证券代码：837663 证券简称：明阳科技 公告编号：2024-052 明阳科技（苏州）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 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、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《关于同意明阳科技（苏州）股份有限公司向 不特定合格投资者公开发行股票注册的批复》（证监许可〔2023〕216 号），本公 司由主承销商东吴证券股份有限公司采用用战略投资者定向配售和网上向开通 北京证券交易所交易权限的合格投资者定价发行相结合的方式，向不特定合格投 资者公开发行人民币普通股股票 1,290.00 万股，发行价为每股人民币 11.88 元， 共计募集资金 15,325.20 万元，坐扣承销和保荐费用 1,249.15 万元后的募集资金 为 14,076.05 万元，已由主承销商东吴证券股份有限公司于 2023 年 3 月 6 日汇入 本公司募集资金监管账户。另减除上网发行费、招股说明书印刷费、申报会计师 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-054 明阳科技（苏州）股份有限公司 第三届监事会第十六次会议决议公告 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。 （二）会议出席情况 3.回避表决情况 无。 本议案无需提交股东大会审议。 （二）审议通过《关于<2024 年半年度募集资金存放与实际使用情况的专项报 告>》的议案 1.议案内容： 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<公司 2024 年半年度报告及摘要>》的议案 1.议案内容： 根据《北京证券交易所股票上市规则（试行）》、《公司章程》等法律、法规、 规范性文件、制度的相关规定和要求，编制了公司《2024 年半年度报告及摘要》。 1.会议召开时间：2024 年 8 月 23 ...

Investment Rating - The report assigns a "Buy" rating for the company, Mingyang Technology [1]. Core Insights - Mingyang Technology, a national-level specialized and innovative "little giant" enterprise, focuses on core components of automotive seat adjustment systems. The company has achieved a year-on-year net profit growth of 34% in Q1 2024 [3][9]. - The company maintains a high gross margin of around 45% from 2019 to 2023, indicating a competitive advantage and technological barriers in the industry [3][23]. - The automotive seat market in China is expected to grow, with a projected market size of approximately 1248.43 billion yuan in 2024, reflecting a growth of 6.11% [4][21]. Summary by Sections Company Overview - Mingyang Technology specializes in the R&D, production, and sales of core components for automotive seat adjustment systems, including self-lubricating bearings, force rods, powder metallurgy parts, and metal powder injection molded parts [13][19]. Financial Performance - In 2023, the company achieved a revenue of 258 million yuan (+24.31%) and a net profit of 66.53 million yuan (+30.59%), with gross and net margins of 46.19% and 25.81%, respectively [21][22]. - The company forecasts net profits of 83 million yuan, 101 million yuan, and 123 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.81, 0.98, and 1.19 yuan per share [3][4]. Market Position and Competitive Advantage - Mingyang Technology holds a market share of nearly 30% in self-lubricating bearings and force rods, with a stable customer base including major automotive manufacturers [3][4]. - The company has established a strong foothold in the automotive seat component market, benefiting from the trend of domestic substitution and the increasing value of automotive seats due to lightweight and electric smart trends [4][23]. Future Growth Potential - The company is expected to expand its product lines and markets, including new products like armrest hinges and headrest hinges, as well as entering commercial vehicle and smart home markets [4][21]. - The report highlights the potential for a second growth curve through the successful expansion of new products and the completion of fundraising projects to ensure production capacity [4][21].

Investment Rating - The report assigns a "Buy" rating for the company, Mingyang Technology [1]. Core Views - Mingyang Technology is recognized as a national-level specialized and innovative "little giant" enterprise focusing on core components of automotive seat adjustment systems. The company has achieved a year-on-year net profit growth of 34% in Q1 2024 [3][9]. - The company maintains a high gross margin of around 45% from 2019 to 2023, indicating a strong competitive advantage and technical barriers in its sector. The market share of its core products is nearly 30% [3][23]. - The automotive seat market in China is expected to grow, with a projected market size of approximately 1,176 billion yuan in 2023, reflecting a growth of 15.39%. The company is well-positioned to expand its business across various dimensions, including new product development and market exploration [4][21]. Summary by Sections Company Overview - Mingyang Technology, established in 1999, specializes in the R&D, production, and sales of core components for automotive seat adjustment systems. The company has a diverse product range, including self-lubricating bearings, force transmission rods, powder metallurgy parts, and metal powder injection molded parts [13][19]. Financial Performance - In 2023, the company achieved a revenue of 258 million yuan, representing a year-on-year increase of 24.31%, and a net profit of 66.53 million yuan, up by 30.59%. The gross margin and net margin were 46.19% and 25.81%, respectively [21][22]. - The company forecasts net profits of 83 million yuan, 101 million yuan, and 123 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.81 yuan, 0.98 yuan, and 1.19 yuan per share [3][4]. Industry Insights - The automotive industry is undergoing a transformation towards lightweight and electric intelligent seats, which is expected to increase the per-vehicle value of seats. The company is positioned to benefit from this trend through its innovative product offerings [4][23]. - The report highlights the trend of domestic brands accelerating the replacement of imported components, with the leading domestic automotive seat manufacturer, Huayu Automotive, holding a market share of 28% in 2022 [4][24]. Future Growth Potential - The company is expected to expand its product lines and markets, including commercial vehicles and smart home applications. The completion of its fundraising projects is anticipated to double its production capacity [4][21].

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 国浩律师（苏州）事务所 关于 明阳科技（苏州）股份有限公司 2024 年第一次临时股东大会 之 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 年第一次临时 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 5.本法律意见书仅供公司本次股东大会之目的使用，不得被任何人用于其他 任何目的或用途。 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-047 明阳科技（苏州）股份有限公司 2024 年第一次临时股东大会决议公告 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。 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 8 月 8 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： （二）会议出席情况 出席和授权出席本次股东大会的股东共 5 人，持有表决权的股份总数 72,816,223 股，占公司有表决权股份总数的 70.558356%。 其中通过网络投票参与本次股东大会的股东共 1 人，持有表决权的股份总数 3 股，占公司有表决权股份总数的 0.000003%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情 ...

前十大股东和前十大无限售条件股东情况公告 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。 明阳科技（苏州）股份有限公司（以下简称"公司"或"明阳科技"）于 2024 年 7 月 22 日召开第三届董事会第十七次会议、第三届监事会第十五次会议， 审议通过了《关于公司竞价回购股份方案的议案》，并于 2024 年 7 月 23 日在北 京证券交易所信息披露平台(www.bse.cn)披露了《竞价回购股份方案公告》（公 告编号：2024-044），该议案尚需通过股东大会审议。 根据《北京证券交易所上市公司持续监管指引第 4 号——股份回购》第二 十七条规定，现披露股东大会的股权登记日（即 2024 年 8 月 2 日）登记在册的 前十大股东和前十大无限售条件股东的情况，具体如下： 二、2024 年 8 月 2 日登记在册的前十大无限售条件股东持股情况： 序号 持有人名称 持有人类别 总持有数 量（股） 持有比例 （%） 1 王明祥 境内自然人 47,508,220 46.0351 2 沈旸 境内自然人 18,50 ...

证券代码：837663 证券简称：明阳科技 公告编号：2024-045 明阳科技（苏州）股份有限公司 前十大股东和前十大无限售条件股东情况公告 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。 明阳科技（苏州）股份有限公司（以下简称"公司"或"明阳科技"）于 2024 年 7 月 22 日召开第三届董事会第十七次会议、第三届监事会第十五次会议， 审议通过了《关于公司竞价回购股份方案的议案》，并于 2024 年 7 月 23 日在北 京证券交易所信息披露平台(www.bse.cn)披露了《竞价回购股份方案公告》（公 告编号：2024-044）。 1、中国证券登记结算有限责任公司北京分公司发放的权益登记日为 2024 年 7 月 22 日 的《合并普通账户和融资融券信用账户前 10 名明细数据表》； 2、中国证券登记结算有限责任公司北京分公司发放的权益登记日为 2024 年 7 月 22 日 的《合并普通账户和融资融券信用账户前 10 名无限售流通排名证券持有人名册》。 根据《北京证券交易所上市公司持续监管指引 ...

Investment Rating - The report assigns a "Buy" rating to Mingyang Technology (837663) for the first time [1]. Core Views - Mingyang Technology is a core supplier of automotive seat components in China, experiencing rapid growth in performance. The company has over 60 years of experience in the automotive seat sector and has developed four major product lines: Powder Metallurgy Parts (PM), Self-lubricating Bearings (DU), Transmission Rods (LG), and Metal Injection Molding Parts (MIM). In 2023, the company achieved a revenue of 258 million, a growth of 24.3%, and a net profit of 67 million, a growth of 30.6% [1][30]. - The domestic automotive seat market is nearly 100 billion, with a pressing need for domestic substitution. The market is expected to grow from approximately 97.61 billion in 2022 to 150 billion by 2026, with a CAGR of 11.3% [1][52]. - The company is rapidly expanding its production capacity and has a deep partnership with Huayu Automotive. By the end of 2025, the overall production capacity is expected to increase by approximately 102.2% [1][63]. - The investment suggestion includes projected net profits for 2024-2026 of 93 million, 123 million, and 158 million, respectively, with corresponding EPS of 0.91, 1.19, and 1.53 yuan. The company is valued at a PE ratio of 13-14 times for 2025, leading to a target share price range of 15.47-16.66 yuan [1][72]. Summary by Sections Company Overview - Mingyang Technology has been deeply engaged in the automotive seat field for over 20 years, forming four major product lines. The company was established in February 2000 and has been recognized as a national high-tech enterprise [1][26]. Financial Performance - In 2023, the company achieved a revenue of 258 million, with a growth rate of 24.3%, and a net profit of 67 million, with a growth rate of 30.6%. The gross profit margin was 46.2%, an increase of 1.1 percentage points [1][30][31]. Market Analysis - The domestic automotive seat market is projected to grow significantly, with a market size of approximately 97.61 billion in 2022 and an expected growth to 150 billion by 2026, indicating a strong demand for domestic substitutes [1][52]. Production Capacity Expansion - The company is rapidly expanding its production capacity, with a projected increase of about 102.2% by the end of 2025. The production capacity utilization rates for its four major product lines are currently high, necessitating expansion [1][63][65]. Investment Forecast and Valuation - The report forecasts net profits for 2024-2026 to be 93 million, 123 million, and 158 million, respectively, with an EPS of 0.91, 1.19, and 1.53 yuan. The company is assigned a PE ratio of 13-14 times for 2025, leading to a target share price range of 15.47-16.66 yuan [1][72].

证券代码：837663 证券简称：明阳科技 公告编号：2024-044 明阳科技（苏州）股份有限公司 竞价回购股份方案公告 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。 □上市公司为维护公司价值及股东权益所必需 2. 相关股东回购期内减持计划 公司董事、监事、高级管理人员、控股股东、实际控制人、持股 5%以上的股东及 其一致行动人在回购期间暂无减持公司股份的计划。若未来实施股份减持计划，将遵 守中国证监会和北京证券交易所关于股份减持的相关规定，履行信息披露义务。 3. 相关风险提示 （1）本次股份回购经审议通过后，尚存在公司股票价格持续超过本次回购股份 方案的回购价格上限，或回购期限内公司股票交易活跃度不足，导致本次回购股份方 案无法实施或者只能部分实施的不确定风险；（2）若公司在实施回购股份期间，受外 （1）回购股份种类：公司发行的人民币普通股（A 股） （2）回购用途： √将股份用于员工持股计划或者股权激励 （3）回购规模：拟回购股份数量不少于 140 万股，不超过 280 万股。 （4）回购价格 ...