to the same period last year[13] - Basic earnings per share were 0.1436 yuan, an increase of 367.75% compared to the same period last year[13] - Diluted earnings per share were 0.1417 yuan, up 361.56% year-on-year[13] - Weighted average return on equity was 4.24%, an increase of 3.22 percentage points compared to the same period last year[13] - The company achieved a revenue of 1,612.7028 million yuan in the reporting period, a year-on-year increase of 17.28%, and a net profit attributable to shareholders of 82.6056 million yuan, a year-on-year increase of 367.02%[24] - Revenue increased by 17.28% to 1,612,702,795.81 yuan compared to the same period last year, driven by increased sales scale[26] - Net profit attributable to parent company owners surged by 367.02% to 82,605,618.88 yuan, primarily due to increased profits[27] - Total operating revenue for the first half of 2024 reached 1,612,702,795.81 RMB, a significant increase from 1,375,095,835.80 RMB in the same period last year[122] - Net profit for the first half of 2024 was 131,082,887.83 RMB, a substantial rise from 41,974,805.99 RMB in the first half of 2023[123] - Net profit attributable to parent company shareholders increased to 82,605,618.88 RMB, up from 17,687,952.67 RMB in the previous year[124] - Total comprehensive income for the period reached 103,789,194.91 RMB, compared to 25,081,843.78 RMB in the same period last year[124] - Basic earnings per share rose to 0.1436 RMB from 0.0307 RMB in the prior year[124] - The company's total comprehensive income for the first half of 2024 was RMB 82.28 million, with a net profit attributable to the parent company of RMB 82.61 million[132] - The company's total equity increased by RMB 129.91 million in the first half of 2024, reaching RMB 2.16 billion[132] - The company's capital reserve increased by RMB 31.87 million due to owner contributions and capital reduction[132] - The company's undistributed profit decreased by RMB 23.02 million due to profit distribution[132] - The company's total equity at the end of the first half of 2024 was RMB 2.16 billion, an increase of RMB 129.91 million compared to the beginning of the period[133] - The company's comprehensive income for the first half of 2024 was RMB 18.17 million, with a net profit attributable to the parent company of RMB 17.69 million[135] - The company's total equity increased by RMB 67.37 million in the first half of 2024, reaching RMB 1.76 billion[135] - The company's capital reserve increased by RMB 39.63 million due to owner contributions and capital reduction[135] - The company's undistributed profit decreased by RMB 20.05 million due to profit distribution[135] - The company's total equity at the end of the first half of 2024 was RMB 1.76 billion, an increase of RMB 67.37 million compared to the beginning of the period[135] - Total owner's equity at the end of the period is 575,406,349.00 yuan[136] - Capital reserve increased by 35,012,677.46 yuan during the period[139] - Comprehensive income for the period decreased by 25,625,904 yuan[139] - Profit distribution to owners (or shareholders) decreased by 23,016,253.96 yuan[139] - Special reserve decreased by 48,003.66 yuan during the period[140] - Total owner's equity at the beginning of the period was 1,872,478,804.40 yuan[139] - Total owner's equity at the end of the period decreased to 1,858,801,319.65 yuan[140] - Undistributed profit decreased by 23,997,133.57 yuan[140] - Capital reserve at the beginning of the period was 1,261,809,971.75 yuan[139] - Undistributed profit at the beginning of the period was 24,645,024.98 yuan[139] - Comprehensive income for the first half of 2024 was -10,519,748.89 RMB[143] - The company's total equity at the end of the period was 1,859,291,836.65 RMB[144] Cash Flow and Financial Position - Operating cash flow was -122,502,093.60 yuan, a decrease of 346.32% year-on-year[13] - Total assets as of the end of the reporting period were 4,304,957,020.06 yuan, a slight increase of 0.98% compared to the end of the previous year[13] - Shareholders' equity attributable to the listed company was 1,992,875,106.40 yuan, an increase of 4.93% compared to the end of the previous year[13] - Operating cash flow turned negative at -122,502,093.60 yuan, a 346.32% decrease, mainly due to increased payments for goods and taxes[26] - Accounts receivable increased by 7.19% to 905,421,549.98 yuan, accounting for 21.03% of total assets[31] - Inventory rose by 0.62% to 1,037,388,033.42 yuan, representing 24.10% of total assets[31] - The company's financial expenses decreased by 70.34% to 1,886,817.52 yuan, mainly due to reduced interest expenses[26] - Total assets increased to 4,304,957,020.06 yuan, up from 4,263,054,346.64 yuan at the beginning of the period[117][118][119] - Current assets totaled 2,843,854,700.39 yuan, compared to 2,767,874,861.16 yuan at the beginning of the period[117] - Non-current assets decreased to 1,461,102,319.67 yuan from 1,495,179,485.48 yuan at the beginning of the period[118] - Total liabilities decreased to 2,149,773,049.23 yuan from 2,237,779,247.97 yuan at the beginning of the period[119] - Current liabilities totaled 2,099,806,981.99 yuan, down from 2,198,721,228.51 yuan at the beginning of the period[119] - Non-current liabilities increased to 49,966,067.24 yuan from 39,058,019.46 yuan at the beginning of the period[119] - Total equity increased to 2,155,183,970.83 yuan from 2,025,275,098.67 yuan at the beginning of the period[119] - Net profit attributable to the parent company increased to 123,573,825.91 yuan from 63,984,461.00 yuan at the beginning of the period[119] - Accounts receivable increased to 905,421,549.98 yuan from 589,887,359.68 yuan at the beginning of the period[117] - Inventory increased to 1,037,388,033.42 yuan from 1,000,857,242.87 yuan at the beginning of the period[117] - Accounts receivable stood at 92,392,217.74 RMB as of the first half of 2024, slightly down from 93,793,640.34 RMB in the previous year[120] - Long-term equity investments increased to 1,345,391,423.86 RMB in the first half of 2024, up from 1,320,047,707.15 RMB in the same period last year[120] - Total assets as of the first half of 2024 were 2,076,183,030.33 RMB, compared to 2,117,098,929.46 RMB in the first half of 2023[120] - Total liabilities for the first half of 2024 were 217,381,710.68 RMB, down from 244,620,125.06 RMB in the same period last year[121] - Shareholders' equity increased to 1,858,801,319.65 RMB in the first half of 2024, up from 1,872,478,804.40 RMB in the first half of 2023[121] - Net cash flow from operating activities was -122,502,093.60 RMB, compared to 49,732,248.09 RMB in the same period last year[128] - Sales of goods and services generated 1,450,701,259.82 RMB in cash, up from 1,204,608,223.98 RMB in the previous year[128] - Payments for goods and services increased to 1,345,554,809.73 RMB from 991,923,332.29 RMB year-over-year[128] - Investment income received in cash was RMB 249,798.75, a significant decrease from RMB 3,683,713.29 in the previous year[129] - Cash received from disposal of fixed assets, intangible assets, and other long-term assets was RMB 560,563.58, down from RMB 5,377,046.81[129] - Total cash inflow from investment activities was RMB 3,060,362.33, a sharp decline from RMB 321,060,760.10[129] - Cash outflow for investment activities was RMB 64,357,717.64, compared to RMB 349,926,077.99 in the previous year[129] - Net cash flow from investment activities was negative RMB 61,297,355.31, an improvement from negative RMB 28,865,317.89[129] - Cash received from financing activities was RMB 217,873,295.00, down from RMB 560,296,000.00[129] - Net cash flow from financing activities was negative RMB 97,622,276.83, compared to positive RMB 93,775,301.22[129] - Net increase in cash and cash equivalents was negative RMB 275,877,150.71, a significant drop from positive RMB 124,078,468.73[129] - Cash received from sales of goods and services was RMB 21,713,519.69, up from RMB 8,648,148.86[129] - Net cash flow from operating activities was negative RMB 17,476,560.76, compared to positive RMB 41,159,449.99[129] R&D and Innovation - The company's R&D investment in the first half of 2024 was 64,141,381.92 yuan, accounting for 3.98% of operating revenue[19] - The company has 354 authorized patents, including 64 invention patents and 285 utility model patents[19] - The company successfully developed a liquid hydrogen supply system and supporting hydrogen valves for hydrogen fuel cell vehicles[19] - R&D investment nearly doubled, increasing by 95.85% to 64,141,381.92 yuan, reflecting heightened focus on innovation[26] - R&D expenses increased to 64,141,381.92 RMB in the first half of 2024, up from 32,750,494.69 RMB in the same period last year[123] - Research and development expenses increased to 4,221,514.01 RMB, up from 2,548,741.69 RMB in the previous year[126] Market and Sales Performance - The company's LNG application equipment, heavy equipment, and LNG processing and operation services all achieved good operating results in the first half of 2024[17] - Domestic LNG heavy-duty truck sales reached 108,800 units in the first half of 2024, a year-on-year increase of 104%[17] - The company's LNG vehicle gas supply system products saw significant sales growth, contributing to the company's market share and overall performance[24] - The company's overseas market orders for heavy equipment products remained strong, with high capacity utilization and steady development in international markets[24] - The company's LNG application equipment products, including LNG ship tanks, LNG tank containers, and LNG storage tanks, gained increasing recognition from overseas customers[24] - The company successfully built and operated over ten LNG liquefaction plants in the domestic market, enhancing its energy service business model and profitability[24] - Low-temperature storage and transportation equipment revenue grew by 21.94% to 698,209,630.91 yuan, with a 21.21% gross margin[28] - Sales expenses rose to 34,866,189.41 RMB in the first half of 2024, compared to 28,510,978.35 RMB in the same period last year[123] Investments and Subsidiaries - Total investment in the reporting period was 139,452,000 yuan, a 74.32% increase compared to the same period last year[35] - The company invested 106,452,000 yuan in establishing Singapore Furei Energy Services Investment Co., Ltd. and Furei Brazil Co., Ltd., holding 100% ownership[36] - The company invested 26,000,000 yuan in Sichuan Ruijin New Energy Technology Service Co., Ltd., holding a 65% stake[37] - The company invested 7,000,000 yuan in establishing Zhangjiagang Ruibo Intelligent Equipment Co., Ltd., holding a 70% stake[37] - Total raised funds amounted to 459,409,457.92 yuan, with 25,503,980 yuan already invested[39] - The company plans to use up to 240 million yuan of idle raised funds for cash management, including structured deposits and time deposits[39] - The company adjusted the investment amount for the "LNG High-Pressure Direct Injection Gas Supply System Project" by reducing 40 million yuan and reallocating it to the "Ship New Energy Equipment Manufacturing Upgrade and Expansion Project"[39] - The company terminated the "New LNG Intelligent Tank Container and Small Mobile Liquefaction Device Industrialization Project" and the "LNG High-Pressure Direct Injection Gas Supply System Project", reallocating the remaining 215,510,300 yuan to permanently supplement working capital[39] - The company's overseas assets in Hong Kong and Singapore account for 2.80% and 2.79% of the company's net assets, respectively, with no significant impairment risks[32] - The company's financial liabilities at the end of the period amounted to 2,092,200.99 yuan[34] - The new LNG intelligent tank container and small movable liquefaction device industrialization project has an investment progress of 24.30% with a cumulative investment of 4,024.08 million RMB[41] - The LNG high-pressure direct injection gas supply system project has an investment progress of 14.18% with a cumulative investment of 1,225.27 million RMB[41] - The normal temperature and low-temperature LNG ship loading and unloading arm project has an investment progress of 93.82% with a cumulative investment of 6,321.37 million RMB[41] - The hydrogen fuel cell vehicle liquid hydrogen supply system and supporting hydrogen valve R&D project has an investment progress of 97.82% with a cumulative investment of 6,064.43 million RMB[42] - The ship new energy equipment manufacturing upgrade and expansion project has an investment progress of 100.90% with a cumulative investment of 4,036.06 million RMB[42] - The company terminated the new LNG intelligent tank container and small movable liquefaction device industrialization project and reallocated the remaining funds for daily operations[43] - The LNG high-pressure direct injection gas supply system project was terminated due to high product prices and slow market adoption, with remaining funds reallocated for daily operations[43] - The normal temperature and low-temperature LNG ship loading and unloading arm project and hydrogen fuel cell vehicle liquid hydrogen supply system project were delayed, with the expected completion date extended to June 30, 2024[43] - The company terminated the "New LNG Intelligent Tank Container and Small Mobile Liquefaction Device Industrialization Project" due to insufficient market demand and cost inefficiency, reallocating the remaining funds to working capital[44] - The "LNG High-Pressure Direct Injection Gas Supply System Project" was also terminated due to high product costs and slow market adoption, with remaining funds redirected to working capital[44] - The "Cryogenic and Low-Temperature LNG Ship Loading and Unloading Arm Project" and "Hydrogen Fuel Cell Vehicle Liquid Hydrogen Supply System and Supporting Hydrogen Valve R&D Project" were delayed, with completion dates extended to June 30, 2024[44] - The "Ship New Energy Equipment Manufacturing Upgrade and Expansion Project" received a reallocation of 40 million RMB from the terminated LNG High-Pressure Direct Injection Gas Supply System Project, achieving a 100.90% investment progress[46] - The "Cryogenic and Low-Temperature LNG Ship Loading and Unloading Arm Project" had a surplus of 7.2254 million RMB, while the "Hydrogen Fuel Cell Vehicle Liquid Hydrogen Supply System and Supporting Hydrogen Valve R&D Project" had a surplus of 3.1078 million RMB due to cost control and interest income[45] - LNG high-pressure direct injection gas supply system project investment reduced by 4,000 million yuan due to market downturn and high natural gas prices[48] - LNG high-pressure direct injection gas supply system project terminated, with remaining funds reallocated for daily operations and business development[48] - Total entrusted wealth management amount in the reporting period was 3 million yuan, with no overdue or impaired amounts[49] - Derivative investment initial amount was 34.4521 million yuan, with a fair value change loss of 17,100 yuan during the reporting period[51] - Derivative investment end-of-period amount was 19.0839 million yuan, accounting for 0.96% of the company's net assets[51] - Derivative investment effectively reduced the impact of foreign exchange rate fluctuations on product profits[52] - Derivative investment risks include market, liquidity, credit, and legal risks, with control measures in place[52] - The company's financial derivative transactions are based on normal production

股票简称：富瑞特装 股票代码：300228 公告编号：2024-039 张家港富瑞特种装备股份有限公司 关于对外投资设立境外全资子公司及孙公司的进展公告 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、对外投资的基本情况 张家港富瑞特种装备股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开第六届董事会第十次会议，审议通过了《关于对外投资设立境外全资子公 司及孙公司的议案》，同意公司以自有资金对外投资在新加坡设立全资子公司 FURUI ENERGY SERVICE INVESTMENT PTE. LTD.（以下简称"新加坡子公司"）， 并以新加坡子公司作为投资主体对外投资设立巴西全资孙公司 FURUI DO BRASIL LTDA（以下简称"巴西孙公司"），本次对外投资总金额不超过 1,500 万美元，具 体内容详见公司 2024 年 4 月 12 日对外公告的《关于对外投资设立境外全资子公 司及孙公司的公告》（公告编号：2024-009）。 二、对外投资的进展情况 公司近期已完成了新加坡子公司及巴西孙公司的注册登记手续，并取得了江 苏省 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 7.29 CNY for the next six months, based on a comparable company average PE of 27 times for 2024 [6][7]. Core Insights - The company, Furui Special Equipment, is a leading supplier in the LNG equipment market, focusing on three core business segments: LNG application equipment, heavy equipment, and LNG operation and maintenance services. It has established a strong global presence, serving over 50 countries and maintaining stable relationships with major clients [3][4]. - The LNG heavy truck market is expected to grow significantly, driven by the decreasing gas-diesel price ratio, which has led to a record sales volume of 151,980 LNG heavy trucks in 2023, achieving a penetration rate of 24.48% [4][27]. - The company is actively transforming from an equipment manufacturer to an energy operation service provider, with plans to establish subsidiaries in Singapore and Brazil to expand its LNG operation services internationally [5][49]. Summary by Sections 1. Company Overview - Furui Special Equipment has a rich history and has developed a comprehensive product line in LNG application equipment, heavy equipment, and LNG operation services since its establishment in 2003 [16][19]. - The company has a diversified client base, including major truck manufacturers and oil and gas companies, which provides a stable revenue stream [19][22]. 2. LNG Heavy Truck Market - The decline in the gas-diesel price ratio has significantly boosted LNG heavy truck sales, with expectations for continued growth in market penetration [27][28]. - LNG heavy trucks are recognized for their economic and environmental advantages, making them a preferred solution for long-distance logistics [32][34]. 3. Heavy Equipment Export - The company has seen growth in its heavy equipment exports, benefiting from increased global investment in energy equipment [44][46]. - In 2023, the revenue from heavy equipment sales reached 879 million CNY, with a notable increase in profit margins [45][46]. 4. Business Transformation and Market Expansion - The company is enhancing its business model by integrating manufacturing and service operations, which is expected to drive profit growth [51][52]. - The domestic demand for LNG is on the rise, supported by government policies promoting cleaner energy usage [49][50]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 34.76 billion CNY, 45.67 billion CNY, and 54.07 billion CNY, with corresponding growth rates of 14.4%, 31.4%, and 18.4% [6][61]. - The net profit is expected to reach 1.56 billion CNY, 2.31 billion CNY, and 2.80 billion CNY for the same period, with growth rates of 6.2%, 48.1%, and 21.1% [6][61].