证券代码：300470 证券简称：中密控股 公告编号：2024-068 中密控股股份有限公司 监事会关于2024年限制性股票激励计划激励对象人员名单的公 示情况说明及核查意见 本公司及监事会全体成员保证信息披露的内容真实、准确、 一、 公示情况及核查方式 1、公司对拟激励对象的公示情况 2024年4月26日，公司在巨潮资讯网披露了《2024年限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）及其摘要、《2024年限制性股票激励计 划激励对象名单》，并于2024年11月12日在公司OA系统发布《2024年限制性股票 激励计划拟激励对象名单公示》。 （1） 公示内容：公司2024年限制性股票激励计划拟激励对象姓名及职务 （2） 公示时间：2024年11月12日至2024年11月21日，公示期10天 （3） 公示方式：通过公司OA系统公示 （4） 反馈方式：在公示期内，公司员工可通过电话或邮件等方式联系监 事会，如有任何意见或异议，员工需实名提交书面反馈。 （5） 公示结果：公示期内，监事会未收到任何对拟激励对象的举报，但 个别员工表达了希望成为拟激励对象的诉求，公司及公司监事会就相关问题进行 了解 ...

Investment Rating - The report maintains an "Outperform" rating for Zhongmi Holdings (300470 SZ) [1][4] Core Views - Zhongmi Holdings is a leading player in the mechanical seal industry, actively promoting international development [1] - The company's revenue grew 15 56% YoY to 1 143 billion yuan in the first three quarters of 2024, with net profit attributable to shareholders increasing 9 15% to 271 million yuan [1] - Gross profit margin and net profit margin stood at 47 14% and 23 98% respectively, down 4 05 and 2 33 percentage points YoY due to reduced capital expenditure in the petrochemical sector and intense competition [1] - The company demonstrated good cost control, with a three-fee ratio of 15 46%, down 1 27 percentage points YoY [1] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue breakdown: 1 143 billion yuan (+15 56% YoY) [1] - Q1-Q3 2024 net profit: 271 million yuan (+9 15% YoY) [1] - 2024E revenue forecast: 1 503 billion yuan (+9 7% YoY) [2] - 2024E net profit forecast: 373 million yuan (+7 7% YoY) [2] Profitability - 2024E gross margin: 49% [17] - 2024E EBIT margin: 26 7% [2] - 2024E ROE: 13 3% [2] Valuation - 2024E PE: 20 2x [2] - 2024E PB: 2 69x [2] - 2024E EV/EBITDA: 18 5x [2] Business Segments Domestic Operations - Existing business showed recovery in Q3 2024 after a decline in H1 2024 [1] - Incremental business maintained growth despite macroeconomic challenges in the petrochemical sector [1] International Operations - International revenue grew rapidly, driven by the Belt and Road initiative and enhanced overseas service capabilities [1] - Acquired 70% stake in German KS GmbH, a leading producer of resin-based laminated materials, with remaining 30% expected to be acquired next year [1] - KS GmbH contributed approximately 20 million yuan in Q3 2024 [1] Special Valves Segment - Achieved rapid growth through successful market expansion by subsidiary Xindi Peier [1] - Secured multiple large projects in water conservancy and petrochemical fields [1] Financial Projections Income Statement - 2024E revenue: 1 503 billion yuan [17] - 2024E operating profit: 429 million yuan [17] - 2024E net profit: 373 million yuan [17] Balance Sheet - 2024E total assets: 3 295 billion yuan [17] - 2024E total liabilities: 482 million yuan [17] - 2024E equity: 2 809 billion yuan [17] Cash Flow - 2024E operating cash flow: 11 million yuan [17] - 2024E free cash flow: -43 million yuan [17] Industry Position - Maintains high market share in mechanical seal industry despite intense competition [1] - Strong comprehensive competitiveness in both domestic and international markets [1]

证券代码：300470 证券简称：中密控股 公告编号：2024-067 中密控股股份有限公司 关于独立董事公开征集表决权的公告 独立董事方炳希先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的 信息一致。 特别声明： 1.本次征集表决权为依法公开征集，征集人方炳希先生符合《中华人民共和 国证券法》第九十条、《上市公司股东大会规则》第三十一条、《公开征集上市公 司股东权利管理暂行规定》第三条规定的征集条件； 2.截至本公告披露日，征集人方炳希先生未直接或间接持有中密控股股份有 限公司（以下简称"公司"）股份。 根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《上市公 司股权激励管理办法》（以下简称"《管理办法》"）的有关规定，并根据公司其他 独立董事的委托，公司独立董事方炳希先生作为征集人，就公司将召开的2024 年第二次临时股东大会审议的公司2024年限制性股票激励计划相关提案向公司 全体股东无偿征集表决权。 中国证监会、深圳证券交易所以及其他政府部门未对本公告所述内容的真实 性、准确性和完整性发表任何意见 ...

证券代码：300470 证券简称：中密控股 公告编号：2024-065 中密控股股份有限公司 关于实施2024年限制性股票激励计划取得批复的公告 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。 为继续强化企业长效激励机制、进一步激发上市公司活力并提升企业凝聚力， 实现中密控股高质量发展，根据国有资产监管部门备案意见，同意下属公司中密 控股实施2024年限制性股票激励计划。 公司本次激励计划有关事宜需经公司股东大会审议通过后方可实施。公司将 严格按照相关法律法规、规范性文件的有关规定，及时履行信息披露义务。 二、备查文件 1、四川产业振兴基金投资集团有限公司出具的《关于中密控股股份有限公 司实施2024年限制性股票激励计划的批复》（川振兴发〔2024〕143号）。 特此公告。 中密控股股份有限公司董事会 二〇二四年十一月十三日 一、取得批复情况 中密控股股份有限公司（以下简称"公司"或"中密控股"）于近日获悉四 川产业振兴基金投资集团有限公司（以下简称"四川振兴集团"）已审批公司2024 年限制性股票激励计划（以下简称"本次激励计划"）并报国有资产监管部门备 案 ...

证券代码：300470 证券简称：中密控股 公告编号：2024-066 中密控股股份有限公司 关于召开2024年第二次临时股东大会的通知 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。 中密控股股份有限公司（以下简称"公司"）于2024年4月25日召开第五届 董事会第十八次会议,审议通过《关于择期召开股东大会的议案》，公司决定于 2024年11月29日（星期五）14:30召开公司2024年第二次临时股东大会，具体事 项通知如下： 一、会议召开的基本情况 1、股东大会届次：2024年第二次临时股东大会 2、股东大会召集人：公司董事会 3、会议召开的合法、合规性：根据公司第五届董事会第十八次会议决议， 公司2024年限制性股票激励计划取得国资主管部门及/或授权单位的批准后，公 司直接择期召开股东大会。公司已于2024年11月13日取得批准，公司决定召开 2024年第二次临时股东大会，本次股东大会会议的召集程序符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024年11月29日（星期五）14 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.143 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.56%, with a net profit attributable to shareholders of 271 million yuan, up 9.15% year-on-year, indicating that performance met expectations [3][4] - In Q3 2024, the company achieved a revenue of 419 million yuan, a year-on-year increase of 11.45%, and a net profit of 97 million yuan, up 11.94% year-on-year, showing steady growth in both revenue and profit [4] - The gross margin for the first three quarters of 2024 was 47.61%, a decrease of 2.61 percentage points compared to the same period in 2023, while the net profit margin was 23.78%, down 1.35 percentage points year-on-year [4] - The company has a strong focus on R&D, with a research and development expense ratio of 4.68% and over 30 new research and technology projects initiated in the first half of 2024 [4][5] - The company is expanding its market presence through acquisitions, including the successful integration of assets from KS Gmbh and Alfred Krüger e.K. [5] Financial Summary - The company forecasts revenues of 1.562 billion yuan, 1.803 billion yuan, and 2.081 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 405 million yuan, 468 million yuan, and 542 million yuan for the same years [7][8] - The projected diluted EPS for 2024, 2025, and 2026 is 1.95 yuan, 2.25 yuan, and 2.60 yuan respectively, with corresponding PE ratios of 18, 16, and 14 times [7][8] - The company maintains a strong competitive position as a leading domestic mechanical seal enterprise, focusing on import substitution in core areas and expanding its international business [7]

Investment Rating - The report maintains a "Buy" rating for the company [5][17]. Core Views - The company's performance meets expectations with significant growth in contract liabilities. For the first three quarters of 2024, the company achieved revenue of 1.143 billion yuan, a year-on-year increase of 15.56%, and a net profit attributable to shareholders of 271 million yuan, up 9.15% year-on-year [4][3]. - The company is focusing on mechanical seals while continuously expanding into rubber and plastic seals and special pumps and valves markets. Increased R&D investment and acquisitions are driving upstream integration [3][4]. Financial Summary - For Q1-Q3 2024, the company reported a gross margin of 47.61%, down 2.61 percentage points year-on-year, and a net profit margin of 23.78%, down 1.35 percentage points year-on-year. The decline in gross margin is primarily due to the increased proportion of low-margin incremental business [4]. - As of September 2024, the company's contract liabilities reached 101 million yuan, a quarter-on-quarter increase of 48.53% [4]. - The company plans to maintain EPS forecasts for 2024, 2025, and 2026 at 1.89 yuan, 2.24 yuan, and 2.65 yuan respectively, with a target price of 42.56 yuan based on a PE ratio of 19 times for 2025 [4][5]. Market Position and Strategy - The company is enhancing its competitive edge in the mechanical seal sector despite a slowdown in new projects in the petrochemical industry and increased competition. It has achieved notable success in offshore pipeline projects [4]. - The subsidiary, Yutai Technology, is seeing initial success in cost reduction and efficiency improvements while actively exploring markets in coal mining and shield tunneling [4]. - The acquisition of KS GmbH is progressing, which will enhance supply chain stability by integrating upstream laminated materials and guiding rings [4].

Financial Performance - In Q3, the company's operating revenue increased by 11.45% year-on-year [1] - The net profit attributable to shareholders grew by 11.94% year-on-year [1] - For the first three quarters, operating revenue rose by 15.56% year-on-year, while net profit attributable to shareholders increased by 9.15% year-on-year [1] Business Segments - The mechanical sealing segment saw both incremental and existing business revenue growth in Q3, with incremental business accounting for approximately 55% of total revenue [2] - The rubber and plastic sealing segment experienced significant revenue growth in Q3, primarily due to the consolidation of KS GmbH, contributing over 20 million yuan in revenue [2] Market Outlook - The company anticipates that incremental business revenue will maintain certain growth despite intensified competition and macroeconomic pressures [2] - The management team remains confident in achieving the initial budget targets for the year, despite existing pressures [2] Acquisition Strategy - The company has acquired 70% of KS GmbH, a leading producer of resin-based materials, with the remaining 30% expected to be finalized next year [2][3] - The acquisition aims to enhance the upstream supply chain and expand international business [2] - The company emphasizes the importance of deep integration post-acquisition to maximize the benefits of the acquisition [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.14 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 15.6%. The net profit attributable to the parent company was 270 million yuan, up 9.2% year-on-year. In the third quarter alone, revenue reached 420 million yuan, with a year-on-year increase of 11.5% and a quarter-on-quarter increase of 8.1%. The net profit for the third quarter was 100 million yuan, reflecting a year-on-year growth of 11.9% and a quarter-on-quarter growth of 7.7% [1][2] Summary by Sections Financial Performance - The comprehensive gross margin for the first three quarters was 47.6%, down 2.6 percentage points year-on-year, primarily due to the company's strategic decision to increase the proportion of incremental business. The net profit margin was 23.8%, a decrease of 1.4 percentage points year-on-year, but the decline was less than that of the gross margin. In the third quarter, the gross margin was 48.4%, down 0.2 percentage points year-on-year but up 2.0 percentage points quarter-on-quarter. The net profit margin was 23.4%, showing a year-on-year increase of 0.2 percentage points and remaining stable quarter-on-quarter [2] Cost Management - The company achieved a significant reduction in the expense ratio, which was 20.1% for the first three quarters, down 2.5 percentage points year-on-year. The management of sales, administrative, research and development, and financial expenses showed good control, with respective year-on-year changes of -0.6, -0.7, -1.2, and 0.0 percentage points [2] Market Strategy - In a shrinking existing market, the company is actively expanding its incremental customer base. The slowdown in capital expenditure in the downstream petrochemical sector has intensified market competition, impacting the company's existing business. However, the company is optimistic about future growth as it converts incremental customers into existing ones, especially with the expected recovery in the petrochemical industry [3] Industry Outlook - The acceleration of equipment upgrades in the petrochemical sector is anticipated to create additional demand for the company. Recent government initiatives aimed at promoting large-scale equipment updates and technological renovations are expected to benefit the company, which is positioned as a leading player in the domestic market [3] Profit Forecast and Investment Advice - The company is projected to achieve net profits of 405 million yuan, 481 million yuan, and 555 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to EPS of 1.94, 2.31, and 2.66 yuan. The forecast indicates a compound annual growth rate of 17% in net profit over the next three years, supporting the "Buy" rating [3][5]

Financial Performance - The company's revenue for Q3 2024 reached ¥418,935,927.25, an increase of 11.45% compared to the same period last year[2] - Net profit attributable to shareholders was ¥97,496,523.61, reflecting a growth of 11.94% year-over-year[2] - The basic earnings per share (EPS) for the period was ¥0.4795, up by 13.04% from the previous year[2] - The total operating revenue for Q3 2024 was CNY 1,142,873,888.05, an increase of approximately 15.5% compared to CNY 989,013,729.46 in the same period last year[27] - The net profit attributable to shareholders of the parent company for Q3 2024 was CNY 270,930,956.08, up from CNY 248,214,829.05 in the previous year, representing an increase of approximately 9.0%[29] - The comprehensive income total for Q3 2024 was CNY 272,316,074.41, compared to CNY 248,495,921.04 in the same quarter last year, indicating a growth of around 9.6%[29] - The basic earnings per share for Q3 2024 was CNY 1.3246, compared to CNY 1.2118 in the previous year, marking an increase of approximately 9.3%[29] Assets and Liabilities - Total assets as of the end of the reporting period amounted to ¥3,203,401,813.43, representing a 5.72% increase from the end of the previous year[2] - The total liabilities as of Q3 2024 were CNY 638,136,236.05, up from CNY 473,705,742.28 in the previous year, reflecting a significant increase of approximately 34.7%[27] - The total equity attributable to shareholders of the parent company was CNY 2,550,422,172.57, slightly down from CNY 2,552,260,505.60 in the previous year[27] - The deferred income tax liabilities increased to CNY 17,086,339.35 from CNY 13,701,294.39, representing a rise of about 24.0%[27] - The total non-current liabilities rose to CNY 28,150,237.08 from CNY 21,296,178.51, indicating an increase of approximately 32.3%[27] Cash Flow - Cash flow from investment activities for the year-to-date was ¥18,621,899.24, a significant improvement of 115.83% compared to the same period last year[7] - The net cash inflow from operating activities was CNY 157,785,477.77, a decrease of 2.3% compared to CNY 162,545,028.20 in the previous year[31] - Total cash inflow from investment activities was CNY 1,571,494,391.62, down from CNY 1,821,395,466.52 year-over-year[31] - The net cash outflow from financing activities was CNY 189,216,717.78, compared to a net outflow of CNY 88,530,939.93 in the same period last year[32] - The cash and cash equivalents at the end of the period amounted to CNY 184,264,182.64, slightly up from CNY 180,006,579.79 in the previous year[32] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,273[10] - The largest shareholder, Sichuan Chuanji Investment, holds 22.08% of the shares, totaling 45,970,265 shares[10] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 10.36% of the shares, totaling 21,572,997 shares[10] - The company has repurchased 4,812,540 shares, which are not included in the top ten shareholders list[11] - The controlling shareholder, Sichuan Chuanji Investment Co., Ltd., plans to transfer 45,970,265 shares (22.08% of total shares) to the Sichuan Mechanical Research and Design Institute, resulting in a change of the controlling shareholder[21] Investment Activities - The company completed the acquisition of 100% equity in Krüger & Sohn GmbH, resulting in cash payments of ¥21,319,699.15 during the reporting period[7] - The company completed the first step of acquiring 100% equity of Krüger & Sohn GmbH and related assets for 9,350,000 Euros, enhancing its international investment portfolio[18] - The company participated in establishing an industrial merger fund with a total investment of RMB 200 million, holding a 39.99% stake[23] - The company made an initial investment of RMB 4 million in the Sichuan Revitalization Zhongmi Equity Investment Center in May 2023[24] Cash Management - The company approved the use of up to RMB 900 million of idle funds for cash management, effective for 12 months[14] - As of the end of the reporting period, RMB 873 million of idle funds have been used for cash management, with RMB 525 million remaining unexpired[15] Structured Deposits - The company reported a total of 10,000 million RMB in structured deposits with an annualized return rate ranging from 1.54% to 3.15%[16] - The company has initiated multiple structured deposit products, including 8,000 million RMB with a return rate of 1.54% to 2.98% set to mature in June 2024[16] - The company has a new structured deposit product with a total amount of 2,000 million RMB and a return rate of 1.9% to 2.7%, maturing in December 2024[18] - The company is expanding its product offerings with various structured deposits, including a 5,000 million RMB product with a return rate of 3.65% to 4.25% maturing in the third quarter of 2024[17] - The company has launched a new series of structured deposits with a total of 1,000 million RMB and a return rate of 1.4% to 2.82%[18] - The company has a total of 4,000 million RMB in structured deposits with a return rate of 1.54% to 3.00% maturing in October 2024[16] - The company is focusing on low-risk financial products, with several offerings in the range of 1,000 million RMB to 5,000 million RMB[17] - The company has reported a total of 3,000 million RMB in fixed-rate large deposits with an interest rate of 3.35%[17] Operational Changes - The company completed the registration of business changes and obtained a new business license on July 23, 2024[19] - The company has not disclosed any new product developments or market expansion strategies in the current report[13]