浙江阳明律师事务所 关于 浙江比依电器股份有限公司 2024 年第二次临时股东大会的 法律意见书 浙江阳明律师事务所 （ZHEJIANG YANGMING LAW FIRM） 浙江余姚市南雷南路 298 号合力大厦北楼 16 楼 315400 电话：0574-6272 4297 传真：0574-6271 9499 http://www. yangminglf.com 浙江阳明律师事务所 关 于 浙江比依电器股份有限公司 2024 年第二次临时股东大会的 法律意见书 根据会议通知，本次现场会议召开的时间为 2024 年 11 月 11 日下午 13 点 30 分，召开地点为浙江省余姚市城区经济开发区城东新区俞赵江路 88 号公司会 议室。 通过上海证券交易所股东大会网络投票系统进行网络投票的具体时间为 2024 年 11 月 11 日上午 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 2024 年 11 月 11 日上午 9:15 至下午 15:00 的任意时间。 3、根据本所律师审查，本次股东大会召开的实际时间、地点与股东大会会 议通知中所告知的时间、地点 ...

Investment Rating - The report maintains a "Recommend" rating for Biyi Co Ltd (603215) with a target price of 19 yuan [1] Core Views - Biyi Co Ltd achieved a significant revenue growth of 51 6% YoY in Q3 2024 reaching 620 million yuan driven by strong air fryer OEM orders [1][2] - Despite revenue growth the company's net profit declined by 30 6% YoY to 30 million yuan in Q3 2024 due to a drop in gross margin to 15 3% [1][2] - The company is expanding its product portfolio with new offerings like coffee machines which are expected to become a new growth driver [2] - Biyi Co Ltd has a stable partnership with major clients such as Philips and Newell with over a decade of collaboration with Newell [2] Financial Performance - Revenue for 2024E is projected at 1 854 million yuan with a YoY growth of 18 9% while net profit is expected to decline by 34 1% to 133 million yuan [3] - The company's gross margin is forecasted to recover from 16 3% in 2024E to 19 6% in 2026E as new products scale up [6] - EPS for 2024E is estimated at 0 71 yuan with a P/E ratio of 23x [3] Market Position and Growth Potential - Biyi Co Ltd is a leading OEM for air fryers with stable demand from overseas markets where penetration remains low indicating significant growth potential [2] - The company is leveraging its cost advantages in OEM manufacturing to expand its client base and sustain growth momentum [2] Valuation and Forecast - The target price of 19 yuan is based on a DCF valuation with a 2025E P/E of 17 3x [2] - Revenue is expected to grow to 2 430 million yuan by 2026E with a CAGR of 13 4% from 2024E to 2026E [3] - Net profit is projected to rebound to 242 million yuan by 2026E with a CAGR of 16 8% from 2025E to 2026E [3]

证券代码：603215 证券简称：比依股份 公告编号：2024-071 浙江比依电器股份有限公司 关于召开 2024 年第三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： 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 bydmb@biyigroup.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 浙江比依电器股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日下午 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2 ...

浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 股票简称：比依股份 股票代码：603215 2024年11月 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 浙江比依电器股份有限公司 2024年第二次临时股东会 会议资料目录 | 一、2024 年第二次临时股东会须知 | 1 | | --- | --- | | 二、2024 年第二次临时股东会会议议程 | 3 | | 三、2024 年第二次临时股东会议案 | 4 | | （一）《关于修订<公司章程>并办理工商变更登记的议案》 | 4 | | （二）《关于修订公司若干治理制度的议案》 | 28 | | （三）《关于修订公司<监事会议事规则>的议案》 | 29 | 浙江比依电器股份有限公司 2024年第二次临时股东会会议资料 2024年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股东大会规则》以及《浙江比依电器股份有限公司章程》等相关规定， 浙江 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within six months [6]. Core Views - The company has a strong order backlog, leading to significant revenue growth, with a reported revenue of 1.48 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.46% [1]. - However, net profit has decreased by 42.08% year-on-year to 102 million yuan, primarily due to increased labor costs and reduced foreign exchange gains [1][3]. - The company is actively expanding its overseas production capacity and diversifying its product range, which is expected to enhance revenue streams in the future [4]. Summary by Sections Revenue Performance - The company reported a revenue of 619 million yuan in Q3 2024, a year-on-year increase of 51.6%, driven by a robust order book and full production capacity [1][2]. - The average monthly production of air fryers has maintained at 1.1 million units since Q3, with coffee machines and new environmental appliances also contributing to sales [2]. Profitability Analysis - The gross margin for the first three quarters of 2024 was 16.17%, down 5.56 percentage points year-on-year, while the net margin was 6.64%, down 7.3 percentage points [3]. - In Q3 2024, the gross margin was 15.25%, a decline of 6.69 percentage points year-on-year, and the net margin was 5.18%, down 6.7 percentage points [3]. Cash Flow Situation - The company experienced negative net cash flow from operating activities of 35 million yuan for the first three quarters of 2024, compared to a positive 223 million yuan in the previous year [4]. - The increase in cash payments for goods and services, which rose by 21.65% year-on-year to 989 million yuan, contributed to the cash flow pressure [4]. Financial Forecast - The company is projected to achieve net profits of 140 million yuan, 170 million yuan, and 220 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding dynamic P/E ratios of 21.4x, 16.8x, and 13.6x [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a total revenue of 1.48 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.46%, while the net profit attributable to shareholders decreased by 42.08% to 102 million yuan [2]. - In Q3 2024, the company achieved a revenue of 619 million yuan, a significant increase of 51.60%, driven by improved production efficiency and the gradual ramp-up of new products [2]. - The gross margin for Q3 2024 was 15.25%, down by 6.69 percentage points, attributed to lower profit margins on basic orders from major clients and initial low margins on new products [2]. - The report anticipates improvements in profitability due to the expected scaling of new products and an increase in the proportion of high-margin products [2]. Financial Summary - The company is projected to achieve revenues of 1.95 billion yuan in 2024, with a growth rate of 25.32%, followed by 2.27 billion yuan in 2025 and 2.60 billion yuan in 2026 [3]. - The net profit for 2024 is expected to be 184 million yuan, with a slight decline of 8.57%, followed by increases to 214 million yuan in 2025 and 266 million yuan in 2026 [3]. - The earnings per share (EPS) are projected to be 0.98 yuan in 2024, increasing to 1.14 yuan in 2025 and 1.41 yuan in 2026 [3]. Industry Outlook - The report highlights the potential for growth in the air frying industry driven by smart upgrades, and the coffee machine segment is identified as a promising area for future expansion [2]. - The company is expected to enhance its product competitiveness through the development of its AI smart platform and the acquisition of the Zhuolang brand to expand its beverage product offerings [2].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant increase in revenue for Q3 2024, with a year-on-year growth of 51.60%, reaching 619 million yuan. However, the net profit for the same quarter decreased by 30.61% to 34 million yuan, indicating pressure on profitability despite revenue growth [1]. - The overall revenue for the first three quarters of 2024 was 1.48 billion yuan, up 17.46% year-on-year, while the net profit dropped by 42.08% to 102 million yuan [1]. - The report highlights that the air fryer industry in China has faced challenges, with online sales down 30.07% in revenue and 20.81% in volume from January to September 2024, reflecting a competitive and soft market demand [1]. - The gross margin has been under pressure, decreasing by 5.56 percentage points year-on-year to 16.17% for the first three quarters of 2024, and further down to 15.25% in Q3 [1]. - The report projects that the company's net profit for 2024-2026 will be 135 million, 173 million, and 199 million yuan respectively, with a forecasted decline of 33.3% in 2024, followed by growth of 28.3% and 15.2% in the subsequent years [2]. Financial Summary - For 2024, the company is expected to achieve a revenue of 1.827 billion yuan, reflecting a growth rate of 17.1% year-on-year. The net profit is projected to be 135 million yuan, down 33.3% from the previous year [2]. - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a price-to-earnings (P/E) ratio of 21.8 [2]. - The return on equity (ROE) is expected to decrease to 11.0% in 2024, before recovering to 12.9% and 13.6% in 2025 and 2026 respectively [2].

Investment Rating - The investment rating for the company is "Outperform" [2] Core Views - The company's Q3 revenue exceeded expectations, driven by high order growth and capacity ramp-up, although net profit declined due to low margins from new product categories [2][3] - The company is expanding its product categories and customer base, with ongoing overseas capacity construction to enhance growth potential [2][3] - A slight downward adjustment in profit forecasts has been made, with expected net profits for 2024-2026 being 182 million, 212 million, and 246 million respectively, reflecting a year-on-year decrease of 10% in 2024 [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.48 billion, a year-on-year increase of 17%, while net profit was 102 million, a decrease of 42% [2][3] - In Q3 alone, revenue reached 619 million, up 52% year-on-year, but net profit fell by 31% to 34 million [2][3] - The gross margin for Q3 was 15.25%, down 6.69 percentage points, primarily due to low margins from new product launches [2][3] Product and Market Development - The company is actively expanding its air fryer segment and has launched new products such as coffee machines and ice makers to meet diverse market demands [2][3] - Collaborations with major clients like Versuni (Philips) and other global brands have been established, leading to orderly deliveries [2][3] Profit Forecasts - The profit forecasts for 2024-2026 have been slightly reduced, with expected net profits of 182 million, 212 million, and 246 million, corresponding to a price-to-earnings ratio of 16x, 14x, and 12x respectively [2][3]

第一条 为进一步规范浙江比依电器股份有限公司（以下简称"公司"）股东、 实际控制人行为，完善公司治理结构，保证公司规范、健康发展，根据《公司法》 等法律、法规、规范性文件及《公司章程》的相关规定，结合公司实际情况，制 定本规范。 第二条 本规范所称"控股股东"及"实际控制人"的含义根据有关法律法规、交 易所相关规则和《公司章程》确定。下列主体的行为视同控股股东、实际控制人 行为，适用本规范的相关规定： (一) 控股股东、实际控制人直接或间接控制的法人、非法人组织； (二) 控股股东、实际控制人为自然人的，其配偶、未成年子女； (三) 证券交易所认定的其他主体。 控股股东、实际控制人其他关联人与公司的相关行为，参照本规范相关规定 执行。 浙江比依电器股份有限公司 控股股东、实际控制人行为规范 第一章 总则 第三条 公司股东和实际控制人应当积极配合公司履行信息披露义务。 公司股票及其衍生品种交易出现异常波动，或者公共传媒上出现与公司股东 或者实际控制人有关的、对公司股票及其衍生品种交易价格可能产生较大影响的 报道或者传闻时，相关股东或者实际控制人应当积极配合证券交易所和公司的调 查、询问，及时就有关报道或者传闻所 ...

第二章 募集资金专户存储 第四条 公司应当审慎选择商业银行并开设募集资金专项账户，公司募集资 金应当存放于董事会决定的专项账户（以下简称"专户"）集中管理，专户不得存 放非募集资金或用作其他用途。实际募集资金净额超过计划募集资金金额（以下 简称"超募资金"）也应当存放于募集资金专户管理。 公司存在两次以上融资的，应当分别设置募集资金专户。 第五条 公司应当在募集资金到账后一个月以内与保荐机构、存放募集资金 的商业银行（以下简称"商业银行"）签订三方监管协议（以下简称"协议"）。协 议内容按上海证券交易所的相关规定执行。 浙江比依电器股份有限公司 募集资金管理办法 第一章 总则 第一条 为了加强、规范浙江比依电器股份有限公司（以下简称"公司"）发 行股票募集资金的管理，提高其使用效率和效益，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》"）、 《上海证券交易所主板股票上市规则》《上海证券交易所主板上市公司规范运作 指引》等法律、法规、规范性文件及《公司章程》的相关规定，制定本办法。 第二条 本办法所指的"募集资金"，是指公司通过公开发行证券（包括首次 公 ...