| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：113659 | 债券简称：莱克转债 | | 莱克电气股份有限公司 关于为全资子公司提供担保的进展公告 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。 对外担保逾期的累计数量：无 特别风险提示：本次被担保人新加坡贸易的资产负债率超过 70%，敬请 投资者注意相关风险。 一、 担保情况概述 （一）本次担保事项的基本情况 重要内容提示: 被担保人名称： KINGCLEAN TRADING SG CO., PTE. LTD. （以下简 称"新加坡贸易"）,为莱克电气股份有限公司（以下简称"公司"）全资子公司， 本次担保不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司本次为新加坡贸易提 供担保的最高债务本金金额为人民币 2 亿元。截至本公告披露日，公司已实际为 新加坡贸易提供的担保余额为人民币 1 亿元。 本次担保是否有反担保：无 2025 年 6 月 4 日，公司与中信银行 ...

Group 1 - The core viewpoint of the news is that multiple companies under the Leike Electric brand have obtained a patent for a brushless motor designed for gardening tools, which aims to enhance safety and reduce production costs [1] - The patent, titled "A Brushless Motor for Gardening Tools," was authorized with the announcement number CN222928177U, and the application date was June 2024 [1] - The brushless motor design includes features that prevent electrical current from conducting to the tool's lower support, thereby avoiding potential safety hazards [1] Group 2 - Leike Electric Co., Ltd. was established in 2001 in Suzhou, focusing on the manufacturing of electrical machinery and equipment, with a registered capital of 573.7079 million RMB [2] - The company has invested in 22 enterprises and participated in 26 bidding projects, holding 342 trademark records and 2968 patent records [2] - Jiangsu Leike Intelligent Electric Co., Ltd., founded in 2007, specializes in retail with a registered capital of 82.77468 million RMB and has participated in 18 bidding projects, holding 660 patent records [2] - Leike Electric Green Energy Technology (Suzhou) Co., Ltd., established in 2010, focuses on general equipment manufacturing with a registered capital of 48 million RMB, participating in 33 bidding projects and holding 1410 patent records [2] - Suzhou Jinleike Precision Machinery Co., Ltd., founded in 2005, operates in the automotive manufacturing sector with a registered capital of 14.036988 million RMB, participating in 6 bidding projects and holding 940 patent records [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 26.5 CNY [2][8]. Core Views - The company's revenue for Q1 2025 was 2.39 billion CNY, showing a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 230 million CNY, down 16.2% year-on-year [2][8]. - The decline in profitability is attributed to a faster growth rate in lower-margin export sales compared to domestic sales, leading to a decrease in overall gross margin [2][8]. - The company is actively optimizing its business and product structure, focusing on high-end brands and developing its automotive parts business, which is expected to create a second growth curve [2][8]. - The establishment of production bases in Vietnam and Thailand is expected to enhance the company's ability to mitigate potential tariff risks [2][8]. Financial Summary - For 2024A, total revenue is projected at 9.765 billion CNY, with a year-on-year growth rate of 11.1%. The net profit is expected to be 1.23 billion CNY, with a growth rate of 10.2% [4][9]. - The earnings per share (EPS) for 2025E is estimated at 2.19 CNY, with a corresponding price-to-earnings (P/E) ratio of 10 [4][9]. - The company’s gross margin for Q1 2025 was 23.4%, a decrease of 2.5 percentage points year-on-year [2][8]. - The company’s total assets are projected to reach 14.098 billion CNY by 2025E, with a debt-to-equity ratio of 102.4% [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price set at 26.5 yuan [2][8]. Core Insights - The company reported a revenue of 2.39 billion yuan for Q1 2025, reflecting a year-on-year increase of 3.2%. However, the net profit attributable to shareholders decreased by 16.2% year-on-year to 230 million yuan, indicating pressure on profitability [2][8]. - The decline in profitability is attributed to a faster growth rate in lower-margin export sales compared to domestic sales, which negatively impacted the overall gross margin, recorded at 23.4%, down 2.5 percentage points year-on-year [2][8]. - The company is actively expanding its overseas production capacity, with its Vietnam factory already in mass production and the Thailand factory expected to start production in Q2 2025. This expansion is aimed at mitigating potential tariff risks [2][8]. - The company is focusing on optimizing its business and product structure by phasing out unprofitable brands and product lines while enhancing its high-end brand image [2][8]. Financial Summary - For the fiscal years 2024 to 2027, the company is projected to achieve total revenue growth rates of 11.1%, 10.4%, 8.0%, and 6.8%, respectively [4][9]. - The net profit attributable to shareholders is expected to grow at rates of 10.2%, 1.9%, 10.0%, and 9.2% over the same period [4][9]. - The earnings per share (EPS) forecast for 2025, 2026, and 2027 are 2.19 yuan, 2.41 yuan, and 2.63 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 9 [4][9].

Core Viewpoint - The company's growth in 2024 is primarily driven by export orders, with a strong performance in core components and a deepening global capacity layout, leading to an "overweight" rating [1] Financial Performance - The company expects 2024 revenue of 9.765 billion yuan, a year-on-year increase of 11.06%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.17% year-on-year [2] - In Q4 2024, revenue reached 2.519 billion yuan, a year-on-year increase of 8.5%, with a net profit of 352 million yuan, up 22% [2] - For Q1 2025, the company reported revenue of 2.387 billion yuan, a year-on-year increase of 3.23%, but net profit decreased by 16.19% to 228 million yuan [2] Business Segments - The clean health appliances and gardening tools segment generated revenue of 5.669 billion yuan in 2024, a year-on-year increase of 10.33%, while the motor, new energy vehicle precision components, and other parts contributed 3.874 billion yuan, up 11.74% year-on-year [2] - The automotive parts business exceeded 2 billion yuan in revenue, achieving record sales and profit growth [3] - The motor business also saw double-digit growth in sales and profits, with 17 new projects secured in the automotive motor sector [3] Regional Performance - Domestic sales were 2.705 billion yuan, down 2.71% year-on-year, while exports reached 6.839 billion yuan, up 17.4% year-on-year, indicating that exports were the main growth driver [3] Cost and Margin Analysis - In Q1 2025, the company's gross margin was 23.41%, down 2.52 percentage points year-on-year, and the net margin was 9.57%, down 2.21 percentage points year-on-year [3] - The increase in financial expense ratio is attributed to a decrease in exchange gains [3] Global Capacity Expansion - The company's production base in Vietnam is expected to be completed in Q2 2025, with a capacity of over 4 million small appliances and gardening tools, and 1.8 million motors [3] - The production base in Thailand is projected to be completed in Q3 2025, with an expected annual output value of 1.4 billion yuan [3] - The company aims to deepen its overseas layout, with global capacity expected to be further released as production bases come online [3]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a positive outlook for the upcoming years [31]. Core Views - The company is expected to achieve revenue growth of 4.4% in 2025, 9.2% in 2026, and 11.3% in 2027, with corresponding net profits of 1.1%, 7.3%, and 11.4% growth respectively [31]. - The earnings per share (EPS) are projected to be 2.17, 2.33, and 2.59 yuan for 2025, 2026, and 2027 respectively, with current price-to-earnings (P/E) ratios of 10.1x, 9.4x, and 8.5x [31]. Financial Performance Summary - In 2024, the company achieved a revenue of 9,765 million yuan, reflecting a year-on-year growth of 11.1%, and a net profit of 1,230 million yuan, with a growth of 10.2% [4][17]. - The company's revenue is expected to reach 10,198 million yuan in 2025, with a slight increase in net profit to 1,244 million yuan [32]. - The gross profit margin for 2024 was reported at 24.2%, a decrease of 1.5 percentage points year-on-year [17]. Business Segmentation - The company's revenue from clean and healthy home appliances and gardening tools is projected to be 57 billion yuan in 2024, with a year-on-year growth of 10.3% [5]. - Revenue from electric motors, precision parts for new energy vehicles, and other components is expected to reach 39 billion yuan in 2024, growing by 11.7% year-on-year [5]. - International sales are anticipated to generate 68 billion yuan in 2024, marking a 17.4% increase, while domestic sales are expected to decline slightly to 27 billion yuan, a decrease of 2.7% [5]. Revenue and Profit Forecast - The forecast for the company's revenue from 2025 to 2027 is 102 billion yuan, 111 billion yuan, and 124 billion yuan respectively, with net profits of 12.4 billion yuan, 13.3 billion yuan, and 14.9 billion yuan [31]. - The average return on equity (ROE) is projected to be around 23.4% by 2027, indicating a stable performance [37].

上海市锦天城律师事务所 关于莱克电气股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于莱克电气股份有限公司 2024 年年度股东大会的 法律意见书 致：莱克电气股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受莱克电气股份有限公司（以 下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本次股东大 会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东大会规则》等法律、法规、规章、规范性文件以及《莱克电气股 份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具本法律意见书所需审查的相关文件、 资料，并参加了公司本次股东大会现场会议的全过程。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律 ...

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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 6 日 (二)股东大会召开的地点：苏州高新区向阳路 2 号莱克电气股份有限公司会议室 证券代码：603355 证券简称：莱克电气 公告编号：2025-028 债券代码：113659 债券简称：莱克转债 莱克电气股份有限公司 2024年年度股东大会决议公告 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 106 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 474,453,368 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 82.7272 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，会议由董事长倪祖根先生主持。会议的召开和 表决程序符合《公司法》及《公司 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][16]. Core Views - The company's core business is experiencing stable growth, with a notable performance in its self-branded water purifiers, while other categories like vacuum cleaners and mite removers are underperforming [1][2]. - The company is focusing on expanding its overseas production capacity to ensure stable operational levels amidst uncertainties in international trade [2]. - The financial forecast remains unchanged, with expected net profits for 2025-2027 projected at 1.37 billion, 1.51 billion, and 1.66 billion yuan respectively, corresponding to P/E ratios of 9.3x, 8.4x, and 7.7x [2]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.387 billion yuan, a year-on-year increase of 3.23%, while the net profit attributable to the parent company was 228 million yuan, down 16.19% year-on-year [1]. - The gross margin for Q1 2025 was 23.41%, a decrease of 2.52 percentage points year-on-year, attributed to a shift in revenue structure with faster growth in lower-margin exports [1]. - The net cash flow from operating activities for Q1 2025 was 17 million yuan, a significant decline of 94.79% year-on-year, primarily due to increased payments to suppliers and employees [2]. Financial Data and Valuation - Projected revenue growth rates for the years 2023 to 2027 are -1.33%, 11.06%, 10.22%, 8.95%, and 8.51% respectively [3]. - The expected net profit growth rates for the same period are 13.63%, 10.17%, 11.58%, 10.09%, and 10.01% [3]. - The company's total market capitalization is approximately 12.73 billion yuan, with a total share capital of 573.52 million shares [5].

Core Viewpoint - The announcement emphasizes the accuracy and completeness of the quarterly report by the company's board and management, ensuring no false statements or omissions exist [1]. Financial Data - The first quarter financial statements are not audited [2]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [2]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [2]. Shareholder Information - Information regarding the total number of common shareholders and the top ten shareholders is mentioned, but specific data is not provided [3]. - There are no changes in the top ten shareholders or their lending/borrowing activities related to the stock [4]. Other Important Information - There are no additional reminders or important information regarding the company's operational situation during the reporting period [4]. - The financial statements, including the consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2025, are prepared but not audited [4][5].