Investment Rating - Buy (Maintained) [1] Core Views - The company achieved steady revenue growth in H1 2024, with revenue increasing by 6.89% YoY to RMB 257 million and net profit attributable to shareholders rising by 6.05% YoY to RMB 30.37 million [2] - Profitability remained stable, with gross margin increasing by 2.1 percentage points to 31.3% in H1 2024, while net margin slightly decreased by 0.1 percentage points to 11.8% [3] - The company's long-term development is supported by strong customer recognition and technological leadership, with comprehensive certifications and a robust R&D team [4] Financial Performance - Revenue for 2024H1 was RMB 257 million, up 6.89% YoY, with net profit attributable to shareholders at RMB 30.37 million, up 6.05% YoY [2] - In Q2 2024, revenue was RMB 140 million, down 3.28% YoY, while net profit attributable to shareholders increased by 0.58% YoY to RMB 17.37 million [2] - Gross margin in H1 2024 was 31.3%, up 2.1 percentage points YoY, and net margin was 11.8%, down 0.1 percentage points YoY [3] Business Segments - Rail transit fan business revenue in H1 2024 was RMB 82 million, up 36.85% YoY [2] - Marine engineering fan business revenue in H1 2024 was RMB 53 million, up 83.25% YoY [2] - Cooling tower air cooler fan, energy ventilation cooling equipment, and refrigeration fan and accessories businesses experienced varying degrees of decline [2] R&D and Expenses - R&D investment continued to grow, with management (including R&D) expense ratio increasing by 2.4 percentage points to 11.6% in H1 2024 [3] - The increase in R&D expenses was due to higher depreciation after the new energy equipment R&D center was put into use, rising R&D personnel salaries, and increased testing and material costs [3] Financial Forecasts - Revenue for 2024E is forecasted at RMB 557.63 million, up 9.75% YoY, with net profit attributable to shareholders at RMB 68.46 million, up 13.03% YoY [1] - EPS for 2024E is projected at RMB 0.93 per share, with a P/E ratio of 11.74 [1] - Revenue for 2025E is expected to reach RMB 609.07 million, up 9.22% YoY, with net profit attributable to shareholders at RMB 80.73 million, up 17.92% YoY [1] Valuation Metrics - Current price is RMB 10.95, with a P/E ratio of 13.27 for 2023A and 11.74 for 2024E [1][6] - P/B ratio is 1.74, with a total market capitalization of RMB 803.73 million [6] - ROE for 2024E is projected at 13.22%, with ROIC at 13.10% [12]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥256,812,181.56, an increase of 6.89% compared to ¥240,251,292.55 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥30,368,964.16, reflecting a growth of 6.05% from ¥28,636,038.23 in the previous year[15]. - The gross profit margin improved to 31.27%, up from 29.15% in the same period last year[15]. - The weighted average return on net assets based on net profit attributable to shareholders was 6.63%, slightly down from 6.79% in the previous year[15]. - The basic earnings per share increased to 0.41, up 5.13% from 0.39 in the same period last year[15]. - Net profit growth rate for the current period is 6.13%, compared to 40.33% in the same period last year[19]. - Operating revenue growth rate for the current period is 6.89%, down from 22.69% year-over-year[19]. - Operating profit for the first half of 2024 increased by 5.87% year-over-year, while net profit rose by 6.13%, attributed to higher sales revenue and increased government subsidies[25]. - The company reported a net profit margin improvement, with net income for the first half of 2024 showing a positive trend compared to the previous year, although specific figures were not disclosed[93]. - Net profit for the first half of 2024 reached CNY 31,080,789.93, an increase of 5.06% compared to CNY 29,582,068.82 in the same period of 2023[96]. Research and Development - The company has obtained several patents, including a high-sound-absorbing perforated paper structure and a cooling system for offshore wind turbine ventilation[3]. - The company’s self-developed "ECL630-1 centrifugal fan for data centers" was included in the National Energy Conservation and Carbon Reduction Technology Equipment Recommendation Directory (2024 edition)[3]. - Research and development expenses increased by 52.67% to ¥12,746,955.37, reflecting a significant investment in R&D[51]. - Research and development expenses increased to CNY 12,692,899.98, a rise of 57.63% compared to CNY 8,046,314.34 in the previous year[95]. Market and Industry Trends - The company focuses on providing low-carbon cooling solutions and aims to enhance its product offerings through technological innovation[22]. - The wind turbine industry is expected to focus on improving efficiency, increasing size, and enhancing smart capabilities, driven by the growing demand for renewable energy[27]. - The national railway network is projected to reach approximately 200,000 kilometers by 2035, with significant investments expected in rail infrastructure, benefiting the company's rail transit equipment segment[27]. - The rail transport industry is expected to see a market size of 453.7 billion yuan by 2026, driven by equipment updates, passenger flow recovery, and maintenance cycles[28]. - The cumulative installed capacity of wind power in China is expected to exceed 50 million kilowatts by the end of 2024, with wind power capacity reaching approximately 47 million kilowatts as of June 2024[30]. - The global offshore wind installation is projected to grow from 10.9 GW in 2023 to 32.8 GW by 2028, with a CAGR of 24.8%[31]. - The marine engineering equipment manufacturing industry in China achieved a revenue of 87.2 billion yuan in 2023, reflecting a year-on-year growth of 5.9%[41]. Financial Position - Total assets decreased by 3.34% to ¥673,765,460.21 from ¥697,038,272.88 year-over-year[16]. - Total liabilities decreased by 6.61% to ¥230,891,096.74 from ¥247,222,691.39 year-over-year[16]. - The company's cash and cash equivalents decreased by 58.93% to CNY 27,085,658.39, primarily due to payments for the new industrial thermal management equipment project by its subsidiary[49]. - The construction in progress increased by 3,801.05% to CNY 26,917,215.62, mainly attributed to the new industrial thermal management equipment project and the second workshop[48]. - The company's total operating costs were ¥176,516,964.11, which is 68.73% of the operating revenue[51]. - The cash and cash equivalents dropped significantly from ¥65,944,440.11 to ¥27,085,658.39, a decrease of approximately 58.9%[87]. - Total liabilities decreased to ¥230,891,096.74 from ¥247,222,691.39, showing a reduction of approximately 6.6%[88]. Corporate Governance and Management - The board of directors consists of 9 members, while the supervisory board has 3 members, and there are 11 senior management personnel[77]. - The company has undergone changes in its board and management personnel, with several key positions set to end in 2024[77]. - The company has a family relationship among its key personnel, indicating a concentration of control among a few individuals[78]. - The actual controller of the company holds 51.61% of the shares, which raises concerns about potential improper control over company decisions[65]. - The company has established internal control measures to mitigate risks associated with the concentration of control by the actual controller[65]. Risks and Challenges - The company faces risks from fluctuations in downstream market demand, particularly in rail transportation and new energy sectors[64]. - The company is exposed to international market risks due to potential changes in trade policies affecting exports to regions like Europe and the US[64]. - The company faces risks from fluctuations in raw material prices, particularly for motors, plates, and profiles, which could impact production costs and profitability if upstream supply chain conditions change significantly[65]. - The company has a high accounts receivable balance, primarily from clients in the rail transit equipment and new energy sectors, which poses a risk of bad debt losses if client projects are delayed or canceled[65]. Investments and Acquisitions - The company has acquired 100% of Hong Kong Dapeng Cooling Technology Co., Ltd. for a cash consideration of HKD 3 million to expand its international business and enhance brand recognition[70]. - The total amount of funds raised during the reporting period was CNY 108,000,000, with a net amount of CNY 93,159,433 after deducting issuance costs[76]. - During the reporting period, CNY 16,631,730.88 was utilized from the raised funds, including CNY 3,725,012.18 for the new energy equipment R&D center project and CNY 12,906,718.70 for the industrial thermal management equipment project (Phase I)[76]. Compliance and Regulatory Matters - The company has successfully maintained compliance with all regulatory commitments without any overdue obligations[71]. - The company has not reported any instances of shareholders or related parties misappropriating company funds or assets during the reporting period[68]. - There were no significant litigation or arbitration matters during the reporting period[67]. Accounting and Financial Reporting - The company follows the accrual basis of accounting, with historical cost as the measurement basis, except for certain financial instruments measured at fair value[119]. - The company adheres to the accounting standards set forth by the Ministry of Finance, ensuring that its financial statements accurately reflect its financial position and performance[122]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired[128]. - The company assesses expected credit losses for accounts receivable based on historical loss experience and current economic conditions, categorizing them into several groups for calculation[162].

证券代码：831689 证券简称：克莱特 公告编号：2024-087 威海克莱特菲尔风机股份有限公司 一、会议召开基本情况 （一）股东大会届次 本次会议为 2024 年第三次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 2024 年 8 月 20 日，公司召开第五届董事会第二次会议，审议通过《关于提 请召开公司 2024 年第三次临时股东大会的议案》 （三）会议召开的合法性、合规性 本次会议的召集及召开符合《中华人民共和国公司法》及有关法律、法规和 《威海克莱特菲尔风机股份有限公司章程》的有关规定。 （四）会议召开方式 关于召开 2024 年第三次临时股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 本次会议采用现场投票和网络投票相结合方式召开。 公司股东应选择现场投票、网络投票中的一种方式，如果同一表决权出现 重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2024 年 9 月 4 日 15：30。 2、网络投 ...

证券代码：831689 证券简称：克莱特 公告编号：2024-086 威海克莱特菲尔风机股份有限公司 募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况 2022 年 3 月 7 日，威海克莱特菲尔风机股份有限公司（以下简称"公司"）发 行普通股 10,000,000 股，发行方式为直接定价方式，发行价格为 10.80 元/股，募 集资金总额为 108,000,000 元，募集资金净额为 93,159,433.95 元，到账时间为 2022 年 3 月 10 日。 二、募集资金管理情况 为规范募集资金使用，提高募集资金使用效率，公司依据相关规定并结合公 司实际，经公司第四届董事会第六次会议、2022 年第一次临时股东大会审议通过， 制定了《威海克莱特菲尔风机股份有限公司募集资金管理制度》。另外，公司已与 主办券商、相关银行签订了《募集资金三方监管协议》。 截至 2024 年 6 月 30 日，公司募集资金的存储情况如下： | 项目 | 金额 | | ...

提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、担保情况概述 （一）担保基本情况 威海克莱特菲尔风机股份有限公司（以下简称"公司"）控股子公司山东达峰 智能冷却系统有限公司拟向银行或其他金融机构申请新增综合授信（包括但不限 于银行贷款、银行承兑汇票、进口开证、贸易融资、押汇、保函、信用证等融资 业务）额度不超过 28,600 万元人民币，具体授信融资情况详见下表： | 银行名称 | 授信（不超过）额度（万元） | | --- | --- | | 建设银行 | 5,000 | | 农业银行 | 10,500 | | 中国银行 | 13,100 | 证券代码：831689 证券简称：克莱特 公告编号：2024-088 威海克莱特菲尔风机股份有限公司 为保障"工业热管理装备产业化项目（一期）"的顺利建设，公司计划为子 公司山东达峰智能冷却系统有限公司在中国农业银行股份有限公司威海分行办 理 5,500 万元固定资产贷款，提供最高不超过 7,425 万元的保证担保，具体期限、 起止日期及金额 ...

证券代码：831689 证券简称：克莱特 公告编号：2024-082 4.发出董事会会议通知的时间和方式：2024 年 8 月 10 日以书面方式发出 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 20 日 2.会议召开地点：威海克莱特菲尔风机股份有限公司五楼会议室 3.会议召开方式：现场/通讯书面投票 威海克莱特菲尔风机股份有限公司 第五届董事会第二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 5.会议主持人：董事长盛军岭女士 6.会议列席人员：公司监事及公司高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集及召开符合《中华人民共和国公司法》及有关法律、法规和《威 海克莱特菲尔风机股份有限公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 具体详见公司 2024 年 8 月 20 日在北 ...

证券代码：831689 证券简称：克莱特 公告编号：2024-083 威海克莱特菲尔风机股份有限公司 第五届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 20 日 2.会议召开地点：威海克莱特菲尔风机股份有限公司五楼会议室 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 3.会议召开方式：现场书面投票 4.发出监事会会议通知的时间和方式：2024 年 8 月 10 日 以书面方式发出 5.会议主持人：监事会主席王强先生 6.召开情况合法、合规、合章程性说明： 会议的召集及召开程序符合《中华人民共和国公司法》和《公司章程》、《监 事会议事规则》等有关法律、法规和规范性文件的规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 具体详见公司 2024 年 8 月 20 日在北京证券交易所指定信息披露平台 （www.bse ...

一、审计委员会委员换届选举的基本情况 威海克莱特菲尔风机股份有限公司（以下简称"公司"）于 2024 年 8 月 5 日召开 2024 年第二次临时股东大会，选举产生了第五届董事会成员。根据《公司法》《证券法》《北京 证券交易所股票上市规则（试行）》等法律法规及《公司章程》《董事会审计委员会工作细 则》等有关规定，为保证董事会审计委员会的正常运作，公司于 2024 年 8 月 5 日召开第 五届董事会第一次会议，审议通过《关于选举公司第五届董事会审计委员会委员的议案》， 选举独立董事王守海、钱苏昕、常欣为第五届董事会审计委员会委员，委员王守海为审 计委员会主任委员（召集人）。委员任期三年，自本次董事会审议通过之日起至第五届董 事会任期届满止。委员在任职期间若不再担任公司董事职务时，其委员资格自动丧失。 审计委员会成员全部由公司董事组成，独立董事过半数并担任召集人，审计委员会 主任委员（召集人）为会计专业人士，且审计委员会委员均为不在公司担任高级管理人 员的董事。 证券代码：831689 证券简称：克莱特 公告编号：2024-081 威海克莱特菲尔风机股份有限公司 关于选举第五届董事会审计委员会委员的公告 本公 ...

证券代码：831689 证券简称：克莱特 公告编号：2024-078 威海克莱特菲尔风机股份有限公司 第五届董事会第一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：董事盛军岭女士 6.会议列席人员：公司监事及公司高级管理人员候选人 7.召开情况合法、合规、合章程性说明： 本次会议的召集及召开符合《中华人民共和国公司法》及有关法律、法规和 《威海克莱特菲尔风机股份有限公司章程》的有关规定。 （二）会议出席情况 1.会议召开时间：2024 年 8 月 5 日 2.会议召开地点：威海克莱特菲尔风机股份有限公司五楼会议室 3.会议召开方式：现场/通讯书面投票 4.发出董事会会议通知的时间和方式：2024 年 8 月 5 日以书面方式发出 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于选举公司第五届董事会董事长的议案》 1.议案内容： 公司第五届董事会已由 2024 年第二次临时股东大会选举 ...

德 信 仁 行 致 近 秉 总 TAI XIANG LAW FIRM 山东泰祥律师事务所 关于威海克莱特菲尔风机股份有限公司 2024 年第二次临时股东大会的法律意见书 山东泰祥律师事务所 关于威海克莱特菲尔风机股份有限公司 2024 年第二次临时股东大会的法律意见书 (2024) 泰祥律字第 5 号 威海克莱特菲尔风机股份有限公司: 山东泰祥律师事务所(以下简称"本所")接受威海克莱特菲尔 风机股份有限公司(以下简称"公司")的委托,指派侯登辉律师、 许雁峰律师(以下简称"本所律师")出席公司 2024年第二次临时 股东大会(以下简称"本次股东大会"),根据《中华人民共和国公 司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》")、《北京证券交易所股票上市规则(试行)》 (以下简称"《上市规则》")、《北京证券交易所上市公司业务办 理指南第 7 号 -- 信息披露业务办理》(以下简称"《披露指南》") 以及《威海克莱特菲尔风机股份有限公司章程》(以下简称"《公司 章程》")、《威海克莱特菲尔风机股份有限公司股东大会议事规则》 (以下简称"《议事规则》")等规定,对本次股东大会 ...