Investment Rating - The report assigns a "Not Rated" status to the company [1] Core Views - The company's performance is under pressure due to fluctuations in traditional industry demand and the impact of overseas market supply chain destocking [1] - The company's hollow cup motor sales are growing rapidly, with annual sales growth exceeding 80% [1] - The company's profitability has slightly declined in the short term, with gross margins for 2023 and 2024Q1 at 37.19% and 38.08%, respectively, down by 2.83 and 3.97 percentage points year-on-year [1] - The company's expense ratio has increased overall, with the sales expense ratio decreasing slightly [1] - The company is focusing on high-end application fields and increasing R&D investment [1] - The company's control motor and drive system business in emerging high-value-added application fields such as photovoltaics, lithium batteries, and semiconductors is expected to maintain growth [1] - The company's hollow cup motor business is expected to benefit from the expansion of humanoid robots [1] Financial Performance Summary Revenue and Profit - The company's revenue for 2023 was 2,543 million yuan, a year-on-year decrease of 14.09% [1] - Net profit attributable to the parent company for 2023 was 140 million yuan, a year-on-year decrease of 43.20% [1] - Revenue for 2024Q1 was 608 million yuan, a year-on-year decrease of 6.34% [1] - Net profit attributable to the parent company for 2024Q1 was 6.49 million yuan, a year-on-year decrease of 80.03% [1] Profitability - Gross margin for 2023 was 37.2%, and it is expected to increase to 39.1% by 2026 [3] - Net margin for 2023 was 5.6%, and it is expected to increase to 8.7% by 2026 [3] - ROE for 2023 was 4.9%, and it is expected to increase to 9.9% by 2026 [3] Expense Ratios - The company's sales expense ratio for 2023 was 7.99%, management expense ratio was 13.69%, R&D expense ratio was 9.37%, and financial expense ratio was 0.11% [1] - The sales expense ratio for 2024Q1 was 9.31%, management expense ratio was 14.54%, R&D expense ratio was 9.71%, and financial expense ratio was -0.42% [1] Future Projections - Revenue is expected to grow by 16.4% in 2024, 14.8% in 2025, and 13.4% in 2026 [3] - Net profit attributable to the parent company is expected to grow by 36.4% in 2024, 27.2% in 2025, and 36.9% in 2026 [3] Valuation Metrics - The company's P/E ratio for 2023 was 206, and it is expected to decrease to 87 by 2026 [3] - The company's P/B ratio for 2023 was 10.2, and it is expected to decrease to 8.7 by 2026 [3] Key Financial Ratios - The company's asset-liability ratio for 2023 was 25.7%, and it is expected to increase to 27.3% by 2026 [3] - The company's current ratio for 2023 was 2.4, and it is expected to remain stable at 2.4 by 2026 [3] - The company's quick ratio for 2023 was 1.7, and it is expected to remain stable at 1.6 by 2026 [3]

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [2][14]. Core Views - The company's revenue for 2023 is reported at 2.543 billion yuan, reflecting a year-on-year decline of 14%, with a net profit of 140 million yuan, down 43% year-on-year. The decline is attributed to supply chain destocking in overseas markets [3][4]. - The company is expected to see a recovery in demand starting from the second half of 2023, with a projected revenue growth of 19% in 2024, followed by 23% in both 2025 and 2026 [3][12]. - The gross margin for 2023 is reported at 37.2%, with improvements noted in cost control and increased R&D investment, which rose by 9% year-on-year [3][4]. - The company is expanding its production capacity, particularly in the robotics sector, to enhance its competitiveness in the global market [4]. Financial Data Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 2.543 billion yuan, net profit of 140 million yuan - 2024E: Revenue expected to rise to 3.028 billion yuan, net profit to 185 million yuan - 2025E: Revenue projected at 3.730 billion yuan, net profit at 263 million yuan - 2026E: Revenue forecasted at 4.600 billion yuan, net profit at 359 million yuan [3][12][10][11]. - **Earnings Per Share (EPS)**: - 2023A: 0.33 yuan - 2024E: 0.44 yuan - 2025E: 0.63 yuan - 2026E: 0.86 yuan [3][12][10][11]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2024E is 132, for 2025E is 93, and for 2026E is 68 [3][12][10][11]. - Price-to-Book (P/B) ratio for 2024E is 8.2, for 2025E is 7.6, and for 2026E is 6.9 [3][12][10][11]. - **Key Financial Ratios**: - Gross margin for 2023 is 37.2%, with a projected increase to 39.2% by 2026 [12]. - Net profit margin for 2023 is 5.6%, expected to improve to 7.9% by 2026 [12].

Investment Rating - The report maintains an "Overweight-A" rating for the company with a 6-month target price of 64 CNY [2] - The current stock price as of April 30, 2024, is 56.31 CNY, indicating a potential upside of approximately 13.7% [2] Core Views - The company's 2023 revenue was 2.543 billion CNY, a year-on-year decrease of 14.09%, while net profit attributable to shareholders was 140 million CNY, down 43.20% year-on-year [1] - In Q1 2024, revenue was 608 million CNY, a year-on-year decrease of 6.34%, and net profit attributable to shareholders was 6 million CNY, down 80.03% year-on-year [1] - The company is actively developing high-value-added products, including brushless motors and precision linear transmission systems, to optimize its product structure and reduce production costs [1] Financial Performance - The company's gross margin in 2023 was 37.2%, a decrease of 1 percentage point year-on-year [1] - Operating cash flow improved significantly, with a year-on-year increase of 2297.25% to 203 million CNY in 2023 and a 49.41% increase to 24 million CNY in Q1 2024 [1] - The company's revenue in the photovoltaic/lithium battery/semiconductor sector increased by approximately 22% year-on-year in 2023, while revenue in the smart car/autonomous driving/lidar sector increased by about 35% [1] Valuation and Forecast - The company's market capitalization is 23.654 billion CNY, with a circulating market capitalization of 23.587 billion CNY [3] - The report forecasts net profit attributable to shareholders for 2024-2026 to be 192 million CNY, 281 million CNY, and 369 million CNY, representing year-on-year growth rates of 36.5%, 46.3%, and 31.6%, respectively [2] - The PE ratio for 2024-2026 is projected to be 123x, 84x, and 64x, respectively [2] Business Development - The company's core business focuses on control motors and drives, with significant growth in high-value-added products such as hollow cup motors [1] - The company is expanding into emerging application areas, including medical and robotics, where its hollow cup motor products are expected to play a crucial role in the long term [1]

证券研究报告·公司点评报告·电机Ⅱ 鸣志电器（603728） 2023 年年报及 2024 一季报点评：业绩短期 2024 年 05月 03日 承压，机器人灵巧手持续推进 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 谢哲栋 营业总收入（百万元） 2,960 2,543 2,806 3,160 3,613 执业证书：S0600523060001 同比（%） 9.05 (14.09) 10.35 12.62 14.32 xiezd@dwzq.com.cn 归母净利润（百万元） 247.24 140.44 184.51 235.82 304.19 同比（%） (11.58) (43.20) 31.37 27.81 28.99 股价走势 EPS-最新摊薄（元/股） 0.59 0.33 0.44 0.56 0.72 鸣志电器 沪深300 P/E（现价&最新摊薄） 95.67 168.42 128.20 10 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the development of robotic dexterous hands is ongoing [1] - Revenue for 2023 and Q1 2024 showed declines of 14% and 6% year-on-year, respectively, with net profit down 43% and 80% [3] - The company is focusing on high-value emerging sectors while traditional business areas are expected to recover [4] Financial Performance Summary - Total revenue for 2022 was 2,960 million, with a forecasted decline to 2,543 million in 2023, followed by a recovery to 2,806 million in 2024 [2] - The net profit attributable to shareholders decreased from 247.24 million in 2022 to 140.44 million in 2023, with an expected increase to 184.51 million in 2024 [2] - The latest diluted EPS is projected to be 0.33 in 2023, increasing to 0.44 in 2024 [2] Business Segment Insights - The company’s motor and drive system revenue was 2.07 billion in 2023, down 11% year-on-year, with specific declines in stepper motors due to market pressures [3] - Brushless motor revenue was 170 million, with hollow cup products seeing over 80% growth, driven by demand in the medical equipment sector [3] - The servo system revenue increased by 16%, attributed to new customer acquisitions in emerging industries such as photovoltaics and robotics [3] Emerging Opportunities - The hollow cup motor's performance is competitive with leading international brands, and the company is well-positioned to expand in the humanoid robot market [4] - The company is expected to see significant growth in humanoid robot applications, which could lead to high earnings elasticity [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2024 and 2025, with expected profits of 185 million and 236 million, respectively [4] - The projected P/E ratios for 2024 and 2025 are 128 and 100, respectively, reflecting the company's valuation in light of its growth potential [4]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company experienced short-term pressure on performance due to factors such as the relocation of production bases and underperformance of the Vietnam factory, leading to a significant decline in profits [1]. - The company reported a revenue of 2.543 billion yuan in 2023, a year-on-year decrease of 14.09%, and a net profit attributable to shareholders of 140 million yuan, down 43.20% year-on-year [1]. - The first quarter of 2024 saw a slight revenue decline to 608 million yuan, a decrease of 6.34% year-on-year, with a dramatic drop in net profit to 6 million yuan, down 80.03% year-on-year, primarily due to increased impairment losses [1]. - Despite short-term adjustments, the long-term growth logic remains intact, with expectations for recovery in downstream markets and growth in related business areas [1]. - The company is a leading global manufacturer of motors and drive systems, with significant advancements in stepper motors, brushless motors, and hollow cup motors [1]. - An investment of up to 65.14 million USD is planned for the wholly-owned subsidiary in Vietnam to optimize capacity structure and better serve overseas clients [1]. Financial Summary - The company is projected to achieve revenues of 3.082 billion yuan, 3.843 billion yuan, and 4.470 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 253 million yuan, 376 million yuan, and 503 million yuan [2][3]. - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 96.5, 65.0, and 48.6 for the years 2024, 2025, and 2026, respectively [2][3]. - The company’s gross margin for Q1 2024 was 38.08%, remaining stable year-on-year [1].

Financial Performance - Net profit attributable to parent company shareholders in 2023 was RMB 140,443,532.71[3] - Total cash dividends proposed for 2023 amount to RMB 16,802,640.00, representing 11.96% of the net profit[3] - Accumulated distributable profit as of December 31, 2023, was RMB 559,569,540.56[3] - Revenue for 2023 decreased by 14.09% to RMB 2,542,791,117.61 compared to 2022[19] - Net profit attributable to shareholders dropped by 43.20% to RMB 140,443,532.71 in 2023[19] - Operating cash flow surged by 2297.25% to RMB 203,139,252.34 in 2023[19] - Basic earnings per share fell by 43.17% to RMB 0.3371 in 2023[20] - Weighted average return on equity decreased by 4.55 percentage points to 5.05% in 2023[20] - Revenue in Q4 2023 was RMB 626,658,316.13, showing a slight recovery compared to previous quarters[24] - Net profit attributable to shareholders in Q4 2023 was RMB 56,495,164.16, the highest among all quarters[24] - Full-year revenue reached 2.54279 billion yuan, a year-on-year decrease of 14.1%[29] - Control motor and drive system business revenue was 2.07204 billion yuan, down 10.74% year-on-year[29] - Net profit attributable to shareholders was 140.44 million yuan, a year-on-year decrease of 43.2%[29] - Gross margin for the year was 37.2%, down 1.0 percentage point year-on-year[29] - Operating cash flow for the year was 203.14 million yuan, a significant improvement year-on-year[29] - The company's operating profit for 2023 was 150.85 million yuan, a year-on-year decrease of 47.1%[63] - Net cash flow from operating activities increased significantly by 2297.25% to 203,139,252.34 yuan[64] - The company achieved total revenue of 2,542,791,117.61 yuan in 2023, a year-on-year decrease of 14.09%[64] - Overseas revenue accounted for 46.9% of the total revenue, reaching 1,193,684,347.27 yuan, a year-on-year decrease of 16.20%[68] - The gross profit margin for 2023 was 37.19%, a decrease of 1.01 percentage points compared to the previous year[67] - Revenue from the control motor and drive system segment was 2,072,044,697.73 yuan, a year-on-year decrease of 10.74%[67] - The company's total assets slightly decreased by 0.62% to RMB 3,841,559,588.18 at the end of 2023[19] - The decline in net profit was primarily due to fluctuations in domestic and international market demand[21] - Accounts receivable financing increased by 22.04 million yuan to 72.99 million yuan[27] - Government subsidies contributed RMB 18,765,555.56 to non-recurring gains in 2023[25] - The company distributed a cash dividend of 0.70 RMB per 10 shares (tax included) in 2023, totaling 29,404,410 RMB (tax included)[146] - For 2023, the proposed cash dividend is 0.40 RMB per 10 shares (tax included), totaling 16,802,640 RMB, accounting for 11.96% of the net profit attributable to shareholders[146] - The company's cumulative cash dividends from 2020 to 2022 reached 91,804,900 RMB, representing 37.85% of the average distributable profit over the three years[146] Subsidiaries and Global Operations - The company has multiple subsidiaries, including Moons' Industries (America) Inc. and Moons' Industries (Europe) Headquarters S.R.L.[10] - The company operates in various regions, including the Americas, Europe, Southeast Asia, Japan, and Vietnam[10] - The company has a significant presence in the automation and motion control industry through its subsidiaries[10] - The company's subsidiaries include Applied Motion Products Inc. and Lin Engineering Inc. in the United States[10] - The company has a subsidiary in India, Moons' Intelligent Motion System India Private Limited[10] - The company's subsidiary in the Americas generated revenue of $10.131 million and a profit of $2.217 million[91] - The company's subsidiary in Switzerland (TSS) achieved revenue of $5.636 million and a profit of $2.649 million[91] - The company's subsidiary in the US (LIN) recorded revenue of $25.978 million and a profit of $3.948 million[91] - The company's subsidiary in Vietnam reported revenue of $8.279 million but incurred a loss of $2.319 million[91] - The company's subsidiary in Taicang generated revenue of $95.485 million but experienced a loss of $2.724 million[91] - The company's subsidiary in Changzhou achieved revenue of $7.537 million but faced a loss of $2.009 million[91] - The company made a new overseas investment of GBP 1 million to establish Moons' Industries UK, a wholly-owned subsidiary focusing on motion control product sales[87][88] - Overseas assets accounted for 21.51% of total assets, amounting to RMB 826.42 million[84] - The company's subsidiaries span across various regions including the Americas, Europe, and Asia, indicating a strong global presence[125] Product and Revenue Breakdown - Revenue from HB stepper motors increased by 15% year-over-year, reaching $120 million[11] - PM stepper motors sales grew by 8% compared to the previous year, totaling $85 million[11] - The company's brushless motor segment achieved a 12% growth, generating $95 million in revenue[11] - Servo motor sales rose by 10%, contributing $110 million to the overall revenue[11] - The smart electric cylinder product line saw a 20% increase in sales, amounting to $50 million[11] - LED intelligent lighting systems revenue grew by 18%, reaching $75 million[12] - The company's LED driver segment experienced a 14% growth, with sales totaling $90 million[12] - Revenue from the motion controller product line increased by 9%, contributing $60 million[12] - The servo system segment saw a 7% growth, generating $80 million in revenue[12] - The company's equipment status management system sales grew by 11%, amounting to $40 million[12] - Brushless motor business achieved revenue of 167.34 million yuan, down 3% year-on-year[32] - Precision linear transmission system business achieved revenue of 78.18 million yuan[32] - Servo system business achieved revenue of 216.68 million yuan, up 16% year-on-year[33] - Global revenue of drive control system business was 700 million yuan, flat year-on-year[33] - Control motor and drive system business revenue in the photovoltaic/lithium battery/semiconductor application fields increased by approximately 22% year-on-year[35] - Control motor and drive system business revenue in the smart car and autonomous driving/lidar application fields increased by approximately 35% year-on-year[37] - Control motor and drive system business revenue in the medical and biochemical experimental equipment application fields decreased by 20% year-on-year[38] - Control motor and drive system business revenue in the robotics application fields decreased by 14% year-on-year[39] - Control motor and drive system business revenue in the industrial and factory automation application fields decreased by 3% year-on-year, with drive and control system business revenue increasing by 5%[40] - Revenue from traditional industry applications such as textile machinery, security monitoring, financial equipment, and communication equipment decreased by 28%, 11%, 17%, and 42% respectively[42] - Power and lighting system control business completed sales of 859,200 units, with revenue of 163.34 million yuan, a decrease of 26.26% year-on-year[43] - Equipment status management system business revenue was 48.32 million yuan, a decrease of 24.40% year-on-year, and relay trade agency business revenue was 257.92 million yuan, a decrease of 26.26% year-on-year[44] - The total revenue of control motor and drive system business in emerging high-value-added application fields decreased by approximately 120 million yuan year-on-year[41] - Control motor and drive system business accounted for 81.49% of total revenue, with products widely used in 3C, battery equipment, industrial robots, solar equipment, and medical devices[52] - LED intelligent lighting control and drive system business contributed 6.42% of total revenue, primarily serving high-end commercial lighting, smart building lighting, and medical lighting[52] - Equipment status management system business represented 1.90% of total revenue, mainly serving power, metallurgy, petrochemical, coal, automotive, and tobacco industries[52] - Trade agency business accounted for 10.14% of total revenue, primarily distributing Panasonic relay products for power system protection and railway traction equipment[52] Market and Industry Trends - The global industrial automation services market size reached $198.8 billion in 2022 and is expected to reach $332.4 billion by 2028, with a CAGR of approximately 8.83%[40] - The global smart manufacturing market size was $232 billion in 2020 and is expected to grow to $384 billion by 2025, with a CAGR of 11.9%[93] - The global motion control market size was $16 billion in 2020 and is projected to reach $22 billion by 2025, with a CAGR of 6.5%[93] - The customized motion control system market size was $7 billion in 2020 and is forecasted to grow to $12 billion by 2027, with a CAGR of 7.5%[93] - The global servo motor and drive control market is projected to grow from $19.85 billion in 2023 to $36.41 billion by 2032, with a CAGR of 6.97%, driven by the rise of smart manufacturing[57] - The Chinese government's policies, such as "Made in China 2025" and the "Robot+" Application Action Plan, provide strong support for the development of automation and motion control industries[58][59] R&D and Innovation - R&D expenses increased by 9.07% to 238,241,614.08 yuan, reflecting continued investment in innovation[64] - The company has over 20 years of experience in motion control product R&D and production, with core technologies in control motor and drive control systems[47] - Through acquisitions of AMP and T Motion, the company established a global R&D and manufacturing platform for motion control products and system-level solutions[47] - The company developed logistics automation, smart driving cockpit, and factory automation solutions through independent R&D and overseas partnerships[47] - LED intelligent lighting control and drive system business has 19 years of experience, integrating LED drive technology, computer software, and communication technologies[48] - The company's power control systems include specialized power supplies for financial printing equipment and ignition systems for commercial boilers[48] - Equipment status management system combines hardware, software, and system integration to provide real-time monitoring and fault diagnosis for industrial equipment[50] - The company's hybrid stepper motor products hold a global market share of over 10%, making it a major global supplier and breaking the monopoly of Japanese companies in the industry[55] - The company has established a global R&D and manufacturing platform for motor drive control through joint ventures and acquisitions, including Anpu Mingshi Automation, AMP, and T Motion[55] - The company focuses on high-tech LED intelligent drives, large-power sports venue lighting, and explosion-proof lighting, avoiding the highly competitive basic LED indoor lighting market[56] - The company's production management system enables comprehensive monitoring and real-time transparency of the production process, ensuring quality traceability[54] - The company's sales model includes direct sales, distributor sales, regional marketing through subsidiaries and offices, as well as exhibition and online promotion[54] - The company's R&D system spans basic technology research, key core technology research, and applied technology innovation, enabling technology sharing across business lines[54] - The company's product portfolio includes DC brushless motors, hollow cup motors, linear screw motors, and integrated control systems, all of which are at the forefront of global technology[55] - The company has 413 R&D personnel, representing 12.28% of total employees, with 128 holding master's degrees and 195 holding bachelor's degrees[78] Corporate Governance and Leadership - The company held 3 general meetings of shareholders in 2023, ensuring the protection of minority shareholders' rights[110] - The company's board of directors held 7 meetings in 2023, with effective implementation of resolutions and strategic decision-making[112] - The company's independent directors actively participated in decision-making and provided professional advice to support sustainable development[113] - The company's supervisory board held 7 meetings in 2023, effectively overseeing major business decisions and management compliance[114] - The company strictly adheres to regulations on information disclosure and insider information control, ensuring transparency and compliance[116] - The company held 3 performance briefings in 2023 to maintain investor relations, with the Board Secretary responsible for coordinating investor communications[117] - The company maintains independence from its controlling shareholder in assets, personnel, finance, organization, and business operations[118] - The 2022 Annual General Meeting approved 16 proposals including the 2022 Board of Directors Work Report and 2022 Financial Final Accounts Report[119] - No proposals were rejected at any general meetings during the reporting period[120] - Total pre-tax compensation for directors, supervisors, and senior management in 2023 was 4.9079 million yuan[121] - The company's controlling shareholder supports the establishment of an independent production and operation model without competing for business opportunities[118] - The company has an independent financial department and established financial accounting system separate from its controlling shareholder[118] - The 2023 First Extraordinary General Meeting approved 4 proposals including the cancellation of restricted stocks and stock options under the 2021 incentive plan[119] - The company's total shareholding by directors and senior management decreased by 1,495,000 shares in 2023, mainly due to block trades[121] - The company has independent R&D, production, and sales systems with necessary qualifications and licenses for its main business[118] - Chang Jianming, Chairman and President of the company, founded Mingzhi Electric in 1998 and currently holds multiple executive positions across various subsidiaries including Mingzhi International Trade, Mingzhi Hong Kong, and Mingzhi Industrial America[125] - Liu Jinping, Vice President and Director, joined the company in 1998 and has extensive experience in the precision motor industry[122] - Ted T. Lin, Director and Vice President, joined the company in 2018 and leads the advanced R&D team, focusing on new technology training and product development for stepper motors[122] - The company appointed Sun Feng as an independent director in April 2023, replacing Xu Yuzhou who resigned due to personal reasons[123] - Shen Luwei was elected as the employee representative supervisor in April 2023, following the resignation of the previous supervisor due to work adjustments[123] - Chang Jianming holds significant positions in multiple international subsidiaries, including Mingzhi Industrial Europe, Mingzhi Industrial Southeast Asia, and Mingzhi Industrial Japan[125] - The company's leadership team includes experienced professionals with backgrounds in finance, engineering, and legal affairs, ensuring comprehensive management and strategic oversight[122] - Mingzhi Electric has a diverse board of directors, including independent directors with expertise in law, accounting, and engineering, enhancing corporate governance[122] - The company's subsidiaries span across various regions including the Americas, Europe, and Asia, indicating a strong global presence[125] - Mingzhi Electric's leadership structure emphasizes continuity and expertise, with several key executives holding long-term positions since the company's inception[122] - The total actual remuneration received by all directors, supervisors, and senior management at the end of 2023 was 4.9079 million yuan[127] - The company's board of directors approved 19 proposals during the 11th meeting of the 4th board, including the 2022 annual financial report and profit distribution plan[129] - The company's board of directors approved 3 proposals during the 10th meeting of the 4th board, including providing guarantees for wholly-owned subsidiaries and conducting foreign exchange derivative transactions[129] - The company's board of directors approved the proposal to temporarily supplement working capital with some idle raised funds during the 9th meeting of the 4th board[129] - The company held a total of 7 board meetings in 2023, all of which were conducted through a combination of on-site and teleconference methods[132] - The company's total number of employees is 3,362, with 244 in the parent company and 3,118 in major subsidiaries[140] - The employee composition includes 1,312 production personnel, 525 sales personnel, and 967 technical personnel[140] - The educational background of employees includes 8 with a doctoral degree, 190 with a master's degree, and 947 with a bachelor's degree[140] - The Audit Committee held 3 meetings during the reporting period[134] - The Nomination Committee held 1 meeting during the reporting period[136] - The Remuneration and Assessment Committee held 2 meetings during the reporting period[137] - The company's board of directors approved 8 proposals during the 12th meeting, including adjustments to the 2021 restricted stock and stock option incentive plan[130] - The company's board of directors approved 6 proposals during the 15th meeting, including revisions to the articles of association and board meeting rules[130] - The company's board of directors approved 2 proposals during the 13th meeting, including the 2023 semi-annual report and the special report on the storage and actual use of raised funds[130] - The company implemented a long-term equity incentive mechanism to enhance the cohesion of core personnel and key employees, aligning with the "striver-oriented" philosophy[142] - The total labor outsourcing hours in 2023 amounted to 2,540,131 hours, with a total payment of 67,976,467 RMB[144] - The company's total equity incentive plan and employee stock ownership plan have been disclosed in temporary announcements with no subsequent changes[149] - The company repurchased and canceled 160,800 restricted shares and 7,200 stock options due to employee departures and performance failures in July 2023[150]

证券代码：603728 证券简称：鸣志电器 公告编号：2024-024 上海鸣志电器股份有限公司 上海鸣志电器股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日召开 了公司第四届董事会第十八次会议，审议通过了公司《关于审议<2023 年度利润 分配方案>的议案》，2024 年 4 月 30 日公司于指定信息披露媒体披露了《关于 2023 年度利润分配方案的公告》。为便于广大投资者更加全面、深入地了解公司 情况，公司计划于 2024 年 5 月 15 日（星期三）上午 10:00—11:00 召开 2023 年 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 关于召开 2023 年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： 四、 投资者参加方式 1. 投资者可以在 2024 年 5 月 15 日（星期三）上午 10:00-11:00 通过互联网注 册并登录中国证券网（https://roadshow.cnstock.com/） ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 608,465,650.49, representing a decrease of 6.34% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 6,487,479.20, down 80.03% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,893,515.16, a decline of 86.72% compared to the previous year[4]. - Basic earnings per share decreased by 80.21% to CNY 0.0154[4]. - Net profit for Q1 2024 was CNY 6,434,091.44, a significant decline from CNY 32,678,604.98 in Q1 2023, representing an 80.34% decrease[16]. - Earnings per share (EPS) for Q1 2024 was CNY 0.0154, down from CNY 0.0778 in Q1 2023, reflecting an 80.24% decline[16]. - The company's total comprehensive income for Q1 2024 was a loss of CNY 2,252,822.09, an improvement from a loss of CNY 5,274,976.32 in Q1 2023[23]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 49.41% to CNY 24,303,710.24, indicating improved cash management[4]. - In Q1 2024, the company reported cash inflows from operating activities of CNY 661,526,360.42, a decrease of 19.1% compared to CNY 818,111,246.75 in Q1 2023[17]. - The company experienced a significant decline in cash inflows from investment activities, reporting a net cash outflow of CNY 80,999,212.34 compared to a net inflow of CNY 166,712,562.16 in Q1 2023[18]. - Cash and cash equivalents at the end of Q1 2024 totaled CNY 568,267,234.44, down from CNY 740,759,576.88 at the end of Q1 2023, reflecting a decrease of 23.2%[18]. - The company reported a decrease in cash paid for operating activities to CNY 637,222,650.18, down 20.5% from CNY 801,844,329.48 in Q1 2023[17]. - The company's cash inflow from financing activities increased to CNY 70,960,480.70, compared to CNY 4,287,194.38 in the previous year, marking a significant improvement[18]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,854,248,313.08, a slight increase of 0.33% from the end of the previous year[4]. - The company's total liabilities amounted to CNY 983,589,420.93, slightly down from CNY 986,376,740.82 in the previous year[14]. - The company's total liabilities increased to CNY 547,660,283.63 from CNY 532,105,449.59, indicating a rise of 2.8%[20]. - The company's current assets decreased to CNY 1,145,059,839.71 from CNY 1,204,678,154.29, a decline of 4.9%[19]. - The total current liabilities decreased to RMB 890,201,090.85 from RMB 914,441,705.55, a reduction of about 2.6%[13]. Inventory and Receivables - Accounts receivable decreased to RMB 592,570,789.66 from RMB 606,411,075.57, indicating a reduction of about 2.9%[12]. - Inventory levels decreased to RMB 603,203,945.04 from RMB 642,840,627.73, representing a decline of approximately 6.2%[12]. - The company is actively managing its inventory levels in response to changing market conditions, leading to an increase in inventory impairment provisions[9]. Research and Development - Research and development expenses for Q1 2024 were CNY 59,364,000.44, a decrease of 3.32% compared to CNY 61,389,375.68 in Q1 2023[15]. - The company reported a decrease in research and development expenses to CNY 2,566,268.77 in Q1 2024, down 34.3% from CNY 3,912,979.02 in Q1 2023[22]. Non-Recurring Items - The company reported non-recurring gains of CNY 2,593,964.04 after tax, primarily from government subsidies[5]. - The company reported a financial expense of CNY -2,538,272.36 in Q1 2024, a significant improvement compared to CNY 7,517,797.46 in Q1 2023[15].

证券代码：603728 证券简称：鸣志电器 公告编号：2024-010 上海鸣志电器股份有限公司 关于为全资子公司提供担保的公告 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。 被担保人：鸣志国际贸易（上海）有限公司 统一社会信用代码：91310115607387918D 重要内容提示： 一、 担保情况概述 （一）本次担保的基本情况 为保证鸣志国贸与松下电器机电（中国）有限公司（以下简称"松下中国"） 的电子元器件业务的开展，保证自 2024 年 04 月 01 日至 2025 年 3 月 31 日之间， 鸣志国贸与松下中国就电子元器件业务所签订的全部协议（或合同）的履行，鉴 于鸣志国贸为公司的全资子公司，公司拟就前述事项相关的付款业务（包括但不 限于本金、违约责任、赔偿责任等），为鸣志国贸以连带责任的方式提供保证， 担保金额不超过人民币 3,500 万元，担保期限自董事会审议通过之日起至前述事 项交易项下最后一笔付款业务履行期限届满之日起半年，无反担保。 （二）本次担保事项已履行及尚需履行的决策程序 公司于 2024 ...