中信建投证券股份有限公司 关于广东申菱环境系统股份有限公司 2024 年持续督导培训报告 深圳证券交易所： 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为广 东申菱环境系统股份有限公司（简称"申菱环境"、"公司"）首次公开发行股票 并在创业板上市及向特定对象发行股票的保荐机构，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》、《深圳证券交易所创业板股票上市规 则》和《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》等法规和规则的相关规定以及申菱环境的实际情况，认真履行保荐机构应尽 的职责，对申菱环境的董事、监事、高级管理人员、中层以上管理人员及公司控 股股东和实际控制人等相关人员进行了有计划、多层次的后续培训，所培训的内 容严格按照中国证券监督管理委员会及深圳证券交易所创业板有关持续督导的 最新要求进行。 2024 年 12 月 11 日，中信建投相关人员按照《深圳证券交易所上市公司自 律监管指引第 13 号——保荐业务》的要求完成了对申菱环境相关人员的持续培 训工作，特向贵所报送培训工作报告。 一、培训的时间和地点及参会人员 时间：2024 年 ...

广东申菱环境系统股份有限公司（以下简称"公司"）第四届董事会第四次 会议于 2024 年 12 月 11 日在公司会议室以现场会议的方式召开，本次会议通知 于 2024 年 12 月 6 日通过电话通知、电子邮件等形式送达至公司全体董事、监事、 高级管理人员。会议应出席董事 9 人，实际出席人数 9 人。会议由公司董事长崔 颖琦先生主持，公司董事会秘书及监事、高级管理人员列席了本次会议。会议的 召集、召开符合《公司法》和《公司章程》的有关规定，会议合法有效。 证券代码：301018 证券简称：申菱环境 公告编号：2024-071 广东申菱环境系统股份有限公司 关于第四届董事会第四次会议决议的公告 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。 一、会议召开情况 二、会议审议情况 经出席会议的董事讨论和表决，审议通过如下决议： （一）审议通过《关于部分募投项目结项并将节余募集资金永久补充流动 资金的议案》 鉴于公司向特定对象发行股票募投项目之"专业特种环境系统研发制造基地 项目（二期）"已经满足一定业务需求，为提高公司募集资金使用效率，降低财 务成本，董事会同意 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-072 广东申菱环境系统股份有限公司 关于第四届监事会第四次会议决议的公告 本公司及监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、会议召开情况 公司将"专业特种环境系统研发制造基地项目（二期）"结项并将节余募集 资金永久补充流动资金，有利于支持公司日常经营及业务发展，提高资金的使用 效益，促进公司持续发展，符合相关法律、法规以及《公司章程》的规定，符合 公司股东的利益，未损害公司股东尤其是中小股东的利益。 因此，监事会同意将"专业特种环境系统研发制造基地项目（二期）"结项， 并将专户余额 60,936,626.27 元（最终金额以资金转出当日银行结息余额为准） 永久补充流动资金，同时注销对应的募集资金专户。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于部分募投项目结项并将节余募集资金永久补充流动资金的公告》。 广东申菱环境系统股份有限公司（以下简称"公司"）第四届监事会第四次 会议于 2024 年 12 月 11 日在公司会议室以现场会议的方式召 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-073 广东申菱环境系统股份有限公司 关于部分募投项目结项并将节余募集资金 永久补充流动资金的公告 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。 广东申菱环境系统股份有限公司（以下简称"公司"或"申菱环境"）于 2024 年 12 月 11 日召开了第四届董事会第四次会议和第四届监事会第四次会议， 审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资金的议 案》，鉴于公司向特定对象发行股票募投项目之"专业特种环境系统研发制造基 地项目（二期）"（以下简称"本次拟结项项目"）已经满足一定业务需求，为 提高公司募集资金使用效率，降低财务成本，公司拟将上述募投项目专户余额 60,936,626.27 元（最终金额以资金转出当日银行结息余额为准）永久补充流动 资金，同时注销对应的募集资金专户。根据《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》等相关规定，该事项尚需提交公司股东 大会审议通过后方可实施。现将有关事项公告如下： 一、募集资金及募投项目基本情况 字[202 ...

证券代码：301018 证券简称：申菱环境 公告编号：2024-074 2、股东大会的召集人：广东申菱环境系统股份有限公司（以下简称"公司"） 第四届董事会。公司 2024 年 12 月 11 日召开的第四届董事会第四次会议审议通 过了《关于召开公司 2024 年第四次临时股东大会的议案》，决定于 2024 年 12 月 27 日召开公司 2024 年第四次临时股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》等规定。 4、会议召开日期和时间： （1）现场会议时间：2024 年 12 月 27 日（星期五）下午 15:00。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为 2024 年 12 月 27 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深交所互联网投票系统投票的具体时间为：2024 年 12 月 27 日 9:15 至 15:00 期间的任意时间。 广东申菱环境系统股份有限公司 关于召开公司 2024 年第四次临时股东大会的通知 本公司及董事 ...

中信建投证券股份有限公司 关于广东申菱环境系统股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金 的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为广 东申菱环境系统股份有限公司（简称"申菱环境"、"公司"）2022 年向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创 业板股票上市规则》《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》等法律法规的相关规定，对申菱环境部分募投项目结项并将 节余募集资金永久补充流动资金事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意广东申菱环境系统股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕38 号）同意，公司向 特定对象发行股票 24,570,024.00 股，每股面值人民币 1 元，发行价格为每股 32.56 元，共计募集资金总额人民币 799,999,981.44 元。扣除与本次发行 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential increase in stock price over the next 6-12 months [2][6]. Core Insights - The company has shown a revenue increase of 6.20% year-on-year, reaching 1.977 billion yuan in the first three quarters of 2024, although net profit decreased by 4.11% to 142.9 million yuan [2][6]. - The company is a leading provider of temperature control solutions for data centers and specialized air conditioning systems, with ongoing investments in research and development [2][6]. - The report highlights the company's strategic expansion into overseas markets, particularly in Southeast Asia, and the significant growth in its data service segment, which now accounts for approximately 50% of total revenue [2][6]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenues of 3.044 billion yuan, with a year-on-year growth of 21.2%, and a net profit of 190 million yuan, reflecting an 81.5% increase [6][11]. - The company’s revenue from the data center business is expected to grow significantly, with projections of 1.129 billion yuan in 2024, up from 840 million yuan in 2023, representing a growth rate of 28% [11][12]. - The report anticipates a gradual improvement in profit margins, with gross margins expected to be around 27.0% in 2024, slightly declining in subsequent years [11][12]. Market Position and Strategy - The company has established a comprehensive layout in liquid cooling technology, which is becoming essential for high-performance computing centers [2][13]. - The report notes that the company has secured partnerships with major clients such as Huawei and Tencent, enhancing its market presence [2][6]. - The company is focusing on expanding its product offerings in specialized applications, particularly in nuclear power and healthcare sectors, which have shown substantial growth [2][11].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 197,699.31 million yuan, a year-on-year increase of 6.20% [1] - The net profit attributable to shareholders of the listed company was 14,286.75 million yuan, a year-on-year decrease of 4.11% [1] Group 2: Business Composition and Growth - The revenue share of the data center business has increased to approximately 50%, while the industrial segment accounts for about 20%, and the specialty segment around 25% [1] - The company anticipates that energy and digitalization will be key business directions in the coming years [1] Group 3: Overseas Business Development - Overseas business is a significant growth source for the company, with a focus on Southeast Asia, particularly in Singapore and Malaysia [2] - The company is enhancing local sales and after-sales service teams to support rapid market development [2] Group 4: Market Demand and Trends - The demand for data centers in Southeast Asia is rapidly growing, driven by local needs and projects from major internet companies in China and the U.S. [2] - The company expects a significant portion of data center orders to be delivered within the current year, with a typical higher revenue scale in the fourth quarter [2] Group 5: Industrial Sector Insights - Investment in industrial sectors is expected to improve, with a focus on high-tech and energy industries as key service areas [3] - The specialty segment's growth rate in the first three quarters is consistent with the overall growth rate, with significant potential in infrastructure, nuclear energy, and hospitals [3] Group 6: Future Outlook - The market for heat pump products is anticipated to grow, influenced by new subsidy policies in Europe [3] - The company maintains a cautiously optimistic outlook regarding the impact of government planning and subsidy implementation on future growth [3]

Investment Rating - The report downgrades the company's rating to "Overweight" from a previous higher rating [4][5] Core Views - Data center orders are gradually being fulfilled, supporting revenue growth [2] - The company is increasing its sales expense investment, particularly in overseas business expansion [3] - AI and supercomputing applications are expected to drive demand for servers and data centers, potentially leading to rapid growth in liquid cooling equipment [4] Financial Performance - Q3 2024 revenue was 672 million yuan, down 5.58% YoY, with net profit attributable to the parent company at 32 million yuan, down 48.07% YoY [1] - Gross margin for the first three quarters of 2024 was 26.37%, down 1.8 percentage points YoY, with a net margin of 6.94%, down 1.24 percentage points YoY [3] - Sales expense ratio increased by 1.23 percentage points YoY to 7.95% for the first three quarters of 2024 [3] Business Segments - Data services segment is expected to perform relatively well, with new orders in H1 2024 approximately triple the same period last year [2] - Industrial, special, public, and commercial sectors may underperform due to a slight decline in overall revenue growth [2] Future Projections - Revenue for 2024-2026 is projected to be 2,770.61 million yuan, 3,327.95 million yuan, and 3,941.16 million yuan, respectively [7] - Net profit attributable to the parent company for 2024-2026 is forecasted to be 162.28 million yuan, 213.07 million yuan, and 260.87 million yuan, respectively [7] - PE ratios for 2024-2026 are estimated at 38.41x, 29.26x, and 23.90x, respectively [7] Valuation Metrics - Current stock price is 23.43 yuan, with a total market capitalization of 6,233.61 million yuan [5] - EPS for 2024-2026 is projected to be 0.61 yuan, 0.80 yuan, and 0.98 yuan, respectively [7] - P/B ratios for 2024-2026 are estimated at 2.43x, 2.31x, and 2.18x, respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.977 billion yuan, a year-on-year increase of 6.20%, while the net profit attributable to shareholders was 143 million yuan, down 4.11% year-on-year. In Q3 2024, the revenue was 672 million yuan, a decrease of 5.58% year-on-year, and the net profit was 32 million yuan, down 48.07% year-on-year [1]. - The gross margin slightly declined to 26.20% in Q3 2024, with net profit margin fluctuating to 4.38%, a decrease of 4.72 percentage points year-on-year. Operating cash flow improved significantly, with a net cash flow from operating activities of 80 million yuan in Q3 2024, turning positive compared to the same period last year [1]. - The company has strong core competitiveness across various segments, leveraging production technology, customer resources, and overseas sales experience. It emphasizes innovation and energy-saving technologies in its data services segment, while also expanding its industrial and special segments in line with national development plans [2]. Financial Summary - The company is projected to achieve net profits of 169 million yuan, 212 million yuan, and 257 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 60.9%, 25.8%, and 20.9% [2]. - Financial indicators show that total revenue is expected to grow from 2.712 billion yuan in 2024 to 4.068 billion yuan in 2026, with corresponding growth rates of 8.0%, 25.0%, and 20.0% [3][11]. - The latest diluted EPS is projected to be 0.63 yuan in 2024, increasing to 0.97 yuan by 2026, with a P/E ratio of 38.9 in 2024, decreasing to 25.6 by 2026 [3][11].