Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 50.68 CNY [9][30]. Core Insights - The company has demonstrated robust revenue growth, achieving 555 million CNY in 2023, a year-on-year increase of 23.86%, and a net profit of 87 million CNY, up 24.2% year-on-year. For Q1 2024, revenue was 95 million CNY, reflecting a 17.33% increase, with a net profit of 8 million CNY, up 8.16% year-on-year [1][9]. - The company is positioned as a leading domestic brand in the scroll compressor market, with significant potential for domestic substitution and market share expansion. The report highlights the company's focus on product quality and cost-effectiveness, alongside international expansion and cost management as key growth drivers [9][30]. Financial Performance Summary - **2023 Financials**: Total revenue was 555 million CNY, with a net profit of 87 million CNY. Gross margin was 28.44%, and net margin was 15.75% [9]. - **2024 Projections**: Expected revenue growth of 25.2% in 2024, with net profit projected to grow by 21.1% [2][9]. - **Segment Performance**: Revenue from heat pumps, commercial air conditioning, refrigeration, and electric vehicles was 193 million CNY, 201 million CNY, 145 million CNY, and 14 million CNY respectively, with significant year-on-year growth rates [9]. - **Cost Structure**: The report notes increases in sales, management, and R&D expense ratios, attributed to higher marketing and personnel costs, as well as increased R&D investments [9]. Market Position and Competitive Landscape - The company operates in a market with a substantial domestic potential, with the domestic scroll compressor market estimated to be worth over 100 billion CNY. The top five international brands currently hold about 80% market share, indicating a significant opportunity for domestic brands to capture market share through competitive advantages [9][30].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 39.28 CNY and projected PE ratios of 21, 17, and 13 for the years 2024, 2025, and 2026 respectively [14][16]. Core Insights - The company has shown significant growth in revenue and net profit, with 2023 revenue reaching 555 million CNY, a year-on-year increase of 23.86%, and net profit of 87 million CNY, up 24.20% year-on-year [11][14]. - The company is positioned as a rare player in the domestic market for scroll compressors, with ongoing efforts to explore overseas market demand and continuous innovation in new product development [14]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 684 million CNY, 861 million CNY, and 1,082 million CNY respectively, with growth rates of 23.3%, 25.7%, and 25.8% [4][14]. - Net profit forecasts for the same years are 108 million CNY, 137 million CNY, and 176 million CNY, with growth rates of 23.4%, 27.4%, and 28.2% [4][14]. - The company's overall gross margin for 2023 was 28.44%, an increase of 2.50 percentage points year-on-year, attributed to an optimized sales structure [13]. Business Performance - The company achieved revenue of 1.93 million CNY from heat pump applications, 2.01 million CNY from commercial air conditioning, 1.45 million CNY from refrigeration, and 0.14 million CNY from automotive applications in 2023, with respective year-on-year growth rates of 11.83%, 19.96%, 39.79%, and 423.49% [12]. - The company has increased its investment in market promotion, internal management, and new product development, leading to a rise in expense ratios [2][13].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 48.64 CNY for the next six months [21][29]. Core Views - The company has shown a recovery in revenue growth, with a year-on-year increase of 20.8% in Q4 2023 and 17.3% in Q1 2024, attributed to improved domestic demand for scroll compressors [2][28]. - The company is expected to benefit from the domestic substitution opportunities in the scroll compressor market, with projected EPS of 1.95, 2.41, and 3.01 for 2024 to 2026 [29]. Financial Performance Summary - The company's main revenue for 2023 was 5.5 billion CNY, a year-on-year increase of 23.9%, with a net profit of 0.9 billion CNY, up 24.2% [28]. - The forecasted main revenue for the upcoming years is as follows: 6.8 billion CNY in 2024, 8.5 billion CNY in 2025, and 10.5 billion CNY in 2026 [3][16]. - The net profit is expected to grow to 1.1 billion CNY in 2024, 1.4 billion CNY in 2025, and 1.8 billion CNY in 2026 [3][16]. Profitability and Efficiency Metrics - The company's gross profit margin has shown fluctuations, with a decrease in Q4 2023 and Q1 2024 due to a decline in the proportion of high-margin export business [20]. - The operating cash flow for Q1 2024 was a net outflow of 5.34 million CNY, an improvement from the previous year's outflow of 16.96 million CNY, indicating better cash generation from sales [12][20]. Market Position and Outlook - The company is well-positioned in the heat pump and cold chain application markets, with a solid foothold in commercial air conditioning applications [2]. - The domestic sales of scroll compressors are expected to continue growing, with a year-on-year increase of 14.0% in Q4 2023 and 8.6% in January-February 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [14][23]. Core Insights - The company has shown significant growth in its commercial air conditioning application revenue, increasing from 49 million RMB in 2018 to 201 million RMB in 2023, with a CAGR of 32.6% [1]. - The domestic market share of the company is expected to continue rising, particularly as it integrates into the supply chains of major domestic brands like Gree and Midea [1]. - The company has actively expanded its overseas market presence, with overseas revenue growing from 16% to 34% of total revenue between 2018 and 2023, achieving 186 million RMB in overseas sales in 2023, a year-on-year increase of 40.6% [11]. - The company plans to optimize its cost structure by gradually adopting aluminum wire motors in its products, aiming for 50% of models to feature this technology within two years [10]. Summary by Sections Business Performance - In 2023, the company reported total revenue of 555 million RMB, a year-on-year increase of 23.86%, and a net profit attributable to the parent company of 87 million RMB, up 24.20% [15]. - The forecast for 2024-2026 indicates revenues of 701 million RMB, 882 million RMB, and 1.104 billion RMB, with net profits of 110 million RMB, 136 million RMB, and 167 million RMB respectively [23]. Market Position - The company’s domestic market share was 5.59% in 2022, ranking just behind the top five foreign brands, which saw their market share decline from 96.1% to 80.3% from 2015 to 2022 [1]. - The company is positioned as a leader in the scroll compressor market, benefiting from the trend of domestic substitution [10]. Financial Projections - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 26.39%, 25.73%, and 25.20% for the years 2024, 2025, and 2026 respectively [25]. - The projected diluted earnings per share for 2024, 2025, and 2026 are 1.881 RMB, 2.316 RMB, and 2.855 RMB respectively [25].

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕3191 号 苏州英华特涡旋技术股份有限公司全体股东： 一、审计意见 我们审计了 ...

国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 2023 年募集资金年度存放与使用情况的核查意见 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为苏州英华特 涡旋技术股份有限公司（以下简称"英华特"或"公司"）首次公开发行并上市 的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《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，对英华特 2023 年募集资金年度存放与使用情况进行了审 慎核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意苏州英华特涡旋技术股份有限公司 首次公开发行股票注册的批复》（证监许可〔2023〕1049 号），公司由主承销商国 金证券股份有限公司采用网下向符合条件的投资者询价配售与网上向持有深圳 市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行相结合 的方式，向社会公众公开发行人民币普通股（A 股）股票 1,463 万股，发行价为 ...

国金证券股份有限公司 关于苏州英华特涡旋技术股份有限公司 2023 年度内部控制自我评价报告的核查意见 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为苏州英华特 涡旋技术股份有限公司（以下简称"英华特"或"公司"）首次公开发行并上市 的保荐人，根据《证券发行上市保荐业务管理办法》《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》《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 13 号——保荐业务》等 有关规定，对英华特 2023 年度内部控制制度的建立健全事项进行了审慎核查， 核查情况及核查意见如下： （三） 内部控制自我评价工作依据及内部控制缺陷认定标准 公司依据企业内部控制规范体系及《公司内部控制评价办法》组织开展内部 控制评价工作。公司董事会根据企业内部控制规范体系对重大缺陷、重要缺陷和 一般缺陷的认定要求，结合公司规模、行业特征、风险偏好和风险承受度等因素， 区分财务报告内部控制和非财务报告内部控制，研究确定了适用于本公司的内部 控制缺陷具体认定标准。公司确定的内部控制缺陷认定标准如下： 一、保荐人进行的核查工作 国金证券保荐代表人通 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2024〕3188 号 苏州英华特涡旋技术股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了苏州英华特涡旋技术股份有限公司（以下简称英华特公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是英华 特公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，英华特公司于 2023 年 12 月 31 日按照《企业内 ...

本次组织架构调整是对公司内部管理机构的调整，不会对公司生产经营活动产 生重大影响。 同时，董事会授权公司管理层负责组织架构调整后的具体实施及进一步细化等 相关事宜。 特此公告。 证券代码：301272 证券简称：英华特 公告编号：2024-010 苏州英华特涡旋技术股份有限公司 关于调整公司组织架构的公告 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。 苏州英华特涡旋技术股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召 开第二届董事会第七次会议，审议通过了《关于调整公司组织架构的议案》。为更好 地适应公司的发展规划和管理需要，进一步优化内部管理体系，提高管理决策效率和 管理水平，提升公司运营效率，保障公司战略规划的有效落实，公司决定对组织架构 进行调整和优化，调整后的公司组织架构图详见附件。 2 苏州英华特涡旋技术股份有限公司董事会 2024 年 4 月 26 日 1 附件：英华特组织架构图 股东大会 董事会 总经理 监事会 董事会秘书 薪酬与考核委员会 战略委员会 提名委员会 审计委员会 董 事 会 办 公 室 人 事 部 财 务 部 总 ...

苏州英华特涡旋技术股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况评估 及履行监督职责情况的报告 苏州英华特涡旋技术股份有限公司（以下简称"公司"）董事会审计委员会 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》 《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《苏州英华特涡旋技术股份有限公司章程》（以下 简称"《公司章程》"）、《董事会审计委员会工作细则》等规定和要求，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 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，天健对公司 2023 年度财务报告进行了审计，并对 2023 年 12 月 31 日的财务 报告内部控制的有效性进行了审计，同时对公司募集资金存放与实际使用情况、 控股股东及其他关联方占用资金情况等业务进行核查并出具了专项报告。 经审计，天健认为公司财务报表在所有重大方面按照企业会计准则的规定编 制， ...