德恒上海律师事务所 华荣科技股份有限公司 控股股东、实际控制人受让股份的 法律意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-5598 9888 传真：021-5598 9898 邮编：200080 德恒上海律师事务所 关于华荣科技股份有限公司 控股股东、实际控制人受让股份的法律意见 德恒上海律师事务所 关于 关于 华荣科技股份有限公司 控股股东、实际控制人受让股份的 法律意见 德恒 02G20240145-00002 号 致：华荣科技股份有限公司 根据华荣科技股份有限公司（以下简称"华荣股份"或"公司"）与德恒上海 律师事务所（以下简称"本所"）签订的《法律服务协议》，本所根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、 《上海证券交易所上市公司自律监管指引第 8 号——股份变动管理》《上海证券交 易所股票上市规则》等法律、行政法规和规范性文件及中国证券监督管理委员会（以 下简称"中国证监会"）的有关规定，就公司控股股东、实际控制人胡志荣先生（以 下简称"受 ...

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： 证券代码：603855 证券简称：华荣股份 公告编号：2024-036 华荣科技股份有限公司股东及董监高转让股份暨控 股股东及实际控制人受让股份结果公告 转让主体持股的基本情况 本次转让计划实施前，华荣科技股份有限公司（以下简称"公司"或"华荣 股份"）董事、总经理李江先生持有公司股份 14,350,000 股，占公司总股本 4.25%。 转让计划的实施结果情况 公司于 2024 年 9 月 20 日披露了《股东及董监高转让股份暨控股股东及实际 控制人受让股份计划公告》（公告编号：2024-026），公司董事、总经理李江先生 计划通过大宗交易方式转让其持有的公司无限售流通股份不超过 3,000,000 股 （占本人所持股份的 20.91%，占公司总股本的比例为 0.89%）给公司控股股东及 实际控制人胡志荣先生。 2024 年 11 月 15 日，公司董事、总经理李江先生通过大宗交易方式转让公 司股份 3,000,000 股给公司控股股东及实际控制人胡志 ...

控股股东、实际控制人股份质押及解除质押的公告 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： 证券代码：603855 证券简称：华荣股份 公告编号：2024-035 华荣科技股份有限公司 注：表格中合计数与各明细数直接相加之和在尾数上如有差异，系四舍五入产生 华荣科技股份有限公司（以下简称"公司"）控股股东、实际控制人胡志荣先 生共持有公司无限售流通股股票 11,247 万股，占公司股份总数的比例为 33.32%，胡志 荣先生本次股份质押 2,200 万股，解除质押 2,050 万股，上述质押及解除质押手续办 理完毕后，胡志荣先生累计质押公司股票 2,200 万股，占其所持公司股份数的 19.56%， 占公司股份总数的 6.52%。 胡志荣先生及其一致行动人合计持有公司无限售流通股股票 12,217 万股，占 公司股份总数的比例为 36.19%。本次质押及解除质押后，胡志荣先生及其一致行动人 累计质押公司股票 2,520 万股，占其所持公司股份数的 20.63%，占公司股份总数的 7.47%。 一、 公司 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 2.45 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.67%, while the net profit attributable to the parent company was 321 million yuan, up 6.62% year-on-year [1][3] - The significant revenue growth in Q3 2024 was primarily due to the completion and recognition of revenue from the previously delayed new energy EPC projects [1] - The company is accelerating its overseas market expansion, having established operational centers in Europe, Southeast Asia, and Central Asia, with plans for further expansion into South America and Africa [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company's gross margin was 50.17%, and the net margin was 13.26%, showing a decline of 7.25 and 1.70 percentage points year-on-year, respectively [2] - In Q3 2024, the gross margin was 46.95%, and the net margin was 11.72%, reflecting a year-on-year decline of 10.52 and 3.15 percentage points [2] - The revenue from the low-margin new energy EPC business increased significantly, accounting for 18% of total revenue in the first three quarters [2] Profitability Forecast - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 509 million, 590 million, and 689 million yuan for the respective years, with corresponding PE ratios of 15, 13, and 11 [3][4] Market Position - The company is recognized as a leader in the domestic explosion-proof electrical equipment sector, with steady growth in its main business and an expanding overseas market that is expected to contribute to growth [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a revenue of 2.45 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.67%. The net profit attributable to shareholders was 321 million yuan, up 6.62% year-on-year [3]. - In Q3 2024, the company's revenue growth exceeded 40%, primarily driven by the expansion of its new energy EPC business [3]. - The gross margin decreased by 7.24 percentage points to 50.17% due to the increased proportion of lower-margin new energy EPC revenue [3]. - The company’s cash flow from operating activities was 279 million yuan, slightly down from the previous year but still at a high level [3]. - The company is expected to benefit from its overseas operations, with foreign trade revenue growing by 29.08% in H1 2024 [3]. - The company has a high dividend payout ratio, with a dividend yield close to 5% based on the latest market capitalization [3]. Financial Performance and Forecast - The company’s projected revenues for 2024-2026 are 3.77 billion, 4.18 billion, and 4.63 billion yuan, with year-on-year growth rates of 17.97%, 10.79%, and 10.91% respectively [4]. - The net profit attributable to shareholders is forecasted to be 512 million, 599 million, and 700 million yuan for the same period, with growth rates of 10.98%, 17.00%, and 16.94% respectively [4]. - The company’s price-to-earnings (P/E) ratios for 2024-2026 are projected to be 13.50, 11.54, and 9.87 times [4].

Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.45 billion CNY, a year-on-year increase of 19.7% [4] - The net profit attributable to shareholders for the same period was 320 million CNY, up 6.6% year-on-year; the non-recurring net profit was 300 million CNY, an increase of 3.0% [4] - In Q3 alone, revenue reached 1.048 billion CNY, representing a 43.6% year-on-year growth, with a net profit of 121 million CNY, up 14.1% [4] Segment Performance - The explosion-proof segment generated approximately 1.8 billion CNY in revenue in the first three quarters, showing a slight decline [5] - The engineering segment's new energy EPC business reported revenue of 442 million CNY with a gross margin of 19.7% [5] - The professional lighting segment saw revenue of 155 million CNY, down 9.3% year-on-year, with a gross margin decrease of 0.7 percentage points [5] Market Insights - The nuclear power sector experienced over 20% growth in the first three quarters, driven by earlier project wins [5] - The intelligent safety business achieved over 50% growth in Q3, with total revenue of 160 million CNY [5] - The company is expanding its foreign trade operations, with a successful establishment in Saudi Arabia and plans for further expansion in Europe, Southeast Asia, and South America [6] Future Outlook - The company anticipates continued growth in the intelligent safety sector, leveraging its integrated system capabilities to meet diverse customer needs [6] - Despite challenges in traditional oil and gas sectors, the company expects a narrowing decline in domestic explosion-proof performance [6] - The new energy EPC business is projected to contribute positively to overall performance in the latter half of the year [6]

Investment Rating - The report maintains a "Buy" rating for Huarong Co Ltd (603855 SH) [3][6] Core Views - Huarong Co Ltd benefits from stable demand for explosion-proof electrical appliances and is expanding its global market presence [3] - The company's new energy business is driving high revenue growth [3] - With a domestic market share exceeding 30% in explosion-proof products, the company is well-positioned to capitalize on industry consolidation [4] Financial Performance - Q3 2024 revenue reached 2 45 billion yuan, up 19 67% YoY [4] - Net profit attributable to shareholders was 321 million yuan, a 6 62% YoY increase [4] - Single Q3 revenue grew 43 61% YoY to 1 048 billion yuan [5] - Q3 net profit rose 14 07% YoY to 121 million yuan [5] Market Outlook - Global explosion-proof electrical equipment market is expected to grow from 49 67 billion yuan in 2023 to 64 39 billion yuan by 2030, with a CAGR of 3 78% [5] - The company is actively expanding in Middle East, Southeast Asia, and European markets [5] Financial Projections - 2024-2026 revenue forecast: 3 898 billion, 4 369 billion, and 4 906 billion yuan respectively [6] - 2024-2026 EPS forecast: 1 50, 1 79, and 2 13 yuan respectively [6] - Current PE ratios: 14x (2024), 12x (2025), 10x (2026) [6] Operational Highlights - Sales expense ratio decreased by 5 percentage points YoY in Q3 [5] - R&D expenses remained stable while management and financial expenses increased slightly [5] - The company maintains strong relationships with major global energy companies including Sinopec, Shell, BP, and Saudi Aramco [5]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its competitive position in the explosion-proof electrical field [1]. Core Insights - The company's revenue for Q1-Q3 2023 reached 2.45 billion yuan, a year-on-year increase of 19.67%, with a net profit attributable to shareholders of 321 million yuan, up 6.62% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.048 billion yuan, representing a year-on-year growth of 43.61%, and a net profit of 121 million yuan, up 14.07% year-on-year [1]. - The rapid growth in the new energy business has driven revenue and profit growth, although it has led to a decline in gross and net profit margins due to lower margins in this segment [1]. - The overseas business in explosion-proof electrical products has shown steady growth, while domestic safety intelligence business has seen significant demand, particularly in hazardous chemical parks [1]. - The global explosion-proof electrical industry is expected to grow steadily, with the market size projected to reach 8 billion USD by 2025, growing at a compound annual growth rate of 8% [1]. Financial Forecasts - The company is projected to achieve net profits attributable to shareholders of 503 million yuan in 2024, 595 million yuan in 2025, and 727 million yuan in 2026, with corresponding PE ratios of 14x, 12x, and 10x respectively [2][4]. - Revenue forecasts for the years 2024 to 2026 are 3.898 billion yuan, 4.302 billion yuan, and 4.793 billion yuan, with growth rates of 21.9%, 10.4%, and 11.4% respectively [2][4]. - The gross profit margin is expected to decline to 49.11% in 2024 and stabilize around 50.18% by 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [1][8]. Core Insights - The company experienced significant revenue growth in Q3 2024, with a year-on-year increase of 19.67%, driven by strong performance in foreign trade and safety engineering sectors [1]. - The report highlights the company's strategic shift towards high-growth sectors such as safety engineering, food and pharmaceutical industries, and military nuclear power, aiming for long-term stable growth [1]. - The company is expanding its international presence, establishing operational centers in Europe, Central Asia, and Southeast Asia, which are expected to contribute to revenue in the coming year [1]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 3,043 million - 2023A: 3,197 million (5% growth) - 2024E: 4,079 million (28% growth) - 2025E: 4,615 million (13% growth) - 2026E: 5,290 million (15% growth) [1] - **Net Profit Forecast**: - 2022A: 358 million - 2023A: 461 million (29% growth) - 2024E: 545 million (18% growth) - 2025E: 628 million (15% growth) - 2026E: 739 million (18% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.06 - 2023A: 1.37 - 2024E: 1.62 - 2025E: 1.86 - 2026E: 2.19 [1] - **Valuation Ratios**: - P/E Ratio: - 2022A: 18.8 - 2023A: 14.6 - 2024E: 12.4 - 2025E: 10.7 - 2026E: 9.1 [1] - P/B Ratio: - 2022A: 3.8 - 2023A: 3.5 - 2024E: 2.8 - 2025E: 2.3 - 2026E: 1.8 [1] Growth and Profitability - The company is expected to maintain a robust growth trajectory, with a projected net profit growth rate of 18.2% in 2024 and 15.3% in 2025 [7]. - The gross margin for the first three quarters of 2024 is reported at 50.17%, indicating a slight decrease from previous periods, attributed to lower margins in traditional markets [1][7]. - The report emphasizes the company's focus on enhancing its safety engineering systems, which are expected to benefit from increased demand due to regulatory changes in hazardous chemical production [1].