Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the national large-scale grain storage construction and equipment updates, indicating a solid growth potential in the coming years [6][7] - The company achieved a revenue of 2.652 billion yuan in 2024, representing a year-on-year growth of 9.84%, with a net profit of 234 million yuan, up 7.34% year-on-year [6] - The company is a leader in the domestic grain storage sector, with a forecasted net profit of 282 million yuan for 2025, 358 million yuan for 2026, and 441 million yuan for 2027, corresponding to a price-to-earnings ratio (P/E) of 20, 16, and 13 times respectively [6][7] Financial Summary - The company's total market capitalization is approximately 5,578.67 million yuan, with a closing price of 10.89 yuan per share [3] - The company's revenue projections for 2025, 2026, and 2027 are 3.234 billion yuan, 3.975 billion yuan, and 4.916 billion yuan respectively, with corresponding year-on-year growth rates of 21.95%, 22.89%, and 23.69% [5][7] - The company's gross profit margin for 2024 is projected to be 25.49%, with a slight decrease expected in subsequent years [7]

Group 1 - Shareholders of Alade (301419.SZ) plan to reduce their holdings by no more than 1.50% within three months after 15 trading days through centralized bidding and/or block trading [1] - Shareholders of Dawi Technology (600589.SH) intend to reduce their holdings by no more than 3% within three months after 15 trading days through centralized bidding and block trading [1] - Employees of Dingzhi Technology (873593.BJ) have completed a reduction of 0.6431% of their holdings through centralized bidding [1] Group 2 - Shareholders of Aerospace Software (688562.SH) plan to reduce their holdings by no more than 1.00% through centralized bidding [2] - Shareholders of Hongqiang Co., Ltd. (002809.SZ) have completed their reduction plans, with reductions of 1%, 0.132%, and 0.021% respectively [2] - Shareholders of Huachangda (300278.SZ) plan to reduce their holdings by no more than 0.703% within three months after 15 trading days through centralized bidding [2] Group 3 - Shareholders of Liancheng CNC (835368.BJ) plan to reduce their holdings by no more than 2% within three months after 15 trading days through centralized bidding and block trading [3] - Shareholders of Meidixi (688202.SH) intend to reduce their holdings by no more than 2.23% within three months after 15 trading days through centralized bidding or block trading [3] - Shareholders of Meixin Technology (301577.SZ) plan to reduce their holdings by no more than 2.5% through centralized bidding and block trading [3] Group 4 - Shareholders of Wanda Film (002739.SZ) have completed their reduction plan, with a total reduction of 63,353,361 shares, accounting for 3.00% of the total share capital [4] - Shareholders of Xinghua New Materials (301077.SZ) plan to reduce their holdings by no more than 3% within three months after three trading days through centralized bidding and block trading [4] - Shareholders of Yinbao Shanneng (002786.SZ) have completed their reduction plan, with a total reduction of 9,912,100 shares, accounting for 2.00% of the total share capital [4] Group 5 - Shareholders of Intercontinental Oil and Gas (600759.SH) have completed their reduction plan, with a total reduction of 124,499,600 shares, accounting for 3% of the total share capital [5]

Group 1: Company Overview and Financial Performance - In 2024, the company achieved operating revenue of 2.652 billion yuan, a year-on-year increase of 9.84% [1] - The net profit attributable to the parent company was 734 million yuan, reflecting a growth of 2.34% compared to the previous year [1] - Key reasons for revenue and profit growth include market focus, international business development, and management reforms [2] Group 2: International Business Development - International business revenue increased from 67 million yuan in 2022 to 214 million yuan in 2024, accounting for 2.50%, 5.78%, and 8.08% of total revenue respectively [3] - The company established an international business department and focused on markets along the "Belt and Road" initiative to enhance international presence [3] - Future plans include building integrated marketing channels and leveraging core equipment advantages for international projects [3] Group 3: Asset and Credit Management - The company recorded a total asset and credit impairment loss of 109 million yuan in 2024, an increase of 64 million yuan year-on-year [4] - Impairment losses were assessed based on asset evaluations and credit risk management strategies [4] - Specific loss rates for receivables were set at 5% for under 1 year, 30% for 1-2 years, 50% for 2-3 years, and 100% for over 3 years [4]

Group 1 - The major shareholder, Qiongcheng Shengliang Investment Management Partnership, plans to reduce its stake in COFCO Technology (301058) by up to 15.3682 million shares, representing 3% of the company's total share capital, between May 26, 2025, and August 25, 2025 [1] - The reason for the reduction is personal funding needs of the shareholders [1] - The selling price will be determined based on market conditions, but will not be lower than the latest audited net asset value per share of the company [1]

智通财经4月29日电，中粮科工(301058.SZ)公告称，公司持股5%以上股东盛良投资及其一致行动人计划 在本公告披露之日起15个交易日后的3个月内，以大宗交易和集中竞价的方式减持公司股份合计不超过 15,368,226股，不超过公司总股本的3%。 中粮科工：股东拟减持不超过3%公司股份 ...

证券代码：301058 证券简称：中粮科工 公告编号：2025-042 中粮科工股份有限公司 关于持股 5%以上股东及其一致行动人减持股份预披露公告 本公司持股 5%以上股东共青城盛良投资管理合伙企业（有限合伙）及其一致 行动人共青城盛良一豪投资合伙企业（有限合伙）、共青城盛良二豪投资合伙企 业（有限合伙）、共青城盛良三豪投资合伙企业（有限合伙）和共青城盛良四豪 投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.拟减持原因：股东个人资金需求。 2.股份来源：公司首次公开发行股票上市前持有的股份。 3.拟减持数量及比例：在上述减持期间内，盛良投资、盛良一豪、盛良二豪、 盛良三豪、盛良四豪合计减持本公司股份不超过 15,368,226 股（占本公司总股本 比例不超过 3%），并按各自持股数量的比例等比例进行减持。其中，以集中竞 价方式减持不超过 5,122,742 股，不超过公司总股本 1%，且在任意连续 90 个自 然日内减持股份的总数不超过公司总股本的 1%；以大宗交易 ...

Core Viewpoint - The company reported a revenue of 2.65 billion in 2024, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 234 million, up 7.3%, slightly below expectations due to higher-than-expected impairment provisions caused by slower cash collection [1] Financial Performance - In Q4 2024 and Q1 2025, the company achieved revenues of 1.32 billion and 470 million, respectively, with year-on-year growth of 32.4% and 32.2% [1] - The new orders signed in 2024 amounted to 3.87 billion, reflecting a year-on-year increase of 9.2% [1] - The company’s comprehensive gross margin for 2024 was 25.49%, an increase of 0.75 percentage points year-on-year [2] - The operating cash flow for 2024 was 514 million, an increase of 82 million year-on-year, with a cash collection/payment ratio of 106.4%/86.4% [3] Business Segmentation - In 2024, revenue from design consulting, electromechanical engineering, and equipment manufacturing was 610 million, 1.575 billion, and 399 million, respectively, with year-on-year changes of +0.63%, +46.64%, and -28.35% [2] - The design business is successfully extending into electromechanical engineering, contributing to rapid revenue growth in this segment [2] Cost and Profitability - The company’s expense ratio for 2024 was 11.5%, a decrease of 0.69 percentage points year-on-year, with net profit margin at 8.81%, down 0.2 percentage points [3] - The impairment expense as a percentage of revenue increased by 2.25 percentage points to 4.11% in 2024 [3] Future Outlook and Valuation - The company expects a favorable outlook in grain storage construction, while cold chain logistics design demand may face pressure, leading to a downward revision of future revenue forecasts [4] - Projected net profits for 2025-2027 are 268 million, 294 million, and 318 million, reflecting changes of -7.5% and -9.3% [4] - The target price is set at 12.57, based on a 24x PE for 2025, maintaining a "buy" rating [4]

Group 1 - The company reported a revenue of 2.65 billion yuan for 2024, representing a year-over-year increase of 9.8%, with a net profit attributable to shareholders of 230 million yuan, up 7.3% year-over-year [1] - In Q4 2024, the company achieved a revenue of 1.32 billion yuan, a year-over-year increase of 32.4% and a quarter-over-quarter increase of 201.6%, with a net profit of 120 million yuan, up 6.2% year-over-year and 258.8% quarter-over-quarter [1] - For Q1 2025, the company reported a revenue of 470 million yuan, a year-over-year increase of 32.2%, but a quarter-over-quarter decrease of 64.1%, with a net profit of 40 million yuan, up 7.6% year-over-year and down 68.7% quarter-over-quarter [1] Group 2 - The company has seen a trend of improvement in its order backlog, with contract liabilities reaching 842 million yuan by the end of 2024, indicating a strong certainty of revenue growth in the future [2] - In 2024, the company signed new orders totaling 3.871 billion yuan, an increase of 327 million yuan from 2023, representing a year-over-year growth of 9.22% [2] - The company is expected to benefit from the ongoing trend of high-standard grain storage construction, supported by national policies promoting the modernization of grain storage and logistics [2] Group 3 - The company's operating performance slightly exceeded expectations, but unexpected credit impairment losses affected overall results, leading to a downward revision of profit forecasts for 2025-2026 [3] - The revised profit forecasts for 2025, 2026, and 2027 are 290 million yuan, 345 million yuan, and 409 million yuan respectively, with corresponding valuations of 19, 16, and 14 times [3] - The company maintains a rating of "overweight" despite potential risks related to the pace of order conversion and the impact of credit impairment [3]

上 市 公 司 建筑装饰 2025 年 04 月 27 日 中粮科工 (301058) ——在手订单持续改善，关注粮仓高质量发展升级 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 10.81 | | 一年内最高/最低（元） | 14.88/7.59 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.39 | | 流通 A 股市值（百万元） | 5,538 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-25 02-25 03-25 04-25 -40% -20% 0% 20% 40% 中粮科工 沪深300指数 (收益率) 相关研究 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.c ...

Core Viewpoint - The company reported a revenue of 2.652 billion yuan for 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 234 million yuan, up 7.34% year-on-year, indicating stable growth in both revenue and profit [1] Financial Performance - For 2024, the company's gross margin was 25.49%, an increase of 0.75 percentage points year-on-year, while the expense ratio was 11.5%, a decrease of 0.69 percentage points [2] - The cash flow from operations (CFO) net amount was 514 million yuan, an increase of 82 million yuan year-on-year, with collection and payment ratios at 106.42% and 86.42%, respectively [2] Business Segmentation - In 2024, the company achieved revenues of 610 million yuan from design consulting, 1.575 billion yuan from electromechanical engineering system delivery, and 399 million yuan from equipment manufacturing, with the electromechanical engineering segment showing a significant year-on-year growth of 46.64% [1] - The gross margins for the respective segments were 47.90%, 19.78%, and 13.28%, with notable improvements in gross margins for design consulting and electromechanical engineering [1] Long-term Investment Outlook - The company is expected to benefit from the ongoing demand for grain storage and cold chain logistics, with a positive outlook on the high-end, intelligent, and green development trends in the grain and oil processing industry [1][3] - The projected net profits for 2025-2027 are estimated at 280 million, 340 million, and 400 million yuan, respectively, reflecting a slight downward revision from previous estimates [3]