证券代码：300855 证券简称：图南股份 江苏图南合金股份有限公司投资者关系活动记录表 编号：[2025]第 001 号 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 民生证券：李挺；南方基金：刘祎、金岚枫、严必行、程子航、 王天瑜、潘越；中金证券：刘婧 时间 2025 年 2 月 11 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书：何剑；证券事务代表：范路璐 投资者关系活动 主要内容介绍 一、签署调研承诺书 二、公司历史沿革、主营业务简介 1991 年 5 月，丹阳市精密合金厂设立；2000 年，丹阳市精 密合金厂由集体所有制企业改制为私营企业；2007 年 12 月， 丹阳市精密合金厂完善改制程序，设立丹阳市精密合金厂有限 公司；2011 年 12 月，丹阳市精密合金厂有限公司吸收合并江 苏巍华精密合金有限公司；2015 年 1 月，丹阳市精密合金厂有 限公司整体变更设立江苏图南合金股份有限公司。 公司主营业务为高温合金、特种不锈钢等高性能合金材料 及其制品的研发、生产和销售。公司拥有先进 ...

Investment Rating - The report initiates coverage on Tunan Co., Ltd. with a "Buy" rating and sets a target price of 27.75 RMB [1][9]. Core Views - Tunan Co., Ltd. is positioned to benefit from the scarcity of precision castings and has capabilities in both casting and deformation high-temperature alloy smelting, which is expected to unlock new growth opportunities [1]. - The company’s large complex thin-walled structural components are anticipated to solidify its performance foundation, while its machining business is likely to benefit from an increase in the outsourcing ratio within the industry chain, driving long-term performance growth [1]. - The high-temperature alloy industry is projected to maintain a high level of prosperity in the medium to long term, driven by new model iterations and the aftermarket for aerospace engine maintenance [2]. Summary by Sections Company Overview - Tunan Co., Ltd. is one of the few domestic companies capable of mass-producing both deformation and casting high-temperature alloys. From 2018 to 2023, the company achieved a compound annual growth rate (CAGR) of 38.87% in casting high-temperature alloy revenue and 19.69% in deformation high-temperature alloy revenue, demonstrating significant growth [3]. Industry Dynamics - The high-temperature alloy materials account for 40% to 60% of the total weight of modern aerospace engines. The market for military aerospace high-temperature alloys in China is expected to reach an average annual market size of 21.32 billion RMB from 2021 to 2030, with a CAGR of 29.45% from 2022 to 2030 [2]. Business Expansion - The company has expanded its product categories and established a deep presence in the Shenyang region, with projects aimed at producing 500,000 precision components annually and 10 million small aerospace components [4]. Market Positioning - The report highlights that concerns regarding price reductions in aerospace products impacting Tunan's profitability are unfounded. The company’s leading position in the high-temperature alloy industry, particularly in precision castings, ensures that price reductions are manageable and that long-term profitability will remain robust due to scale effects and an increasing proportion of precision casting sales [5]. Financial Projections - The company is expected to achieve net profits of 333.49 million RMB, 439.40 million RMB, and 540.01 million RMB for the years 2024 to 2026, respectively, with a CAGR of 17.80% from 2024 to 2026. The target price is based on a 25X price-to-earnings (PE) ratio for 2025 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.7 yuan [5] Core Views - The company is a core supplier of high-temperature alloys and advanced metal materials for military and high-end civilian applications, with a strong track record of growth [1] - From 2013 to 2023, the company achieved a CAGR of 18.67% in revenue and 40% in net profit attributable to the parent company [1] - The company is expected to benefit from the recovery of the aero-engine industry chain, with accelerated production of aero-engine castings and master alloys [2] - The company's Shenyang subsidiary is expected to enter a rapid growth phase, driven by local government support and strong demand from key customers [3] - The company has extended its industrial chain both horizontally and vertically, increasing its single-unit supporting value and enhancing its business lifecycle through aftermarket services [4] Financial Performance and Valuation - The company's revenue is expected to grow from 1,032.38 million yuan in 2022 to 2,838.29 million yuan in 2026, with a CAGR of 22.5% [8] - Net profit attributable to the parent company is forecasted to increase from 254.80 million yuan in 2022 to 680.90 million yuan in 2026, with a CAGR of 21.8% [8] - The company's PE ratio is expected to decline from 41.45 in 2022 to 15.51 in 2026, indicating improving valuation attractiveness [8] - The company's EBITDA is projected to grow from 347.74 million yuan in 2022 to 837.13 million yuan in 2026, with a CAGR of 19.2% [8] Industry and Market Outlook - The aero-engine industry is expected to enter a period of rapid growth, driven by new model deployments and inventory cycle recovery [2] - The Shenyang government aims to achieve significant breakthroughs in the aviation industry, with a target of 120 billion yuan in industrial output by 2025 [3] - The company's market position is strengthened by its comprehensive industrial chain layout, from master alloys to structural components, and its increasing share of aftermarket services [4] Strategic Developments - The company has expanded its product portfolio to include small and medium-sized engine accessories, which are consumable and require replacement during engine overhauls, further enhancing its business lifecycle [4] - The company's Shenyang subsidiary is expected to benefit from the local government's push for increased local sourcing, with a target of 50% local sourcing rate for key customers [3]

联系电话:010-59219558 - 传真:010-59562637 2024年10月25日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |-------------------------------------------------------------------|------------------------------------------------------------------------------------------|-------------------------| | | | | | 图南股份（300855） | 投资评级 | 买入 | | 2024 年三季报点评：业绩短期承压，加强研发为未 | | 维持评级 | | | 2024年10月24日 | | | 来蓄能 | 收盘价(元): | 25.59 | | | 目标价(元): | 29 | | 报告摘要 ◆ 事件: | 公司基本数据 | | | | 总股本(百万股) | 395.53 | | 公司 10 月 17 日公告, 2024 前三季度营收(10.80 亿元,+1.33%), ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨图南股份（300855.SZ） [Table_Title] 三季度业绩承压，新增长曲线开启 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司公告 2023 年三季报， 24Q1-3 实现营收 10.8 亿，同比增长 1.33% ；归母净利润 2.58 亿， | | 分析师及联系人 [Table_Author] | --- | |--------| | | | | | | | | | SAC ： | | SFC ： | 王鹤涛 SAC：S0490512070002 SFC：BQT626 易轰 杨继虎 SAC：S0490520080012 SFC：BUZ394 请阅读最后评级说明和重要声明 图南股份（300855.SZ） cjzqdt11111 2 ...

证券研究报告：有色金属 | 公司点评报告 2024 年 10 月 20 日 公司基本情况 最新收盘价（元） 24.17 总股本/流通股本（亿股）3.96 / 2.93 总市值/流通市值（亿元）96 / 71 52 周内最高/最低价 31.33 / 18.50 资产负债率(%) 16.5% 市盈率 28.77 第一大股东 万柏方 股票投资评级 买入|维持 个股表现 -37% -31% -25% -19% -13% -7% -1% 5% 11% 17% 2023-10 2023-12 2024-03 2024-05 2024-08 2024-10 图南股份 有色金属 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 图南股份(300855) 24Q3 单季度业绩有所承压，业务拓展打开公司成 长空间 ⚫ 事件 10 月 18 日，图南股份发布 2024 年三季报。2024Q1-Q3，公司实 现营业收入 ...

证券代码：300855 证券简称：图南股份 江苏图南合金股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|--------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Recommend" rating for Tunan Co Ltd (300855 SZ) with a current price of 25 49 yuan [1] Core Views - Tunan Co Ltd is one of the few domestic companies capable of batch producing both deformed and cast superalloys The company focuses on its core business of new materials while expanding into the midstream and downstream of the industrial chain opening up long-term growth potential [1] - The company's operating cash flow improved significantly in 1~3Q24 with a notable enhancement in collection efficiency [1] - The report adjusts profit forecasts considering downstream demand trends and expects net profits attributable to the parent company for 2024~2026 to be 3 55 billion yuan 4 65 billion yuan and 6 09 billion yuan respectively with corresponding P/E ratios of 28x 22x and 17x [1] Financial Performance Summary Revenue and Profit - In 1~3Q24 Tunan Co Ltd achieved revenue of 10 8 billion yuan a year-on-year increase of 1 3% and net profit attributable to the parent company of 2 58 billion yuan a year-on-year increase of 2 9% [1] - In 3Q24 the company's revenue was 3 48 billion yuan a year-on-year decrease of 18 6% and net profit attributable to the parent company was 0 67 billion yuan a year-on-year decrease of 15 7% [1] Profit Margins - The gross profit margin for 3Q24 increased by 0 2 percentage points year-on-year to 35 8% while the net profit margin decreased by 2 1 percentage points to 30 6% [1] - For 1~3Q24 the net profit margin decreased by 2 7 percentage points to 23 9% mainly due to increased period expenses and reduced investment income [1] Expenses and R&D - In 1~3Q24 the company's period expense ratio increased by 1 3 percentage points to 8 6% with R&D expenses increasing by 34 5% year-on-year to 0 53 billion yuan [1] - The company continued to increase R&D investment in line with project requirements and progress [1] Cash Flow and Assets - Operating cash flow turned positive in 1~3Q24 with a significant improvement in collection efficiency The operating cash flow for the first three quarters was 2 25 billion yuan compared to -0 03 billion yuan in the same period last year [1] - Accounts receivable and notes decreased by 32 6% compared to the end of 2Q24 while inventory decreased by 0 2% [1] Industry and Market Position - Tunan Co Ltd is a core supplier in the high-temperature alloy and products sector with a strategic layout in the midstream and downstream of the industrial chain [1] - The company's position in the high-growth "two engines" (aerospace and gas turbines) sector supports its long-term growth potential [1] Financial Forecasts Revenue and Profit Growth - The report forecasts revenue growth rates of 7 5% 20 6% and 19 3% for 2024E 2025E and 2026E respectively [2] - Net profit attributable to the parent company is expected to grow by 7 4% 31 1% and 30 8% for the same periods [2] Key Financial Ratios - The gross profit margin is expected to improve from 34 1% in 2024E to 39 77% in 2026E [2] - The net profit margin is projected to increase from 23 85% in 2024E to 28 42% in 2026E [2] - ROE is forecasted to rise from 17 26% in 2024E to 22 18% in 2026E [2] Valuation Metrics - The P/E ratio is expected to decrease from 28x in 2024E to 17x in 2026E reflecting the company's growth potential [2] - The P/B ratio is projected to decline from 4 9x in 2024E to 3 7x in 2026E [2]

图南股份（300855.SZ）2024 年三季报点评 加大研发聚焦主业；经营现金流大幅改善 2024 年 10 月 20 日 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 19 年 月 日 图南股份（300855.SZ） 2024 年前三季度归母净利润 2.58 亿元，同比-1.00% 事件：公司发布 2024 年三季报。2024（（1-9）营收 10.80 亿元，同比+1.33%； 归母净利润 2.58 亿元，同比-1.00%；扣非归母净利润 2.58 亿元，同比 +2.94%。单季度来看，2024Q3 营收 3.48 亿元，同比-7.35%，环比-8.74%； 归母净利润 0.67 亿元，同比-18.65%，环比-33.55%；扣非归母净利润 0.66 亿元，同比-15.65%，环比-35.25%。 利润表：2024Q3 公司收入同比、环比均小幅下滑，我们认为或受军品交 付节奏影响，但是归母净利润同比、环比下降幅度较大。从盈利能力来看， 2024（（1-9）毛利率 35.83%，同比+0.21pct，净利率 23.91%，同比-0.56pct， 2024Q3 毛利率 30.57%，同比-2.12pct，环比-7.29pct，净利率 19.18%， 同比-2.66pct，环比-7.16pct。 资产负债表和 ...