证券代码：605060 证券简称：联德股份 杭州联德精密机械股份有限公司 投资者关系活动记录表 编号：2024-001 投资者关系活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑电话会议 □其他 参与单位名称及人员姓名 中信证券、广发证券、国投证券、兴业证券、财通证 券、海通证券、银河证券、华福证券、东方证券、国 信证券、方正证券、江海证券、中邮证券、甬兴证 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.85 CNY per share, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [3][16]. Core Insights - The company's performance in 2023 was slightly below expectations, with a revenue of 1.211 billion CNY, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 251 million CNY, a year-on-year increase of 1.45%. The fourth quarter saw a revenue of 283 million CNY, down 6.97% year-on-year, and a net profit of 47 million CNY, down 30.47% year-on-year [1][7]. - Subsidiaries have caused some drag on overall performance, with the annual gross margin at 37.37%, up 0.90 percentage points year-on-year, and a net profit margin of 20.59%, down 1.34 percentage points year-on-year. Losses from subsidiaries, such as Zhejiang Mingde and Liyuan Jinhai, amounted to 5.39 million CNY and 17.31 million CNY respectively [1][7]. - The company is expected to see significant contributions from new capacity in 2024, with successful completion of projects aimed at increasing production capacity and efficiency, including a new resin sand casting production line and ongoing construction of high-precision mechanical component production facilities [1][7]. - Profit forecasts suggest net profits for 2024-2026 will be 300 million CNY, 379 million CNY, and 477 million CNY respectively, with corresponding EPS of 1.24 CNY, 1.57 CNY, and 1.98 CNY per share. The company is projected to enter a rapid growth phase due to capital expenditures and acquisitions [1][7]. Financial Summary - For 2023, the company reported a revenue of 1.211 billion CNY, with a growth rate of 8.1%. Projections for 2024 indicate a revenue increase to 1.507 billion CNY, representing a growth rate of 24.4% [7]. - The EBITDA for 2023 was 371 million CNY, with forecasts of 438 million CNY for 2024, indicating a growth trajectory [7]. - The company's net profit for 2023 was 251 million CNY, with expected growth to 300 million CNY in 2024, reflecting a growth rate of 19.3% [7]. - The report highlights a projected PE ratio of 20 times for 2024, suggesting a valuation of 24.85 CNY per share based on comparable company analysis [1][7].

Investment Rating - The report maintains a "Buy - A" rating for the company with a 6-month target price of 20.48 CNY, while the current stock price is 17.06 CNY [18][21]. Core Views - The company is expected to maintain stable profitability in 2024, driven by the reduction of losses in subsidiaries and the efficiency improvements from ongoing projects [17][21]. - The company has shown resilience in its gross margin, which stood at 37.37% in 2023, reflecting a slight increase of 0.9 percentage points year-on-year [17]. - Revenue for 2023 was reported at 1.2113 billion CNY, representing an 8.09% increase year-on-year, while net profit reached 251.3 million CNY, up 1.45% [16][17]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023 revenue: 1.2113 billion CNY, 2024 forecast: 1.5215 billion CNY, 2025 forecast: 1.8516 billion CNY, 2026 forecast: 2.2668 billion CNY [22]. - Net profit for 2023: 251.3 million CNY, 2024 forecast: 308.4 million CNY, 2025 forecast: 380.6 million CNY, 2026 forecast: 481.9 million CNY [22]. - Profitability Ratios: - Gross margin: 37.37% in 2023, net margin: 20.59% [17]. - Earnings per share (EPS) for 2023: 1.04 CNY, with forecasts of 1.28 CNY for 2024 and 1.58 CNY for 2025 [22]. - Valuation Metrics: - Price-to-earnings (PE) ratio forecasted at 13.7 for 2024, 11.1 for 2025, and 8.8 for 2026 [22]. Capacity Expansion and Market Strategy - The company is actively expanding its production capacity, with significant projects underway, including a new facility in Mexico aimed at producing precision components [21]. - The company has established a solid foundation for long-term growth, focusing on new markets and customer segments [5][21].

Financial Performance - The company's operating revenue for 2023 reached ¥1,211,295,248.76, representing an increase of 8.09% compared to ¥1,120,618,592.51 in 2022[25]. - Net profit attributable to shareholders was ¥251,336,257.26, a year-on-year increase of 1.45% from ¥247,743,977.95 in 2022[25]. - The net cash flow from operating activities surged by 72.24% to ¥325,205,035.15, primarily due to improved collection of accounts receivable[26]. - Basic earnings per share increased to ¥1.05, reflecting a growth of 1.94% from ¥1.03 in the previous year[26]. - Total assets at the end of 2023 were ¥2,675,178,264.45, a slight increase of 1.57% from ¥2,633,861,922.57 at the end of 2022[25]. - The net assets attributable to shareholders rose to ¥2,244,318,389.69, marking an 8.83% increase from ¥2,062,219,134.05 in 2022[25]. - The company reported a total of ¥10,237,885.58 in government subsidies closely related to its normal business operations for 2023[30]. - The company experienced a decrease in non-recurring gains, totaling ¥13,170,124.71 for 2023, compared to ¥16,329,157.20 in 2022[30]. Governance and Compliance - The company reported a standard unqualified audit opinion from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties, ensuring financial integrity[8]. - The company has not faced any violations in decision-making procedures regarding external guarantees, indicating strong compliance[8]. - The company has maintained a stable management team with no changes in shareholding among directors and supervisors[103]. - The company has established a comprehensive corporate governance structure, including a board of directors, supervisory board, and various specialized committees to ensure effective decision-making and oversight[98]. - The company adheres to strict information disclosure practices, ensuring transparency and equal access to information for all shareholders[100]. - The company has implemented rigorous insider information management protocols to prevent insider trading and protect minority shareholders' rights[101]. Strategic Initiatives - The company is preparing to establish a factory in Mexico to enhance global supply chain capabilities and deepen cooperation with downstream customers[43]. - The company is focusing on technological innovation and has formed advantages in technology teams, innovation, and production processes to maintain industry leadership[38]. - The company is actively expanding its market presence by leveraging its strong brand image and exploring new business areas to create new profit growth points[41]. - The company aims to enhance its competitive edge by focusing on technological innovation and reducing production costs, with a strategic goal of becoming a leading enterprise in the industry[91]. - The company plans to optimize its product structure and expand into new business areas while maintaining its focus on compressor components[92]. Environmental Responsibility - The company invested RMB 5.4458 million in environmental protection during the reporting period[142]. - The company’s subsidiary, Liyuan Jinhai, reported emissions of casting waste gas at a concentration of 5.0-5.9 mg/m3, well below the standard of 30 mg/m3[143]. - The company has implemented a rooftop distributed photovoltaic power generation project, expected to reduce standard coal by 855.91 tons and carbon dioxide emissions by 1,255.04 tons annually[154]. - In 2023, the company achieved a reduction of 3,013.79 tons in carbon emissions through various carbon reduction measures, including the use of clean energy[153]. - The company received the ISO14001:2015 environmental management system certification in 2022 and 2023, enhancing its commitment to environmental responsibility[152]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be aware of these risks[8]. - The company faces risks from raw material price fluctuations, trade tensions, and exchange rate volatility, which could impact its operational performance[95]. Shareholder Relations - The company plans to distribute a cash dividend of RMB 3.5 per 10 shares, totaling approximately RMB 83,984,075, subject to shareholder approval[6]. - The company has ensured that minority shareholders had sufficient opportunities to express their opinions and protect their legal rights[132]. - The company is committed to enhancing investor relations and maintaining open communication channels with investors to keep them informed about its operational developments[100]. Research and Development - Research and development expenses amounted to 63 million RMB, representing a year-on-year increase of 10.37%[60]. - The number of R&D personnel is 197, accounting for 10.82% of the total workforce[75]. - The company has obtained a total of 221 authorized patents, including 43 invention patents and 176 utility model patents, showcasing its strong R&D capabilities[55]. Operational Efficiency - The company has an annual casting capacity of 70,000 tons and operates 10 CNC machining workshops with 133 large processing centers, indicating significant operational scale advantages[59]. - The company emphasizes product quality control, maintaining a robust quality management system compliant with ISO standards[57]. - The company employs a customized production model based on customer orders, ensuring high efficiency and product quality[51]. Financial Management - The company reported a cash management balance of 30,000,000 RMB as of March 29, 2023, with a maximum balance of 13,000,000 RMB during the period[185]. - The company raised 93,540,000 CNY through its initial public offering, with a total of 86,122,950 CNY utilized by the end of the reporting period, representing 82.89% of the total raised funds[178]. - The company has committed to invest a total of 57,556,000 CNY in the high-precision mechanical component production project, with 26,710,000 CNY invested in the current year[179].

证券代码：605060 证券简称：联德股份 公告编号：2024-025 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：安全性高、流动性好、低风险的投资产品。 ● 投资金额：杭州联德精密机械股份有限公司（以下简称"公司"）及 子公司拟使用额度不超过3亿元（含本数）的暂时闲置自有资金进行现金管理， 在上述额度内，资金可循环滚动使用。 ● 履行的审议程序：公司于2024年4月2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，分别审议通过了《关于使用自有资金进行现金管理 的议案》。 ● 风险提示：尽管公司购买的是安全性高、流动性好、低风险的投资产 品，但金融市场受宏观经济影响较大，不排除该投资受政策风险、市场风险、 流动性风险、信息传递风险、不可抗力及意外事件风险等因素影响。敬请广大 投资者谨慎决策，注意防范投资风险。 杭州联德精密机械股份有限公司 关于使用自有资金进行现金管理的公告 一、本次现金管理的概况 （一）现金管理的目的 为提高公司自有资金使用效率，合理利用暂时闲置自有资金增加公司资金 ...

杭州联德精密机械股份有限公司 关于 2023 年度会计师事务所履职情况评估报告 3、独立性 一、资质条件 会计师事务所基本情况 | 事务所名称 | 天健会计师事务所(特殊普通合伙) | | | | --- | --- | --- | --- | | 成立日期 | 2011年7月18日 组织形式 | 特殊普通合伙 | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 128 号 | | | | 首席合伙人 | 王国海 上年末合伙人数量 | | 238人 | | 上年末执业人 | 注册会计师 | | 2, 272 人 | | 员数量 | 签署过证券服务业务审计报告的注册会计师 | | 836 人 | | 2023年(经审 | 业务收入总额 | 34.83亿元 | | | 计)业务收入 | 审计业务收入 | 30.99亿元 | | | | 证券业务收入 | 18.40 亿元 | | | | 客户家数 675 家 | | | | | 审计收费总额 | 6.63 亿元 | | | 2023 年上市公 司(含A、B股) 审计情况 | 涉及主要行业 | 制造业,信息传输、软件和信息技术服务 业,批发和零售业,电力、热 ...

关于使用部分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。 证券代码：605060 证券简称：联德股份 公告编号：2024-026 杭州联德精密机械股份有限公司 重要内容提示： 投资种类：安全性高、流动性好、低风险、稳健型的保本型理财产品， 包含但不限于协定存款、通知存款、结构性存款等保本型理财产品。 投资金额：杭州联德精密机械股份有限公司（以下简称"公司"、"联 德股份"）及子公司拟使用总额不超过人民币 1 亿元（含本数）的暂时闲置募集 资金进行现金管理，在上述额度内，资金可循环滚动使用。 履行的审议程序：公司于 2024 年 4 月 2 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，分别审议通过了《关于使用部分闲置募集资金进 行现金管理的议案》。保荐机构中信证券股份有限公司（以下简称"中信证券"） 对本事项出具了同意的核查意见。 特别风险提示：尽管本次现金管理是购买安全性高、流动性好、低风险、 稳健型的保本型理财产品，但金融市场会受宏观经济的影响，公司将根据经济形 势以及金融市场的 ...

中信证券股份有限公司 关于杭州联德精密机械股份有限公司 2023 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为杭州联德精密 机械股份有限公司（以下简称"联德股份"、"公司"）首次公开发行股票并在上交所主 板上市的保荐机构，根据《中华人民共和国证券法》、《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（2023 年 8 月修订）》、《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）》和《上海证券交易 所上市公司自律监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的规 定，对联德股份 2023 年度募集资金的存放和使用情况进行了核查，核查具体情况如下： 一、募集资金到位及使用基本情况 （一）实际募集资金金额、资金到位时间 根据中国证券监督管理委员会《关于核准杭州联德精密机械股份有限公司首次公 开发行股票的批复》（证监许可〔2020〕3550 号）核准杭州联德精密机械股份有限公 司（以下简称"公司"）首次公开发行股票的注册申请，并经上海证券交易所同意，公 司首次向社会公开发行人民币普通股（A ...

证券代码：605060 证券简称：联德股份 公告编号：2024-024 杭州联德精密机械股份有限公司 关于申请银行授信额度的公告 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。 杭州联德精密机械股份有限公司（以下简称"公司"）于2024年4月2日召开 的第三届董事会第三次会议审议通过了《关于申请银行授信额度的议案》。现将 相关事项公告如下： 2024年 4月 3日 为满足经营和业务发展需要，减少资金占用，提高资金营运能力，公司及子 公司拟向各合作银行申请综合信用授信额度不超过人民币10亿元。本次授信内容 包括但不限于流动资金借款、银行承兑汇票、票据贴现、信用证、保函等综合授 信业务。 本次授信额度不等于公司实际融资金额，实际融资金额应在授信额度内以银 行与公司实际发生的融资金额为准，具体融资金额将视公司生产经营的实际资金 需求合理确定。 公司董事会授权董事长全权代表公司在上述授信额度内签署相关法律文件。 上述银行综合信用授信额度自公司董事会审议批准之日起12个月内有效，在上述 额度及期限内可循环使用且单笔融资不再上报董事会审议 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | 页 | | | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | 页 | | | | （一）合并资产负债表…………………………………………… 第 | 页 | 7 | | | （二）母公司资产负债表………………………………………… 第 | 页 | 8 | | | （三）合并利润表………………………………………………… 第 | 页 | 9 | | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 页 | 11 | | | （六）母公司现金流量表…………………………………………第 | 页 | 12 | | | （七）合并所有者权益变动表……………………………………第 | 页 | 13 | | | （八）母公司所有者权益变动表…………………………………第 | 页 | 14 | | 三、财务报表附注……………………………………………… 第 15—92 页 ...