Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance meets expectations, with mechanical seals maintaining a leading position and continuous growth across multiple sectors. Increased R&D investment and acquisitions are driving upstream integration [2][3]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved revenue of 724 million yuan, an increase of 18.08%, and a net profit attributable to shareholders of 173 million yuan, up 7.64%. The adjusted net profit was 160 million yuan, reflecting a growth of 12.50% [3]. - In Q2 2024, revenue reached 387 million yuan, growing by 18.94%, with a net profit of 91 million yuan, up 12.41% [3]. - The gross margin for H1 2024 was 47.14%, down 4.05 percentage points year-on-year, while the net margin was 23.98%, down 2.33 percentage points year-on-year [3]. Business Segments - **Mechanical Seals**: Despite a slowdown in new petrochemical projects and increased competition, the company achieved significant growth in incremental business. However, existing business faced slight declines due to reduced user operating rates and budget cuts [3]. - **Rubber and Plastic Seals**: Revenue from the Yutai Ke segment was 74 million yuan, up 7.81%, with profits increasing by 33.79% [3]. - **Special Pumps and Valves**: Revenue from rotating jet pumps remained stable, while the subsidiary achieved 56 million yuan in revenue, a 36.65% increase, with profits rising by 117.13% [3]. R&D and Acquisitions - The company invested 33.5 million yuan in R&D in H1 2024, accounting for 4.63% of revenue. This investment has led to improvements in technology and market share [3]. - The acquisition of KS GmbH has received government approval and is progressing steadily, enhancing supply chain stability through upstream integration [3]. Valuation and Price Target - The target price has been adjusted to 41.58 yuan from the previous 55.42 yuan, based on a 22x PE ratio for 2024 [3][4].

Dividend Distribution - The company plans to distribute a cash dividend of 5 RMB per 10 shares to all shareholders, with no bonus shares issued[3]. - The company distributed a cash dividend of 5 yuan for every 10 shares, totaling 101,775,368.50 yuan during the reporting period, and plans to continue this in the 2024 semi-annual period with an expected total of 101,679,368.50 yuan[28]. - The total cash dividend for the 2024 semi-annual period, including buybacks and cash dividends, is projected to be 173,112,649.94 yuan, representing 99.81% of the net profit attributable to shareholders[28]. - The company's profit distribution plan was approved by the board and complies with legal and regulatory requirements[84]. - The company’s independent directors have reviewed and approved the profit distribution plan, ensuring the protection of shareholders' rights[84]. Financial Performance - The company's operating revenue for the first half of 2024 was CNY 723,937,960.80, representing an increase of 18.08% compared to CNY 613,105,616.78 in the same period last year[13]. - The net profit attributable to shareholders was CNY 173,434,432.47, up by 7.64% from CNY 161,119,834.62 year-on-year[13]. - The basic earnings per share increased to CNY 0.8451, reflecting a growth of 7.30% compared to CNY 0.7876 in the previous year[13]. - The total assets at the end of the reporting period were CNY 3,039,375,716.06, a slight increase of 0.31% from CNY 3,029,973,183.20 at the end of the previous year[13]. - The net cash flow from operating activities was CNY 159,961,796.99, reflecting a 12.50% increase compared to CNY 142,182,715.52 in the previous year[13]. Market Expansion and Strategy - The company is focused on expanding its market presence in the petrochemical and coal chemical industries, targeting both incremental and existing markets[7]. - The company expects significant market demand driven by new domestic refining capacities projected to reach approximately 1 billion tons/year by 2025[19]. - The international market has shown rapid growth over the past two years, with expectations for continued high-speed growth in the coming years[19]. - The company is actively developing new sealing technologies, including high-parameter mechanical seals and smart monitoring systems[6]. - The company is committed to maintaining transparency and accuracy in its financial disclosures, as affirmed by its board and management[2]. Research and Development - The company has reported a significant focus on R&D for new products to enhance its competitive edge in the market[6]. - The company invested approximately 33.5 million yuan in R&D, accounting for about 4.63% of its revenue, and achieved significant progress in key national R&D projects[27]. - The company has filed for 10 new patents during the reporting period, including 6 invention patents, reflecting its commitment to innovation and technology advancement[27]. - The company has developed a new product for large screw compressors, achieving full domestic production for the first time in the market, enhancing its competitive position[31]. - The company emphasizes technology innovation and has a complete high-end product line in the sealing industry, supported by significant R&D investment and multiple core patents[30]. Risk Management - The company has a comprehensive risk management strategy outlined in the report, addressing potential operational risks[2]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments to mitigate investment risks[2]. - The company is facing risks related to macroeconomic fluctuations that could impact profitability, particularly in the oil and chemical sectors[74]. - The company aims to mitigate risks by diversifying markets and enhancing product promotion in sectors like oil and gas transportation and nuclear power[74]. - High accounts receivable levels pose risks of bad debts and liquidity challenges[74]. Corporate Governance and Compliance - The company is committed to continuous recruitment and training of technical and R&D personnel to meet the demands of its growing business, particularly in its subsidiary New Dipei[75]. - The company emphasizes strict quality control to prevent safety incidents related to product quality issues[74]. - The company has implemented a strict anti-corruption policy with suppliers, ensuring fair and honest business practices[96]. - The company has established a commitment to avoid fund occupation and will not use funds in a manner that harms the interests of Nichi Kogyo Co., Ltd. or its minority shareholders[101]. - The company has committed to ensuring that related party transactions are conducted at fair market prices, comparable to those with independent third parties[101]. Environmental Responsibility - The company achieved compliance with wastewater discharge standards, with chemical oxygen demand at 263 mg/L, suspended solids at 127 mg/L, and five-day biochemical oxygen demand at 161 mg/L[89]. - The company has maintained a consistent record of meeting environmental discharge standards across various pollutants, including non-methane total hydrocarbons and particulate matter[90]. - The company has implemented corrective measures to ensure compliance with environmental regulations, although no specific penalties were reported[88]. - The company invested 57,272 RMB in environmental governance and protection, while paying environmental protection tax was not applicable[92]. - The company has established a robust emergency response plan for environmental incidents, with recent revisions and filings[92]. Employee Development - The company has established a comprehensive training system, with a focus on continuous improvement based on feedback, to enhance the professional quality of its workforce[30]. - The company has received multiple honors for its skilled workers, including "Zhuge Craftsman" and "Sichuan Craftsman" titles[94]. - The company has a total of 1,600 employees, providing economic security for their families and stable orders for over 700 suppliers[93]. - As of the end of the reporting period, 69.70% of employees hold a college degree or higher, including 8 senior engineers and 57 engineers across various fields[30]. - The company is enhancing its incentive systems to align employee interests with corporate growth, aiming to retain key talent through equity incentives[75]. Financial Management - The company has a total of ¥44,575.66 million in raised funds, with ¥586.9 million invested during the reporting period and a cumulative investment of ¥45,273.91 million[56]. - The company has fully utilized the raised funds, with no remaining balance as of the report date[60]. - The company aims to improve operational efficiency and reduce operating costs comprehensively[106]. - The company plans to enhance revenue and profitability by increasing investment in technology and R&D, aiming to maintain its industry-leading position[105]. - The company will strictly execute its dividend policy to optimize the investment return mechanism[106]. Shareholder Engagement - The company held its annual general meeting on May 17, 2024, with a participation rate of 47.20%[81]. - The company conducted multiple investor relations activities throughout the reporting period, including meetings on April 25, May 9, and May 31, 2024[79][80]. - The company is actively engaging with investors through various platforms, including remote online meetings[79]. - The company will communicate with minority shareholders to gather their opinions before finalizing dividend proposals[100]. - The company is committed to ongoing research and development of new products and technologies, aligning with market demands[80].

证券代码：300470 证券简称：中密控股 公告编号：2024-052 中密控股股份有限公司 2024 年半年度利润分配预案的公告 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。 中密控股股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开第六 届董事会第二次会议、第六届监事会第二次会议审议通过《关于 2024 年半年度 利润分配预案的议案》，同意公司 2024 年半年度利润分配预案。具体情况如下： 如在披露利润分配预案之日起至实施权益分派股权登记日期间，公司股本总 额因新增股份上市、股权激励授予股份回购注销、可转债转股、股份回购等事项 致使公司总股本发生变动或回购专用证券账户股份发生变动的，公司按照每股分 配金额不变的原则，相应调整现金分配总额。 截至本公告披露日，公司总股本 208,171,277 股，回购专用证券账户中 4,812,540 股，以剔除回购专用证券账户股份数后的总股本 203,358,737 股为基 数测算，向全体股东每 10 股派发现金红利 5 元（含税），合计派发现金红利 101,679,368.5 元（含税）。 一、 ...

证券代码：300470 证券简称：中密控股 公告编号：2024-053 中密控股股份有限公司 关于召开2024年第一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8月28日召开第六届 董事会第二次会议,审议通过《关于召开2024年第一次临时股东大会的议案》， 决定于2024年9月18日（星期三）14:30召开公司2024年第一次临时股东大会，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年第一次临时股东大会 2、股东大会召集人：公司董事会 3、会议召开的合法、合规性：经公司第六届董事会第二次会议，决定召开 2024年第一次临时股东大会，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9月18日（星期三）14:30。 （2）网络投票时间：2024年9月18日。 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2024年9月18 日9:15-9:25 ...

证券代码：300470 证券简称：中密控股 公告编号：2024-045 发明专利《一种用于涡轮泵的非接触式隔离密封结构》涉及一种用于涡轮泵 的非接触式隔离密封结构，包括中间隔离密封和流体动压端面润滑密封。中间隔 离密封允许惰性气体的通入，两侧流体动压端面润滑密封分别密封燃料和助燃剂， 能够有效隔离燃料与助燃剂并减少密封面磨损。该技术已应用于公司部分产品。 中密控股股份有限公司 关于取得专利证书的公告 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、专利取得情况 中密控股股份有限公司（以下简称"中密控股"或"公司"）于近日收到由 中华人民共和国国家知识产权局颁发的5项专利证书，获得形式为原始取得，所 涉及技术与公司主要技术相关，具体情况如下： | 序 | 名称 | 类型 | 专利号 | 专利权人 | | 申请日 | | 期 限 | | 授权公告日 | | 备注 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | ...

证券代码：300470 证券简称：中密控股 公告编号：2024-044 中密控股股份有限公司 关于回购公司股份实施完成暨股份变动的公告 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。 中密控股股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日分别召开 第五届董事会第十七次会议和第五届监事会第十六次会议，审议通过了《关于回 购公司股份的议案》，同意公司使用自有资金通过深圳证券交易所集中竞价交易 方式回购公司已发行的人民币普通股（A 股）股票（以下简称"本次回购"），回 购股份后续将用于股权激励或员工持股计划。本次回购的资金总额不低于人民币 5,000 万元且不超过人民币 10,000 万元（均含本数），回购价格不超过人民币 45.00 元/股。具体回购股份的数量以回购结束时实际回购的股份数量为准。本 次回购股份的实施期限自董事会审议通过本次回购股份方案之日起十二个月内。 具体内容详见公司刊登在中国证监会指定创业板信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号： 2024-00 ...

Group 1: Market Capacity and Demand - The international market for mechanical seals is estimated to be approximately 400 billion RMB, with the "Belt and Road" countries accounting for about one-third of this market [1] - Domestic ethylene capacity is perceived as a relative concept, with a current demand shortfall due to complex external economic conditions [1] - The company believes that even in cases of overcapacity, operational ethylene units are unlikely to shut down due to the higher losses associated with shutdowns compared to operational losses [1] Group 2: International Market Strategy - The company’s international strategy focuses on the petrochemical sector, primarily targeting incremental market opportunities in developing countries [2] - The company has shifted its approach from primarily supporting domestic manufacturers' international orders to engaging directly with foreign end-users, enhancing its market presence [3] - The international business has seen rapid growth in recent years, particularly in regions such as the Middle East, Southeast Asia, Central Asia, and Africa [2] Group 3: Project Management and Delivery - International projects differ from domestic ones in terms of higher technical requirements, longer construction periods, and more complex design processes [2] - The delivery cycle for international business is generally longer due to project construction timelines and the complexity of design work [3] - The company is actively improving its international delivery capabilities by forming dedicated teams and enhancing recruitment efforts [4]

证券代码:300470 证券简称:中密控股 中密控股股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------|----------| | | | 2024-018 | | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | | | | | □新闻发布会 | | | 类别 | | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | | | | | 英国保诚 M&G 基金:罗婧清 | | | 人员姓名 | | | | 时 间 | 2024 年 7 月 16 日 | | | 地 点 | 线上会议 | | | 上市公司接待人 | | | | | 董事会秘书 沈小华 | | | 员姓名 | | | | | | | | | 域的成长性? | | | | | | | | | | | | | | | | | | | | | | | 投资者关系活动 | | | | | | | | 主要内容介绍 | | | | | | | | | | | | ...

证券代码：300470 证券简称：中密控股 中密控股股份有限公司投资者关系活动记录表 编号：2024-017  特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 文渊资本：Peter Mu、Charles Jin、Xu liu；泓德资本：郑 人员姓名 祺鑫、于浩成、常艳鹏；汇添富：林渌；国信证券：年亚颂 时 间 2024年7月8日 地 点 线上会议 上市公司接待人 董事会秘书 沈小华 员姓名 1、公司是否具备在存量市场替代其他供应商的技术水 平？ 答：公司经历四十多年的发展，技术水平已经是国内行业 一流，完全具备在存量市场替代的技术水平。直接在存量市场 大量替代其他密封厂家的产品比较困难主要是因为通常情况 下，只要密封产品运行稳定、使用没有出现重大问题，在增量 ...

证券代码：300470 证券简称：中密控股 公告编号：2024-042 中密控股股份有限公司 关于公司境外投资的进展公告 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。 （1）本次投资已通过德国对外贸易合规审查； （2）本次投资已取得四川省发展和改革委员会出具的《境外投资项目备案 通知书》、四川省商务厅出具的《企业境外投资证书》及国家外汇管理局四川省 分局出具的《业务登记凭证》。 3、本次投资已于近日完成《收购协议》相关条款约定的第一步交割，公司 取得 KS GmbH 实际控制权及 AK e.K.的相关资产。 第一步交割完成后，KS GmbH基本情况如下： 公司名称：Krüger & Sohn GmbH 注册地址：德国兰茨胡特罗伯特博世街1-3号 一、对外投资概述 中密控股股份有限公司（以下简称"公司"）于 2022 年 8 月 19 日召开第五 届董事会第七次会议，审议通过《关于通过全资子公司 Sinoseal GmbH 进行境外 投资的议案》，同意公司通过德国子公司 Sinoseal GmbH（现已更名为 ZM Investment GmbH，下文以现名称 ...