证券代码：301018 证券简称：申菱环境 公告编号：2024-074 2、股东大会的召集人：广东申菱环境系统股份有限公司（以下简称"公司"） 第四届董事会。公司 2024 年 12 月 11 日召开的第四届董事会第四次会议审议通 过了《关于召开公司 2024 年第四次临时股东大会的议案》，决定于 2024 年 12 月 27 日召开公司 2024 年第四次临时股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、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》等规定。 4、会议召开日期和时间： （1）现场会议时间：2024 年 12 月 27 日（星期五）下午 15:00。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为 2024 年 12 月 27 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深交所互联网投票系统投票的具体时间为：2024 年 12 月 27 日 9:15 至 15:00 期间的任意时间。 广东申菱环境系统股份有限公司 关于召开公司 2024 年第四次临时股东大会的通知 本公司及董事 ...

中信建投证券股份有限公司 关于广东申菱环境系统股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金 的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为广 东申菱环境系统股份有限公司（简称"申菱环境"、"公司"）2022 年向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》等法律法规的相关规定，对申菱环境部分募投项目结项并将 节余募集资金永久补充流动资金事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意广东申菱环境系统股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕38 号）同意，公司向 特定对象发行股票 24,570,024.00 股，每股面值人民币 1 元，发行价格为每股 32.56 元，共计募集资金总额人民币 799,999,981.44 元。扣除与本次发行 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential increase in stock price over the next 6-12 months [2][6]. Core Insights - The company has shown a revenue increase of 6.20% year-on-year, reaching 1.977 billion yuan in the first three quarters of 2024, although net profit decreased by 4.11% to 142.9 million yuan [2][6]. - The company is a leading provider of temperature control solutions for data centers and specialized air conditioning systems, with ongoing investments in research and development [2][6]. - The report highlights the company's strategic expansion into overseas markets, particularly in Southeast Asia, and the significant growth in its data service segment, which now accounts for approximately 50% of total revenue [2][6]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenues of 3.044 billion yuan, with a year-on-year growth of 21.2%, and a net profit of 190 million yuan, reflecting an 81.5% increase [6][11]. - The company’s revenue from the data center business is expected to grow significantly, with projections of 1.129 billion yuan in 2024, up from 840 million yuan in 2023, representing a growth rate of 28% [11][12]. - The report anticipates a gradual improvement in profit margins, with gross margins expected to be around 27.0% in 2024, slightly declining in subsequent years [11][12]. Market Position and Strategy - The company has established a comprehensive layout in liquid cooling technology, which is becoming essential for high-performance computing centers [2][13]. - The report notes that the company has secured partnerships with major clients such as Huawei and Tencent, enhancing its market presence [2][6]. - The company is focusing on expanding its product offerings in specialized applications, particularly in nuclear power and healthcare sectors, which have shown substantial growth [2][11].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 197,699.31 million yuan, a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders of the listed company was 14,286.75 million yuan, a year-on-year decrease of 4.11% [1] Group 2: Business Composition and Growth - The revenue share of the data center business has increased to approximately 50%, while the industrial segment accounts for about 20%, and the specialty segment around 25% [1] - The company anticipates that energy and digitalization will be key business directions in the coming years [1] Group 3: Overseas Business Development - Overseas business is a significant growth source for the company, with a focus on Southeast Asia, particularly in Singapore and Malaysia [2] - The company is enhancing local sales and after-sales service teams to support rapid market development [2] Group 4: Market Demand and Trends - The demand for data centers in Southeast Asia is rapidly growing, driven by local needs and projects from major internet companies in China and the U.S. [2] - The company expects a significant portion of data center orders to be delivered within the current year, with a typical higher revenue scale in the fourth quarter [2] Group 5: Industrial Sector Insights - Investment in industrial sectors is expected to improve, with a focus on high-tech and energy industries as key service areas [3] - The specialty segment's growth rate in the first three quarters is consistent with the overall growth rate, with significant potential in infrastructure, nuclear energy, and hospitals [3] Group 6: Future Outlook - The market for heat pump products is anticipated to grow, influenced by new subsidy policies in Europe [3] - The company maintains a cautiously optimistic outlook regarding the impact of government planning and subsidy implementation on future growth [3]

Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating [4][5] Core Views - Data center orders are gradually being fulfilled, supporting revenue growth [2] - The company is increasing its sales expense investment, particularly in overseas business expansion [3] - AI and supercomputing applications are expected to drive demand for servers and data centers, potentially leading to rapid growth in liquid cooling equipment [4] Financial Performance - Q3 2024 revenue was 672 million yuan, down 5.58% YoY, with net profit attributable to the parent company at 32 million yuan, down 48.07% YoY [1] - Gross margin for the first three quarters of 2024 was 26.37%, down 1.8 percentage points YoY, with a net margin of 6.94%, down 1.24 percentage points YoY [3] - Sales expense ratio increased by 1.23 percentage points YoY to 7.95% for the first three quarters of 2024 [3] Business Segments - Data services segment is expected to perform relatively well, with new orders in H1 2024 approximately triple the same period last year [2] - Industrial, special, public, and commercial sectors may underperform due to a slight decline in overall revenue growth [2] Future Projections - Revenue for 2024-2026 is projected to be 2,770.61 million yuan, 3,327.95 million yuan, and 3,941.16 million yuan, respectively [7] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 162.28 million yuan, 213.07 million yuan, and 260.87 million yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 38.41x, 29.26x, and 23.90x, respectively [7] Valuation Metrics - Current stock price is 23.43 yuan, with a total market capitalization of 6,233.61 million yuan [5] - EPS for 2024-2026 is projected to be 0.61 yuan, 0.80 yuan, and 0.98 yuan, respectively [7] - P/B ratios for 2024-2026 are estimated at 2.43x, 2.31x, and 2.18x, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.977 billion yuan, a year-on-year increase of 6.20%, while the net profit attributable to shareholders was 143 million yuan, down 4.11% year-on-year. In Q3 2024, the revenue was 672 million yuan, a decrease of 5.58% year-on-year, and the net profit was 32 million yuan, down 48.07% year-on-year [1]. - The gross margin slightly declined to 26.20% in Q3 2024, with net profit margin fluctuating to 4.38%, a decrease of 4.72 percentage points year-on-year. Operating cash flow improved significantly, with a net cash flow from operating activities of 80 million yuan in Q3 2024, turning positive compared to the same period last year [1]. - The company has strong core competitiveness across various segments, leveraging production technology, customer resources, and overseas sales experience. It emphasizes innovation and energy-saving technologies in its data services segment, while also expanding its industrial and special segments in line with national development plans [2]. Financial Summary - The company is projected to achieve net profits of 169 million yuan, 212 million yuan, and 257 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 60.9%, 25.8%, and 20.9% [2]. - Financial indicators show that total revenue is expected to grow from 2.712 billion yuan in 2024 to 4.068 billion yuan in 2026, with corresponding growth rates of 8.0%, 25.0%, and 20.0% [3][11]. - The latest diluted EPS is projected to be 0.63 yuan in 2024, increasing to 0.97 yuan by 2026, with a P/E ratio of 38.9 in 2024, decreasing to 25.6 by 2026 [3][11].

Financial Performance - The company's operating revenue for Q3 2024 was ¥672,483,037.67, a decrease of 5.58% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥32,230,189.17, down 48.07% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥33,312,804.41, a decrease of 47.06% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.12, down 47.83% year-on-year[2]. - The diluted earnings per share for Q3 2024 was also ¥0.12, reflecting a decrease of 47.83% compared to the same period last year[2]. - Net profit for Q3 2024 was CNY 137,166,452.10, compared to CNY 152,256,042.59 in Q3 2023, reflecting a decrease of approximately 9.9%[12]. - The net profit attributable to shareholders of the parent company for Q3 2024 is CNY 142,867,454.34, a decrease from CNY 148,989,838.25 in Q3 2023, representing a decline of approximately 7.1%[13]. - The total comprehensive income attributable to the parent company's owners for Q3 2024 is CNY 142,780,472.51, compared to CNY 148,989,227.62 in the same period last year, indicating a decrease of about 4.2%[13]. - The basic and diluted earnings per share for Q3 2024 are both CNY 0.54, down from CNY 0.58 in Q3 2023, reflecting a decline of approximately 6.9%[13]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥54,935,554.35, an increase of 217.21% year-on-year[2]. - The net cash flow from operating activities for Q3 2024 is CNY 54,935,554.35, a significant improvement from a net outflow of CNY 46,868,153.03 in Q3 2023[15]. - Cash inflow from operating activities totaled CNY 2,048,485,388.92 in Q3 2024, compared to CNY 1,766,998,711.10 in Q3 2023, marking an increase of about 15.9%[15]. - Cash outflow from operating activities for Q3 2024 is CNY 1,993,549,834.57, up from CNY 1,813,866,864.13 in Q3 2023, which is an increase of approximately 9.9%[15]. - The net cash flow from investing activities for Q3 2024 is CNY -183,128,073.07, an improvement from CNY -235,072,421.65 in Q3 2023[15]. - The net cash flow from financing activities for Q3 2024 is CNY 67,350,424.27, a decrease from CNY 810,141,730.10 in Q3 2023, indicating a decline of approximately 91.7%[15]. - The cash and cash equivalents at the end of Q3 2024 amount to CNY 399,946,109.39, down from CNY 727,360,725.93 at the end of Q3 2023[15]. - As of September 30, 2024, the company's cash and cash equivalents amounted to ¥474,064,502.42, a decrease from ¥533,436,105.91 at the beginning of the period[9]. Assets and Equity - The total assets at the end of the reporting period were ¥5,211,382,479.55, reflecting a growth of 9.33% from the end of the previous year[2]. - The company's total assets as of Q3 2024 amounted to CNY 5,211,382,479.55, an increase from CNY 4,766,753,649.05 at the end of the previous year, representing a growth of about 9.3%[11]. - The equity attributable to shareholders at the end of the reporting period was ¥2,568,028,193.68, an increase of 4.76% compared to the previous year[2]. - The total equity attributable to shareholders increased to CNY 2,568,028,193.68 from CNY 2,451,262,131.41, reflecting a growth of approximately 4.8%[11]. - Current liabilities totaled CNY 1,997,601,699.59 in Q3 2024, compared to CNY 1,580,496,079.90 in the same period last year, marking an increase of approximately 26.4%[11]. Shareholder Information - The company reported a total of 19,445 common shareholders at the end of the reporting period[5]. - The total number of shares held by the top ten shareholders includes 36,000,000 shares held by Guangdong Shenling Investment Co., Ltd.[7]. - The company reported a total of 152,964,000 restricted shares at the beginning of the period, with 127,282,500 shares released during the period[8]. - The company plans to lift restrictions on shares held by executives, with a total of 41,310,000 shares set to be released according to relevant regulations[7]. Market and Strategic Initiatives - The company has a significant focus on expanding its market presence and developing new technologies, although specific figures were not disclosed in the call[8]. - The company’s future outlook remains optimistic, with expectations for continued growth in user data and market expansion strategies[8]. - The company is actively pursuing new product development initiatives to enhance its competitive edge in the market[8]. - The company has engaged in strategic partnerships and potential acquisitions to bolster its market position and operational capabilities[8]. Research and Development - Research and development expenses for Q3 2024 were CNY 108,977,007.92, up from CNY 87,456,360.94, indicating an increase of approximately 24.6%[12]. Inventory and Receivables - The accounts receivable increased to ¥1,606,368,181.93 from ¥1,324,268,352.83, indicating a growth of approximately 21.3%[9]. - The company reported a significant increase in inventory, which rose to CNY 879,813,747.42 from CNY 695,727,839.62, representing a growth of about 26.4%[10]. Audit Status - The company has not undergone an audit for the Q3 2024 report[16].

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。 广东申菱环境系统股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日分别召开第四届董事会第二次会议和第四届监事会第二次会议，审议通过《关 于调整第二期限制性股票激励计划相关事项的议案》。现将相关事项公告如下： 证券代码：301018 证券简称：申菱环境 公告编号：2024-068 广东申菱环境系统股份有限公司 关于调整第二期限制性股票激励计划相关事项的公告 一、本激励计划已履行的必要程序 （一）2024 年 2 月 22 日，公司召开第三届董事会第三十一次会议，审议通 过《关于<第二期限制性股票激励计划（草案）>及摘要的议案》、《关于<第二 期限制性股票激励计划考核管理办法>的议案》、《关于提请股东大会授权董事 会办理第二期限制性股票激励计划相关事项的议案》、《关于召开公司 2024 年 第二次临时股东大会的议案》，公司独立董事发表了独立意见。独立董事聂织锦 女士就公司 2024 年第二次临时股东大会审议的全部提案向公司全体股东公开征 集表决权。 （二）2024 年 2 月 22 日，公司召开第三 ...

北京国枫律师事务所 关于广东申菱环境系统股份有限公司 第二期限制性股票激励计划调整及预留授予事项的 法律意见书 国枫律证字[2024]AN015-3 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话(Tel)：010－88004488/66090088 传真(Fax)：010－66090016 本所律师在《法律意见书》《首次授予法律意见书》的声明事项亦适用于本 法律意见书。如无特别说明，本法律意见书中使用的用语和简称与《法律意见书》 《首次授予法律意见书》中的相关用语和简称含义相同。 根据有关法律、法规及规范性文件的规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，本所律师对申菱环境提供的文件和有关事实进行了查 验，现出具法律意见如下： 1 北京国枫律师事务所 关于广东申菱环境系统股份有限公司 第二期限制性股票激励计划调整及预留授予事项的 法律意见书 国枫律证字[2024]AN015-3 号 致：广东申菱环境系统股份有限公司 根据北京国枫律师事务所（以下称"本所"）与广东申菱环境系统股份有限 公司（以下称" ...

广东申菱环境系统股份有限公司 第二期限制性股票激励计划预留授予激励对象名单 一、限制性股票分配情况 广东申菱环境系统股份有限公司董事会 2024 年 10 月 24 日 | 序号 | 姓名 职务 | 获授数量 | 占授予总量 | 占股本总额 | | --- | --- | --- | --- | --- | | | | (万股) | 的比例 | 的比例 | | 1 | 公司（含子公司）核心员工 | 40.00 | 11.43% | 0.15% | | | （共计15人） | | | | | | 合计 | 40.00 | 11.43% | 0.15% | 注：以上合计数据与各明细数据相加之和在尾数上如有差异，系四舍五入所致。 二、预留授予激励对象名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 李茂凌 | 管理与行政骨干 | | 2 | 易爱保 | 管理与行政骨干 | | 3 | 李晓明 | 管理与行政骨干 | | 4 | 余文鹏 | 管理与行政骨干 | | 5 | 梁晓锋 | 管理与行政骨干 | | 6 | 邹小容 | 管理与行政骨干 | | 7 | 周毅荣 | 管理 ...