证券代码：300435 证券简称：中泰股份 公告编号：2025-004 杭州中泰深冷技术股份有限公司 关于股份回购结果暨股份变动的公告 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- ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-003 杭州中泰深冷技术股份有限公司 1、公司未在下列期间回购公司股份： 一、回购股份进展情况 截至2025年1月31日，公司通过股份回购专用证券账户以集中竞价交易方式 回购公司股份5,377,650股，占公司目前总股本的1.39%，最高成交价格13.56元/ 1 股，最低成交价格为9.39元/股，成交总金额为69,332,985.50元（不含交易费用） 。本次回购股份符合公司的回购方案以及相关法律法规的规定。 二、其他事项说明 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 ...

Investment Rating - The report assigns an "Outperform the Market" rating to the company [7][45]. Core Views - The company has shown effective overseas expansion, with significant recognition from major clients such as Saudi Aramco and Air Products [2][4]. - The Xinjiang coal chemical project is expected to open up a substantial incremental market, benefiting the company significantly [3][5]. - The company has a strong order backlog, with a notable increase in high-margin overseas orders, which is anticipated to drive faster growth in performance [4][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decline of 10.67%, and a net profit of 189 million yuan, down 26.99% year-on-year [1]. - The company expects a net profit loss of 60-85 million yuan for 2024, primarily due to unfavorable pricing in the gas sector and reduced demand from downstream customers [1][14]. - The company’s revenue from 2018 to 2023 grew at a CAGR of 38.65%, while net profit grew at a CAGR of 38.93% [2][14]. Business Model and Market Position - The company operates in the chemical energy deep cold separation technology sector, focusing on a dual-engine model of "equipment manufacturing + gas operation" [2][11]. - The company has established a strong presence in the overseas market, with a significant increase in export orders from 107 million yuan in 2022 to 467 million yuan in 2023 [4][5]. - The company’s core products are recognized as world-class, particularly in the petrochemical, coal chemical, and hydrogen energy sectors [2][11]. Future Outlook - The company is expected to benefit from the ongoing development of coal chemical projects in Xinjiang, with potential equipment investments estimated between 250-400 billion yuan [3][5]. - The projected net profits for 2024-2026 are expected to be -67 million, 400 million, and 479 million yuan, respectively, with corresponding PE ratios of -68, 11, and 9 [5][33]. - The report estimates a reasonable valuation range of 12.5-15.5 yuan for the stock, based on future earnings projections [5][45].

Investment Rating - The report assigns an "Outperform the Market" rating to the company [7][45]. Core Views - The company has shown effective overseas expansion, with significant recognition from major clients such as Saudi Aramco and Air Products [2][4]. - The Xinjiang coal chemical project is expected to open up a substantial incremental market, benefiting the company significantly [3][5]. - The company has a strong order backlog, with a notable increase in high-margin overseas orders, which is projected to drive faster growth in performance [4][5]. Financial Performance - In Q3 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decline of 10.67%, and a net profit of 189 million yuan, down 26.99% year-on-year [1]. - The company anticipates a net loss of 60 to 85 million yuan for 2024, primarily due to unfavorable pricing in the gas segment and reduced demand from downstream customers [1][14]. - The company’s revenue from 2018 to 2023 grew at a CAGR of 38.65%, while net profit grew at a CAGR of 38.93% [2][14]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 2.784 billion yuan, 3.376 billion yuan, and 3.931 billion yuan, respectively, with expected growth rates of -8.64%, +21.27%, and +16.43% [31][33]. - The forecasted net profits for the same years are -67 million yuan, 400 million yuan, and 478 million yuan, indicating a return to profitability in 2025 [33][34]. Market Position and Strategy - The company is a leading player in the chemical energy deep cold separation technology sector, focusing on a dual-engine model of "equipment manufacturing + gas operation" [2][11]. - The company has successfully entered the international market, becoming a qualified supplier for renowned engineering firms, which enhances its market position [4][12]. - The company’s product offerings include a range of high-quality equipment used in petrochemical, coal chemical, and hydrogen energy industries, with some products reaching world-class standards [2][11]. Valuation - The report estimates a reasonable valuation range of 12.5 to 15.5 yuan per share, corresponding to a PE ratio of 12-15x for 2025 [5][45]. - The absolute valuation method suggests a fair value of 16.54 yuan per share based on the company's cash flow projections [36][43].

Group 1: Financial Performance - The city gas segment is expected to report a net profit of approximately 50 million, a decline of over 60% compared to the previous year, due to upstream procurement policy adjustments and a decrease in gas sales volume exceeding 20% [2] - The company plans to recognize a goodwill impairment of 313 million, reducing the goodwill balance from 449 million to 136 million [2] Group 2: Manufacturing Sector Overview - New orders signed in 2024 exceeded 1.9 billion, achieving over 30% growth compared to 1.4 billion in 2023, with overseas orders accounting for over 30% [4] - Despite a slight decline in revenue and significant increases in labor and depreciation costs, the manufacturing sector maintained high-quality performance with only minor fluctuations in profit [4] Group 3: Future Projections - The city gas segment aims to prevent further significant declines in performance [5] - The manufacturing sector plans to continue growing new orders in 2025, with a target of over 20% growth in production volume compared to 2024 [5] - The company expects a significant improvement in the revenue structure of the equipment sector, with overseas revenue projected to exceed 30% in 2025, enhancing overall gross margin and profitability [5] Group 4: Market Dynamics and Strategy - The company has a strong market position in various segments, with a leading market share domestically, although competition from low-price strategies poses challenges [7] - The company is strategically focusing on high-quality projects and managing costs to mitigate profit pressure from competitive pricing [7]

Financial Performance - The company expects a net profit attributable to shareholders of between ¥22,800 million and ¥25,300 million, which represents a decrease of 27.73% to 34.87% compared to the previous year[3]. - After accounting for goodwill impairment, the company anticipates a net loss attributable to shareholders of between ¥8,500 million and ¥6,000 million, reflecting a decline of 124.28% to 117.14% year-on-year[3]. - The urban gas segment is expected to experience a significant decline in net profit, with a drop of over 60% compared to the previous year, primarily due to a 23% decrease in gas sales volume[7]. - The previous year's net profit for the urban gas segment was ¥14,700 million, indicating a significant decline in performance for the current year[7]. Goodwill Impairment - The company plans to recognize a goodwill impairment of approximately ¥31,300 million due to the significant decline in performance of Shandong Zhongyi Gas Co., Ltd.[8]. Revenue and Costs - The manufacturing segment did not see revenue growth due to extended delivery cycles from increased overseas projects, while labor costs rose due to an increase in staff[7]. - The company reported a bad debt provision of approximately ¥1,900 million for accounts receivable related to the "village-to-village" coal-to-gas conversion project[7]. Future Outlook - The company emphasizes the uncertainty in predicting future operating conditions due to potential fluctuations in gas procurement prices and residential gas price adjustments[9]. - The company will disclose detailed financial data in the 2024 annual report, scheduled for April 18, 2025[10]. - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant disagreements[6].

证券代码：300435 证券简称：中泰股份 公告编号：2025-001 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 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》等相关 规定，回购期间公司应当在每个月的前三个交易日内披露截至上月末的回购进展 情况。现将公司截至2024年12月31日回购股份的进展情况公告如下： 一、回购股份进展情况 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 ...

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.