[Table_MainInfo] 公司研究/家用电器与器具/家用电器 证券研究报告 欧普照明（603515）公司跟踪报告 2024 年 10 月 10 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 09 日收盘价（元） ] | 17.53 | | 52 周股价波动（元） | 13.43-21.51 | | 总股本 / 流通 A 股（百万股） | 745/735 | | 总市值 / 流通市值（百万元） | 13064/12883 | | 相关研究 | | | [Table_ReportInfo] 《收入持续增长，盈利能力稳健修复》 | | | 2024.05.23 | | 市场表现 [Table_QuoteInfo] -32.52% -22.52% -12.52% -2.52% 7.48% 2023/10 2024/1 2024/4 2024/7 ...

证券代码：603515 证券简称：欧普照明 公告编号：2024-058 欧普照明股份有限公司 2024 年限制性股票激励计划首次授予结果的公告 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： 欧普照明股份有限公司（以下简称"公司"）根据《上市公司股权激励管理 办法》《欧普照明股份有限公司 2024 年限制性股票激励计划》（以下简称"本 次激励计划"或"本激励计划"）的相关规定以及 2024 年第二次临时股东大会 的授权，公司于 2024 年 8 月 26 日召开了第五届董事会第一次会议，审议通过了 公司已于 2024 年 10 月 8 日在中国证券登记结算有限责任公司上海分公司 办理完成公司 2024 年限制性股票激励计划首次授予登记工作，现将有关事项说 明如下： 一、 限制性股票实际授予登记情况 1、限制性股票授予日：2024 年 8 月 28 日 2、授予登记数量：576.49 万股 3、授予登记人数：311 名 4、授予价格：每股 7.76 元 5、股票来源：公司从二级市场回购的本公司人民币 A 股普通股 ...

证券代码：603515 证券简称：欧普照明 公告编号：2024-057 欧普照明股份有限公司 关于股份性质变更暨 2024 年限制性股票 激励计划授予的进展公告 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法律责任。 公司已就上述授予的 576.49 万股限制性股票，向中国证券登记结算有限责 任公司上海分公司申请办理登记。经与上海证券交易所和中国证券登记结算有限 责任公司上海分公司确认，本次拟授予 311 名激励对象 576.49 万股的限制性股 票，股份来源为公司从二级市场回购的本公司 A 股普通股，将由无限售条件流 通股变更为有限售条件流通股。 1 本次变更前后，公司股本结构情况如下： 证券类别 变更前股份数 量（股） 本次股份变动数 量（股） 变更后股份数量 （股） | 有限售条件流通股 | 4,569,200 | 5,764,900 | 10,334,100 | | --- | --- | --- | --- | | 无限售条件流通股 | 740,655,975 | -5,764,900 | 734,891,075 | | 合 ...

关于召开 2024 年半年度业绩说明会的公告 证券代码：603515 证券简称：欧普照明 公告编号：2024-056 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。 重要内容提示： 投资者可于 2024 年 9 月 19 日（星期四）至 9 月 25 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 public@oppl e.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。 欧普照明股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公 司 2024 年半年度报告，详见上海证券交易所网站（https://www.sse.com.cn）。为 便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公 司计划于 2024 年 9 月 26 日下午 15:00-16:00 举行 2024 年半年度业绩说明会，就 投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨欧普照明（603515.SH） [Table_Title] 行业承压导致营收下滑，毛利率实现提升 | --- | --- | |----------------------------------------------------------------------------------------|-------| | | | | 年上半年实现营业收入 33.66 亿元，同比下降 5.01% ，实现归母净利润 3.85 亿元， | | 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 欧普照明（603515.SH） cjzqdt11111 2024-09-04 相关研究 [Table_Title2] 行业承压导致营收下滑，毛利率实现提升公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司披露 2024 年半年报：公司 2024 年上半年实现营业收入 33.66 亿元，同比下降 5.01%， 实现归母净利 ...

证券代码：603515 证券简称：欧普照明 欧普照明股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |-------------------|-----------------------------|------------------------------------------------------------| | | □特定对象调研 | √分析师会议 | | 投资者关系活 | □媒体采访 | √业绩说明会 | | 动类别 | □新闻发布会 | □现场参观 | | | □路演活动 | □其他 | | 形式 | √现场 √网上 | □电话会议 | | | | 国联证券、广发证券、申万宏源证券、兴业证券、长江证券、天 | | | | 风证券、国投证券、中金公司、国君证券、招商证券、华创证券、 | | | | 高盛证券、海通证券、民生证券、光大证券、华泰证券、中信证 | | 参与单位名称 | | 券、方正证券、西南证券、华西证券、平安基金、大成基金、博 | | | | 道基金、工银瑞信基金、建信基金、农银汇理基金、国联基金、 | | | | 汇丰晋信基 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 股价表现 2024 年 08 月 29 日 欧普照明(603515.SH) 加大费用投入力度，强化综合竞争优势 事件：欧普照明公布 2024 年中报。公司 2024 年上半年实现收 入 33.7 亿元，YoY-5.0%；实现归母净利润 3.8 亿元，YoY-3.0%。 经折算，公司 2024Q2 单季度实现收入 17.8 亿元，YoY-12.6%；实 现归母净利润 2.6 亿元，YoY-11.7%。在房地产行业下行，居民消 费需求不振的外部压力下，公司持续修炼内功，强化竞争优势。 外部环境压力下，欧普持续提升综合竞争力：受房地产行业下 行、居民消费需求不振等多重因素影响，照明行业有所承压。欧 普 2024Q2 收入下滑。公司坚持平台化、数字化、智能化转型，抓 住新兴用户需求，持续提升综合竞争力。主要体现在：1）公司持 续升级门店形象，打造解决方案专区，提升无主灯消费者的进店 体验；2）针对家装公司、设计师圈层引流，持续扩大品牌影响力； 3）扩大流通渠道的市场覆盖，流通渠道上半年保持良好业务态势； 4）持续拓展商照业务，斩获全球知名太阳能科技公司光伏组件产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [3]. Core Views - The company experienced a revenue decline of 5.01% year-on-year in H1 2024, with total revenue reaching 3.37 billion yuan. The net profit attributable to the parent company was 380 million yuan, down 3.04% year-on-year [1]. - Despite short-term revenue pressure, the company is focusing on enhancing its competitive advantages through channel expansion and operational efficiency improvements [1]. - The lighting industry remains stable, with China's lighting sales reaching approximately 300 billion yuan in the first half of 2024, showing no significant change year-on-year [1]. - The company is actively upgrading its store image and expanding its market coverage, particularly in the domestic and overseas markets, including participation in infrastructure projects along the Belt and Road Initiative [1]. Financial Summary - For H1 2024, the company reported a gross margin of 40.0%, an increase of 0.8 percentage points year-on-year. The net profit margin was 14.8%, up 0.2 percentage points year-on-year [1]. - The company’s revenue for 2024 is projected to be 7.43 billion yuan, with a year-on-year decline of 4.70%. The net profit attributable to the parent company is expected to be 882.83 million yuan, a decrease of 4.46% [2][6]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 12.02 [2][6]. Market Position and Strategy - The company is positioned as a leading player in the domestic home lighting market, focusing on diversified channel development and product competitiveness [1]. - The company is leveraging opportunities in the smart lighting sector, enhancing product offerings and solutions while optimizing store experiences [1]. - The company aims to create multiple growth avenues by expanding its product applications and sales markets, particularly in commercial lighting and overseas markets [1].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥3,366,111,241.02, a decrease of 5.01% compared to ¥3,543,811,473.41 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥384,723,044.36, down 3.04% from ¥396,768,661.08 in the previous year[13]. - The net cash flow from operating activities decreased by 81.84%, amounting to ¥125,988,274.23, primarily due to a reduction in cash received from sales and an increase in cash paid for goods and services[14]. - The net profit after deducting non-recurring gains and losses was ¥320,833,948.22, a decrease of 8.28% compared to ¥349,782,896.43 in the same period last year[13]. - The company reported a comprehensive income total of CNY 388,600,047.03, compared to CNY 402,557,005.54 in the prior year, indicating a decrease of 3.47%[92]. - The company's cash and cash equivalents decreased significantly to CNY 1,561,706,651.71 from CNY 3,410,227,186.25 at the end of 2023, a decline of 54.1%[85]. - The company reported a significant increase in investment income, amounting to CNY 356,345,393.79, compared to CNY 28,981,230.60 in the same period last year[92]. Assets and Liabilities - The total assets at the end of the reporting period were ¥9,757,357,036.21, down 1.22% from ¥9,877,441,744.50 at the end of the previous year[13]. - The total current liabilities increased to RMB 3,386,119,999.90 from RMB 3,137,934,231.47, reflecting a rise in short-term financial obligations[82]. - The company's total liabilities increased, reflecting a growing financial obligation that may impact future cash flows[82]. - The total amount of long-term equity investments increased by 11.82% to ¥248,676,800.00 from ¥222,397,100.00 year-on-year[46]. - The company's total liabilities and equity structure reflects a robust financial position, supporting future growth initiatives[193]. Shareholder Information - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[12]. - The company approved a share repurchase plan on December 27, 2023, allowing for the buyback of 7 million to 10 million A-shares at a price not exceeding RMB 21 per share, with a total fund not exceeding RMB 210 million[71]. - As of February 21, 2024, the company completed the repurchase of 9,999,973 shares, accounting for 1.34% of the total share capital, with an average transaction price of RMB 16.30 per share and a total transaction amount of RMB 162,992,244.64[71]. - The largest shareholder, Zhongshan Op Lighting Investment Co., Ltd., held 348,214,286 shares, representing 46.65% of the total shares, with 61,700,000 shares pledged[74]. - The total number of ordinary shareholders reached 14,562 by the end of the reporting period[74]. Research and Development - The company has developed a strong R&D capability, focusing on user needs and LED technology innovation, resulting in the launch of multiple patented lighting solutions[25]. - Research and development expenses for the first half of 2024 were CNY 159,899,895.60, down from CNY 187,351,290.92 in the same period of 2023, a decrease of 14.7%[89]. - The company launched the Tianjing series ceiling lamp and upgraded the Borui eye protection lamp, enhancing user experience with innovative lighting technologies[28]. Market Position and Strategy - The company is positioned as a green energy-saving smart lighting enterprise, focusing on the R&D, production, and sales of home and commercial lighting fixtures, light sources, and control products[18]. - The company has established a strong brand presence in the general lighting market, winning multiple international awards, including the "2024 Hard Technology Strength Award" and "2024 Golden Camel Bell Excellent Brand Award" for its innovative products[22]. - The company has expanded its sales network through a combination of direct and indirect sales channels, achieving high coverage across various markets in China[23]. - The company is actively pursuing digital transformation and smart factory initiatives, aiming to improve cost efficiency, quality, and production capacity[26]. - The company is exploring the use of recyclable packaging materials to enhance resource recycling efficiency and reduce environmental impact[64]. Environmental and Social Responsibility - The company has established a greenhouse gas inventory project team and has conducted carbon verification actions, achieving ISO 14064 certification for its Shanghai headquarters and factories[61]. - The company is committed to sustainable development, aiming for carbon neutrality in three locations and optimizing energy efficiency through green building technologies[61]. - The company engaged in social responsibility initiatives, including health lighting public welfare activities in Shanghai, to promote public health awareness[40]. Risks and Challenges - The company faces market competition risks due to a declining domestic economic growth forecast and increasing external competition, prompting a strategy to solidify core competitive barriers and expand new business platforms[51]. - The company's offline consumer business, a major revenue source, is significantly influenced by the real estate market, which is subject to fluctuations under current regulatory policies[52]. - The company is exposed to risks from price fluctuations of key raw materials such as copper and acrylic, which could impact production costs and profitability[53]. Accounting and Financial Reporting - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[112]. - The company recognizes significant bad debt provisions for receivables and contract assets with a book value exceeding 10 million RMB[116]. - The company applies the effective interest method for calculating interest on financial assets measured at amortized cost[129]. - The company recognizes revenue when control of goods or services is transferred to customers, which is when customers can direct the use and obtain almost all economic benefits[168].

证券代码：603515 证券简称：欧普照明 公告编号：2024-051 欧普照明股份有限公司 第五届董事会第一次会议决议公告 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法律责任。 一、董事会会议召开情况 欧普照明股份有限公司（以下简称"公司"、"本公司"） 第五届董事会第 一次会议通知已于会议召开 5 日前送达全体董事，于 2024 年 8 月 26 日在公司办 公楼会议室以现场方式召开。本次董事会会议应出席董事 7 名，实际出席董事 7 名。本次会议由公司半数以上董事推举王耀海先生主持，公司高级管理人员列席 会议。本次会议的召集、召开符合《公司法》《公司章程》和《董事会议事规则》 的有关规定，会议形成的决议合法有效。 二、董事会会议审议情况 为进一步完善公司治理结构，根据中国证监会《上市公司治理准则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》的相关规定，公司第五 届董事会下设四个专门委员会，分别为战略与 ESG 委员会、提名委员会、审计 委员会、薪酬与考核委员会，经审议通过，各专门委员会人员构成如下： （一）审 ...