2024 年归母净利润增14.3%符合预期，毛利率同比显著提升。(1)2024 年营收191 亿元下降11.2%(Q1-Q4 增4.6/-3.7/-12.3/-27.7%)。归母净利10.5亿元增长14.3%(Q1-Q4 增36.1/-10.7/15.9/28.3%)，扣非归母10.6 亿元增长16.4%。(2)2024 年毛利率12.82%(+2.50pct)，费用率4.27%(+1.06pct)，归母净利率5.50% (+1.23pct)，加权ROE11.71%(+0.39pct)，资产负债率58.21%(-2.67pct)。(3)2024 年经营现金流6.5 亿元(23 年同期7.0 亿元)，Q1-Q4 为3.4/-7.2/-0.73/11.1 亿元(23 年为7.0/-11.5/2.0/9.5 亿元)。2024 年收现比101% (23 年同期94%)，付现比100%(23 年同期94%)。(4)应收账款38 亿元增4.1%，减值损失合计4.68 亿元(23 年同期3.95 亿元)。 本报告导读： 焦煤销售业务顶住焦煤价格下降的压力，确保销售价处于市场价上方；积极寻找更多优势焦煤资源，保 证货源稳定供 ...

4月9日，北方国际今日收盘10.07元，上涨5.78%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到10.26倍，总市值107.73亿元。 来源：金融界 从行业市盈率排名来看，公司所处的工程建设行业市盈率平均15.32倍，行业中值17.67倍，北方国际排 名第36位。 资金流向方面，4月9日，北方国际主力资金净流出3585.93万元，近5日总体呈流出状态，5日共流出 4742.44万元。 北方国际合作股份有限公司的主营业务是工程建设与服务、资源与设备供应链、电力运营、工业制造。 公司的主要产品是工程建设与服务、资源设备供应链、电力运营、工业制造。公司国际高度重视ESG管 理体系建设，自2022年以来每年编制专项ESG报告，全面展现企业在ESG方面的良好实践。公司2023年 度ESG报告荣获中国企业社会责任报告评级专家委员会"五星级"评级，公司荣获中央广播电视总台"中 国ESG上市公司先锋100"、《中央企业上市公司ESG蓝皮书(2024)》十佳案例等多项荣誉。 最新一期业绩显示，2024年年报，公司实现营业收入190.80亿元，同比-11.21%；净利润10.50亿元，同 比14.32%，销售 ...

丨证券研究报告丨 公司研究丨点评报告丨北方国际（000065.SZ） [Table_Title] 业绩延续增长，运营项目稳步推进 报告要点 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary] 公司全年实现营业收入 190.80 亿元，同比减少 11.21%；归属净利润 10.50 亿元，同比增长 14.32%；扣非后归属净利润 10.55 亿元，同比增长 16.43%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 research.95579.com 1 北方国际（000065.SZ） cjzqdt11111 [Table_Title2] 业绩延续增长，运营项目稳步推进 [Table_Summary2] 事件描述 公司全年实现营业收入 190.80 亿元，同比减少 11.21%；归属净利润 10.50 亿元，同比增长 14.32%；扣非后归属净利润 10.55 亿元，同比增长 16.43%。 事件评论 风险提示 1、、项目进展不及预期；2、原材料价 ...

4月7日，北方国际今日收盘9.62元，下跌10.01%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到9.81倍，总市值102.92亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)36北方国际9.819.811.10102.92亿行业平均 14.9514.581.06188.38亿行业中值18.3717.711.2551.00亿1浙江建投-3234.6721.021.2682.32亿2金埔园 林-254.7160.251.1212.78亿3成都路桥-90.70635.270.9628.54亿4苏文电能-42.0938.010.9729.80亿5*ST农 尚-27.56-76.364.1422.73亿6旭杰科技-25.09-25.094.917.57亿7*ST围海-23.64-22.951.0531.47亿8重庆建 工-22.48120.900.5845.45亿9ST花王-17.55-22.7211.6441.48亿10文科股份-15.77-12.368.3818.46亿11诚邦股 份-15.17-12.541.8513.56亿 来源：金融界 北方国际合作股份有限公司的主营业务是工程 ...

特别提示： 1、可转债赎回价格：100.90元/张（含当期息税，当期年利率为2.00%），扣税后的赎回价格以中国证 券登记结算有限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： ● 最后转股日：2025年4月3日 2025年4月1日至2025年4月3日收市前，持有"北方转债"的投资者仍可进行转股。2025年4月3日收市后， 未实施转股的"北方转债"将停止转股。剩余可转债将按照100.90元/张的价格强制赎回。截至本公告披露 时，距离"北方转债"赎回日（2025年4月7日）仅剩半个交易日。 ● 风险提示 因目前"北方转债"二级市场价格与赎回价格存在较大差异，特别提醒各位持有人注意在2025年4月3日收 市前及时转股，如未及时转股，可能面临损失。敬请投资者注意投资风险。 2、可转债赎回条件满足日：2025年3月6日 3、可转债赎回登记日：2025年4月3日 9、赎回类别：全部赎回 10、根据安排，截至2025年4月3日（可转债赎回登记日）收 ...

Core Viewpoint - As of March 28, 2025, Beifang International (000065) reported a closing price of 10.73 yuan, down 5.3% from the previous week, with a total market capitalization of 11.436 billion yuan [1] Shareholder Changes - As of March 31, 2025, the number of shareholders for Beifang International reached 55,100, an increase of 14,900 or 37.18% from December 31, 2024. The average number of shares held per shareholder decreased from 25,500 to 19,300, with an average holding value of 200,800 yuan [3][7] Performance Disclosure Highlights - The 2024 annual report of Beifang International indicated a total revenue of 19.08 billion yuan, a year-on-year decrease of 11.21%. The net profit attributable to shareholders was 1.05 billion yuan, an increase of 14.32% year-on-year. The net profit excluding non-recurring items was 1.055 billion yuan, up 16.43% year-on-year. In Q4 2024, the quarterly revenue was 4.958 billion yuan, down 27.7% year-on-year, while the quarterly net profit attributable to shareholders was 292 million yuan, up 28.33% year-on-year [4][7] Institutional Research Highlights - During the analyst meeting on April 2, 2025, the company announced a restructuring of its main business segments to better reflect its operations, which now include engineering construction and services, resource and equipment supply chain, power operation, industrial manufacturing, and others. The company emphasized the importance of digital transformation in response to market risks and highlighted its experience in EPC project management [5][7] Company Announcement Summary - Beifang International plans to distribute a cash dividend of 1.49 yuan (including tax) for every 10 shares based on the total share capital of 1,063,456,232 shares as of March 28, 2025, amounting to a total distribution of approximately 158.45 million yuan. This represents a 72% increase compared to the previous year. The proposed cash dividend will be subject to approval at the upcoming shareholders' meeting [6][7]

Core Viewpoint - The company experienced a decline in overall revenue for 2024, but showed significant growth in industrial manufacturing revenue, alongside improvements in profitability metrics [1][2]. Financial Performance - The company achieved a total revenue of 19.08 billion, a year-on-year decrease of 11.21% [1]. - The revenue breakdown includes: engineering construction and services at 8.356 billion (down 6.95%), resource equipment supply chain at 8.966 billion (down 16.87%), power operation at 438 million (down 18.05%), and industrial manufacturing at 1.236 billion (up 12.4%) [1]. - The net profit attributable to shareholders was 1.05 billion, reflecting a year-on-year increase of 10.5% [1]. - The net cash flow from operating activities was 653 million, a decrease of 49 million year-on-year [1]. - The net cash flow from investing activities was -167 million, an improvement from -797 million in the same period of 2023 [1]. - The net cash flow from financing activities was 90 million, compared to -536 million in 2023 [1]. Profitability Metrics - The gross profit margin for 2024 was 12.82%, an increase of 2.5 percentage points year-on-year [2]. - The net profit margin was 5.38%, up by 0.94 percentage points [2]. - The expense ratio increased to 4.27%, a rise of 1.06 percentage points [2]. - The accounts receivable stood at 3.807 billion, an increase of 151 million year-on-year [2]. - The asset-liability ratio was 58.21%, a decrease of 2.67 percentage points [2]. - Total asset impairment and credit impairment losses amounted to 468 million, an increase of 72 million year-on-year [2]. Strategic Focus - The company is focusing on deepening its involvement in the "Belt and Road" initiative, with new contracts signed amounting to 1.133 billion, down from 2.62 billion in the previous year [2]. - As of December 31, 2024, the total signed but uncompleted project contracts amounted to 14.165 billion, with active contracts at 6.393 billion and unactivated contracts at 7.772 billion [2]. - Notable projects include the Lahore Metro Orange Line in Pakistan, the first cross-border electrified railway in Africa, and various renewable energy projects in Croatia and Bangladesh [2]. Investment Outlook - The projected net profit attributable to shareholders for 2025-2027 is expected to be 1.054 billion, 1.120 billion, and 1.185 billion respectively, with year-on-year growth rates of +0.41%, +6.30%, and +5.79% [3]. - Corresponding price-to-earnings ratios are projected to be 10.81, 10.17, and 9.61 times [3].

关于"北方转债"即将停止转股 暨赎回日前最后半个交易日的重要提示性公告 股票简称：北方国际 股票代码：000065 公告编号：2025-043 转债简称：北方转债 转债代码：127014 北方国际合作股份有限公司 关于"北方转债"即将停止转股暨赎回日前最后半个交易日的 重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 最后转股日：2025 年 4 月 3 日 2025 年 4 月 1 日至 2025 年 4 月 3 日收市前，持有"北方转债"的投资者仍 可进行转股。2025 年 4 月 3 日收市后，未实施转股的"北方转债"将停止转股。 剩余可转债将按照 100.90 元/张的价格强制赎回。截至本公告披露时，距离"北 方转债"赎回日（2025 年 4 月 7 日）仅剩半个交易日。 风险提示 因目前"北方转债"二级市场价格与赎回价格存在较大差异，特别提醒各位 持有人注意在 2025 年 4 月 3 日收市前及时转股，如未及时转股，可能面临损失。 敬请投资者注意投资风险。 特别提示： 1、可转债赎回价格：100.90 元/张（含当期息 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has significantly improved its profitability, with a notable acceleration in performance in Q4 2024, achieving a revenue of 19.1 billion and a net profit of 1.05 billion, representing a year-on-year increase of 14.3% [1][2]. - The integrated investment and construction projects are progressing steadily, with the Bangladesh thermal power station expected to contribute investment returns starting this year [3]. - The company is expanding its operational scale through a planned capital increase of 960 million, with 720 million allocated to a photovoltaic project in Bosnia [4]. Financial Performance - In 2024, the company achieved a comprehensive gross margin of 12.82%, an increase of 2.5 percentage points year-on-year, driven by improved profitability in core businesses [2]. - The net profit margin rose to 5.5%, up 1.23 percentage points year-on-year, with operating cash flow remaining stable at 650 million [2]. - The company expects net profits of 1.18 billion, 1.32 billion, and 1.45 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.10, 1.24, and 1.35 [5][4]. Business Segments - Revenue from engineering construction, resource equipment supply chain, power operation, and industrial manufacturing was 8.36 billion, 8.97 billion, 440 million, and 1.24 billion respectively, with notable declines in resource equipment and power operation segments [1]. - The company has maintained a large volume of coal sales, with 5.12 million tons sold in 2024, despite a high base from the previous year [3]. Future Outlook - The company plans to continue expanding its integrated investment and construction strategy, with a focus on renewable energy projects in the Asia-Pacific and Central and Eastern Europe regions [4]. - The projected net profit growth rates for the next three years are 13%, 12%, and 9% respectively, indicating a stable growth trajectory [4].

Group 1: Sanxin Medical - Sanxin Medical has obtained a registration certificate for its self-developed disposable blood dialysis machine, becoming the first domestic brand to achieve this milestone, actively promoting the domestic substitution process [1] - The company's gross profit margin has increased year-on-year due to capacity release and cost reduction, while the net profit margin has decreased due to increased expenses and asset impairment [1] - Sanxin Medical has established new production bases in Sichuan and Jiangxi to enhance the production capacity of blood dialysis products, further meeting market demand [1] - The company has completed registrations in Indonesia, Peru, and Mexico for international markets, and is advancing certifications in Russia and Turkey, resulting in significant growth in export revenue [1] - There is a broad space for domestic substitution in blood dialysis machines and equipment, with sustained market demand supported by centralized procurement policies [1] - The company is collaborating with upstream and downstream manufacturers to develop polyethersulfone materials to enhance the competitiveness of dialysis machines [1] - Sanxin Medical is optimistic about stable market demand growth and believes that centralized procurement will promote standardized development in the industry, increasing market share [1] Group 2: Northern International - Northern International has adjusted its main business to include engineering construction and services, resource and equipment supply chain, power operation, industrial manufacturing, and others [2] - The engineering construction and services segment includes international engineering, international logistics services, and domestic engineering [2] - The resource and equipment supply chain covers coking coal resource acquisition and sales, as well as heavy equipment exports [2] - Power operations involve projects such as the Senj Wind Power Project in Croatia and the Nam Ngum Hydropower Project in Laos [2] - The industrial manufacturing segment primarily focuses on the production of tinplate packaging containers [2] - The company aims to achieve digital transformation and introduce advanced technologies to address market risks arising from engineering technology development [2] - For the 2024 fiscal year, the profit distribution plan includes a cash dividend of 1.49 yuan for every 10 shares, with a future focus on enhancing investor returns and improving performance [2]