证券代码：605305 证券简称：中际联合 公告编号：2025-034 中际联合（北京）科技股份有限公司 关于召开 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： 会议召开时间：2025 年 5 月 13 日（星期二）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 6 日（星期二）至 5 月 12 日（星期一）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 ir@3slift.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 财务总监：任慧玲女士 董事会秘书：刘亚锋先生 中际联合（北京）科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布《公司 2025 年第一季度报告》，为便于广大投资者更全面深入 ...

中际联合（北京）科技股份有限公司2025 年第一季度报告 证券代码：605305 证券简称：中际联合 中际联合（北京）科技股份有限公司 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。 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 | | | 本报告期比上 | | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 年同期增减变 | | | | | 动幅度(%) | | 营业收入 | 316,809,959.80 | 240,544,062.67 | 31.71 | | 归属于上市公司股东的净利润 | 98,536,031.84 | 58,382,930.78 | 68.78 | | 归属于上市公司股东的扣除非经常性损 益的净利润 | 93,135,240.13 | 51,994,499.8 ...

| 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 刘志欣 | | | | | 5165.64 | | 24.31 | 不变 | | 世创(北京)科技发展有限公司 | 1209.96 | 5.69 | 不变 | | 中日节能环保创业投资有限公司 | 962.81 | 4.53 | 不变 | | 马东升 | 440.13 | 2.07 | 不变 | | 科威特政府投资局-自有资金 | 381.05 | 1.79 | 33.63 | | 王喜军 | 330.10 | 1.55 | 不变 | | 澳门金融管理局-自有资金 | 307.36 | 1.45 | 新进 | | 宁波梅山保税港区创言投资合伙企业(有限合伙) | 304.01 | 1.43 | 不变 | | 北京六合基金管理有限公司-北京外经贸发展引导基金 | | | | | (有限合伙) | 302.31 | 1.42 | -30.50 | | 交银趋势混合A | 274.59 | 1.29 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 香港中央 ...

Group 1 - The article discusses the latest profit forecasts for Zhongji United, highlighting the projected net profits for 2025, 2026, and 2027, with estimates ranging from 4.10 billion to 6.00 billion yuan [3] - Various securities firms have provided their predictions, with Guotou Securities estimating a net profit of 4.10 billion yuan for 2025 and 6.00 billion yuan for 2027, while CITIC Securities forecasts 4.33 billion yuan for 2025 and 6.28 billion yuan for 2027 [3] - The target prices set by different firms for Zhongji United range from 28.95 yuan to 40.79 yuan, indicating a positive outlook on the company's future performance [3] Group 2 - The article includes a table summarizing the performance predictions from multiple research institutions, showing a general trend of increasing net profits over the forecasted years [3] - The accuracy of the predictions varies, with some firms reporting accuracy rates above 74%, indicating a level of confidence in their forecasts [3] - The data presented is based on publicly available information and is intended for reference purposes [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leader in high-altitude safety operation equipment for wind power globally, with domestic and international growth opportunities across multiple fields driving performance beyond expectations [1] - The domestic wind power market is experiencing high demand, with significant growth in new installations expected in 2025, projected at approximately 105-115 GW [3] - The company is expanding into overseas markets and other application fields, which are expected to provide additional growth momentum [4] Summary by Sections Market Expectations - The company's main business has limited market space, and there are concerns about the potential decline in domestic wind power business due to the increasing size of wind turbines [2] - There is uncertainty regarding the success of the company's expansion into other application areas [2] - The company's significant exposure to the U.S. market raises concerns about the impact of potential tariffs on performance [2] Performance Drivers - The domestic wind power market is thriving, with an expected annual average new installation capacity of 100 GW from 2024 to 2026, representing a CAGR of 11% [3] - Product optimization and solution iterations are enhancing the value of individual wind turbine configurations [3] - The company is also tapping into the vast potential of the wind power operation and maintenance market, which is expected to contribute to long-term performance [3] Overseas Market Expansion - The company has opportunities in the North American and European markets, which have substantial retrofitting needs [4] - There is significant room for improvement in market share in overseas markets, which could lead to incremental performance growth [4] Multi-Field Expansion - The company is diversifying its product offerings into various fields such as industrial and construction, emergency rescue, and power grids, moving towards a platform-based enterprise model [4] - New products like material conveyors and climbing machines are expected to become key products for the company [4] Financial Forecasts - The company is projected to achieve a net profit of 402 million in 2025, with a year-on-year growth of 28% [10] - The expected P/E ratios for 2025, 2026, and 2027 are 12, 11, and 9, respectively, indicating a favorable valuation outlook [10]

Core Insights - The company achieved a revenue of 1.299 billion yuan in 2024, representing an 18% year-on-year increase, with Q4 revenue at 365 million yuan, down 10% year-on-year [1] - The company’s net profit attributable to shareholders reached 315 million yuan, a 52% increase year-on-year, with Q4 net profit at 77 million yuan, down 13% year-on-year [2] - The company is expanding its overseas market presence and product line, indicating significant long-term growth potential [3] Revenue Breakdown - Revenue from aerial safety lifting equipment in 2024 was 889 million yuan, up 16% year-on-year [1] - Revenue from aerial safety protection equipment was 355 million yuan, up 24% year-on-year [1] - Revenue from aerial safety operation services was 46 million yuan, up 1% year-on-year [1] Regional Performance - Domestic sales in 2024 amounted to 644 million yuan, an increase of 16% year-on-year [1] - International sales reached 646 million yuan, a 19% increase year-on-year [1] Industry Performance - Revenue from the wind power sector was 1.254 billion yuan, up 16% year-on-year [1] - Non-wind power sectors generated revenue of 35.32 million yuan, a significant increase of 172% year-on-year [1] Profitability Metrics - The company’s net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [2] - The gross profit margin for 2024 was 45.49%, slightly down by 0.64 percentage points year-on-year [2] Cost Management - The company’s expense ratio decreased to 22.64%, down 5.25 percentage points year-on-year, indicating improved cost control [2] Product and Market Expansion - The company is focusing on expanding its overseas business, particularly in the wind power high-altitude operation equipment market, which is larger than the domestic market [3] - New product developments include dual-machine linkage solutions and heavy-load elevators, aimed at various sectors such as construction and communication [3] Future Revenue Projections - Revenue forecasts for 2025 and 2026 are adjusted to 1.615 billion yuan and 1.932 billion yuan, respectively, with expected year-on-year growth of 24% and 20% [3] - The projected net profit for 2025 and 2026 is adjusted to 394 million yuan and 475 million yuan, with expected growth rates of 25% and 21% [3]

Core Viewpoint - The company is expected to exceed performance expectations due to the resonance of domestic beta and alpha, as well as growth opportunities in overseas and non-wind power sectors [1] Market Expectations - The company's main business has limited market space and a low industry ceiling, with a relatively high market share in the domestic wind power safety operation equipment sector, but potential decline in domestic wind power business due to the trend of larger wind turbines [2] - There is significant uncertainty regarding the company's success in expanding into other application fields [2] - Concerns exist regarding the company's exposure to the U.S. market and the potential negative impact of increased tariffs on performance [2] Performance Drivers - The domestic wind power market is experiencing high demand, with projected new installations of approximately 105-115 GW by 2025, leading to a compound annual growth rate (CAGR) of 11% from 2024 to 2026 [3] - Product optimization and solution iterations are expected to enhance the value of individual wind turbine configurations, with new products like high-load elevators and dual-machine tower climbing solutions contributing to this increase [3] - The wind power operation and maintenance market presents significant growth potential for the company's long-term performance [3] Overseas Market Expansion - There is substantial demand for retrofitting in the North American and European markets, providing opportunities for growth in these regions [3] - The company has considerable room for improvement in market share in overseas markets, which could lead to incremental performance gains [3] Multi-Sector Expansion - The company is diversifying its product offerings into various sectors such as industrial and construction, emergency rescue, and power grids, aiming to become a platform enterprise [4] - New products like material conveyors and climbing machines are expected to become key products, with material conveyors aiding in reducing labor costs in overseas photovoltaic construction [4] - The climbing machine is anticipated to be integrated into existing tower cranes, enhancing safety and efficiency [4] U.S. Market Strategy - The company has established a wholly-owned subsidiary in the U.S., allowing for rapid establishment of local production capacity if needed [4] - The company’s main product, the anti-climbing device, holds a near 100% market share in the U.S. due to its intellectual property, indicating strong pricing power [4] - The anti-climbing device is expected to help clients significantly reduce safety risks and labor costs, increasing demand in the context of rising inflation [4] Performance Metrics and Catalysts - Key performance indicators include global wind power new bidding volumes, year-on-year growth in installed capacity, changes in the company's overseas market share, and order growth for high-value products [5] - Catalysts for performance include lower-than-expected tariff increases in the U.S., high growth in domestic wind power new bidding volumes, and significant orders in emerging application fields [5] Unique Insights - The market perceives a limited ceiling for the wind power safety operation equipment industry, but the company is expected to counteract potential declines through product upgrades and solution optimizations [6][7] - The company is positioned to maintain rapid growth in the wind power sector and expand into new markets, supported by a strong alpha logic [8] Profit Forecast and Valuation - The company is projected to achieve net profits of 402 million, 470 million, and 574 million from 2025 to 2027, with year-on-year growth rates of 28%, 17%, and 22%, respectively, resulting in a CAGR of 20% [8]

中际联合（北京）科技股份有限公司 2024年年度股东大会 会议资料 二〇二五年五月 1 目 录 | 一、2024 年年度股东大会议程 | 3 | | --- | --- | | 二、2024 年年度股东大会须知 | 5 | | 三、会议议案 | 7 | | 1.《关于 2024 年度董事会工作报告的议案》 | 7 | | 2.《关于 2024 年度监事会工作报告的议案》 | 18 | | 3.《关于公司 2024 年年度报告及摘要的议案》 | 24 | | 4.《关于公司 2024 年年度利润分配方案的议案》 | 25 | | 5.《关于公司董事及高级管理人员 2025 年度薪酬方案的议案》 | 26 | | 6.《关于公司监事 2025 年度薪酬方案的议案》 | 27 | | 7.《关于使用部分闲置募集资金进行现金管理的议案》 | 28 | | 8.《关于使用部分闲置自有资金进行现金管理的议案》 | 29 | | 9.《关于开展外汇衍生品交易业务的议案》 | 30 | | 10.《关于续聘公司 2025 年度会计师事务所的议案》 | 31 | | 11.《关于提请股东大会授权董事会以简易程序向特定对象发行股 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported significant revenue growth in 2024, with total revenue reaching 1.299 billion, a year-on-year increase of 18% [3] - The net profit for 2024 was 315 million, reflecting a 52% increase year-on-year, with a notable rise in net profit margin [4] - The company is expanding its overseas market presence and diversifying its product line, indicating strong long-term growth potential [5] Revenue Growth - In 2024, the company achieved revenue of 1.299 billion, with Q4 revenue at 365 million, a decrease of 10% year-on-year [3] - Revenue breakdown by product shows: - Aerial safety lifting equipment: 889 million, up 16% - Aerial safety protection equipment: 355 million, up 24% - Aerial safety operation services: 46 million, up 1% [3] - Domestic sales reached 644 million, up 16%, while international sales were 646 million, up 19% [3] - The wind power sector generated 1.254 billion in revenue, up 16%, while non-wind power sectors saw a remarkable 172% increase [3] Profitability Improvement - The company's net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [4] - The operating profit for 2024 was 349 million, with a gross profit margin of 45.49%, slightly down by 0.64 percentage points [4] - The company managed to reduce its expense ratio to 22.64%, down 5.25 percentage points, enhancing its cost control capabilities [4] Future Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 1.615 billion and 1.932 billion, respectively, with expected year-on-year growth rates of 24% and 20% [6] - The net profit forecasts for the same years are 394 million and 475 million, with growth rates of 25% and 20.7% [6] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with projected EPS of 1.85 and 2.24 for 2025 and 2026 [6] Market Expansion - The company is experiencing rapid growth in overseas markets, particularly in the wind power sector, which has a larger market size compared to domestic markets [5] - New product developments, such as dual-machine linkage solutions and heavy-load elevators, are expected to open new growth avenues in various industries [5]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 23.93 CNY [5]. Core Views - The company reported a total revenue of 1.299 billion CNY for 2024, representing a year-on-year increase of 17.58%, and a net profit of 315 million CNY, up 52.2% year-on-year, slightly exceeding the performance guidance [2][3]. - Both domestic and international businesses are growing simultaneously, with significant expansion into new fields. Domestic revenue reached 653 million CNY, while overseas revenue was 646 million CNY, accounting for 50.09% of total revenue [2]. - The company has established wholly-owned subsidiaries in the US, Germany, India, Japan, and Brazil, indicating a strong international presence [2]. Revenue Structure - The revenue from high-altitude safety lifting equipment, protective equipment, and work clothing was 889 million CNY, 355 million CNY, and 46 million CNY, respectively, with year-on-year growth rates of 16.41%, 23.71%, and 1.26% [2]. - The company has diversified its applications across 17 industries, including power grids, telecommunications, thermal power, construction, and bridges, with non-power generation revenue increasing by 171.75% year-on-year [2]. Order Growth and Profitability - The company signed new orders in 2024 with a year-on-year growth of approximately 35%, with overseas orders growing faster than domestic ones [3]. - The gross margin and net margin for the year were 45.49% and 24.24%, respectively, with the net margin showing a significant improvement due to cost control measures [3]. - The company plans to enhance budget management and deepen cost reduction efforts, which are expected to further improve profitability [3]. Market Outlook - The domestic wind power market is projected to see significant growth, with installed capacity expected to reach 105-115 GW in 2025, representing a year-on-year growth of 22.8% to 34.5% [4]. - The company is well-positioned to benefit from the anticipated recovery in the offshore wind power sector, with a projected installed capacity of 10-15 GW [4]. - The company has a strong ability to withstand tariff risks due to its established presence in the US market and a high market share in its main products [9]. Financial Projections - Revenue projections for 2025-2027 are 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY, with year-on-year growth rates of 24.1%, 16%, and 14.9% respectively [10]. - Net profit projections for the same period are 410 million CNY, 490 million CNY, and 600 million CNY, with growth rates of 30.6%, 20.2%, and 22.3% respectively [10]. - The company is expected to maintain a strong performance relative to the industry, driven by cost control and structural optimization [10].