二、董事会会议审议情况 审议通过了《关于聘任公司高级管理人员的议案》 董事会决定聘任王美英女士为公司总会计师，任期自董事会审议通过之日起，至第 十届董事会届满之日止。 证券代码：000778 证券简称：新兴铸管 公告编号：2024-37 新兴铸管股份有限公司 第十届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 新兴铸管股份有限公司(以下简称"公司")于 2024 年 6 月 21 日以书面和电子邮件 方式向董事、监事发出第十届董事会第四次会议通知，会议于 2024 年 6 月 24 日，以通 讯表决（传真）的方式进行。公司全体 7 名董事参加会议。会议按照会议通知所列议程 进行，会议召集、出席会议董事人数、程序等符合有关法律法规和公司章程的规定。 三、备查文件 1、第十届董事会第四次会议决议。 2、深交所要求的其他文件。 特此公告 新兴铸管股份有限公司董事会 2024 年 6 月 25 日 表决结果：7 票同意、0 票弃权、0 票反对。 该议案已经公司董事会提名委员会和审计与风险委员会审议通过。 该事项的详细 ...

证券代码： 000778 证券简称：新兴铸管 新兴铸管股份有限公司投资者关系活动记录表 编号：2024-01 投资者关系活动 □ 特定对象调研 □ 分析师会议 类别 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 投资者网上提问 人员姓名 时间 2024年5 月31日 (周五) 下午 15:00~16:30 地点 公司通过全景网“投资者关系互动平台”（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 1、董事长何齐书先生 员姓名 2、董事、总经理刘涛先生 3、独立董事温平先生 4、总会计师、董事会秘书王艳女士 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、这样的业绩这样的股价如何实现再造一个新兴铸管 尊敬的投资者您好，感谢您对公司的关心与支持。公司以 “绿色发展、科技创新、数字化转型、深化改革”为抓手，多措 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 新兴铸管股份有限公司（以下简称"公司"）定于 2024 年 5 月 31 日（星期五）15:00- 16:30 在全景网举办"2023 年度暨 2024 年第一季度业绩说明会"，本次业绩说明会将采 用网络远程互 动的 方式举行，投 资者 可登陆全景网 "投 资者关系互动 平台 " （http://ir.p5w.net）参与本次业绩说明会。 新兴铸管股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 证券代码：000778 证券简称：新兴铸管 公告编号：2024-31 新兴铸管股份有限公司董事会 2024 年 5 月 25 日 出席本次说明会的人员有：公司董事长、总经理、独立董事、财务负责人及董事会 秘书。 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向投资者公 开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 28 日（星期二） 15:00 前访问（http://ir.p5w.net/zj/），或扫描下方二维码，进入问题征集专题页面，通过 全 ...

北京市中伦律师事务所 关于新兴铸管股份有限公司 2023 年度股东大会的 法律意见书 二〇二四年五月 法律意见书 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于新兴铸管股份有限公司 2023 年度股东大会的 法律意见书 致：新兴铸管股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受新兴铸管股份有限公司（以 下简称"公司"）委托，指派本所律师对公司 2023 年度股东大会的（以下简称 "本次股东大会"）的合法性进行见证并出具《北京市中伦律师事务所关于新兴 铸管股份有限公司 2023 年度股东大会的法律意见书》（以下简称"本法律意见 书"）。 本所及本所律师依据《中华人民共和国证券法》（ ...

特别提示: 1、本次股东大会未出现否决议案的情形。 新兴铸管股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：000778 证券简称：新兴铸管 公告编号：2024-30 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2024 年 5 月 16 日 9:15－15:00 2、股权登记日：2024 年 5 月 9 日（星期四） 3、会议召开地点：河北省武安市 2672 厂区公司会议室 4、召集人：公司董事会 （1）现场会议召开时间为：2024 年 5 月 16 日（星期四）下午 14:30 （2）网络投票时间为：2024 年 5 月 16 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 5 月 16 日 （现场股东大会召开日）9:15—9:25,9:30—11:30 和 13:00—15:00 （一）会议召开情况 1、会议召开的日期和时间： 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况和出席情况 5、会议主持人：公司董事长何齐书先生因公出差无法主 ...

2024 年 04 月 26 日 新兴铸管（000778.SZ） 业绩短期承压，铸管需求有望扩张 事件：公司发布 2024 年一季度报告。公司一季度实现营业收入 91.24 亿元，同比减少 23.01%； 归属于母公司所有者的净利润 1.71 亿元，同比减少 49.9%；基本每股收益 0.0428 元，同比减 少 49.94%。 相关研究 1、《新兴铸管（000778.SZ）：业绩降幅收窄，多业务加 速推进》2024-04-11 2、《新兴铸管（000778.SZ）：业绩同比回落，多项业务 加速推进》2023-10-24 3、《新兴铸管（000778.SZ）：业绩降幅有限，产销规模 有望高增》2023-08-22 证券研究报告 | 季报点评 业绩短期承压，一季度毛利率回落。公司 2024Q1 实现归母净利 1.71 亿元，同比下降 49.9%， 环比下降 34.73%；2024 年一季度钢价普遍回落，钢企盈利比例低位运行，公司业绩短期承压， 与行业盈利趋势一致。公司 2023Q2-2024Q1 逐季销售毛利率分别为 6.18%、6.50%、7.93%、 4.99%，逐季销售净利率分别为 4.15%、2.29% ...

Cash Flow and Liquidity - The company's monetary funds decreased by 34.70% due to a lower proportion of cash receipts compared to cash expenditures[6] - The company's investment activities resulted in a net cash outflow of RMB 127.75 million, a decrease from RMB 303.00 million in the previous period[27] - The company's financing activities resulted in a net cash outflow of RMB 1.16 billion, compared to a net inflow of RMB 239.73 million in the previous period[27] - Cash received from sales of goods and services is 8,127,784,706.93, down from 10,511,688,206.28 in the previous period[38] - Total cash inflow from operating activities is 8,594,038,370.00, down from 10,795,231,259.28 in the previous period[38] - Total cash outflow from operating activities is 10,627,642,729.08, down from 13,542,623,410.84 in the previous period[38] - Net cash flow from operating activities is -2,033,604,359.08, an improvement from -2,747,392,151.56 in the previous period[38] - Net cash flow from operating activities improved by 25.98% to -2,033,604,359.08 yuan[53] Accounts Receivable and Financing - Accounts receivable financing increased by 62.75% due to a higher proportion of bill receipts and increased bill discounting[6] - Accounts receivable increased by 26.47% to 3,271,895,643.59 yuan[59] Prepayments and Pre-received Items - Prepayments increased by 35.81% due to higher prepayments for raw materials[6] - Pre-received items decreased by 47.65% due to a reduction in pre-received rental fees[6] Liabilities and Debt Structure - Non-current liabilities due within one year decreased by 60.67% due to the repayment of long-term loans and bonds[6] - Long-term loans increased by 37.72% as part of optimizing the debt structure[6] - Long-term borrowings increased by 37.72% to 8,042,663,000.00 yuan[51] - Total current liabilities decreased by 14.07% to 16,721,809,820.61 yuan[51] Risk Provisions and Impairment - General risk provisions increased by 34.33% due to provisions made by the factoring company[6] - Asset impairment losses decreased by 100.00% due to reduced inventory write-downs[47] - Credit impairment loss for the current period was -19,008,219.64, an improvement from -23,451,539.82 in the previous period[62] Earnings and Profitability - Basic earnings per share for the current period is 0.0428, compared to 0.0855 in the previous period[38] - Diluted earnings per share for the current period is 0.0428, compared to 0.0855 in the previous period[38] - Net profit attributable to shareholders of the listed company decreased by 49.90% to 170,936,900.84 yuan[53] - Net profit for the current period was 152,525,366.56, compared to 359,020,096.41 in the previous period[62] - Total comprehensive income for the current period was 154,453,866.56, compared to 420,732,096.41 in the previous period[62] Revenue and Operating Costs - Revenue for the reporting period decreased by 23.01% to 9,124,363,531.11 yuan compared to the same period last year[53] - Total operating revenue for the current period was 9,124,363,531.11, a decrease from the previous period's 11,850,911,365.16[61] - Operating costs for the current period were 9,101,544,499.21, down from 11,706,787,006.80 in the previous period[61] Investment Income and Losses - Investment income received is 127,890,000.00, a significant increase from 6,150,000.00 in the previous period[38] - Investment income decreased by 92.16% due to reduced income from MSP and Wanxin Wenhui investments[47] - Investment income for the current period was 13,990,020.77, significantly lower than the previous period's 178,466,933.57[62] Non-operating Income and Expenses - Non-operating income increased by 948.87% due to increased guarantee forfeiture income[47] - Asset disposal income for the current period was 108,711,207.55, up from 48,158,464.99 in the previous period[62] Assets and Inventory - Total assets decreased slightly by 0.64% to 55,173,386,406.49 yuan[53] - Inventory increased by 24.71% to 7,013,034,817.56 yuan[59] - Fixed assets decreased by 1.02% to 21,574,873,383.14 yuan[59] - Development expenditure increased to 3,000,000.00 yuan from 0.00 yuan in the previous period[59] Bond and Debt Repayment - The company completed the principal and interest payment and delisting of its green bond (19 Xingxing G1) on January 22, 2024[10] Audit and Reporting - The company's first quarter report for 2024 was not audited[65]

业绩追随行业有所下滑，期间费用率下降显著 ——新兴铸管（000778.SZ）2023 年年报业绩点评 事件：公司发布 2023 年年报，全年实现营业收入 432.53 亿元，同比-9.44%， 归母净利润 13.51 亿元，同比-19.40%，扣非后归母净利润 8.31 亿元，同比 -38.75%。2023 年 Q4 实现营业收入 69.32 亿元，同比-25.33%，环比-41.26%， 归母净利润 2.62 亿元，同比-12.20%，环比+4.38%，扣非后归母净利润 1.01 亿元，同比-35.94%，环比-55.11%。2023 年公司现金分红总额为 2.39 亿元， 现金分红比例为 17.71%。 2024 年公司金属制品产量目标为 947 万吨：2023 年公司铸管及其他铸造产品 产量为 282.8 万吨，同比-5.29%，普钢产品产量为 363.2 万吨，同比+11.27%， 优特钢产量为 211.65 万吨，同比-2.01%。2024 年公司金属制品产量目标为 947 万吨，较 2023 年经营目标（966 万吨）微降 1.97%。 2023 年公司期间费用率降至 3.87%，创近 11 年来 ...

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 -10% 3% 17% 30% 44% 57% -15% -7% 0% 8% 16% 23% 2023-04 2023-09 2024-02 股票绝对涨幅和相对涨幅 新兴铸管价格涨幅 新兴铸管相对指数涨幅 -10% -7% -4% -1% 3% 6% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 2% 3% 4% 5% 6% 7% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 82% 86% 90% 94% 99% 103% 26733 27054 27374 27694 28015 28335 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|- ...

Investment Rating - The report downgrades the investment rating of **Xinxing Ductile Iron Pipes (000778)** to "Recommend" from a previous higher rating [4] Core Views - The steel industry faced challenges in 2023, with declining steel prices and high raw material costs, putting pressure on the company's profits [36] - Ductile iron pipes, the company's main product, contributed 30.87% of revenue and 50.62% of gross profit, up 2.27 percentage points from 2022, stabilizing the company's performance [36] - Despite industry headwinds, the company achieved a 3.8% increase in ductile iron pipe sales, with capacity utilization well above the industry average [36] - The company optimized its product structure, achieving a 100% sales-to-production ratio for steel products, and saw record production levels for pipe castings and steel grating [36] - Cost reduction and efficiency improvements contributed to a 23 yuan/ton increase in profit across four dimensions, with operating expenses reduced by 400 million yuan and financial expenses down by 40 million yuan [36] - The company's long-term prospects are supported by ongoing infrastructure development in water conservancy and municipal pipelines, though short-term challenges in steel demand may persist [36] Financial Performance - In 2023, the company reported revenue of 43.253 billion yuan, down 9.4% year-over-year, and net profit attributable to shareholders of 1.351 billion yuan, down 19.4% [5][12] - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, representing a dividend yield of 1.5% based on the closing price on April 10 [12] - For 2024-2026, the company is expected to achieve revenue of 45.136 billion yuan, 48.147 billion yuan, and 51.106 billion yuan, with year-over-year growth of 4.4%, 6.7%, and 6.1%, respectively [5][36] - Net profit attributable to shareholders is forecasted to be 1.444 billion yuan, 1.534 billion yuan, and 1.714 billion yuan for 2024-2026, with growth rates of 6.9%, 6.2%, and 11.8%, respectively [5][36] - The company's price-to-book ratio (P/B) is projected to be 0.6x, 0.6x, and 0.5x for 2024-2026, with a target price of 4.42 yuan based on a 0.7x P/B ratio for 2024 [36] Key Financial Metrics - The company's gross margin improved slightly, from 6.3% in 2023 to an expected 7.2% by 2026 [37] - Return on equity (ROE) is forecasted to increase from 5.3% in 2023 to 5.8% by 2026 [37] - The debt-to-equity ratio is expected to decline from 54.3% in 2023 to 50.6% by 2026, reflecting improved financial health [37] - Earnings per share (EPS) are projected to grow from 0.34 yuan in 2023 to 0.43 yuan by 2026 [37]