北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于联美量子股份有限公司 2023 年年度股东大会的 法律意见 法律意见 北京德恒律师事务所 关于联美量子股份有限公司 2023 年年度股东大会的法律意见 北京德恒律师事务所 关于联美量子股份有限公司 2023 年年度股东大会的 法律意见 德恒 01G20200554 号 致：联美量子股份有限公司 联美量子股份有限公司（以下简称"公司"）2023 年年度股东大会（以下 简称"本次会议"）于 2024 年 5 月 24 日（星期五）召开。北京德恒律师事务所 接受联美量子股份有限公司（以下简称"公司"）委托，指派李哲律师、王冰律 师（以下简称"德恒律师"）出席本次会议。根据《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》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《联美量子股 份有限公司章程》（以下简称"《公司章程》"）的规定，德恒律师就本次会议 的召集、召开程序、现场出席会议人员资 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.00 CNY per share, indicating an expected strong performance over the next 12 months [2][4]. Core Views - The company reported a revenue of 3.41 billion CNY in 2023, a decrease of 1.1% year-on-year, and a net profit of 859 million CNY, down 9.1% year-on-year. The decline in revenue is attributed to decreases in connection fees and engineering income [1][4]. - The company has a stable heating business and is actively investing in hydrogen energy and advertising, which are expected to contribute to future growth [4][25]. - The company maintains a high cash flow, with cash on hand reaching 8 billion CNY, allowing for a high dividend payout ratio of 52.6% of net profit in 2023 [1][4]. Revenue Breakdown - The revenue is categorized into heating and steam, power generation, connection fees, engineering construction, advertising, and other businesses. The heating and steam business accounted for 82% of total revenue in 2023, with a stable growth forecast for the coming years [8][25]. - Connection fee income is expected to stabilize at 200-300 million CNY annually from 2024 to 2026, with a gross margin of 99.9% [8]. - Engineering construction revenue is projected to grow at rates of 15%, 5%, and 5% for 2024 to 2026, respectively, with a consistent gross margin of 88% [9]. - Advertising revenue is expected to increase significantly, with projected revenues of 6.73 billion CNY, 7.62 billion CNY, and 8.18 billion CNY from 2024 to 2026, respectively [31]. Profit Forecast - The company is expected to achieve net profits of 915 million CNY, 1.08 billion CNY, and 1.16 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 6.5%, 17.7%, and 7.5% [10][25]. - The projected PE ratio for 2024 is 20 times, aligning with the company's stable heating business and growth in advertising and hydrogen energy sectors [4][10].

2024 年 05 月 20 日 联美控股 (600167) 证券分析师 请务必仔细阅读正文之后的各项信息披露与声明 | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|------------------|-------|----------------|-------| | 百万元，百万股 | 2022A | 财务摘要 \n2023A | 2024E | 2025E | 2026E | | 营业总收入 | 3,450 | 3,412 | 3,502 | 3,692 | 3,890 | | 其中：营业收入 | 3,450 | 3,412 | 3,502 | 3,692 | 3,890 | | 减：营业成本 | 2,106 | 2,230 | 2,230 | 2,298 | 2,372 | | | | | | | | | 减：税金及附加 | 27 | 22 | 28 | 30 | 31 | | 主营业务利润 | 1,317 | 1,160 | 1,244 | 1,364 | 1,487 | | ...

联美量子股份有限公司 特此公告。 联美量子股份有限公司董事会 关于变更持续督导期独立财务顾问主办人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 联美量子股份有限公司于近日收到公司独立财务顾问诚通证券股份有限公 司发来的《诚通证券股份有限公司关于变更联美量子股份有限公司发行股份购买 资产并募集配套资金项目独立财务顾问主办人的通知函》。具体内容如下： 证券代码：600167 证券简称：联美控股 公告编号：2024-018 1、陈中天因工作变动原因不再担任联美控股本次重组的独立财务顾问主办 人。 2、为持续督导企业规范使用前述剩余募集资金，我公司指派杨破立先生接 替陈中天先生担任本次重组独立财务顾问主办人，继续履行相关职责。本次财务 顾问主办人变更后，我公司负责本项目的独立财务顾问主办人为肖章福先生、杨 破立先生。 杨破立先生简历附后。 2024年5月17日 附件： 杨破立先生简历 杨破立，男，诚通证券投资银行总部二级部门行政负责人，保荐代表人，硕 士研究生。杨破立先生毕业于北京大学法学院，曾任职于兴业证券、申万宏源 ...

联美量子股份有限公司 2023 年年度股东大会会议材料 联美量子股份有限公司 2023 年年度股东大会会议材料 2024 年 5 月 24 日 1 联美量子股份有限公司 2023 年年度股东大会会议材料 联美量子股份有限公司 2023 年年度股东大会会议议程 2 一、参加会议人员 1、 主 持 人：董事长 苏壮强 先生 2、 参加人员：股东及授权代表、部分董事、监事 3、 列席人员：律师 联美量子股份有限公司 2023 年年度股东大会会议材料 二、 会议时间及内容 1、股东大会届次：联美量子股份有限公司 2023 年年度股东大会 网络投票起止日期：2024 年 5 月 24 日至 2024 年 5 月 24 日 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的投票 时间为股东大会召开当日的 9:15-15:00。 6、股权登记日：2024 年 5 月 20 日 3、投票方式：现场投票与网络投票相结合的方式 4、现场会议召开的日期、时间 现场会议召开时间：202 ...

⚫ 投资要点 事件：公司于 2024 年 4 月 29 号发布 2023 年年报和 2024 年一 季报。 2023 年公司营收 34.1 亿元，同比-1.1%；归母净利润 8.6 亿 元，同比-9.1%；其中 2023Q4 公司营收 12.3 亿元，同环比分别 +6.6%/+270.7%，归母净利润 2.1 亿，同环比分别-34.4%/+250.2%。 2024Q1 公司营收 17.2 亿元，同环比分别为+3.7%/+39.9%，归母净利 润 5.6 亿元，同环比分别为-18.1%/+174.0%，利润短期承压主要系 受地产市场波动，工程及接网收入及广告发布业务媒体资源使用费 用增加。2023 年公司毛利率、净利率分别 34.6%/26.6%,2024Q1 公司 毛利率、净利率分别 44.7%/33.8%，同比分别-9.3pcts/-9.9pcts。 供热面积稳步增长，热电业务稳定运行。截止 2023 年，公司平 均供暖面积约 7,440 万平方米，联网面积约 10,463 万平方米，同比 分别增加 214 和 584 万平方米；总装机容量 114 兆瓦。其中新北热 电（不含联美生物能源）装机容量 49 兆 ...

证券代码：600167 证券简称：联美控股 公告编号：2024－017 联美量子股份有限公司 联美量子股份有限公司董事会 2024 年 5 月 6 日 回购方案的实施进展情况：截至 2024 年 4 月 30 日，联美量子股 份有限公司已累计回购股份 3,643,800 股，占公司总股本的 0.1592%， 已支付的总金额为 20,046,235.05 元（不含交易费用）。 联美量子股份有限公司（以下简称 "公司"）于 2023 年 11 月 16 日召开第八届董事会第十次会议，审议通过了《联美量子股份有 限公司关于以集中竞价交易方式回购公司股份方案》（以下称"本次 回购方案"），同意公司使用自有或自筹资金以集中竞价交易方式回 购公司股份，拟回购金额下限为 1 亿元，上限为 2 亿元；回购价格为 不超过人民币 8.7 元/股；回购期限为自董事会审议通过回购公司股 份方案之日起不超过 12 个月。 有关本次回购股份事项的具体情况请详见公司于 2023 年 11 月 17 日和 2023 年 11 月 21 日披露的《关于以集中竞价交易方式回购公 司股份方案的公告》（公告编号：2023-033）和《关于以集中竞价 ...

[Table_Main] 证券研究报告 | 公司点评 联美控股(600167.SH) 2024 年 04 月 30 日 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 卢璇 邮箱：luxuan＠tebon.com.cn 市场表现 联美控股（600167.SH）：供暖面 积稳定增长，分红比例超 52% 高分红的优质公用事业资产，在手现金达 80 亿，积极布局氢能+储能。截至 2024Q1，公司在手现金达 80 亿，占到总资产的 45%。2023 年公司计划分红 4.52 亿元，占归母净利润的 52.6%，连续四年分红比例超 50%，股息率为 3.37%（以 4 月 29 日收盘价计）。除深耕主业外，公司进一步深化与爱德曼的战略合作，致 力于电解水制氢及氢热电联产的商业化应用，并围绕着氢能产业链上的关键节点， 积极布局。储能领域，公司积极探索分布式储电系统在大型公共建筑及产业园区 的应用，并快速推进冰蓄冷业务在南方市场的落地，着眼长期发展。 | --- | --- | --- | --- | --- | --- | --- | --- | |------------- ...

Financial Performance - In 2023, the company achieved operating revenue of ¥3,411,556,338.33, a year-on-year decrease of 1.12% due to a decline in engineering and network connection revenue impacted by the real estate market[1]. - Operating profit was ¥1,064,891,942.22, down 10.92% year-on-year, while net profit was ¥909,167,612.59, a decrease of 9.18% year-on-year, primarily due to fluctuations in the real estate market and increased media resource usage costs in advertising[1]. - The company's net profit attributable to shareholders decreased by 9.14% year-on-year, while the net profit after deducting non-recurring gains and losses fell by 13.19% due to fluctuations in the real estate market and increased media resource usage fees in advertising[20]. - The basic earnings per share for 2023 was ¥0.3796, a decrease of 9.14% compared to the previous year[65]. - The net profit attributable to shareholders for 2023 was approximately ¥859 million, down 9.14% from ¥945 million in 2022[142]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥841 million, a decrease of 13.19% compared to ¥969 million in 2022[142]. - The company's net cash flow from financing activities turned negative at -¥1,133,974,453.60, compared to a positive flow of ¥1,563,145,818.66 last year[113]. Revenue and Cost Analysis - Operating costs increased by 5.89% to ¥2,230,288,410.47 from ¥2,106,305,069.40 year-on-year[111]. - Other income surged by 297.72% to ¥102,689,411.62, primarily due to coal subsidy receipts[113]. - Investment income rose by 30.98% to ¥12,780,823.62, attributed to increased net profits from the equity method accounted joint venture[113]. - The clean energy sector generated ¥2,784,013,239.62 in revenue, a decrease of 2.12% year-on-year[117]. - The total cost of power generation was 129.8 million RMB, with a slight decrease of 3.07% compared to the previous year[88]. Operational Efficiency and Strategies - The company implemented cost reduction and efficiency enhancement strategies, maintaining stable cash flow and strong profitability despite pressures from high coal prices and a slowing heating market[1]. - The company has established a smart operation platform with complete intellectual property rights, integrating years of operational experience with digitalization[79]. - The company aims to lead the clean heating industry and assist Shenyang in achieving energy-saving and carbon reduction goals[79]. - The company plans to eliminate and renovate coal-fired heating boilers with a capacity of 65 tons/hour or less in Shenyang by the end of 2025, aiming to expand heating and networked areas in 2024[196]. - The company will enhance energy system efficiency and expand its business market through comprehensive upgrades, particularly in smart heating, utilizing technologies such as AI, cloud computing, big data, and IoT[196]. Research and Development - The company has developed 70 authorized patents, including 13 invention patents, and is focusing on innovative technologies in the heating supply sector[7]. - The total R&D investment for the period was ¥22,670,667.86, accounting for 0.66% of operating revenue[50]. - The company had a total of 124 R&D personnel, representing 4.17% of the total workforce[50]. - The company is focusing on the development of new technologies and products to enhance its market position[177]. Market and Customer Insights - The company focuses on clean heating as its primary business, with a significant emphasis on combined heat and power (CHP) and renewable energy utilization, aligning with national development priorities[127]. - The company has established a digital media network covering 31 provincial-level administrative regions, reaching over 2 billion passengers annually, with 561 signed railway passenger stations[127]. - The company operates 5,346 digital media screens, making it one of the largest digital media operators in the high-speed rail advertising industry[127]. - The company is actively exploring distributed energy systems and ice storage cooling business in southern markets to meet increasing heating demands[127]. Environmental and Energy Initiatives - The company is focusing on energy efficiency and carbon reduction, with plans to phase out inefficient coal boilers and increase the use of renewable energy sources[98]. - The company aims to explore the application of clean low-carbon technologies, including hydrogen energy, in the energy sector, with ongoing research and project reserves in hydrogen production and utilization[196]. - The company has invested in hydrogen energy development, collaborating with Aidemann on projects related to water electrolysis and hydrogen cogeneration[131]. Risk Management - The company faces risks from fluctuating raw material prices, particularly coal, which directly impacts operational costs as heating area increases[160]. - Aging pipeline equipment poses maintenance cost challenges, prompting the company to invest in high-quality materials for new installations and upgrades[160]. - Environmental compliance costs are expected to rise due to stricter national standards, increasing operational expenses for the company[160]. - The company has experienced a risk of reduced advertising spending from clients in a slowing macroeconomic environment, which could negatively affect revenue[160]. Shareholder and Financial Management - The proposed cash dividend distribution is 2.0 RMB per 10 shares, totaling approximately 451.84 million RMB, which accounts for 52.60% of the audited net profit attributable to shareholders for 2023[5]. - The total amount of profit distribution for 2023, including the repurchase amount of approximately 4.99 million RMB, is approximately 456.83 million RMB, representing 53.18% of the audited net profit attributable to shareholders[5]. - The company repurchased 860,900 shares during the year, with a total transaction amount of approximately 4.99 million RMB, accounting for 0.58% of the audited net profit attributable to shareholders for 2023[5]. - The company does not plan to issue new shares or convert capital reserves into share capital for the current year[5].

证券代码：600167 证券简称：联美控股 公告编号：2024-016 联美量子股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日发布公司 2023 年度报告和 2024 年一季度报告，为便于广大投资者 更全面深入地了解公司 2023 年度和 2024 年一季度经营成果、财务状 况，公司计划于 2024 年 05 月 30 日 下午 16:00-17:00 举行 2023 年 度暨 2024 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 联美量子股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 会议召开时间：2024 年 05 月 30 日(星期四) 下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 05 月 23 日(星期四) 至 05 月 ...