证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 盛德鑫泰（300881.SZ） 利润高增趋势有望延续 事件：公司发布 2024 年半年度报告。公司上半年实现营业收入 13.16 亿元，同比增长 83.43%；归母净利润 1.23 亿元，同比增长 139.61%；扣非净利润 1.19 亿元，同比增长 134.29%，基本每股收益为 1.12 元。 二季度业绩大增，净利率逐季度增长。公司 2024 年二季度实现归母净利 0.73 亿元，同比增 长 134.55%，环比增长 47.46%；实现扣非归母净利 0.71 亿元，同比增长 126.61%，环比 增长 47.65%；公司 2023Q3~2024Q2 销售毛利率分别为 10.75%、15.43%、19.58%、 16.08%，销售净利率分别为 4.04%、7.27%、8.81%、9.64%，自 2023Q3 以来公司销售净 利率逐季度增长，受益于下游旺盛火电建设需求，业绩高增趋势有望延续。 新增产能持续释放，高端产品出货量显著增加。根据公司公告，公司新建的 4 万吨不锈钢产 线已于 2023 年 5 月竣工投产，整体计 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,316,448,979.58, representing an increase of 83.43% compared to ¥717,666,887.36 in the same period last year[10]. - Net profit attributable to shareholders of the listed company was ¥123,198,401.92, up 139.61% from ¥51,416,209.18 in the previous year[10]. - Basic earnings per share increased to ¥1.1200, a rise of 138.30% from ¥0.47 in the same period last year[10]. - The company reported a total of CNY 4,315,830.24 in non-recurring gains after accounting for tax and minority interests[14]. - The company's operating profit for the first half of 2024 was CNY 136,240,720.58, representing an increase of 148.5% compared to CNY 54,747,934.09 in the first half of 2023[91]. - The net profit attributable to shareholders for the first half of 2024 was CNY 136,790,341.44, compared to CNY 54,473,513.85 in the same period last year, marking a growth of 151.1%[91]. - The total comprehensive income attributable to shareholders of the parent company for the first half of 2024 was ¥121,966,214.80, compared to ¥51,416,209.18 in the first half of 2023, an increase of 137.4%[92]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,119,044,174.28, reflecting a growth of 10.10% from ¥2,832,852,522.32 at the end of the previous year[10]. - The total liabilities rose to CNY 1,431,960,867.89, compared to CNY 1,332,952,863.00, indicating an increase of 7.4%[89]. - The company's total liabilities reached CNY 2,001,598,807.03, up from CNY 1,767,161,876.97, indicating a growth of about 13.3%[86]. - The company's cash and cash equivalents increased by 16.93% to ¥33,138,399.27, compared to ¥28,340,784.24 in the previous year[25]. - The company's accounts receivable rose to ¥297,381,842.31, reflecting a 9.53% increase from the prior year[29]. - The company's total short-term borrowings increased to ¥541,655,759.82, representing a 17.37% increase compared to the previous period[29]. Cash Flow - The company reported a net cash flow from operating activities of ¥118,882,571.68, compared to a negative cash flow of -¥180,563,817.15 in the same period last year[10]. - The net cash flow from operating activities was negative at -¥180,563,817.15 for the first half of 2024, compared to a positive cash flow of ¥13,953,537.62 in the same period of 2023[96]. - The total cash inflow from financing activities reached 558,257,147.79 CNY in the first half of 2024, a substantial increase from 153,840,000.00 CNY in the first half of 2023[98]. - The net increase in cash and cash equivalents for the first half of 2024 was 33,138,399.27 CNY, compared to 28,340,784.24 CNY in the first half of 2023[97]. Business Operations - The company’s main business involves the production, research and sales of seamless steel pipes for industrial energy equipment, primarily serving large domestic boiler manufacturers and oil refining companies[15]. - The company employs a "sales-driven production" model, where production plans are based on confirmed orders from the sales department[19]. - The company has a procurement strategy that ensures raw material availability while managing costs based on market price fluctuations[19]. - The company’s product offerings include various types of seamless steel pipes, such as carbon steel, alloy steel, and stainless steel, used in power generation and petrochemical applications[15]. - The company has established long-term stable strategic partnerships with major clients, which helps mitigate risks associated with fluctuations in the downstream industry[41]. Research and Development - The company has been recognized as a high-tech enterprise since 2009 and holds 6 invention patents and 90 utility model patents, showcasing strong R&D capabilities[22]. - The company is collaborating with Xi'an Thermal Power Institute to develop a new nickel-iron-based HT700 high-temperature alloy for 700℃ advanced ultra-supercritical (A-USC) power generation units, which is expected to dominate the market[24]. - The company established a wholly-owned subsidiary, Jiangxi Shengde Ruiheng Lightweight Manufacturing Co., Ltd., with a registered capital of ¥50 million, focusing on automotive parts R&D and manufacturing[38]. - The company has established a joint engineering technology research center with Changzhou University, enhancing its innovation capabilities[22]. Risk Management - Major risks identified include customer concentration risk, raw material price volatility, and significant accounts receivable and inventory amounts[1]. - The company faced risks from concentrated sales, with the top five customers accounting for over 80% of total revenue, prompting strategies to diversify the customer base[39]. - The company emphasizes the importance of maintaining accurate financial reporting and has ensured all board members attended the meeting to review the half-year report[1]. Environmental Compliance - The company has received pollution discharge permits and is compliant with environmental standards, with no instances of exceeding discharge limits reported[48]. - The company has implemented an ISO 14001 environmental management system and is committed to reducing resource consumption and minimizing environmental impact through technological innovation[54]. - The company reported that it has achieved compliance with air pollutant emission standards, including a sulfuric acid mist emission limit of 10 mg/m³ and fluoride emissions of 0.5 tons per year[49]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[1]. - The company reported a shareholding structure where Zhou Wenqing holds 43.50% and Zong Huanqin holds 20.25% of the shares[72]. - As of June 30, 2024, the company had repurchased a total of 564,230 shares, accounting for 0.51% of the total share capital, with a total transaction amount of ¥11,241,565.75[71]. Accounting and Financial Reporting - The company has no discrepancies in net profit and net assets when reporting under international and Chinese accounting standards[11]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the accuracy and completeness of its financial reports[118]. - The company prepares consolidated financial statements based on the financial statements of itself and its subsidiaries, with the consolidation scope determined by control[123].

股票代码：300881 股票简称：盛德鑫泰 公告编号：2024-050 盛德鑫泰新材料股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 盛德鑫泰新材料股份有限公司（以下简称"公司"）第三届董事会第五次会 议通知于2024年8月9日以专人送达方式向各位董事发出。会议于2024年8月20日 在公司会议室以现场表决的方式召开。会议应出席董事五名，实际出席董事五名。 会议由董事长周文庆先生主持，公司监事、高级管理人员列席了会议。本次会议 的召集和召开程序符合国家有关法律、法规及《公司章程》等有关规定，会议合 法有效。 二、董事会会议审议情况 与会董事以投票表决的方式审议通过了以下议案： 1、审议通过《<2024 年半年度报告>全文及摘要》； 公司 2024 年半年度报告及摘要的编制程序符合法律、法规、《公司章程》等 各项规章制度的规定；公司 2024 年半年度报告的内容真实、准确、完整，不存 在任何虚假记载、误导性陈述或者重大遗漏，报告客观地反映了公司 2024 年半 年度的财务及经营状况。 具体内容详见公 司 2024 年 8 月 ...

单位：万元 盛德鑫泰新材料股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：周文庆 主管会计工作负责人：黄丽琴 会计机构负责人：黄丽琴 | | | 占用方与上 | 上市公司核算 | 2024 | 年期初 | 2024 | 年半年度占 | 2024 年半年度占 | 2024 | 年半年度 | 2024 | 年半年度期 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | | | | 用累计发生金额 | | 用资金的利息（如 | | 偿还累计发生 | | | | 占用性质 | | | | 联关系 | 的会计科目 | | 占用资金余额 | （不含利息） | | 有） | | 金额 | 末占用资金余额 | | 原因 | | | 控股股东、实际控制人 | | | | | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | ...

股票代码：300881 股票简称：盛德鑫泰 公告编号：2024-051 第三届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 盛德鑫泰新材料股份有限公司（以下简称"公司"）第三届监事会第四次会 议通知于 2024 年 8 月 9 日以专人送达方式向各位监事发出。会议于 2024 年 8 月 20 日在公司会议室以现场表决的方式召开。会议应出席监事 3 名，实际出席 监事 3 名。会议由监事会主席谢娜惠主持，公司董事会秘书列席了会议。本次会 议的召集和召开程序符合国家有关法律、法规及《公司章程》等有关规定，会议 合法有效。 二、监事会会议审议情况 与会监事以投票表决的方式审议通过了以下议案： 1、 审议通过《<2024 年半年度报告>全文及摘要》； 经审核，监事会认为董事会编制和审核公司《2024 年半年度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具 体 内 容 详 见 公 司 2024 年 8 月 21 ...

盛德鑫泰新材料股份有限公司 舆情管理制度 （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情。 第一章 总则 第一条 为了提高盛德鑫泰新材料股份有限公司（以下简称"公司 "）应对 各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公 司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益， 根据相关法律法规的规定和《公司章程》，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第五条 公司成立应对舆情处理 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's net profit for the first half of 2024 is expected to be between 105-115 million yuan, representing a year-on-year increase of 104.22%-123.66%, aligning with expectations [1] - Due to slightly lower-than-expected new installed capacity for downstream thermal power equipment, the net profit forecasts for 2024-2025 have been adjusted to 244 million and 276 million yuan respectively, down from 260 million and 352 million yuan [1] - The target price has been revised down to 26.52 yuan from 44.16 yuan, based on a 12x PE valuation [1] Financial Summary - Revenue is projected to grow from 1,207 million yuan in 2022 to 2,489 million yuan in 2026, with a CAGR of approximately 4.8% [3] - Net profit attributable to the parent company is expected to increase from 73 million yuan in 2022 to 294 million yuan in 2026, reflecting a significant growth trajectory [3] - Earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2022 to 2.67 yuan in 2026 [3] - The return on equity (ROE) is anticipated to be 22.0% in 2026, up from 8.8% in 2022 [3] Capacity Expansion and Product Optimization - The new 40,000-ton stainless steel production line was completed in May 2023, increasing total capacity to 160,000 tons [1] - The company expects to see a significant increase in the shipment volume of alloy steel and stainless steel products in the first half of 2024, with year-on-year growth of approximately 21.68% and 81.06% respectively [1] - The product structure is expected to continue optimizing, leading to further improvements in profitability as new high-end capacities are released [1] Market Outlook - There remains substantial room for growth in thermal power installed capacity, with expectations for the industry to maintain relative prosperity over the next two years [1] - The approved coal power installed capacity for 2022 and 2023 was around 100 million kilowatts, with significant additional capacity still anticipated [1] Share Buyback Program - The company announced a share buyback plan using its own funds, with a total amount not less than 15 million yuan and not exceeding 30 million yuan [1] - As of July 31, 2024, the company had repurchased 564,230 shares, accounting for 0.51% of its total share capital [1]

股票代码：300881 股票简称：盛德鑫泰 公告编号：2024-049 盛德鑫泰新材料股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 二、其他事项说明 （一）公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易 的委托时段符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 相关规定。 1、公司未在下列期间内回购股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和本所规定的其他情形。 盛德鑫泰新材料股份有限公司 （以下简称"公司"）于 2024 年 2 月 7 日召 开了第三届董事会第二次会议审议通过了《关于股份回购方案的议案》，公司拟 使用自有资金以集中竞价交易方式回购公司股份，用于实施员工持股计划或股权 激励计划。回购资金总额不低于人民币 1,500 万元（含）且不超过人民币 3,000 万元（含），回购股份价格不超过人民币 22.01 元/股（含），回购实施期限为自 公司董事会审议通过本次回购方案之日起 1 ...

Financial Performance - The company expects a net profit attributable to shareholders of 105 million yuan for the first half of 2024, representing a 104.22% increase compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses is estimated to be between 92.5 million and 100.5 million yuan, reflecting an increase of 82.30% to 98.07% year-on-year[4] Production and Orders - The company has seen a significant increase in orders due to a focus on the supercritical boiler manufacturing industry, with a notable rise in production capacity and utilization rates[6] - Alloy steel product shipments increased by approximately 21.68% compared to the same period last year, while stainless steel product shipments surged by about 81.06%[6]

股票代码：300881 股票简称：盛德鑫泰 公告编号：2024-047 盛德鑫泰新材料股份有限公司 盛德鑫泰新材料股份有限公司 （以下简称"公司"）于 2024 年 2 月 7 日召 开了第三届董事会第二次会议审议通过了《关于股份回购方案的议案》，公司拟 使用自有资金以集中竞价交易方式回购公司股份，用于实施员工持股计划或股权 激励计划。回购资金总额不低于人民币 1,500 万元（含）且不超过人民币 3,000 万元（含），回购股份价格不超过人民币 22.01 元/股（含），回购实施期限为自 公司董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司 2024 年 2 月 24 日披露于巨潮资讯网（http://www.cninfo.com.cn）的《盛德鑫泰新材料 股份有限公司股份回购报告书》（公告编号：2024-022）。 一、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司应当在每个月的前三个交易日内公告 截至上个月末的回购进展情况。现将公司截至 2024 年 6 月 30 日回购股份的进 展情况公告如下： 截至 2 ...