请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司点评报告 24 年&25Q1 业绩稳健增长，气体运营表现亮眼，高端 装备持续发力 [Table_Summary] 事件：公司发布 2024 年年报暨 2025 年一季报。2024 年实现营业收入 102.77 亿元，同比+1.32%；实现归母净利润/扣非归母净利润 10.42/9.50 亿元，同比+2.09%/+2.04%。 #分季度，2024Q4 公司实现营业收入 29.88 亿元，同比+3.97%；实现归 母净利润 3.75 亿元，同比+27.60%。2025Q1 公司实现营业收入 25.59 亿 元，同比+2.68%；实现归母净利润 2.48 亿元，同比+5.57%。 #分产品，2024 年能量转换设备/工业服务/能源基础设施运营收入分别为 44.96/17.93/39.62 亿元，同比+3.83%/-22.81%/+14.37%，毛利率分别为 29.72%/18.82%/15.71%，同比+1.08pct/+0.53pct/+1.18pct。 #盈利能力方面，2024 年公司毛利率/归母净利率分别为 22.51%/10.1 ...

西安陕鼓动力股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日、4 月 30 日 分别发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地 了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况，公司计划于 2025 年 5 月 23 日上午 09:00-10:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问 题进行交流。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-021 西安陕鼓动力股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 问题征集方式：投资者可于 2025 年 5 月 16 日(星期五)至 5 月 22 日(星期四)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （securities@shaangu.com）进行提问 ...

西安陕鼓动力股份有限公司2025 年第一季度报告 证券代码：601369 证券简称：陕鼓动力 西安陕鼓动力股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 上年同期 | | | --- | --- | --- | --- | | | | 增减变动幅度(%) | | | 营业收入 | 2,559,006,030.96 | 2,492,149,868.09 | 2.68 | | 归属于上市公司股东的净利 润 | 247,702,605.91 | 234,630,037 ...

Summary of the Conference Call for ShanGu Power (陕鼓动力) Company Overview - **Company**: ShanGu Power (陕鼓动力) - **Year**: 2024 - **Revenue**: 10.25 billion CNY, up 7.04% YoY - **Net Profit**: 605 million CNY, up 10.44% YoY - **Operating Cash Flow**: 1.15 billion CNY, indicating strong cash flow and high profit quality - **Dividend**: 0.45 CNY per share, with a payout ratio of 74.55% [2][3][11] Key Business Segments Performance Energy Conversion Equipment - **Revenue**: 4.512 billion CNY, up 3.72% YoY - **Gross Margin**: Increased by 1.13 percentage points - **Sales Performance**: Axial compressors down 44.3%, centrifugal compressors up 1.06%, air separation compressors down 10% [2][5][6] Industrial Services - **Revenue**: Nearly 1.8 billion CNY, down significantly - **EPC Engineering Revenue**: Decreased to 620 million CNY due to project delays - **Traditional Industrial Services Revenue**: Grew to 1.178 billion CNY, up 55% in energy-saving services [2][7] Energy Infrastructure Operations - **Revenue**: 3.972 billion CNY, up 14.5% YoY - **Gross Margin**: Increased by 1.25 percentage points - **Components**: Pipeline gas revenue around 3.1-3.2 billion CNY, with new projects expected to launch soon [2][8] Industry Dynamics - **Client Composition**: Metallurgy clients below 40%, while petrochemical clients have reached 40% - **Demand for Energy-Saving Services**: Increased significantly in heavy industries like petrochemicals and coal chemicals [2][9][10] - **Future Trends**: Anticipated growth in coal chemical and petrochemical sectors, with emerging businesses like compressed air energy storage [2][10][26] International Business - **Overseas Orders**: Exceeded 1 billion CNY, accounting for about 10% of total revenue, with faster growth than previous years - **Breakthroughs**: Achieved in large ethylene and air separation projects abroad [4][15] CCUS Developments - **New Projects**: Signed the largest domestic carbon capture project with a capacity of one million tons - **Future Dividend Stability**: Expected to stabilize around 70% due to sufficient cash flow [4][40][41] Market Challenges - **Metallurgy Sector**: Facing a downturn with significant profit declines, impacting order volumes [13][46] - **Petrochemical Sector**: Despite saturation, it remains a large market with ongoing demand for new projects [14][47] Conclusion - **Investment Outlook**: The company shows strong financial health with stable dividends and diversified client base, particularly in the petrochemical sector, while facing challenges in the metallurgy industry. Future growth is expected in energy-saving services and international markets.

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue and profit growth in 2024, with operating income reaching 10.28 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 1.04 billion yuan, up 2.1% [1] - The gross margin improved to 22.5%, an increase of 1.0 percentage points year-on-year, while the net margin rose to 11.1%, up 0.3 percentage points [1] - The company plans to distribute a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 74.6% [1] Revenue and Profit Growth - The energy conversion equipment business generated revenue of 4.5 billion yuan, reflecting a year-on-year growth of 3.8% [2] - The gas operation business saw revenue of 3.96 billion yuan, a significant increase of 14.4% year-on-year, with the company achieving record revenue and profit in its Qin Feng gas company [3] - The company invested 620 million yuan in new gas projects in 2024, marking a 100.7% increase year-on-year, and the contracted gas supply volume reached 1.654 million cubic meters, up 15.4% [3] Financial Forecasts - The company’s revenue is projected to grow from 10.28 billion yuan in 2024 to 13.61 billion yuan by 2027, with a compound annual growth rate of approximately 9.27% [5] - Net profit is expected to increase from 1.04 billion yuan in 2024 to 1.4 billion yuan in 2027, with corresponding EPS rising from 0.60 yuan to 0.81 yuan [5] - The report forecasts a decline in net profit growth for 2025 and 2026, with adjustments of 7% and 8% respectively, due to lower demand in the downstream metallurgy industry [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 14 in 2024 to 11 by 2027, indicating a potential increase in valuation attractiveness [12] - The P/B ratio is expected to decline from 1.7 in 2024 to 1.3 in 2027, suggesting improved market perception over time [12]

Core Viewpoint - The company has demonstrated strong financial performance in 2024, achieving a revenue of 10.277 billion yuan, a year-on-year increase of 1.32%, and a record high net profit attributable to shareholders, reflecting a compound annual growth rate of 11.05% from 2020 to 2024 [11][12][13]. Group 1: Financial Performance - The company reported a total profit of 1.1 billion yuan in 2024, marking a 49.40% increase compared to 2020 and a 3.88% increase year-on-year [11]. - The net profit attributable to shareholders reached a historical high, with a year-on-year growth of 2.09% [11]. - The company's asset-liability ratio hit a five-year low, indicating improved financial stability [12]. Group 2: Business Operations - The company operates in various sectors including energy storage, petrochemicals, metallurgy, and power generation, providing comprehensive energy solutions [4][6]. - The energy infrastructure segment accounted for 38.65% of total revenue in 2024, with a five-year compound growth rate of 19.48% [13]. - The company has successfully expanded its market presence both domestically and internationally, particularly in the distributed energy market [13][18]. Group 3: Innovation and Technology - The company has focused on innovation, completing 154 research and development projects in 2024, enhancing its core technological capabilities [14]. - It has developed advanced energy conversion equipment and solutions, including a world-first 300MW compressed air energy storage technology [14][15]. - The company has made significant strides in low-carbon technologies, contributing to national goals for carbon neutrality [9][14]. Group 4: Market Strategy - The company employs a direct sales model in the domestic market while collaborating with large design institutes for international expansion [7]. - It has established a strong presence in emerging markets along the Belt and Road Initiative, enhancing its global footprint [7][18]. - The company is actively pursuing opportunities in the green energy sector, aligning with national policies for energy transition [3][9]. Group 5: Corporate Social Responsibility - The company has a strong commitment to shareholder returns, with a proposed cash dividend of 0.27 yuan per share, totaling approximately 776.52 million yuan for the year [11]. - It has been recognized for its contributions to social responsibility, including significant tax payments and community support initiatives [35][36]. - The company has received multiple awards for its innovative practices and contributions to the industry, enhancing its brand reputation [33][34].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, with a payout ratio of 74.55% for 2024 [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, representing a 17% increase year-on-year [3]. - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6]. - The gas operation segment achieved a revenue of 3,962 million yuan, with a year-on-year increase of 14.37% [6]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [8]. Profitability and Margins - The gross margin for 2024 is reported at 22.51%, with a net margin of 11.14%, both showing slight improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding into various downstream sectors, achieving breakthroughs in distributed energy, petrochemicals, and overseas markets [8]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, a 15.35% increase year-on-year [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, resulting in a dividend payout ratio of 74.55% for 2024 [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, reflecting a 17% year-on-year growth [3]. - The earnings per share (EPS) is expected to increase from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6][8]. - The gas operation segment achieved a revenue of 3,962 million yuan, marking a 14.37% increase [6][8]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [6][8]. Profitability and Margins - The gross margin for 2024 was reported at 22.51%, with a net margin of 11.14%, both showing improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding its presence in various sectors, including distributed energy, petrochemicals, and overseas markets, achieving significant breakthroughs in these areas [8][9]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, up 15.35% year-on-year [9].

Core Viewpoint - The company reported a revenue of 10.277 billion yuan for 2024, with a year-on-year growth of 1.32%, and a net profit attributable to shareholders of 1.042 billion yuan, reflecting a growth of 2.09% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.988 billion yuan, marking a year-on-year increase of 3.97%, and a net profit of 375 million yuan, which is a significant growth of 27.60% [1][2] - The proposed cash dividend for 2024 is 777 million yuan (before tax), resulting in a dividend payout ratio of 74.55% [1] - The company's gross margin and net margin for 2024 were 22.51% and 11.14%, respectively, both showing year-on-year increases of 1.02 percentage points and 0.31 percentage points [2] Group 2: Business Segments - The energy conversion equipment segment generated a revenue of 4.496 billion yuan, with a year-on-year growth of 3.83%, while the industrial services segment saw a revenue decline of 22.81% to 1.793 billion yuan [2] - The energy infrastructure operation segment (gas operation) reported a revenue of 3.962 billion yuan, reflecting a year-on-year increase of 14.37% [2] - The company's reliance on the metallurgy sector has decreased significantly, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [2][3] Group 3: Growth and Development - The company has made significant advancements in distributed energy development, achieving successful trials for the world's first 300MW compressed air energy storage power station [3] - The company has expanded its product offerings in various sectors, including oil and gas, and has made strides in overseas markets, securing multiple large-scale orders [3] - The gas business has also shown robust growth, with a contract gas supply volume of 165.36 Nm3/h, representing a year-on-year increase of 15.35% [3]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-012 西安陕鼓动力股份有限公司 关于控股子公司吸收合并其全资子公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 西安陕鼓动力股份有限公司（以下简称"公司"）控股子公司陕西秦风气体股份 有限公司（以下简称"秦风气体"）拟吸收合并其全资子公司唐山陕鼓气体有限公司（以 下简称"唐山陕鼓气体"）。 本次吸收合并事项不涉及公司注册资本变更，无需支付对价，不构成关联交易， 也不构成《上市公司重大资产重组管理办法》规定的重大资产重组情形。 本次吸收合并不会对公司财务状况、经营成果、业务发展产生不利影响，也不会 损害公司及全体股东的利益。 一、吸收合并情况概述 （一）基本情况 为进一步提高运营效率、降低管理成本、优化资源配置，公司控股子公司秦风气体 拟吸收合并其全资子公司唐山陕鼓气体。吸收合并完成后，唐山陕鼓气体不再存续，其 独立法人资格将被注销，全部资产、债权债务及其他一切权利与义务由秦风气体依法承 继。 （二）本次吸收合并事项已经公司第九届董事 ...