Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's main business is steadily developing, with significant reduction in losses from coal sorting operations. The core business focuses on intelligent detection and sorting equipment, primarily for agricultural and sideline products. After nearly a decade of rapid growth, the industry has entered a mature phase with stable market demand and a stable competitive landscape. The company is one of the industry leaders, with its agricultural and sideline product sorting equipment sold in over 30 provinces and exported to more than 100 countries [1][2] - The company achieved operating revenue of 224 million yuan in the first half of 2024, a year-on-year increase of 2.92%. The net profit attributable to the parent company was 7 million yuan, showing a decline compared to the previous year [1] - The intelligent detection and sorting equipment business generated revenue of 182 million yuan, accounting for 81% of total revenue, with a gross margin of 40.66%, slightly down from 43.1% at the end of 2023 but still maintaining a high level above 40% [1] - The coal sorting business significantly reduced losses, with the subsidiary Zhuohai Intelligent reporting a net profit of -7.82 million yuan, a substantial improvement from -23.53 million yuan in the same period of 2023. The company has increased efforts to develop new customers and manage production rhythm, achieving revenue of 6.24 million yuan in this segment [1] Financial Summary - The company forecasts operating revenue of 532 million yuan for 2024, with a growth rate of 4.40%. The net profit attributable to the parent company is expected to be 13 million yuan, reflecting a growth rate of 15.39% [2][4] - The operating cash flow for the first half of 2024 was 6.89 million yuan, a significant increase of 161.45% compared to -1.13 million yuan in the same period of 2023 [1] - The company’s financial ratios indicate a stable gross margin of over 40%, with projected net profit margins improving in the coming years [6] Comparable Company Analysis - The company is compared with similar businesses such as Meiya Optoelectronics, Robots, and Tuosida, with corresponding P/E ratios for 2024 estimated at 182.9 times, 106.8 times, and 77.9 times respectively [3][6] - The average P/E ratio for comparable companies is 34.2 times for 2024, indicating a potential valuation gap [3] Conclusion - The report suggests that the company is well-positioned in a stable industry with a strong market presence and improving financial metrics, making it a favorable investment opportunity [1][2][3]

证券代码：603656 证券简称：泰禾智能 公告编号：2024-081 合肥泰禾智能科技集团股份有限公司 关于获得政府补助的公告 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。 一、获得政府补助的基本情况 二、补助的类型及其对公司的影响 根据《企业会计准则第 16 号——政府补助》（财会〔2017〕15 号）的规定， 公司将上述与收益相关且与公司日常经营活动相关的政府补助，按照经济业务实 质，计入其他收益，共计 1,225,000.00 元；与收益相关且与日常经营活动无关的政 府补助，计入营业外收入，共计 367,458.43 元。 以上数据未经审计，具体金额及会计处理以会计师年度审计确认的结果为准。 敬请广大投资者注意投资风险。 三、备查文件 政府补助相关文件及收款凭证。 特此公告。 合肥泰禾智能科技集团股份有限公司董事会 （一）获得政府补助概况 合肥泰禾智能科技集团股份有限公司（以下简称"公司"或"本公司"）及子公司 于 2024 年 8 月 2 日至 2024 年 8 月 29 日共收到政府补助 1,592,458.43 ...

证券代码：603656 证券简称：泰禾智能 公告编号：2024-080 合肥泰禾智能科技集团股份有限公司 关于使用闲置募集资金进行现金管理到期赎回并 继续进行现金管理的公告 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： 本次现金管理委托方：合肥泰禾智能科技集团股份有限公司（以下简称"公 司"）控股子公司合肥泰禾卓海智能科技有限公司 本次现金管理的期限： 2024 年 8 月 27 日至 2024 年 11 月 25 日 履行的审议程序：公司于 2024 年 4 月 25 日、2024 年 5 月 16 日，召开第 四届董事会第二十八次会议、2023 年年度股东大会，审议通过了《关于使用部分 闲置募集资金进行现金管理的议案》。同意公司及子公司使用不超过 35,000 万元 （含 35,000 万元）的部分闲置募集资金，购买安全性高、流动性好、有保本约定 的理财产品，包括银行、证券公司等金融机构发行的保本型理财产品，自公司 2023 年年度股东大会审议通过之日起 12 个月内有效，在额度内可以滚动使用，并授权 公 ...

证券代码：603656 证券简称：泰禾智能 公告编号：2024-079 合肥泰禾智能科技集团股份有限公司 关于2024年半年度募集资金存放与实际使用情况 的专项报告 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。 根据《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》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》、《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》等有关规定，将公司 2024 年 1-6 月募集资金存放与实际使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、首次公开发行股票 经中国证券监督管理委员会证监许可〔2017〕312 号文核准，公司向社会公开 发行人民币普通股（A 股）1,899.00 万股，每股发行价格为 21.91 元，募集资金总 额为人民币 41,607.09 万元，扣除各项发行费用 4,855.80 万元后，募集资金净额为 36,751.29 万元。该募集资金已于 2017 年 3 月到账。上述资金到位情况已经华 ...

二、监事会会议审议情况 证券代码：603656 证券简称：泰禾智能 公告编号：2024-078 合肥泰禾智能科技集团股份有限公司 第五届监事会第四次会议决议公告 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法律责任。 一、监事会会议召开情况 合肥泰禾智能科技集团股份有限公司（以下简称"公司"）第五届监事会第四 次会议于 2024 年 8 月 26 日在公司以现场方式召开，会议通知于 2024 年 8 月 16 日通过通讯和邮件方式发出。本次会议由监事会主席贾仁耀先生主持，会议应到 监事 3 人，实到 3 人，符合《公司法》、《公司章程》和《监事会议事规则》的有 关规定。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《泰禾智能 2024 年半年度报告》、《泰禾智能 2024 年半年度报告摘要》。 （二）关于公司 2024 年半年度募集资金存放与实际使用情况的专项报告的 议案 1 第五届监事会第四次会议决议。 （一）关于公司 2024 年半年度报告及其摘要的议案 表决结果：同意 3 票；反对 0 票； ...

证券代码：603656 证券简称：泰禾智能 公告编号：2024-076 合肥泰禾智能科技集团股份有限公司 关于召开2024年半年度业绩说明会的公告 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、说明会类型 会议召开时间：2024 年 9 月 3 日（星期二）11:00-12:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 9 月 3 日 前 访 问 网 址 https://eseb.cn/1hhCV54tDXy 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 12:00 在"价值在线"（www.ir-online.cn）举办合肥泰禾智能科技集团股份有 限公司 2024 年半年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2024 年 9 月 3 日（ ...

证券代码：603656 证券简称：泰禾智能 公告编号：2024-077 合肥泰禾智能科技集团股份有限公司 第五届董事会第四次会议决议公告 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 合肥泰禾智能科技集团股份有限公司（以下简称"公司"）第五届董事会第四 次会议通知于 2024 年 8 月 16 日以通讯和邮件方式送达全体董事，会议于 2024 年 8 月 26 日在公司会议室以现场和通讯方式召开。本次会议应到董事 7 名，实 到董事 7 名。本次会议由公司董事长许大红先生主持，公司监事和高级管理人员 列席会议。本次会议符合《公司法》、《公司章程》和《董事会议事规则》的有关 规定，会议的召集、召开合法有效。 1 《泰禾智能 2024 年半年度报告》、《泰禾智能 2024 年半年度报告摘要》。 （二）关于公司 2024 年半年度募集资金存放与实际使用情况的专项报告的 议案 表决结果：同意 7 票，反对 0 票，弃权 0 票，表决通过。 二、董事会会议审议情况 （一）关于公司 2024 年半年度报告及其摘要 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥224,677,436.66, an increase of 2.92% compared to ¥218,311,115.89 in the same period last year[16]. - The net profit attributable to shareholders decreased by 43.69% to ¥6,559,684.57 from ¥11,648,376.17 year-on-year[16]. - Basic earnings per share decreased by 42.86% to ¥0.04 from ¥0.07 in the same period last year[17]. - The total assets at the end of the reporting period were ¥1,611,651,298.52, a decrease of 0.93% from ¥1,626,781,437.01 at the end of the previous year[16]. - The net profit after deducting non-recurring gains and losses saw a significant decline of 215.34%, indicating increased financial pressure due to reduced exchange gains and higher R&D expenses[17]. - The company's cash and cash equivalents increased by 51.66%, reaching 290,810,259.81, compared to 191,748,263.43 at the end of the previous year[38]. - The company's total liabilities increased from CNY 310,290,060.12 to CNY 336,889,232.91, reflecting a growth of about 8.6%[96]. Research and Development - The company is investing in R&D to enhance its product offerings and maintain competitiveness in the intelligent detection and sorting equipment industry[21]. - The company has invested over 10% of its revenue in R&D for the past three years, focusing on seven core technology areas including AI visual technology and deep learning algorithms[29]. - Research and development expenses for the first half of 2024 were ¥27,505,924.27, compared to ¥25,688,901.79 in the previous year, marking a 7.1% increase[100]. - The company continues to invest heavily in R&D, maintaining a high level of investment to explore forward-looking innovative technologies[34]. Market Expansion and Strategy - The company is focusing on expanding its market share in the international market, particularly in India and Africa, for its intelligent agricultural and food sorting equipment[22]. - The company is positioned to benefit from the growing demand for automated packaging solutions driven by rising consumer expectations and industry upgrades[22]. - The company is expanding its business into intelligent mineral sorting and intelligent packaging, enhancing its market competitiveness[34]. - The company is focusing on the development of intelligent coal dry selection technology, which is expected to enhance the economic and social value of smart and green mining initiatives[34]. Environmental and Social Responsibility - The company has implemented effective environmental measures, achieving a purification efficiency of approximately 98% for various emissions, and has not faced any environmental penalties during the reporting period[52]. - The company actively explores and practices energy conservation, environmental protection, and efficient resource utilization, promoting a comprehensive green and sustainable development strategy[55]. - The company has increased its budget for energy-saving and environmental protection technology upgrades, focusing on processing technology, material selection, and resource conservation[56]. - The company has successfully managed its waste, with hazardous waste being disposed of by qualified environmental companies, ensuring compliance with regulations[54]. Corporate Governance and Compliance - The report period is not audited, ensuring the accuracy and completeness of financial reports is guaranteed by the responsible personnel[3]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[7]. - The company has established measures to ensure compliance with regulatory requirements regarding commitments made during the IPO process[64]. - The company will disclose the fulfillment status of commitments made by its executives in regular reports[63]. Shareholder and Capital Management - The company did not distribute profits or increase capital reserves during the reporting period[4]. - The company has committed to a long-term cash dividend policy, ensuring that dividends are distributed based on the company's financial performance[58]. - The controlling shareholder has pledged to not interfere with the company's management and to fulfill measures to compensate for any dilution of immediate returns[64]. - The company has repurchased a total of 3,606,600 shares, accounting for 1.97% of the total share capital, with a total expenditure of RMB 40,007,108.00[87]. Risk Factors - The company has detailed risk factors in the report, highlighting potential challenges ahead[5]. - The company faces market competition risks, with potential impacts on pricing and order acquisition due to increased competition in the intelligent detection and sorting equipment industry[47]. - The company is exposed to technology risks, as advancements in intelligent detection technology may be outpaced by competitors, affecting product competitiveness[47]. - The company faces risks of foreign exchange losses due to fluctuations in the RMB to USD exchange rate, particularly as the company has a significant export business primarily settled in USD[48]. Operational Efficiency - The net cash flow from operating activities increased by 161.45%, reaching ¥6,887,242.24, compared to a negative cash flow of ¥11,208,408.79 in the previous year[18]. - Operating costs increased by 6.90%, reaching ¥132,620,801.46, compared to ¥124,058,121.71 in the previous year[36]. - The company has established a comprehensive service network across major regions, enhancing customer service quality and building a loyal customer base[29]. - The company has a dedicated securities department for handling inquiries related to the financial report[12]. Financial Reporting and Compliance - The company's financial report is available on the Shanghai Stock Exchange website[13]. - The company’s financial statements are prepared in accordance with the Chinese accounting standards, ensuring transparency and compliance[127]. - The company has assessed its ability to continue as a going concern and found no issues affecting its operational capacity[125]. - The company has a total of 8 controlling subsidiaries and 2 associated companies as of the end of the reporting period[40].

证券代码：603656 证券简称：泰禾智能 公告编号：2024-075 合肥泰禾智能科技集团股份有限公司 关于部分厂房对外出租的进展公告 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。 一、关于对外出租厂房的基本情况 合肥泰禾智能科技集团股份有限公司（以下简称"公司"或者"泰禾智能"） 于 2024 年 7 月 17 日召开第五届董事会第二次会议审议通过了《关于部分厂房对外 出租的议案》，同意控股子公司合肥泰禾卓海智能科技有限公司（以下简称"卓海 智能"）将其部分厂房出租于福德士河氢能科技（合肥）有限公司（以下简称"福 德士河氢能"）、安徽利通行新能源科技有限公司（以下简称"安徽利通行"），租 赁地点位于安徽省合肥市蜀山经济技术开发区天柱山路与佛岭寨路交口东北角。 福德士河氢能租赁面积为 5,450.00 平方米，租赁期限为 20 个月，自 2024 年 7 月 18 日（以实际交付时间为准）起至 2026 年 3 月 17 日止，租期内租金与物业 费合计 2,795,850.00 元；安徽利通行租赁面积为 7,910.00 ...

证券代码：603656 证券简称：泰禾智能 公告编号：2024-074 特此公告。 合肥泰禾智能科技集团股份有限公司董事会 合肥泰禾智能科技集团股份有限公司 关于出售子公司股权的进展公告 2024年8月13日 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。 合肥泰禾智能科技集团股份有限公司（以下简称"公司"）于2024年7月26 日分别召开第五届董事会第三次会议及第五届监事会第三次会议，审议通过了 《关于出售子公司股权的议案》。为进一步整合公司资源，优化资产结构，公司 与子公司合肥派联智能装备有限公司（以下简称"派联智能"）的股东左涛、股 东胡俊、股东吕兴光、股东郑旺签署《股权转让协议》，公司将所持有派联智能 55%股权按照协议约定转让于上述其中三位股东。其中，公司将所持有派联智能 50%股权（对应注册资本人民币500万元，其中实缴注册资本人民币500万元）以 人民币300万元的价格转让给左涛；公司将所持有派联智能2%股权（对应注册资 本人民币20万元，其中实缴注册资本人民币20万元）以人民币12万元的价格转让 给胡俊；公司将 ...