Investment Rating - The report does not provide a specific investment rating for the company, indicating a cautious approach due to current performance challenges [2][3]. Core Insights - The company reported a revenue of 1.83 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.51%, and a net profit attributable to shareholders of 47.27 million yuan, down 43.69% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 565 million yuan, a decline of 7.42% year-on-year, with a net profit of 7.24 million yuan, reflecting a significant drop of 76.38% year-on-year [2][3]. - The increase in expense ratios, particularly in management and R&D, has pressured the company's performance, with the overall expense ratio rising to 33.45% for Q1-3 2024, up 2.65 percentage points year-on-year [2][3]. - The company is focusing on emerging high-value application areas such as robotics, semiconductors, and new energy vehicles, which are expected to drive future growth despite current challenges in traditional downstream demand [3]. Summary by Relevant Sections Financial Performance - For 2024E, the company is projected to generate a revenue of 2.56 billion yuan, with a slight growth rate of 1% year-on-year, and a net profit of 870 million yuan, reflecting a year-on-year decline of 37.85% [2][3]. - The gross margin for Q3 2024 was reported at 37.98%, showing a year-on-year increase of 1.31 percentage points, indicating some resilience in profitability despite revenue declines [2][3]. Expense Analysis - The sales expense ratio for Q1-3 2024 was 9.01%, while management and R&D expenses increased significantly, contributing to the overall rise in the expense ratio [2][3]. - In Q3 2024, the sales expense ratio reached 37.71%, an increase of 8.75 percentage points year-on-year, highlighting the impact of rising operational costs on profitability [2][3]. Future Outlook - The company has adjusted its profit forecasts for 2024-2025, now expecting net profits of 870 million yuan in 2024, 1.39 billion yuan in 2025, and 1.82 billion yuan in 2026, with corresponding P/E ratios of 240, 151, and 115 [3]. - The strategic focus on high-growth sectors is anticipated to provide a pathway for recovery and growth, despite the current downturn in traditional markets [3].

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 ...

经全体与会监事审议，会议通过如下决议： 一、审议通过《关于审议<鸣志电器 2024 年第三季度报告>的议案》 经审核，公司 2024 年第三季度报告的编制和审议程序符合法律、法规、《公 司章程》和公司内部管理制度的各项规定；公司严格按照股份制公司财务制度规 范运作，公司 2024 年第三季度报告内容和格式符合中国证监会和上海证券交易 所的各项规定，客观公允的反映了报告期财务状况和经营成果；公司 2024 年第 三季度报告所披露的信息真实、准确、完整，不存在任何虚假记载、误导性陈述 或重大遗漏；公司监事对上述报告内容的真实性、准确性和完整性承担法律责任。 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"）第四届监事会第二十次会 议于 2024 年 10 月 28 日以现场会议方式召开。会议通知于 2024 年 10 月 18 日 以电子邮件方式向全体监事发出，会议应出席监事 3 名，实际出席监事 3 名。会 议由公司监事会主席邵颂一先生主持。会议的召开符合《中华人民共和国公司法》 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥564,839,402.17, a decrease of 7.42% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥7,242,345.05, down 76.38% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,753,693.46, a decline of 80.93% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.0173, a decrease of 76.41% year-on-year[2]. - Total operating revenue for the first three quarters of 2024 was CNY 1,829,804,833.94, a decrease of 4.5% compared to CNY 1,916,132,801.48 in the same period of 2023[13]. - Net profit for the first three quarters of 2024 was CNY 47,964,744.66, a decline of 43.4% from CNY 84,750,038.48 in the same period of 2023[14]. - The net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 47,270,902.41, compared to CNY 83,948,368.55 in 2023, representing a decrease of 43.6%[14]. - Basic earnings per share for the first three quarters of 2024 were CNY 0.1129, down from CNY 0.2009 in the same period of 2023[14]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,970,614,452.28, an increase of 3.36% from the end of the previous year[2]. - The total liabilities increased to CNY 1,083,676,739.55 in 2024 from CNY 986,376,740.82 in 2023, marking an increase of 9.9%[15]. - The total equity attributable to shareholders of the parent company rose to CNY 2,879,168,339.83 in 2024, up from CNY 2,848,107,316.71 in 2023, an increase of 1.1%[15]. - The company's total equity increased to CNY 2,431,637,167.33 from CNY 2,337,654,174.08, reflecting a growth of approximately 4.02%[10]. - The total liabilities decreased to CNY 476,971,726.29, compared to CNY 532,105,449.59 in the previous year[20]. - The company's total assets increased to CNY 3,970,614,452.28 in 2024 from CNY 3,841,559,588.18 in 2023, reflecting a growth of 3.4%[15]. Cash Flow - The company reported a net cash flow from operating activities of ¥163,327,877.79, which increased by 13.59% year-to-date[2]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 1,963,890,798.83, a decrease of 9.2% compared to CNY 2,163,245,995.17 in the same period of 2023[16]. - The net cash flow from operating activities increased to CNY 163,327,877.79, up by 13.0% from CNY 143,788,125.29 year-on-year[16]. - The total cash inflow from investment activities was CNY 35,680,775.68, significantly down by 88.7% from CNY 316,599,459.36 in the previous year[17]. - The net cash flow from financing activities was CNY 155,980,445.67, a turnaround from a net outflow of CNY 141,336,051.32 in the same period last year[17]. - The cash inflow from financing activities increased significantly to CNY 375,688,734.26, compared to CNY 176,568,246.67 in the previous year[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 33,692[5]. - The largest shareholder, Shanghai Mingzhi Investment Management Co., Ltd., held 56.08% of the shares[5]. Expenses and Investments - The company experienced an increase in R&D and management expenses due to its focus on sustainable development, impacting profitability[4]. - The company reported a decrease in research and development expenses to CNY 180,503,680.38 in 2024 from CNY 176,618,761.26 in 2023, indicating a slight increase of 2.1%[13]. - The company reported a cash outflow of CNY 139,641,254.10 from investment activities, down by 46.8% from CNY 262,137,627.30 in the same period last year[17]. - The company’s cash flow from investing activities showed a net outflow of CNY 5,271,324.98 in the first three quarters of 2024, a significant decrease from a net inflow of CNY 92,180,895.69 in the same period of 2023[25].

证券代码：603728 证券简称：鸣志电器 公告编号：2024-049 上海鸣志电器股份有限公司 关于召开 2024 年第三季度网上业绩说明会的公告 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个别及连带责任。 重要内容提示： 上海鸣志电器股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开了公司第四届董事会第二十一次会议，审议通过了公司《关于审议<鸣志电器 2024 年第三季度报告>的议案》，并于同期披露了《上海鸣志电器股份有限公司 2024 年第三季度报告》。为便于广大投资者更加全面、深入地了解公司的经营情 况、财务状况，公司拟于 2024 年 11 月 4 日（星期一）上午 10:00—11:00 召开 2024 年第三季度网上业绩说明会，就投资者普遍关心的事项与广大投资者进行 充分交流。 一、 说明会类型 本次投资者说明会以网络互动方式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开 ...

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]