Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company has shown a recovery in performance in Q2 2024, achieving a record high quarterly profit, with significant progress in the fields of new energy and autonomous driving [1][6]. - Despite a slight decline in revenue and profit year-on-year for H1 2024, Q2 performance rebounded significantly, with revenue of 1.615 billion yuan and a net profit of 179 million yuan, reflecting a quarter-on-quarter increase of 34.95% and 50.97% respectively [2][3]. - The company is benefiting from improved gross margins and strong financial resilience, with the launch of new products and the completion of a new production facility [3][6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.812 billion yuan, down 14.91% year-on-year, and a net profit of 297 million yuan, down 11.16% year-on-year [2]. - The gross margin for H1 2024 was 22.97%, an increase of 3.68 percentage points year-on-year [3][5]. - The company achieved a net cash flow from operating activities of 151 million yuan, up 23.55% year-on-year [2]. Product and Market Development - The company has made significant advancements in the new energy sector, with a notable increase in sales of electric and alternative fuel vehicles [6]. - The penetration rate in the open-pit coal mining market is expected to increase, supported by national policies aiming for higher production from open-pit mines [6]. - The company has also expanded its presence in international markets, with a focus on enhancing its market share in overseas operations [6]. Profitability Forecast - The company is projected to achieve revenues of 6.12 billion yuan, 7.51 billion yuan, and 8.69 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 637 million yuan, 849 million yuan, and 1.013 billion yuan [6][7]. - The expected growth rates for net profit are 4%, 33%, and 19% for the years 2024, 2025, and 2026 respectively [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the technology for new energy vehicles is becoming increasingly refined, and the commercial application of autonomous vehicles is on the verge of large-scale deployment [1][4] - The company has experienced a decline in revenue and net profit in the first half of 2024, with revenue at 2.812 billion yuan (down 14.91%) and net profit at 296.76 million yuan (down 11.16%) [3] - Despite the domestic market downturn and slowing overseas growth, the report maintains a positive outlook on the company's international market expansion and new product competitiveness [3] Financial Summary - In H1 2024, the company's revenue was 2.812 billion yuan, with a net profit of 296.76 million yuan, and a non-recurring net profit of 288.44 million yuan [3] - The gross profit margin improved year-on-year, with Q2 2024 revenue at 1.615 billion yuan, a quarter-on-quarter increase of 35%, and net profit at 178.51 million yuan, a quarter-on-quarter increase of 51% [3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 609 million yuan, 679 million yuan, and 751 million yuan respectively, with corresponding EPS of 1.33, 1.49, and 1.64 yuan per share [3] Product and Market Development - The company has made significant progress in product innovation, with R&D expenses reaching 74.16 million yuan (up 60%) [3] - The domestic first dual-bridge drive "rigid truck" TLD125 has begun mass production and has been delivered to Ecuador's metal mines, marking a new entry into the high-end South American market [3] - The report notes that the company has completed nearly 300 orders for autonomous driving products, with over 200 vehicles operating in mines, achieving an attendance rate improvement from over 80% to 90% [4]

证券代码：834599 证券简称：同力股份 公告编号：2024-060 | | | 上海荣正企业咨询服务（集团）股份有限公司 | 一、释义 | 1 | | --- | --- | | 二、声明 | 3 | | 三、基本假设 | 4 | | 四、本次激励计划的审批程序 | 5 | | 五、独立财务顾问意见 | 8 | | （一）关于本次激励计划预留授予部分第一个行权期行权条件成就的说明 | ...8 | | （二）预留授予股票期权行权的具体情况 9 | | | （三）关于本次行权与已披露的激励计划存在差异的说明 10 | | | （四）结论性意见 11 | | | 六、备查文件及咨询方式 | 12 | | （一）备查文件 12 | | | （二）咨询方式 12 | | 关于 陕西同力重工股份有限公司 2023 年股票期权激励计划预留授予部分 第一个行权期行权条件成就相关事项 之 2024 年 8 月 独立财务顾问报告 二、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由同力股份提供，本计划 所涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依 据的所有文件 ...

北京德恒(西安)律师事务所 关于 陕西同力重工股份有限公司 2023 年股票期权激励计划 预留授予部分第一个行权期行权条件成就之 法律意见 北京德恒（西安）律师事务所 DeHeng Law Offices (Xi'an) 陕西省西安市高新区丈八办团结南路 35 号高新新天地 T3 栋 36 层 电话: 029-81773718 邮编: 710065 the state of the subject of 北京德恒(西安)律师事务所 关于陕西同力重工股份有限公司 2023 年股票期权激励计划 预留授予部分第一个行权期行权条件成就之法律意见 释 义 在本法律意见中,除非文义另有所指,下列词语具有下述涵义: | 德恒/本所 | 指 | 北京德恒(西安)律师事务所 | | --- | --- | --- | | 公司/同力股份 | 指 | 陕西同力車工股份有限公司 | | 本股票期权激励计 | 指 | 陕西同力重工股份有限公司2023年股票期权激励计 | | 划/本激励计划/本 | | 划 | | 次计划 | | | | 《激励计划(草 | 블 | 《陕西同力重工股份有限公司2023年股票期权激励 | | 案)》 | ...

国投证券股份有限公司 关于陕西同力重工股份有限公司 对外担保的专项核查意见 国投证券股份有限公司（以下简称"国投证券""保荐机构"）作为陕西同力重 工股份有限公司（以下简称"同力股份""公司"）股票向不特定合格投资者公开发 行的保荐机构，根据《证券发行上市保荐业务管理办法》《北京证券交易所股票 上市规则（试行）》《北京证券交易所上市公司持续监管办法（试行）》等相关法 律法规的规定，对同力股份对外担保事项发表专项意见如下： 一、对外担保概述 （一）关于同力股份全资子公司陕西同力新能源智能科技有限公司向浙商 银行股份有限公司西安分行申请壹亿元综合授信业务并提供担保 根据公司全资子公司陕西同力重工新能源智能科技有限公司（以下简称"同 力科技"）业务发展需要，经公司、同力科技与浙商银行股份有限公司西安分行 （以下简称"浙商银行西安分行"）积极协商并达成初步合作意向，公司同意为同 力科技向浙商银行西安分行申请壹亿元综合授信提供担保，具体内容如下： 3、授权法定代表人叶磊或其指定第三人在上述授信金额内全权办理与本次 授信事项有关的所有事宜，包括但不限于签署相关法律文件、决定具体授信使用 等。 4、分销通业务模式主要为： ...

证券代码：834599 证券简称：同力股份 公告编号：2024-059 陕西同力重工股份有限公司监事会 关于 2023 年股票期权激励计划预留部分 第一个行权期行权条件成就相关事项的核查意见 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 陕西同力重工股份有限公司（以下简称"公司"）监事会，依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《北 京证券交易所股票上市规则（试行）》（以下简称"《上市规则》"）、《北京证券交 易所上市公司持续监管办法（试行）》（以下简称"《持续监管办法》"）、《北京证 券交易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》（以下简 称"《监管指引第 3 号》"）等相关法律、行政法规和规范性文件以及《公司章程》 的相关规定，对 2023 年股票期权激励计划预留部分第一个行权期行权条件成就 相关事项进行了核查，发表核查意见如下： 1、经核查，公司符 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：834599 证券简称：同力股份 公告编号：2024-063 陕西同力重工股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 一、募集资金基本情况 （一）实际募集资金的金额、资金到账时间 2021 年 1 月 6 日，经中国证券监督管理委员会《关于核准陕西同力重工股份有限公司 向不特定合格投资者公开发行股票的批复》（证监许可[2021]21 号） 的核准，公司向不特 定合格投资者公开发行股票 5,000 万股，发行价格为人民币 10.00 元/股，实际募集资金总额 为人民币 500,000,000.00 元，扣除相关发行费用 34,198,113.20 元（不含发行费用的可抵扣增 值税进项税额 2,051,886.79 元）后，公司实际募集资金净额为人民币 465,801,886.80 元。 主承销商国投证券股份有限公司扣除了尚未支付的承销费用共计人民币 33,500,000.00 元后，将募集资金人民币 466,500,000 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.81 billion, a decrease of 14.91% compared to ¥3.30 billion in the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately ¥296.76 million, down 11.16% from ¥334.04 million year-on-year[14]. - Basic earnings per share decreased to ¥0.6646, a decline of 11.95% compared to ¥0.7548 in the same period last year[14]. - Net profit decreased by 11.52% compared to the same period last year[17]. - The company's operating revenue for the current period is ¥2,811,922,873.69, a decrease of 14.91% compared to ¥3,304,630,864.56 in the same period last year[29]. - Net profit for the current period is ¥297,018,798.94, down 11.52% from ¥335,704,223.59 in the same period last year[29]. - The company's total profit for the first half of 2024 was CNY 290,810,154.30, a decrease of 17.2% from CNY 351,420,239.34 in the first half of 2023[96]. - The company's total comprehensive income for the first half of 2024 was CNY 257,148,089.99, compared to CNY 296,767,332.11 in the first half of 2023[97]. Profitability and Margins - The gross profit margin improved to 22.97%, up from 19.29% in the previous year[14]. - The weighted average return on net assets based on net profit attributable to shareholders was 11.49%, down from 15.47% in the previous year[14]. - The main business revenue from the sale of wide-body dump trucks was ¥2,624,606,520.18, a decrease of 16.27% compared to the previous year[33]. - Domestic revenue accounted for ¥2,371,906,559.31, with a gross profit margin increase of 4.01 percentage points despite a 16.03% decline in revenue[35]. Cash Flow and Liquidity - Operating cash flow increased by 23.55% to ¥150,665,493.33 from ¥121,945,012.77[16]. - The company reported a net cash flow from operating activities of CNY 151 million, an increase of 23.55% year-on-year[26]. - The ending cash and cash equivalents balance was CNY 567,855,052.16, up from CNY 401,773,479.14 at the end of the previous year[99]. - Cash inflow from sales of goods and services was CNY 1,420,689,010.70, compared to CNY 1,399,230,907.84 in the same period last year, reflecting a growth in revenue[98]. Assets and Liabilities - Total assets increased to ¥6,276,104,317.01, a growth of 9.68% compared to the previous year[15]. - Total liabilities rose to ¥3,691,673,821.08, reflecting a 14.61% increase year-over-year[15]. - The asset-liability ratio for the parent company is 56.47%, while the consolidated ratio is 58.82%[15]. - The inventory balance at the end of the period was CNY 960.25 million, a year-on-year increase of 44.24%[28]. - Long-term borrowings increased by 263.13% year-on-year to CNY 1.164 billion, primarily due to new loans from the Export-Import Bank of China[28]. Market Expansion and Product Development - The company successfully delivered a large batch of autonomous vehicles, marking a significant step towards the commercialization of autonomous vehicle applications[2]. - The TLD125 mining vehicle was delivered in bulk to Ecuador's metal mines, initiating the company's entry into the high-end South American market[2]. - The company has expanded its product exports to multiple countries, including Pakistan, Indonesia, and Malaysia, covering all provinces in China[12]. - The company has expanded its product line to include electric, hybrid, hydrogen fuel, and methanol fuel vehicles, alongside autonomous driving technology[21]. - The company plans to continue expanding its overseas market presence, as the current share is relatively small[25]. Research and Development - Research and development expenses increased by 59.83% to ¥74,158,275.26, primarily due to new model development and stock incentives for R&D personnel[29]. - The company is focusing on the development of autonomous driving and hybrid drive control technologies, aligning with its strategic direction of "large-scale, intelligent, and new energy" products[39]. - The company has established a comprehensive R&D, production, and sales system, with a focus on rapid response to market demands[22]. Employee and Governance - The company has implemented comprehensive employee welfare programs, including social insurance and additional benefits, to ensure employee rights and satisfaction[41]. - The company continued to implement the 2022 employee stock ownership plan, which was approved in September 2022[52]. - The company has a decentralized shareholding structure with no controlling shareholder, which may lead to governance instability and operational inefficiencies[46]. Environmental and Social Responsibility - The company is committed to environmental protection, achieving an A-level performance rating in the key industries for heavy pollution weather from the Shaanxi Provincial Ecological Environment Department[42]. - The company has been recognized as a "green factory" as part of the fifth batch of the "green manufacturing list" by the Shaanxi Provincial Industrial and Information Technology Department[43]. - The company has actively engaged in social responsibility initiatives, including recruitment drives for recent graduates to support employment and social stability[41]. Financial Management and Accounting Policies - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance[115]. - The group assesses expected credit losses based on a weighted average of credit losses for financial assets measured at amortized cost and other relevant financial instruments[131]. - The company has not changed its accounting policies or estimates compared to the previous year[113]. - The company will implement changes to accounting policies regarding the classification of current and non-current liabilities and sale-leaseback transactions starting January 1, 2024, with no significant impact on financial statements expected[182].

本次会议的召开符合《公司法》和《陕西同力重工股份有限公司公司章 程》的规定。 （二）会议出席情况 证券代码：834599 证券简称：同力股份 公告编号：2024-055 陕西同力重工股份有限公司 第五届监事会第十五次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 会议应出席监事 3 人，出席监事 3 人。 二、议案审议情况 （一）审议通过《关于<陕西同力重工股份有限公司 2024 年半年度报告及报告 摘要》的议案； 1.议案内容： 审议《关于<陕西同力重工股份有限公司 2024 年半年度报告及报告摘要>》 的议案。 1.会议召开时间：2024 年 8 月 22 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2024 年 8 月 20 日以电话方式发出 5.会议主持人：监事会主席郭振军先生。 6.召开情况合法、合规、合章程性说明： 详细内容见公司 2024 年 8 月 26 日于北京证券交易所信息 ...

证券代码：834599 证券简称：同力股份 公告编号：2024-054 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 22 日 2.会议召开地点：公司会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2024 年 8 月 20 日以电话方式发出 5.会议主持人：公司董事长叶磊先生 6.会议列席人员：公司全体监事和公司高管薛晓强、安杰、杨建耀、杨鹏。 7.召开情况合法、合规、合章程性说明： 本次会议召开符合《公司法》和《陕西同力重工股份有限公司公司章程》 的规定。 陕西同力重工股份有限公司 第五届董事会第十九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 （二）会议出席情况 会议应出席董事 6 人，出席董事 6 人。 二、议案审议情况 （一）审议通过《关于<陕西同力重工股份有限公司 2024 年半年度报告及报告 摘要>》的议案； 1.议案内容： 审议《关于<陕西同力重工股份有限公司 2024 年半年度报告及报告摘要>》 的议案。 ...