Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the benchmark index within the next 6 to 12 months [12][14]. Core Views - The company is a leading domestic automotive connector supplier, benefiting from high industry demand and the potential for domestic substitution. New products and projects are expected to drive accelerated performance growth [12][10]. - The profit forecast for 2024-2026 is adjusted to net profits of 1.27 billion, 1.82 billion, and 2.57 billion respectively, with corresponding EPS of 0.30, 0.43, and 0.60 [12][10]. Summary by Sections Financial Performance - The company achieved a revenue of 1.09 billion in 2023, with a year-on-year growth of 17% [1]. - Net profit for 2023 is projected at 720 million, reflecting a growth of 5.33% year-on-year [1]. - The company’s earnings per share (EPS) are expected to increase to 0.30 in 2025 and 0.43 in 2026 [1][12]. Market Position - The company has developed over 2000 automotive connectors and components, with clients including major automotive parts manufacturers and brands such as BYD and Tesla [3][10]. - The company is expanding its production capacity for new energy connectors and enhancing its R&D capabilities to support product upgrades [10][12]. Strategic Initiatives - The company is focusing on the automotive electrification and intelligentization trends, investing in automotive connector fields and improving its product offerings [3][10]. - It plans to collaborate with universities for research and development, aiming to enhance its automotive intelligence layout [3][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27]. Core Views - The company reported a revenue of 1.09 billion yuan in 2023, representing a year-over-year (YOY) increase of 17.13%, with a net profit attributable to the parent company of 72 million yuan, up 5.33% YOY [2]. - In Q4 2023, the company achieved a revenue of 312 million yuan, a YOY increase of 20.56%, and a net profit of 6 million yuan, which is a significant increase of 35.97% YOY [2]. - The company has shown strong growth in Q1 2024, with revenue reaching 331 million yuan, a YOY increase of 42.04%, and a net profit of 25 million yuan, up 25.20% YOY [2]. - The growth in revenue is primarily attributed to the increasing penetration of domestic new energy vehicles and the smooth ramp-up of production capacity [2]. - The company has adjusted its profit forecasts for 2024 and 2025 due to rising raw material costs, with new profit estimates for 2024, 2025, and 2026 being 130 million, 180 million, and 260 million yuan respectively [2]. - The current stock price corresponds to price-to-earnings (PE) ratios of 25.8, 18.5, and 13.0 for 2024, 2025, and 2026, respectively, indicating a positive long-term outlook for the company [2]. Financial Summary - The company’s automotive connector revenue in 2023 was 709 million yuan, reflecting a YOY growth of 6.36%, with a gross margin of 32.27%, an increase of 5.85% YOY [8]. - The revenue from mobile phone products was 266 million yuan, showing a YOY increase of 30.55%, driven by a recovery in the consumer electronics sector in the second half of 2023 [8]. - The company’s energy storage business is still in its early stages, generating revenue of 4 million yuan in 2023 [8]. - The company is optimizing resource allocation by disposing of idle medical equipment and other long-term assets, focusing on areas with strategic value and growth potential [8]. Research and Development - The company is increasing its investment in research and development, particularly in the fields of robotics and smart vehicles [3][24]. - Collaborations with universities are being pursued to develop a time-sensitive network backbone architecture for applications in smart vehicles and robotics [24].

海通证券股份有限公司关于上海徕木电子股份有限公司 调整、延期、终止部分募投项目及新增募投项目的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海徕木 电子股份有限公司（以下简称"徕木股份"或"公司"）2021 年度非公开发行股票 持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等有关规定，对徕木股份调整、延期、 终止部分募投项目及新增募投项目事项进行了核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准上海徕木电子股份有限公司非公开发行 股票的批复》（证监许可〔2022〕58 号）核准，公司向特定对象非公开发行股份人 民币普通股（A 股）共计 64,814,814 股，每股面值 1 元，每股发行价格为人民币 10.80 元，募集资金总额为 70,000.00 万元，扣除各项发行费用（不含税）后，募集资金净 额为 68,790.7 ...

上海徕木电子股份有限公司 独立董事马永华 2023 年述职报告 作为上海徕木电子股份有限公司(以下简称"公司")的独立董事,我严格 按照《中华人民共和国公司法》《上市公司独立董事管理办法》(以下简称《独 董办法》）、《上海证券交易所股票上市规则》(以下简称《股票上市规则》)、 《上海证券交易所上市公司自律监管指引第 1 号 -- 规范运作》(以下简称《规 范运作指引》)等法律法规和规范性文件,以及《公司章程》《公司独立董事工 作制度》等公司规章制度,本着对全体股东负责的态度,忠实、勤勉、独立、公 正地履行独立董事职责,充分发挥自身专业优势和独立作用,主动了解公司生产 经营情况,认真出席公司 2023年召开的相关会议,对公司董事会审议的相关事 项发表独立、客观意见,审慎行使公司和股东所赋予的权利,切实维护公司与全 体股东的整体利益,尤其关注中小股东的合法权益保护。现将我 2023年度履行 职责情况汇报如下: 一、工作履历、专业背景与独立性情况 马永华,公司第六届董事会独立董事。1992年至2015年6月,在上海科技创 业投资股份有限公司任职投资部经理,2015年6月退休;2020年8月至今任公司独 立董事。 ( ...

上海徕木电子股份有限公司 独立董事汤震宇 2023 年述职报告 作为上海徕木电子股份有限公司(以下简称"公司")的独立董事,我严格 按照《中华人民共和国公司法》《上市公司独立董事管理办法》(以下简称《独 董办法》）、《上海证券交易所股票上市规则》(以下简称《股票上市规则》)、 《上海证券交易所上市公司自律监管指引第１号——规范运作》（以下简称《规 范运作指引》)等法律法规和规范性文件,以及《公司章程》《公司独立董事工 作制度》等公司规章制度,本着对全体股东负责的态度,忠实、勤勉、独立、公 正地履行独立董事职责,充分发挥自身专业优势和独立作用,主动了解公司生产 经营情况,认真出席公司 2023年召开的相关会议,对公司董事会审议的相关事 项发表独立、客观意见,审慎行使公司和股东所赋予的权利,切实维护公司与全 体股东的整体利益,尤其关注中小股东的合法权益保护。现将我 2023年度履行 职责情况汇报如下: 一、工作履历、专业背景与独立性情况 汤震宇,公司第六届独立董事,博士学历。2011年至今任上海金程教育科 技有限公司执行董事;2017年至今任上海金韬教育科技有限公司执行董事、上 海金钛教育科技有限公司执行董事、上 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥331,474,140.74, representing a year-on-year increase of 42.04%[5] - The net profit attributable to shareholders was ¥25,192,458.12, reflecting a growth of 25.20% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥21,667,358.12, which is an increase of 12.54% year-on-year[5] - The company reported a net profit of RMB 643,618,068.84 for the period, compared to RMB 618,425,610.72 in the previous period, reflecting an increase of approximately 4.1%[17] - Total operating revenue for Q1 2024 reached ¥331,474,140.74, a 42.1% increase from ¥233,361,332.66 in Q1 2023[19] - Net profit for Q1 2024 was ¥25,192,458.12, representing a 25.8% increase compared to ¥20,122,461.40 in Q1 2023[21] - Operating profit for Q1 2024 was ¥26,893,619.64, up 26.5% from ¥21,277,915.18 in Q1 2023[19] - Total comprehensive income for Q1 2024 was ¥25,192,458.12, compared to ¥22,873,607.74 in Q1 2023, reflecting a 10.2% increase[21] Cash Flow and Assets - The net cash flow from operating activities amounted to ¥26,618,086.41, up by 24.29% from the previous year[5] - Cash flow from operating activities generated a net amount of ¥26,618,086.41, compared to ¥21,416,179.56 in Q1 2023, marking a 24.5% increase[24] - Cash and cash equivalents decreased to RMB 394,098,292.27 from RMB 425,378,282.70, representing a decline of approximately 7.3%[15] - Cash and cash equivalents at the end of Q1 2024 totaled ¥383,794,200.91, down from ¥463,441,090.25 at the end of Q1 2023[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,331,817,470.4, a decrease of 1.12% from the end of the previous year[6] - As of March 31, 2024, the total assets of the company amounted to RMB 3,331,817,470.40, a decrease from RMB 3,369,572,203.99 at the end of 2023, reflecting a decline of approximately 1.4%[16] - The company's current assets totaled RMB 1,811,239,422.90, down from RMB 1,888,520,596.35, indicating a decrease of about 4.1%[15] - Total liabilities decreased to RMB 1,392,147,625.71 from RMB 1,455,094,817.42, a reduction of about 4.3%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,237[10] - The top shareholder, Fang Peijiao, holds 73,279,729 shares, accounting for 17.17% of the total shares[11] - Shareholders' equity attributable to the parent company increased by 1.32% to ¥1,939,669,844.69 compared to the end of the previous year[6] - The company's equity attributable to shareholders increased to RMB 1,939,669,844.69 from RMB 1,914,477,386.57, marking an increase of approximately 1.3%[17] Expenses and R&D - Total operating costs increased to ¥308,515,143.82, up 44.6% from ¥213,316,515.69 in the same period last year[19] - Research and development expenses for Q1 2024 were ¥19,759,411.76, an increase of 35.0% from ¥14,640,813.76 in Q1 2023[19] Other Information - The company received government subsidies amounting to ¥3,820,295.90, which are closely related to its normal business operations[7] - The company has not disclosed any new product developments or market expansion strategies during this reporting period[13] - The company incurred a credit impairment loss of ¥14,784.34 in Q1 2024, significantly lower than the loss of ¥483,924.95 in Q1 2023[19] - The weighted average return on equity was 1.31%, an increase of 0.23 percentage points year-on-year[5] - Basic and diluted earnings per share of ¥0.06 for both Q1 2024 and Q1 2023[21]

1．基本信息 上海徕木电子股份有限公司 关于会计师事务所履职情况评估报告 上海徕木电子股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健"或"会计师事务所"）作为公司2023年度出具 审计报告的会计师事务所。根据财政部、国务院国有资产监督管理委员会、中国 证券监督管理委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对天健会计师事务所在2023年度的审计工作的履职情况进行了评估。具体情 况如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | --- | --- | --- | | 成立日期 | 2011年7月18日 组织形式 | 特殊普通合伙 | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路128号 | | | 首席合伙人 | 王国海 上年末合伙人数量 | 238人 | | 上年末执业人 | 注册会计师 | 2,272人 | | 员数量 | 签署过证券服务业务审计报告的注册会计师 | 836人 | | 2023年（经审 | 业务收入总额 | 34.83亿元 | | 计）业务收入 | ...

上海徕木电子股份有限公司 一、审计意见 我们审计了上海徕木电子股份有限公司（以下简称徕木股份公司）财务报表， 包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了徕木股份公司2023年12月 31日的合并及母公司财务状况，以及2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 2023 年度审计报告 天健会计师事务所 Pan-China Certified Public Accountants | | | | 一、审计报告……………………………………………………… 第 | 1—6 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 页 | | （一）合并资产负债表…………………………………………… | 第 7 页 | | （二）母公司资产负债表………………………………………… | 第 8 页 | | （三）合并利润表……… ...

公司代码:603633 公司简称:徕木股份 上海徕木电子股份有限公司 独立董事工作制度 LAIMU 二〇二四年四月 | | | 第四条 公司独立董事占董事会成员的比例不得低于三分之一,且至少包 括一名会计专业人士。审计委员会成员应当为不在公司担任高级管理人员的董 事,其中独立董事应当过半数,并由独立董事中会计专业人士担任召集人。提名、 薪酬与考核委员会中独立董事应当过半数并担任召集人。 第二章 独立董事的任职资格与任免 | 第一章 总则 · | | --- | | 第二章 独立董事的任职条件 | | 第三章 独立董事的提名、选举和更换 | | 第四章 独立董事的职责 | | 第五章 独立董事的义务 · ·7 | | 第六章 独立董事的独立意见 . | | 第七章 独立董事的工作条件 . | | 第八章 附则 • | l 上海徕木电子股份有限公司 独立董事工作制度 (2024年4月修订) 第一章 总 则 第一条 为进一步完善上海徕木电子股份有限公司(以下简称"公司") 法人治理结构,切实保护公司及股东的合法权益,促进公司规范运作,依据《中 华人民共和国公司法》、《中华人民共和国证券法》、《国务院办公厅关于上市 ...

目 录 天健会计师事务所 Pan-China Certified Public Accountants | | 二、附件……………………………………………………… 第 | 3—6 | 页 | | --- | --- | --- | --- | | (一) | 本所营业执照复印件………………………………… | 第 3 | 页 | | (二) | 本所执业证书复印件………………………………… | 第 4 | 页 | | (三) | 本所签字注册会计师执业证书复印件……………第 | 5—6 | 页 | 内部控制审计报告 关于上海梾木电子股份有限公司 | | | 内部控制审计报告 天健审〔2024〕2-290 号 上海徕木电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了上海徕木电子股份有限公司（以下简称徕木股份公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是徕木 股份公司董事会的责任。 ...