中信证券股份有限公司 关于厦门东亚机械工业股份有限公司 2024年年度跟踪报告 | 保荐机构名称：中信证券股份有限公司 | 被保荐公司简称：东亚机械（301028） | | --- | --- | | 保荐代表人姓名：戴五七 | 联系电话：0591-86216516 | | 保荐代表人姓名：吴小琛 | 联系电话：0591-86216516 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件一 致 | 是 | | 4.公司治理 ...

问：国家倡设备更新，对公司有什么影响，是否可持续？ 证券之星消息，2025年5月7日东亚机械（301028）发布公告称公司于2025年5月7日接受机构调研，华福证 券俞能飞、农银汇理基金左腾飞、兴业基金董令飞参与。 具体内容如下： 2、公司拥有强大的经销商团队，大客户开发能力进一步提升，大客户数量稳定增加。 答：国家2024年不仅提倡大规模设备更新而且一直在加大设备更新支持力度，2025年初部分地区更是针对 空压机的采购，出台设备更新的具体补贴政策，2025年设备更新依旧可持续，这将带动压缩机需求的进一 步提升。公司也是紧抓设备更新的机遇，不断的研发投入，加大力度的对产品进行迭代升级，可以更好对 存量旧设备做替代。同时装备制造行业旧设备更新、产线升级等，公司产品压缩机、真空泵等也可以做为 配套设备进行销售。 问：无油螺杆空压机、螺杆真空泵和离心机的情况怎么样？ 答：2024年公司加大了研发投入，对无油螺杆空压机和螺杆真空泵等产品进行全面升级，提升了真空泵、 无油螺杆机的产品竞争力，该系列产品销售在2024年依旧保持稳健有升的态势，该系列产品已经销售给半 导体、新能源等行业公司。同时公司用于半导体、新能源等高端 ...

Group 1: Company Overview and Market Trends - The company is actively responding to national policies promoting equipment upgrades, which are expected to sustain demand for compressors in 2025 [2] - In 2024, the company increased R&D investment, enhancing the competitiveness of oil-free screw compressors and screw vacuum pumps, with sales showing a steady upward trend [2] - The company has successfully entered high-end markets such as semiconductors and new energy, with dry vacuum pumps achieving their first shipments [2] Group 2: Domestic Replacement and Export Business - The company has made significant progress in domestic replacement, with products being recognized in key industries like medical and electronics, further driving demand for compressors and vacuum pumps [2] - In 2024, overseas revenue grew by 18.22% year-on-year, with a focus on expanding markets in Southeast Asia [3] Group 3: Profitability and Future Outlook - The company maintains stable gross margins due to a strong R&D team, effective customer development, and cost control measures [3] - Management is optimistic about 2025, planning to continue innovation in high-end models and expand product lines while optimizing sales channels [3]

证券代码：301028 证券简称：东亚机械 公告编号：2025-015 厦门东亚机械工业股份有限公司 为进一步加强与投资者的互动交流，厦门东亚机械工业股份有限公司（以下简称 "公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司联合举 办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参与本次 互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。届时公司高管将在线 就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可 持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告！ 厦门东亚机械工业股份有限公司 2025 年 5 月 7 日 关于参加厦门辖区上市公司 2024 年年报业绩说明会暨 投资者网上集体接待日活动的公告 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、 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, indicating a positive outlook for the air compressor industry and effective market strategies [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 18.91%, and a net profit attributable to shareholders of 217 million yuan, up 33.23% year-on-year [1]. - For Q4 2024, the company reported revenue of 244 million yuan, a 10.46% increase year-on-year, and a net profit of 34 million yuan, growing by 8.25% year-on-year [1]. - In Q1 2025, the company generated revenue of 300 million yuan, a 6.5% year-on-year increase, with a net profit of 60 million yuan, up 9.8% year-on-year [1]. Product Performance - The air compressor industry showed signs of recovery in 2024, with the company focusing on domestic substitution and increasing market share [1]. - Revenue from screw compressors reached 875 million yuan, a 17.84% increase year-on-year, with larger machines (above 90 kW) experiencing even higher growth [1]. - Other products generated revenue of 239 million yuan, a 24.57% increase year-on-year, with a gross margin of 29.18%, up 3.35 percentage points year-on-year [1]. Profitability and Cost Control - The company's overall gross margin for 2024 was 30.60%, an increase of 0.40 percentage points year-on-year, while the net profit margin was 19.06%, up 2.05 percentage points year-on-year [2]. - The period expense ratio for 2024 was 11.12%, a decrease of 1.63 percentage points year-on-year, with specific changes in expense categories: sales expense ratio increased by 0.15 percentage points, management expense ratio decreased by 0.47 percentage points, R&D expense ratio decreased by 1.36 percentage points, and financial expense ratio increased by 0.05 percentage points [2]. - In Q1 2025, the overall gross margin was 31.2%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 18.7%, an increase of 0.6 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 250 million, 300 million, and 360 million yuan respectively, with a compound annual growth rate of 18% for net profit over the next three years [2].

Group 1 - The core viewpoint of the news is that East Asia Machinery is experiencing steady growth in its operations, driven by national policies promoting equipment upgrades and increased R&D investments to enhance product competitiveness [1] - The company has seen robust sales growth in oil-free screw compressors and screw vacuum pumps, with centrifugal compressors expected to complete phase application tests by 2025 [1] - East Asia Machinery's products are achieving domestic substitution in industries such as medical, electronics, and semiconductors, gaining recognition from major companies [1] Group 2 - The company is expanding its overseas business, primarily targeting Southeast Asian markets, and plans to leverage the Belt and Road Initiative to establish overseas sales networks [1] - To maintain stable gross margins, the company focuses on enhancing high-end product competitiveness, developing large clients, and strengthening brand value and technical service teams [1] - The company is capable of developing and producing IDC cooling machines, with a new factory set to be operational by 2026, and plans to continue advancing high-end model development, broadening product lines, optimizing sales channels, and establishing foreign trade pathways by 2025 [1]

Group 1: Company Overview and Market Trends - The company is actively seizing opportunities from national policies promoting equipment upgrades, which are expected to sustain demand for compressors in 2025 [2] - The company has increased R&D investments in oil-free screw compressors and screw vacuum pumps, maintaining a steady sales growth in 2024, particularly in semiconductor and new energy sectors [2] - The domestic substitution process is accelerating, with the company achieving better domestic replacements in key industries such as medical and electronics [3] Group 2: Export and Revenue Growth - The company’s overseas business primarily targets Southeast Asian countries, with a reported 18.22% year-on-year growth in overseas revenue for 2024 [3] - Future plans include expanding into more Southeast Asian markets and leveraging the "Belt and Road" initiative to enhance export sales channels [3] Group 3: Profitability and Cost Management - The company maintains a stable gross margin due to a strong R&D team, enhanced competitiveness of high-end products, and an effective distributor network [3] - Cost control measures include improved internal management, long-term partnerships with suppliers, and increased automation in production processes [3] Group 4: Future Outlook and Strategic Planning - The company anticipates a steady upward trend in operations for 2025, with ongoing innovations in high-end models and expansion of product lines [3] - Plans for a new factory to be completed in 2026 will support the company’s strategy to engage in emerging industries and enhance operational quality [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company reported a revenue of 1.14 billion yuan in 2024, an increase of 18.9% year-on-year, and a net profit attributable to shareholders of 217 million yuan, up 33.23% year-on-year. For Q1 2025, the revenue was 301 million yuan, a year-on-year increase of 6.53%, with a net profit of 56 million yuan, growing by 9.78% [1][8]. - The company is focusing on domestic substitution and product category expansion, maintaining strong profitability and enhancing market share through customized R&D and rapid service response [7][8]. Financial Performance Summary - In 2024, the company's gross margin was 30.6%, a slight increase of 0.41 percentage points year-on-year. The revenue from screw compressors and other products was 875 million yuan and 239 million yuan, respectively, with year-on-year growth of 17.84% and 24.57% [7][8]. - The company expects to achieve net profits of 257 million yuan, 304 million yuan, and 359 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.3% for 2025 and 2026, and 18.0% for 2027 [8][9]. Market Position and Strategy - The company has established a strong market presence by focusing on large clients and enhancing its brand value within the industry chain. Notable clients include BYD, Ningde Times, and others [7][8]. - The company is expanding its product line from screw compressors to vacuum pumps and centrifugal machines, with plans to develop high-end products for emerging industries such as renewable energy and semiconductors [7][8].

Financial Performance - The company's revenue for Q1 2025 was ¥300,880,491.33, representing a 6.53% increase compared to ¥282,431,828.56 in the same period last year[5] - Net profit attributable to shareholders was ¥56,135,160.86, up 9.78% from ¥51,134,402.76 year-on-year[5] - Basic and diluted earnings per share rose to ¥0.15, reflecting a 15.38% increase from ¥0.13 in the previous year[5] - Total operating revenue for the current period reached ¥300,880,491.33, an increase of 6.5% compared to ¥282,431,828.56 in the previous period[17] - Net profit for the current period was ¥56,135,160.86, representing a 9.8% increase from ¥51,134,402.76 in the previous period[18] - Basic and diluted earnings per share were both ¥0.15, compared to ¥0.13 in the previous period, indicating a growth of 15.4%[19] Cash Flow - The net cash flow from operating activities increased significantly by 136.69%, reaching ¥32,411,746.23 compared to ¥13,693,994.56 in Q1 2024[5] - Cash inflow from operating activities totaled ¥225,927,037.04, an increase from ¥200,443,603.33 in the previous period, marking a growth of 12.7%[20] - The net cash flow from operating activities was $32,411,746.23, an increase from $13,693,994.56 in the previous period, reflecting a significant improvement[21] - The net cash flow from investment activities was -$260,919,674.96, an improvement from -$414,312,749.02, showing reduced cash outflow in investments[21] - Cash inflow from financing activities was $36,000,000.00, up from $30,000,000.00, demonstrating increased borrowing capacity[21] - The net cash flow from financing activities was $34,710,666.66, compared to $29,873,238.64 previously, indicating stronger financial support[21] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥2,543,802,374.70, a 3.96% increase from ¥2,446,979,706.71 at the end of the previous year[5] - Total current assets amount to ¥1,069,548,953.43, an increase from ¥861,795,227.82 at the beginning of the period[13] - Total non-current assets decreased to ¥1,474,253,421.27 from ¥1,585,184,478.89[14] - Total liabilities rose to ¥1,005,722,627.39, compared to ¥969,164,086.77, indicating an increase of 3.7%[15] - Total liabilities include accounts payable of ¥280,536,183.29, up from ¥267,509,789.65[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,355[10] - The largest shareholder, Han Yinghuan, holds 47.29% of shares, totaling 180,546,800 shares[10] Investment and Income - Investment income for Q1 2025 was ¥4,297,455.30, a 37.59% increase from ¥3,123,456.67 in the same period last year[8] - Other income increased to ¥7,492,695.53 from ¥5,784,607.87, showing a growth of 29.5%[18] Expenses - Total operating costs amounted to ¥246,323,037.14, up from ¥228,448,808.42, reflecting a year-over-year increase of 7.8%[17] - Research and development expenses for the current period were ¥16,589,611.82, an increase from ¥14,965,822.85, reflecting a growth of 10.9%[18] - The company paid $54,418,117.47 in employee-related cash, an increase from $44,225,439.08, indicating higher personnel costs[21] - The company incurred tax payments of $9,984,227.27, a slight decrease from $10,061,435.09, reflecting stable tax obligations[21] Asset Changes - The company experienced a 1803.41% increase in non-current assets due within one year, amounting to ¥203,186,520.55, primarily due to an increase in large time deposits maturing within one year[8] - Cash and cash equivalents decreased to ¥168,372,362.57 from ¥362,277,394.05[13] - Accounts receivable increased to ¥191,544,334.05 from ¥135,931,088.66[13] - Inventory decreased to ¥188,681,094.05 from ¥201,605,635.48[14] - The impact of exchange rate fluctuations on cash and cash equivalents was -$106,722.82, worsening from -$24,480.50, indicating increased currency risk[21]

RSM | 容 诚 审计报告 厦门东亚机械工业股份有限公司 容诚审字[2025]361Z0297 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 进行变 录 页码 内_ 序号 审计报告 1 1-6 资产负债表 1 2 利润表 2 3 现金流量表 3 4 所有者权益变动表 4 5 财务报表附注 5-75 6 审 计 报 告 （一）收入确认 1、事项描述 容诚审字[2025]361Z0297 号 厦门东亚机械工业股份有限公司全体股东: 一、审计意见 我们审计了厦门东亚机械工业股份有限公司(以下简称东亚机械公司)财务 投表，包括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、现金流量表、 所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了东亚机械公司 2024 年 12 月 31 日的财务状况以及 2024 年度的经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审 ...