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 ...

国浩律师（苏州）事务所 法律意见书 苏州工业园区 旺墩路 269 号圆融星座商务广场 1 幢 28 楼 邮编：215028 28/F，Tower 1，Harmony City，No.269，Wangdun Road，SIP，Suzhou PC：215028 电话/Tel：(86-512) 62720177 传真/Fax：(86-512) 62720199 电子信箱/E-mail：grandallsuzhou@grandall.com.cn 网址/Web：www.grandall.com.cn 法律意见书 致：明阳科技（苏州）股份有限公司 国浩律师（苏州）事务所（以下简称"本所"）接受明阳科技（苏州）股份有 限公司（以下简称"公司"）的委托，指派律师出席并就公司 2024 年第三次临时 股东大会（以下简称"本次股东大会"）相关事宜出具法律意见书。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 1 _____________________________________________________________________________ 国浩律师（苏州）事务所 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-104 选举王明祥先生为公司董事长，任职期限与本届董事会一致，自 2024 年 12 月 27 日起生效。上述选举人员持有公司股份 47,508,220 股，占公司股本的 46.04%，不是失 信联合惩戒对象。 （二）监事会主席换届的基本情况 根据《公司法》及公司章程的有关规定，公司第四届监事会第一次会议于 2024 年 12 月 27 日审议并通过： 选举王美华女士为公司监事会主席，任职期限与本届监事会一致，自 2024 年 12 月 27 日起生效。上述选举人员持有公司股份 0 股，占公司股本的 0.00%，不是失信联 合惩戒对象。 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 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、换届基本情况 （一）董事长换届的基本情况 根据《公司法》及公司章程的有关规定，公司第四届董事会第一次会议于 2024 年 12 月 27 日审议并通过： （三）高级管理人员换届的基本情况 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-105 明阳科技（苏州）股份有限公司 2024 年第三次临时股东大会决议公告 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。 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.会议召集人：董事会 5.会议主持人：董事长王明祥先生 6.召开情况合法、合规、合章程性说明： 本次股东大会的召集程序符合《公司法》、《公司章程》及有关法律法规、 规范性文件的规定。本次会议的召开无需其他相关部门批准或履行必要程序。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 4 人，持有表决权的股份总数 72,816,220 股，占公司有表决权股份总数的 70.56%。 其中通过网络投票参与本次股东大会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 3.公司董事会 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-106 明阳科技（苏州）股份有限公司 第四届监事会第一次会议决议公告 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 6.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。 5.会议主持人：监事会主席王美华女士 （二）会议出席情况 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.发出监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 告》（公告编号：2024-104） 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 无。 本议案无需提交股东大会审议。 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于选举公司第四届监事会主席的议案》 1.议案 ...