Group 1: Company Overview - Jiangsu Tunan Alloy Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels [2] - The company has established a complete industrial chain production process, including special smelting, forging, hot rolling, and casting [2] - Tunan is one of the few domestic companies capable of mass-producing both deformed high-temperature alloys and cast high-temperature alloys [2] Group 2: Financial Performance - In the first half of 2024, the sales revenue for cast high-temperature alloys reached CNY 279.29 million, accounting for 40.89% of the main business revenue [3] - The sales revenue for deformed high-temperature alloys was CNY 277.46 million, representing 40.62% of the main business revenue [3] - Other business revenue achieved CNY 48.35 million, a significant increase of 177.52% compared to the same period last year, primarily driven by processing fees from the Shenyang subsidiary [3] Group 3: Market Expansion - The company is focusing on expanding high-end civilian product customer resources and overseas markets [3] - Sales revenue from deformed high-temperature alloys in the petroleum, chemical, and energy sectors has increased in the first half of 2024 [3] - The sales revenue through the distribution model for deformed high-temperature alloys reached CNY 69.07 million, a growth of 32.41% year-on-year, driven by increased sales in the civilian sector [3] Group 4: Project Development - The Shenyang Tunan Intelligent Manufacturing Co., Ltd. construction project is still in the construction phase, with some production line equipment installed and accepted [4]

报的是这个心灵能和图南股份这两家公司我们其实在前几天是我们就是中报巡礼的系列电话会啊已经汇报了的是华清科技和华清科技和这个知名达啊然后我们今天是这个第二期是心灵能跟图南股份是华清科技是上周一然后那个知名达是周三啊然后紧接着周四就是发中时间啊周四就是 然后周五是心灵能周二这个时间都是在上周是延续下来的然后我们按照顺序来说先说这个心灵能啊所以今天呢下午的三点钟到四点钟三点到四点心灵能公司自己才组成了一个面向市场投资者的一个电话会议这个电话会议我其实也都也参与了也进行了一个提问的一个互动那么对于心灵能来讲的话我们先把观点先说一下其实这个 综上而计来看我们肯定是非常看好新力能的只是说对于新力能这样的公司考虑到市场的很多投资者是相对来讲是期望能够稍微偏右转一点就是等待它的订单看到一个区间的变化的时候才会认为是一个比较好的这样的一个时间点但是现在一个50亿左右的市值肯定是一个底部的区间 这是我们的这样的一个观点然后我们再分开来讲首先我们说一下订单的情况因为对于先进能这样的公司最直接的或者市场投资者最关注的问题之一就是订单的一个情况订单来讲是这样就是从23年的年初开始整个行业或者先进能也好订单都是出现一个下降然后去年三季的 ...

证券研究报告 [公司评级 Table_Invest] 增持 当前价格 23.50 元 合理价值 30.01 元 前次评级 增持 报告日期 2024-08-19 SAC 执证号：S0260523050004 021-38003617 wangle@gf.com.cn 请注意，王乐并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] 图南股份（300855.SZ）:23 2024-04-26 年业绩稳增，看好航发及外 贸弹性 [Table_Title] 图南股份（300855.SZ） 24H1 业绩稳健增长，下游航发及民品需求景气可期 [Table_Summary] 核心观点： ⚫ 事件：公司公告 24 年半年报，2024 年上半年公司实现营收 7.31 亿 元，同比增长 6.07%；实现归母净利润 1.91 亿元，同比增长 7.11%； 实现扣非归母净利润 1.92 亿元，同比增长 11.38%。 ⚫ 24H1 业绩稳健增长，下游航发及民品景气可期。公司 24H1、24Q2 营 业收入同比增速分别为 6.07%、6.41%；归母净利润同比增 ...

证券代码：300855 证券简称：图南股份 | --- | --- | --- | --- | |--------------------|-----------------------|-------------|-----------------------| | | | | 编号：[2024]第 009 号 | | | ■特定对象调研 | □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | □其他 中信证券：杨博钧、吴子祎；上海山合私募：王兆成；江苏金信： 奚晓敏；财通证券：杨博星；华泰证券：田莫充；浙商基金：杜 旭赟；东方证券：冯函；富国基金：徐鸿博 参与单位名称及 人员姓名 时间 2024 年 8 月 19 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 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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 731 million yuan for the first half of 2024, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 191 million yuan, up 7.1% year-on-year. The performance is in line with expectations considering the high base effect from the previous year [1]. - The company is actively expanding its civilian product lines and extending its industrial chain, particularly in high-temperature alloy materials, which have significant growth potential. The subsidiary has established a production capacity for aviation components, expected to generate annual revenue of approximately 231 million yuan once fully operational [2]. - The company is expected to maintain a rapid growth trajectory, benefiting from both military and civilian product demand, with projected net profits of 389 million yuan, 490 million yuan, and 583 million yuan for 2024, 2025, and 2026, respectively [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.594 billion yuan, with a growth rate of 15.13%. The net profit is expected to be 389 million yuan, reflecting a growth rate of 17.64% [8]. - The gross margin is forecasted to be 34.94% in 2024, slightly up from 34.33% in 2023 [12]. - The earnings per share (EPS) are expected to be 0.98 yuan in 2024, increasing to 1.24 yuan in 2025 and 1.47 yuan in 2026 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has established long-term stable partnerships in the military market and has become a preferred supplier for major domestic aviation engine manufacturers [4] - In the high-end civilian product sector, the company has been included in the qualified supplier lists of large domestic enterprises [4] - The company reported a revenue of 731 million yuan for H1 2024, representing a year-on-year growth of 6%, and a net profit attributable to shareholders of 191 million yuan, also up by 7% [4] - The company has strong cost control capabilities, with a gross margin of 38.34%, an increase of 1.13 percentage points year-on-year [4] - The company has sufficient orders on hand, with a total of 603 million yuan in orders, of which 551 million yuan is expected to be recognized as revenue in 2024 [4] - The company is actively involved in the aviation sector, establishing a comprehensive industrial chain layout [5][6] - The projected net profits for 2024-2026 are 402 million yuan, 502 million yuan, and 618 million yuan, corresponding to a price-to-earnings ratio of 23, 18, and 15 times, respectively [6] Financial Summary - For 2023, the company is expected to achieve a revenue of 1.385 billion yuan, with a growth rate of 34.12% [8] - The projected net profit for 2024 is 402 million yuan, with a growth rate of 21.78% [10] - The earnings per share (EPS) for 2024 is estimated to be 1.02 yuan, with a price-to-earnings ratio of 22.81 [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [3][11]. Core Insights - The company's main business in high-temperature alloys is experiencing steady growth, supported by the rapid development of downstream applications in aviation engines and gas turbines, which is expected to enhance operational performance and profitability [1][5]. - The company has completed its IPO fundraising projects, leading to increased production capacity and sales volume, which are anticipated to continue growing [1][5]. - The report highlights a significant improvement in profitability, with a gross margin of 38.34% and a net margin of 26.16% for the first half of 2024, reflecting effective cost control and ongoing R&D efforts [1][5]. Financial Performance Summary - For H1 2024, the company achieved revenue of 731 million yuan, a year-on-year increase of 6.07%, and a net profit of 191 million yuan, up 7.11% year-on-year [1][5]. - The second quarter alone saw revenue of 382 million yuan, a 6.41% increase year-on-year and a 9.07% increase quarter-on-quarter [1]. - The cash flow from operating activities reached 231 million yuan, a remarkable increase of 450.65% year-on-year, attributed to timely sales collections [1][5]. Segment Performance - The revenue from casting high-temperature alloys was 279 million yuan, down 19.45% year-on-year, while the revenue from deformed high-temperature alloys increased by 30.79% to 277 million yuan [1]. - Special stainless steel revenue was 39 million yuan, down 5.4%, while other alloy products saw a revenue increase of 21.13% to 88 million yuan [1]. Capacity Expansion and Development - The company has added significant production capacity through its IPO projects, including 1,000 tons of ultra-pure high-performance high-temperature alloys and 3,300 complex thin-walled high-temperature alloy components annually [1][5]. - The construction of an automated production line for small and medium-sized aviation components is progressing well, with 44.86% completion as of H1 2024 [1][5]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.68 billion yuan, 2.08 billion yuan, and 2.53 billion yuan, respectively, with corresponding net profits of 404 million yuan, 513 million yuan, and 629 million yuan [2][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.31 CNY, indicating a positive outlook for the stock [1]. Core Views - The company's performance in the first half of 2024 shows steady growth, with a net profit of 191 million CNY, representing a year-on-year increase of 7.1% [1]. - Revenue for the first half of 2024 reached 731 million CNY, up 6.1% year-on-year, reflecting stable operational performance [1]. - The company is recognized as a core supplier of high-temperature alloys and is actively extending its industrial chain into downstream processing, which is expected to open up growth opportunities [1][2]. Financial Performance Summary - **Revenue and Profitability**: - The company achieved a revenue of 380 million CNY in 1H24, with a year-on-year growth of 6.4%. The net profit for the same period was 102 million CNY, up 8.7% year-on-year [1]. - The gross profit margin improved to 38.3%, an increase of 1.1 percentage points year-on-year [1]. - **Product Performance**: - Revenue from deformed high-temperature alloys increased by 30.8% year-on-year, contributing significantly to the overall revenue [1]. - The gross margin for various alloy products has shown improvement, indicating better cost management and pricing strategies [1]. - **Cash Flow and Expenses**: - Operating cash flow improved significantly, reaching 230 million CNY, attributed to better sales collection [1]. - R&D expenses increased by 20% year-on-year, reflecting the company's commitment to innovation and product development [1]. Future Outlook - The company is projected to achieve net profits of 420 million CNY, 530 million CNY, and 680 million CNY for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22x, 17x, and 13x [1][2]. - The report emphasizes the sustained high demand in the downstream machining sector, which is expected to drive further growth [1].

证券代码：300855 证券简称：图南股份 公告编号：2024-038 江苏图南合金股份有限公司 关于作废 2022 年限制性股票激励计划部分已授予尚未归属 的限制性股票的公告 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和第四届监事会第三次会议，分 别审议通过了《关于作废 2022 年限制性股票激励计划部分已授予尚 未归属的限制性股票的议案》。根据公司《2022 年限制性股票激励计 划》（以下简称"《激励计划》"或"本次激励计划"）的规定和公司 2022 年第一次临时股东大会的授权，董事会同意公司将 1 名绩效考核结果 不合格的激励对象已获授但尚未归属的 3,250 股限制性股票予以作废 处理，现将具体内容公告如下： 一、2022 年限制性股票激励计划已履行的相关审批程序 1、2022 年 6 月 20 日，公司召开第三届董事会第十一次会议， 审议通过了《关于公司〈2022 年限制性股票激励计划（草案）〉及其 摘要的议案》《关于公司〈2022 年限制性 ...

证券代码：300855 证券简称：图南股份 公告编号：2024-039 江苏图南合金股份有限公司 关于 2022 年限制性股票激励计划第二个归属期归属条件 成就的公告 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。 重要内容提示： 1、本次符合归属条件的激励对象人数：18 人； 2、本次拟归属股票数量：22.425 万股，占目前公司总股本的 0.0567%； 3、归属股票来源：公司向激励对象定向发行的本公司人民币 A 股普通股股票； 4、本次归属的限制性股票待相关手续办理完成后、股票上市流 通前，公司将发布相关提示性公告，敬请投资者关注。 江苏图南合金股份有限公司（以下简称"公司"或"图南股份"）于 2024 年 8 月 15 日召开第四届董事会第三次会议和第四届监事会第三 次会议，分别审议通过了《关于 2022 年限制性股票激励计划第二个 归属期归属条件成就的议案》。根据公司《2022 年限制性股票激励计 划》（以下简称"《激励计划》"或"本次激励计划"）的规定和公司 2022 年第一次临时股东大会的授权，董事会同意公司按照规定为符合条件 的 18 位激励对 ...