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 2023 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 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 2023 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，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具该法律意见书所需的相关文 ...

证券代码：300855 证券简称：图南股份 公告编号：2024-030 江苏图南合金股份有限公司 2023 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 （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 5 月 10 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 5 月 10 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。 二、会议出席情况 1 1、会议召开时间： （1）现场会议召开时间：2024 年 5 月 1 ...

联合研究丨公司点评丨图南股份（300855.SZ） [Table_Title] 配套型号及品类持续拓展，打造多元零部件配套 平台 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 铸造结构件型号和品类拓宽、母合金多牌号布局叠加产能持续爬坡背景下， 23 年公司实现良好 | | | 的业绩增长。展望中长期，公司产品多品类的布局及客户全领域的覆盖下核心主业需求仍在持 续加速， 24-25 年公司两家沈阳子公司开始逐步贡献收入利润夯实长期增长逻辑。 | | | | | 分析师及联系人 [Table_Author] 王贺嘉 王鹤涛 易轰 杨继虎 图南股份（300855.SZ） cjzqdt11111 2024-04-30 联合研究丨公 ...

此外，公司 2023年通过全资子公司图南智造开展年产 1000 万件航空 用中小零部件自动化产线项目建设, 截止报告期末, 正在按计划开展各项建 设投入工作，项目建设周期为 3 年。预计密封件类产品年产量 1.98 万件， 作动简类产品年产量 8.03 万件，异型结构件类产品年产 151.52 万件，紧 固件类产品 839.31 万件,项目建成后公司产品品类和收入规模将得到进一 步扩展。 金母合金、精密铸件、变形高温合金产品的全产业链工业化生产能力的企 动机用陶瓷基复合材料及其结构件的研发及产业化建设工作。 一方面,随着高温合金材料的性能水平、品种多样性等方面有了长足的 进步, 其应用领域也从单一走向多元化, 当前已经广泛应用在航天航空发动 机、燃气轮机、核电、汽车增压涡轮、石油化工、玻璃制造、原子能工业等 产业领域,应用市场得到充分扩张。另一方面,航空发动机和燃气轮机应用 高温合金材料的比例较高,例如新型的先进航空发动机中,高温合金用量占 发动机总重量的 40%-60%。随着国产民用发动机和国产燃气轮机的加速批 产放量，下游需求有望持续扩容。 相较于 2022 年，公司新增超超临界火电站用高温合金棒材工程化 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.97 CNY per share based on a 30x PE for 2024 [24][27]. Core Insights - The company reported a revenue of 1.385 billion CNY for 2023, reflecting a year-on-year growth of 34.12%. The net profit attributable to shareholders was 330 million CNY, up 29.64% year-on-year [4][17]. - In Q1 2024, the company achieved a revenue of 350 million CNY, with a net profit of 91 million CNY, marking a year-on-year growth of 5.70% and 8.75% respectively [4][17]. - The company is expected to benefit from the recovery in the aerospace and foreign trade sectors, with a stable growth outlook for 2024 [17]. Financial Performance Summary - For 2023, the company’s revenue from high-temperature alloys, deformed high-temperature alloys, special stainless steel, and other alloy products were 624 million CNY, 441 million CNY, 84 million CNY, and 183 million CNY respectively, with year-on-year growth rates of 31.39%, 38.10%, -6.91%, and 44.96% [17]. - The overseas revenue reached 123 million CNY in 2023, growing by 35.57% year-on-year, indicating strong international demand [17]. - The company’s net profit growth was slightly lower than revenue growth due to product mix effects, but it still maintained a high level of profitability [17]. Earnings Forecast - The expected EPS for the company for 2024, 2025, and 2026 are projected to be 1.03 CNY, 1.32 CNY, and 1.59 CNY respectively [18][44]. - The report anticipates a continued increase in revenue and net profit over the next few years, with growth rates of 21.5% for 2024 and 29.2% for 2025 [44].

Investment Rating - The report maintains a "Buy" rating for the company [6][26]. Core Insights - The company has demonstrated strong revenue growth, with a 34% year-on-year increase in revenue to 1.385 billion yuan in 2023, and a 30% increase in net profit to 330 million yuan [6][7]. - The company has a robust 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 [7]. - The company has completed several key projects to enhance production capacity, including a project for producing 1,000 tons of ultra-pure high-performance high-temperature alloy materials and a project for 3,300 complex thin-walled high-temperature alloy components [8][23]. - The company is actively involved in the aviation sector, establishing a comprehensive supply chain and enhancing its core competitiveness through various subsidiaries and joint ventures [9][10]. Financial Summary - In 2023, the company achieved a revenue of 1.385 billion yuan, with projected revenues of 1.675 billion yuan, 2.016 billion yuan, and 2.411 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 21.01%, 20.31%, and 19.61% [12][29]. - The company's net profit attributable to shareholders is expected to reach 402 million yuan, 502 million yuan, and 618 million yuan for 2024, 2025, and 2026, with corresponding growth rates of 21.78%, 24.84%, and 23.02% [12][26]. - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2023 to 1.56 yuan in 2026 [12][29]. - The company maintains a stable gross margin of 34.33% in 2023, with a slight decrease of 0.66 percentage points year-on-year [24].

Investment Rating - The report maintains a "Buy" rating for the company [10][18]. Core Insights - The company has shown stable revenue and profit growth, with 2023 revenue reaching 1.385 billion yuan, a year-on-year increase of 34.12%, and a net profit attributable to shareholders of 330 million yuan, up 29.64% [9][10]. - In Q1 2024, the company continued its growth trend, achieving revenue of 350 million yuan, a 5.70% year-on-year increase, and a net profit of 91 million yuan, up 8.75% [9][10]. - The company specializes in high-performance alloys and has become a key supplier for the aerospace and high-end manufacturing sectors, particularly in the production of complex thin-walled high-temperature alloy components [10][17]. Financial Summary - The company's financial forecasts indicate continued growth, with projected revenues of 1.685 billion yuan in 2024 and 2.086 billion yuan in 2025, reflecting growth rates of 21.69% and 23.80% respectively [18]. - The net profit forecast for 2024 is 421 million yuan, with a growth rate of 27.37%, and for 2025, it is projected at 533 million yuan, with a growth rate of 26.68% [18]. - The company's earnings per share (EPS) are expected to increase from 1.06 yuan in 2024 to 1.35 yuan in 2025, and further to 1.71 yuan in 2026 [18]. Project Developments - The company is progressing well with several new projects, including an automated production line for aviation components, which is expected to significantly enhance production capacity [17]. - The completion of the "annual production of 3,300 complex thin-walled high-temperature alloy components" project has already contributed to the company's casting capacity [17].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its core position in the high-temperature alloy market and the potential for growth through industry chain extension [1][20]. Core Insights - The company reported a revenue of 1.38 billion yuan for 2023, representing a year-on-year increase of 34.1%. The net profit attributable to the parent company was 330 million yuan, up 29.6% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 350 million yuan, a 5.7% increase year-on-year, with a net profit of 91 million yuan, reflecting an 8.8% year-on-year growth [1]. - The gross margin in Q1 2024 reached a peak of 38.9%, marking a 1.7 percentage point increase year-on-year, while the net margin improved by 0.7 percentage points to 26.0% [1]. Revenue and Profitability - The company has shown consistent revenue growth over two consecutive quarters, with Q4 2023 revenue at 320 million yuan, a 5.2% year-on-year increase [1]. - The gross margin for 2023 decreased by 0.7 percentage points to 34.3%, while the net margin decreased by 0.8 percentage points to 23.9% [1]. - The company’s product output increased by 26.0% year-on-year to 5,120 tons, with sales volume rising by 26.1% to 5,001 tons [1]. Product Segmentation - In 2023, revenue from cast high-temperature alloys was 620 million yuan, accounting for 45.1% of total revenue, with a gross margin of 45.6% [1]. - Revenue from deformed high-temperature alloys reached 440 million yuan, representing 31.8% of total revenue, with a gross margin of 24.5% [1]. - Special stainless steel generated 84 million yuan in revenue, while other alloy products contributed 180 million yuan, with the latter showing a 45.0% year-on-year increase [1]. Cost Management and Efficiency - The company has optimized its expense ratios, with the total expense ratio decreasing by 2.3 percentage points to 8.0% in 2023 [1]. - Research and development expense ratio fell to 4.0%, while management and sales expense ratios decreased to 3.3% and 0.7%, respectively [1]. - The company’s fixed assets increased by 71.1% year-on-year to 660 million yuan, primarily due to ongoing investments in automation production lines for aviation components [1]. Future Growth Potential - The company is actively extending its industry chain into the mid-to-downstream machining sector, which is expected to open up new growth opportunities [1]. - Forecasted net profits for 2024, 2025, and 2026 are 420 million yuan, 530 million yuan, and 690 million yuan, respectively, with corresponding price-to-earnings ratios of 22x, 17x, and 13x [1].

证券代码：300855 证券简称：图南股份 公告编号：2024-022 江苏图南合金股份有限公司 第四届董事会第二次会议决议公告 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。 一、董事会会议召开情况 江苏图南合金股份有限公司（以下简称"公司"）第四届董事会第 二次会议于 2024 年 4 月 18 日在公司会议室以现场表决结合通讯表 决的方式召开，会议通知已于 2024 年 4 月 8 日以电话、电子邮件等 方式发出。本次会议由董事长万柏方先生主持，应出席董事 7 名，实 际出席董事 7 名（其中董事李洪东先生以通讯方式出席）。公司全体 监事、高级管理人员列席了本次会议。本次会议的召集、召开和表决 程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）等法律法规、规范性文 件和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了 以下议案： 1、审议通过了《关于公司〈2023 年度总经理工作报告〉的议案》 公司董事会听取了总经理万柏 ...

江苏图南合金股份有限公司 2023 年度内部控制评价报告 江苏图南合金股份有限公司全体股东： 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制、评价其 有效性并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立 和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公司 董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部 控制评价结果推测未来内部控制的有效性具有一定的风险。 二、内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷。董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报 ...