证券代码：603728 证券简称：鸣志电器 公告编号：2024-046 上海鸣志电器股份有限公司 第四届董事会第二十一次会议决议公告 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个别及连带责任。 具体内容详见公司同日于指定信息披露媒体披露的《上海鸣志电器股份有限 公司 2024 年第三季度报告》 本议案已经公司董事会审计委员会审议通过。 表决情况：9 票同意，0 票反对，0 票弃权。 特此公告。 上海鸣志电器股份有限公司董事会 2024 年 10 月 29 日 上海鸣志电器股份有限公司（以下简称"公司"）第四届董事会第二十一次 会议于 2024 年 10 月 28 日以通讯和现场表决相结合的方式召开，会议通知于 2024 年 10 月 18 日以电子邮件方式向全体董事发出。会议应出席董事 9 名，实 际出席董事 9 名。会议由董事长常建鸣先生主持。会议的召开符合《中华人民共 和国公司法》等法律、行政法规、规范性文件及《上海鸣志电器股份有限公司章 程》的规定。 经全体与会董事审议，会议通过如下决议： 一、 审议通过《关于审议<鸣志电器 ...

法律意见书 上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 上海市锦天城律师事务所 关于上海鸣志电器股份有限公司 2024 年第一次临时股东大会 的 1 上海市锦天城律师事务所 法律意见书 关于上海鸣志电器股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：上海鸣志电器股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海鸣志电器股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年第一次临时股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称《公司法》）、《上市公司股东大会规则》等法律、法规、规章和其他规范 性文件以及《上海鸣志电器股份有限公司章程》（以下简称《公司章程》）的有 关规定，出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-045 (一) 股东大会召开的时间：2024 年 9 月 13 日 (二) 股东大会召开的地点：上海市闵行区盘阳路 59 弄 7 幢 16 号（近联友路） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 上海鸣志电器股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 312 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 291,177,739 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 69.3171 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长常建鸣先生因公无法参加会议，经 公司董事一致同意推选董事程建国先生主持会议。 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-044 上海鸣志电器股份有限公司 股东集中竞价减持股份结果公告 注：1. 上述持股数量包括公司首次公开发行股票并上市前发起人股份及公 司发行上市后以资本公积金转增股本方式取得的股份。 2. 上述减持主体无一致行动人。 | 股东名 | 减持 | 减持 | | 减持 | 减持价 | 减持总金额 | 减持完成 | 当前持股 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 数量 | 比例 | 减持期间 | 方式 | 格区间 | （元） | 情况 | 数量 | 股比例 | | | （股） | | | | （元/股） | | | （股） | | | 新永恒 | 2,780,300 | 0.6619% | 2024/6/12 ～ | 集中 竞价 | 34.39 ～ | 105,078,101 | 未完成： 1,219,700 | 26,535,426 | 6.3170% | | 公司 | | | 2024/9/10 | 交易 | 48.99 | | 股 | ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is a global leader in motion control, with stable performance in stepping motors and strong growth in emerging fields such as semiconductors, energy storage, and smart vehicles [2] - The company's core business in control motors and drive systems generated revenue of 1.04 billion yuan in H1, down 3% YoY, with brushless motors growing the fastest at 82% YoY [2] - Emerging high-value-added fields such as semiconductors, energy storage, and smart vehicles showed strong performance, with H1 revenue up 57% YoY [2] - The company's hollow cup motor technology is close to leading global competitors, and its humanoid robot business has the potential to open up significant growth opportunities [3] Business Overview - The company is a global leader in motion control, with a comprehensive product portfolio including stepping motors, servo motors, brushless motors, and hollow cup motors [8] - The company has expanded globally through acquisitions, including AMP in the US and T Motion in Switzerland, enhancing its technological capabilities and market reach [9][10] - The company's revenue in H1 2024 was 1.265 billion yuan, down 3% YoY, with domestic revenue up 7% and overseas revenue down 13% [11] Financial Performance - The company's revenue in 2023 was 2.543 billion yuan, with a projected revenue of 2.724 billion yuan in 2024, 3.002 billion yuan in 2025, and 3.339 billion yuan in 2026 [1] - Net profit attributable to the parent company in 2023 was 140.44 million yuan, with a projected net profit of 144.26 million yuan in 2024, 171.09 million yuan in 2025, and 203.56 million yuan in 2026 [1] - The company's Q2 2024 gross margin was 37.0%, up 2.2 percentage points YoY, with a net profit margin of 5.2%, up 1.9 percentage points YoY [13] Emerging Fields - The company's emerging fields, including semiconductors, energy storage, and smart vehicles, generated revenue of 170 million yuan in H1, up 57% YoY [2] - Semiconductor and energy storage revenue grew over 70% YoY, while smart vehicle revenue surged 210% YoY [2] - The company's humanoid robot business is expected to drive significant growth if successfully expanded [3] Traditional Fields - The company's traditional fields, including industrial control, medical equipment, and stage lighting, generated revenue of 580 million yuan in H1, down 11% YoY [2] - Industrial control revenue declined 12% YoY, while electronic pump and valve revenue fell 20% YoY [2] Market Data - The company's closing price was 36.05 yuan, with a market capitalization of 15.14 billion yuan [4] - The company's P/E ratio based on the latest diluted EPS was 102.99x for 2024, 86.84x for 2025, and 72.99x for 2026 [1] Financial Forecast - The company's net profit attributable to the parent company is projected to grow 3% in 2024, 19% in 2025, and 19% in 2026 [3] - The company's EPS is projected to be 0.34 yuan in 2024, 0.41 yuan in 2025, and 0.48 yuan in 2026 [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company's performance in the first half of 2024 was under pressure, but there are signs of improvement in Q2 2024. The domestic revenue reached 681 million, a year-on-year increase of 6.63%, while overseas revenue was 584 million, a year-on-year decrease of 12.50%. However, Q2 2024 showed a revenue of 657 million, a slight increase of 0.02%, and a net profit of 340 million, a significant year-on-year increase of 61.28% [4][5]. - The gross margin improved to 37.50%, up by 0.80 percentage points year-on-year, despite a decline in net profit margin to 3.19%, down by 0.93 percentage points year-on-year due to asset impairment losses [4][5]. - The company's core business, particularly in control motors and their drive systems, showed revenue growth, with the brushless motor segment increasing by 82.2% year-on-year. The semiconductor and lithium battery storage sectors also contributed positively, with revenue growth exceeding 70% in these areas [5][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.265 billion, a decrease of 3.14% year-on-year, and a net profit of 40 million, down by 24.88% year-on-year. The adjusted net profit was 37 million, a decrease of 24.54% year-on-year [4]. - Q2 2024 results showed a revenue of 657 million, a slight increase of 0.02% year-on-year, and a net profit of 340 million, an increase of 61.28% year-on-year [4]. Business Segments - The control motor business generated 680 million in revenue, up by 3.18% year-on-year, with the brushless motor segment contributing 125 million, an increase of 82.2% [5]. - The servo system business also saw growth, achieving 141 million in revenue, up by 7.4% year-on-year. The precision transmission system segment experienced a slight decline, with revenue of 42 million, down by 4.9% [5]. Market Outlook - The report indicates that the company is well-positioned to benefit from the recovery in the global trade environment and the gradual resolution of inventory pressures in the overseas market. The new production base in Vietnam is expected to enhance operational efficiency in the long term [4][5]. - The company is focusing on high-value new products in sectors such as semiconductors, lithium battery storage, and intelligent automotive components, which are expected to drive future growth [5].

证券代码：603728 证券简称：鸣志电器 公告编号：2024-042 上海鸣志电器股份有限公司 关于 2024 年半年度网上业绩说明会召开情况的公告 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。 上海鸣志电器股份有限公司（以下简称"公司"）于 2024 年 9 月 3 日（星 期 二 ） 上 午 10:00 ~ 11:00 ，通过 上 海 证 券 报 • 中 国 证 券 网 路 演 中 心 （https://roadshow.cnstock.com/）召开了公司 2024 年半年度网上业绩说明会，现 将本次业绩说明会的召开情况公告如下： 一、 业绩说明会的召开情况 公司于 2024 年 8 月 28 日在《中国证券报》、《上海证券报》、《证券时 报》、《证券日报》及上海证券交易所网站（www.sse.com.cn）披露了《关于召 开 2024 年半年度网上业绩说明会的公告》。 2. 提问：请问现在控制电机及其驱动系统类下游收入构成大概是怎么样的？ 答： 尊敬的投资者您好！目前公司控制电机及其驱动系统类下游收入构成大致 ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 39.1 CNY for the next six months [3][7]. Core Views - The company reported a significant improvement in Q2 profitability, with a revenue of 6.56 billion CNY, a slight increase of 0.02% year-on-year, and a net profit of 0.34 billion CNY, up 61.28% year-on-year [1]. - The decline in revenue and profit in H1 2024 was attributed to overseas supply chain destocking and the relocation of production bases, but the destocking phase is nearing completion, and domestic market demand is recovering [1]. - The company is focusing on high-value-added products, with rapid growth in sectors such as robotics, automotive intelligence, lithium battery storage, and semiconductors [1][6]. Financial Performance Summary - In H1 2024, the company achieved a total revenue of 12.65 billion CNY, a decrease of 3.14% year-on-year, and a net profit of 0.4 billion CNY, down 24.88% year-on-year [1]. - The gross profit margin increased by 0.80 percentage points to 37.50% in H1 2024, mainly due to improved margins in various product lines [1]. - The company’s R&D expenses remain high, with a stable expense ratio of 31.54% in H1 2024, reflecting ongoing investment in new product development [2][6]. Growth Prospects - The company anticipates continued growth in its core business of stepper motors, with projections for net profits of 1.92 billion CNY, 2.81 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 36.5%, 46.3%, and 31.6% [7]. - The revenue from the lithium battery storage and semiconductor sector grew over 70% year-on-year, while the robotics sector saw a growth of approximately 15% [1][7]. - The company’s brushless motor business generated revenue of 1.25 billion CNY, an increase of 82.2% year-on-year, indicating strong demand in high-value applications [1].

Investment Rating - The report maintains a "Hold" rating for the company [4][15]. Core Insights - The company reported a significant improvement in Q2 2024 performance, with revenue of 1.265 billion yuan, a slight decrease of 3.14% year-on-year, and a net profit of 40 million yuan, down 24.88% year-on-year. However, Q2 2024 saw a revenue of 656 million yuan, a marginal increase of 0.02% year-on-year, and a net profit of 34 million yuan, up 61.28% year-on-year [1]. - The company is focusing on emerging sectors, with traditional automation demand showing weakness, while new sectors like semiconductor and lithium battery storage are growing rapidly, with revenue increases of 70% and 210% respectively [1][2]. - The company is increasing its R&D investment, maintaining a research expense ratio of 9.4%, which supports the development of high-value-added areas [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 37.50%, an increase of 0.8 percentage points year-on-year, with the core business maintaining a gross margin of 39.0% [1]. - The company’s net profit margin for the first half of 2024 was 3.19%, with Q2 showing a net profit margin of 5.17%, reflecting a 4.11 percentage point increase from Q1 [1]. - The company’s overseas revenue for the first half of 2024 was 584 million yuan, accounting for 46% of total revenue, down 12.50% year-on-year, but showing a 10.99% increase compared to the second half of 2023 [2]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 130 million yuan, 176 million yuan, and 238 million yuan respectively, with corresponding PE ratios of 99, 73, and 54 times [2].

Investment Rating - The report maintains a "Buy" rating for the company, citing long-term potential for valuation premium as a market leader [2] Core Views - The company's Q2 2024 performance showed a positive turnaround, with revenue growth turning positive and net profit increasing significantly [1] - Domestic demand recovery and overseas inventory normalization contributed to the improved performance [1] - Emerging business segments, particularly in automotive intelligence, showed strong growth momentum [1] Financial Performance - H1 2024 revenue reached RMB 1.265 billion, down 3.14% YoY, with net profit attributable to shareholders at RMB 40 million, down 24.88% YoY [1] - Q2 2024 revenue was RMB 656 million (+0.02% YoY), with net profit of RMB 34 million (+61.28% YoY) [1] - Domestic revenue grew 6.63% YoY to RMB 681 million, while overseas revenue declined 12.50% YoY to RMB 584 million [1] Business Segment Analysis - Semiconductor and lithium battery storage business grew over 70% YoY in H1 2024 [1] - Robotics business expanded approximately 15% YoY, covering various applications including logistics, surgical, and humanoid robots [1] - Automotive intelligence business surged 210% YoY, with new product development and mass order deliveries for key components [1] R&D and Future Prospects - R&D investment remained high at RMB 119 million in H1 2024, with a 9.40% R&D expense ratio [2] - The company is well-positioned to benefit from the upcoming mass production phase in the humanoid robotics sector [2] Financial Projections - Revenue forecasts for 2024-2026 are RMB 2.649 billion, RMB 3.304 billion, and RMB 3.842 billion respectively [2] - Net profit projections for 2024-2026 are RMB 132 million, RMB 183 million, and RMB 251 million respectively [2] - Current PE ratios are 97.1X for 2024, 70.0X for 2025, and 51.0X for 2026 [2] Market Data - The stock closed at RMB 30.50 on August 27, 2024, with a market capitalization of RMB 12.812 billion [3] - The company has 420.07 million shares outstanding, with 99.72% freely tradable [3]