证券代码：300855 证券简称：图南股份 公告编号：2025-013 江苏图南合金股份有限公司 关于完成工商变更登记的公告 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。 1 7、成立日期：1991 年 05 月 28 日 江苏图南合金股份有限公司（以下简称"公司"）2025 年 4 月 18 日召开的第四届董事会第五次会议，以及 2025 年 5 月 9 日召开的 2024 年年度股东大会，分别审议通过了《关于变更公司经营范围并修 改〈公司章程〉相应条款的议案》。 根据业务发展需要，公司决定变更经营范围，在原经营范围基础 上增加"通用零部件制造；紧固件制造；紧固件销售；机械零件、零部 件加工；机械零件、零部件销售；技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广；新材料技术研发"，并修改《公司章 程》相应条款。 1、统一社会信用代码：91321100142415527U 2、名称：江苏图南合金股份有限公司 3、类型：股份有限公司（上市） 4、住所：江苏省丹阳市凤林大道 9 号 5、法定代表人：万柏方 6、注册资本：39,553.15 万元整 近 ...

上海市锦天城律师事务所 关于江苏图南合金股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 2024 年年度股东大会的 法律意见书 案号：01G20201891 致：江苏图南合金股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江苏图南合金股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国证券法》（下称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》等 法律、法规和其他规范性文件以及《江苏图南合金股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对 ...

证券代码：300855 证券简称：图南股份 公告编号：2025-012 江苏图南合金股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 9 日（星期五）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2025 年 5 月 9日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 5 月 9 日 9:15-15:00。 5、会议主持人：董事长万柏方先生。 6、本次会议的召集、召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》等的规定。 二、会议出席情况 1 1、出席会议的总体情况：出席本次股东大会的股东及股东代理 人共 108 人，代表股份数 193,881,310 股，占公司有表决权股份 ...

整体毛利率受产品结构调整影响，细分产品毛利率稳中有升，或反映公司控成本能力显著。24A 销售毛 利率为33.93%，同比降低0.4pcts；销售净利率为21.23%，同比降低2.63pcts。其中24Q4 销售毛利率为 22.38%，同比降低7.67pcts，环比降低8.19pcts；销售净利率为5%，同比降低16.82pcts，环比降低 14.18pcts。分业务看，铸造高温合金毛利率49.3%，同比+3.7pcts，变形高温合金毛利率26.2%，同比 +1.6pcts；其他业务毛利率41.4%，同比-10.9pcts；分地区看，24 年外贸毛利率为32.0%，同比+0.4pcts， 内贸毛利率为34.1%，同比-0.5pcts。25Q1 销售毛利率为27.65%，同比降低11.21pcts，环比提升 5.27pcts；销售净利率为14.59%，同比降低11.37pcts，环比提升9.59pcts。 事件评论 风险提示 受下游主要客户需求波动及产品结构调整影响，公司收入和业绩短期承压。分业务来看，铸造高温合金 4.2 亿元（yoy-33.3%），收入占比33.1%；变形高温合金5.2 亿元（yoy+18.4 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].

证券之星消息，2025年4月28日图南股份（300855）发布公告称公司于2025年4月28日召开业绩说明会。 具体内容如下： 公司于2025年4月28日(周一)15:00~17:00在全景网举办2024年年度业绩说明会，本次年度业绩说明会采用网络远程的 方式召开。公司就投资者在本次说明会中提出的问题进行了回复：问：公司2024年营收净利都同比例下降，能否解释 一下公司各项产品的收入情况？ 答：您好！2024年度，公司实现营业收入125,774.73万元，较上年同期减少9.16%；实现归属于上市公司股东的净利润 26,700.44万元，较上年同期减少19.17%；实现归属于上市公司股东的扣除非经常性损益后的净利润26,747.88万元，较 上年同期减少15.67%。其中，铸造高温合金实现销售收入41,638.22万元，较上年同期减少33.28%；变形高温合金实 现销售收入52,187.92万元，较上年同期增长18.40%；特种不锈钢实现销售收入6,589.17万元，较上年同期减少 22.00%；其他合金制品实现销售收入16,442.55万元，较上年同期减少10.15%。2024年，面对下游主要客户需求波 动、 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [9][15]. Core Insights - The company experienced a revenue decline of 9% year-on-year in 2024, with total revenue of 1.258 billion yuan and a net profit of 267 million yuan, down 19% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 286 million yuan, a decrease of 18% year-on-year, but a significant improvement of 60% quarter-on-quarter [6]. - The demand for casting high-temperature alloys and special stainless steel products was under pressure in 2024, while the revenue from deformed high-temperature alloys increased by 18% [7]. - The company has strengthened its R&D investments, with R&D expenses rising by 12% to 62.52 million yuan in 2024, while maintaining good cost control [7]. - A subsidiary has launched a project for the automated processing of small and medium-sized aerospace components, enhancing the company's position in the aerospace supply chain [8]. - The projected net profits for 2025, 2026, and 2027 are 301.92 million yuan, 364.64 million yuan, and 435.95 million yuan, respectively, with corresponding P/E ratios of 28, 24, and 20 [9][11]. Financial Summary - The company reported a total revenue of 1.258 billion yuan in 2024, with a projected increase to 1.460 billion yuan in 2025, representing a growth rate of 16.04% [11][14]. - The EBITDA for 2024 was 380.78 million yuan, expected to rise to 431.66 million yuan in 2025 [11]. - The gross margin for 2024 was 33.93%, slightly down by 0.40 percentage points year-on-year [7][14]. - The company's asset-liability ratio stands at 16.7%, indicating a strong balance sheet [4][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [9][15]. Core Insights - The company experienced a revenue decline of 9% year-on-year in 2024, with total revenue of 1.258 billion yuan and a net profit of 267 million yuan, down 19% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 286 million yuan, a decrease of 18% year-on-year, but a significant improvement of 60% quarter-on-quarter [6]. - The demand for casting high-temperature alloys and special stainless steel products was under pressure in 2024, while the revenue from deformed high-temperature alloys increased by 18% [7]. - The company has strengthened its R&D investments, with R&D expenses rising by 12% to 62.52 million yuan in 2024, while maintaining good cost control [7]. - A subsidiary has launched a project for automated processing of small and medium-sized aerospace components, enhancing the company's position in the aerospace supply chain [8]. - The projected net profits for 2025, 2026, and 2027 are 301.92 million yuan, 364.64 million yuan, and 435.95 million yuan, respectively, with corresponding P/E ratios of 28, 24, and 20 [9][11]. Financial Summary - The company reported a total revenue of 1.258 billion yuan in 2024, with a projected increase to 1.460 billion yuan in 2025, representing a growth rate of 16.04% [11][14]. - The EBITDA for 2024 was 380.78 million yuan, expected to rise to 431.66 million yuan in 2025 [11]. - The gross margin for 2024 was 33.93%, slightly down from the previous year, while the net profit margin was 21.2% [14].

Core Viewpoint - The performance of Tunan Co., Ltd. is under short-term pressure due to demand fluctuations, but the company is expanding its business layout through the production of subsidiary projects, maintaining a "buy" rating. Financial Performance - In 2024, the company achieved revenue of 1.258 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 267 million yuan, down 19% year-on-year [2][3] - For Q1 2025, the company reported revenue of 286 million yuan, a year-on-year decrease of 18%, and a net profit of 42 million yuan, down 54% year-on-year, but showing a quarter-on-quarter improvement of 60% and 368% respectively [3][4] Product Performance - In 2024, the demand for cast high-temperature alloys and special stainless steel products was under pressure, while the revenue from deformed high-temperature alloy products increased by 18% [3] - Revenue breakdown for 2024: cast high-temperature alloys (416 million yuan, down 33%), deformed high-temperature alloys (522 million yuan, up 18%), special stainless steel (66 million yuan, down 22%), and other alloy products (164 million yuan, down 10%) [3] Research and Development - The company has strengthened its R&D investment, with R&D expenses amounting to 62.52 million yuan, a year-on-year increase of 12% [4] - The overall expense ratio for the company in 2024 was 9.03%, an increase of 0.99 percentage points year-on-year, primarily due to the rise in R&D expense ratio [4] Subsidiary Projects - The subsidiary Tunan Components has launched an automated processing line for small and medium-sized aviation parts, with an annual production capacity of 500,000 units [4] - The ongoing construction of another subsidiary's automated production line aims for an annual output of 10 million aviation parts, enhancing the company's aviation industry chain layout [4] Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 302 million yuan, 365 million yuan, and 436 million yuan respectively, corresponding to current price-earnings ratios of 28, 24, and 20 times [4]

Summary of the Conference Call for Tunan Co., Ltd. Company Overview - **Company**: Tunan Co., Ltd. - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - Tunan Co., Ltd. experienced a revenue decline of 9% and a net profit drop of 19% in 2024, primarily due to short-term fluctuations in downstream demand and delayed delivery schedules [4][14][35]. - The fourth quarter of 2024 marked a low point with revenues of 178 million yuan, a 44% year-on-year decrease, and a net profit of 9 million yuan, down 87% [14][36]. - In contrast, the first quarter of 2025 showed significant recovery with revenues of 286 million yuan and a net profit of 42 million yuan, indicating a positive trend moving forward [15][36]. Business Segments - Tunan's core business includes deformed high-temperature alloys and cast high-temperature alloys. In 2024, deformed high-temperature alloys accounted for 41.5% of revenue, while cast high-temperature alloys contributed 33.1% [16][37]. - The gross margin for cast high-temperature alloys was 49.3%, significantly contributing to overall profitability despite a decline in its revenue share [16][37]. Future Growth Prospects - The company is expected to enter a rapid growth phase from 2025 to 2027, driven by the production contributions from its subsidiaries in Shenyang, which are set to begin operations in 2025 [3][19][26]. - Tunan's investment in its Shenyang subsidiaries totals approximately 10.1 billion yuan, with expected output of around 2 billion yuan from the Tunan Components project [19][38]. Market Dynamics - The global civil aviation market is projected to grow significantly over the next 20 years, with a market size of approximately $6.4 trillion, of which China represents about $1.5 trillion [6][28]. - The domestic aviation market is currently dominated by foreign products, but increasing penetration of domestic aircraft like the C919 is expected to create substantial growth opportunities [6][28]. Competitive Landscape - The C919 aircraft is positioned to compete directly with the Airbus A320 and Boeing 737, with increasing domestic production capabilities expected to enhance market share [8][30]. - The U.S.-China trade tensions have led to a shift in purchasing preferences among Chinese airlines towards Airbus and domestic aircraft, impacting Boeing's market position [5][27]. Investment Outlook - Tunan Co., Ltd. is projected to achieve a compound annual growth rate (CAGR) of over 30% in revenue and earnings from 2025 to 2027, with significant peaks expected in 2026 and 2027 [22][42]. - Current valuations are considered to be at a low point, with potential for substantial upside as the company recovers from recent performance dips [22][42]. Additional Important Insights - The aerospace materials sector, particularly high-temperature alloys, remains critical for engine manufacturing, with Tunan's expertise in material development providing a competitive edge [39]. - The tightening of supply chains and increased domestic production capabilities are expected to enhance Tunan's market position in the aerospace sector [31][32]. This summary encapsulates the key insights from the conference call regarding Tunan Co., Ltd.'s financial performance, market dynamics, competitive landscape, and future growth prospects.