公司研究 证 券 研 究 报 告 海外业务提速，受益中高端渗透率提升 目标价：13.2 元 事项： ❖ 公司发布 2024 年报及 2025 年一季报：公司 2024 年营收为 21.3 亿元，同比 +6.9%；归母净利润为 1.67 亿元，同比+2.2%；扣非净利润为 1.58 亿元，同比 +10.0%。公司 2025 年一季度营收为 4.08 亿元，同比+18.4%；归母利润为 0.34 亿元，同比+38.4%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,129 | 2,595 | 3,115 | 3,686 | | 同比增速(%) | 6.9% | 21.9% | 20.1% | 18.3% | | 归母净利润(百万) | 167 | 239 | 305 | 376 | | 同比增速(%) | 2.2% | 43.0% | 27.5% | 23.8% | | 每股盈利(元) | 0.46 | 0.66 | 0.8 ...

| 证券代码：603966 | 证券简称：法兰泰克 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：113598 | 债券简称：法兰转债 | | 法兰泰克重工股份有限公司 关于 2024 年股票期权与限制性股票激励计划部分股票期权注销 完成的公告 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。 法兰泰克重工股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 了第五届董事会第五次会议，审议通过了《关于 2024 年股票期权与限制性股票 激励计划注销部分股票期权及回购注销部分限制性股票的议案》。鉴于 3 名激励 对象已离职，根据公司《2024 年股票期权与限制性股票激励计划（草案）》（以 下简称"《激励计划（草案）》"）及相关规定，取消该激励对象资格并注销其已获 授但尚未行权的股票期权共计 48,600 份。具体内容详见公司于 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 2024 年股票期权 与限制性股票激励计划注销部 ...

Core Viewpoint - The announcement emphasizes the commitment of the board and management of Falan Tech to ensure the accuracy and completeness of the quarterly report, asserting that there are no false records or misleading statements [1]. Financial Data Summary - The quarterly financial statements for the first quarter of 2025 are not audited [2]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [3]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [2]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is mentioned, but specific details are not provided [3]. Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [4]. - The financial statements, including the consolidated balance sheet and profit and cash flow statements for the first quarter of 2025, are prepared but remain unaudited [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [7][15]. Core Insights - The company reported a revenue of 2.129 billion yuan for 2024, representing a year-on-year growth of 6.88%, and a net profit attributable to shareholders of 167 million yuan, up 2.2% [4][11]. - In Q1 2025, the company achieved a revenue of 408 million yuan, marking an 18.43% increase year-on-year, with a net profit of 34 million yuan, up 38.37% [4]. - The company has seen significant growth in its material handling equipment and services, with overseas revenue increasing by 59.33% [5][6]. Financial Performance - The company’s gross margin for 2024 was 26.06%, an increase of 2.05 percentage points year-on-year, with overseas gross margin rising by 10.13 percentage points to 26.95% [5]. - The company’s total revenue projections for 2025-2027 are 2.437 billion, 2.719 billion, and 2.946 billion yuan, with corresponding year-on-year growth rates of 14.45%, 11.57%, and 8.36% [7][11]. - The net profit attributable to shareholders is projected to be 225 million, 271 million, and 310 million yuan for 2025-2027, with growth rates of 34.58%, 20.77%, and 14.21% respectively [7][11]. International Expansion - The company has made significant strides in its internationalization strategy, establishing subsidiaries in Saudi Arabia and Indonesia in 2024, and increasing its overseas revenue share to 36% [6]. - The company has secured new orders that have grown over 20% year-on-year, indicating strong performance and a robust outlook for 2025 [6].

Core Viewpoint - The report highlights the steady growth of FalanTech (603966) with significant internationalization achievements, leading to a "buy" rating from Zhongyou Securities [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 2.129 billion yuan, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 167 million yuan, up 2.2% [1] - For Q1 2025, the company reported revenue of 408 million yuan, a year-on-year increase of 18.43%, and a net profit attributable to shareholders of 34 million yuan, up 38.37% [1] - The company's net profit excluding non-recurring items for 2024 was 158 million yuan, reflecting a 10.04% increase [1] Group 2: Revenue Breakdown - The material handling equipment and services segment generated revenue of 1.961 billion yuan, with a year-on-year growth of 10.29%, while the engineering machinery and parts business saw a decline of 21.87% [2] - Domestic revenue reached 1.36 billion yuan, down 9.89%, while overseas revenue surged to 767 million yuan, up 59.33% [2] - The overseas revenue growth is even more pronounced when excluding the impact of the Austrian subsidiary [2] Group 3: Profitability and Costs - The gross margin for 2024 was 26.06%, an increase of 2.05 percentage points, with overseas gross margin rising significantly by 10.13 percentage points to 26.95% [2] - The company's expense ratio increased by 1.82 percentage points to 15.97%, with specific increases in sales, management, financial, and R&D expense ratios [2] Group 4: International Strategy - The company is expanding its global footprint, establishing subsidiaries in Saudi Arabia and Indonesia, and covering over 50 countries and regions [3] - In 2024, overseas revenue accounted for 36% of total revenue, indicating a strong international presence [3] - The company reported a robust order intake, with new orders growing over 20% and setting a historical high, suggesting strong performance for 2025 [3] Group 5: Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 2.437 billion, 2.719 billion, and 2.946 billion yuan, with year-on-year growth rates of 14.45%, 11.57%, and 8.36% respectively [4] - Net profit forecasts for the same period are 225 million, 271 million, and 310 million yuan, with growth rates of 34.58%, 20.77%, and 14.21% respectively [4] - The estimated PE ratios for 2025-2027 are 14.49, 12.00, and 10.50, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][15]. Core Insights - The company reported a steady revenue growth of 6.88% year-on-year for 2024, achieving a total revenue of 2.129 billion yuan, with a net profit of 166.95 million yuan, reflecting a 2.2% increase [4]. - In Q1 2025, the company experienced a significant revenue increase of 18.43% year-on-year, reaching 408 million yuan, and a net profit growth of 38.37% [4]. - The internationalization strategy has shown remarkable results, with overseas revenue growing by 59.33% to 767 million yuan, contributing to 36% of total revenue in 2024 [5][6]. Financial Performance - The company’s gross margin improved to 26.06% in 2024, up by 2.05 percentage points, with overseas gross margin rising significantly by 10.13 percentage points to 26.95% [5]. - The company’s operating expenses increased, with the total expense ratio rising to 15.97% in 2024, driven by increases in sales, management, and R&D expenses [5]. - Revenue projections for 2025-2027 are estimated at 2.437 billion, 2.719 billion, and 2.946 billion yuan, with corresponding net profits of 224.69 million, 271.35 million, and 309.92 million yuan, indicating strong growth rates [7][11]. Market Position and Strategy - The company is expanding its global footprint, establishing subsidiaries in Saudi Arabia and Indonesia, and covering over 50 countries and regions [6]. - The new order intake has shown robust growth, exceeding 20% year-on-year, suggesting strong revenue visibility for 2025 [6].

Core Viewpoint - The company, Eurocrane, is positioned as a leader in the high-end material handling equipment market, focusing on European-style cranes and automation solutions, with a strong emphasis on international expansion and technological innovation [5][6][7]. Group 1: Company Overview - Eurocrane operates in the material handling industry, primarily manufacturing European-style cranes and electric hoists, serving various sectors including energy, transportation, and manufacturing [5][8]. - The company has a diversified client base across multiple industries, which mitigates cyclical risks associated with specific sectors [5]. Group 2: Business Performance - The company plans to distribute a cash dividend of 0.23 yuan per share, totaling approximately 82.82 million yuan, representing a payout ratio of 49.61% of the net profit [4][16]. - In the reporting period, the company achieved a revenue growth of 6.88% and a net profit growth of 10.04%, indicating strong operational performance [13]. Group 3: Market Position and Strategy - Eurocrane is recognized as a leading brand in the domestic European-style crane market, with a focus on high-end products and lifecycle services [10][11]. - The company is expanding its international presence, establishing subsidiaries in regions such as Saudi Arabia and Indonesia, and targeting markets in Europe, Southeast Asia, and Latin America [7][11]. Group 4: Industry Trends - The material handling industry is transitioning towards automation and robotics, driven by the demand for increased efficiency and smart manufacturing solutions [6][10]. - The company is developing automated material handling solutions, including various types of industrial robots, to meet the evolving needs of the manufacturing sector [6][10].

Core Viewpoint - The company, 法兰泰克, announced a cash dividend plan for the fiscal year 2024, proposing a distribution of 2.3 yuan per 10 shares, which amounts to a total cash payout of approximately 82.82 million yuan, representing 49.61% of its net profit and a dividend yield of 3.02% based on the average trading price for the year [1][2]. Company Distribution History - The company has a history of consistent dividend payments since its listing, with the latest proposal being the ninth cash distribution [1]. - The cash distribution history includes: - 2024: 10派2.3元 (total cash: 0.83 billion yuan, yield: 3.02%) - 2023: 10派2.3元 (total cash: 0.83 billion yuan, yield: 1.93%) - 2022: 10转增2派2.6元 (total cash: 0.78 billion yuan, yield: 2.36%) - 2021: 10派2.2元 (total cash: 0.66 billion yuan, yield: 1.74%) - 2020: 10转增4派3元 (total cash: 0.64 billion yuan, yield: 2.28%) [2]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 2.129 billion yuan, reflecting a year-on-year growth of 6.88% - The net profit for the same period was 167 million yuan, showing a year-on-year increase of 2.20% - Basic earnings per share were reported at 0.46 yuan, with a weighted average return on equity of 10.57% [2]. Market Position - In the machinery and equipment sector, 法兰泰克's cash distribution ranks among the notable players, with a total cash payout of 82.82 million yuan, placing it in a competitive position within the industry [3]. - The leading companies in the sector based on cash distribution include: - 中国中车: 60.27 billion yuan - 三一重工: 30.34 billion yuan - 中联重科: 26.03 billion yuan [3].

| 证券代码：603966 | 证券简称：法兰泰克 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：113598 | 债券简称：法兰转债 | | 法兰泰克重工股份有限公司续聘会计师事务所公告 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： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前 具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监 督委员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,0 ...

法兰泰克重工股份有限公司董事会审计委员会 对会计师事务所 2024 年度履行监督职责情况报告 法兰泰克重工股份有限公司（以下简称"公司"）聘请立信会计师事务所（特 殊普通合伙）（以下简称"立信"）作为公司 2024 年度财务报告审计机构及内部 控制审计机构。根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司治理准则》、《国有企业、上市公司选聘会计师事务所管理办法》和《公司 章程》等规定和要求，现将董事会审计委员会对会计师事务所 2024 年度履行监 督职责的情况汇报如下： 一、会计师事务所基本情况 （一）基本情况 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业 务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB） 注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总 ...