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].

Core Viewpoint - Dalian Heavy Industry reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and effective cost management [2][3]. Financial Performance - For the first three quarters, Dalian Heavy Industry achieved a revenue of 10.979 billion yuan and a net profit attributable to shareholders of 490 million yuan, with a net profit of 178 million yuan in Q3, representing a year-on-year increase of 46.83% and a quarter-on-quarter increase of 33.83% [2]. - The net profit excluding non-recurring gains and losses for the first three quarters was 375 million yuan, with Q3 showing a significant year-on-year increase of 124.36% [2]. - The company's net profit growth rate of 23.97% outpaced the revenue growth rate of 8.11%, indicating improved profitability efficiency [3]. Industry Insights - The heavy machinery industry is crucial for national economic development and reflects the industrialization level and comprehensive economic strength of a region [3]. - The industry is experiencing growth driven by trends in intelligent and green transformation, particularly in the fields of new energy infrastructure and emerging markets [3]. Company Initiatives - Dalian Heavy Industry attempted to implement a restricted stock incentive plan in June, which was ultimately not approved by the shareholders [4]. - The company is actively engaging with shareholders to understand their feedback and is considering future actions based on reasonable suggestions [4].

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 Insights - The report highlights the upcoming 14th Five-Year Plan, which is expected to create significant investment opportunities in key industries during the fourth quarter and the first half of the following year [3] Industry Overview - The semiconductor manufacturing sector is experiencing a positive trend, particularly in copper plating equipment for the front-end of semiconductor manufacturing, aligning with the domestic shift towards high-end processes [4] - The satellite communication industry in China is poised for rapid growth following the issuance of operating licenses to major telecom companies, which will enhance emergency communication and services in remote areas [4] Advanced Manufacturing Sector - The lithium battery copper foil industry is transitioning from scale expansion to a dual increase in quality and price, with a recovery in the market, especially for high-end products [7] - The supply side is facing a shortage of high-end capacity due to high technical barriers for ultra-thin copper foils (6μm and below), while demand is expected to rise with the peak consumption season for electric vehicles and 3C products [7] - The industry is experiencing a K-shaped recovery, with high-end markets thriving due to supply constraints and cost pressures, while facing competition from alternative technologies [7] Company Performance - Shengmei Shanghai (688082.SH) reported a total order amount of 9.072 billion yuan as of September 29, 2025, reflecting a year-on-year increase of 34.10% [4] - Dalian Heavy Industry expects a net profit attributable to shareholders of 473.74 million to 507.74 million yuan for the first three quarters of 2025, marking a growth of 19.91% to 28.52% year-on-year [8] - The company anticipates a significant recovery in gross margin due to increased revenue from wind power equipment deliveries, which is expected to continue in the coming years [8]

Core Viewpoint - Dalian Heavy Industry (002204.SZ) expects a significant increase in net profit for the first three quarters of the year, driven by steady revenue growth and improved gross margins in material handling equipment [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 473.74 million yuan and 507.74 million yuan, representing a year-on-year growth of 19.91% to 28.52% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 356.28 million yuan and 390.28 million yuan, reflecting a year-on-year increase of 26.76% to 38.86% [1] Revenue Growth - Dalian Heavy Industry projects its operating revenue to reach approximately 10.9 billion yuan, marking a year-on-year growth of about 7.6% [1] - The increase in revenue is expected to contribute to overall gross profit growth, particularly in the material handling equipment segment, which has shown significant improvement in gross margins [1]

Core Viewpoint - Dalian Heavy Industry (002204.SZ) forecasts a net profit attributable to shareholders of 474 million to 508 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.91% to 28.52% [1] Financial Performance - The company expects a steady increase in operating revenue, projected to reach approximately 10.9 billion yuan, which is an increase of about 7.6% compared to the same period last year [1] - The growth in operating revenue is anticipated to drive an overall increase in gross profit, with a significant year-on-year increase in gross profit from material handling equipment [1]

Group 1 - The company Dalian Heavy Industry (SZ 002204) expects a net profit attributable to shareholders of approximately 474 million to 508 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.91% to 28.52% [1] - The basic earnings per share are projected to be between 0.2478 yuan and 0.2655 yuan [1] - The anticipated growth in net profit is primarily due to a steady increase in operating revenue, which is expected to reach around 10.9 billion yuan, reflecting a year-on-year increase of approximately 7.6% [1] Group 2 - The gross profit of the company is expected to increase significantly, driven by the growth in operating revenue, particularly in the material handling equipment segment [1] - For the first half of 2025, the company's operating revenue is entirely derived from the specialized equipment manufacturing industry, accounting for 100% [1] - As of the report date, Dalian Heavy Industry has a market capitalization of 11.8 billion yuan [1]