关于中粮科工股份有限公司 2023 年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：中粮科工 | | --- | --- | | 保荐代表人姓名：许菲菲 | 联系电话：010-65051166 | | 保荐代表人姓名：王珏 | 联系电话：010-65051166 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次（每月一次） 12 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4、公司治理督导情况 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [21]. Core Views - The company is a leader in the agricultural food and cold chain industry, with significant advantages and a positive trend in new orders, indicating potential for rapid earnings growth [5]. - The company achieved a revenue of 2.414 billion yuan in 2023, a decrease of 10.51% year-on-year, while the net profit attributable to the parent company increased by 29.03% to 218 million yuan [14]. - The company signed new contracts worth 3.965 billion yuan in 2023, a year-on-year increase of 0.53%, with the domestic market contributing 91.76% of the new orders [14]. Financial Performance Summary - In Q4 2023, the company reported a significant increase in profit, with a quarterly net profit margin of 11.55% [4]. - The company's revenue by segment for Q4 included design consulting (606 million yuan), electromechanical engineering system delivery (1.074 billion yuan), and equipment manufacturing (557 million yuan), with varying growth rates [4]. - The gross profit margin for 2023 increased by 4.02 percentage points to 24.74%, while the net profit margin rose by 2.68 percentage points to 9.29% [23]. Earnings Forecast - The company is expected to have an EPS of 0.51 yuan in 2024 and 0.59 yuan in 2025, with a reasonable valuation range of 15.30 to 16.32 yuan based on a P/E ratio of 30-32 times for 2024 [5]. - Revenue is projected to recover in 2024, with an expected increase of 20.2% year-on-year to 2.901 billion yuan [24]. Key Financial Metrics - The company’s total assets are projected to grow from 4.203 billion yuan in 2023 to 6.140 billion yuan by 2026 [17]. - The net profit attributable to the parent company is expected to reach 361 million yuan by 2026, reflecting a steady growth trajectory [26].

基本状况 总股本(百万股) 512 流通股本(百万股) 203 市价(元) 10.13 市值(百万元) 5,189 流通市值(百万元) 2,061 公司点评 来源：wind，中泰证券研究所 请务必阅读正文之后的重要声明部分 - 3 - 其中 A 股市场以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的）或三板做市指数（针对做 市转让标的）为基准；香港市场以摩根士丹利中国指数为基准，美股市场以标普 500 指数或纳斯达克综合指数 为基准（另有说明的除外）。 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,698 2,414 2,798 3,219 3,655 增长率 yoy% 24% -11% 16% 15% 14% 净利润（百万元） 169 218 264 318 359 增长率 yoy% 4% 29% 21% 20% 13% 每股收益（元） 0.33 0.42 0.52 0.62 0.70 每股现金流量 0.26 0.84 0.72 0.69 0.86 净资产收益率 8% 10% 11% 12% 12% P/E 30.8 23.8 ...

我们看到公司是近期发布了2023年的年报和2024年的一级报那么从年报的情况来看的话公司的业绩是非常好利润实现了收益数的增长那么我们也是祝贺公司取得了一个很好的同比增长业绩那么2024年的一级报也做了一个披露那么从年报和一级报的角度来看的话公司的业绩实际上是呈现出来了一个 收入有一个小幅的下滑但是利润大幅增长的这样一个情况这个和目前我们看到的全市场的很多的上市公司的趋势的情况是恰恰相反的那么我们今天的话也是非常及时的邀请到了公司的董事会秘书段总以及他的团队和我们一块来交流公司的这一份年报和一级报的情况那么我建议我们这次的会议分成两个部分第一部分 请段总简单的介绍一下年报一级报的情况第二部分的话我们说投资者的问答那么首先的话我们有请段总段总谢谢您各位投资者大家好上星期五公司披露了二三年度年度报告和今年一季度报告公司整体的经营业务还是比较平稳的当然也有亮点也有不足的地方 下面我主要介绍一下23年的经营情况从三个方面讲一个是公司的整体经营情况第二个就是说我们公司在23年经营的亮点就是说特别是财务数据方面的亮点第三个就是说不如意的方面我们也跟大家一起沟通一下就是说 一个是整体情况其实大家可能比我更关心的有些数据也可能 ...

Investment Rating - The investment rating for COFCO Technology (301058.SZ) is "Buy" with a current price of 10.14 CNY and a target value of 13.67 CNY [2][4]. Core Insights - The company demonstrated excellent operating cash flow with a net inflow of 433 million CNY in 2023, up from 132 million CNY in 2022. The gross margin, net margin, and ROE for 2023 were 24.74%, 9.29%, and 11.36%, respectively, reflecting significant year-on-year improvements of 4.02, 2.68, and 2.05 percentage points [1][3]. - The mechanical and electrical engineering business maintained stable order revenue, while the grain and oil processing business saw a notable increase in gross margin. New contracts signed in the mechanical engineering sector amounted to 2.178 billion CNY, a year-on-year increase of 1.09%, with revenue of 1.074 billion CNY, down 1.67%, and a gross margin increase of 2.47 percentage points [1][3]. - The company is expected to promote the conversion of design projects in mechanical engineering in 2024, which, combined with an acceleration in business operations, is projected to improve profitability. Forecasted net profits for 2024, 2025, and 2026 are 280 million CNY, 362 million CNY, and 441 million CNY, respectively [4][3]. Financial Summary - In 2023, the company achieved revenue of 2.414 billion CNY, a decrease of 10.51% year-on-year, while the net profit attributable to shareholders was 218 million CNY, an increase of 29.03%. In Q4 2023, revenue was 997 million CNY, down 7.72%, with a net profit of 111 million CNY, up 52.80% [3][4]. - The company signed new contracts worth 3.965 billion CNY in 2023, reflecting a year-on-year increase of 0.53% [3].

Investment Rating - The report adjusts the investment rating to "Accumulate" based on the company's performance and future prospects [4][6]. Core Views - The company achieved operating revenue of 2.4147 billion yuan in 2023, a year-on-year decrease of 10.51%, while the net profit attributable to shareholders increased by 29.03% to 218 million yuan [1]. - Despite a decline in revenue, the company maintained good profit growth, driven by improved gross margins in its main business areas and reduced impairment losses [1][2]. - The company is expected to benefit from ongoing demand for equipment upgrades and the construction of grain storage facilities, indicating strong medium to long-term investment value [1][4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 24.7%, an increase of 4.0 percentage points year-on-year, with a further improvement to 26.7% in Q1 2024 [3]. - The net cash flow from operations significantly improved, reaching 433 million yuan in 2023, an increase of 301 million yuan year-on-year [3][11]. - The company’s new orders totaled 3.965 billion yuan in 2023, a slight increase of 0.53% year-on-year, with notable performance in the electromechanical engineering and design consulting sectors [2]. Revenue and Profitability Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 270 million yuan, 320 million yuan, and 380 million yuan, respectively, reflecting growth rates of 23%, 19%, and 19% [4][5]. - The company’s earnings per share (EPS) is projected to increase from 0.42 yuan in 2023 to 0.74 yuan in 2026 [5][20]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is expected to decrease from 25.25 in 2023 to 14.46 in 2026, indicating potential for valuation improvement [5][20]. - The price-to-book (P/B) ratio is projected to decline from 2.77 in 2023 to 2.10 in 2026, suggesting a more attractive valuation over time [5][20].

合并资产负债表 合并利润表 2024 年 1-3 月 | 编制单位：中粮科工股份有限公司 | | 单位：元 | | --- | --- | --- | | 项目 | 本期发生额 | 上期发生额 | | 一、营业总收入 | 358,160,724.23 | 427,010,896.99 | | 其中：营业收入 | 358,160,724.23 | 427,010,896.99 | | 利息收入 | | | | 已赚保费 | | | | 手续费及佣金收入 | | | | 二、营业总成本 | 331,759,817.63 | 389,232,700.96 | | 其中：营业成本 | 262,494,538.49 | 326,442,783.57 | | 利息支出 | | | | 手续费及佣金支出 | | | | 退保金 | | | | 赔付支出净额 | | | | 提取保险责任准备金净额 | | | | 保单红利支出 | | | | 分保费用 | | | | 税金及附加 | 2,733,964.18 | 2,974,410.42 | | 销售费用 | 6,807,688.08 | 4,075,765.21 | | ...

Financial Performance - Sales expenses decreased by 10.02% to ¥22,951,152.17 from ¥25,507,502.37 due to enhanced cost control measures[1] - Management expenses decreased by 7.01% to ¥152,342,645.74 from ¥163,820,865.93, reflecting improved expense management[1] - Financial expenses decreased by 16.72% to -¥14,928,192.51 from -¥17,925,986.60 due to reduced fundraising and lower bank deposit interest rates[1] - The total cash inflow from operating activities in 2023 was approximately CNY 3.24 billion, a decrease of 2.52% compared to CNY 3.32 billion in 2022[9] - The net cash flow generated from operating activities increased significantly by 227.63% to CNY 432.67 million in 2023, compared to CNY 132.06 million in 2022[9] - The total investment amount in 2023 was CNY 143.03 million, a decrease of 30.21% from CNY 204.95 million in the previous year[15] - The net increase in cash and cash equivalents was CNY 262.98 million, a significant increase of 308.42% compared to CNY 64.39 million in 2022[9] - The company reported a revenue of RMB 604,350,000.00 for Wuxi Zhongliang Engineering Technology Co., Ltd., a decrease of 11.41% year-on-year, while net profit increased by 5.05% to RMB 78,762,800.00[20] - The company’s operating revenue for 2023 was approximately ¥2.41 billion, a decrease of 10.51% compared to ¥2.70 billion in 2022[94] - Net profit attributable to shareholders for 2023 was approximately ¥217.69 million, an increase of 29.03% from ¥168.71 million in 2022[94] - The company reported a significant focus on compliance with relevant laws and regulations, ensuring effective governance and operational oversight[56] Research and Development - R&D expenses increased by 17.45% to ¥134,048,128.66 from ¥114,134,427.11, indicating a stronger investment in research and development[1] - The number of R&D personnel increased by 28.78% to 631 in 2023, up from 490 in 2022, with R&D personnel accounting for 26.76% of the total workforce[7] - The company is currently developing self-cleaning technology for scraper conveyors, which is expected to generate ongoing economic benefits of no less than CNY 2 million[7] - The company aims to enhance competitiveness in the digital creative industry through the development of AI technologies and new product innovations[7] - The company invested approximately ¥165.32 million in R&D in 2023, representing 6.85% of its operating revenue, an increase from 5.29% in 2022[194] - The company is focused on developing new technologies and processes to achieve zero emissions during the drying process, targeting a 30% reduction in drying losses[188] Market and Competitive Position - The company is developing six new sets of intelligent and environmentally friendly large circulation heat pump grain drying equipment, enhancing competitiveness in the grain storage sector[1] - The company is enhancing its competitiveness in the high-end equipment manufacturing sector through the development of MMV-type milling machines, with three prototypes already produced[4] - The company aims to become an industry benchmark by implementing a "1345" strategy, focusing on technology service and high-end equipment manufacturing in the agricultural and cold chain logistics sectors[23] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[85] - The company is exploring potential mergers and acquisitions to strengthen its market position[85] - The company is actively planning for future overseas business expansion and has outlined specific measures for state-owned enterprise reform[25] Contracts and Revenue Generation - The company signed 3 contracts related to AI-based image recognition technology for grain storage, totaling CNY 8.82 million, indicating strong market interest[7] - The company anticipates generating additional contract amounts of ¥300-500 million from the L-lactic acid production project[4] - The company signed new contracts worth 3.965 billion yuan in 2023, a year-on-year increase of 0.53%; domestic contracts accounted for 91.76% of the total[166] - New contracts in the grain and oil processing industry amounted to 3.339 billion yuan, representing 84.22% of total new contracts, with a growth of 5.22% year-on-year[167] Governance and Management - The company has established strict protocols for the use of raised funds, ensuring compliance with regulatory agreements and maintaining dedicated accounts for fund management[17] - The company has a complete production, operation, sales, and procurement system, operating independently from its controlling shareholders[35] - The company has a diverse board with independent directors actively participating in governance and oversight roles[56] - The company’s independent directors have provided independent and fair opinions on major financial matters, enhancing transparency[56] - The company has implemented a remuneration scheme for directors and senior management based on performance and industry benchmarks[50] Technological Innovation - The company is working on a fully automated three-dimensional cold storage system to improve efficiency and reduce costs in cold chain logistics[4] - The development of a digital twin operation and maintenance platform for smart cold chain logistics is aimed at addressing management inefficiencies in traditional logistics parks[4] - The company is developing a smart control technology for grain storage that aims to reduce dust emissions by over 20% and improve grain quality retention above 80%[188] - The intelligent control system for grain storage aims to enhance operational efficiency and improve management quality through real-time data monitoring and standardized data collection[188] - The company has successfully developed cloud data-based grain drying technology, which has been recognized with a second-class award from the China Grain and Oil Society[159] Investment and Financial Management - The company raised a total of RMB 361,958,000.00 through the issuance of 101,960,000 shares at RMB 3.55 per share, with a net amount of RMB 308,856,270.65 after deducting issuance costs[17] - The company has completed the 2023 internal audit work plan and the third quarter report was approved by the audit committee[58] - The company has proposed to continue using part of the idle raised funds for cash management[58] - The company has a cash balance of ¥1.60 billion at the end of 2023, accounting for 38.16% of total assets, up from 35.40% at the beginning of the year[197] Industry Outlook - The grain storage logistics industry is expected to see significant demand growth due to national policies aimed at modernizing grain storage facilities, with a target of building 60,000 storage facilities by 2030[111] - The cold chain logistics market is rapidly expanding, driven by the growth of fresh e-commerce and the demand for high-quality cold chain infrastructure[113] - The government has introduced policies to enhance grain production layout and promote the construction of high-standard grain warehouses, ensuring food security[115] - The company aims to leverage advancements in technology to drive the development of the grain processing industry towards high-end, intelligent, and green solutions[114]

股票代码：301058.SZ 2023 中粮科工股份有限公司 环境、社会与治理(ESG)报告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT CONTENTS 目录 | 报告编制说明 | 03 | | --- | --- | | 董事长致辞 | 05 | | 关于中粮科工 | 07 | | 公司介绍 | 09 | | 业务介绍 | 11 | | 企业文化 | 13 | | 经营业绩 | 14 | | 资质荣誉 | 14 | | ESG策略与管理 | 15 | | --- | --- | | ESG管理 | 17 | | 利益相关方沟通 | 18 | | 重要性议题讨论 | 19 | | 完善公司治理 | 21 | | --- | --- | | 聚力强"根"铸"魂" | 23 | | 筑牢治理根基 | 24 | | 严守廉洁底线 | 26 | | 加强内部控制 | 27 | | 优化合规风控 | 29 | | 保护投资者权益 | 31 | | 履行环保责任 | 33 | | --- | --- | | 加强环境管理 | 35 | | 高效利用能源 | 36 | | 强化 ...

中粮科工股份有限公司 董事会审计委员会关于会计师事务所 2023 年度履职情况 评估及履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《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（2023 年 12 月修订）》 等法律法规、规范性文件以及《公司章程》等规定和要求，中粮科工股份有限公 司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职守，认 真履职。现将董事会审计委员会对会计师事务所 2023 年度履职评估及履行监督 职责的情况汇报如下： 一、2023 年年审会计师事务所的基本情况 （一）会计师事务所基本情况 名称：信永中和会计师事务所（特殊普通合伙）成立日期：2012 年 3 月 2 日（京财会许可【2011】0056 号） 组织形式：特殊普通合伙企业 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，及公司 2023 年年报工作安排，信永中和对公司 2023 年度财务报告进行了审 计并出具了标准无保留意见的审 ...