Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 25.49 CNY [1]. Core Insights - The company reported a revenue of 1.08 billion CNY for Q3 2024, a year-over-year increase of 1.3%, and a net profit attributable to shareholders of 258 million CNY, up 2.9% year-over-year, which is in line with market expectations [1]. - The gross margin improved year-over-year, while net profit was impacted by reduced investment income and increased operating expenses [1]. - The company is focusing on increasing R&D investments and has seen a significant improvement in operating cash flow, with a net cash flow from operating activities of 225 million CNY [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 348 million CNY, down 18.6% year-over-year, with a net profit of 66 million CNY [1]. - The gross margin for Q3 2024 was 35.8%, an increase of 0.2 percentage points year-over-year, while the net profit margin decreased due to higher expense ratios [1]. - The company’s R&D expenses increased, reflecting its commitment to innovation and product development [1]. Future Earnings Forecast - The company is expected to achieve net profits of 355 million CNY, 465 million CNY, and 609 million CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 28x, 22x, and 17x [2]. - Revenue growth rates are projected at 7.5% for 2024, 20.6% for 2025, and 19.3% for 2026 [2]. - The gross margin is expected to improve to 39.77% by 2026, indicating a positive trend in profitability [2].

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 ...

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、本次归属股票数量：224,250 股，占目前公司总股本的 0.06%； 2、本次归属股票人数：18 人； 证券代码：300855 证券简称：图南股份 公告编号：2024-042 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 第二个归属期归属结果暨股份上市的公告 3、本次归属股票上市流通日：2024 年 9 月 12 日； 4、本次归属股票来源：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。 江苏图南合金股份有限公司（以下简称"公司"或"本公司"）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 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》。近日，公司办理了 2022 年限制性股票 激励计划（以下简称"本次激励计划"）第二个归属期归属股份的归属 登记工作，现将有关具体情况公告如下： 一、2022 年限制性股票激励计划实施情况概要 （一）本次激励计划主要内容及履行程序 1、本次激励计划主要 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][8]. Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 731 million yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 191 million yuan, up 7.11% year-on-year [3][8]. - The demand in the petrochemical and power sectors is strong, leading to rapid revenue growth in the company's deformed high-temperature alloys, which achieved 277 million yuan in revenue, a year-on-year increase of 30.79% [8]. - The company is actively expanding into overseas markets, and the completion of two subsidiaries in Shenyang is expected to further enhance growth potential [8]. Financial Summary - The company has adjusted its net profit forecasts for 2024 and 2025 to 403 million yuan and 497 million yuan, respectively, down from previous estimates of 465 million yuan and 590 million yuan [8][9]. - The target price has been revised down to 27.54 yuan from 39.60 yuan, based on a valuation of 27 times the expected earnings per share (EPS) for 2024 [8][10]. - The company's gross profit margin and net profit margin for the first half of 2024 were 38.34% and 26.16%, respectively, both showing slight year-on-year increases [8]. Market Data - The company's stock price has fluctuated between 18.50 yuan and 35.14 yuan over the past 52 weeks, with a current price of 22.16 yuan [4]. - The total market capitalization is approximately 8.76 billion yuan, with a total share capital of 395 million shares [4]. Future Outlook - The company is expected to see a gradual realization of revenue from its new subsidiaries, with projected annual sales of 231 million yuan from one of the completed projects [8]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 1.48 billion yuan in 2024 and 1.91 billion yuan in 2026 [9].

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 关于江苏图南合金股份有限公司 2024 年第二次临时股东大会的 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 年第二次临时股东大会的 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 年第二次临时股东大会（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》"）、《上市公司股东大 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 ...

一、会议召开情况 1、会议召开时间： 证券代码：300855 证券简称：图南股份 公告编号：2024-041 江苏图南合金股份有限公司 2024 年第二次临时股东大会决议公告 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。 （1）现场会议召开时间：2024 年 9 月 2 日（星期一）15:00。 （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 2024 年 9 月 2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 2024 年 9 月 2 日 9:15-15:00。 2、会议召开方式：现场表决与网络投票相结合。 3、现场会议召开地点：江苏省丹阳市凤林大道 9 号，公司五楼 会议室。 4、会议召集人：公司第四届董事会。 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 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 图南股份（300855.SZ） 2024H1 实现归母净利润 1.91 亿元，同比+7.11% 事件：公司发布 2024 年半年报。2024H1 营收 7.31 亿元，同比+6.07%； 归母净利润 1.91 亿元，同比+7.11%；扣非归母净利润 1.92 亿元，同比 +11.38%。单季度来看，2024Q2 营收 3.82 亿元，同比+6.41%，环比 +9.07%；归母净利润 1.01 亿元，同比+5.68%，环比+10.68%；扣非归 母净利润 1.02 亿元，同比+8.71%，环比+13.34%。 利润表：变形高温合金是公司收入增长主要来源，盈利能力稳中有增。收 入端，2024H1 铸造高温合金营收 2.79 亿元，同比-19.45%，变形高温合 金营收 2.77 亿元，同比+30.79%，特种不锈钢营收 0.39 亿元，同比5.40%，其他合金营收 0.88 亿元，同比+21.13%。盈利能力端，2024H1 公司毛利率 38.34%，同比+1.13pct，其中铸造高温合金/变形高温合金/ 特种不锈钢/其他合 ...