国元证券股份有限公司 关于张家港广大特材股份有限公司 2024 年度持续督导现场检查报告 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为张家 港广大特材股份有限公司（以下简称"广大特材"或"公司"）持续督导阶段的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关法律、法规要求，于 2025 年 4 月 10 日、2025 年 4 月 14 日至 2025 年 4 月 16 日，对公司 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐机构 国元证券股份有限公司 （二）保荐代表人 束学岭、孙彬 （三）现场检查时间 （四）现场检查人员 束学岭、杨宇霆 （五）现场检查内容 公司治理、内部控制、信息披露、独立性及与控股股东及其他关联方资金往 来情况、关联交易、募集资金使用、对外担保、重大对外投资、公司经营状况以 及承诺履行情况等。 （六）现场检查手段 1 1、与公司相关负责人员访谈沟通； 2、查看公司主要生产经营场所； 2025 年 4 ...

国元证券股份有限公司 关于张家港广大特材股份有限公司 2024 年度持续督导跟踪报告 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为张家 港广大特材股份有限公司（以下简称"广大特材"或"公司"）持续督导阶段的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作（2023 年 12 月修订）》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》等相关规定，负责广大特材的持续督导工作，并出具本持续督导跟 踪报告。 一、持续督导工作情况 （一）核心竞争力风险 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行了持 | | | 针对具体的持续督导工作制定相应的工作计 | 续督导制度，并制定了相应的工作计 | | | 划。 根据中国证监会相关规定，在持续督导工作 | 划。 | | 2 | 开始前，与上市公司签署持续督导协议，明 | 保荐机构已与公司签订保荐协议，明确 | | | ...

张家港广大特材股份有限公司 2024 年年度股东大会 证券代码：688186 证券简称：广大特材 张家港广大特材股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 张家港广大特材股份有限公司 2024 年年度股东大会 目录 | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议须知 1 | | --- | --- | | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议议程 4 | | 张家港广大特材股份有限公司 | 2024 年年度股东大会会议议案 6 | | 议案一：关于公司 2024 | 年年度报告全文及其摘要的议案 6 | | 议案二：关于公司 2024 | 年度董事会工作报告的议案 7 | | 议案三：关于公司 2024 | 年度监事会工作报告的议案 8 | | 议案四：关于公司 2024 | 年度财务决算报告的议案 9 | | 议案五：关于公司 2024 | 年度利润分配方案的议案 10 | | 议案六：关于公司董事 | 2025 年度薪酬的议案 12 | | 议案七：关于公司监事 | 2025 年度薪酬的议案 13 | | 议案八：关于公司续聘 | 2 ...

Core Viewpoint - The company, Zhangjiagang Wide Special Materials Co., Ltd., is changing the purpose of its share repurchase from employee stock plans to cancellation and reduction of registered capital, which will optimize its capital structure and enhance shareholder value [1][2]. Group 1: Share Repurchase and Capital Structure - The company plans to cancel 8,000,000 shares, which accounts for 3.73% of its total share capital, thereby reducing the total share capital to 206,242,233 shares and registered capital to 206,242,233 yuan [1]. - This cancellation is expected to improve earnings per share, enhance investor recognition of the company's profitability, and stabilize stock price performance [1][2]. - The reduction in share capital will help mitigate governance risks associated with excessive share dispersion and improve decision-making efficiency [1][2]. Group 2: Business Performance and Strategic Planning - The company is at a critical juncture of steady growth and transformation, achieving operating revenue of 4,003.145 million yuan in 2024, a year-on-year increase of 5.67%, with a gross margin of 16.43%, up by 2.11 percentage points [2]. - The growth is attributed to the release of capacity in gearbox components and improved utilization rates in offshore wind power casting projects, although challenges such as intensified industry competition and price pressures remain [2]. Group 3: Technological Innovation and R&D - The company emphasizes research and development as a core driver of growth, having added three core technologies and accumulated 214 authorized patents by 2024 [3]. - The capital released from the share cancellation will be redirected towards R&D, supporting the development of new technologies and products, such as the successful batch production of onshore 10MW wind power castings [3]. - This strategic move is expected to enhance the company's competitiveness in high-end equipment manufacturing and support its market positioning during the renewable energy transition [3].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Views - The company is experiencing a recovery in its casting and gearbox businesses after a period of heavy asset investment, with expectations for improved performance in the coming years [1][3]. - The wind power industry is witnessing a simultaneous increase in both onshore and offshore installations, with significant growth projected for 2025 [2][43]. - The company has successfully optimized its product structure and is focusing on high-margin products, which is expected to enhance profitability [26][30]. Summary by Sections Company Overview - Established in 2006, the company specializes in special steel materials and has expanded into the wind power sector since 2008, producing components such as main shafts, castings, and gearboxes [1][8]. - The company has invested over 5 billion yuan in capacity expansion for wind power castings and gearbox components since 2019, which has put pressure on its financial performance [1][33]. Financial Projections - The company is projected to achieve net profits of 337 million yuan, 405 million yuan, and 464 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 194%, 20%, and 15% [3][4]. - Revenue is expected to grow significantly, with a forecast of 5.83 billion yuan in 2025, representing a 45.6% increase from the previous year [4]. Market Trends - The domestic wind power market is expected to see a substantial increase in new installations, with onshore capacity projected to reach 100 GW in 2025 [2][43]. - The report highlights a recovery in wind power casting prices, which had been under pressure for several years, with expectations for a rebound in 2025 [2][88]. Business Segments - The casting business is anticipated to turn profitable in the second half of 2024, driven by price recovery and structural optimization [30][41]. - The gearbox components segment is also expected to enter a growth phase starting in 2025, with advancements in technology and production processes [3][42]. Valuation - The estimated fair value of the company's stock is between 30.56 and 32.47 yuan, indicating a potential upside of 18% to 25% compared to the current share price of 26.00 yuan [3][5].

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于2024年年度股东大会增加临时提案暨补充通知 的公告 本公司董事会及全体董事保证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。 张家港广大特材股份有限公司（以下简称"公司"）已于2025 年 4 月 22 日 2. 股东大会召开日期：2025 年 5 月 12 日 3. 股东大会股权登记日： 1. 提案人：张家港广大投资控股集团有限公司 2. 提案程序说明 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688186 | 广大特材 | 2025/5/6 | 二、 增加临时提案的情况说明 公告了 2024 年年度股东大会召开通知，单独持有20.91%股份的股东张家港广 大投资控股 ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 第三届监事会第九次会议决议公告 （一）审议通过《关于变更部分回购股份用途并注销的议案》 公司本次变更部分回购股份用途并注销暨减少注册资本事项符合《中华人民 共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等法律法规的有 关规定及公司实际情况，决策程序合法合规，不会对公司的财务状况和经营成果 产生重大影响，也不存在损害公司及全体股东利益的情形，不会影响公司的上市 地位。因此，公司监事会同意本次变更部分回购股份用途并注销的事项。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2024 年年度股东大会审议。 具体内容详见公司 2025 年 4 月 26 日披露于上海证券交易所网站 （www.sse.com.cn）的《关于变更部分回购股份用途并注销暨减少注册资本的公 告》（公告编号：2025 ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于变更部分回购股份用途并注销暨减少注册资本 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、准确性和完整性依法承担法律责任。 公司于 2025 年 4 月 25 日召开第三届董事会第十七次会议、第三届监事会第 九次会议审议通过了《关于变更部分回购股份用途并注销的议案》，同意对将回 购股份用途由"在未来适宜时机用于股权激励及/或员工持股计划，或用于转换 上市公司发行的可转换为股票的公司债券"变更为"在未来适宜时机用于股权激 励及/或员工持股计划，或用于注销并相应减少注册资本"，并将已回购的股份 8,000,000 股进行注销并相应减少注册资本。本议案尚需提交公司 2024 年年度 股东大会审议，现将本次具体情况公告如下： 一、回购股份的具体情况 公司于 2025 年 1 月 1 日召开第三届董事会第十二次会议、第三届监事会第 六次会议， ...

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-039 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 张家港广大特材股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日召开 第三届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司使用华夏银行股份有限公司张家港支行提供的专项贷款及公 司自筹资金不低于人民币 20,000 万元（含），不超过 40,000 万元（含）通过集中 竞价交易方式回购公司发行的人民币普通股（A 股）股票，回购价格不超过人民币 26.22 元/股（含），用于股权激励及/或员工持股计划，或用于转换上市公司发行 的可转换为股票的公司债券。回购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司分别于 2025 年 1 月 2 日和 2025 年 1 月 4 日在上海 证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份 方案的公告》（公告编号：2025-004）、《关于以集中竞价交易 ...

Core Viewpoint - The company reported significant revenue and profit growth in 2024 and Q1 2025, driven by increased sales volume and improved gross margins [1][2] Financial Performance - In 2024, the company achieved revenue of 4.003 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 115 million yuan, up 4.97% year-on-year [1] - For Q4 2024, revenue was 1.044 billion yuan, a year-on-year increase of 25.31%, while net profit was 35 million yuan, marking a turnaround from losses [1] - In Q1 2025, revenue reached 1.122 billion yuan, a year-on-year increase of 25.75%, with net profit soaring to 74 million yuan, up 1488.76% year-on-year [1] Sales Volume and Margins - The overall sales volume in 2024 was 311,000 tons, a year-on-year increase of 7.31%, with significant growth in wind power main shafts, special alloys, and other components [2] - The gross margin for 2024 was 16.62%, an increase of 1.96 percentage points year-on-year, with Q4 2024 and Q1 2025 gross margins at 19.71% and 19.33%, respectively [2] Industry Trends - Wind power bidding accelerated in 2024, with new installed capacity reaching 520.68 GW, a year-on-year growth of 6%, and new bidding for wind turbines increasing by 90.2% [3] - The company is expanding its gearbox projects, with increased production capacity and a focus on various applications beyond wind power, enhancing profitability [3] Contracts and Future Outlook - The company signed a significant contract worth 1.505 billion yuan with Mingyang Smart Energy for wind turbine components, which is expected to substantially boost revenue [3] - Profit forecasts for 2025-2027 are projected at 318 million, 409 million, and 500 million yuan, respectively, with corresponding PE ratios of 17x, 13x, and 11x [4]