前十大流通股东累计持有： 2524.19万股，累计占流通股比： 51.8%，较上期变化： 1985.81万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7700 | 0.7400 | 4.05 | 1.0200 | | 每股净资产（元） | 0 | 3.44 | -100 | 4.9 | | 每股公积金(元) | 0.7 | 0.76 | -7.89 | 0.38 | | 每股未分配利润(元) | 1.61 | 1.31 | 22.9 | 2.71 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.04 | 2.58 | 17.83 | 2.07 | | 净利润(亿元) | 0.79 | 0.67 | 17.91 | 0.51 | | 净资产收益率(%) | 21.68 | 22.06 | -1.72 | 29.23 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条 ...

投资评级：增持（下调） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 27.77 | | 一年最高最低(元) | 38.00/8.50 | | 总市值(亿元) | 28.66 | | 流通市值(亿元) | 13.53 | | 总股本(亿股) | 1.03 | | 流通股本(亿股) | 0.49 | | 近 3 个月换手率(%) | 396.21 | 北交所信息更新 北 交 所 明阳科技（837663.BJ） 积极拓展"总成件"高价值新品类，2024 年营收预告同比+18% 2025 年 03 月 17 日 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 预计 2024 年营收 3.04 亿元（+17.99%），归母净利润 0.79 亿元（+18.66%） 公司发布 2024 年业绩快报，预计 2024 年公司实现营业收入 3.04 亿元，同比增 长 17.99%；归母净利润为 0.79，同比增长 18.66%；扣非净利润 0.73 亿元，同比 增长 10.59%。受下游汽车行业年降影响，我们下调 202 ...

Investment Rating - The investment rating for the company is upgraded to "Outperform" [1][3]. Core Views - The company is actively expanding into high-value new product categories, specifically "assembly components," with a revenue forecast for 2024 showing a year-on-year increase of 18% [1][3]. - The automotive industry in China is expected to see steady growth in production and sales in 2024, with a focus on the increasing functionality of seating configurations due to the "new four modernizations" trend [4]. - The company has demonstrated strong cost control and high labor efficiency, with a return on labor investment reaching a historical high of 226.24% in the first three quarters of 2024, up 31.24 percentage points from 2023 [5]. Financial Summary - The company anticipates a revenue of 304 million yuan in 2024, representing a growth of 17.99% year-on-year, and a net profit of 79 million yuan, which is an increase of 18.66% [3][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.77 yuan, 0.91 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 36.3, 30.4, and 25.4 [3][6]. - The company's total revenue is expected to grow from 258 million yuan in 2023 to 304 million yuan in 2024, and further to 421 million yuan by 2026 [6][10]. Market Trends - The Chinese automotive market is projected to achieve production and sales of over 31 million vehicles in 2024, with new energy vehicles accounting for more than 40% of total sales [4]. - The trend towards electric and intelligent vehicles is driving demand for advanced seating solutions, which presents significant market expansion opportunities for the automotive seating components industry [4]. Operational Insights - The company has invested 45% of the total raised funds in its projects by mid-2024, with production expected to commence on May 16, 2025, which will further enhance its growth potential [5]. - The introduction of "assembly components" as a new product category is expected to provide substantial market value and growth opportunities, aligning with the company's core strategic planning [5].

Fixed Income - The forecast for February 2025 predicts new loans of 1 trillion yuan and social financing of 2.5 trillion yuan, with M2 reaching 320.6 trillion yuan and a year-on-year growth of 7.0% [2][10] - The social financing growth rate is expected to be 8.3%, with a potential recovery in the growth rate later in the year [11][12] - The report anticipates a stable economic outlook for 2025, with a possible small rebound in 2026, and predicts the 10Y/30Y government bond yields to peak at 1.9%/2.2% in 2025 [13] Pharmaceutical Industry - Kelun Pharmaceutical (002422.SZ) - Kelun Pharmaceutical is recognized as a successful representative of the transition from generic to innovative drugs, with a cumulative R&D investment of nearly 11.9 billion yuan from 2014 to 2023 [14][15] - The company has entered the global market for innovative drugs, with significant potential for future growth, particularly through its ADC research platform and partnerships with major pharmaceutical companies [16] - The antibiotic intermediate sector is expected to maintain a stable supply-demand balance, while the intravenous infusion market is projected to grow steadily due to aging demographics [17][18] Public Utilities - China Resources Gas (01193.HK) - China Resources Gas is positioned as a leading city gas provider, focusing on projects in first- and second-tier cities, benefiting from its strategic location [21][22] - The company has reduced its reliance on connection services, with growth in comprehensive services and energy solutions supporting its profitability [23] - The report highlights a significant increase in operating cash flow and a low debt ratio, indicating strong financial health and potential for dividend growth [24][25] New Energy - Mingyang Technology (837663.BJ) - Mingyang Technology is identified as a national-level specialized manufacturer in automotive seat components, with an expected net profit growth of 18.66% in 2024 [27][28] - The company is benefiting from the trend of electrification and intelligence in the automotive industry, with a projected increase in the value of seat components [29] - The report emphasizes the potential for growth in the assembly business, which is expected to become a significant revenue driver [30][31] New Consumption - Semir Apparel (002563.SZ) - Semir Apparel focuses on casual and children's clothing, with its brands ranking among the top in their respective markets [34][35] - The company is enhancing operational efficiency and product appeal through strategic partnerships and brand collaborations, leading to improved profit margins [35] - The report forecasts steady growth in net profit from 2024 to 2026, supported by a strong market position and multi-brand strategy [36] New Consumption - Bairun Co., Ltd. (002568.SZ) - Bairun Co., Ltd. is a leading player in the ready-to-drink (RTD) beverage market, with a market share exceeding 73% in 2023 [38][39] - The growth of the RTD market is driven by expanding consumer demographics and innovative product offerings [40] - The company is expected to maintain its market leadership and continue to grow its net profit from 2024 to 2026 [41]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its growth potential in the automotive seating sector [5][6]. Core Insights - The company is positioned to benefit from the trends of electrification and intelligence in the automotive industry, with a projected 18.66% growth in net profit attributable to shareholders in 2024 [5]. - The company specializes in the research, production, and sales of core components for automotive seat adjustment systems, offering customized high-performance parts [5]. - The expected revenue for 2024 is 304 million yuan, representing a year-on-year increase of 17.99%, with a net profit of approximately 78.95 million yuan [5]. Summary by Sections Market Performance - The closing price of the stock is 29.60 yuan, with a market capitalization of approximately 3,054.72 million yuan [3]. Financial Projections - Revenue is projected to grow from 258 million yuan in 2023 to 304 million yuan in 2024, with a compound annual growth rate of 17.99% [7]. - Net profit is expected to increase from 67 million yuan in 2023 to 79 million yuan in 2024, reflecting an 18.90% growth rate [7]. - Earnings per share (EPS) is forecasted to rise from 0.64 yuan in 2023 to 0.77 yuan in 2024 [7]. Business Development - The company is expanding its product lines, including electric hinges and assembly products, which are anticipated to contribute significantly to revenue growth [5]. - The company has a high gross margin of around 45%, indicating a strong competitive position in the market [5][6]. Market Trends - The automotive industry is expected to see a production and sales increase, with new energy vehicles projected to account for 40.9% of total vehicle sales in 2024, up from 9.3 percentage points from 2023 [5]. - The market for automotive seats is projected to grow, with a production volume of 15,976.8 million units in 2023 and a demand of 15,308.7 million units [5].

Group 1: Company Overview - Mingyang Technology's product orders are primarily composed of new energy vehicles, accounting for approximately 90% of total orders, while other vehicle types and non-automotive orders make up about 10% [4] - The company has established long-term stable partnerships with major clients such as Huayu Automotive, Hubei Zhonghang, and Faurecia [6] Group 2: Production Capacity and Planning - Due to a rapid increase in orders in Q4 2024, production capacity has been under pressure, but the situation has improved with the arrival of automated equipment [5] - In the first half of 2025, the company plans to expand production capacity and accelerate the digital and intelligent transformation of production workshops to enhance efficiency [5] Group 3: Competitive Advantages - Mingyang Technology is recognized as a national-level "specialized and innovative" small giant enterprise and has led the drafting of national and industry standards [6] - The company holds 66 authorized patents and has developed core technologies in product development, design, and manufacturing processes [6] Group 4: Future Growth Opportunities - The company has a comprehensive product system for core components and assemblies of automotive seat adjustment systems, which is expected to be a significant revenue growth point [7] - There are opportunities to expand into non-automotive fields such as electric tools, office chairs, smart homes, and medical devices, although no sales orders currently exist in these areas [8] Group 5: Market Trends and Impact - The global market for new energy vehicles is expected to maintain rapid growth in the next 1-2 years, driven by stricter carbon emission regulations and increased consumer acceptance [9] - The demand for differentiated features in new energy vehicles, particularly in interior technology and comfort, will enhance the need for advanced seat components, providing a broader market space for the company [9]

Financial Performance - The company achieved operating revenue of ¥304,193,212.95, an increase of 17.99% compared to the previous year[4] - Net profit attributable to shareholders reached ¥78,948,473.92, up 18.66% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥72,961,402.18, reflecting a 10.59% increase[4] - Basic earnings per share rose to ¥0.76, a 2.79% increase from the previous year[4] - The weighted average return on net assets was 19.15%, down from 22.06% in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were ¥474,248,061.28, a 2.20% increase from the beginning of the period[5] - Shareholders' equity attributable to the company increased by 5.16% to ¥372,980,881.13[5] Revenue Drivers and Future Plans - The increase in revenue was primarily driven by higher customer product demand and increased production and sales volume[7] - The company plans to enhance production efficiency through further technological upgrades and increased investment in automation and intelligent equipment[7] Cautionary Notes - The financial data presented is preliminary and has not been audited by an accounting firm, cautioning investors to be aware of investment risks[2]

证券代码：837663 证券简称:明阳科技 公告编号：2025-002 明阳科技（苏州）股份有限公司股票交易异常波动公告 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。 一、股票交易异常波动的具体情况 公司股票最近 3 个有成交的交易日（2025 年 2 月 21 至 2025 年 2 月 25 日）以内收盘价 涨幅偏离值累计达到 47.91%，根据《北京证券交易所交易规则（试行）》的有关规定，属于 股票交易异常波动情形。 二、公司关注并核实的相关情况 1、 核实对象： 公司控股股东、实际控制人及一致行动人，持股 5%以上股东，在任的董事、监事及高 级管理人员。 2、 核实方式： 电话询问、口头询问、微信询问等方式。 3、 核实结论： 前期公告的事项不存在需要更正、补充之处,未发现可能或已经对本公司股票交易价格 产生较大影响的媒体报道或市场传闻，不涉及热点概念事项；近期公司经营情况及内外部经 营环境未发生重大变化；公司、控股股东和实际控制人不存在关于本公司的应披露而未披露 的重大事项，或处于筹划阶段的重大 ...

Group 1: Company Overview - Mingyang Technology focuses on two main product categories: core components for automotive seat adjustment mechanisms and complete assembly parts [3][4] - The core components include four major product series: self-lubricating bearings (DU), powder metallurgy parts (PM), metal injection molded parts (MIM), and transmission rods (LG) [4] - The complete assembly parts, such as armrest hinges and electric hinges, are expected to be a significant revenue growth point in the future [4] Group 2: Financial Reporting and Strategy - The company has classified complete assembly parts as a separate category in financial reports to better reflect revenue composition and showcase product development [5] - Complete assembly parts have a higher unit price compared to core components, indicating a broader market potential and importance in the company's strategic planning [5] Group 3: Cost Management and Profitability - To maintain stable gross margins amidst industry-wide annual declines, the company focuses on several strategies: - Continuous R&D investment and technological innovation to reduce costs and enhance product competitiveness [5] - Improving customer responsiveness and service quality to increase customer loyalty [5] - Strict control over key material costs and optimization of the supplier base [5] - Increasing automation to enhance production capacity and efficiency [5] Group 4: Client Relationships and Capacity Utilization - The company has maintained a strong partnership with its largest client, Shanghai Yanfeng, for over 20 years, with a steady increase in supply volume [6][7] - Current order growth has led to tight capacity utilization, but the situation is improving with the introduction of automated equipment [8] Group 5: Investment Projects - As of the end of Q3 2024, the company's fundraising projects are progressing as planned and have not yet been completed [9]

证券代码：837663 证券简称：明阳科技 公告编号：2024-108 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 12 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2024 年 12 月 20 日以书面方式发出 明阳科技（苏州）股份有限公司 第四届董事会第一次会议决议公告 5.会议主持人：王明祥 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。 7.召开情况合法、合规、合章程性说明： 本次会议召集、召开及议案审议程序符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 （一）审议通过《关于选举公司第四届董事会董事长的议案》 1.议案内容： 具体内容详见公司同日在北京证券交易所信息披露平台（www.bse.cn）发布 的《明阳科技（苏州）股份有限公司董事长、监事会主席及高级管理人员换届公 告》（公 ...