国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 1 单位:万元 | 序号 | 项目名称 | 投资总额 | 使用募集资金投入金额 | | --- | --- | --- | --- | | 1 | 新建年产 50 万台涡旋压缩机项目 | 20,000.00 | 17,360.00 | | 2 | 新建涡旋压缩机及配套零部件的 研发、信息化及产业化项目 | 30,506.00 | 30,506.00 | | 3 | 补充流动资金 | 5,000.00 | 5,000.00 | | | 合计 | 55,506.00 | 52,866.00 | 由于募集资金投资项目建设需要一定周期，根据募集资金的实施计划及进度 推进，部分募集资金在一定时间内将处于暂时闲置的状态。为提高资金使用效率、 增加股东回报，在确保不影响募集资金投资项目建设和募集资金使用并有效控制 风险的前提下，公司拟使用部分闲置的募集资金（含超募资金）进行现金管理， 以更好地实现公司现金的保值增值，保障股东利益。 继续使用部分暂时闲置募集资金 进行现金管理的核查意见 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为苏州英华特涡 旋技术股份 ...

证券代码：301272 证券简称：英华特 公告编号：2024-021 苏州英华特涡旋技术股份有限公司 关于开立闲置募集资金现金管理专用结算账户的公告 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。 苏州英华特涡旋技术股份有限公司（以下简称"公司"）于 2023 年 7 月 26 日 召开第二届董事会第三次会议和第二届监事会第三次会议，于 2023 年 8 月 11 日召 开 2023 年第三次临时股东大会，审议通过了《关于使用部分暂时闲置募集资金进行 现金管理的议案》，同意公司在确保不影响正常生产经营和募集资金投资项目建设的 情况下，拟使用不超过人民币 52,000 万元(含本数）的闲置募集资金（含超募资金） 进行现金管理，上述额度自公司股东大会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。公司独立董事、监事会及保荐机构均发表了明确同 意的意见。 具 体 内 容 详 见 公 司 2023 年 7 月 27 日 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于使用部分暂时闲置募集资金进行现金管理的公告》 ...

证券代码：301272 证券简称：英华特 公告编号：2024-020 苏州英华特涡旋技术股份有限公司 关于部分首次公开发行前已发行股份上市流通的提示性公告 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。 特别提示： 1、苏州英华特涡旋技术股份有限公司（以下简称"英华特"或"公司"）本次 上市流通的限售股份为首次公开发行前已发行的股份。本次申请解除限售股东户数 共计 7 户，解除限售股份数量为 21,493,400 股，占公司总股本的比例为 36.7310%， 限售期为自公司首次公开发行股票上市之日起 12 个月。 2、本次解除限售股份的上市流通日期为 2024 年 7 月 15 日（星期一）。 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意苏州英华特涡旋技术股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕1049 号）同意注册，并经深圳证券 交易所同意，公司首次向社会公开发行人民币普通股（A 股）14,630,000 股，于 2023 年 7 月 13 日在深圳证券交易所创业板上市。公司首次公开发行股票后，总股本为 58, ...

部分首次公开发行前已发行股份上市流通的核查意见 中国证券监督管理委员会于 2023 年 5 月 10 日出具了《关于同意苏州英华特 涡旋技术股份有限公司首次公开发行股票注册的批复》（证监许可[2023]1049 号）， 同意苏州英华特涡旋技术股份有限公司首次公开发行股票的申请。国金证券股份 有限公司（以下简称"国金证券"或"保荐人"）作为苏州英华特涡旋技术股份 有限公司（以下简称"英华特"或"公司"）首次公开发行股票并在创业板上市 的保荐人，对公司部分首次公开发行前已发行股份上市流通的事项进行了核查， 具体情况如下： 国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意苏州英华特涡旋技术股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕1049 号）同意注册，并经深圳 证券交易所同意，公司首次向社会公开发行人民币普通股（A 股）14,630,000 股， 于 2023 年 7 月 13 日在深圳证券交易所创业板上市。公司首次公开发行股票后， 总股本为 58,515,700 股，其中无限售条件流通股数量为 13,875,14 ...

上海市锦天城律师事务所 关于 苏州英华特涡旋技术股份有限公司 2023 年年度股东大会 的 法律意见书 上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 致：苏州英华特涡旋技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受苏州英华特涡旋技术股份 有限公司（以下简称"公司"）委托，就公司召开 2023 年年度股东大会的有关事 宜，根据《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》等有关法律、法规、规章和其他规范性文件以及《苏州英华特涡旋技术股 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，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料的电子版和副本，并得到公司如下保证：即其所提供的材料电子版、副本、 复印件等及相关口头证言均真实、准确、完整，有关材料电子版、副本、复印件 等与原始材料一致。 鉴此，本所律师根据上述法律、 ...

证券代码：301272 证券简称：英华特 公告编号：2024- 018 苏州英华特涡旋技术股份有限公司 2023 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现变更或否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议召开时间：2024 年 5 月 17 日（星期五）14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 17 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2024 年 5 月 17 日 9:15 至 15:00 期间的任意 时间。 3、召开方式：本次股东大会采用现场投票与网络投票相结合的方式召开。 4、会议召集人：公司董事会 5、会议主持人：董事长陈毅敏先生 6、本次股东大会召开的合法、合规性：本次会议的召集、召开与表决程序符合 《中华人民共和国公司法》（以下简称"《 ...

Investment Rating - The report initiates coverage with a "Buy" rating and a target price of 48.23 CNY [2][14]. Core Views - The company is a leader in the scroll compressor market, with significant potential for domestic substitution. The report compares the current stage of scroll compressor localization to the third phase of rotor compressor localization, indicating a broad space for domestic brands to grow [2][12]. - The report anticipates a strong growth trajectory for the company, projecting EPS growth of +23%/+29%/+20% for 2024-2026, with expected EPS of 1.83/2.36/2.84 CNY [2][12]. - The report highlights that the scroll compressor market is dominated by foreign brands, but the company has the capability to compete effectively due to its experienced team and competitive pricing [2][12]. Summary by Sections 1. Earnings Forecast - The company is expected to achieve total revenue of 695 million CNY in 2024, growing at a rate of 25% from 2023, with net profit projected at 107 million CNY, reflecting a 23% increase [13][19]. - The report outlines specific revenue growth rates for different business segments, including commercial air conditioning (+34% for 2024-2026) and heat pump applications (+7% for 2024-2026) [10][19][41]. 2. Valuation Analysis - The report employs both relative valuation (PE method) and absolute valuation (DCF method) to estimate the company's value. The relative valuation suggests a target price of 45.75 CNY based on a 25x PE for 2024 [21][22]. - The DCF analysis indicates a per-share value of 50.72 CNY, considering a WACC of 7.62% [22][46]. 3. Investment Story - The company is positioned to benefit from the increasing demand for scroll compressors in various applications, including commercial air conditioning, heat pumps, and electric vehicle air conditioning [12][19]. - The report emphasizes the high technical barriers in the scroll compressor market, which limits new entrants and provides a competitive advantage to established players like the company [25][27]. 4. Market Trends - The global scroll compressor market is steadily growing, with the company expected to capture a larger market share as domestic brands increase their presence [31][35]. - The report notes that the scroll compressor market in China has significant growth potential, with the company poised to benefit from this trend [31][35].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 50.68 CNY [9][30]. Core Insights - The company has demonstrated robust revenue growth, achieving 555 million CNY in 2023, a year-on-year increase of 23.86%, and a net profit of 87 million CNY, up 24.2% year-on-year. For Q1 2024, revenue was 95 million CNY, reflecting a 17.33% increase, with a net profit of 8 million CNY, up 8.16% year-on-year [1][9]. - The company is positioned as a leading domestic brand in the scroll compressor market, with significant potential for domestic substitution and market share expansion. The report highlights the company's focus on product quality and cost-effectiveness, alongside international expansion and cost management as key growth drivers [9][30]. Financial Performance Summary - **2023 Financials**: Total revenue was 555 million CNY, with a net profit of 87 million CNY. Gross margin was 28.44%, and net margin was 15.75% [9]. - **2024 Projections**: Expected revenue growth of 25.2% in 2024, with net profit projected to grow by 21.1% [2][9]. - **Segment Performance**: Revenue from heat pumps, commercial air conditioning, refrigeration, and electric vehicles was 193 million CNY, 201 million CNY, 145 million CNY, and 14 million CNY respectively, with significant year-on-year growth rates [9]. - **Cost Structure**: The report notes increases in sales, management, and R&D expense ratios, attributed to higher marketing and personnel costs, as well as increased R&D investments [9]. Market Position and Competitive Landscape - The company operates in a market with a substantial domestic potential, with the domestic scroll compressor market estimated to be worth over 100 billion CNY. The top five international brands currently hold about 80% market share, indicating a significant opportunity for domestic brands to capture market share through competitive advantages [9][30].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 39.28 CNY and projected PE ratios of 21, 17, and 13 for the years 2024, 2025, and 2026 respectively [14][16]. Core Insights - The company has shown significant growth in revenue and net profit, with 2023 revenue reaching 555 million CNY, a year-on-year increase of 23.86%, and net profit of 87 million CNY, up 24.20% year-on-year [11][14]. - The company is positioned as a rare player in the domestic market for scroll compressors, with ongoing efforts to explore overseas market demand and continuous innovation in new product development [14]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 684 million CNY, 861 million CNY, and 1,082 million CNY respectively, with growth rates of 23.3%, 25.7%, and 25.8% [4][14]. - Net profit forecasts for the same years are 108 million CNY, 137 million CNY, and 176 million CNY, with growth rates of 23.4%, 27.4%, and 28.2% [4][14]. - The company's overall gross margin for 2023 was 28.44%, an increase of 2.50 percentage points year-on-year, attributed to an optimized sales structure [13]. Business Performance - The company achieved revenue of 1.93 million CNY from heat pump applications, 2.01 million CNY from commercial air conditioning, 1.45 million CNY from refrigeration, and 0.14 million CNY from automotive applications in 2023, with respective year-on-year growth rates of 11.83%, 19.96%, 39.79%, and 423.49% [12]. - The company has increased its investment in market promotion, internal management, and new product development, leading to a rise in expense ratios [2][13].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 48.64 CNY for the next six months [21][29]. Core Views - The company has shown a recovery in revenue growth, with a year-on-year increase of 20.8% in Q4 2023 and 17.3% in Q1 2024, attributed to improved domestic demand for scroll compressors [2][28]. - The company is expected to benefit from the domestic substitution opportunities in the scroll compressor market, with projected EPS of 1.95, 2.41, and 3.01 for 2024 to 2026 [29]. Financial Performance Summary - The company's main revenue for 2023 was 5.5 billion CNY, a year-on-year increase of 23.9%, with a net profit of 0.9 billion CNY, up 24.2% [28]. - The forecasted main revenue for the upcoming years is as follows: 6.8 billion CNY in 2024, 8.5 billion CNY in 2025, and 10.5 billion CNY in 2026 [3][16]. - The net profit is expected to grow to 1.1 billion CNY in 2024, 1.4 billion CNY in 2025, and 1.8 billion CNY in 2026 [3][16]. Profitability and Efficiency Metrics - The company's gross profit margin has shown fluctuations, with a decrease in Q4 2023 and Q1 2024 due to a decline in the proportion of high-margin export business [20]. - The operating cash flow for Q1 2024 was a net outflow of 5.34 million CNY, an improvement from the previous year's outflow of 16.96 million CNY, indicating better cash generation from sales [12][20]. Market Position and Outlook - The company is well-positioned in the heat pump and cold chain application markets, with a solid foothold in commercial air conditioning applications [2]. - The domestic sales of scroll compressors are expected to continue growing, with a year-on-year increase of 14.0% in Q4 2023 and 8.6% in January-February 2024 [2].