Investment Rating - The report maintains a "Buy" rating for the company [16][34]. Core Views - The company achieved a revenue of 1.369 billion yuan in 2023, representing a year-on-year growth of 12.73%, and a net profit attributable to the parent company of 347 million yuan, up 12.09% year-on-year, indicating stable overall performance [1][22]. - The gross margin and net margin for 2023 were 49.65% and 25.34%, respectively, showing a decline of 1.69 and 0.14 percentage points year-on-year, primarily due to reduced new refining projects and intense competition in the domestic mechanical seal market [1][22]. - The company has strengthened cash collection management, achieving a net operating cash flow of 313 million yuan, a year-on-year increase of 17.01% [1]. - In Q1 2024, the company reported a revenue of 336 million yuan, a 17.10% increase year-on-year, and a net profit of 83 million yuan, up 2.88% year-on-year, with gross and net margins of 47.98% and 24.67%, respectively [1][22]. Summary by Sections Financial Performance - In 2023, the mechanical seal segment generated revenues of 430 million yuan, growing by 6.05%, while the dry gas seal segment saw revenues of 377 million yuan, up 24.63% [1]. - The mechanical seal segment's growth is attributed to rapid international business development, with international revenue exceeding 130 million yuan, a year-on-year increase of approximately 86% [1]. - The rubber and plastic seal segment achieved revenues of 141 million yuan, a growth of 23.61%, driven by demand recovery in industries such as mining and shield tunneling [1]. Incentives and Future Outlook - The company announced an equity incentive plan, granting up to 4.798 million restricted shares to 234 middle and senior management personnel, accounting for approximately 2.30% of the current total share capital, with a grant price of 16.65 yuan per share [1]. - The profit targets for the non-recurring net profit are set to grow at rates of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively [1]. - The report projects net profits for 2024, 2025, and 2026 to be 390 million, 454 million, and 545 million yuan, respectively, with corresponding P/E ratios of 20, 17, and 14 [1][38].

关于独立董事取得独立董事资格证书的公告 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。 中密控股股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日召开第五 届董事会第十七次会议，审议通过了《关于公司董事会换届选举暨提名第六届董 事会独立董事候选人的议案》，同意提名方炳希先生、应千伟先生、王为民先生 为公司第六届董事会独立董事候选人并提交公司 2023 年年度股东大会审议，任 期三年，自股东大会审议通过之日起至第六届董事会届满时止。 截至 2023 年年度股东大会通知公告日，王为民先生尚未取得独立董事资格 证书。根据深圳证券交易所的有关规定，王为民先生书面承诺参加最近一次独立 董事任前培训并取得深圳证券交易所认可的独立董事资格证书。 证券代码：300470 证券简称：中密控股 公告编号：2024-031 中密控股股份有限公司 近日，公司董事会收到王为民先生的通知，其已按规定参加深圳证券交易所 举办的上市公司独立董事任前培训，并取得了由深圳证券交易所创业企业培训中 心颁发的《上市公司独立董事培训证明》。 特此公告。 中密控股股份有限公司董事会 二〇 ...

答：2023 年，公司实现营业收入 136,935.98 万元， 同比增加 12.73%，归属于上市公司股东的净利润 34,667.55 万元，同比增加 12.09%。2023 年公司机械密 封板块和橡塑密封板块都实现了稳健增长。2023 年，机 械密封板块增量业务和存量业务都有所增长，尤其是增 量业务中国际市场业务实现了高速增长，橡塑密封板块 则主要受益于矿山、盾构等市场需求的恢复，加之已完 成了内部管理的深度整合，优泰科的整体运营效率有了 明显提高。 3、问：公司在 2023 年的研发投入有何变化，是否 有新的产品技术或服务投入市场？ 答：投资者您好，公司研发投入持续保持增长，2023 年较上年增长 21.64%，报告期内，公司新立项科研项目 与技改项目 30 余项，报告期末在研科研项目与技改项 目近 90 项，国家重点研发项目"超高速密封干气密封关 键技术及示范性应用"已有两套超高速干气密封成功运 行，国家重点研发项目"大型掘进机主驱动密封关键技 术示范应用"课题 3、4 已通过专家课题组会议评审验 收。机械密封板块，公司与中广核工程有限公司联合研 制的台山 EPR"百万千瓦级核电站反应堆冷却剂泵流体 ...

中密控股股份有限公司 证券代码：300470 证券简称：中密控股 公告编号：2024-030 1、公司未在下列期间内回购公司股份： 关于回购股份的进展公告 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。 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% compared to the relevant market index within the next six months [6][7]. Core Insights - The company has demonstrated stable and robust growth, with 2023 revenue reaching 1.37 billion, a year-on-year increase of 12.7%, and a net profit of 350 million, up 12.1% year-on-year. The fourth quarter of 2023 saw revenue of 380 million, a 22.8% increase year-on-year, and a net profit of 98.46 million, up 40.0% year-on-year [22]. - The company has implemented an equity incentive plan, reflecting management's confidence in future performance, with targets set for net profit growth rates of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively [23]. Financial Performance - The company's comprehensive gross margin for 2023 was 49.7%, a decrease of 1.7 percentage points year-on-year, primarily due to an increase in the proportion of incremental business. The net profit margin was 25.3%, down 0.1 percentage points year-on-year. In Q1 2024, the gross margin was 48.0%, down 6.0 percentage points year-on-year, and the net profit margin was 24.7%, down 3.4 percentage points year-on-year [6][7]. - The company’s operating expense ratio for 2023 was 21.7%, remaining stable year-on-year. In Q1 2024, this ratio decreased to 19.9%, down 3.2 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is expected to achieve a compound annual growth rate (CAGR) of 17% in net profit from 2024 to 2026, with projected net profits of 405 million, 481 million, and 555 million for the years 2024, 2025, and 2026, respectively [7][24]. - Revenue from the equipment manufacturing sector is projected to grow by 12.73% in 2024, with further increases expected in subsequent years [28]. Business Segments - The oil and chemical sector is anticipated to see a 20% year-on-year increase in orders from 2024 to 2026, with gross margins expected to improve to 66% by 2026 [11]. - The mining machinery segment is expected to recover to pre-pandemic levels, with projected order growth of 20%, 15%, and 10% from 2024 to 2026, and gross margins increasing to 38% by 2026 [12].

Group 1: International Business Development - The company has established an international business team to enhance delivery capabilities, adapting to the speed of international business development [1] - Recruitment efforts are ongoing to expand and train the international business team, improving delivery capabilities and after-sales service [1] - The establishment of local teams in international markets has effectively accelerated market expansion and service levels [1] Group 2: Performance of New Diaper in 2023 - New Diaper's performance in 2023 was not ideal due to insufficient industry demand and intense market competition [2] - Despite challenges, New Diaper achieved breakthroughs in R&D, including compressor anti-surge valves and successful orders for molecular sieve ball valves, providing new growth points [2] - The company expects significant revenue and profit growth for New Diaper this year due to a high order backlog [2] Group 3: Market Competition and Pricing Pressure - The company has felt noticeable price pressure in the mechanical seal market due to increased competition, but there is currently no significant order pressure [2] - Mechanical seals are critical components affecting operational safety, and the company, as a leading supplier, typically does not face major issues with order acquisition [2] - The company is managing costs effectively to maintain margins, focusing on precise cost management and supply chain optimization [2] Group 4: Brand Building Strategy - The company aims to elevate brand building to a strategic level, transitioning from fragmented efforts to a systematic and professional approach [3] - Enhancing product technology and quality, improving international delivery capabilities, and establishing more overseas service points are key components of the brand strategy [3] - The company plans to engage in deeper customer interactions and participate in more industry events to strengthen its international brand presence [3] Group 5: ESG Initiatives - The company has been actively promoting ESG-related work, focusing on environmental protection, safety production, and corporate governance [3] - The board's strategic committee will be restructured to include ESG responsibilities, indicating a commitment to integrating ESG into corporate strategy [3] - Future plans include conducting ESG ratings and enhancing communication with investors regarding ESG efforts [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.369 billion yuan in 2023, representing a year-on-year increase of 12.73%. In Q1 2024, revenue reached 336 million yuan, up 17.1% year-on-year. The company continues to expand its international market presence [1][4] - The net profit attributable to the parent company for 2023 was 347 million yuan, a year-on-year increase of 12.09%. In Q4 2023, the net profit reached a historical high of 98 million yuan, while Q1 2024 net profit was 83 million yuan, up 2.88% year-on-year [1][4] - The company maintains a strong position in the oil and gas transportation sector and is advancing in the nuclear power field, with ongoing research and development efforts aimed at domestic substitution [1][4] - The company’s international business revenue exceeded 130 million yuan in 2023, with a significant increase in new contracts signed, indicating potential for sustained high growth [1][4] Financial Performance Summary - The company’s revenue projections for 2024-2026 are 1.562 billion, 1.803 billion, and 2.081 billion yuan, respectively, with corresponding net profits of 405 million, 468 million, and 542 million yuan [4][5] - The gross profit margin for 2023 was 49.65%, slightly down by 1.69 percentage points year-on-year. The gross profit margin for Q1 2024 was 47.98% [1][5] - The company’s return on equity (ROE) is projected to be 13.4% in 2024, with a gradual increase to 13.8% by 2026 [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next 12 months [6][27]. Core Insights - The company has demonstrated steady growth, with a projected net profit growth rate of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively, resulting in estimated net profits of 394 million, 425 million, and 457 million yuan [2]. - The company has announced a share repurchase plan, intending to use 50 million to 100 million yuan of its own funds to buy back shares, which reflects confidence in future performance [2]. - The company is a leader in the domestic mechanical seal industry and has been expanding its product offerings through acquisitions, enhancing its competitive edge [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 336 million yuan, representing a year-on-year increase of 17.1%, and a net profit of 83 million yuan, up 2.88% year-on-year [4]. - Revenue forecasts for 2024, 2025, and 2026 are 1.545 billion, 1.790 billion, and 2.050 billion yuan, respectively, with corresponding EPS of 1.97, 2.25, and 2.50 yuan [6][7]. Market Position - The company is positioned to benefit from the growth in domestic refining capacity and the expansion of international markets, with a significant increase in new orders [4]. - The domestic mechanical seal market is expected to grow, with the company maintaining its leading position and benefiting from new market demands [6]. Strategic Initiatives - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, further indicating management's confidence in future growth [2][4]. - The report highlights the company's strategy of deepening its "big seal" industry layout through acquisitions, which is expected to enhance its service capabilities and product structure [4].

声明 股票代码：300470 股票简称：中密控股 中密控股股份有限公司 2024 年限制性股票激励计划（草案）摘要 中密控股股份有限公司 二〇二四年四月 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、本激励计划依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行办法》 （国资发分配[2006]175 号）、《关于规范国有控股上市公司实施股权激励制度有关 问题的通知》（国资发分配[2008]171 号），参考《中央企业控股上市公司实施股权 激励工作指引》（国资考分[2020]178 号）和中密控股股份有限公司（以下简称"中密 控股"或"本公司"、"公司"）《公司章程》以及其他有关法律、法规和规范性文件制 定。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权激 励的下列情形： （一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表 示意见的审计报告； （二）最近一个会计年度财务报告内部控制被注册会计师出 ...

中密控股股份有限公司 第五届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 证券代码：300470 证券简称：中密控股 公告编号：2024-028 中密控股股份有限公司（以下简称"公司"）第五届董事会第十八次会议通 知及相关资料已于2024年4月23日以电话、电子邮件或专人送达等方式通知全体 董事，并于2024年4月25日以通讯会议的方式召开。本次会议应出席董事9人（其 中独立董事3人），实际出席董事9人。本次会议由董事长彭玮先生召集并主持。 会议的召集、召开符合《公司法》等有关法律、行政法规、部门规章、规范性文 件和《中密控股股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会 议合法有效。 二、董事会会议审议情况 经与会董事认真审议，本次会议以书面记名投票的表决方式通过并形成以下 决议： 1、审议通过《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要的 议案》 表决结果：9 票同意、0 票反对、0 票弃权。 为持续强化长效激励机制，充分调动公司核心团队的积极性，将股东利益、 公司利益和 ...