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 ...

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 - 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]

Economic Performance - Spain's GDP grew by 2.8% year-on-year in Q1 and 2.7% year-on-year in Q2, outperforming the Eurozone average and market expectations, making it one of the best-performing economies in the Eurozone for the first half of the year [1][2] - The GDP growth rate for Spain is projected to reach 3.2% in 2024, with a forecasted range of 2% to 3% for 2025 [2] Tourism Sector - The tourism sector, accounting for approximately 70% of Spain's economy, has seen a significant recovery, with over 66.8 million international visitors in the first eight months of the year, a 3.9% increase from the previous year [2] - In August alone, Spain welcomed over 11.3 million international travelers, with expectations to surpass 100 million for the year [2] - Chinese tourists have notably increased, with 444,000 visitors from China in the first seven months, marking an 11.9% year-on-year growth [2][3] Agriculture and Food Industry - Spain is a major agricultural producer in the EU, being the fourth largest producer and the largest exporter of fruits and vegetables [3] - The export value of fresh fruits and vegetables increased significantly in the first half of the year, with 84% of exports going to the EU market, totaling approximately 5.57 million tons [3] - Spain's agricultural exports to China grew by 24.2% in Q1, highlighting the increasing importance of the Chinese market [3] Structural Transformation - Spain is actively pursuing economic structural transformation, focusing on green and digital transitions to foster new growth drivers [4][7] - The government has committed to investing €20 billion in digital transformation initiatives, including 5G network expansion and data center development [7] Energy Sector - Spain aims to increase the share of renewable energy in total energy consumption to 42% by 2030, supported by the EU recovery fund [6] - The country has seen significant growth in wind and solar energy installations, with over 5 million kilowatts added in the first half of the year [6] Bilateral Cooperation with China - Spain's trade with China reached $50.1 billion in 2024, with a 3.2% year-on-year increase, making China Spain's largest trading partner outside the EU [8] - The cooperation spans various sectors, including agriculture, renewable energy, and technology, contributing to mutual economic benefits [9]

Economic Performance - In the first half of the year, Spain's GDP grew by 2.8% year-on-year in Q1, surpassing the Eurozone average, and continued to show strength with a 0.7% quarter-on-quarter growth and 2.7% year-on-year growth in Q2, making it one of the best-performing economies in the Eurozone [1] - Spain's GDP growth rate is projected to reach 3.2% in 2024, with a per capita GDP of approximately $35,000, and is expected to maintain a growth rate between 2% and 3% in 2025 [2] Sector Contributions - The tertiary sector, particularly tourism, plays a crucial role in Spain's economy, accounting for about 70% of GDP. In the first eight months of the year, Spain welcomed over 66.8 million international tourists, a 3.9% increase year-on-year, with August alone seeing over 11.3 million visitors [2] - Spain is a major agricultural producer, known as the "basket of Europe," being the fourth largest in the EU and the largest fruit and vegetable exporter. In the first half of the year, fresh fruit and vegetable exports increased significantly, with 84% of exports going to the EU market [3] Structural Transformation - Spain is actively pursuing economic structural transformation, focusing on green and digital transitions. The government aims to increase the share of renewable energy in total energy consumption to 42% by 2030, with significant investments in wind and solar energy [4] - The "Spain Digital 2026" strategy includes a commitment of €20 billion to enhance 5G network coverage and data center construction, with over 70% of SMEs receiving subsidies for digital transformation [5] Bilateral Cooperation - Spain and China have deepened their economic and trade relations, with bilateral trade reaching $50.1 billion in 2024, a 3.2% increase year-on-year. In the first eight months of this year, trade exceeded $36.585 billion, up 10.1% year-on-year, with Spain's agricultural products gaining popularity in China [6] - Chinese enterprises are actively involved in Spain's renewable energy projects, providing technical support and financing, while Spanish automotive manufacturers collaborate with Chinese partners on electric vehicle technology [7]

Core Insights - The recent announcement by the provincial development and reform commission highlights the inclusion of four industrial clusters from Tai'an in the new round of "Ten Strong Industries" and the second batch of pillar-type clusters, ranking fourth in the province [1][2] Group 1: Industrial Clusters - The new energy power equipment industry cluster in Tai'an includes key players such as Taikai Group and TBEA Lubei Cable, focusing on enhancing competitiveness in power transmission and distribution equipment, as well as renewable energy devices [1] - The high-end chemical industry cluster in Ningyang is structured around seven specialized "parks," integrating companies like Hengxin High-tech and Jincheng Meishengda, and aims to create a comprehensive industrial chain from gasification to high-end fine chemicals [1] Group 2: Cultural and Tourism Industries - The cultural tourism industry cluster, jointly applied by Tai'an and Jining, is led by major groups like Taishan Cultural Tourism Group, connecting 183 A-level scenic spots and over 2,500 tourism products to create a national-level demonstration model [2] - The Traditional Chinese Medicine (TCM) industry cluster along the Yellow River is a collaborative effort among Tai'an, Jinan, Heze, and Liaocheng, aiming to establish a competitive TCM hub and a globally recognized wellness destination [2] Group 3: Development Strategies - The Tai'an development and reform commission emphasizes the cultivation of industrial clusters as a key strategy to enhance the "Ten Strong Industries" and reshape the industrial ecosystem, focusing on action plans to strengthen the industrial chain [2] - Future initiatives will include improving coordination mechanisms, enhancing policy support, and attracting resources such as capital, land, talent, and technology to build a robust framework for industrial clusters [2]

Core Insights - The recent announcement by the provincial development and reform commission includes the new "Ten Strong Industries" cluster reserve list, with four industrial clusters from Tai'an City being selected, ranking fourth in the province [1][2] Group 1: Industrial Clusters - The new energy power equipment industry cluster in Tai'an covers various segments including transmission and distribution, wind power, solar energy, and energy storage, featuring key companies such as Taikai Group and TBEA Lubei Cable, aiming to enhance competitiveness in the electrical machinery sector [1] - The high-end chemical industry cluster in Ningyang County is structured around seven specialized "parks," leveraging platforms like "Gasification Island" and "Power Island," and includes major firms such as Hengxin High-tech and Jincheng Coal Chemical, focusing on a complete industrial chain from gasification to high-end fine chemicals [1] Group 2: Cultural and Medical Clusters - The cultural tourism industry cluster, jointly applied by Tai'an and Jining, is led by major groups like Taishan Cultural Tourism Group, connecting 183 A-level scenic spots and over 2,500 tourism products, aiming to create a national-level cultural tourism demonstration model [2] - The traditional Chinese medicine industry cluster along the Yellow River is a collaborative effort among Tai'an, Jinan, Heze, and Liaocheng, designed to establish a competitive and recognizable modern TCM industry area and a globally known TCM wellness destination [2] Group 3: Development Strategies - The Tai'an development and reform commission emphasizes the cultivation of industrial clusters as a key strategy to enhance the "Ten Strong Industries" and reshape the industrial ecosystem, focusing on action plans to strengthen the industrial chain [2] - Future initiatives will include improving coordination mechanisms for clusters, enhancing policy support, and facilitating the aggregation of resources such as capital, land, talent, and technology to build a robust support system for industrial clusters [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]