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 ...

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]

证券研究报告：机械设备|公司点评报告 2024 年 10 月 31 日 公司基本情况 最新收盘价（元） 20.50 总股本/流通股本（亿股）3.38 / 3.31 总市值/流通市值（亿元）69 / 68 52 周内最高/最低价 23.68 / 14.97 资产负债率(%) 56.8% 市盈率 14.75 第一大股东 胡志荣 股票投资评级 买入|维持 个股表现 -22% -15% -8% -1% 6% 13% 20% 27% 34% 41% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 华荣股份 机械设备 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 华荣股份(603855) Q3 新能源 EPC 业务放量，业绩稳健向上 ⚫ 事件描述 公司发布 2024 年三季报，2024Q1-3 实现营收 24.50 亿元，同增 19.67%；实现归母净利 ...

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].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,048,443,855.81, representing a year-on-year increase of 43.61%[2] - Net profit attributable to shareholders was ¥121,239,894.89, reflecting a growth of 14.07% compared to the same period last year[2] - The basic earnings per share (EPS) for the quarter was ¥0.37, an increase of 19.35% year-on-year[2] - Total revenue for the first three quarters of 2024 reached ¥2,449,921,815.29, an increase of 19.6% compared to ¥2,047,290,521.26 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was ¥324,865,875.16, compared to ¥306,333,044.00 in the same period of 2023, representing an increase of 6.1%[15] - Revenue for Q3 2024 reached CNY 2,370,368,073.98, an increase of 21.9% compared to CNY 1,944,073,404.16 in Q3 2023[22] - Operating profit for Q3 2024 was CNY 365,143,729.89, up from CNY 310,055,718.71 in Q3 2023, reflecting a growth of 17.8%[22] - Net profit for Q3 2024 was CNY 338,032,682.06, compared to CNY 292,240,772.16 in Q3 2023, indicating an increase of 15.7%[22] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥4,708,123,458.91, up 2.58% from the end of the previous year[3] - The company's total equity attributable to shareholders was ¥1,947,942,078.15, a slight increase of 0.43% from the previous year[3] - Total liabilities amounted to ¥2,717,541,804.52, compared to ¥2,608,590,025.81 in the previous year, indicating a rise of 4.2%[13] - Total assets as of Q3 2024 amounted to CNY 4,521,910,521.21, up from CNY 4,390,076,349.05 in the previous year[20] - Total liabilities increased to CNY 2,615,175,336.00 in Q3 2024 from CNY 2,508,881,433.81 in Q3 2023[20] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥278,666,318.52, showing a decline of 18.90% compared to the same period last year[2] - Cash inflows from operating activities for the first three quarters of 2024 amounted to CNY 2,672,373,351.60, compared to CNY 2,255,901,846.04 in the same period of 2023, marking an increase of about 18.4%[17] - Cash outflows from operating activities totaled CNY 2,393,707,033.08 in the first three quarters of 2024, up from CNY 1,912,299,797.56 in 2023, representing an increase of approximately 25.2%[17] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 278,666,318.52, down from CNY 343,602,048.48 in the same period of 2023, a decrease of about 18.9%[17] - The ending cash and cash equivalents balance as of September 30, 2024, was CNY 726,247,782.36, compared to CNY 571,791,179.65 at the end of 2023, an increase of approximately 27.1%[18] Shareholder Information - The top shareholder, Hu Zhirong, holds 33.32% of the shares, with a total of 112,470,000 shares, indicating strong insider ownership[7] - The second-largest shareholder, Li Miaohua, owns 6.38% of the shares, totaling 21,533,000 shares, also reflecting significant insider investment[7] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[10] Operational Insights - The increase in operating revenue was primarily driven by growth in the new energy-related business[6] - Operating costs for the quarter surged by 79.13%, attributed to the increase in revenue from the new energy sector[6] - The company received government subsidies amounting to ¥375,028.79 during the quarter, contributing to its financial performance[4] - There are no significant reminders or warnings regarding the company's operational status during the reporting period[10] Research and Development - Research and development expenses for the first three quarters were ¥114,690,480.27, slightly up from ¥113,816,579.19 in the previous year[15] - Research and development expenses for Q3 2024 were CNY 85,136,257.62, down from CNY 98,596,001.87 in Q3 2023, a decrease of 13.6%[22] Inventory and Receivables - Accounts receivable stood at CNY 1.66 billion, slightly down from CNY 1.70 billion, indicating a decrease of about 2.0%[11] - Inventory increased significantly to CNY 854.32 million from CNY 698.89 million, marking a rise of approximately 22.3%[11] - Inventory as of Q3 2024 was CNY 695,007,343.13, compared to CNY 570,430,753.73 in Q3 2023, representing a rise of 21.9%[20]

证券代码：603855 证券简称：华荣股份 公告编号：2024-028 华荣科技股份有限公司 关于2023年限制性股票激励计划 第一个解除限售期解除限售条件成就的公告 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： 1、华荣科技股份有限公司（以下简称"华荣股份"、"公司"）2023 年限 制性股票激励计划（以下简称"本次激励计划"）第一个解除限售期解除限售条 件已经成就且限售期即将届满，本次可解除限售的激励对象共 215 名，可解除限 售的限制性股票数量共 265.00 万股，约占目前公司股份总数的 0.79%。 2、本次解除限售事项在相关部门办理完解除限售手续后、上市流通前，届 时公司将发布相关提示性公告，敬请投资者注意。 华荣科技股份有限公司于 2024 年 10 月 29 日召开第五届董事会第十六次会 议和第五届监事会第十四次会议，审议通过了《关于 2023 年限制性股票激励计 划第一个解除限售期解除限售条件成就的议案》，根据公司《2023 年限制性股 票激励计划（草案）》（以下简称"《激励计划》" ...