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图南股份(300855) - 图南股份投资者关系管理信息
2024-10-21 06:14
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 | --- | --- | --- | --- | |-----------------------------|--------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...
图南股份:2024年三季报点评:加大研发聚焦主业,经营现金流大幅改善
Minsheng Securities· 2024-10-20 08:03
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:2024年三季报点评:加大研发聚焦主业;经营现金流大幅改善
Minsheng Securities· 2024-10-20 08:00
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 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
图南股份:2024年前三季度归母净利润2.58亿元,同比负1.00%
GOLDEN SUN SECURITIES· 2024-10-20 05:10
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 ...
图南股份(300855) - 2024 Q3 - 季度财报
2024-10-17 08:19
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]
图南股份:2024年半年度权益分派实施公告
2024-10-10 12:17
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 ...
图南股份:关于完成工商变更登记的公告
2024-09-13 08:25
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 ...
图南股份: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
2024-09-10 10:29
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 ...
图南股份2024年中报点评:下游需求平稳,持续研发投入
Guotai Junan Securities· 2024-09-09 13:40
国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——图南股份 2024 年中报点评 股票研究 /[Table_Date] 2024.08.28 下游需求平稳,持续研发投入 图南股份(300855) 金属,采矿,制品 [Table_Industry] /原材料 | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------------------|-------|----------------------| | | | | | | | | [table_Authors] 李鹏飞 ( 分析师 ) | 魏雨迪 ( 分析师 ) | | 王宏玉 ( 分析师 ) | | | 010-83939783 | 021-38674763 | | 021-38038343 | | | lipengfei@gtjas.com | weiyudi@gtjas.com | | wanghongyu@gtjas.com | | ...
图南股份: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
2024-09-02 10:12
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 ...