Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company's performance is under short-term pressure due to insufficient domestic demand, but its market share continues to increase. The company, as a leading manufacturer of general reducers in China, is expected to benefit from the elimination of less competitive small enterprises in the market, which will enhance its market share and narrow the gap with foreign brands [3][4]. - The company's profitability has improved on a quarter-on-quarter basis, with stable expenses despite a decline in revenue scale. The gross margin decreased by 1.9 percentage points year-on-year but increased by 1.0 percentage point quarter-on-quarter, while the net margin also showed a similar trend [3][4]. - The company is focusing on structural market opportunities in downstream sectors such as plastic machinery and oil extraction equipment, while also expanding its presence in niche markets. The sales of specialized and high-end reducers are showing positive growth, and the company is successfully entering new fields and securing significant projects [4][3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.268 billion yuan, down 5.29% year-on-year, and a net profit attributable to shareholders of 146 million yuan, down 14.64% year-on-year. In Q2 2024, revenue was 683 million yuan, down 4.25% year-on-year, and net profit was 82 million yuan, down 10.26% year-on-year [3][4]. - The company's reducer sales (excluding Modoli products) grew by approximately 4.23% year-on-year in H1 2024, with market share further increasing [3][4]. Business Development - The company is consolidating its core business while seizing structural market opportunities in downstream sectors. The sales of modular reducers and other specialized products have increased, with a 7.9% year-on-year improvement in per capita output in the general reducer business [4][3]. - The company is actively developing specialized and high-end reducers, achieving breakthroughs in new fields and securing bulk orders from notable clients [4][3]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 374 million, 435 million, and 513 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 14x, 12x, and 10x [4][3].

Investment Rating - The report maintains a "Buy" rating for Guomao Co., Ltd. (603915) [1] Core Views - The company's performance is under pressure, with a year-on-year revenue decline of 5.29% to 1.268 billion yuan in H1 2024, and a net profit decline of 14.64% to 146 million yuan [1] - The demand in the reducer industry is weak, leading to competitive pressures, but there are growth opportunities in sectors like rubber and plastic machinery, marine engineering, and non-standard automation [1] - The company is focusing on structural opportunities in niche mechanical fields such as injection molding machines and elevator traction machines [1] - There is a quarter-on-quarter improvement in gross margin and net margin, with H1 2024 gross margin at 23.53% and net margin at 11.55% [1] Financial Summary - For H1 2024, the company reported revenue of 1.268 billion yuan, down 5.29% year-on-year, and a net profit of 146 million yuan, down 14.64% year-on-year [1] - Q2 2024 revenue was 683 million yuan, a 4.25% year-on-year decline but a 16.67% quarter-on-quarter increase, with net profit at 82 million yuan, down 10.26% year-on-year but up 26.32% quarter-on-quarter [1] - The company forecasts net profits of 450 million yuan, 508 million yuan, and 568 million yuan for 2024, 2025, and 2026 respectively, indicating a compound annual growth rate of 13% [1][2]

证券代码：603915 证券简称：国茂股份 公告编号：2024-008 江苏国茂减速机股份有限公司 2024 年半年度募集资金存放与实际使用情况的 专项报告 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法律责任。 金额单位：人民币元 | 序号 | 开户银行 | 银行账号 | 账户名称 | 余额 | | | --- | --- | --- | --- | --- | --- | | 1 | 中国银行股份有限公司常 州湖塘支行 | 462473289529 | 江苏国茂减速 | 0（注 | 1） | | 2 | 江苏江南农村商业银行股 份有限公司常州市武进支 行 | 1032500000009197 | 机股份有限公 司 | 0（注 | 1） | 5 根据中国证券监督管理委员会《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（2022 年修订）》（证监会公告〔2022〕15 号） 、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证 券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,267,980,566.38, a decrease of 5.29% compared to CNY 1,338,782,590.13 in the same period last year[14]. - The net profit attributable to shareholders for the first half of 2024 was CNY 146,302,783.37, down 14.64% from CNY 171,386,604.38 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 122,857,661.71, a decrease of 20.81% compared to CNY 155,147,753.00 last year[14]. - The basic earnings per share for the first half of 2024 were CNY 0.22, down 15.38% from CNY 0.26 in the same period last year[15]. - The diluted earnings per share were also CNY 0.22, reflecting the same percentage decrease of 15.38%[15]. - The weighted average return on net assets decreased by 1.14 percentage points to 4.06% compared to 5.20% in the previous year[15]. - The company reported a non-recurring gain of 23,445,121.66 RMB, after accounting for tax and minority interests[19]. - The company has recognized a non-recurring loss of 32,401.91 RMB from the disposal of non-current assets[19]. Cash Flow and Assets - The net cash flow from operating activities increased by 71.93% to CNY 113,770,765.37, compared to CNY 66,172,596.73 in the same period last year[14]. - The total assets at the end of the reporting period were CNY 5,123,955,975.07, reflecting a 2.20% increase from CNY 5,013,784,332.71 at the end of the previous year[14]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,607,523,006.96, a slight increase of 0.46% from CNY 3,591,036,040.58 at the end of last year[14]. - The company's cash and cash equivalents decreased to CNY 475,690,000.90 from CNY 642,596,801.01, a decline of about 26.0%[84]. - The total current assets decreased slightly to CNY 3,301,770,824.53 from CNY 3,374,154,420.26, a decline of approximately 2.1%[81]. Market and Business Operations - The company's main business is the research, development, production, and sales of gear reducers, which are essential components in various industries such as environmental protection, construction, and power generation[20]. - The company produced approximately 110,000 product models in 2023, enhancing customer procurement efficiency and loyalty[25]. - The company is focusing on expanding into emerging markets along the Belt and Road Initiative, targeting sectors like metallurgy and mining[23]. - The company is actively exploring new market opportunities in sectors such as water conservancy, ports, and pharmaceuticals, enhancing its competitive position against foreign brands[28]. - The company has 88 A-class distributors, an increase of 4 from the previous year, covering most provinces in China[24]. Research and Development - The company holds 286 domestic patents, including 40 invention patents, showcasing its commitment to innovation[25]. - The company is actively involved in drafting national standards, enhancing its influence in the industry[25]. - The company has developed new products in the engineering planetary gearbox sector, including a low-noise elevator traction machine gearbox, which has received positive feedback from clients[28]. - Research and development expenses for the first half of 2024 amounted to CNY 58,299,209.93, down from CNY 65,316,826.09 in the previous year, indicating a focus on cost management[88]. Financial Management and Governance - The company plans to distribute a cash dividend of CNY 0.12 per share (including tax) to all shareholders[4]. - The company has established a long-term commitment to avoid illegal occupation of funds and assets, minimizing related party transactions during the control period[52]. - The company has committed to ensuring that its governance structures will reasonably influence controlled entities to avoid engaging in competing businesses[55]. - The company will notify its shareholders immediately upon discovering any business opportunities that may lead to competition[54]. Risks and Challenges - The company faces operational risks due to economic fluctuations, which may impact market demand for its products[39]. - The company plans to enhance product competitiveness through brand, industry, and technology marketing to mitigate economic downturn risks[39]. - The company aims to strengthen customer credit management and collection efforts to mitigate accounts receivable risks[39]. Investment and Capital Structure - The company invested 204,750,000.00 in Moduli, marking a 100% increase in investment compared to the previous period[35]. - The total amount of funds raised was CNY 87,333.30 million, with a net amount of CNY 80,000.00 million after deducting issuance costs[63]. - The company has approved a cash management plan with an effective limit of 20,000 million RMB, starting from April 29, 2024, with no cash management balance at the end of the reporting period[67]. - The total equity attributable to shareholders increased to CNY 3,607,523,006.96 from CNY 3,591,036,040.58, reflecting a growth of about 0.5%[83]. Accounts Receivable and Bad Debt - Accounts receivable increased significantly to CNY 398,310,954.13 from CNY 243,030,891.83, marking a growth of approximately 63.9%[84]. - The total accounts receivable at the end of the period reached ¥556,312,990.64, up from ¥343,174,265.90 at the beginning, indicating a growth of approximately 62.2%[192]. - The provision for bad debts for accounts receivable was ¥104,456,285.20, representing a provision rate of 18.77%[193]. - The total bad debt provision at the end of the period was ¥104,456,285.20, reflecting a significant increase from the previous period[193]. Environmental and Compliance Efforts - The company emphasizes environmental management and compliance with various environmental laws and regulations[45]. - The company has implemented a 40MWp distributed photovoltaic power generation project, generating approximately 20.95 million kWh during the reporting period[46]. - The company is upgrading diesel forklifts to energy-efficient electric forklifts to reduce energy consumption and improve air quality[45].

证券代码：603915 证券简称：国茂股份 公告编号：2024-029 江苏国茂减速机股份有限公司 关于调整使用闲置自有资金进行委托理财 授权额度的公告 委托理财受托方：银行、证券公司或信托公司等金融机构 委托理财金额：委托理财产品单日最高余额不超过 15 亿元（人民币，下 同） 委托理财产品：低风险类理财产品 委托理财期限：自 2024 年 8 月 28 日至 2025 年 4 月 28 日 履行的审议程序：2024 年 8 月 28 日，江苏国茂减速机股份有限公司（以 下简称"公司"）召开第三届董事会第七次会议及第三届监事会第七次会 议，审议通过了《关于调整使用闲置自有资金进行委托理财授权额度的 议案》，同意公司为提高自有资金使用效率，在不影响公司正常经营的情 况下，将闲置自有资金所购买理财产品的额度由13亿元调整为15亿元， 在上述额度内，资金可以滚动使用。授权期限自 2024 年 8 月 28 日至 2025 年 4 月 28 日。本议案无需提交股东大会审议。 重要内容提示： 一、本次委托理财概况 （一）委托理财目的 本次委托理财的资金来源于公司闲置自有资金。 为提高资金使用效率，在不影响公司正常经营 ...

上海君澜律师事务所 关于 江苏国茂减速机股份有限公司 2020 年限制性股票激励计划 回购注销部分限制性股票实施相关事项 之 法律意见书 二〇二四年七月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于江苏国茂减速机股份有限公司 2020 年限制性股票激励计划 回购注销部分限制性股票实施相关事项之 法律意见书 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，在对 公司提供的有关文件和事实进行了充分核查验证的基础上，出具法律意见如下： 一、本次回购注销的批准与授权 致：江苏国茂减速机股份有限公司 上海君澜律师事务所（以下简称"本所"）接受江苏国茂减速机股份有限 公司（以下简称"公司"或"国茂股份"）的委托，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《上市公司股权激励管理办法》（以下简 称"《管理办法》"）《江苏国茂减速机股份有限公司 2020 年限制性股票激励 计划》（以下简称"《激励计划》"或"本次激励计划"）的规定，就国茂股 份本次激励计划回购注销部分限制性股票实施相关事项（以下简称"本次回购 注销"）相关事项出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本 ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-024 江苏国茂减速机股份有限公司 关于股权激励限制性股票回购注销实施的公告 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法律责任。 重要内容提示： ● 鉴于江苏国茂减速机股份有限公司（以下简称"公司"）2020 年限制性股票 激励计划（以下简称"本激励计划"、"本次激励计划"）中规定的首次授予 部分第四个解除限售期及预留授予部分第三个解除限售期的业绩考核指标无 法成就，以及 18 名获授限制性股票的激励对象离职，公司决定对前述已获授 但尚未解除限售的限制性股票共计 2,857,190 股予以回购注销。 ● 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2,857,190 | 2,857,190 | 2024 | 年 | 7 | 月 | 12 | 日 | 二、本次限制性股票回购注销情况 （一）本次回购注销限 ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-023 江苏国茂减速机股份有限公司 2024 年度"提质增效重回报"行动方案公告 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法律责任。 一、聚焦主业经营质量，推动公司高质量发展 公司的主营业务为减速机的研发、生产和销售。2023 年，我国减速机行业处 于下行调整期，市场需求继续下行，市场竞争愈发激烈。公司内部围绕"提质、 控本、增效"工作方针，启动了一系列提质降本增效项目并取得较好成效。在全 员共同努力下，公司在行业下行期实现了稳健经营，全年销售减速机 65.45 万台， 同比增长 7.64%，市场份额稳步提升。 2024 年，公司将继续聚焦减速机主业，以高质量发展为指引，成本控制为抓 手，实现企业效益最大化为目标，构建更强的竞争力。全年将努力做好以下主要 工作： 一是加强市场开拓。在巩固传统业务优势的基础上，加强细分市场、增量市 场开拓，重点关注海工、电梯、注塑机、机器人、机床、光伏、风电等下游领域 的发展机遇，深挖细分行业潜在大客户；加快高端品牌发展战略，全面对标国 ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-022 一、本次委托理财已履行的审议程序 1、江苏国茂减速机股份有限公司（以下简称"公司"）于 2023 年 4 月 26 日召开第三届董事会第三次会议、第三届监事会第三次会议，审议通过了《关于 使用部分闲置募集资金进行委托理财的议案》，同意公司为提高募集资金使用效 率，在确保不影响募集资金投资计划的情况下，在授权期限内使用合计不超过人 民币 2.15 亿元的闲置募集资金进行委托理财。在上述额度内，资金可滚动使用, 授权期限自 2023 年 4 月 29 日起至 2024 年 4 月 28 日。具体内容详见公司 2023 年 4 月 28 日发布的《江苏国茂减速机股份有限公司关于使用部分闲置募集资金 进行委托理财的公告》(公告编号：2023-014)。 2、公司于 2024 年 4 月 25 日召开第三届董事会第六次会议、第三届监事会 第六次会议，审议通过了《关于使用部分闲置募集资金进行委托理财的议案》， 同意公司为提高募集资金使用效率，在确保不影响募集资金投资计划的情况下， 在授权期限内使用合计不超过人民币 2 亿元的闲置募集资金进行委托理财。 ...

证券代码：603915 证券简称：国茂股份 公告编号：2024-021 江苏国茂减速机股份有限公司 关于控股子公司业绩承诺完成情况的公告 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法律责任。 江苏国茂减速机股份有限公司（以下简称"公司"）根据与摩多利智能传动（江 苏）有限公司（以下简称"摩多利传动"、"标的公司"）的股东关向上、李泽民、 戈贻怀以及摩多利传动签署正式《股权转让协议》的约定，以及立信会计师事务所 （特殊普通合伙）出具的信会师报字[2024]第 ZF10818 号《关于摩多利智能传动 （江苏）有限公司 2023 年度业绩承诺完成情况专项审核报告》（以下简称"《专 项审核报告》"）的确认，现就 2023 年度摩多利传动业绩承诺完成情况公告如下： 一、关于收购摩多利传动65%股权的基本情况 1、2024 年 2 月 19 日，公司与摩多利传动的股东关向上、李泽民、戈贻怀以 及摩多利传动签署正式《股权转让协议》，公司拟以自有资金收购摩多利传动 65% 的股权。摩多利传动总体估值 3.15 亿元（根据评估基准日为 2023 年 ...