证 券 研 究 报 告 ——2023 年报暨 24 年一季报点评：24Q1 业绩超预期， 净利率创 2014 年以来新高 多业务并行加速发展。23 年国内照明业务仍处于承压修复期，需求逐步复苏。公司层面， 分渠道业务看，线下消费者业务方面，聚焦全国核心标杆门店的赋能，通过系统化培训辅 导、全运营流程标准化赋能、多元化主动营销方式，拉动了相关业务快速增长，同时不断 升级产品与解决方案，持续优化终端门店形象与体验，升级全屋智能照明体验馆与专区， 让消费者享受沉浸式购物体验，此外公司仍持续推进流通网点的数字化、精细化管理，进 一步扩大市场覆盖程度；线下商照业务方面，公司持续开拓在工业、办公、商业连锁等领 域的商照业务，树立了包括大型全国性连锁商超的智能照明改造项目、新零售头部生鲜超 市项目、杭州亚运会项目、安徽光伏组件产业园厂房项目、云南电子洁净工业厂房三期项 目、广东航运大厦智能照明项目等在内的多个细分领域标杆项目；电商业务方面，公司针 对电商业务重点品类，积极打造爆款新品，通过多元化营销方式促进线上品类向中高端转 型，带动了线上毛利率进一步提升。海外业务方面，公司聚焦重点区域，持续优化业务结 构及渠道布局，扩大 ...

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Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [2]. Core Views - The company has demonstrated resilient growth despite a slight decline in the domestic general lighting market, achieving a revenue of 7.79 billion yuan in 2023, a year-on-year increase of 7.22% [1][3]. - The company is focusing on high-quality development through cost optimization and digital transformation, leading to an increase in gross margin to 40.3% in 2023, up by 4.6 percentage points year-on-year [4]. - The company plans to distribute a cash dividend of 8.5 yuan per 10 shares, totaling 630 million yuan, reflecting a cash dividend ratio of 67.7% [3]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 924.07 million yuan, a year-on-year increase of 17.85%, with a non-recurring net profit of 850 million yuan, up by 34.17% [3][7]. - The company’s revenue is projected to grow to 8.65 billion yuan in 2024, with a growth rate of 11.01% [7][12]. - The earnings per share (EPS) for 2023 is 1.24 yuan, with projections of 1.40 yuan for 2024 [7][12]. Market Position and Strategy - The company is a leader in the domestic home lighting sector, focusing on diversified channel development and enhancing product competitiveness [5]. - The company is leveraging opportunities in the smart lighting sector and expanding its product applications and sales markets, particularly in commercial lighting [5]. - The overseas business segment generated 740 million yuan in revenue in 2023, reflecting a year-on-year growth of 6% [1]. Cost and Profitability - The company’s operating expenses for 2023 were 18.5% for sales, 4.1% for management, and 5.4% for R&D, with a net profit margin of 11.9% [4][7]. - The gross margin for 2023 was 40.3%, indicating effective cost management and product positioning [4]. Future Outlook - The company is expected to achieve net profits of 1.05 billion yuan, 1.18 billion yuan, and 1.33 billion yuan for the years 2024, 2025, and 2026, respectively [5][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.43 in 2023 to 10.01 by 2026, indicating potential for value appreciation [7][12].

司 点评报 公 | --- | --- | |--------------------------------|------------| | ＃市 m 场 a 数 rk 据 etData ＃ | ＃ | | 市场数据日期 | 2024-04-26 | | 收盘价（元） | 16.84 | | 总股本（百万股） | 746.43 | | | | | 流通股本（百万股） | 739.05 | | 净资产（百万元） | 6614.58 | | 总资产（百万元） | 9388.89 | | 每股净资产 (元) | 8.86 | ＃相r关el报ate告dReport＃ 《 【 兴 证 家 电 】 欧 普 照 明 （603515.SH）2023 年三季报点 评：平台化降本成效继续释放， Q3 业绩表现亮眼》2023-10-29 《 【 兴 证 家 电 】 欧 普 照 明 （603515）2023 年中报点评： 平台化降本增效，Q2 业绩增速 亮眼》2023-08-30 《 【 兴 证 家 电 】 欧 普 照 明 （603515）2022 年报及 2023 年 一季报点评：Q1 业绩亮眼，盈 利拐点确立》2023-04- ...

[Table_Contacts] [Table_Title] 欧普照明（603515.SH） 优势显著，且积极优化渠道，逐步见效，盈利持续提升。预计 2024-26 年归母净利同比增长 10.2%、9.2%、9.0%。给予公司 2024 年 PE 15x， 对应合理价值 20.46 元/股，维持"增持"评级。 风险提示。原材料大幅涨价；房地产市场出现大幅波动；竞争恶化。 -20% -12% -4% 5% 13% 21% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 欧普照明 沪深300 [分析师： Table_Author]曾婵 SAC 执证号：S0260517050002 SFC CE No. BNV293 zengchan@gf.com.cn SAC 执证号：S0260517110001 021-38003640 [Table_PageText] 欧普照明|年报点评 收入稳健增长，盈利能力持续提升 [Table_Summary] 核心观点： 2023 年收入、利润增长良好。公司披露 2023 年年报，全年收入 77.9 亿元（YoY+7.2%），归母净利 9.2 亿元 ...

欧普照明股份有限公司 审计报告及财务报表 二〇二三年度 信会师报字[2024]第 ZI10297 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://arc.mof.mor.com）"进行者 t of the state 欧普照明股份有限公司 审计报告及财务报表 (2023年01月 01 日至 2023年 12月 31 日止) | | 目求 | 页次 | | --- | --- | --- | | 审计报告 1 | | 1-5 | | | 财务报表 · | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | | 1-103 | ii 事务所及注册会计师执业资质证明 工信会计师事务所(特殊普通合 INA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTAN 审计报告 信会师报字[2024]第 ZI10297 号 欧普照明股份有限公司全体股东: 一、审计意见 ...

1 / 10 欧普照明股份有限公司 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。 (一)公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 (三)第一季度财务报表是否经审计 一、 主要财务数据 | --- | --- | --- | |-----------------------------------------------|------------------|-----------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 ( % ) | | 营业收入 | 1,583,098,802.98 | 5.35 | | 归属于上市公司股东的净利润 | 120,892,584.24 | 23.48 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 103,312,969.64 | 36.42 | | 经营活动产生的现金流量净额 | -171 ...

Financial Performance - The total revenue for the company was 305.61 million RMB, with a net profit of 16.24 million RMB, representing a net profit margin of approximately 5.31%[3] - The company's operating revenue for 2023 was CNY 7,794,988,062.81, representing a year-on-year increase of 7.22%[36] - The net profit attributable to shareholders of the listed company was CNY 924,070,111.39, up 17.85% compared to the previous year[36] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 34.17% to CNY 847,912,642.27[36] - The net cash flow from operating activities surged by 284.03% to CNY 1,666,970,731.00, driven by increased sales scale[36] - The net assets attributable to shareholders at the end of 2023 reached CNY 6,648,896,823.59, a 9.70% increase from the end of 2022[36] - Total assets at the end of 2023 amounted to CNY 9,877,441,744.50, reflecting a 13.59% growth year-on-year[36] - Basic earnings per share increased by 20.19% to CNY 1.25 in 2023 compared to CNY 1.04 in 2022[55] - The net profit attributable to shareholders for Q4 2023 was CNY 265,281,079.94, with a total revenue of CNY 2,281,229,658.98[57] - The company achieved a 35.71% increase in basic earnings per share after deducting non-recurring gains and losses, reaching CNY 1.14 in 2023[55] Investment and Expansion - The company signed a cooperation agreement for the expansion project of the South China headquarters with an investment of 420 million RMB, aiming for a total project investment of 3 billion RMB[2] - The company plans to expand its operations in the Guangdong-Hong Kong-Macao Greater Bay Area with a total investment of approximately ¥25.8 billion[139] - The company has expanded its overseas business by promoting its smart lighting solutions in key regions, establishing benchmark projects in Southeast Asia and the Middle East[92] - The investment cash flow net amount increased by 92.31%, totaling 2.687 billion RMB, primarily due to a reduction in the amount spent on financial products[116] Product Development and Innovation - The company is focusing on technological innovation and aims to enhance supply chain efficiency through new factory construction and existing production line upgrades[5] - The company continues to focus on "smart lighting" as a strategic priority, leveraging IoT and AI technologies[5] - The company launched the "Little Lighthouse" series of eye-protecting lamps, focusing on user health and comfort in lighting[41] - The company is enhancing its product system in the electrical industry to meet evolving consumer demands for aesthetics and smart features[42] - The company has launched multiple patented lighting solutions to meet diverse user needs and is building core technological advantages in IoT and big data[121] - The company is focusing on the development of direct current variable frequency technology for bathroom heaters, enhancing user comfort and energy efficiency[66] - The new generation of fan lights, such as the Jin Feng Pro series, has achieved industry-level energy efficiency certification and won multiple awards, enhancing consumer satisfaction with improved design and performance[87] Market Trends and Strategies - The LED semiconductor lighting industry in China is expected to have a total output value of approximately 657.8 billion RMB in 2023, a decrease of 2.6% compared to 2022[9] - The general lighting market size is estimated to be around 246.6 billion RMB in 2023, showing a slight decrease of 0.1% from the previous year[9] - The lighting industry is experiencing a brand-driven trend towards high-quality, environmentally friendly, and intelligent products, creating new growth opportunities for companies[146] - The focus on health lighting is expected to drive new market opportunities, with an emphasis on understanding consumer pain points and promoting the benefits of health lighting[163] - The trend towards intelligent lighting solutions is expected to enhance energy efficiency and adapt to consumer needs, including air purification and disinfection capabilities[174] Corporate Social Responsibility and ESG - The company has been recognized as a "green factory" and has actively participated in the development of standards for green enterprises, aligning with national low-carbon strategies[99] - The company has adopted a three-tier ESG governance structure to enhance its ESG management level and has initiated carbon inventory actions to address climate change[94] - The company has received several awards for its social responsibility efforts, including the "2020 Annual Listed Company Social Responsibility" award[118] Talent Development and Management - The company has continuously invested in talent acquisition and development, establishing partnerships with top universities to ensure a sustainable talent supply[102] - The company has established a comprehensive training and management system for talent development, including over 1,000 courses on its online learning platform[104] Digital Transformation and Marketing - The company emphasizes the importance of digital transformation and brand enhancement to gain competitive advantages in a challenging market environment[9] - The company is expanding its market presence through enhanced digital marketing strategies and improved retail management systems[119] - The e-commerce business has significantly improved profitability by optimizing product structure and marketing strategies, driving the online gross margin higher[92] Operational Efficiency - The company has implemented advanced manufacturing processes, including the use of industrial robots and AI technology, to optimize production efficiency[122] - The company has implemented a production operation model combining highly automated platform products with flexible production for customized products, optimizing resource integration and cost[80] Customer Engagement and Experience - The company is actively expanding its business footprint and enhancing store experiences to improve consumer engagement and brand recognition[167] - The company aims to enhance product and channel competitiveness by addressing diverse user lighting needs across various scenarios, transitioning from single products to comprehensive lighting solutions[179] - The company is committed to integrating modern lighting systems with smart home devices to improve safety and convenience in residential and commercial spaces[178]

Shouldering Social Responsibility 欧普照明 Environmental, Social and Governance (ESG) Report 2023 OPPLE Lighting Co.,Ltd Gather Talents, Fostering a Happy Workplace Co-building and Sharing, Creating Sustainable Supply Chains Spread Kindness, Protect Environment, Embracing Green Development 1 2023 Lighting Environmental, Social and Governance (ESG) Report Forge Ahead, Consolidating Sound Governance See Beyond, Lighting up Better Life Protect Environment, Embracing Green Development Gather Talents, Fostering a Ha ...

证券代码：603515 证券简称：欧普照明 公告编号：2024-019 欧普照明股份有限公司 关于 2024 年度授权对外担保额度的公告 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： 一、担保情况概述 欧普照明股份有限公司（以下简称"公司"或"本公司"）为经营需要，2024 年度拟向全资及控股孙/子公司提供额度不超过 19 亿元人民币的担保，授权有效 期自公司 2023 年年度股东大会审议通过之日起至公司次年年度股东大会召开之 日。在前述额度内发生的具体担保事项（如签署担保协议等），授权公司董事长 或其他管理层成员负责，具体担保协议的期限，自与相关金融机构签订协议之日 起不超过三年。超出授权范围外的其他事项，公司将另行履行决策程序。 具体担保额度明细如下： 1 单位：亿元 人民币 | 担保人 | 被担保公司 | 与公司的关系 | 2024 年额度 | | --- | --- | --- | --- | | 对资产负债率 | 70%以下的全资孙/子公司 | | | | 欧普照明股 份有限公司 | 苏州欧普照明有 ...