华泰联合证券有限责任公司 关于莱克电气股份有限公司 向不特定对象发行可转换公司债券 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 保荐总结报告书 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 | | 法定代表人 | 江禹 | | 联系人 | 赵金 ...

上 市 公 司 证 券 研 究 报 告 家用电器 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | | | | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 26.39 | | 一年内最高/ 最低（元） | 29.49/16.21 | | 市净率 | 3.3 | | 息率（分红/ 股价） | | | 流通 A 股市值（百万元） | 15013 | | 上证指数/深证成指 | 3104.83/9587.13 | | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | | | | 每股净资产（元） | 8.08 | | 资产负债率 % | 66.15 | | 总股本/ 流通 A 股（百万） | 574/569 | | 流通 B 股 /H 股（百万） | -/- ...

公司报告 | 年报点评报告 事件：公司 2023 年全年实现营业收入 87.92 亿元，同比-11.52%，归母净 利润 11.17 亿元，同比+8.42%。公司 2024 年 Q1 全年实现营业收入 23.13 亿元，同比+11.68%，归母净利润 2.72 亿元，同比+36%。（公司并表后的修 改口径） 24Q1 营收利润双增长，经营质量再提升。分板块看，出口代工业务在低基 数下同比有所修复，核心零部件业务保持较快增长，自有品牌业务增速承 压。分业务看，出口代工业务收入同比增长约 20%，精密零部件业务收入 同比增长约 25%，电机（含汽车电机）业务收入同比+30%，跨境电商业务 收入同比增长近 30%。 投资建议：公司三大业务持续发展，外销有所修复，汽零业务收入呈快速 增长，自有品牌中碧云泉及跨境电商表现较好，前景可期。根据公司年报 和一季报的情况，我们适当上调了收入增速，预计 24-26 年归母净利润分 别为 12.4/14.1/16 亿元（24-25 年前值 10.9/11.6 亿元），对应 PE 分别为 12.2x/10.8x/9.4x，维持"买入"评级。 请务必阅读正文之后的信息披露和免责申明 ...

23 年公司收入增速承压，主要由于受全球经济，欧美需求紧缩等影响， ODM/OEM 业务收入下降，同时公司持续优化业务结构，23 年战略决策主 动放弃盈利水平较低的业务，尤其是 23 年主动放弃了 22 年度销售数亿元 盈利水平较低的 ODM 业务所致。分业务看，23A 清洁健康家电与园艺工具 /电机、新能源汽车零部件及其他零部件业务收入同比-16.02%/-3.48%。分 内外销看，23A 海外/国内收入同比-6.44%/-20.21%。分板块看，自有品牌 中碧云泉净水机继续保持销售利润双位数增长，稳居品类头部。核心零部 件中汽车电机销售同比 50%+。 公司 2023 年销售、管理、研发、财务费用率分别为 5.88%、2.89%、5.32%、 -3%，同比+1.32、-0.07、+0.06、+0.29pct。公司 2024 年 Q1 销售、管理、 研发、财务费用率分别为 4.99%、3.33%、4.36%、-2.34%，同比-0.84、+0.57、 -1.26、-2.94pct。销售费用率同比提升，主要由于公司自主品牌业务营销费 用投入增加所致；财务费用率波动主要由于汇兑收益减少，利息支出增加 所致。 请 ...

Financial Performance - The company's total assets increased by 9.29% to RMB 13,729,405,952.05 compared to the previous year[15] - Net profit attributable to shareholders, excluding non-recurring gains and losses, rose by 57.12% to RMB 265,905,311.64[15] - Operating cash flow surged by 58.45% to RMB 330,064,351.09[15] - Basic earnings per share increased by 34.29% to RMB 0.47[15] - Revenue for the reporting period reached 2.313 billion yuan, an increase of 11.68% year-over-year[21] - Net profit attributable to the company's shareholders was 271.96 million yuan, up 36% year-over-year[21] - Adjusted net profit attributable to shareholders increased by 36% compared to the same period last year[29] - Adjusted operating income for the reporting period was 2.070 billion yuan, up 11.68% year-over-year[29] - Basic and diluted earnings per share both increased by 34.29% year-over-year[34] - Basic earnings per share increased to 0.47 yuan per share from 0.35 yuan per share[43] - Diluted earnings per share increased to 0.47 yuan per share from 0.35 yuan per share[43] - Total operating revenue for Q1 2024 reached 2,312,530,133.42 yuan, a year-on-year increase of 11.7% compared to 2,070,623,325.84 yuan in Q1 2023[52] - Net cash flow from operating activities increased by 58.5% to 330,064,351.09 yuan in Q1 2024 compared to 208,303,530.45 yuan in Q1 2023[56] Cash Flow and Liquidity - The company's monetary funds grew by 14.88% to RMB 6,763,132,648.15[4] - Net cash flow from operating activities increased by 58.45% year-over-year, mainly due to the release of frozen funds[34] - Net cash flow from investment activities was -247,548,023.43 yuan, compared to 413,384,003.07 yuan in the previous period[44] - Net cash flow from financing activities increased to 940,897,178.88 yuan from 355,989,838.79 yuan[44] - Total cash and cash equivalents at the end of the period reached 6,760,644,602.39 yuan, up from 5,460,866,355.93 yuan[44] - Tax refunds received increased by 27.1% to 114,404,108.36 yuan in Q1 2024 from 90,047,603.69 yuan in Q1 2023[56] - Cash paid for goods and services increased by 4.5% to 1,474,061,512.31 yuan in Q1 2024 compared to 1,410,331,750.16 yuan in Q1 2023[56] - Employee compensation and benefits paid increased by 4.6% to 384,377,534.00 yuan in Q1 2024 from 367,439,621.75 yuan in Q1 2023[56] Business Segments and Revenue Growth - The company's strategy for 2024 focuses on innovation-driven high-quality development, with three major business segments: self-owned brands, ODM/OEM, and new energy & automotive components[9] - ODM/OEM export business revenue increased by approximately 20% year-over-year[21] - Aluminum alloy precision parts business revenue grew by about 25% year-over-year[21] - Motor (including automotive motors) business revenue rose by nearly 30% year-over-year[21] - Cross-border e-commerce business revenue increased by approximately 30% year-over-year[21] - Sales revenue from goods and services in Q1 2024 was 2,113,252,833.49 yuan, slightly lower than 2,115,035,504.34 yuan in Q1 2023[56] Balance Sheet and Liabilities - The company's equity attributable to shareholders increased by 5.93% to RMB 4,633,786,133.38[15] - The company's weighted average return on equity (ROE) improved by 1.41 percentage points to 6.03%[15] - Accounts receivable increased to 2,088,110,022.55 yuan from 1,945,178,537.85 yuan[49] - Total assets increased to 13,729,405,952.05 yuan from 12,562,360,441.64 yuan[49] - Short-term borrowings rose to 4,246,774,340.94 yuan from 2,908,366,544.92 yuan[50] - Total liabilities increased to 9,081,635,097.88 yuan from 8,174,273,061.07 yuan[50] Costs and Expenses - Operating costs for Q1 2024 were 1,712,974,756.52 yuan, up 14% from 1,502,627,614.77 yuan in Q1 2023[52] - R&D expenses decreased to 100,803,159.77 yuan in Q1 2024, down 13.3% from 116,278,372.14 yuan in Q1 2023[52] Non-Recurring Items - The company's non-recurring gains and losses included government subsidies of RMB 6,879,620.19[16]

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2024-022 | | --- | --- | --- | | 债券代码：113659 | 债券简称：莱克转债 | | 莱克电气股份有限公司 关于召开 2023 年度、2024 年第一季度业绩 重要内容提示： https://roadshow.cnstock.com） 会议召开方式：网络平台在线交流互动 投资者可于 2024 年 04 月 30 日(星期二)至 05 月 09 日(星期四)16:00 前将 需要了解与关注的问题通过电子邮件的形式发送至公司邮箱 lexy@kingclean.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。 莱克电气股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布公司 2023 年年度报告和 2024 年第一季度报告，为便于广大投资者更全面深入地了解公 司 2023 年度及 2024 年第一季度经营成果、财务状况、利润分配情况及未来发展规 划等事项，公司计划于 2024 年 05 月 10 日上午 10:00-11:00 举行公司 2023 年度、 2024 年第一季度业 ...

Financial Performance - The company reported a revenue of approximately ¥8.60 billion in the manufacturing sector, with a year-over-year decrease of 11.38%[15]. - The gross margin for the manufacturing sector was 26.04%, an increase of 3.64 percentage points compared to the previous year[15]. - Revenue for the fiscal year reached 1.5 billion, representing a 15% increase compared to the previous year[120]. - The company reported a net profit attributable to shareholders of approximately ¥1,116,885,327.69 for the year 2023, with a cash dividend proposal of zero[186]. - The company's asset-liability ratio for 2023 was 65.07%, an increase of 2.17 percentage points year-on-year[184]. Research and Development - The company invested ¥467.89 million in R&D, accounting for 5.32% of total revenue, with no capitalized R&D expenditures[24]. - The company has invested 50 million in R&D for innovative technologies aimed at enhancing product efficiency[120]. - The company has implemented a differentiated compensation system for R&D, sales, and administrative personnel to enhance employee motivation[155]. - The company has established a new innovation academy to foster creativity among R&D staff, with plans for 10 specialized courses[120]. Strategic Initiatives - The company strategically abandoned low-profit ODM business in 2023, which previously generated sales of several hundred million yuan[12]. - The company aims to develop three main business areas: promoting domestic brands, deepening ODM/OEM operations abroad, and focusing on core components in the new energy sector[41]. - The company plans to enhance its competitive edge through iterative innovation in core product categories, aiming to strengthen and expand its market position[43]. - The company plans to deepen global cooperation and accelerate overseas expansion to enhance market competitiveness[95]. - The company is focusing on global strategic partnerships to navigate macroeconomic uncertainties and enhance operational flexibility[184]. Market Trends and Opportunities - The global EMS industry market size reached $694.4 billion in 2022, with projections to grow to $906.7 billion by 2027, reflecting an annual growth rate of 5-6%[39]. - The clean energy sector, including photovoltaics and wind power, is expected to see significant development opportunities, driven by China's "carbon neutrality" strategy[40]. - The penetration rate of smart connected vehicles is currently around 45%, expected to approach 60% by 2025, indicating a growing demand for automotive electronics[64]. - The company is adapting to global supply chain changes, emphasizing flexibility and investment in suitable regions for manufacturing[1]. Corporate Governance - The board of directors and supervisory board have been restructured, ensuring compliance with legal requirements and effective governance[76][77]. - The company has established internal control systems that meet management requirements, ensuring the safety and integrity of company assets[106]. - The company is committed to improving information disclosure and transparency, ensuring timely and accurate information is available to all shareholders[105]. - The company has implemented measures to enhance corporate governance and operational standards, contributing to sustainable development[103]. Shareholder Engagement - The company held 2 shareholder meetings during the reporting period, ensuring compliance with legal requirements and allowing all shareholders, especially minority shareholders, to exercise their rights equally[103]. - The board of directors reviewed and advanced the third phase of the restricted stock incentive plan, as well as the acquisition of 96.5455% equity in Lihua Technology, safeguarding the rights of all shareholders[106]. - The company has established a shareholder return plan for 2022-2024, aiming to provide stable and continuous cash dividends to investors[160]. Employee Development - Employee training programs have increased participation by 30%, with over 7,000 employees trained in 2023[120]. - The company has conducted 10 talent development plans in 2023, with 1,474 participants, achieving 77% of the planned target[157]. - The company has a total of 9,496 employees, with 3,482 in the parent company and 6,014 in major subsidiaries[153]. Environmental Compliance - The company is classified as a key pollutant discharge unit, managing wastewater, waste gas, and solid waste in compliance with environmental standards[196]. - Wastewater treatment meets the standards set by local purification plants, ensuring compliance with chemical oxygen demand and other indicators[197]. - The company has installed facilities for waste gas collection and treatment, ensuring stable compliance with emission standards[200]. - The company has implemented measures to reduce noise pollution from machinery through the use of low-noise equipment and soundproofing techniques[197].

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2024-009 | | --- | --- | --- | | 转债代码：113659 | 转债简称：莱克转债 | | 莱克电气股份有限公司 关于可转债转股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个别及连带责任。 重要内容提示： 累计转股情况：莱克电气股份有限公司公开发行可转换公司债券（以下 简称"莱克转债"）自 2023 年 4 月 20 日起开始转股，截至 2024 年 3 月 31 日， 累计已有 20,000 元"莱克转债"转换为公司 A 股股份，累计转股股数为 589 股， 占可转债转股前公司已发行股份总额的 0.00010261%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"莱克转债" 金额为 1,199,980,000 元，占"莱克转债"发行总额的 99.9983%。 本季度转股情况：自 2024 年 1 月 1 日至 2024 年 3 月 31 日期间，"莱克 转债"转股的金额为 4,000 元，因转股 ...

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2024-007 | | --- | --- | --- | | 转债代码：113659 | 转债简称：莱克转债 | | 莱克电气股份有限公司 第六届监事会第六次会议决议公告 本公司监事会及全体监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。 莱克电气股份有限公司（以下简称"公司"）第六届监事会第六次会议于 2024 年 2 月 22 日以邮件形式发出会议通知，并于 2024 年 2 月 27 日在公司会议室以 现场方式召开，会议应到监事 3 名，实际到监事 3 名。会议由监事会主席徐大 敢先生主持，本次会议全体监事均行使了表决权。会议的召开符合《中华人民 共和国公司法》及《公司章程》的规定，合法有效。 莱克电气股份有限公司监事会 二、监事会会议审议情况 （一）审议通过《关于使用银行承兑汇票、信用证及自有外汇等方式支付 募集资金投资项目并以募集资金等额置换的议案》 监事会认为：公司在募投项目实施期间，使用银行承兑汇票（或背书转让）、 信用证及自有外汇等方式支付募集资金投资项目 ...

| 证券代码：603355 | 证券简称：莱克电气 | 公告编号：2024-006 | | --- | --- | --- | | 债券代码：113659 | 债券简称：莱克转债 | | 莱克电气股份有限公司 第六届董事会第八次会议决议公告 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。 一、董事会会议召开情况 （一）审议通过《关于使用银行承兑汇票、信用证及自有外汇等方式支付 募集资金投资项目并以募集资金等额置换的议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《莱克 电气关于使用银行承兑汇票、信用证及自有外汇等方式支付募集资金投资项目并 以募集资金等额置换的公告》。 表决结果：8 票同意、0 票反对，0 票弃权。 特此公告。 莱克电气股份有限公司董事会 2024 年 2 月 28 日 1 莱克电气股份有限公司（以下简称："公司"）第六届董事会第八次会议于 2024 年 2 月 22 日以邮件形式发出会议通知，并于 2024 年 2 月 27 日在公司会议 室以通讯方式召开。本次会议应参 ...