编号：2025-006 | | ■特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 中信证券股份有限公司：刘海博、闵睿 | | | 参与单位名称及 | 鹏华基金管理有限公司：柳黎 | | | 人员姓名 | 天弘基金管理有限公司：李昕岩 | | | | 中意资产管理有限责任公司：陈东飞 | | | 时间 2025 | 年 11 月 25 | 日（星期二）13:30 | | 地点 | 大连重工中革基地综合楼 | 324 会议室 | | | 董事、高级副总裁、首席财务官、董事会秘书陆朝昌 财务管理本部总经理牛经纬、总账会计郑芷辛 | | | | 战略发展本部副总经理李楠 | | | 上市公司 | | | | 接待人员 | 营销管理本部客户服务中心主任李野 | | | | 大连华锐国际工程有限公司总会计师刘梅 | | | | 大连大重齿轮传动机械有限公司总经理助理赵大奇 | | | | 董事会办公室证券 ...

展会时间：2026-09-01 ~ 09-01 开放时间：09:00:00-18:00:00 举办地址：南美洲-巴西 巴西贝洛奥里藏特会展中心 展会行业：矿业 主办单位：巴西矿业协会 举办周期：2年1届 展会介绍： 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）是巴西乃至南美洲最大规模的矿山机械展览会。是巴西非营利性的民间组织，目标是促进巴西矿业开发 及设备更新，致力于为几万家会员提供技术交流和贸易导向服务。 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）上届展会总面积32000平方米，参展企业430家均来自中国、美国、德国、加拿大、澳大利亚、意大利、 智利、南非、英国、阿根廷等，参展人数达50000人。 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）为致力于开发巴西市场的的矿业行业及技术设备的交流提供了专业的技术和贸易平台。巴西贝洛矿业及 矿山机械展览会（EXPOSIBRAM）参展效果极佳，是突破巴西矿业市场的第一平台。 dern work NI 18.200 ST 2 B 下 Hand Beather States and the United with are ag 9 10 1 21 ...

Core Viewpoint - Dalian Heavy Industry has shown a positive stock performance with a year-to-date increase of 33.04%, reflecting strong market interest and financial growth [1][2]. Group 1: Stock Performance - On November 5, Dalian Heavy Industry's stock rose by 2.02%, reaching 6.56 CNY per share, with a trading volume of 1.92 billion CNY and a market capitalization of 12.67 billion CNY [1]. - The stock has experienced a net inflow of 13.86 million CNY from major funds, with significant buying activity from large orders [1]. - The company has appeared on the trading leaderboard seven times this year, with the most recent net purchase of 15.65 million CNY on July 2 [1]. Group 2: Company Overview - Dalian Heavy Industry, established on February 18, 1993, and listed on January 16, 2008, specializes in large-scale equipment and core components for various industries, including metallurgy, ports, energy, and aerospace [2]. - The revenue composition of the company includes: material handling equipment (31.15%), metallurgy equipment (26.13%), new energy equipment (23.26%), core components (13.61%), engineering projects (3.96%), and others (1.89%) [2]. - As of October 31, the number of shareholders decreased by 1.99% to 78,900, while the average circulating shares per person increased by 2.03% to 24,493 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, Dalian Heavy Industry reported a revenue of 10.98 billion CNY, marking an 8.11% year-on-year growth, and a net profit attributable to shareholders of 490 million CNY, reflecting a 23.97% increase [2]. - The company has distributed a total of 812 million CNY in dividends since its A-share listing, with 221 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 48.54 million shares, a decrease of 12.48 million shares from the previous period [3]. - Other notable shareholders include Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, both of which have seen slight reductions in their holdings [3].

Core Viewpoint - Dalian Heavy Industry is a significant player in the domestic heavy equipment sector, focusing on large complete sets of equipment and core components, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dalian Heavy Industry reported revenue of 10.979 billion yuan, ranking 4th among 58 companies in the industry [2] - The company's net profit for the same period was 490 million yuan, placing it 6th in the industry [2] - The industry leader, Zhongchuang Zhiling, achieved a revenue of 30.745 billion yuan, while the second place, Zhenhua Heavy Industry, reported 26.007 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dalian Heavy Industry's debt-to-asset ratio was 70.96%, higher than the industry average of 46.18% [3] - The company's gross profit margin was 18.95%, below the industry average of 26.77% [3] Group 3: Leadership and Governance - The chairman, Meng Wei, has a rich background and holds multiple positions, including roles in various companies under Dalian Heavy Industry Equipment Group [4] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Dalian Municipal Government [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.13% to 91,300 [5] - The average number of circulating A-shares held per shareholder decreased by 3.04% to 21,200 [5] Group 5: Growth Prospects - In the first half of 2025, the company experienced positive growth, with revenue of 7.453 billion yuan, up 6.38% year-on-year, and a net profit of 312 million yuan, up 13.88% [6] - The company has a strong order backlog of approximately 34.5 billion yuan, primarily for delivery between 2025 and 2027 [6] - Revenue projections for 2025 to 2027 are 14.727 billion, 15.782 billion, and 16.770 billion yuan, with expected growth rates of 3.12%, 7.17%, and 6.26% respectively [6]

Core Viewpoint - 大连重工 is steadily improving its performance with a vision to create an internationally leading heavy machinery enterprise group, as evidenced by its financial results for the first three quarters of 2025 [1][2]. Financial Performance - In the first three quarters of 2025, 大连重工 achieved operating revenue of 10.979 billion yuan, a year-on-year increase of 8.11% [2][3]. - The net profit for the same period was 490 million yuan, up 23.97% year-on-year, while the net profit excluding non-recurring items reached 375 million yuan, growing by 33.37% [2][3]. - In Q3 2025, the company reported operating revenue of 3.526 billion yuan, an increase of 11.95% year-on-year, with net profit rising by 46.83% to 178 million yuan [3][4]. Profitability Metrics - The gross profit margin for the first three quarters of 2025 was 18.95%, with Q3 achieving a margin of 19.99%, the highest since Q4 2023 [3][4]. Business Segments - In the first half of 2025, the material handling equipment segment generated revenue of 2.322 billion yuan, up 8.51% year-on-year, while the new energy equipment segment saw revenue of 1.734 billion yuan, increasing by 21.45% [3]. - The metallurgy equipment segment reported revenue of 1.948 billion yuan, a year-on-year growth of 21.04% [3]. Strategic Initiatives - Recently, 大连重工 announced a restricted stock incentive plan for 2025, aiming for a total operating revenue of 46.5 billion yuan from 2025 to 2027, with a focus on R&D investment accounting for no less than 6% of operating revenue [1][5][10]. - The company plans to enhance its market development efforts and aims for growth despite increasing market uncertainties [3][4]. R&D Investment - The company has set a target for R&D investment to exceed 2.79 billion yuan over the three years from 2025 to 2027, with a minimum of 6% of operating revenue allocated to R&D [6][10]. - In the first three quarters of 2025, R&D investment reached 710 million yuan, accounting for 6.47% of the operating revenue [9][10]. Performance Targets - The performance assessment for the restricted stock plan includes achieving a weighted average return on equity (ROE) of no less than 7.00% in 2025, with revenue growth rates set at no less than 22% [6][7]. - The company’s ROE has shown a consistent increase, reaching 6.5% in the first three quarters of 2025 [7].

Group 1: Exhibition Overview - The 2026 Indonesia International Metallurgy and Casting Exhibition (METEC Indonesia & GIFA Indonesia) will take place from September 9 to 12, 2026, at the JIExpo in Jakarta, Indonesia [3] - The exhibition is organized by Düsseldorf Asia Exhibition Company and Informa Markets, with Beijing Lianhua Shanhui International Exhibition Co., Ltd. as the official Chinese agent [3] - This exhibition serves as a commercial and networking platform for international companies in the metallurgy and casting industry looking to enter the dynamic Indonesian market [3] Group 2: Industry Context - Indonesia is Southeast Asia's largest economy, with rapid development in infrastructure, manufacturing, and the automotive industry, leading to sustained growth in demand for metallurgy and casting [3] - The Indonesian government is promoting industrial localization and downstream processing through policies like the "Downstream Policy," which restricts raw mineral exports and encourages domestic smelting and casting [3] - The government has set a goal to establish 54 smelting plants by 2024, including facilities for copper, iron, lead, zinc, nickel, and aluminum [3] Group 3: Exhibition Scale and Participation - The 2024 Indonesia International Metallurgy and Casting Exhibition featured an exhibition area of 5,885 square meters, with 313 exhibitors from 24 countries and 5,505 visitors [3] - The exhibition will be held concurrently with the 21st Indonesia Mining Exhibition, providing a synergistic platform for casting technology, metallurgy, metal processing, and industrial furnace die-casting [3] Group 4: Product and Service Categories - The metallurgy section includes equipment and technology for smelting, casting, and processing, as well as auxiliary materials and services related to metallurgy [4] - The casting section encompasses various casting equipment, materials, and technologies, including die-casting, sand processing, and testing equipment [5][6]

Group 1 - Dalian Heavy Industry experienced a 5.02% increase in stock price, reaching 6.91 CNY per share, with a trading volume of 668 million CNY and a turnover rate of 5.09%, resulting in a total market capitalization of 13.346 billion CNY [1] - Dalian Heavy Industry specializes in the development, research, and sales of large complete sets of equipment and core components in various fields, including material handling equipment, metallurgical equipment, new energy equipment, transmission and control systems, and marine equipment [1] - The company's main business revenue composition includes: material handling equipment (31.15%), metallurgical equipment (26.13%), new energy equipment (23.26%), core components (13.61%), engineering general contracting projects (3.96%), and others (1.89%) [1] Group 2 - Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the top ten circulating shareholders of Dalian Heavy Industry, holding 5.2549 million shares, which is 0.27% of the circulating shares, with an estimated floating profit of approximately 1.7341 million CNY [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a latest scale of 38.227 billion CNY, achieving a year-to-date return of 22.8% and a one-year return of 27.27% [2]

Core Viewpoint - The report from Zhongyou Securities indicates that Dalian Heavy Industry has achieved positive growth in both revenue and profit in the first half of 2025, with multiple business segments performing well [1] Revenue Performance - Material handling equipment revenue reached 2.322 billion yuan, an increase of 8.51% year-on-year [1] - New energy equipment revenue was 1.734 billion yuan, reflecting a year-on-year growth of 21.45% [1] - Metallurgical equipment revenue amounted to 1.948 billion yuan, with a year-on-year increase of 21.04% [1] - Core components revenue reached 1.014 billion yuan, showing a significant year-on-year growth of 25.29% [1] Operational Efficiency - The company continues to implement cost reduction and efficiency improvement measures, along with institutional reforms to enhance operational efficiency and quality [1] Contract Backlog - As of the end of August 2025, the company has a substantial contract backlog of approximately 34.5 billion yuan, primarily scheduled for delivery between 2025 and 2027 [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

Core Viewpoint - The report from Zhongyou Securities indicates that Dalian Heavy Industry has achieved positive growth in both revenue and profit in the first half of 2025, with multiple business segments performing well [1] Revenue Performance - Material handling equipment revenue reached 2.322 billion yuan, an increase of 8.51% year-on-year [1] - New energy equipment revenue amounted to 1.734 billion yuan, reflecting a year-on-year growth of 21.45% [1] - Metallurgical equipment revenue was 1.948 billion yuan, showing a year-on-year increase of 21.04% [1] - Core components revenue reached 1.014 billion yuan, with a year-on-year growth of 25.29% [1] Operational Efficiency - The company continues to implement cost reduction and efficiency improvement measures, along with institutional reforms to enhance operational efficiency and quality [1] Contract Backlog - As of the end of August 2025, the company has a substantial contract backlog of approximately 34.5 billion yuan, primarily scheduled for delivery between 2025 and 2027 [1] Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with both revenue and profit showing positive growth in the first half of 2025. Revenue reached 7.453 billion yuan, a year-on-year increase of 6.38%, while net profit attributable to shareholders was 312 million yuan, up 13.88% year-on-year [4]. - The company has a robust order backlog of approximately 34.5 billion yuan, with deliveries expected between 2025 and 2027. It has also made strides in international expansion, signing a global framework cooperation agreement with mining giant Rio Tinto [5]. - Profitability has improved, with a net profit margin of 4.19%, an increase of 0.28 percentage points year-on-year, despite a slight decrease in gross margin [5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 7.453 billion yuan, with various segments contributing positively: material handling equipment revenue was 2.322 billion yuan (+8.51%), new energy equipment revenue was 1.734 billion yuan (+21.45%), metallurgy equipment revenue was 1.948 billion yuan (+21.04%), and core components revenue was 1.014 billion yuan (+25.29%) [4]. - The company forecasts revenue for 2025-2027 to be 14.727 billion yuan, 15.782 billion yuan, and 16.770 billion yuan, respectively, with year-on-year growth rates of 3.12%, 7.17%, and 6.26% [6]. - The projected net profit for the same period is expected to be 649 million yuan, 752 million yuan, and 837 million yuan, reflecting growth rates of 30.35%, 15.87%, and 11.27% respectively [6]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 23.35, with projected P/E ratios for 2025, 2026, and 2027 at 18.01, 15.54, and 13.96 respectively [3][6]. - The price-to-book (P/B) ratio is projected to decrease from 1.59 in 2024 to 1.27 by 2027 [9].