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 ...

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]

Summary of Conference Call Companies Involved - Xinneng Technology (心灵能) - Tunan Co., Ltd. (图南股份) - Huaqing Technology (华清科技) - Zhimin Da (知名达) Core Points and Arguments - The conference call is part of a series discussing mid-year reports for the mentioned companies, indicating a focus on financial performance and market positioning [1] - Huaqing Technology and Zhimin Da were discussed in previous calls, suggesting a structured approach to analyzing multiple companies within a short timeframe [1] Other Important but Possibly Overlooked Content - The timing of the calls indicates a strategic effort to provide timely updates to investors and stakeholders regarding the financial health and operational strategies of the companies involved [1]

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].