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 2023 年年度股东大会 的 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 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 法律意见书 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 2023 年年度股东大会的 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 2023 年年度股东大会（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，并参加了公司本次股东大会的全过程。 鉴此，本所律师根据上 ...

前述募集资金依照中国证监会相关规定，存放于经董事会批准设立的专项账 户集中管理，并签订了《募集资金专户存储三方监管协议》。 二、募集资金投资项目使用进展情况 国投证券股份有限公司 关于上海鸣志电器股份有限公司 部分募集资金投资项目增加实施主体和实施地点的核查意见 国投证券股份有限公司（以下简称"国投证券"、"保荐机构"）作为上海 鸣志电器股份有限公司（以下简称"鸣志电器"、"公司"）首次公开发行股票 并上市的保荐机构，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 1 号——规范 运作》等相关规定，对鸣志电器部分募集资金投资项目增加实施主体和实施地点 （以下简称"本次部分募投项目变更"）事项进行了审慎核查，具体核查情况如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准上海鸣志电器股份有限公司首次公开 发行股票的批复》（证监许可[2017]471 号）核准，上海鸣志电器股份有限公司 向社会公开发行人民币普通股（A 股）8,000 万股，每股面值为人民币 1.0 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-028 上海鸣志电器股份有限公司 关于部分募集资金投资项目增加实施主体和实施地点的公告 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"鸣志电器"或"公司"）于 2024 年 5 月 24 日召开第四届董事会第十九次会议和第四届监事会第十九次会议，分别审 议通过了《关于部分募集资金投资项目增加实施主体和实施地点的议案》，同意对 募投项目"无刷电机新增产能项目"新增实施主体和实施地点，该议案无需提交股 东大会审议。根据《上海证券交易所股票上市规则》《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》等相关规定，现将有关情况公告如下： 1 本次增加实施主体和实施地点的募集资金投资项目名称：无刷电机新增产能项 目。 公司本次增加全资子公司Lin Engineering Inc.（以下简称"美国Lin"）和MOONS' Industr ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-027 上海鸣志电器股份有限公司 第四届监事会第十八次会议决议公告 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"）第四届监事会第十八次会 议于 2024 年 5 月 24 日以现场会议方式召开。会议通知于 2024 年 5 月 19 日以 电话及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。会议的召集和召开符合《中华人民共和 国公司法》等有关法律、行政法规、规范性文件及《公司章程》的相关规定，会 议形成的决议合法、有效。 经全体与会监事审议，会议通过了如下决议： 一、审议通过《关于部分募集资金投资项目增加实施主体和实施地点的议案》 监事会认为：公司本次增加部分募集资金投资项目的实施主体和实施地点是 在保证募投项目建设的资金需求和募投项目正常进行的前提下进行的，是根据当 前募投项目的实际需要做出的审慎决定，不会对募投项目产生重大不利影响，不 存在变相改变募集 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-026 上海鸣志电器股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 2024 年 5 月 20 日，公司收到股东新永恒出具的《关于股份减持计划的告知 函》，新永恒根据自身发展需要，拟减持部分所持公司 A 股股份，现将具体情况 公告如下： 1 股东持股的基本情况：截至本公告披露日，上海鸣志电器股份有限公司（以 下简称"公司"或"鸣志电器"）持股 5%以上股东新永恒公司（以下简称"新 永恒"）持有公司无限售流通股 29,545,726 股，占公司总股本比例 7.0336%， 均来源于公司首次公开发行股票并上市前取得的股份。相关股份已上市流通。 减持计划的主要内容：因自身资金需要，在遵守相关法律法规规定的前提下， 新永恒拟通过集中竞价或大宗交易方式减持公司股份合计数量不超过 8,000,000 股，即合计不超过公司总股本的 1.9045%，减持价格将根据减持实 施时的市场价格确定，减持期间为 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading micro-motor enterprise with advanced technology and a comprehensive product layout, with its robotics business expected to drive long-term growth [1][18] - The company focuses on control execution components and integrated products in the field of information technology applications, holding a significant market share in high-precision control motors and their drive control systems [5][18] - The company experienced a revenue decline of 14% year-on-year in 2023, primarily due to the overseas supply chain's inventory destocking phase and external operating environment challenges [1][5] Summary by Sections 1. Company Overview - The company specializes in high-precision control motors and drive control systems, with a global market share of over 10% in hybrid stepper motors, ranking among the top three globally [1][5] - The company operates over 30 subsidiaries in developed regions such as North America, Europe, and East Asia, providing customized solutions to leading clients across various industries [5] 2. Financial Performance - In 2023, the company achieved a revenue of 2.543 billion yuan, down 14.1% year-on-year, and a net profit attributable to the parent company of 140 million yuan, down 43.2% [2][5] - The company expects a revenue rebound in 2024, with projected net profits of 184 million yuan, reflecting a growth of 31.2% [2][18] 3. Robotics Business Potential - The company's core product, the hollow cup motor, is expected to benefit from the emerging humanoid robot market, which could create a trillion-yuan market opportunity [1][10] - The hollow cup motor's unique structure and manufacturing technology provide a competitive edge, particularly in the robotics sector [10][11] 4. Market Position and Competitive Advantage - The company has established a strong position in the hollow cup motor market, leveraging early entry and domestic technological leadership to compete against established overseas players [10][15] - The company has made significant investments in R&D and has acquired international firms to enhance its core technology and production capabilities [16][18] 5. Future Outlook - The company anticipates a reversal in performance in 2024 as inventory destocking by overseas clients concludes and new production capacities come online [1][18] - Projections for net profits in 2024, 2025, and 2026 are 184 million yuan, 220 million yuan, and 281 million yuan, respectively, with corresponding P/E ratios of 117, 98, and 77 [2][18]

证券代码：603728 证券简称：鸣志电器 公告编号：2024-025 上海鸣志电器股份有限公司 关于 2023 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 5 月 15 日（星 期 三 ） 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 2023 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 4 月 30 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 2023 年度网上业绩说明会的公告》。 公司就投资者在本次业绩说明会上提出的主要问题及公司的回复整理如下： 1. 提问：越南生产基地目前的建设与运营情况如何？ 答： 尊敬的投资者您好！截至 2 ...

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]