证券研究报告·公司点评报告·专用设备 无锡鼎邦（872931） 2025 中报点评：国内客户总体需求放缓致业 绩承压下滑，期待国外业务拓展带来新增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 438.44 | 400.95 | 453.94 | 512.12 | 572.12 | | 同比（%） | 19.52 | (8.55) | 13.22 | 12.82 | 11.72 | | 归母净利润（百万元） | 47.06 | 39.16 | 45.11 | 52.94 | 62.69 | | 同比（%） | 16.47 | (16.79) | 15.19 | 17.35 | 18.42 | | EPS-最新摊薄（元/股） | 0.50 | 0.42 | 0.48 | 0.56 | 0.67 | | P/E（现价&最新摊薄） | 38.32 | 46.05 | 39.98 | 34.07 | 28.77 | ...

Group 1 - The core viewpoint of the news is that Taixing Rural Commercial Bank has successfully issued the first dual-linked loan of 5 million yuan in the city, which is tied to "carbon reduction" and "energy efficiency improvement," providing financial support for green development and achieving both social and economic benefits [1][2] - The loan interest rate is reduced by 28 basis points compared to conventional levels, which translates into a cost advantage for the borrowing company, a high-tech enterprise specializing in energy-saving products [1][2] - The borrowing company has a strong development momentum, with projected main business revenue exceeding 200 million yuan in 2024, and it has been recognized as a technology-based small and medium-sized enterprise and a high-tech enterprise [1] Group 2 - In recent years, Taixing Rural Commercial Bank has actively explored green financial service models in the context of the national "dual carbon" strategy, establishing a quantitative evaluation system for enterprises' energy consumption and carbon emissions [2] - The bank provides differentiated credit support based on the dual indicators of "carbon reduction" and "energy efficiency improvement," allowing enterprises with higher efficiency and more significant carbon reduction effects to receive better loan terms [2] - The bank plans to continue innovating green financial products and services, aiming to upgrade green finance from "single product supply" to "full ecological empowerment," thereby enhancing the local economy's high-quality development [2]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, via the Zhongzheng Roadshow Center [3] - Participants included company executives and investors attending the 2024 annual report and Q1 2025 performance briefing [3] Group 2: Fundraising and Project Progress - The company raised a net amount of 161 million CNY from its public offering on April 8, 2024, with 102 million CNY utilized in 2024 [5] - The fundraising projects include an annual production of 65,000 heat exchangers and air coolers, 100,000 sets of intelligent warehousing logistics equipment, and a research center, with construction progressing well [5] Group 3: Research and Development Plans - In 2024, the company allocated 16.69 million CNY for R&D, representing 4.16% of its revenue, an increase of 0.45 percentage points from 2023 [5] - The company holds 10 invention patents and over 50 utility model patents, with plans to increase R&D investment to enhance technology and innovation [5] Group 4: Shareholder and Acquisition Plans - The company plans to hold its annual shareholder meeting on May 22, 2025, to discuss the 2024 profit distribution plan [6] - Currently, there are no acquisition plans, but the company is open to strategic opportunities that align with its core business [6] Group 5: International Business Development - In 2024, the company achieved its first overseas revenue of 14.71 million CNY, amid a competitive domestic market [7] - The company aims to expand its international client base and establish partnerships with major global refining companies such as BP, TOTAL, and Chevron [7] Group 6: Shareholder Actions - The major shareholders and actual controllers currently have no plans for share reduction [7]

江苏省无锡市锡山区安镇镇吼山南路 29 号 无锡鼎邦换热设备股份有限公司 无锡鼎邦换热设备股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） 江苏省苏州工业园区星阳街 5 号 证券简称： 无锡鼎邦 证券代码： 872931 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出 ...