截止阀结构图 相关上市企业：江苏神通（002438）、中核苏阀（000777）、纽威股份（603699） 相关企业：宝山钢铁股份有限公司、山西太钢不锈钢股份有限公司、四川大西洋焊接材料股份有限公 司、中微半导体设备（上海）股份有限公司、中国石油化工集团有限公司、中国石油天然气集团公司、 中国长江三峡集团有限公司、万华化学集团股份有限公司、国家电网有限公司、晋亿实业股份有限公司 关键词：截止阀、截止阀市场规模、截止阀行业现状、截止阀发展趋势 一、行业概述 截止阀，又称截门阀，属于强制密封式阀门。其核心原理是通过阀杆带动阀瓣沿阀座中心线作直线运 动，改变阀瓣与阀座的间距以控制流体通断或调节流量。关闭时需向阀瓣施加压力强制密封面无泄漏， 介质通常从阀瓣下方进入，操作力需克服阀杆摩擦力与介质推力，因此关阀力大于开阀力，阀杆直径需 设计较大以避免弯曲故障。该阀适用于中低压至高压、常温至高温的液体/气体管路 内容概况：中国截止阀行业作为工业管道系统的核心控制元件，2024年，中国截止阀行业市场规模约为 274.38亿元，同比增长7.29%。行业在传统产业升级和新兴领域拓展的双重驱动下保持增长。一方面， 石油化工、电力、给 ...

"A+H"双上市平台的落地，为三花智控发展注入新动能。2025年6月，三花智控完成了公司历史上最大 规模IPO，发行4.76亿股H股，募集资金总额近107亿港元，实现资本市场的国际化运作，为全球化扩张 与技术研发提供了充足资金保障，推动该公司从"中国领先"迈向"全球领先"。 三花智控聚焦主业发展，提升盈利能力，归母净利润由2021年的17亿元增至2024年的31亿元，增幅达 82%。2021—2025年间，公司累计现金分红达54亿元，与股东共享企业发展成果。此外，为更好地满足 境外投资者需求，三花智控在2024年首次披露了中英文版ESG报告。 从浙江新昌县起步，到如今成长为市值超1600亿元的全球热管理龙头，"十四五"时期是三花智控迈向全 球化、智能化的关键阶段。其间，三花智控营业收入从2021年的160亿元增至2024年的279亿元，增幅达 74%。2025年前三季度，三花智控实现营业收入240.29亿元，同比增长16.86%；实现归母净利润32.42亿 元，同比增长40.85%。 业绩持续增长的背后，是三花智控制冷空调电器零部件业务、汽车零部件业务以及战略性新兴业务三大 板块的协同发力。近年来，三花智控持 ...

瑞财经 吴文婷近日，广东恒基金属股份有限公司（以下简称"恒基金属"）披露北交所IPO审核问询函，保荐机构为中泰证券股份有限公司。 根据申请文件，孙志恒、孙凌峰、萧卫苹系公司共同实际控制人，2021年1月，孙志恒因伤昏迷，2021年5月，法院宣告其为无民事行为能力人，并指定孙凌 峰为孙志恒监护人。三人于2023年10月签署《一致行动协议》，进一步明确一致行动安排。 其中，萧卫苹为孙志恒之妻，孙凌峰为孙志恒、萧卫苹之子。目前，孙凌峰担任公司董事长。 北交所要求恒基金属，结合公司实际控制人签署《一致行动协议》的具体过程、主要内容、有效期限、相关主体在公司生产经营中的分工及作用、股份限售 安排、减持计划，以及其他亲属的持股和任职情况、家庭内部关于股份分配的后续安排(如有)等，进一步说明公司控制权能否在可预期的时间内保持稳定， 是否存在纠纷或潜在纠纷，是否可能导致公司治理僵局或控制权变动。 公开资料显示，恒基金属是一家专注于研发、生产和销售应用于空调、冷链物流等领域的制冷系统定制化管件、阀门及其他配件的高新技术企业，产品主要 包括铜管件、铝管件及截止阀等。 ...

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. (referred to as "Hengjin Metal") has submitted an application for listing on the Beijing Stock Exchange, but its "clear-out dividend" strategy may pose a significant obstacle to its IPO due to excessive cash dividends that raise concerns about the authenticity of its financial disclosures [1][5][19]. Financial Performance - Hengjin Metal's revenue and net profit have shown significant fluctuations, with revenue of 9.5 billion yuan in 2022, 8.44 billion yuan in 2023, and projected growth to 10.19 billion yuan in 2024, while net profit figures were 1.14 billion yuan, 0.94 billion yuan, and expected to rise to 1.15 billion yuan in 2024 [3][16][17]. - The company has implemented cash dividends totaling 264 million yuan over the last three years, which accounts for 81.73% of its net profit of 323 million yuan during the same period, exceeding the 80% threshold set by regulatory guidelines [4][18][19]. Dividend Concerns - The cash dividends have raised questions regarding the authenticity of financial disclosures, as discrepancies exist between the reported dividend amounts in the prospectus and previous filings, particularly regarding the 2022 dividend of 24.885 million yuan [5][21]. - The majority of the cash dividends have flowed to the controlling shareholder, Junhui International, and its affiliates, leading to a significant reduction in the company's cash and assets [1][8][22]. Research and Development - Hengjin Metal has the lowest R&D expense ratio compared to its peers, with R&D expenses of 20.637 million yuan in 2022, representing only 2.17% of revenue, while the average for comparable companies exceeds 3% [15][23][24]. - The company attributes its low R&D expense ratio to the sale of metal waste generated during R&D activities, which reduces the reported costs [24][25]. Sales Performance - The company relies heavily on export sales, with export revenue accounting for over 55% of total revenue in recent years, and the gross margin for export sales significantly exceeds that of domestic sales, with a difference of 18-27 percentage points [10][25][26]. - The gross margin for export sales was reported at 30.44% in 2022, while domestic sales only achieved a margin of 12.65% [10][25]. Control and Governance Issues - The actual controller of Hengjin Metal, Sun Zhiheng, has been declared legally incapacitated, raising questions about the governance and decision-making capabilities within the company [12][27][28]. - Despite being recognized as the actual controller, concerns remain regarding whether Sun Zhiheng can effectively protect the company's interests and make significant strategic decisions [27][28].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has recently been accepted for an IPO on the Beijing Stock Exchange, indicating a significant step for the company in raising capital for its operations and growth [2]. Financial Performance - The company reported revenues of 950 million yuan, 844 million yuan, 1.019 billion yuan, and 674 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The net profit attributable to the parent company for the same periods was 114 million yuan, 93.9 million yuan, 115 million yuan, and 70.3 million yuan [2]. - The total assets as of June 30, 2025, were approximately 1.033 billion yuan, with total equity of about 766 million yuan [3]. - The company’s debt-to-asset ratio improved from 44.65% in 2022 to 22.62% in 2025, indicating a stronger financial position [3]. Shareholder Structure - Junhui International holds 87.98% of the company's shares, making it the controlling shareholder [4]. - The actual controllers of the company are Sun Zhiheng, Sun Lingfeng, and Xiao Weiping, who collectively control over two-thirds of the voting rights [4]. Research and Development - The company allocated 2.33% of its revenue to research and development in 2025, slightly down from 2.65% in 2023 [4].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has recently had its IPO accepted by the Beijing Stock Exchange, aiming to raise funds for various projects including the construction of new workshops and a research center [2]. Financial Performance - The company reported revenues of 950 million yuan, 844 million yuan, 1.019 billion yuan, and 674 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The net profit attributable to the parent company for the same periods was 114 million yuan, 93.9 million yuan, 115 million yuan, and 70 million yuan [2]. - Total assets increased from approximately 803 million yuan in 2022 to over 1 billion yuan by June 30, 2025 [3]. - The company's equity attributable to shareholders rose from 477 million yuan in 2022 to approximately 766 million yuan by June 30, 2025 [3]. Sales and Export - The company's main business revenue from exports was 539 million yuan, 467 million yuan, 575 million yuan, and 379 million yuan, accounting for 57.53%, 55.89%, 57.12%, and 56.92% of total revenue, respectively [4][6]. - Major export markets include North America, Asia, and Europe [4]. Research and Development - The R&D expense ratio for the company was 2.33%, 2.58%, 2.65%, and 2.17% for the years 2022 to 2025, which is lower than the industry average of approximately 3.86% to 3.99% [6][8]. - The lower R&D expense ratio is attributed to the ability to offset costs through the sale of metal waste generated during R&D activities [8]. IPO Fund Utilization - The company plans to raise 440 million yuan through the IPO, which will be allocated to projects including the construction of new workshops for aluminum and stainless steel fittings, expansion of aluminum and copper fittings production, and the establishment of a research center [9].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has recently had its IPO accepted by the Beijing Stock Exchange, with a focus on customized refrigeration system components for air conditioning and cold chain logistics [2]. Financial Performance - Revenue for Hengjin Metal is projected to be 950 million yuan in 2022, 844 million yuan in 2023, 1.019 billion yuan in 2024, and 674 million yuan in the first half of 2025 [2]. - Net profit attributable to the parent company is expected to be 114 million yuan in 2022, 93.91 million yuan in 2023, 115 million yuan in 2024, and 70.30 million yuan in the first half of 2025 [2]. Shareholder Returns - The diluted earnings per share are forecasted to be 1.20 yuan in 2022, 1.96 yuan in 2023, 1.61 yuan in 2024, and 1.94 yuan in the first half of 2025 [3]. Cash Flow - The net cash flow from operating activities shows a negative 40.55 million yuan in 2022, a positive 32.58 million yuan in 2023, a positive 127.12 million yuan in 2024, and a negative 3.62 million yuan in the first half of 2025 [3]. R&D Investment - Research and development expenses account for 2.33% of revenue in 2022, 2.58% in 2023, 2.65% in 2024, and 2.17% in the first half of 2025 [3]. Client Relationships - Hengjin Metal has established long-term partnerships with well-known companies such as Haier, Hisense, Daikin, Trane, and others, with Daikin and Hisense being the largest clients [3][4]. - In the first half of 2025, Daikin accounted for 23.21% of sales, while Hisense contributed 12.79% [4]. - For the year 2024, Daikin represented 22.69% of sales, and Hisense 15.36% [4]. Sales Distribution - In 2022, the total sales to major clients amounted to 59.26 million yuan, with Daikin contributing 15.00% and Hisense 14.96% [5]. - The total sales to major clients in 2023 reached 55.64 million yuan, with Daikin at 18.13% and Hisense at 15.66% [5].

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has received approval for its IPO application on the Beijing Stock Exchange, with Zhongtai Securities as the sponsor [1][2]. Company Overview - Established in 1997 and located in Foshan, Guangdong, Hengjin Metal specializes in the R&D, production, and sales of customized fittings, valves, and other components for refrigeration systems used in air conditioning and cold chain logistics [2]. - The company plans to list its shares on the Beijing Stock Exchange after previously considering the Shenzhen Stock Exchange [2]. Shareholding Structure - The company has a strong family ownership structure, with Sun Zhiheng, Sun Lingfeng, and Xiao Weiping controlling 87.98% of the shares through Junhui International [3]. - Sun Zhiheng was declared incapacitated in January 2021, leading to Sun Lingfeng acting as his guardian and representative for corporate decisions [3]. Financial Performance - For the reporting period from 2022 to the first half of 2025, Hengjin Metal reported revenues of approximately 950 million yuan, 844 million yuan, 1.019 billion yuan, and 674 million yuan, with net profits of 114 million yuan, 93.9 million yuan, 115 million yuan, and 70.3 million yuan respectively [5]. - The company experienced a decline in both revenue and net profit in 2023 compared to the previous year [5]. Financial Metrics - As of June 30, 2025, total assets amounted to approximately 1.033 billion yuan, with total equity of about 766 million yuan [6]. - The company's debt-to-equity ratio was 22.62% as of June 30, 2025, showing a decrease from 44.65% in 2022 [6]. - The operating cash flow for the first half of 2025 plummeted by 313.49% to -40.5 million yuan, attributed to increased accounts receivable and inventory levels [6]. Accounts Receivable - The book value of accounts receivable at the end of each reporting period was 248 million yuan, 245 million yuan, 272 million yuan, and 387 million yuan, representing significant proportions of current assets [7]. - High accounts receivable levels pose operational funding pressures and potential bad debt risks if customers fail to pay [7]. R&D Expenditure - Hengjin Metal's R&D expense ratio is notably lower than the industry average, remaining below 3% during the reporting periods [8]. - The company offsets R&D costs by selling metal waste generated during production, which reduces the reported R&D expenses [8].

Core Viewpoint - The company reported a steady revenue growth driven by increased sales in refrigeration components and new energy vehicles, with total revenue reaching 7.77 billion yuan in Q3 2025, a year-on-year increase of 12.8% [1][2]. Revenue Growth - The revenue growth in Q3 2025 was primarily attributed to the sales increase in refrigeration components and new energy vehicles. Sales of electronic expansion valves, shut-off valves, and four-way valves increased by 15.2%, 11.6%, and 7.4% year-on-year, respectively [2]. - New energy vehicle retail sales reached 3.398 million units in Q3 2025, reflecting a year-on-year growth of 12.2%, which in turn boosted the company's automotive component revenue [2]. Profitability Improvement - The company's gross profit margin in Q3 2025 was 28.0%, showing a slight year-on-year decrease of 0.1 percentage points, indicating stable margins [2]. - The net profit margin increased to 14.6%, a year-on-year increase of 3.1 percentage points, primarily due to improved expense ratios [3]. Operational Efficiency - The company achieved a reduction in expense ratios across sales, management, R&D, and financial costs, with total expense ratio decreasing by 3.7 percentage points year-on-year [2][3]. - Enhanced management efficiency in production and sales contributed to the optimized expense ratios [3]. New Growth Opportunities - The company is positioned to explore new growth areas in liquid cooling and robotics components, leveraging its technological expertise and existing partnerships with liquid cooling system providers [3]. - The company has successfully entered the actuator business in the robotics sector, with production facilities under construction, indicating potential for new revenue streams [3]. Investment Outlook - The core business is expected to maintain steady growth, with profitability improvements driven by efficiency enhancements. Future growth is anticipated from liquid cooling and robotics components [3]. - Projected net profits for 2025-2027 are estimated at 4.22 billion, 4.90 billion, and 5.86 billion yuan, corresponding to price-to-earnings ratios of 47, 40, and 34 times, respectively [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 60 CNY [2][8]. Core Insights - The company has shown steady business growth and significant improvement in profitability, driven by increased sales in refrigeration components and new energy vehicles [8]. - The company's revenue for Q3 2025 reached 77.7 billion CNY, representing a year-on-year increase of 12.8%, while the net profit attributable to shareholders was 11.3 billion CNY, up 43.8% year-on-year [8]. - The report highlights the company's operational efficiency improvements, leading to enhanced profitability, with a net profit margin of 14.6% in Q3 2025, an increase of 3.1 percentage points year-on-year [8]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024 is 27,947 million CNY, increasing to 44,473 million CNY by 2027, with a compound annual growth rate (CAGR) of 16.8% [4]. - **Net Profit Forecast**: Expected net profit attributable to shareholders is 3,099 million CNY in 2024, growing to 5,862 million CNY by 2027, reflecting a CAGR of 19.7% [4]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.74 CNY in 2024 to 1.39 CNY in 2027 [4]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is expected to decrease from 64 times in 2024 to 34 times in 2027, indicating improving valuation as earnings grow [4]. Business Segment Insights - The growth in refrigeration components is attributed to increased demand, with sales of electronic expansion valves, shut-off valves, and four-way valves rising by 15.2%, 11.6%, and 7.4% year-on-year, respectively [8]. - The new energy vehicle sector also contributed positively, with retail sales of new energy vehicles increasing by 12.2% year-on-year in Q3 2025, reflecting a corresponding rise in demand for automotive components [8]. - The company is expected to benefit from new growth areas in liquid cooling and robotics components, leveraging its existing technological advantages and partnerships [8].