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].

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 ...

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 ...

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 revenue reached 2.387 billion yuan, a year-on-year increase of 3%, while the net profit attributable to the parent company was 228 million yuan, a year-on-year decrease of 16% [7] - The company is successfully expanding its new business, with significant growth in its core component business and a reduction in the proportion of low-margin OEM business [7] - The company is enhancing its overseas manufacturing capabilities to mitigate trade friction, with new production bases in Vietnam and Thailand expected to be operational in 2025 [7] - The profit forecast for the company remains stable, with expected net profits of 1.338 billion yuan, 1.441 billion yuan, and 1.551 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.7%, 7.7%, and 7.7% [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 10.691 billion yuan, with a year-on-year growth rate of 9.5% [6] - The gross profit margin is expected to be 24.5% in 2025, with a return on equity (ROE) of 24% [6] - The earnings per share (EPS) is forecasted to be 2.33 yuan for 2025, with a price-to-earnings (P/E) ratio of 10 [6]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,387,324,193.84, representing a 3.23% increase compared to CNY 2,312,530,133.42 in the same period last year[5] - Net profit attributable to shareholders decreased by 16.19% to CNY 227,938,441.94 from CNY 271,959,280.24 year-on-year[5] - Basic and diluted earnings per share decreased by 14.89% to CNY 0.40 from CNY 0.47 year-on-year[5] - The net profit for Q1 2025 was CNY 228,406,202.07, a decrease of 16.1% compared to CNY 272,262,492.40 in Q1 2024[20] - Operating profit for Q1 2025 was CNY 241,707,287.91, down 24.7% from CNY 321,052,502.29 in Q1 2024[20] - The total comprehensive income for Q1 2025 was CNY 218,008,267.66, down from CNY 256,429,777.91 in Q1 2024[21] Cash Flow and Liquidity - The net cash flow from operating activities significantly dropped by 94.79% to CNY 17,212,477.25, down from CNY 330,064,351.09 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was CNY 17,212,477.25, a significant decrease from CNY 330,064,351.09 in Q1 2024[24] - Cash and cash equivalents at the end of Q1 2025 amounted to CNY 5,285,076,125.68, down from CNY 6,760,644,602.39 at the end of Q1 2024[24] - The company reported a net cash inflow from investing activities of CNY 264,951,579.14 in Q1 2025, compared to a net outflow of CNY 247,548,023.43 in Q1 2024[24] Assets and Liabilities - Total assets increased by 1.64% to CNY 13,846,583,624.17 from CNY 13,623,000,705.96 at the end of the previous year[6] - Total current assets rose to ¥10,209,810,397.96, a 2.3% increase from ¥9,979,899,907.01 at the end of 2024[14] - Total liabilities amounted to ¥8,656,796,892.64, slightly up from ¥8,652,905,469.13 at the end of 2024[16] - The company’s total liabilities decreased to CNY 2,049,424,418.28 in Q1 2025 from CNY 1,303,897,671.12 in Q1 2024[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,018[11] - The equity attributable to shareholders rose by 4.42% to CNY 5,173,741,861.81 from CNY 4,954,518,127.24 at the end of the previous year[6] Costs and Expenses - Total operating costs for Q1 2025 were ¥2,139,528,534.22, up 8.8% from ¥1,966,382,104.60 in Q1 2024[19] - Research and development expenses increased to CNY 134,859,383.19, up 33.7% from CNY 100,803,159.77 in the previous year[20] Other Financial Metrics - The weighted average return on equity fell by 1.53 percentage points to 4.50% compared to 6.03% at the end of the previous year[6] - Non-recurring gains and losses totaled CNY 13,089,634.61 after accounting for tax effects and minority interests[9] - The company reported a significant decrease in cash flow due to increased payments to suppliers and higher employee compensation during the reporting period[9] - The company's goodwill remained stable at ¥645,965,288.52, unchanged from the previous period[15] - The company reported a decrease in accounts payable to ¥1,385,666,782.27 from ¥1,596,838,127.16 in the previous period, a decline of 13.2%[15]

二零二五年五月 | | | | 一、2024年年度股东大会须知 2 | | --- | | 二、2024年年度股东大会会议议程 4 | | 三、2024年年度股东大会会议议案 6 | | 议案一：公司2024年度董事会工作报告 6 | | 议案二：公司2024年度监事会工作报告 11 | | 议案三：公司2024年度财务决算报告 14 | | 议案四：公司2024年年度报告及摘要 17 | | 议案五：关于公司2024年度利润分配方案的议案 18 | | 议案六：关于2024年度董事、监事及高级管理人员薪酬的议案 19 | | 议案七：关于续聘公司2025年度审计机构的议案 21 | | 议案八：关于公司及子公司向银行申请授信额度的议案 24 | | 议案九：关于公司为全资子公司银行授信提供担保的议案 26 | | 议案十：关于公司及子公司使用自有资金进行现金管理额度的议案 29 | | 议案十一：关于公司及子公司开展金融衍生品业务的议案 30 | | 议案十二：关于变更公司注册资本并修改<公司章程>的议案 33 | | 议案十三：关于修订公司部分内部管理制度的议案 36 | | 议案十四：关于提请股东大会授 ...

Summary of Lek Electric's Conference Call Company Overview - Lek Electric achieved double-digit growth in both ODM and core component businesses, with overall revenue and profit reaching a nearly 30-year high, indicating strong business momentum [1][2] Key Financial Metrics - Total revenue from home appliances is approximately 56-57 billion RMB, while operational business revenue is around 38-39 billion RMB [1][8] - The ODM business for home appliances has a sales growth rate close to 20%, and the core component business has achieved double-digit growth [2] Export and Trade Relations - About one-quarter of Lek Electric's products are exported to the U.S., with home appliances (including vacuum cleaners) accounting for approximately 2 billion RMB and core components for about 300-400 million RMB [1][3] - The company is actively negotiating with clients to address the impact of U.S. tariff policies and is planning to send executives to the U.S. for discussions [4][5] International Production Strategy - To mitigate the impact of international trade friction, Lek Electric is advancing its overseas production capacity, with a second factory in Vietnam set to commence production, expected to generate 2 billion RMB in annual output [1][5] - The Thai factory has started mass production of kitchen appliances, contributing to revenue [1][4] Impact of National Policies - National subsidy policies have positively influenced company performance, particularly in online channels, although the impact varies by province for offline sales [1][11] - The unified platform for cross-regional purchases may boost immediate sales but could potentially deplete future consumer demand [11] Brand and Market Strategy - The company is tightening its online advertising strategy due to improved profit margins in 2024, while offline investments are expected to grow steadily [3][16] - The main brands under Lek Electric include Lek, XGIMI, and Biyunquan, which dominate the market share for self-owned brands [10] Future Growth Targets - For 2025, Lek Electric aims for overall sales growth in the double digits, with specific targets of 30-40% growth for self-owned brands and double-digit growth for core components [23] - The company plans to maintain a high level of borrowing and cash reserves to optimize financial structure, benefiting from the interest rate differential between USD deposits and RMB loans [22] Challenges and Risks - The company faces challenges from U.S. tariffs, which have led to some production capacity restrictions and prompted considerations for relocating production to avoid tariffs [17][25] - There is a cautious outlook on the European market, with no significant changes in pricing negotiations noted, despite ongoing trade tensions [18] Additional Insights - The engineering machinery motor business is progressing slowly, with high reliability requirements necessitating extensive testing [12] - The company maintains independent management for its self-owned brands, ODM, and core components, each overseen by dedicated executives [13]

Core Insights - The strategic transformation of Lek Electric (603355) is yielding performance dividends, with revenue and net profit both achieving double-digit growth in 2024 [2][3] - The company's revenue from "motors, precision components for new energy vehicles, and other components" has increased to 40%, up approximately 10 percentage points from 2022, becoming a new growth engine [2][3] Financial Performance - In 2024, Lek Electric reported a 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 [3] - The revenue composition shifted from 68.7% for "cleaning health appliances and gardening tools" and 29.8% for "motors and precision components" in 2022 to 58% and 40% respectively in 2024 [3] Business Transformation - The company is transitioning from ODM/OEM to ODM, OEM, and OBM models, optimizing its business structure [3] - The share of low-margin OEM business has decreased to below 20%, while high-margin ODM/OBM business has increased to over 40% [3] Market Challenges - The domestic market is experiencing a decline in consumer spending and increased competition, leading to a drop in sales revenue for Lek Electric's own brand [4] - The core components business, particularly automotive parts and motors, is emerging as a new high-margin core business, expected to become a second growth curve [4] Industry Dynamics - The vacuum cleaner segment is facing market contraction due to the rise of robotic and washing machines, with vacuum cleaner market size at 5.6 billion yuan compared to 19.36 billion yuan for robotic vacuums and 14.09 billion yuan for washing machines in 2024 [5][6] - The penetration rates for cleaning appliances show that vacuum cleaners are being overshadowed by newer technologies, leading to a shrinking market share [5][6] International Operations - Lek Electric's overseas revenue reached 6.84 billion yuan, accounting for 70% of total revenue, making it vulnerable to international trade challenges [7][8] - The company has been proactive in addressing trade tensions by establishing production bases in Southeast Asia, enhancing its competitive edge in pricing [8][9]