Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months with expected returns exceeding 15% compared to market benchmarks [12][7]. Core Insights - The company reported a revenue of 3.197 billion yuan in 2023, a year-on-year increase of 5.06%, and a net profit of 461 million yuan, up 28.73% year-on-year, indicating strong financial performance [1][10]. - The company continues to experience robust cash flow, with net cash inflow from operating activities reaching 627 million yuan, a significant increase of 245.7% year-on-year [1]. - The company has a high dividend payout ratio of 73.21%, proposing a cash dividend of 10 yuan for every 10 shares [1]. Revenue Performance - The revenue breakdown for 2023 includes 2.602 billion yuan from explosion-proof products, 321 million yuan from professional lighting, and 274 million yuan from engineering services [1]. - Domestic sales accounted for 2.5 billion yuan, while foreign trade revenue reached 700 million yuan, reflecting a growth of 11% year-on-year [1]. Profitability Metrics - The company's gross margin and net margin improved to 54.19% and 14.63%, respectively, with increases of 3.82 percentage points and 2.82 percentage points year-on-year [1]. - Earnings per share (EPS) for 2023 was reported at 1.37 yuan, with projections of 1.60 yuan, 2.08 yuan, and 2.32 yuan for 2024, 2025, and 2026, respectively [2][10]. Market Expansion - The company is expanding its international presence, establishing overseas operational centers in Europe, Central Asia, and Southeast Asia, with plans for further expansion into regions like the Far East and Africa [1]. - The report highlights a growing market demand in the safety intelligence sector, particularly in chemical parks, with the company benefiting from this trend [1]. Future Projections - The company is projected to achieve net profits of 540 million yuan in 2024, 703 million yuan in 2025, and 783 million yuan in 2026, indicating a positive growth trajectory [2][10]. - The report emphasizes the company's strong position as a leading manufacturer in the explosion-proof electrical equipment sector, with significant growth potential in emerging markets and overseas operations [1][10].

Financial Performance - The company's operating revenue for 2023 was CNY 3,196,944,264.33, representing a year-on-year increase of 5.06% compared to CNY 3,042,926,181.75 in 2022[23] - The net profit attributable to shareholders of the listed company reached CNY 461,082,030.17, an increase of 28.73% from CNY 358,181,075.27 in the previous year[23] - The basic earnings per share increased by 31.13% to CNY 1.39, up from CNY 1.06 in 2022[24] - The net cash flow from operating activities surged by 245.70% to CNY 626,978,249.21, compared to CNY 181,362,334.40 in the previous year[23] - The total assets of the company at the end of 2023 were CNY 4,589,931,348.45, reflecting a year-on-year growth of 7.98%[23] - The company's net assets attributable to shareholders increased by 7.96% to CNY 1,939,644,437.58 from CNY 1,796,551,177.46 in 2022[23] - The weighted average return on equity rose to 24.65%, an increase of 4.80 percentage points from 19.85% in the previous year[24] Revenue Breakdown - Domestic trade sales amounted to 2.5 billion RMB, with the intelligent safety products generating 210 million RMB in revenue[34] - Sales revenue from the "SCS AnGong Intelligent Control System" reached 210 million RMB during the reporting period[41] - The foreign trade department generated revenue of 700 million RMB, marking the company's position as the only domestic enterprise capable of bulk exports in the explosion-proof electrical equipment sector[42] - The company's revenue from specialized equipment reached 278,420.94 million, with a gross margin of 57.53%, reflecting a year-on-year increase of 0.19 percentage points[50] - Revenue from explosion-proof products was 248,526.19 million, with a gross margin of 57.64%, showing a year-on-year increase of 0.63 percentage points[50] - Domestic revenue amounted to 278,657.54 million, with a gross margin of 54.04%, while overseas revenue was 27,227.54 million, with a gross margin of 60.66%[50] Research and Development - Research and development expenses increased by 28.96% to 141.71 million RMB, driven by higher personnel costs and material investments[47] - The total R&D expenditure was 14,170.67 million, accounting for 4.43% of total revenue, with no capitalized R&D expenses[55] - The number of R&D personnel was 561, representing 22.80% of the total workforce, indicating a trend towards a younger and more educated R&D team[56] - The company completed the military qualification A certificate upgrade during the reporting period, enhancing its quality assurance capabilities[43] Market Expansion and Strategy - The company established three overseas operation centers in Europe, Central Asia, and Southeast Asia, enhancing its international presence[35] - The company is actively expanding into overseas markets, including the establishment of operational centers in Europe, Central Asia, and Southeast Asia[64] - The company plans to accelerate its overseas market layout, establishing operational centers in Europe, Central Asia, and Southeast Asia, with additional centers planned for the Far East, Africa, and South America[75] - The company is focusing on upgrading its technology and talent reserves to support its transformation into a comprehensive safety service provider[76] - The company plans to transition from a "single equipment manufacturer" to a "production-oriented safety service provider," focusing on the development of the "SCS Safety Intelligent Control System"[58] Corporate Governance and Management - The company has not reported any significant changes in its governance structure compared to regulatory requirements[89] - The company has not faced any major issues regarding competition from its controlling shareholders[89] - The company’s management team remains committed to maintaining operational independence and integrity[89] - The company has established specialized committees, including an audit committee, nomination committee, compensation and assessment committee, and strategic committee[106] - The company has a salary management system that includes base salary, allowances, and bonuses, aimed at motivating employees[115] Environmental and Social Responsibility - The company invested 1.38 million RMB in environmental protection during the reporting period[132] - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 96.76 tons[134] - The company has established an environmental and safety management system and obtained ISO 14001 certification[132] - The company is not classified as a key pollutant discharge unit and has minimal emissions of waste gas, solid waste, and wastewater[132] Shareholder and Stock Incentive Plans - The company approved a cash dividend of 337,559,000.00 RMB, which represents 73.21% of the net profit attributable to ordinary shareholders in the consolidated financial statements[121] - The company established a three-year shareholder dividend return plan (2023-2025) that was approved by the board and the annual general meeting[117] - The company has implemented a new stock incentive plan, with a lock-up period for restricted stocks set at 12, 24, and 36 months, starting from September 2023[148] - The stock incentive plan allows for the release of shares in three phases: 40%, 30%, and 30%, contingent on performance evaluations[175] Audit and Compliance - An independent audit of the company's internal control effectiveness for 2023 was conducted, resulting in a standard unqualified opinion[130] - The company has established a complete and reasonable corporate governance structure and internal control system, with no identified issues requiring rectification[130] - The audit opinion confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2023[183] - The company has ensured that all financial disclosures are accurate and complete[146] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[96] - New product launches are expected to contribute an additional 200 million CNY in revenue over the next year[96] - The company plans to expand its market presence and invest in new technologies to drive future growth[198]

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [10][14]. Core Insights - The company's performance in 2023 exceeded expectations, with a revenue of 3.197 billion yuan, a year-on-year increase of 5.06%, and a net profit of 461 million yuan, up 28.73% year-on-year. The fourth quarter saw a significant revenue increase of 76.60% year-on-year [11][20]. - The company is expected to maintain rapid growth in 2024, with projected revenue reaching 4.079 billion yuan, a 27.6% increase, and a net profit of 545 million yuan, an 18.16% increase [20]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 3,043 million yuan - 2023A: 3,197 million yuan - 2024E: 4,079 million yuan - 2025E: 4,615 million yuan - 2026E: 5,290 million yuan - Year-on-year growth rates: 2023A (5%), 2024E (28%), 2025E (13%), 2026E (15%) [3]. - **Net Profit Forecasts**: - 2022A: 358 million yuan - 2023A: 461 million yuan - 2024E: 545 million yuan - 2025E: 628 million yuan - 2026E: 739 million yuan - Year-on-year growth rates: 2023A (29%), 2024E (18%), 2025E (15%), 2026E (18%) [3]. - **Earnings Per Share (EPS)**: - 2022A: 1.06 yuan - 2023A: 1.37 yuan - 2024E: 1.62 yuan - 2025E: 1.86 yuan - 2026E: 2.19 yuan [3]. - **Profitability Ratios**: - Gross margin in 2023 was 54.19%, and net margin was 14.63%, both showing significant year-on-year improvements [20]. - **Cash Flow**: - The net cash flow from operating activities in 2023 was 627 million yuan, a 245.70% increase year-on-year, indicating strong operational stability [20]. Growth Drivers - The company is expected to benefit from changes in the domestic oil and gas industry's demand structure, with increased investments in downstream sectors like refining and fine chemicals [20]. - The innovative safety control system, driven by new safety regulations, is anticipated to generate significant revenue growth, with a market size exceeding 10 billion yuan [20]. - The company has established overseas operations in Europe, Central Asia, and Southeast Asia, positioning itself for future growth in international markets [20].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 3.197 billion yuan in 2023, representing a year-on-year growth of 5.06%. The net profit attributable to shareholders was 461 million yuan, up by 28.73% year-on-year [4]. - The demand for explosion-proof electrical equipment is expected to surge due to stricter safety production requirements and the growing industrialization in emerging markets. The global explosion-proof electrical market is projected to reach 8 billion USD by 2025, with a CAGR of 8% [4]. - The company has diversified its business operations, enhancing its product transformation and service capabilities, and has established overseas operational centers in Europe, Central Asia, and Southeast Asia [4]. - In Q4 2023, the company reported a significant revenue increase of 76.6% year-on-year, with a net profit growth of 110.23% year-on-year, driven by the recognition of revenue in the new energy EPC business and operational efficiency improvements [4]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 3.197 billion yuan, with a growth rate of 5.1% projected for 2024 at 4.586 billion yuan, and further growth to 5.339 billion yuan in 2025 [5]. - The net profit for 2023 was 461 million yuan, with expected growth rates of 14.5% in 2024 and 23.5% in 2025 [5]. - The diluted earnings per share (EPS) for 2023 was 1.37 yuan, projected to increase to 1.56 yuan in 2024 and 1.93 yuan in 2025 [5]. Market Outlook - The report highlights that the explosion-proof electrical industry is closely linked to the level of industrialization, with emerging markets driving future growth due to increasing energy demands [4]. - The domestic demand structure for explosion-proof electrical equipment is evolving, expanding beyond traditional sectors to include food, pharmaceuticals, military, and nuclear power industries [4]. Operational Strategy - The company has implemented significant reforms in its domestic and international marketing organizations, aiming to enhance its core competitiveness [4]. - The merger with its wholly-owned subsidiary is expected to lower operational costs and improve overall efficiency [4].

VAROM 华荣科技股份有限公司 2023 年年度股东大会 会议资料 二零二四年三月 华荣科技股份有限公司 2023 年年度股东大会会议资料目录 一、大会会议议程 5. 审议《关于续聘立信会计师事务所为公司审计机构的议案》 6. 审议《关于 2023年度利润分配方案的议案》 7. 审议《关于华荣科技股份有限公司非经营性资金占用及其他关联资金往来情 况的专项报告》 8. 审议《2023年度独立董事述职报告》 9. 审议《2023年度内部控制评价报告》 10. 审议《2023年度内部控制审计报告》 11. 审议《关于 2024年度非独立董事及高级管理人员薪酬的议案》 12. 审议《关于向银行申请综合授信额度的议案》 13. 审议《关于修改〈公司章程〉的议案》 1. 审议《2023年年度报告》及《2023年年度报告摘要》 4. 审议《关于 2023年度财务决算报告及 2024 年度财务预算方案的议案》 二、大会会议须知 三、股东大会审议议案 2. 审议《2023年度公司董事会工作报告》 3. 审议《2023年度公司监事会工作报告》 华荣科技股份有限公司 2023 年年度股东大会会议议程 会议时间:2024年4月18 ...

公司代码：603855 公司简称：华荣股份 华荣科技股份有限公司 2023 年度内部控制评价报告 华荣科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，不存在财务报告内 部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体系和相关规定的要求在所有重大方面保 持了有效的财务报告内部控制。 □是 √否 3. 是否发现非财务报告内部控制重大缺陷 2. 财务报告内部控制评价结论 √有效 □无效 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董 ...

华荣科技股份有限公司 2023 年度环境、社会责任和公司治理报告 股票代码：603855 前 言 关于本报告 本报告真实、客观地反映和披露了华荣科技股份有限公司（以下简称"华荣股份""华 荣""公司"或"我们"）2023 年对公司在自然环境和资源的保护、推进经济社会可持续发 展和对国家以及社会的全面发展、对公司股东、员工、供应商、用户等利益相关方积极承担 和履行社会责任的综合表现情况。 报告组织范围 华荣科技股份有限公司及其控股子公司 报告时间范围 公司以自然年度为披露节点（2023 年 1 月 1 日—2023 年 12 月 31 日）；考虑到披露信息 的持续性和可比性，部分信息内容适当前后延伸。 报告说明数据 本报告披露的财务数据如与 2023 年度报告有所出入，请以 2023 年度报告为准，其他数 据均来自华荣股份内部统计，本报告涉及货币金额以人民币作为计量币种，特别说明的除外。 报告参考标准 本报告依据上海证券交易所发布的《关于加强上市公司社会责任承担工作暨发布<上海 证券交易所上市公司环境信息披露指引>的通知》进行编制，并参考中华人民共和国国家标 准《社会责任报告编写指南》（GB/T36001-20 ...

证券代码：603855 证券简称：华荣股份 公告编号：2024-013 华荣科技股份有限公司 关于修改《公司章程》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。 华荣科技股份有限公司（以下简称"公司"）第五届董事会第十三次会议以 同意8票，反对0票，弃权0票的表决结果审议通过了《关于修改<公司章程>的议 案》，根据《中华人民共和国公司法》、《上市公司章程指引（2023年修订）》 及公司经营需要，公司对《章程》部分条款进行修改，主要修改内容如下： | 修改前 | 修改后 | | --- | --- | | | 第八条 | | 第八条 | 董事长为公司的法定代表人。董事长辞任 | | 董事长为公司的法定代表人。 | 的，视为同时辞去法定代表人。法定代表人辞 | | | 任的，公司应当在法定代表人辞任之日起三十 | | | 日内确定新的法定代表人。 | | 第三十四条 | 第三十四条 | | | 公司股东大会、董事会决议内容违反法律、 | | 公司股东大会、董事会决议内容违反法 | 行政法规的，股东有权请求人民法院认定 ...

华荣科技股份有限公司 内部控制审计报告 二〇二三年度 二、 注册会计师的责任 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（btp://ac.mor.gov.cn） 进行查询 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（btrp:///ac.mor.jpg.410888Tfc 之信会计师事务所(特殊普通合伙) HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT 内部控制审计报告 信会师报字[2024]第 ZA10411 号 华荣科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了华荣科技股份有限公司(以下简称华荣股份)2023 年 12月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是华荣股份董事会的责任。 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 ...

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： 是否需要提交股东大会审议:否 公司与关联方发生的日常关联交易系按照公平、公正、自愿、诚信的原 则进行，不会对公司的独立性产生影响，不会对关联方形成依赖。 证券代码：603855 证券简称：华荣股份 公告编号：2024-012 华荣科技股份有限公司 关于2023年度日常关联交易执行情况及预计2024年度日常 关联交易的公告 （一）2023年度日常关联交易的预计和执行情况（单位：人民币元） 关联交 易类别、 内容 关联人 当年（前次）预 计金额 当年（前次）实 际发生金额 预计金额与实际发生 金额差异较大的原因 业务费 陈建新 24,940,000.00 12,117,683.00 不适用 吴献品 3,000,000.00 1,596,062.60 不适用 徐妙荣 2,600,000.00 1,093,284.14 不适用 合计 30,540,000.00 14,807,029.74 截至 2023 年末,公司接受关联方担保情况如下：（单位：人民币元） 担保方 ...