Financial Performance - The company's operating revenue for 2023 was approximately ¥2.98 billion, a decrease of 6.20% compared to ¥3.18 billion in 2022[22]. - Net profit attributable to shareholders was approximately ¥352.49 million, representing a 34.94% increase from ¥261.22 million in 2022[22]. - The adjusted net profit attributable to shareholders, excluding non-recurring gains and losses, was approximately ¥357.74 million, up 24.21% from ¥288.00 million in 2022[22]. - The net cash flow from operating activities decreased by 22.54% to approximately ¥476.77 million from ¥615.50 million in 2022[22]. - The company's total assets at the end of 2023 were approximately ¥4.25 billion, a decrease of 3.73% from ¥4.42 billion at the end of 2022[22]. - The net assets attributable to shareholders increased by 18.22% to approximately ¥2.57 billion from ¥2.18 billion in 2022[22]. - Basic earnings per share for 2023 were ¥0.97, a 49.23% increase from ¥0.65 in 2022[24]. - The weighted average return on equity increased to 15.24%, up 2.43 percentage points from 12.81% in 2022[24]. - The company reported a total of ¥604.79 million in revenue for Q1 2023, with net profit attributable to shareholders of approximately ¥43.71 million[25]. - Non-recurring gains and losses for 2023 totaled approximately -¥5.25 million, compared to -¥26.78 million in 2022[26]. Dividend Policy - The company plans to distribute a cash dividend of 1.89 RMB per 10 shares to all shareholders registered on the dividend distribution date, with no capital reserve transfer or bonus shares issued[4]. - The total expected cash dividend for 2023 is RMB 177,363,001.74, which accounts for 50.32% of the net profit attributable to shareholders of the listed company[147]. - The cash dividend policy stipulates that at least 10% of the distributable profit should be distributed in cash, with a cumulative cash distribution over the last three years not less than 30% of the average annual distributable profit[145]. - The cash dividend amount for the annual report period is RMB 77,109,753.74, representing 21.88% of the net profit attributable to shareholders of the listed company[149]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, and held 9 meetings during the reporting period, ensuring compliance with legal and regulatory requirements[116]. - The supervisory board has 3 members, including 1 employee supervisor, and also held 9 meetings, fulfilling its supervisory responsibilities effectively[117]. - The company disclosed 4 periodic reports and 88 temporary announcements during the reporting period, ensuring timely and accurate information dissemination to shareholders[117]. - The company has taken measures to ensure the independence of its operations and governance, with no significant changes in related party transactions reported[118]. - The company has established a fair and transparent performance evaluation and incentive mechanism for senior management, linking operational indicators to annual business goals[152]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion and analysis section[6]. - The company faces risks from raw material price fluctuations, which could impact profitability if costs cannot be passed to customers[108]. - Currency exchange rate volatility poses a risk, particularly with significant exports to North America and Europe, where the primary currency is USD[109]. - Global macroeconomic fluctuations could negatively affect consumer spending on kitchen and bathroom products, impacting export business[110]. - Geopolitical risks, such as the Russia-Ukraine conflict, may disrupt supply chains and increase production costs[111]. Research and Development - The company applied for 80 invention patents, 134 utility model patents, and 11 design patents during the reporting period, with 61 invention patents, 144 utility model patents, and 10 design patents granted[33]. - The company has invested in R&D talent and equipment for the beauty health segment, enhancing production capabilities and efficiency[53]. - The total number of R&D personnel is 664, representing 14.16% of the company's total workforce, highlighting the focus on innovation[82]. - Research and development expenses totaled CNY 203,531,659.51, accounting for 6.82% of total operating revenue, reflecting a commitment to continuous investment in innovation[81]. Market Expansion - The company is actively expanding into emerging smart health categories, focusing on smart fitness and sleep monitoring systems, with 29 new patents applied for during the reporting period[39]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[124]. - Future outlook indicates a projected revenue growth of 20% for 2024, driven by new product launches and market expansion strategies[185]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of 2024[124]. Environmental Responsibility - The company is committed to sustainable development and has built its first overseas manufacturing base, promoting ESG principles to enhance its core competitiveness[33]. - The company has invested ¥1,131.44 million in environmental protection during the reporting period[158]. - The company has established a comprehensive environmental management system and obtained ISO14001 certification[159]. - The company has reduced carbon emissions by 3,022.1 tons through measures such as using clean energy and carbon reduction technologies in production[170]. Employee Development - The company emphasizes talent development and provides various training programs to enhance employee skills and capabilities[174]. - The company provided medical assistance to 45 employees, totaling RMB 242,600, through its mutual aid fund during the reporting period[175]. - The company has established long-term partnerships with suppliers and customers based on mutual trust and shared benefits[176]. Strategic Acquisitions - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and market reach, expected to close by Q2 2024[124]. - The company completed the transfer of 100% equity of its wholly-owned subsidiary, Songlin Home, for a payment of 100 million yuan on August 29, 2023[198]. - The company approved the acquisition of the remaining 49% equity of its subsidiary, Beijete, on October 18, 2023[199].

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 整性承担法律责任。 重要内容提示： 厦门松霖科技股份有限公司(以下简称"公司")于 2024 年 4 月 19 日以现场表决方式在公司会议室召开第三届监事会第九次会议， 本次会议通知于 2024 年 4 月 14 日以邮件方式发出。本次会议由监 事会主席李丽英女士主持。会议应出席监事 3 人，全体监事亲自出 席了会议，公司董事会秘书列席了会议。会议的召开符合《公司法》 和《公司章程》等有关规定。出席会议监事对会议通知中列明的事 项进行了审议，决议内容如下： 1.审议通过了《关于开展外汇远期结售汇套期保值业务、人民币 外汇掉期业务、人民币对外汇期权组合业务的议案》； 与会监事认为：《关于开展外汇远期结售汇套期保值业务、人 1 全体监事亲自出席本次监事会。 无监事对本次监事会议案投反对和弃权票。 本次监事会议案全部获审议通过。 证券代码：603992 证券简称：松霖科技 公告编号：2024-013 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于第三届监事会第九次会议决议的公 ...

国泰君安证券股份有限公司 关于厦门松霖科技股份有限公司 2024 年使用闲置募集资金进行现金管理的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"、"保荐机构"）作为厦门 松霖科技股份有限公司（以下简称"松霖科技"、"公司"）公开发行可转换公司债 券的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》和《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》等有关规定，对公司 2024 年使用闲置募集资金进行现金管理事项进行了核查，核查情况及核查意见 如下： 一、投资情况概述 （一）投资目的 公司本次拟使用公开发行可转换公司债券募集资金进行现金管理。 为提高公司闲置募集资金使用效率，在确保日常经营资金需求和资金安全的 前提下，公司利用闲置募集资金购买安全性高、流动性好的产品，以增加投资收 益。 （二）投资金额 公司拟使用不超过人民币 4.00 亿元（含）的暂时闲置募集资金进行现金管 理，在上述额度范围内，资金可以滚动使用，期限内任一时点 ...

证券代码：603992 证券简称：松霖科技 公告编号：2024-011 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于公司使用闲置自有资金进行现金管理的公告 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： 投资种类：银行等金融机构发行的安全性高、流动性好、 单项产品期限最长不超过 12 个月的理财产品或存款类产品。 1 和资金安全的前提下，公司利用闲置自有资金购买安全性高、流动 性好的产品，以增加投资收益。 （二）投资金额 投资金额：使用最高不超过人民币 10.50 亿元（含）的闲 置自有资金 已履行的审议程序：第三届董事会第九次会议、第三届 监事会第九次会议审议通过。 特别风险提示：虽然公司购买的是低风险理财产品，但 理财产品仍存在金融机构破产倒闭带来的清算风险、政策风险、 流动性风险、不可抗力风险等风险。 一、投资情况概述 （一）投资目的 为提高公司闲置自有资金使用效率，在确保日常经营资金需求 公司拟使用不超过人民币 10.50 亿元（含）的暂时闲置自有资金 进行现金管理，在上 ...

证券代码：603992 证券简称：松霖科技 公告编号：2024-014 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于第三届董事会第九次会议决议的公告 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： 厦门松霖科技股份有限公司(以下简称"公司")于 2024 年 4 月 19 日以现场结合通讯的表决方式在公司会议室召开第三届董事会第 九次会议，本次会议通知于 2024 年 4 月 14 日以邮件方式发出。本 次会议由董事长周华松先生主持。会议应出席董事 9 人，全体董事 亲自出席了会议，公司全体监事及高级管理人员列席了会议。会议 的召开符合《公司法》和《公司章程》等有关规定。出席会议董事 对会议通知中列明的事项进行了审议，决议内容如下： 1.审议通过了《关于开展外汇远期结售汇套期保值业务、人民币 外汇掉期业务、人民币对外汇期权组合业务的议案》； 公司 2024 年度继续开展外汇远期结售汇套期保值业务、人民币 1 全体董事亲自出席本次董事会。 无董事对本次董事会议案投反对和弃权票。 本 ...

证券代码：603992 证券简称：松霖科技 公告编号：2024-012 转债代码：113651 转债简称：松霖转债 重要内容提示： 投资种类：银行等金融机构发行的安全性高、流动性好、 单项产品期限最长不超过 12 个月的理财产品或存款类产品。 投资金额：使用最高不超过人民币 4.00 亿元（含）的闲 置募集资金 已履行的审议程序：第三届董事会第九次会议、第三届 监事会第九次会议审议通过。 特别风险提示：虽然公司购买的是低风险理财产品，但 理财产品仍存在金融机构破产倒闭带来的清算风险、政策风险、 流动性风险、不可抗力风险等风险。 厦门松霖科技股份有限公司 关于公司使用闲置募集资金进行现金管理的公告 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。 一、投资情况概述 （一）投资目的 1 和资金安全的前提下，公司利用闲置募集资金购买安全性高、流动 性好的产品，以增加投资收益。 （二）投资金额 公司拟使用不超过人民币 4.00 亿元（含）的暂时闲置募集资金 进行现金管理，在上述额度范围内，资金可以滚动使用，期限内任 一时点的交易金额（ ...

证券代码：603992 证券简称：松霖科技 公告编号：2024-010 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于开展外汇远期结售汇套期保值业务、人民币外汇掉期业务、 人民币对外汇期权组合业务的公告 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： 交易目的、交易品种、交易工具、交易场所和交易金额：厦 门松霖科技股份有限公司（以下简称"公司"）及其合并报表范围 内子公司（以下简称"子公司"）为降低汇率大幅波动带来的不利 影响，增强公司财务的稳健性，公司及子公司拟开展外汇远期结售 汇套期保值业务、人民币外汇掉期业务、人民币对外汇期权组合业 务（以下简称"外汇套期保值业务"），在保证日常运营资金需求 的情况下，公司及子公司拟在 2024 年度与境内外商业银行开展额度 不超过 1.40 亿美元或其他等值外币的外汇套期保值业务。 已履行的审议程序：公司第三届董事会第九次会议、第三届 监事会第九次会议审议通过。 特别风险提示：公司及子公司进行外汇套期保值业务遵循合 法、审慎、安全、有效、稳 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 04 月 09 日 松霖科技(603992.SH) 业绩加速回升 厨卫健康逐季回升，美容健康发展势头迅猛 | --- | --- | |--------------------------|-------------------------| | | 公司快报 \n证券研究报告 | | | 其他家居 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 26.5 元 | | 股价 (2024-04-08) 18.48 | 元 | | 交易数据 | | | 总市值 | (百万元) 7,539.62 | | 流通市值 | (百万元) 7,410.72 | | 总股本(百万股 | ) 407.99 | | 流通股本(百万股 | ) 401.01 | | 12 个月价格区间 | 12.39/19.95 元 | -27% -17% -7% 3% 13% 2023-04 2023-08 2023-11 2024-03 松霖科技 沪深300 分析师 luoqs1@essence.com.cn 剥离"松霖•家"业务，完成倍杰特完 ...

Group 1: Strategic Adjustments - The major strategic adjustment last year was the separation of the "Songlin Home" business from the listed system, completed in September 2023 [2] - The acquisition of the remaining minority stake in the subsidiary Beijiete was aimed at enhancing the company's smart toilet business and manufacturing capabilities [2] - The construction of a production base in Vietnam is part of the company's overseas expansion strategy [2] Group 2: Business Segments and Growth - The company is involved in three main business categories: kitchen and bathroom products, beauty and health products, and emerging smart health hardware [2] - Kitchen and bathroom products, including showers and smart toilets, are the primary revenue source [2] - Beauty and health products have seen rapid growth, becoming the second growth curve for the company [2] Group 3: Research and Development - The company invests approximately 6% of its revenue annually in R&D, emphasizing its importance for sustainable development [2] - Collaborations with universities and hospitals are established to transform research outcomes into practical products [3] - The company has achieved significant R&D results, including multiple patents and innovative products [3] Group 4: Market and Sales Performance - The expected order conversion cycle is around 12 months, primarily driven by projects developed last year [4] - The export business currently accounts for approximately 65% of total sales, with plans to deepen strategic partnerships globally [4] - The company aims to optimize market expansion strategies to meet diverse customer needs [4] Group 5: Future Development Plans - Future development will focus on the IDM hardware platform strategy, increasing investment in technology and production capabilities [5] - The company has set profit targets for the equity incentive plan, aiming for net profits of 470 million, 570 million, and 680 million from 2024 to 2026 [5] - The equity incentive plan is designed to enhance employee motivation and drive sustainable development [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [16][29]. Core Insights - The company reported a revenue of 2.983 billion yuan for 2023, reflecting a year-on-year decrease of 6.2%. However, the net profit attributable to the parent company increased by 35.3% to 353 million yuan, primarily due to the divestiture of the "Songlin Home" business [21][34]. - The company is focusing on its "IDM hardware category champion incubation platform," emphasizing green, smart, and healthy product characteristics while expanding into beauty health and emerging smart health categories [21][34]. - The beauty and health business saw a remarkable revenue growth of 79% in 2023, driven by the introduction of new products such as beauty showers and beauty devices [3][21]. Financial Performance Summary - For Q1 2024, the company expects a net profit attributable to the parent company between 103 million and 123 million yuan, representing a year-on-year increase of 135.66% to 181.42% [13]. - The company plans to enhance its production capacity through domestic expansions and technological upgrades, while also establishing a factory in Vietnam to meet increasing order demands [4][14]. - The financial forecast for 2024 estimates a net profit of 489.62 million yuan, with a corresponding PE ratio of 15.93 [36][34]. Strategic Developments - The company is transitioning its traditional OEM model to an IDM model for its smart toilet business, aiming to capitalize on the growth potential in this sector [22]. - The divestiture of the "Songlin Home" business is expected to optimize the company's financial statements and focus on core operations [33]. - The company is also enhancing its product offerings in the kitchen and bathroom health sector, which is anticipated to benefit from the recovery of the U.S. real estate market [15][34].