Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's 3Q2024 revenue reached 487 million yuan, a year-on-year increase of 1.72% [3] - Net profit for 3Q2024 was 25 million yuan, a significant year-on-year increase of 171.96% [3] - Non-GAAP net profit for 3Q2024 was 18 million yuan, up 102.56% year-on-year [3] - Gross margin for 3Q2024 improved to 20.84%, an increase of 2.74 percentage points year-on-year and 1.47 percentage points quarter-on-quarter [3] - Net profit margin for 3Q2024 rose to 5.20%, up 3.25 percentage points year-on-year and 0.79 percentage points quarter-on-quarter [3] Financial Performance - The company has achieved high year-on-year net profit growth for four consecutive quarters [4] - 4Q2023: 22 million yuan, up 383.10% year-on-year - 1Q2024: 17 million yuan, up 202.28% year-on-year - 2Q2024: 21 million yuan, up 69.67% year-on-year - 3Q2024: 25 million yuan, up 171.96% year-on-year - Operating expenses for 3Q2024: - Sales expense ratio: 3.20%, up 0.07 percentage points quarter-on-quarter - Management expense ratio: 5.41%, up 0.76 percentage points quarter-on-quarter - R&D expense ratio: 5.68%, up 0.09 percentage points quarter-on-quarter - Financial expense ratio: 1.23%, down 0.40 percentage points quarter-on-quarter [4] Expansion and Growth Opportunities - The company is investing 1.85 billion yuan to establish a planetary roller screw R&D and production base in Kunshan, Jiangsu [4] - The new facility will cover approximately 140 acres and be constructed in two phases [4] - This expansion is expected to commercialize and scale up the company's robotics-related technologies and products [4] Financial Projections - Revenue forecasts: - 2024E: 2.03 billion yuan - 2025E: 2.25 billion yuan - 2026E: 2.74 billion yuan [6] - Net profit forecasts: - 2024E: 83 million yuan - 2025E: 114 million yuan - 2026E: 189 million yuan [6] - EPS forecasts: - 2024E: 0.25 yuan - 2025E: 0.34 yuan - 2026E: 0.56 yuan [6] - PE ratios: - 2024E: 123.51 - 2025E: 90.17 - 2026E: 54.15 [6] Valuation Metrics - ROE projections: - 2024E: 4.98% - 2025E: 6.39% - 2026E: 9.62% [6] - PB ratios: - 2024E: 6.15 - 2025E: 5.76 - 2026E: 5.21 [6]

上海市广发律师事务所 关于靳坤及其一致行动人 免于发出收购要约事宜的 法律意见书 电话：021-58358013 | 传真：021-58358012 网址：http://www.gffirm.com | 电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼 | 邮政编码：200120 上海市广发律师事务所 关于靳坤及其一致行动人 免于发出收购要约事宜的法律意见书 致：上海北特科技股份有限公司 上海市广发律师事务所（以下简称"本所"）接受上海北特科技股份有限公 司（以下简称"北特科技"或"上市公司"）的委托，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的 公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等法律、法规 和规范性文件的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神，就北特科技决定注销以司法扣划方式取得的 20,178,807 股业绩承诺补偿股 份，导致实际控制人靳坤先生及其一致行动人靳晓堂先生持有上市公司股份比例 被动增加免于发出要约相关事宜，出具本法律意见书。 第一部分 ...

上海北特科技股份有限公司 收购报告书 上市公司名称：上海北特科技股份有限公司 股票上市地点：上海证券交易所 股票简称：北特科技 股票代码：603009 收购人：靳坤 住所：上海市****** 通讯地址：上海市****** 一致行动人：靳晓堂 住所：上海市****** 通讯地址：上海市****** 三、收购人及其一致行动人具备完全的民事行为能力，具有签署本报告书以 及履行本报告书所涉及义务的能力。 四、本次收购是因北特科技回购注销业绩承诺补偿的股份而减少股本，导致 收购人拥有北特科技的表决权被动增至 30%以上。本次收购符合《收购管理办法》 第六十三条规定免于发出要约的情形。 五、本次收购是根据本报告书所载明的资料进行的。除收购人所聘请的专业 机构外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报 告书做出任何解释或者说明。 签署日期：二零二四年十一月 上海北特科技股份有限公司 收购报告书 收购人声明 本声明所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书依据《公司法》《证券法》《收购管理办法》《准则第 16 号》及 相关法律、法规及部门规章的有关规定编写。 二、依据上 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [8]. Core Insights - The company reported a revenue of 1.457 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.62%, with a net profit attributable to shareholders of 61 million yuan, up 111% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 487 million yuan, a year-on-year increase of 1.72%, and a net profit of 23 million yuan, reflecting a significant year-on-year growth of 128.64% [1]. - The company is investing 1.85 billion yuan to establish a planetary roller screw production base, which is expected to benefit from the trends in humanoid robotics [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 20.84%, an increase of 2.74 percentage points year-on-year, and a net profit margin of 5.20%, up 3.25 percentage points year-on-year [1]. - The company expects revenues of 2.092 billion yuan, 2.421 billion yuan, and 2.863 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 79 million yuan, 120 million yuan, and 166 million yuan for the same years [5]. Business Development - The company has maintained a leading position in the domestic automotive chassis sector, with significant sales of steering gear components and shock absorber parts in the first half of 2024 [1]. - New products, including core components for intelligent integrated braking systems, are ramping up production, indicating a positive outlook for future operations [1]. Investment and Growth Strategy - The planned investment in the planetary roller screw production base is expected to lay a solid foundation for future growth, leveraging the company's 20 years of experience in the automotive parts industry [1]. - The company is also advancing its capabilities in the air conditioning compressor business, with new electric compressor products already in mass production [1].

Group 1: Financial Performance - The company's net profit for 2023 was CNY 50.87 million, and for the first three quarters of 2024, it was CNY 60.81 million, indicating a high price-to-earnings ratio that exceeds the industry average [2] - In the first half of 2024, the company achieved operating revenue of CNY 970.43 million, a year-on-year increase of 14.06%, and a net profit of CNY 37.90 million, a year-on-year increase of 101.60% [5] - For the first three quarters of 2024, the cumulative operating revenue was CNY 1,456.94 million, a year-on-year increase of 9.62%, with a net profit of CNY 60.81 million, a year-on-year increase of 111.00% [5] Group 2: Business Risks - High price-to-earnings ratio poses a risk, as the company's overall valuation is considered high compared to the industry [2] - There is a risk of goodwill impairment due to the acquisition of Shanghai Beite Guangyu New Energy Technology Co., Ltd., with a goodwill book value of CNY 86.29 million as of December 31, 2023 [2] - The risk of business progress not meeting expectations exists, particularly in the development of humanoid robot components, which has not yet secured formal orders from clients [2] Group 3: Business Segments - The company operates in three main business segments: chassis components, aluminum lightweighting, and integrated thermal management systems for air conditioning [3] - The chassis components segment includes steering, vibration reduction, braking, suspension, and differential components, with key products such as steering racks and pistons [3] - The aluminum lightweighting segment focuses on products for new energy vehicle thermal management, while the thermal management segment primarily involves commercial vehicle air conditioning compressors [3] Group 4: Future Developments - The company is actively pursuing new business opportunities, particularly in the chassis components sector, with a focus on steering and high-precision components [4] - Investment in humanoid robot components is driven by national policy support and the potential for significant market growth [7] - A new production line for planetary roller screws has been established to support the development of humanoid robot components, with all necessary equipment installed and operational [7][8]

上市公司名称：上海北特科技股份有限公司 上海北特科技股份有限公司 收购报告书摘要 股票上市地点：上海证券交易所 股票简称：北特科技 股票代码：603009 收购人：靳坤 住所：上海市****** 通讯地址：上海市****** 一致行动人：靳晓堂 住所：上海市****** 通讯地址：上海市****** 签署日期：二零二四年十月 截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人没有 通过任何其他方式在北特科技拥有权益。 三、收购人及其一致行动人具备完全的民事行为能力，具有签署本报告书摘 要以及履行本报告书摘要所涉及义务的能力。 四、本次收购是因北特科技回购注销业绩承诺补偿的股份而减少股本，导致 收购人拥有北特科技的表决权被动增至 30%以上。本次收购符合《收购管理办法》 第六十三条规定免于发出要约的情形。 五、本次收购是根据本报告书摘要所载明的资料进行的。除收购人所聘请的 专业机构外，没有委托或者授权任何其他人提供未在本报告书摘要中列载的信息 和对本报告书摘要做出任何解释或者说明。 六、收购人承诺本报告书摘要不存在虚假记载、误导性陈述或者重大遗漏， 并对其真实性、准确性、完整性承担个别和连带的法律责 ...

证券代码：603009 证券简称：北特科技 公告编号：2024-059 上海北特科技股份有限公司 关于注销已回购业绩承诺补偿股份实施结果 暨股份变动公告 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。 特别提示： ●因公司子公司上海光裕未能完成收购时的业绩承诺，本次注销已回购业绩承 诺补偿股份 20,178,807 股，占本次注销前公司总股本的 5.63%。 ●本次业绩补偿股份是根据上海金融法院出具的《执行裁定书》、《执行结案通 知书》[(2024)沪 74 执 857 号]，已执行过户至公司回购专用证券账户。公司将于 2024 年 11 月 1 日在中国证券登记结算有限责任公司上海分公司完成注销手续。 ●本次注销已回购业绩承诺补偿股份完成后，公司总股本由 358,704,975 股变 更为 338,526,168 股。 一、回购方案内容及审批情况 上海北特科技股份有限公司（以下简称"公司"或"北特科技"）于 2020 年 6 月 2 日、19 日分别召开了第四届董事会第七次会议、2020 年第三次临时股东大会， 审议通过了《 ...

海通证券股份有限公司 2018 年 1 月 25 日，上市公司收到了中国证监会下发的证监许可[2018]174 号批文，本次交易已获得中国证监会核准。2018 年 2 月，光裕股份股权已完成 相关工商登记变更手续。 关于上海北特科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关 联交易之部分业绩 承诺补偿股份回购注销的核查意见 海通证券股份有限公司（以下简称"独立财务顾问"或"海通证券"）作为 上海北特科技股份有限公司（以下简称"公司""上市公司"或"北特科技"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《上 海证券交易所股票上市规则（2024 年 4 月修订）》等法律、法规的有关规定，对 北特科技本次交易业绩承诺补偿股份回购注销事项进行了核查，发表核查意见如 下： 一、本次交易基本情况 上市公司于 2017 年 9 月 29 日、11 月 16 日分别召开了第三届董事会第十次 会议、2017 年第三次临时股东大会，审议通 ...

●公司因已回购注销业绩补偿股份，导致公司总股本减少，公司控股股东、实 际控制人靳坤先生持有公司的股权比例被动增至超过 30%。 证券代码：603009 证券简称：北特科技 公告编号：2024-060 上海北特科技股份有限公司 关于公司总股本减少后控股股东持股比例达到 30%以上 免于要约收购的提示性公告 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： 本次权益变动前后持股情况： 注： 上表出现合计数比例与各分项之和尾数上如有差异，为四舍五入所致。 ●公司控股股东、实际控制人持股数量未发生变化，本次权益变动不会导致公 司控股股东、实际控制人发生变更。 ●本次权益变动符合《上市公司收购管理办法》第六十三条规定的免于发出要 约的相关情形，本次权益变动不触及要约收购。 一、本次权益变动的基本情况 上海北特科技股份有限公司（以下简称"公司"）于 2024 年 8 月 13 日、9 月 2 日分别召开了第五届董事会第十四次会议、2024 年第二次临时股东大会，审议通过 了《关于注销已回购业绩承诺补偿股份、减少注册资本并修订 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Insights - The company's net profit attributable to shareholders in Q3 2024 increased significantly by 128.6% year-on-year, reaching 0.23 billion yuan, while revenue was 4.87 billion yuan, a slight increase of 1.7% year-on-year [2][3]. - The improvement in gross margin by 2.74 percentage points year-on-year contributed to the rapid growth in profit despite nearly flat revenue [3]. - The company is set to establish a second growth curve through the development of planetary roller screw production capacity, with a total investment of 1.85 billion yuan planned in Jiangsu Kunshan Economic and Technological Development Zone [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.87 billion yuan, with a year-on-year growth of 1.7% and a quarter-on-quarter growth of 1.2% [2]. - The net profit attributable to shareholders was 0.23 billion yuan, reflecting a year-on-year increase of 128.6% and a quarter-on-quarter increase of 6.8% [2]. - The net profit after deducting non-recurring gains and losses was 0.18 billion yuan, with a year-on-year growth of 102.6% [2]. Growth Prospects - The company is focusing on the humanoid robot screw market, with plans to build a comprehensive production line for planetary roller screws, which is expected to significantly contribute to future revenue growth [3]. - Revenue projections for 2024-2026 are estimated at 20.64 billion yuan, 24.00 billion yuan, and 30.26 billion yuan, with year-on-year growth rates of 10%, 16%, and 26% respectively [3]. - The net profit forecasts for the same period are 0.87 billion yuan, 1.14 billion yuan, and 1.76 billion yuan, with growth rates of 70%, 32%, and 54% respectively [3]. Valuation Metrics - The current stock price is 28.09 yuan, with a 52-week price range of 7.47-29.45 yuan [3]. - The estimated P/E ratios for 2024, 2025, and 2026 are 116, 88, and 57 respectively [3].