Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [3]. Core Views - The company is expected to see a significant improvement in performance as channel inventory gradually normalizes, with a forecasted increase in net profit from 128 million in 2023 to 146 million in 2024, and further to 211 million in 2025 [2][7]. - The report highlights that despite a challenging 2023 due to high inventory levels and reduced demand in Europe, the long-term demand for electric bicycles remains strong, supported by government subsidies and infrastructure investments [1][2]. - The company is actively enhancing its brand presence and after-sales service, participating in major international exhibitions and launching a direct-to-dealer service system to improve customer service [1]. Summary by Sections Financial Performance - Revenue is projected to recover from 1.648 billion in 2023 to 1.764 billion in 2024, with a growth rate of 7.08% [2][7]. - Net profit is expected to rise from 128 million in 2023 to 146 million in 2024, reflecting a growth rate of 14.09% [2][7]. - The company's earnings per share (EPS) is forecasted to increase from 0.76 in 2023 to 0.62 in 2024 [2][7]. Market Outlook - The European electric bicycle market is anticipated to grow due to increased support for low-carbon transportation, while the U.S. market presents significant growth potential due to its lower current penetration rate [1][2]. - The domestic market is also expected to benefit from government initiatives aimed at promoting electric bicycles as part of a broader strategy for sustainable transportation [1]. Brand and Service Development - The company has participated in key international trade shows to showcase its diverse range of electric bicycle models tailored to different market needs [1]. - The introduction of the direct-to-dealer service system aims to enhance customer service efficiency and align the company's service standards with leading global brands [1].

Company Overview - The company, founded in 2003, specializes in motor and supporting electrical systems, with core founders coming from technical backgrounds [6] - The chairman, Wang Qinghua, holds a degree in Electrical Engineering from Harbin Institute of Technology and has extensive experience in motor development [6][7] - Wang Qinghua directly holds 40.47% of the company's shares as of Q1 2024, making him the controlling shareholder [8] - The company's core products include mid-drive motors, hub motors, and complete electrical systems, primarily sold to overseas e-bike brands and domestic vehicle assemblers [9] Market Position and Technology - The company has mastered core technologies, including torque sensors, and competes with international brands like Bosch and Shimano [10] - It is one of the few companies globally capable of independently producing torque sensors, a key factor for entering the mid-to-high-end market [10] - The company's mid-drive motors historically achieved gross margins above 40%, peaking at 54% in 2020 [11] - Hub motors, which integrate motors, controllers, and sensors, also maintain gross margins around 40% [11] Financial Performance - Revenue peaked in 2022 at CNY 2.65 billion but declined by 42.2% in 2023 to CNY 1.65 billion [17][18] - Q1 2024 revenue further decreased by 34.5% year-over-year due to weak market demand [17] - Net profit margin dropped significantly from 28.8% in 2020 to 5.6% in Q1 2024 [22] - ROE declined sharply to 3.8% in 2023, down from 62.1% in 2018 [31][32] Product and Market Trends - The company expanded into the traditional e-bike market with direct-drive hub motors, achieving CNY 780 million in revenue in 2022, a 64% year-over-year increase [15] - However, the gross margin for direct-drive hub motors is low, dropping to 0.7% in 2023 [19][21] - E-bike motor sales peaked in 2021 and have been declining since, with 2023 sales down 46% year-over-year [18][19] - The European market, which accounts for a significant portion of sales, has seen slowing demand due to geopolitical conflicts and inflation [30][36] Industry Dynamics - The e-bike market in Europe, the company's primary market, experienced a slowdown in 2022 due to high inventory levels and geopolitical tensions [40] - The traditional e-bike market in China, driven by the "New National Standard" policy, is also nearing the end of its replacement cycle, leading to slower growth [42] - Major domestic e-bike manufacturers like Yadea and Aima have seen revenue growth slow significantly in 2023 [43] Cash Flow and Dividends - The company has maintained strong cash flow, generating CNY 1.64 billion in operating cash flow from 2019 to 2023 [44] - It has a high dividend payout ratio, averaging 51% since its IPO, with cumulative dividends of CNY 1.01 billion [49] - Despite declining profitability, the company has no significant interest-bearing debt and holds CNY 1.48 billion in cash and financial assets as of Q1 2024 [50]

证券代码：603489 证券简称：八方股份 公告编号：2024-030 八方电气（苏州）股份有限公司 关于办理完成注册资本变更登记的公告 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个别及连带责任。 因经营发展的实际需求，八方电气（苏州）股份有限公司（以下 简称"公司"）对注册资本进行了变更，并对《公司章程》的相应条 款进行了修订，上述事项已经公司第三届董事会第三次会议及 2023 年年度股东大会审议通过。具体内容详见公司于 2024 年 4 月 20 日披 露的《关于变更注册资本及修订<公司章程>的公告》（2024-013）。 公司近期办理了相关工商变更登记及备案手续，并于 2024 年 7 月 18 日取得了江苏省市场监督管理局换发的营业执照。本次变更完 成后，公司注册资本由 16811.8637 万元变更为 23501.3003 万元。公 司营业执照内容如下： 法定代表人：王清华 注册资本：23501.3003 万元整 成立日期：2003 年 07 月 28 日 住所：苏州工业园区东堰里路 6 号 - 1 - 经营范围：研发组装 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-029 二、公司股份总数变动情况 自公司披露贺先兵先生本次减持计划至本公告披露日，公司股份 总数变动情况如下： 1.限制性股份回购注销 1 八方电气（苏州）股份有限公司 关于持股 5%以上股东、董事兼副总经理 调整减持计划之减持数量的公告 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个别及连带责任。 一、股东原减持计划情况概述 八方电气（苏州）股份有限公司（以下简称"公司"）持股 5% 以上股东、董事兼副总经理贺先兵先生因个人资产规划需求，拟通过 大宗交易方式向其配偶李俊丽女士持有 100%份额的上海烜鼎私募基 金管理有限公司-烜鼎星宿 9 号私募证券投资基金转让公司股份不超 过 3,362,372 股，即不超过当时公司股份总数 168,118,637 股的 2%， 减持期间为 2024 年 7 月 4 日至 2024 年 10 月 3 日，减持价格为市场 价格（以下简称"本次减持计划"）。具体内容详见公司于 2024 年 6 月 13 日披露的《关于持股 5%以上股东、 ...

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 50 million and 62 million yuan, a decrease of 42.39 million to 54.39 million yuan compared to the same period last year, representing a year-on-year decline of 40.61% to 52.10%[10] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is projected to be between 47 million and 59 million yuan, a decrease of 33.17 million to 45.17 million yuan compared to the same period last year, indicating a year-on-year decline of 35.99% to 49.01%[12] - The total profit for the first half of 2023 was reported at 117.60 million yuan, with a net profit attributable to shareholders of 104.39 million yuan, and a net profit after deducting non-recurring gains and losses of 92.17 million yuan[5] Market Conditions - The company cites ongoing geopolitical conflicts and inflation as factors negatively impacting overseas terminal market demand, leading to high inventory levels within channels that are being slowly digested[13] Financial Reporting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the official half-year report for 2024[10]

法律意见书 国浩律师（上海）事务所 关 于 八方电气（苏州）股份有限公司 差异化分红事项 之 法 律 意 见 书 中国上海市北京西路 968 号嘉地中心 23-25 层 邮编：200041 23-25/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China 电话/Tel: +86 21 52341668 传真/Fax: +86 21 52433320 网址/Website:http://www.grandall.com.cn 2024 年 6 月 国浩律师(上海)事务所 目 录 | 第一节 律师声明事项 . | | --- | | 第二节 正文 … | | 一、本次差异化分红的原因 | | 二、本次差异化分红的方案… | | 三、本次差异化分红的计算依据 . | | 四、结论意见 … | | 第三节 签署页 | 1 国浩律师(上海)事务所 法律意见书 国浩律师（上海）事务所 关于八方电气（苏州）股份有限公司 差异化分红事项之 法律意见书 致：八方电气（苏州）股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受八方电气（苏州）股份 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-027 八方电气（苏州）股份有限公司 2023 年年度权益分派实施公告 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。 A 股每股现金红利 1 元（含税），每股转增股份 0.4 股 相关日期 | 股份 | 股权登记日 | | 最后交易日 | 除权（息）日 | 新增无限售条件 | 现金红利 | | --- | --- | --- | --- | --- | --- | --- | | 类别 | | | | | 流通股份上市日 | 发放日 | | Ａ股 | | 2024/7/5 － | | 2024/7/8 | 2024/7/8 | 2024/7/8 | 差异化分红送转： 是 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经八方电气（苏州）股份有限公司 （以下简称"公司"）2024 年 5 月 16 日的 2023 年年度股东大会审议通 过。 1 重要内容提示： 公司不存在首发战略配售股份 每股分配比例，每股转增比例 二、 分配、转增股本 ...

关于截至 2023 年 12 月 31 日募集资金的存放情况及使用情况， 详见公司于 2024 年 4 月 20 日在《证券时报》《中国证券报》《上海证 券报》及上海证券交易所网站（www.sse.com.cn）上披露的《2023 年度募集资金存放与实际使用情况的专项报告》（2024-006）。 1 证券代码：603489 证券简称：八方股份 公告编号：2024-026 八方电气（苏州）股份有限公司 关于注销募集资金专户的公告 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个别及连带责任。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2019]1741 号《关于核准 八方电气（苏州）股份有限公司首次公开发行股票的批复》核准，公 司于 2019 年 10 月向社会公开发行人民币普通股（A 股）3,000.00 万 股，每股发行价为 43.44 元，应募集资金总额为人民币（下同） 130,320.00 万元，扣除保荐机构（主承销商）保荐费、承销费不含 税金额合计 4,823.40 万元，公司实际募集资金 125,496.60 万 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-025 八方电气（苏州）股份有限公司 关于调整 2023 年度利润分配方案现金分红总额 及资本公积转增股本总额的公告 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个别及连带责任。 重要内容提示： 调整原因：自八方电气（苏州）股份有限公司（以下简称"公 司"）2023 年度利润分配及资本公积转增股本（以下简称"2023 年度 权益分派"）方案披露之日至本公告披露日，公司完成第一期限制性 股票激励计划 139,342 股限制性股票的回购注销，导致可参与 2023 年度权益分派的股份数量发生变动。 如在实施权益分派的股权登记日前总股本发生变动的，拟维持每 股分配金额及转增比例不变，相应调整分配总额和转增股数。关于 2023 年度权益分派方案的其他内容，详见公司 2024 年 4 月 20 日在 上海证券交易所网站（www.sse.com.cn）及《证券时报》《中国证券 报》《上海证券报》（以下统称"指定信息披露媒体"）上披露的《2023 年度利润分配及资本公积转增股本预案》（2 ...

证券代码：603489 证券简称：八方股份 公告编号：2024-024 八方电气（苏州）股份有限公司 关于持股 5%以上股东、董事兼副总经理拟增加一致行动人 及一致行动人间内部转让股份计划的公告 本公司董事会、全体董事及相关股东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。 3.贺先兵先生、李俊丽女士将与烜鼎 9 号签署《一致行动人协议》， 确认烜鼎 9 号为贺先兵先生、李俊丽女士的一致行动人。 本次计划实施前，李俊丽女士、烜鼎 9 号均未持有公司股份。 重要内容提示： 1.截至本公告披露日，八方电气（苏州）股份有限公司（以下简 称"公司"、"八方电气"）持股 5%以上非第一大股东、董事兼副总经 理贺先兵先生直接持有公司 27,463,899 股股份，占公司股份总数的 比例约为 16.34%；通过宁波冠群信息科技中心（有限合伙）间接持 有公司 7,556,220 股股份，占公司股份总数的比例约为 4.49 %。贺 先兵先生以上直接及间接合计持有公司 35,020,119 股股份，占公司 股份总数的比例约为 20.83%，股份来源为公司首次公开发行前 ...