秦川机床工具集团股份公司 关于首期限制性股票激励计划获得 陕西省国资委批复的公告 证券代码：000837 证券简称：秦川机床 公告编号：2025-28 公司首期限制性股票激励计划尚需股东大会审议通过后方可实施。公司将积 极推进相关工作，并严格按照《公司法》《证券法》《上市公司股权激励管理办法》 等有关规定，及时履行信息披露义务。 特此公告 秦川机床工具集团股份公司 董 事 会 2025 年 4 月 29 日 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。 秦川机床工具集团股份公司（以下简称"公司"）于 2024 年 10 月 8 日召开 第九届董事会第四次会议、第九届监事会第三次会议，分别审议通过了《关于公 司<首期限制性股票激励计划（草案）>及其摘要的议案》等相关议案；于 2025 年 1 月 24 日召开第九届董事会第七次会议、第九届监事会第五次会议，分别审 议通过了《关于公司<首期限制性股票激励计划（草案修订稿）>及其摘要的议 案》等相关议案。上述具体内容详见公司分别于 2024 年 10 月 9 日、2025 年 1 月 25 日在巨潮资讯网（http ...

中信证券股份有限公司 关于秦川机床工具集团股份公司 2024年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）根据《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》对秦川机床工具集团股 份公司（以下简称"秦川机床"、"公司"）进行了 2024 年度持续督导培训，报告 如下： （一）保荐人：中信证券股份有限公司 （二）保荐代表人：陈熙颖、孟德望 （三）协办人：刘垚 （四）培训时间：2025 年 4 月 11 日 （五）培训地点：陕西省宝鸡市渭滨区姜谭路 22 号，办公楼五层会议室 （六）培训人员：马博飞、孟德望 （七）培训对象：公司董事、监事、高级管理人员、中层以上管理人员 中信证券认为：通过本次培训，公司的董事、监事、高级管理人员等相关人 员加深了对中国证券监督管理委员会和深圳证券交易所相关法律、法规、相关业 务规则的了解和认识。本次持续督导培训总体上提高了公司及公司董事、监事、 高级管理人员等相关人员的规范运作意识及对资本市场的理解，有助于提高公司 的规范运作和信息披露水平。 （以下无正文） 2 一、本次持续督导培训的基本情况 （八）培训内容 ...

Group 1 - The humanoid robot concept stocks experienced a surge in early trading, with Qin Chuan Machine Tool (000837) hitting the daily limit up [1] - Hangzhou Gear (601177) rose over 8%, indicating strong market interest in the sector [1] - Other companies such as Siling Co., Ltd. (301550), Dongtu Technology (300353), and Meili Technology (300611) also saw significant gains [1]

Group 1 - The core viewpoint of the article highlights a significant rebound in robotics concept stocks, with several companies reaching their daily limit up [1] - Notable stocks that hit the limit up include Qin Chuan Machine Tool, Rihai Intelligent, Fenghua Shares, and others, indicating strong market interest [1] - Additional stocks such as Wanda Bearings, Changsheng Bearings, and others saw gains exceeding 5%, reflecting a broader positive trend in the sector [1] Group 2 - The first Embodied Intelligent Robot Sports Conference is scheduled to take place from April 24 to 26 in Wuxi City, which may contribute to the increased interest in robotics stocks [1] - Key representatives from companies like Yushu and Xiaomi are expected to participate in discussions, potentially influencing market sentiment [1]

Core Viewpoint - The overall performance of the machine tool industry in 2024 is expected to show a trend of low performance at the beginning of the year and high performance towards the end, with a projected revenue decline of 5.2% and a significant profit drop of 76.6% [1][2]. Group 1: Industry Overview - The machine tool industry is projected to achieve a total revenue of 10,407 billion yuan in 2024, with a profit total of 265 billion yuan, and an export value of 217.2 billion USD, reflecting a 4% year-on-year growth in exports [1][2]. - The proportion of loss-making enterprises in the industry has increased to 18.0%, up by 0.3 percentage points year-on-year [2]. Group 2: Company Performance - In 2024, the company achieved a revenue of 3.86 billion yuan, a growth of 2.62% compared to the previous year, and a net profit of 53.78 million yuan, reflecting a 2.92% increase [1][2]. - The main business revenue reached 3.798 billion yuan, with a year-on-year growth of 2.74%, and the main machine segment saw a revenue increase of 9.35% [2]. - The company reported a net cash flow from operating activities of 156 million yuan, an increase of 8.43% year-on-year, and a research and development investment of 204 million yuan, up by 2.2% [2]. Group 3: International Business and Product Development - The company has significantly increased its export revenue, with a 35% year-on-year growth in machine tool exports, focusing on high-precision gear processing machine tools and CNC lathes [3]. - The company has established capabilities in manufacturing components for humanoid robots, including gear machines and thread grinding machines, and is actively engaged in R&D for these products [4]. Group 4: Strategic Planning - During the "14th Five-Year Plan" period, the company aims to focus on high-end, intelligent, and green development in the machine tool sector, optimizing its structural layout and enhancing its core competitiveness [7]. - The company plans to accelerate new product R&D and upgrade its intelligent manufacturing capabilities to become a leading global provider of machine tool manufacturing and precision transmission solutions [7]. Group 5: Product Advancements - The company’s Walker Gear products in the new energy sector are characterized by high precision and cover various applications, benefiting from mature processes and strong customer relationships [8]. - The company has developed a range of five-axis machining center products, achieving high precision and efficiency, with significant market penetration in key sectors [9].

Group 1: Company Overview - Qin Chuan Machine Tool Group Co., Ltd. is focused on the machine tool industry, emphasizing high-end, intelligent, and green development strategies [7] - The company aims to become a global leader in machine tool manufacturing and precision transmission solutions [7] Group 2: Financial Performance - In 2024, the machine tool industry experienced a revenue decline of 5.2%, while the total profit decreased by 10.4% [4] - Qin Chuan Machine Tool achieved a revenue of 3.86 billion CNY in 2024, a 2.62% increase from 3.76 billion CNY in 2023 [4] - The net profit attributable to shareholders was 53.78 million CNY, reflecting a 2.92% increase from 52.26 million CNY in the previous year [4] Group 3: Product Development and Market Position - The company has developed a comprehensive range of industrial robot joint reducers, with over 40 specifications and a production capacity of 60,000 to 90,000 sets per year [6] - The five-axis machining center product line includes 20 models, covering most machining types and sizes in the high-end CNC cutting machine tool sector [9] - Walker Gear's products in the new energy sector are characterized by high precision and low cost, with strong supply chain management [8] Group 4: Export and International Business - The company’s machine tool exports increased by 35% year-on-year, with significant sales to Europe, South America, East Asia, and Africa [4] - Components are exported to countries like Spain and Germany, indicating a strong international presence [4] Group 5: Research and Development - R&D investment increased by 2.2% in 2024, highlighting the company's commitment to innovation [4] - The company has a solid foundation in R&D and manufacturing capabilities for components used in robotics [5]

Core Viewpoint - Qin Chuan Machine Tool is adapting to industry changes by seeking growth through new sectors such as electric vehicles and humanoid robots, despite facing challenges in its core business performance [1][3]. Financial Performance - In 2024, the company reported a revenue of 3.86 billion yuan, a year-on-year increase of 2.62%, while net profit attributable to shareholders was 53.78 million yuan, up 2.92%. However, the net profit excluding non-recurring gains and losses showed a loss of 45.17 million yuan, a decline of 30.3% year-on-year [2]. - In 2023, the company also reported a loss of 34.67 million yuan in net profit excluding non-recurring gains and losses [2]. Industry Context - The machine tool industry is experiencing significant challenges, with key enterprises reporting a revenue and profit decline of 1.4% and 7.8% respectively, and the proportion of loss-making enterprises increasing to 18% [3]. - The overall machine tool industry saw a revenue decline of 5.2% and a profit drop of 76.6% in 2024 [7]. Business Strategy - To counteract profitability issues, the company is focusing on emerging industries, including electric vehicles and humanoid robots [3][12]. - The company has invested in the industrial robot joint reducer project since 2013 and has made significant progress in production and customer acquisition in this area [8][10]. Export Performance - In 2024, the company achieved record-high exports, with machine tool export revenue increasing by 35% year-on-year, particularly in high-precision products [4]. - The company has limited direct exports to the U.S., minimizing the impact of U.S. tariff adjustments on its revenue [4]. Government Support - Government subsidies have played a crucial role in the company's profitability, with non-recurring gains totaling 98.95 million yuan in 2024, including 119 million yuan in government subsidies [6][5]. - Without these subsidies, the company would have reported significant actual losses [7]. Future Projects - The company is undertaking several major projects, including a high-end gear upgrade project for new energy vehicles with an investment of 57 million yuan, expected to be completed by the end of 2025 [12]. - The high-end industrial mother machine innovation base project is partially operational, with production expected to increase by over 100% year-on-year in 2024 [12][13].

Investment Rating - The investment rating for Qin Chuan Machine Tool (000837) is "Hold" with a target price not specified for the next 6 months [1]. Core Views - The company is expected to see stable growth in performance, with a potential turning point anticipated in 2025. The revenue for 2024 is projected at 38.60 billion yuan, reflecting a year-on-year growth of 2.62%, while the net profit attributable to the parent company is expected to reach 0.54 billion yuan, also showing a growth of 2.92% [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 38.60 billion yuan in 2024 to 51.76 billion yuan by 2027, with growth rates of 12.18%, 9.50%, and 9.18% for the subsequent years [2][9]. - Net profit attributable to the parent company is expected to increase from 0.54 billion yuan in 2024 to 1.58 billion yuan in 2027, with a compound annual growth rate (CAGR) of 43% [7][9]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 0.05 yuan in 2024 to 0.16 yuan in 2027 [2][9]. - **Return on Equity (ROE)**: - ROE is expected to improve from 1.36% in 2024 to 3.66% in 2027 [2][9]. Business Segment Analysis - **Machine Tool Segment**: - The company is a leader in the domestic gear machine tool market, with a focus on expanding high-end five-axis machine tools. Revenue from this segment is expected to grow significantly, with projected growth rates of 16.3%, 12.0%, and 11.2% from 2025 to 2027 [8]. - **Parts Segment**: - The parts segment is expected to see a recovery with growth rates of 10.1%, 8.2%, and 8.1% over the same period, benefiting from demand recovery and scale effects [8]. - **Overall Gross Margin**: - The overall gross margin is projected to improve from 16.15% in 2024 to 17.50% in 2027, driven by the growth in high-end machine tools and parts [2][9]. Strategic Initiatives - The company is actively pursuing reforms, including share buybacks and stock incentive plans, to enhance shareholder value. In 2024, it repurchased 2.46 million shares for a total of 21.10 million yuan [7].

Investment Rating - The report maintains a "Hold" rating for Qin Chuan Machine Tool (000837) with a target price of —— yuan over the next six months [1]. Core Views - The company is expected to see a turning point in 2025, with stable performance and growth in revenue and net profit projected for the coming years [1][7]. - The company has demonstrated robust operational capabilities, achieving a revenue of 3.86 billion yuan in 2024, a year-on-year increase of 2.62%, and a net profit of 54 million yuan, up 2.92% year-on-year [7]. - The machine tool segment has shown resilience, with a revenue increase of 9.35% despite a weak overall market demand in the machine tool industry [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 3,859.82 million yuan, net profit of 53.78 million yuan - 2025E: Revenue of 4,329.93 million yuan, net profit of 75.05 million yuan, with a growth rate of 12.18% for revenue and 39.54% for net profit [2][9]. - 2026E: Revenue of 4,741.38 million yuan, net profit of 108.79 million yuan, with a growth rate of 9.50% for revenue and 44.96% for net profit [2][9]. - 2027E: Revenue of 5,176.51 million yuan, net profit of 157.96 million yuan, with a growth rate of 9.18% for revenue and 45.20% for net profit [2][9]. - **Profitability Metrics**: - The overall gross margin for 2024 was 16.15%, a decrease of 1.62 percentage points year-on-year, while the net margin increased by 0.14 percentage points to 1.92% [7]. - The gross margin for machine tools was stable at 16.51%, while the gross margin for components decreased to 9.71% [7]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 0.05 yuan in 2024 to 0.16 yuan by 2027, reflecting the company's growth trajectory [2][9]. Business Segment Analysis - **Machine Tool Segment**: - Expected revenue growth rates for machine tools are 16.3% in 2025, 12.0% in 2026, and 11.2% in 2027, with gross margins improving to 18.0% by 2027 [8]. - **Component Segment**: - Revenue growth rates for components are projected at 10.1% in 2025, 8.2% in 2026, and 8.1% in 2027, with gross margins expected to rise to 12.0% by 2027 [8]. - **Tool Segment**: - The tool segment is expected to see a revenue growth of 5.0% annually from 2025 to 2027, with a stable gross margin of 30% [8]. Strategic Initiatives - The company is actively pursuing reforms, including share buybacks and stock incentive plans, to enhance shareholder value and align management interests with those of shareholders [7].

Group 1: Company Overview and Strategic Position - Qin Chuan Machine Tool Group Co., Ltd. is a key state-owned listed enterprise in Shaanxi Province, focusing on industrial machinery and robotics [2][3] - The company has established a collaborative development relationship with Fastech Group since 2020, enhancing operational efficiency [3] Group 2: Financial Performance and Projections - The company aims to achieve a revenue of CNY 627.6 million from its high-end industrial mother machine innovation base project in 2024 [4] - The total investment for the new energy passenger vehicle high-precision gear project is CNY 57 million, with a construction period of 40 months [5] Group 3: Product Development and Market Strategy - The company has developed a range of robotic joint reducers, with an annual production capacity of 60,000 to 90,000 sets [7] - Six harmonic reducer products have been developed, with no mass production plans currently in place [9] Group 4: Market Trends and Industry Outlook - The company is closely monitoring the impact of U.S. tariff policies on global supply chains and is prepared to manage associated risks [2] - The five-axis high-end machine tools accounted for 50% of the company's machine tool products in 2023, with expectations for growth in 2024 [6][7]