Group 1: Company Overview - The company operates on an order-based production model, with equipment manufacturing revenue reaching 9 billion CNY as of September 2024, of which export orders account for 46% [1] - The investment operations include city gas, bulk gases, and rare gases, with significant contributions from projects like the electronic specialty gas project in Shandong [1] Group 2: Financial Performance - The city gas segment's performance has significantly declined in 2024 due to low downstream demand and increased procurement costs, leading to a profit drop of nearly 53 million CNY compared to the previous year [3] - The company anticipates a positive growth outlook for 2025, driven by increasing equipment sales orders and resolution of negative factors in the city gas segment [2] Group 3: Market Position and Competitiveness - The company has established a strong presence in the overseas market, recognized by major clients such as Saudi Aramco and Air Products, with competitive advantages in product quality and delivery times [2] - Domestic projects have faced margin pressures due to industry-wide price reductions, but the company maintains a high market share in certain segments [5] Group 4: Future Outlook - The company is optimistic about the growth of new orders in 2025, with ongoing negotiations for several projects in Xinjiang's coal chemical sector, which is expected to drive significant order increases [5] - The city gas segment is expected to stabilize as industry conditions improve and internal management enhances, reducing the likelihood of further profit declines [2]

证券代码：300435 证券简称：中泰股份 公告编号：2024-069 杭州中泰深冷技术股份有限公司 关于回购公司股份进展的公告 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。 杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年2月2日召开 了第五届董事会第五次会议及2024年2月20日召开的2024年第一次临时股东大会逐 项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。公司计划使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施员工持股计划或股权 激励。本次回购总金额不低于人民币5,000万元（含）且不高于人民币10,000万元 （含），回购价格不超过人民币19.88元/股（含），预计回购股份数量为2,515,091 股至5,030,181股，占公司总股本的比例为0.66%至1.31%，具体内容详见公司2024 年2月5日在巨潮资讯网披露的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2024-002）及2024年2月20日在巨潮资讯网披露的《关于以集中竞 价方式回购公司股份的回购报告书》（公告编号：2024-008 ...

Company and Industry Summary Company Overview - The company is involved in the petrochemical and equipment manufacturing sectors, with a focus on coal chemical projects and overseas market expansion [1][5]. Financial Performance - The third-quarter report indicated a significant profit decline of over 30%, primarily due to issues in the growth segment, including pricing mechanisms and bad debts, resulting in a profit impact of approximately 60-70 million [1]. - The equipment segment also experienced a revenue decline, attributed to longer contract execution cycles and delayed shipment schedules, with expectations for recovery in 2025 and 2026 [2][4]. - The gross margin for the equipment segment improved slightly compared to the first half of the year, while the growth segment's gross margin decreased [3]. Order and Sales Insights - As of September 30, the company had an order backlog of approximately 2.476 billion, with exports accounting for over 46% of this total [3]. - The company aims to achieve a sales target of 2-2.2 billion for the equipment segment in 2024, with optimistic feedback on order fulfillment [4]. - The coal chemical segment constitutes about 30-40% of the company's order backlog, with significant contributions from synthetic ammonia and other related projects [6][8]. Market Dynamics - The company is optimistic about overseas market opportunities, particularly in coal chemical projects in Xinjiang, with ten projects already in progress [8]. - The domestic market has seen a shift in strategy due to intense price competition, leading to adjustments in sales expectations and gross margin levels [4][5]. Challenges and Risks - The company faces challenges from rising procurement prices and government price controls, which have negatively impacted profit margins by approximately 40-50 million [14]. - The overall economic environment remains challenging, particularly in Shandong, affecting downstream operations and profitability [13][14]. Future Outlook - The company is cautiously optimistic about 2025 and 2026, expecting a recovery in performance based on current order trends and market conditions [15]. - There is a potential for increased dividend payouts in the future, contingent on capital expenditure levels and cash flow stability [11]. Additional Insights - The company has a competitive edge in the overseas market, with gross margins exceeding 40%, compared to domestic margins below 30% [16]. - The equipment investment in coal chemical projects varies significantly, with project costs ranging from several million to over a billion [7]. - The company is actively pursuing market expansion in regions like Europe and the Middle East, with a focus on maintaining competitive pricing and quality [18][22]. This summary encapsulates the key points from the conference call, highlighting the company's current status, market dynamics, and future outlook.

证券代码：300435 证券简称：中泰股份 公告编号：2024-067 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。 特别提示： 3.本次股东大会以现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 1. 2024 年 10 月 23 日，杭州中泰深冷技术股份有限公司（以下简称"公司"） 董事会以公告的方式向全体股东发出召开公司 2024 年第二次临时股东大会的通 知。 2.会议召开方式：本次股东大会以现场投票与网络投票相结合的方式召开。 3.会议召开时间： 现场会议时间：2024年11月12日（星期二）下午15:00。 网络投票时间：2024年11月12日（星期二） 杭州中泰深冷技术股份有限公司 2024年第二次临时股东大会决议公告 1.本次股东大会无新增和变更议案，也未出现否决议案。 2.本次股东大会未出现涉及变更前次股东大会决议。 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为2024年11月 12日（星期二）上午9:15-9:25，9:30-11:30，下午13:00-15:00； 通过深圳证券交易所互联网投票的具体时间为2024 ...

北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2024 年第二次临时股东大会的 法律意见书 杭州市上城区新业路 200 号华峰国际 10-11 层 邮编：310016 电话：(+86)571-86508080 传真：(+86)571-87357755 关于杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所 2024 年第二次临时股东大会的法律意见书 为出具本法律意见书，本所律师审查了本次股东大会的有关文件和材料。本 所律师得到公司如下保证：其已提供了本所律师认为作为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件等材料与原始材料一致。 北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2024 年第二次临时股东大会的 法律意见书 德恒【杭】书（2024）第11019号 致：杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所受杭州中泰深冷技术股份有限公司（以下简称 "公司"）委托，指派黄加宁律师、毛林燕律师（以下简称"本所律师"）出席 公司 2024 年第二次临时股东大会（以下简称"本次股东大会 ...

Core Insights - Hangzhou Zhongtai Deep Cold Technology Co., Ltd. has achieved a significant breakthrough in natural gas (coalbed methane) purification and carbon recovery, enhancing its position in the natural gas purification technology sector [1] - The project, located in Yonghe County, Linfen City, Shanxi Province, has a total investment of 419 million yuan [1] - The advanced technology utilized in the project converts coalbed methane into first-class natural gas that meets national standards while recovering carbon dioxide, maximizing resource utilization [1] - Zhongtai serves as the core technical support, providing comprehensive solutions including plant process design, equipment supply, and technical services, which solidifies the project's foundation for success [1]

杭州中泰深冷技术股份有限公司（以下简称"公司"）于2024年2月2日召开 了第五届董事会第五次会议及2024年2月20日召开的2024年第一次临时股东大会逐 项审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。公司计划使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施员工持股计划或股权 激励。本次回购总金额不低于人民币5,000万元（含）且不高于人民币10,000万元 （含），回购价格不超过人民币19.88元/股（含），预计回购股份数量为2,515,091 股至5,030,181股，占公司总股本的比例为0.66%至1.31%，具体内容详见公司2024 年2月5日在巨潮资讯网披露的《关于以集中竞价方式回购公司股份方案的公告》 （公告编号：2024-002）及2024年2月20日在巨潮资讯网披露的《关于以集中竞 价方式回购公司股份的回购报告书》（公告编号：2024-008）。公司于2024年5 月22日于巨潮资讯网披露了《关于2023年年度权益分派实施后调整回购股份价格 上限的公告》（公告编号：2024-035），自2024年5月22日起调整回购股份价格 上限为19.73元/股（含），回购股份数 ...

Investment Rating - The report assigns a rating of "Accumulate" for Zhongtai Co., Ltd. (300435) [2] Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 2.012 billion yuan, a year-on-year decrease of 10.67%, and a net profit attributable to shareholders of 189 million yuan, down 26.99% year-on-year. In Q3 alone, revenue was 644 million yuan, an increase of 10.95% year-on-year, while net profit was 66 million yuan, down 12.30% year-on-year [1] - The equipment business is under short-term pressure due to long delivery cycles of 14-16 months, resulting in fewer confirmed orders in the first three quarters of 2024. The gross margin for the first three quarters was 19.03%, a decrease of 0.8 percentage points year-on-year, primarily due to intense domestic competition and the delayed recognition of high-margin overseas orders [1] - There is strong demand for overseas deep-freezing equipment, with the company gradually entering a harvest period. The company has become a qualified supplier for important clients in various countries, benefiting from high overseas demand. As of H1 2024, the order backlog was 2.132 billion yuan, up 33.5% year-on-year, with over 30% from overseas [1] - The company's expense ratio for the first three quarters was 7.34%, an increase of 1.42 percentage points year-on-year, driven by rising management, R&D, and sales expenses [1] Financial Summary - The projected net profits for 2024-2026 are 297 million yuan, 388 million yuan, and 457 million yuan, corresponding to P/E ratios of 15, 12, and 10 times, respectively. The report anticipates that the company's competitiveness in overseas markets will continue to improve, with high-margin export orders being confirmed next year [4] - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 3.047 billion yuan, 2.834 billion yuan, 3.400 billion yuan, and 4.081 billion yuan, with growth rates of -6.42%, -7.00%, 19.97%, and 20.03% respectively [4] - The EBITDA for the same years is projected at 506 million yuan, 502 million yuan, 638 million yuan, and 749 million yuan [4] - The gross margin is expected to improve from 18.49% in 2024E to 20.61% in 2026E, while the net profit margin is projected to stabilize around 11.18% in 2026E [6]

Financial Performance - The company's revenue for Q3 2024 was ¥644,042,893.72, representing a year-over-year increase of 10.95%[2] - The net profit attributable to shareholders was ¥66,064,829.32, a decrease of 12.30% compared to the same period last year[2] - Total operating revenue for the current period is ¥2,011,924,213.08, a decrease of 10.65% from ¥2,252,227,344.06 in the previous period[13] - Net profit for the current period is ¥186,128,553.09, a decline of 28.0% compared to ¥258,508,389.59 in the previous period[13] - The company reported a total comprehensive income of ¥186,125,815.74, down from ¥258,710,968.27 in the previous period[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥252,613,538.54, showing a significant increase of 67.20%[2] - Cash flow from operating activities generated ¥252,613,538.54, an increase of 67.2% compared to ¥151,086,801.80 in the previous period[15] - The net cash flow from investment activities was -324,538,250.15 CNY, compared to -166,751,778.04 CNY in the previous year, indicating a significant increase in cash outflow[16] - The total cash inflow from financing activities was 928,926,893.44 CNY, down from 1,005,720,283.33 CNY year-over-year[16] - The net cash flow from financing activities was -782,715,409.86 CNY, a decline from a positive 391,829,023.15 CNY in the previous year[16] - The net increase in cash and cash equivalents was -854,332,557.77 CNY, contrasting with a positive increase of 377,461,833.49 CNY in the prior year[16] - The ending balance of cash and cash equivalents was 763,732,189.69 CNY, down from 1,651,243,615.73 CNY year-over-year[16] - The company reported a significant increase in debt repayment cash outflow, which reached 1,569,607,329.29 CNY compared to 555,000,000.00 CNY in the previous year[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,775,409,599.92, reflecting a decrease of 11.83% from the previous year[2] - As of September 30, 2024, the total current assets amounted to ¥2,471,258,765.06, a decrease from ¥3,089,303,228.05 at the beginning of the period[10] - The total liabilities as of September 30, 2024, were ¥1,479,426,237.96, down from ¥2,227,369,197.72 at the beginning of the period[12] - The company's cash and cash equivalents decreased to ¥782,826,916.71 from ¥1,673,080,214.16[10] - The total assets decreased to ¥4,775,409,599.92 from ¥5,416,294,299.63[12] Shareholder Information - The weighted average return on equity was 2.04%, down by 0.52% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.17, a decline of 12.87% year-over-year[2] - The company’s total equity attributable to shareholders increased by 3.44% to ¥3,276,119,119.63 compared to the end of the previous year[2] - The top shareholder, Zhejiang Zhongtai Steel Group Co., Ltd., holds 31.48% of the shares, totaling 121,418,709 shares[6] - The company's equity attributable to shareholders increased to ¥3,276,119,119.63 from ¥3,167,268,321.59[12] Operational Costs and Expenses - Total operating costs decreased to ¥1,788,710,921.22, down 8.23% from ¥1,949,183,614.99 in the previous period[13] - Research and development expenses increased to ¥48,112,269.82, up from ¥47,085,714.51, indicating a focus on innovation[13] - Management expenses rose to ¥89,481,524.05, compared to ¥75,745,646.45 in the previous period, reflecting increased operational costs[13] Share Lock-up and Release - The company reported a total of 37,253,998 shares under lock-up agreements, with 20,402,278 shares released during the period[9] - The company plans to release 25% of the locked shares held by executives annually[9] - The company has a commitment to release locked shares for departing directors and supervisors on January 20, 2024[8] Other Income - The company reported non-operating income of ¥1,689,005.72 for the current period[5] - The government subsidies recognized in the current period amounted to ¥173,569.80[4] - The company achieved an investment income of ¥4,185,252.34, up from ¥2,041,518.40 in the previous period, indicating improved performance in investments[13] Audit Information - The company did not undergo an audit for the third quarter report[17]

证券代码：300435 证券简称：中泰股份 公告编号：2024-066 杭州中泰深冷技术股份有限公司 关于自愿披露日常经营情况的公告 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。 为了便于投资者更全面了解杭州中泰深冷技术股份有限公司（以下简称"公司"） 经营情况，更加准确的做出投资决策，现公司自愿披露如下信息： 一、在手订单情况 截至公告日，公司在手订单24.76亿元，其中出口订单11.46亿元，出口订单占在手订 单比例超过46%。在手订单预计将在未来2年内陆续交付。 出口订单的持续增长，得益于公司多年来海外市场的精准布局以及渠道建设，叠加 公司产品的卓越品质以及完善的服务体系，已取得诸如沙特阿美、法国道达尔、美国空 气化工、法液空等客户的深度认可，并已进入国际知名工程公司如韩国现代等工程公司 的合格供应商名单。同时公司对国内优势市场的深耕也从未停止，国内市场份额不断提 升。公司在能源化工、天然气液化、电子气装置等行业的市场地位不断提升，已形成国 内市场与海外市场齐头并进的势态，为公司装置制造业绩的稳步增长创造更加广阔的空 间。 在手订单的设计、制造及交付需 ...