关于天津银龙预应力材料股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位： 审计单位： 联系电话： 天津银龙预应力材料股份有限公司 标会计师事务所(特殊普通省 78号院首江广场 10号楼[100141 10)6827 8880 传 1:86(10)6823 8100 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 德皓核字|2025|00000866 号 天津银龙预应力材料股份有限公司全体股东: 控股股东及其他关联方资金占用情况的专项说明 (截止 2024年12月31日) 目 录 页 次 第1页 控股股东及其他关联方资金占用情况的专项 1-2 í 说明 rí 天津银龙预应力材料股份有限公司 2024 年度 1-3 非经营性资金占用及其他关联资金往来情况 汇总表 我们接受委托,依据《中国注册会计师执业准则》审计了天津银 龙预应力材料股份有限公司(以下简称银龙股份)2024 年度财务报 表,包括2024年12月31日的合并及母公司资产负债表,2024年度 的合并及母公司利润表、合并及母公司现金流量表和合并 ...

银龙股份 2025042220250416 摘要 • 银龙股份预应力钢材和高铁轨道板业务双轮驱动，预计 2025 年和 2026 年业绩增速保持 30%以上，市盈率分别为 15.9 倍和 12.1 倍，呈现高增 长低估值特点。 • 公司高强度缆索丝、PCCP 管用钢丝、高强度轨道板用钢丝等产品市场领 先，高铁轨道板毛利率接近 30%，显著提升整体盈利能力，并通过优化业 务结构提高行业地位。 • 银龙股份自 1996 年拓展海外市场，覆盖 90 国，运力、钢材及高铁轨道 板全产业链出海，服务"一带一路"国家，海外业务营收占比约 30%，利 润可观。 • 受益于万亿国债投入，水利投资增长超 30%，轨交每年新增 2000 多公里 高铁线路，高强度预应力钢材及高铁轨道板渗透率提升，推动行业发展。 • 公司通过提升高附加值产品占比、拓展上游产业链、开发产线设备与模具 等方式，为海外项目提供整套解决方案，提高盈利能力。 • 公司优化结构，推广高毛利产品，2023 年营收增长约百分之十几，业绩 增速达 65%，净利率从 2022 年的 6%提升至 2024 年前三季度的 8.14%。 • 公司是高铁轨道板重要研发参与单位 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a target price of 7.65 CNY for the next six months [5]. Core Insights - The company, Silver Dragon Co., Ltd., is a leading manufacturer of prestressed steel products with a strong competitive edge and a diversified business model that spans the entire industry chain, including production, technology, and investment operations [1][10]. - The company has seen significant growth in revenue and profit, with a 2023 revenue of 2.749 billion CNY, a year-on-year increase of 11.57%, and a net profit of 172 million CNY, up 65.18% year-on-year [1][36]. - The company is actively expanding its high-value product offerings, which have led to improved profitability and a more favorable business structure [2][10]. Summary by Sections Company Overview - Silver Dragon Co., Ltd. has been in operation for 47 years and has developed strong technical, brand, and project resource competitiveness in the prestressed steel industry [1][17]. - The company has a comprehensive product matrix that includes prestressed steel, concrete products, and a focus on both traditional infrastructure and emerging energy sectors [1][20]. Business Highlights - The company has established a multi-level product system, focusing on high-value products that drive profitability [2][48]. - It has achieved significant growth in its concrete products segment, with revenue doubling in 2023 and further increasing in 2024 [3][31]. - The company has a strong presence in overseas markets, exporting to over 90 countries, with approximately 30% of its revenue coming from international sales [8][10]. Industry Insights - The report highlights a positive outlook for infrastructure investment in China, particularly in railways and water conservancy projects, which are expected to drive demand for the company's products [9][10]. - The penetration rate of high-value products like the CRTSⅢ type railway track slab is anticipated to increase, benefiting from domestic policy support for infrastructure development [9][10]. Financial Forecast and Valuation - The company is projected to achieve revenues of 3.112 billion CNY, 3.676 billion CNY, and 4.220 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 241 million CNY, 327 million CNY, and 428 million CNY [10][13]. - The report indicates a favorable valuation with a projected PE ratio of 21.1x for 2024, decreasing to 11.9x by 2026, reflecting the company's growth potential [10][13].

证券代码：603969 证券简称：银龙股份 公告编号：2025-004 天津银龙预应力材料股份有限公司 关于对控股子公司提供担保的公告 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个别及连带责任。 被担保人名称及是否为上市公司关联人：被担保人为河间市银龙轨道有 限公司（以下简称"银龙轨道"），是公司控股子公司。本次担保为连 带责任保证 本次担保金额为人民币 900 万元。截至本公告日，公司为银龙轨道提供 的担保余额为 5,900 万元 本次担保存在反担保 无对外担保逾期 重要内容提示： 公司于 2024 年 4 月 16 日召开的第五届董事会第七次会议与 2024 年 5 月 9 日召开的 2023 年年度股东大会审议通过了《关于公司 2024 年对外担保预计的议 案》，同意为银龙轨道提供不超过 20,000 万元的融资担保，本次担保在上述担保 额度范围内。 一、担保情况概述 具体内容详见公司于 2024 年 4 月 17 日及 2024 年 5 月 10 日在《中国证券 报》、《上海证券报》及上海证券交易所网站（www.sse.co ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 223.03 million and 257.34 million CNY, an increase of 51.47 million to 85.78 million CNY compared to the previous year, representing a year-on-year growth of 30% to 50%[2] - The projected net profit after deducting non-recurring gains and losses for 2024 is estimated to be between 220.49 million and 254.41 million CNY, reflecting an increase of 50.88 million to 84.80 million CNY year-on-year, also indicating a growth of 30% to 50%[3] - The total profit for 2023 was reported at 209.08 million CNY, with a net profit attributable to shareholders of 171.56 million CNY[4] - The company emphasizes that the performance forecast is based on preliminary calculations and has not been audited, highlighting the importance of caution for investors[8] - The company warns that the forecast data is preliminary and subject to change pending the final audited financial report for 2024[9] Product Development and Market Expansion - The company has successfully developed a 2100MPa galvanized steel wire for bridge cables, which has been applied in various projects, contributing to the expected sales growth in 2024[6] - The company’s subsidiary is actively involved in providing services for high-speed rail projects, which has led to sustained growth in the concrete products sector for rail transportation[7] - The company has seen an increase in sales volume of galvanized prestressed materials compared to the previous year, driven by ongoing product innovation and market expansion efforts[6] - The company is focusing on high-value-added products in its prestressed materials sector, which is expected to enhance overall profitability in 2024[6] - The company is expanding its market presence through various strategies, including product structure adjustments and application market expansion[6]

证券代码：603969 证券简称：银龙股份 公告编号：2024-044 天津银龙预应力材料股份有限公司 关于对全资子公司提供担保的公告 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个别及连带责任。 一、担保情况概述 天津银龙预应力材料股份有限公司（以下简称"银龙股份"或"公司"）于 2024 年 12 月 23 日与华夏银行股份有限公司沧州分行（以下简称"华夏银行"）签署 《最高额保证合同》，为宝泽龙向华夏银行融资提供连带责任保证，本次担保的 金额为人民币 6,000 万元，本次担保无反担保。 公司于 2024 年 4 月 16 日召开的第五届董事会第七次会议与 2024 年 5 月 9 日召开的 2023 年年度股东大会审议通过了《关于公司 2024 年对外担保预计的议 案》，同意为宝泽龙提供不超过 30,000 万元的融资担保，本次担保在上述担保额 度范围内。 具体内容详见公司于 2024 年 4 月 17 日及 2024 年 5 月 10 日在《中国证券 报》《上海证券报》及上海证券交易所网站（www.sse.com.cn）披露 ...

Group 1: Market Strategy - The company primarily uses a "direct sales" model for domestic markets, maintaining close communication with clients to understand their needs [2] - For overseas markets, a combination of agency sales and direct sales is employed, with a focus on establishing relationships and ensuring payment collection [2] - Export revenue accounts for approximately 30% of the company's total revenue, with products sold to over 90 countries [6] Group 2: Product Development and Innovation - Continuous research and development is a core competitive advantage, leading to the creation of high-strength steel wires and other innovative products [2][4] - The company has developed a 7.0mm-2100MPa high-strength steel wire, which is currently the strongest in the market, and a 2200-2400MPa ultra-high-strength steel strand [4] - The company is also expanding into new applications, including wind power and photovoltaic support structures [7][9] Group 3: Financial Performance - In the first three quarters of 2024, the company achieved a net profit of 169 million yuan, a 42.81% increase year-on-year [7] - The pre-stressed materials segment saw a profit increase of 50.33%, driven by a 7.65% rise in sales volume [7] - The concrete products for rail transport segment also reported a profit increase of 48.66% due to various service provisions for high-speed rail projects [7] Group 4: Accounts Receivable Management - As of September 30, 2024, over 80% of accounts receivable were aged within one year, primarily from large state-owned enterprises, indicating manageable collection risks [3] Group 5: Future Outlook - The company plans to continue expanding its production capacity and product offerings in response to ongoing infrastructure projects, particularly in rail and water conservancy sectors [8][9] - The company is optimistic about future performance, driven by ongoing demand in the construction sector and strategic market positioning [9]

证券代码：603969 证券简称：银龙股份 公告编号：2024-043 天津银龙预应力材料股份有限公司 关于 2023 年限制性股票激励计划预留授予部分 第一个解除限售期限制性股票解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 905,400 股。 本次股票上市流通总数为 905,400 股。 本次股票上市流通日期为 2024 年 12 月 26 日。 天津银龙预应力材料股份有限公司（以下简称"公司"）于2024年12月17日召开 的第五届董事会第十一次会议和第五届监事会第十次会议，审议通过了《关于2023 年限制性股票激励计划预留授予部分第一个解除限售期限制性股票解锁暨上市的 议案》，公司《2023年限制性股票激励计划（草案）》规定的预留授予限制性股票 第一个解除限售期解除限售条件已经成就，现将有关情况公告如下： 一、股权激励计划限制性股票批准及实施情况 （一）本激励计划已履行的决策程序和信息披露情况 1．2023年1月15日 ...

证券代码：603969 证券简称：银龙股份 上海荣正企业咨询服务（集团）股份有限公司 关于 天津银龙预应力材料股份有限公司 2023 年限制性股票激励计划预留授予部分第一个解 除限售期限制性股票解锁暨上市相关事项 之 独立财务顾问报告 2024 年 12 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本次限制性股票激励计划的审批程序 | 6 | | 五、本次限制性股票激励计划预留授予部分第一个解除限售期解除限售条件成 | | | 就情况说明 | 8 | | 六、2023 | 年限制性股票激励计划预留授予部分第一个解除限售期解除限售安排 | | 10 | | | 七、独立财务顾问结论性意见 | 11 | | 八、备查文件及咨询方式 | 12 | 一、释义 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立 财务顾问报告中列载的信息和对本报告做任何解释或者说明。 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次限制性股票激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽 ...

北京市中伦（广州）律师事务所 关于天津银龙预应力材料股份有限公司 2023 年限制性股票激励计划预留授予部分 第一个解除限售期限制性股票解锁相关事项的 法律意见书 二〇二四年十二月 广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于天津银龙预应力材料股份有限公司 2023 年限制性股票激励计划预留授予部分 第一个解除限售期限制性股票解锁相关事项的 法律意见书 致：天津银龙预应力材料股份有限公司 本所对本法律意见书的出具特作如下声明： 本所依据本法律意见书出具日以前已经发生或存在的事实和中国现行有效 的有关法律、法规 ...