洛阳新强联回转支承股份有限公司 第四届董事会第十二次会议决议公告 回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 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。 一、董事会会议召开情况 鉴于上述注册资本变更情况，同时根据《公司法》《上市公司章程指引》《深圳证 券交易所创业板股票上市规则》等相关法律法规、规范性文件的要求，结合公司实际情 况，拟对《公司章程》中的相关条款进行修订，并提请股东大会授权公司管理层办理本 次相关工商变更登记及章程备案（最终以市场监督管理局核准为准），授权有效期限自 股东大会审议通过之日起至该事项办理完毕之日止。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 回转支承专业制造 表决结果：同意 6 票，反对 0 票，弃权 0 票。本议案获得通过。 洛阳新强联回转支承股份有限公司（以下简称"公司"）第四届董事会第十二次会 议于 2024 年 12 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on anticipated growth in wind power installation demand and recovery in profitability [5][23]. Core Views - The company has reached a performance turning point in Q3, with a significant improvement in profitability compared to previous quarters. The revenue for the first three quarters of 2024 was 1.965 billion yuan, down 6.06% year-on-year, primarily due to a decline in market prices for wind power equipment [2][12]. - The gross margin for Q3 was 18.71%, showing a quarter-on-quarter increase of 6.73%, while the net profit margin was 7.89%, reflecting a recovery in profitability driven by improved cost structures and increased demand from downstream customers [3][14]. - The company has successfully reduced inventory and accounts receivable, with inventory down 14.07% year-on-year to 966 million yuan and accounts receivable down 9.59% to 1.226 billion yuan. The order backlog remains strong at approximately 1.68 billion yuan [4][18]. - The company has achieved breakthroughs in domestic production of offshore main bearings, with ongoing investment projects expected to enhance growth potential. The company anticipates significant production capacity increases in the coming years [20][23]. Summary by Sections Financial Performance - For 2024, the company forecasts a net profit of 0.02 billion yuan, followed by 4.30 billion yuan in 2025 and 4.73 billion yuan in 2026. The current market capitalization corresponds to dynamic P/E ratios of 4932, 20, and 18 times for these years respectively [5][23]. Revenue and Profitability - The company reported a Q3 revenue of 908 million yuan, a year-on-year increase of 3.47% and a quarter-on-quarter increase of 48.63%. The net profit for Q3 was 65 million yuan, marking a return to profitability after previous losses [2][12]. Cost Structure and Efficiency - The gross margin for the first three quarters of 2024 was 16.74%, down 9.90 percentage points year-on-year. The improvement in Q3 was attributed to a slowdown in price declines due to larger wind turbine sizes and a decrease in raw material costs [3][14]. Orders and Inventory Management - As of the end of Q3 2024, the company had a strong order backlog of approximately 1.68 billion yuan, indicating robust future revenue potential despite a decrease in inventory and accounts receivable [4][18]. Technological Advancements - The company has made significant advancements in the production of large power bearings and is expected to achieve substantial production capacity in the coming years, enhancing its competitive edge in the market [20][23].

Group 1: Company Strengths and Market Position - The company has a complete industrial chain layout, including forgings, steel balls, and rollers, which enhances its cost control and product quality [1] - The company is a pioneer in adopting advanced heat treatment processes, such as the non-soft band medium frequency quenching technology, giving it a competitive edge in the industry [1] Group 2: Product Development and Market Demand - The development of gearbox bearings is progressing well, with technical communication and prototype development underway with potential clients, expecting small batch shipments in 2025 [2] - The company anticipates a significant increase in the shipment volume of cone roller spindle bearings in 2025, driven by customer demand and feedback [2] Group 3: Capacity and Order Management - The company currently has a high capacity utilization rate and sufficient orders on hand, with positive feedback from downstream customers for 2025 [2] - The company plans to optimize production lines and improve processes to meet customer delivery requirements based on the delivery schedule [2]

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 通用设备 最差阶段已过，明年风电装机有望高增长 带动业绩反转 ——新强联(300850)三季报点评 | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 季报点评 | 买入 ( 维持 ) | | 市场数据 | (2024-11-04) | 发布日期： 2024 年 11 月 ...

许总 那个请问肖总那边和您一起上线了吗对 我们现在已经上线了好的 那现在六点过一分那张老师要不您这边做一个开场白吧对可以请您这个律师老师各位投资者大家好 今天非常感谢大家参加那个新强联电话会议今天我们也是我是那个彩虹电线的张一池今天我们也是有幸邀请到了新强联的董事长肖总包括我们投关部门的许总跟大家介绍一下公司的一个情况我们也看到公司三季度取得了比较超预期的业绩首先我们把时间交给公司咱们先给大家做一个介绍好的好的张总 现在呢由我为大家做一下我们新强联三季度整体的一个经营情况介绍公司呢一到九月份月收一到九月份收入是19.56亿元净利润是负3600万元扣费净利润是6150万元报告期内呢公司实现营业收入9.08亿元较上年同期增加3.47%净利润是6400 67万元同比下降72.92%扣费净利润是4694万元同比下降60.19%盈利情况变化幅度较大的原因一方面是因为公司交易性金融资产和其他非流动性金融资产供应价值变动导致的亏损另一方面是因为市场 价格的影响导致了毛利率的下降对公司的利润产生了一些营养截至三季度封店类的产品总体营收是3.5亿元较上年同期下降7.4%基本是一个持平的状态单列圆锥组轴层出货数量较上年同期增长了 ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 洛阳新强联回转支承股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 洛阳新强联回转支承股份有限公司（以下简称"公司"）于 2024 年 5 月 28 日召 开第四届董事会第六次会议审议通过了《关于为全资子公司提供担保的议案》，同意 公司为新强联（江苏）重工科技有限责任公司（以下简称"新强联重工"）向上海浦 东发展银行股份有限公司苏州分行申请银行授信提供最高不超过 38500 万元的连带责 任保证，具体担保额度、担保期限以最终签订协议为准，同时授权公司董事长及其委 托代理人根据新强联重工经营实际需要办理上述事项，具体内容详见公司 2024 年 5 月 28 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于为全资子公司提供担保的公 告》（公告编号：2024-028）。 二、担保进展 ...

Group 1 - The production status of yaw variable pitch, independent pitch, and main shaft bearings is currently operating at full capacity [1] - Gearbox bearings have prototypes that have been completed, with some in the customer acceptance phase; the validation cycle for new products is long, and capacity utilization is expected to improve in the future [1] - The industry has faced product price pressures, but competition is becoming more rational, and product prices are expected to stabilize gradually [1] - With the trend of larger wind turbines, the demand for single-row tapered roller bearings is expected to increase [1]

编号：2024-004 证券代码：300850 证券简称：新强联 债券代码：123161 债券简称：强联转债 洛阳新强联回转支承股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

10月25日晚间，新强联(300850)发布2024年三季度业绩报告，前三季度实现营业收入19.65亿元，扣除非 经常性损益后的归属母公司股东净利润6150.66万元。 值得关注的是，公司第三季度业绩改善显著。 第三季度，公司实现营业收入9.08亿元，环比大幅增加48.63%。 同时，公司第三季度录得扣非后净利润4693.79万元，较上一季度同比降幅大幅收窄，环比实现了 590.04%的增长。 另据公司业绩报告，经营活动产生的现金流净额大幅增长至2.9亿元，较上年同期增加了189.97%。 具备核心技术优势 齿轮箱轴承业务蓄势待发新强联作为国内风电轴承行业的领先企业，产品涵盖了风 电主轴轴承、偏航轴承、变桨轴承等多个系列，能满足不同应用场景下的需求。 特别是针对风机大型化趋势而研发的大功率风电轴承，在市场上表现突出。 从产业链布局来看，通过成立圣久锻件和海普森等全资子公司，新强联实现了从原材料到成品的全产业 链覆盖。 这不仅提高了产品质量控制能力，也增强了公司的成本竞争力。 2024年7月初，公司联合圣久锻件、海普森研制开发的3500t起重机用直径18米级剖分式三排圆柱滚子回 转支承产品下线，该回转支承产品整 ...

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 25.61 CNY, down from the previous target of 46.99 CNY [5] Core Views - The company, as a leading wind power bearing manufacturer, is expected to benefit from the high demand for wind power installations during the final year of the 14th Five-Year Plan (2025) [2][3] - The company's performance is expected to improve significantly in 2025, driven by increased demand for wind power installations and potential price increases for its products [3] - The company's overseas expansion strategy, in collaboration with wind turbine manufacturers, is expected to support long-term growth [3] Financial Summary - Revenue is expected to grow from 2,653 million CNY in 2022 to 3,816 million CNY in 2026, with a CAGR of 9.5% [2] - Net profit attributable to the parent company is projected to increase from 316 million CNY in 2022 to 442 million CNY in 2026, despite a significant drop in 2024 due to non-recurring losses [2] - EPS is expected to rebound from 0.00 CNY in 2024 to 1.23 CNY in 2026 [2] Industry Outlook - Domestic wind power installations are expected to increase significantly in 2025, driven by the final year of the 14th Five-Year Plan [3] - Global wind power installations are projected to grow from 117 GW in 2023 to 131 GW in 2024, with a CAGR of 9.4% over the next five years [3] Company Strategy - The company is focusing on technological breakthroughs in offshore wind power bearings, which is expected to open up new market opportunities [3] - The company is deepening its cooperation with downstream customers and is expected to benefit from the overseas expansion of wind turbine manufacturers [3] Valuation - The report uses a 2025 PE valuation of 23.28x, based on the average PE of comparable companies, to arrive at a target price of 25.61 CNY [12][13]