Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [9][15]. Core Insights - The company experienced a revenue decline of 9% year-on-year in 2024, with total revenue of 1.258 billion yuan and a net profit of 267 million yuan, down 19% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 286 million yuan, a decrease of 18% year-on-year, but a significant improvement of 60% quarter-on-quarter [6]. - The demand for casting high-temperature alloys and special stainless steel products was under pressure in 2024, while the revenue from deformed high-temperature alloys increased by 18% [7]. - The company has strengthened its R&D investments, with R&D expenses rising by 12% to 62.52 million yuan in 2024, while maintaining good cost control [7]. - A subsidiary has launched a project for the automated processing of small and medium-sized aerospace components, enhancing the company's position in the aerospace supply chain [8]. - The projected net profits for 2025, 2026, and 2027 are 301.92 million yuan, 364.64 million yuan, and 435.95 million yuan, respectively, with corresponding P/E ratios of 28, 24, and 20 [9][11]. Financial Summary - The company reported a total revenue of 1.258 billion yuan in 2024, with a projected increase to 1.460 billion yuan in 2025, representing a growth rate of 16.04% [11][14]. - The EBITDA for 2024 was 380.78 million yuan, expected to rise to 431.66 million yuan in 2025 [11]. - The gross margin for 2024 was 33.93%, slightly down by 0.40 percentage points year-on-year [7][14]. - The company's asset-liability ratio stands at 16.7%, indicating a strong balance sheet [4][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant upside in stock performance relative to the benchmark index [9][15]. Core Insights - The company experienced a revenue decline of 9% year-on-year in 2024, with total revenue of 1.258 billion yuan and a net profit of 267 million yuan, down 19% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 286 million yuan, a decrease of 18% year-on-year, but a significant improvement of 60% quarter-on-quarter [6]. - The demand for casting high-temperature alloys and special stainless steel products was under pressure in 2024, while the revenue from deformed high-temperature alloys increased by 18% [7]. - The company has strengthened its R&D investments, with R&D expenses rising by 12% to 62.52 million yuan in 2024, while maintaining good cost control [7]. - A subsidiary has launched a project for automated processing of small and medium-sized aerospace components, enhancing the company's position in the aerospace supply chain [8]. - The projected net profits for 2025, 2026, and 2027 are 301.92 million yuan, 364.64 million yuan, and 435.95 million yuan, respectively, with corresponding P/E ratios of 28, 24, and 20 [9][11]. Financial Summary - The company reported a total revenue of 1.258 billion yuan in 2024, with a projected increase to 1.460 billion yuan in 2025, representing a growth rate of 16.04% [11][14]. - The EBITDA for 2024 was 380.78 million yuan, expected to rise to 431.66 million yuan in 2025 [11]. - The gross margin for 2024 was 33.93%, slightly down from the previous year, while the net profit margin was 21.2% [14].

Core Viewpoint - The performance of Tunan Co., Ltd. is under short-term pressure due to demand fluctuations, but the company is expanding its business layout through the production of subsidiary projects, maintaining a "buy" rating. Financial Performance - In 2024, the company achieved revenue of 1.258 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 267 million yuan, down 19% year-on-year [2][3] - For Q1 2025, the company reported revenue of 286 million yuan, a year-on-year decrease of 18%, and a net profit of 42 million yuan, down 54% year-on-year, but showing a quarter-on-quarter improvement of 60% and 368% respectively [3][4] Product Performance - In 2024, the demand for cast high-temperature alloys and special stainless steel products was under pressure, while the revenue from deformed high-temperature alloy products increased by 18% [3] - Revenue breakdown for 2024: cast high-temperature alloys (416 million yuan, down 33%), deformed high-temperature alloys (522 million yuan, up 18%), special stainless steel (66 million yuan, down 22%), and other alloy products (164 million yuan, down 10%) [3] Research and Development - The company has strengthened its R&D investment, with R&D expenses amounting to 62.52 million yuan, a year-on-year increase of 12% [4] - The overall expense ratio for the company in 2024 was 9.03%, an increase of 0.99 percentage points year-on-year, primarily due to the rise in R&D expense ratio [4] Subsidiary Projects - The subsidiary Tunan Components has launched an automated processing line for small and medium-sized aviation parts, with an annual production capacity of 500,000 units [4] - The ongoing construction of another subsidiary's automated production line aims for an annual output of 10 million aviation parts, enhancing the company's aviation industry chain layout [4] Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 302 million yuan, 365 million yuan, and 436 million yuan respectively, corresponding to current price-earnings ratios of 28, 24, and 20 times [4]

Summary of the Conference Call for Tunan Co., Ltd. Company Overview - **Company**: Tunan Co., Ltd. - **Industry**: Aerospace and Defense Key Points and Arguments Financial Performance - Tunan Co., Ltd. experienced a revenue decline of 9% and a net profit drop of 19% in 2024, primarily due to short-term fluctuations in downstream demand and delayed delivery schedules [4][14][35]. - The fourth quarter of 2024 marked a low point with revenues of 178 million yuan, a 44% year-on-year decrease, and a net profit of 9 million yuan, down 87% [14][36]. - In contrast, the first quarter of 2025 showed significant recovery with revenues of 286 million yuan and a net profit of 42 million yuan, indicating a positive trend moving forward [15][36]. Business Segments - Tunan's core business includes deformed high-temperature alloys and cast high-temperature alloys. In 2024, deformed high-temperature alloys accounted for 41.5% of revenue, while cast high-temperature alloys contributed 33.1% [16][37]. - The gross margin for cast high-temperature alloys was 49.3%, significantly contributing to overall profitability despite a decline in its revenue share [16][37]. Future Growth Prospects - The company is expected to enter a rapid growth phase from 2025 to 2027, driven by the production contributions from its subsidiaries in Shenyang, which are set to begin operations in 2025 [3][19][26]. - Tunan's investment in its Shenyang subsidiaries totals approximately 10.1 billion yuan, with expected output of around 2 billion yuan from the Tunan Components project [19][38]. Market Dynamics - The global civil aviation market is projected to grow significantly over the next 20 years, with a market size of approximately $6.4 trillion, of which China represents about $1.5 trillion [6][28]. - The domestic aviation market is currently dominated by foreign products, but increasing penetration of domestic aircraft like the C919 is expected to create substantial growth opportunities [6][28]. Competitive Landscape - The C919 aircraft is positioned to compete directly with the Airbus A320 and Boeing 737, with increasing domestic production capabilities expected to enhance market share [8][30]. - The U.S.-China trade tensions have led to a shift in purchasing preferences among Chinese airlines towards Airbus and domestic aircraft, impacting Boeing's market position [5][27]. Investment Outlook - Tunan Co., Ltd. is projected to achieve a compound annual growth rate (CAGR) of over 30% in revenue and earnings from 2025 to 2027, with significant peaks expected in 2026 and 2027 [22][42]. - Current valuations are considered to be at a low point, with potential for substantial upside as the company recovers from recent performance dips [22][42]. Additional Important Insights - The aerospace materials sector, particularly high-temperature alloys, remains critical for engine manufacturing, with Tunan's expertise in material development providing a competitive edge [39]. - The tightening of supply chains and increased domestic production capabilities are expected to enhance Tunan's market position in the aerospace sector [31][32]. This summary encapsulates the key insights from the conference call regarding Tunan Co., Ltd.'s financial performance, market dynamics, competitive landscape, and future growth prospects.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its long-term growth potential and industry positioning [5][7]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 1.26 billion yuan, down 9.2% year-over-year, and a net profit of 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 also showed a decline in revenue of 2.86 billion yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3]. - The decline in performance is attributed to fluctuations in downstream customer demand and the long conversion cycle of R&D and construction investments. Despite this, the company is increasing its R&D investment to focus on long-term development [3][4]. - The company is expanding its business into additive manufacturing and the processing of small and medium-sized aerospace components, which is expected to open a second growth curve [5]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.26 billion yuan, with a year-over-year decline of 9.2%. The net profit attributable to shareholders was 267 million yuan, down 19.2% year-over-year. The first quarter of 2025 saw revenue of 286 million yuan, down 18.3% year-over-year, and a net profit of 42 million yuan, down 54.1% year-over-year [3][6]. - The company's gross margin for 2024 was 33.9%, a decrease of 0.4 percentage points year-over-year, while the net profit margin decreased by 2.6 percentage points to 21.2% [3]. Product Performance - The total sales volume of alloys in 2024 was approximately 4,895 tons, remaining stable compared to 2023. The revenue from casting high-temperature alloys was 420 million yuan, down 33.3% year-over-year, while the revenue from deformed high-temperature alloys increased by 18.4% to 520 million yuan [4]. - The company is focusing on expanding its market for deformed high-temperature alloys in the high-end civilian sector, which has shown growth despite challenges in other product lines [4]. Growth Strategy - The company is actively developing its additive manufacturing and aerospace small and medium-sized component processing businesses, which are expected to contribute to its second growth curve. By the end of 2024, the company had initiated 106 new product developments in additive manufacturing, with 90 projects completed and delivered for customer validation [5]. - The production line for small and medium-sized aerospace components has been established, with an annual production capacity of 500,000 units, and some products have already entered mass production [5]. Earnings Forecast - The company is projected to achieve net profits of 300 million yuan, 353 million yuan, and 415 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 21x [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company experienced a decline in performance due to fluctuations in downstream customer demand and a longer conversion cycle for R&D and construction investments. The revenue for 2024 was 1.26 billion yuan, down 9.2% year-on-year, and the net profit attributable to shareholders was 267 million yuan, down 19.2% year-on-year [3][4]. - The company is focusing on increasing R&D investments to ensure long-term development, with R&D expenses rising by 11.7% to 63 million yuan in 2024, representing 5.0% of revenue [3][4]. - The company is expanding into additive manufacturing and small component processing for aviation, which is expected to open a second growth curve [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.26 billion yuan, with a year-on-year decrease of 9.2%. The net profit attributable to shareholders was 267 million yuan, down 19.2% year-on-year. The first quarter of 2025 saw revenue of 286 million yuan, down 18.3% year-on-year, and a net profit of 42 million yuan, down 54.1% year-on-year [3][4]. - The gross margin for 2024 was 33.9%, a decrease of 0.4 percentage points year-on-year, while the net margin was 21.2%, down 2.6 percentage points year-on-year [3]. Product Performance - The total sales volume of alloys in 2024 was approximately 4,895 tons, remaining stable compared to 2023. The revenue breakdown includes: - Cast high-temperature alloys: 420 million yuan, down 33.3% year-on-year, with a gross margin of 49.3% - Deformed high-temperature alloys: 520 million yuan, up 18.4% year-on-year, with a gross margin of 26.2% - Special stainless steel: 66 million yuan, down 22.0% year-on-year, with a gross margin of 42.6% - Other alloy products: 160 million yuan, down 10.2% year-on-year, with a gross margin of 12.2% [4]. Growth Prospects - The company is actively expanding its business in additive manufacturing and small component processing for aviation, with 106 new products under development, of which 90 have completed process validation [5]. - The forecast for net profit attributable to shareholders for 2025 to 2027 is 301 million yuan, 353 million yuan, and 415 million yuan, respectively, with corresponding PE ratios of 28x, 24x, and 21x [6][10].

江苏图南合金股份有限公司 董事会审计委员会对 2024 年度年审会计师事务所 履行监督职责情况报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》等法律法规、规范 性文件以及《公司章程》、公司《董事会审计委员会工作细则》《会计师事务所选 聘制度》的相关规定，江苏图南合金股份有限公司（以下简称"公司"）董事会 审计委员会本着勤勉尽责的原则，对公司聘请的2024年度审计机构苏亚金诚会计 师事务所（特殊普通合伙）（以下简称"苏亚金诚"）切实履行了监督职责，并 对其履职情况进行了评估。现将具体情况报告如下： 一、会计师事务所基本情况 （一）会计师事务所基本情况 苏亚金诚前身为创立于1996年5月的江苏苏亚审计事务所，2013年12月2日， 经批准转制为特殊普通合伙企业。苏亚金诚注册地址为南京市建邺区泰山路159 号正太中心大厦A座14-16层，首席合伙人为詹从才先生。 截至2024年12月31日，苏亚金诚拥有合伙人42名，注册会计师254名，其中 签署过证券服务业务审计报告的注册会计师人数161名。2024年度，苏亚金诚经 审计收入总额3.5 ...

（问题征集专题页面二维码） 江苏图南合金股份有限公司 关于举行 2024 年度网上业绩说明会的公告 | 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。 | | | 年 江苏图南合金股份有限公司（以下简称"公司"）定于 2025 4 | | | 月 | 28 日（星期一）15:00~17:00 在全景网举办 2024 年度业绩说明会， | | 本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景 | | 网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明 会。 出席本次说明会的人员有：公司董事长、总经理万柏方先生，副 总经理、财务总监、董事会秘书何剑先生，独立董事周珺先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业 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 2025 年 4 月 25 日 （ 星 期 五 ） 15:00 前 访 问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面。公 ...

2025 年度非独立董事、监事和高级管理人员薪酬方案 为进一步完善江苏图南合金股份有限公司（以下简称"公司"）董事、监事 和高级管理人员的薪酬管理，建立科学有效的激励与约束机制，依据国家相关法 律、法规及《公司章程》等的规定，结合公司经营规模、发展水平等实际情况并 参照行业薪酬水平，公司制定了2025年度非独立董事、监事和高级管理人员薪酬 方案。具体如下： 一、本方案适用对象 在公司领取薪酬的非独立董事、监事和高级管理人员。 二、本方案适用期限 江苏图南合金股份有限公司 2025年1月1日至2025年12月31日。 三、薪酬标准 1、公司非独立董事薪酬 | 万柏方 | 董事长、总经理 | 领取总经理薪酬，公司不再支付其董事薪酬 | | --- | --- | --- | | 李洪东 | 董事、副总经理 | 领取副总经理薪酬，公司不再支付其董事薪酬 | | 何 剑 | 董事、副总经理、财务 | 领取副总经理、财务总监、董事会秘书薪酬，公司不再支 | | | 总监、董事会秘书 | 付其董事薪酬 | | 陈建平 | 董事 | 公司不单独向其支付董事薪酬 | 2、公司监事薪酬 | 姓名 | 职务 | 薪酬方案 | | ...