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%), ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported its Q3 2023 results, achieving a revenue of 1.08 billion with a year-on-year growth of 1.33%. The net profit attributable to the parent company was 258 million, a decrease of 1% year-on-year. The net profit excluding non-recurring items was also 258 million, reflecting a year-on-year increase of 2.94% [3][4]. - In Q3 2023, the company generated a revenue of 348 million, which represents a year-on-year decrease of 7.35% and a quarter-on-quarter decrease of 8.74%. The net profit attributable to the parent company was 67 million, down 18.65% year-on-year and down 33.55% quarter-on-quarter [3][4]. - The company’s inventory reached 496 million, remaining at a historical high, while accounts receivable and notes decreased by 6.53% year-on-year to 307 million [3][4]. - The company’s gross profit margin for the first three quarters of 2023 was 35.83%, an increase of 0.22 percentage points year-on-year. However, the gross profit margin for Q3 2023 was 30.57%, a decrease of 2.12 percentage points year-on-year [3][4]. - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 352 million, 458 million, and 576 million respectively, with year-on-year growth rates of 6.5%, 30.1%, and 25.9% [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2023, the company achieved a total revenue of 1.08 billion and a net profit of 258 million. The revenue for Q3 2023 was 348 million, with a significant decline in both year-on-year and quarter-on-quarter comparisons [3][4]. - The company’s gross profit margin for the first three quarters was 35.83%, while the margin for Q3 was notably lower at 30.57% [3][4]. Inventory and Receivables - The inventory level at the end of Q3 2023 was 496 million, indicating a historical high. Accounts receivable decreased to 307 million, reflecting a reduction of 6.53% year-on-year [3][4]. Future Outlook - The company is expected to see a gradual increase in net profits over the next three years, with projected figures of 352 million, 458 million, and 576 million for 2024, 2025, and 2026 respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has experienced a slight increase in revenue and net profit for the first three quarters of 2024, with total revenue reaching 1.08 billion yuan, a year-on-year growth of 1%, and a net profit of 258 million yuan, a decrease of 1% year-on-year [3][4] - The company has established stable long-term partnerships in both military and high-end civilian markets, which are expected to drive future growth [4] - The company has a strong order backlog of 603 million yuan, with 551 million yuan expected to be recognized as revenue in 2024, providing a solid foundation for future performance [4][5] - The company has been actively expanding its business through various projects, including the establishment of subsidiaries focused on automated processing of aviation components, which is anticipated to contribute to revenue growth in the coming years [5][6] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 370 million yuan, 456 million yuan, and 562 million yuan, respectively, with corresponding price-to-earnings ratios of 27, 22, and 18 times based on the current stock price [6][8] - The company reported a slight increase in gross margin to 35.83% for the first three quarters of 2024, although the gross margin for Q3 2024 decreased to 30.57% [4][5] - The company has implemented two rounds of dividend distributions in 2023 and 2024, totaling approximately 160 million yuan, highlighting its commitment to shareholder returns [6]

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 ...

Financial Performance - Q3 2024 revenue was CNY 348,234,624.68, a decrease of 7.35% year-over-year[2] - Net profit attributable to shareholders was CNY 66,785,694.37, down 18.65% compared to the same period last year[2] - Basic earnings per share decreased by 19.05% to CNY 0.17[2] - Total operating revenue for Q3 2024 reached CNY 1,079,703,317.53, a slight increase from CNY 1,065,480,129.74 in Q3 2023, representing a growth of approximately 1.04%[22] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 258,105,933.28, compared to CNY 260,705,268.99 in Q3 2023, reflecting a decrease of about 1.00%[23] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.65, down from CNY 0.66 in Q3 2023, reflecting a decrease of about 1.5%[24] Cash Flow - Operating cash flow for the year-to-date increased significantly by 6,886.08% to CNY 224,772,687.09[5] - The net cash inflow from operating activities was primarily driven by timely sales collections[5] - Cash flow from operating activities for Q3 2024 was CNY 954,818,288.73, compared to CNY 859,426,242.96 in Q3 2023, showing an increase of approximately 11.1%[24] - Net cash flow from operating activities was ¥224,772,687.09, compared to a negative cash flow of ¥3,312,261.50 in the previous period[25] - Cash inflow from investment activities totaled ¥238,035.04, significantly lower than ¥122,907,200.00 in the previous period[25] - Net cash flow from investment activities was negative at ¥123,941,300.78, compared to a negative cash flow of ¥118,700,950.65 previously[25] - Cash inflow from financing activities was ¥116,018,894.56, down from ¥128,766,015.55 in the previous period[25] - Net cash flow from financing activities was negative at ¥30,146,913.53, compared to a negative cash flow of ¥32,261,222.89 previously[25] - The net increase in cash and cash equivalents was ¥71,004,062.18, a recovery from a decrease of ¥153,467,872.21 in the previous period[25] - The ending balance of cash and cash equivalents was ¥289,220,992.06, up from ¥234,534,694.68 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,495,372,330.94, reflecting a 14.00% increase from the previous year[2] - The total assets of the company as of September 30, 2024, amounted to RMB 2,495,372,330.94, an increase from RMB 2,188,959,098.52 at the beginning of the period[19] - The company's current assets totaled RMB 1,401,175,134.32, up from RMB 1,113,303,802.73 at the beginning of the period[19] - Total liabilities as of Q3 2024 amounted to CNY 520,195,209.23, an increase from CNY 360,630,639.84 in Q3 2023, indicating a rise of about 44.3%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,302[9] - The largest shareholder, Wan Baifang, holds 27.62% of the shares, totaling 109,242,900 shares[9] - The second-largest shareholder, Chen Jianping, holds 6.66% of the shares, totaling 26,354,250 shares[9] - The total number of shares held by the top ten shareholders includes significant stakes from various investment funds[10] - The company has established relationships among major shareholders, including familial ties and partnerships[10] - The total number of preferred shareholders and their holdings is not applicable for this reporting period[11] Research and Development - R&D expenses rose by 34.54% to CNY 52,932,151.88 due to increased investment in R&D projects[7] - Research and development expenses increased to CNY 52,932,151.88 in Q3 2024, up from CNY 39,344,214.82 in Q3 2023, marking a growth of approximately 34.8%[22] Incentive Plans - The company plans to grant 350,000 restricted stocks at a price of 20.93 RMB per share under the 2022 incentive plan[13] - The first vesting period for the incentive plan requires a revenue growth rate of at least 20% in 2022 compared to 2021[13] - The second vesting period for the incentive plan requires a revenue growth rate of at least 44% in 2023 compared to 2021[13] - The company adjusted the grant price of the 2022 restricted stock incentive plan from RMB 20.93 per share to RMB 16.02 per share due to the implementation of the annual equity distribution plan[14] - The number of unvested restricted shares granted was adjusted from 350,000 shares to 455,000 shares, with 227,500 shares becoming vested for 19 eligible participants[15] - As of August 21, 2023, the company received a total of RMB 3,644,550.00 from 19 participants for the restricted stock subscription, with RMB 227,500.00 recorded as registered capital and RMB 3,417,050.00 as capital reserve[15] - The company completed the registration procedures for the second category of restricted stock, with the listing date set for September 12, 2023[15] - The grant price of the 2022 restricted stock incentive plan was further adjusted to RMB 15.72 per share, and 3,250 shares were canceled due to one participant's performance being deemed unsatisfactory[16] - The number of eligible participants for the second vesting period was adjusted to 18, with 224,250 shares becoming vested[16] - As of August 23, 2024, the company received a total of RMB 3,525,210.00 from 18 participants for the restricted stock subscription, with RMB 224,250.00 recorded as registered capital and RMB 3,300,960.00 as capital reserve[16] - The company completed the registration of changes in registered capital, which is now RMB 395,531,500.00[17] Audit Information - The company has not undergone an audit for the third quarter report[26]

证券代码：300855 证券简称：图南股份 公告编号：2024-044 一、股东大会审议通过利润分配方案等情况 1、公司 2024 年第二次临时股东大会审议通过的 2024 年半年度 利润分配方案为：以未来实施利润分配方案时股权登记日的总股本为 基数，向全体股东每 10 股派发现金股利人民币 1.00 元（含税），不以 资本公积金转增股本，不送红股，剩余未分配利润结转以后年度。若 上述方案公告后至实施期间公司总股本因新增股份上市、股权激励授 予行权、股份回购等事项发生变化的，公司拟以维持每股分配比例不 变为原则，相应调整现金分红总额。 2、公司 2022 年限制性股票激励计划第二个归属期归属股份已完 成归属登记并于 2024 年 9 月 12 日上市流通，公司总股本由 395,307,250 股增至 395,531,500 股。根据公司 2024 年半年度利润分 配方案，本次权益分派以维持每股分配比例不变为原则，相应调整现 金分红总额。 3、本次实施的权益分派方案与股东大会审议通过的利润分配方 案一致。 江苏图南合金股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实 ...

公司 2022 年限制性股票激励计划第二个归属期归属股份已完成 归属登记并于 2024 年 9 月 12 日上市流通，公司总股本由 39,530.725 万股增至 39,553.15 万股。鉴于前述变动，公司变更注册资本为 39,553.15 万元，并修改《公司章程》相应条款。 证券代码：300855 证券简称：图南股份 公告编号：2024-043 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。 江苏图南合金股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日召开第四届董事会第三次会议，会议根据 2022 年第一次临时股 东大会的授权，审议通过了《关于变更公司注册资本并修改〈公司章 程〉相应条款的议案》。 7、成立日期：1991 年 05 月 28 日 1 8、经营范围：高温合金、精密合金、镍铬材料、高电阻电热合 金、高速工具钢、不锈钢、耐热钢及其制品的制造、冶炼、加工、销 售，特种陶瓷产品的制造、加工、销售，自营和代理各类货物及技术 的进出口业务（国家限定企业经营或禁止进出口的商品和技术除外 ...