宁波德昌电机股份有限公司 关于会计政策变更的公告 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： 证券代码：605555 证券简称：德昌股份 公告编号：2024-026 二、本次会计政策变更的具体情况 （一）变更前采用的会计政策 本次变更前，公司执行财政部颁布的《企业会计准则——基本准则》和各项 具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规 定。 （二）变更后采用的会计政策 本次会计政策变更后，公司将按照财政部发布的《准则解释第 17 号》的相 关规定执行。除上述政策变更外，其他未变更部分，仍按照财政部前期颁布的《企 1 本次会计政策变更系公司根据财政部新颁布或修订的企业会计准则相关 规定进行的变更，不会对公司财务状况、经营成果和现金流量产生重大影响。 本次会计政策变更系按照国家统一的会计制度要求而作出，无需提交公 司董事会和股东大会审议。 一、本次会计政策变更概述 2023 年 10 月 25 日，财政部颁布了《关于印发<企业会计准则解释第 17 号> 的通知》(财会〔2023〕21 ...

Investment Rating - The report assigns a "Buy" rating to Dechang Holdings (605555 SH) with a target price of 21 11 RMB per share based on a 24x PE multiple for 2024 [4][5] Core Views - Dechang Holdings achieved significant revenue growth in 2023 with total revenue reaching 2 78 billion RMB (YoY +43 2%) and net profit attributable to shareholders of 320 million RMB (YoY +7 9%) [2] - The company's gross margin improved to 19 1% (YoY +1 3pct) while net margin declined to 11 6% (YoY -3 8pct) [2] - In Q4 2023 revenue grew 60% YoY to 650 million RMB with net profit up 64 9% YoY to 60 million RMB [2] - Q1 2024 saw continued strong performance with revenue of 820 million RMB (YoY +46 1%) and net profit of 90 million RMB (YoY +102 3%) [3] Business Segment Analysis - Vacuum cleaner business recovered with 18% YoY growth in 2023 after inventory adjustments from major customers [3] - Small household appliances segment grew 117% YoY driven by new strategic client SharkNinja [3] - Automotive components business achieved 200 million RMB in revenue with over 2 3 billion RMB in orders secured for 2024-2026 [3] - Gross margins improved across all segments: vacuum cleaners (+0 9pct) small appliances (+5 1pct) and automotive components (+8 7pct) [3] Financial Projections - Revenue is forecast to grow from 2 78 billion RMB in 2023 to 5 24 billion RMB in 2026 representing a CAGR of 23 5% [10] - Net profit is expected to increase from 322 million RMB in 2023 to 598 million RMB in 2026 with a CAGR of 22 8% [10] - EPS is projected to grow from 0 87 RMB in 2023 to 1 60 RMB in 2026 [10] - ROE is forecast to improve from 11 8% in 2023 to 14 2% in 2026 [10] Valuation Metrics - The stock trades at 26 26x 2023 PE and 3 11x 2023 PB [10] - EV EBITDA multiple is expected to decline from 19 46x in 2023 to 7 28x in 2026 [10] - The target price of 21 11 RMB implies 5 1% upside from the current price of 20 08 RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company has established a long-term dividend mechanism, with a total dividend of 130 million yuan in 2023, representing a cash dividend ratio of 40.45%. Future dividend ratios are set at a minimum of 80% during maturity without major capital expenditures, 40% with major expenditures, and 20% during growth phases with major expenditures [2]. - The company's revenue and profit growth are robust, with a total revenue of 2.775 billion yuan in 2023, a year-on-year increase of 43.19%, and a net profit of 322 million yuan, up 7.92% year-on-year. The fourth quarter of 2023 saw a revenue of 647 million yuan, a 60.02% increase, and a net profit of 59 million yuan, up 64.93% year-on-year [6][7]. - The company is experiencing strong growth in its home appliance and automotive segments, with significant contributions from strategic clients and new projects. The home appliance segment saw a 117.17% increase in revenue, while the automotive business grew by 171.69% [7]. Financial Performance Summary - The company's gross margin improved by 2.6 percentage points to 21.69% in Q4 2023, while the net margin remained stable at 9.09% [3]. - For Q1 2024, the company achieved a gross margin of 17.43% and a net margin of 10.34%, reflecting strong cost management capabilities [8]. - The forecast for net profit from 2024 to 2026 is projected to be 436 million yuan, 570 million yuan, and 715 million yuan, respectively, with year-on-year growth rates of 35.3%, 30.8%, and 25.4% [4][16].

宁波德昌电机股份有限公司 2023年度独立董事述职报告（马良华） 本人作为宁波德昌电机股份有限公司（以下简称"公司"）的独立董事，严 格按照《公司法》、《独立董事管理办法》、《独立董事工作制度》、《公司章 程》及相关法律法规的规定，本着对全体股东负责的态度，在2023年度履职过程 中，充分发挥自身的专业优势，审慎行使公司和股东所赋予的权利，切实履行独 立董事责任和义务，维护公司的整体利益和全体股东尤其是中小股东的合法权益 。现就2023年度开展的工作报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 马良华，男，中国国籍，博士学历，教授，无境外永久居留权。1984年毕业 于浙江大学农业经济与管理系。1998年至今在浙江大学经济学院任教，现为浙江 大学金融系教授。2019年12月至今任公司独立董事。 （二）独立性情况说明 经自查，本人符合中国证监会《上市公司独立董事管理办法》《上海证券交 易所上市公司自律监管指引第1号——规范运作》中关于独立董事独立性的要求 ，不存在影响独立性的情况。 二、独立董事年度履职概况 本人作为战略委员会委员，2023年度共参加4次战略委员会会议，主要审议 公 ...

Financial Performance - The company achieved operating revenue of CNY 2,775,126,390.48 in 2023, representing a 43.19% increase compared to the previous year [23]. - Net profit attributable to shareholders reached CNY 322,180,944.32, a growth of 7.92% year-on-year [23]. - The net profit after deducting non-recurring gains and losses was CNY 314,766,058.62, reflecting an 8.88% increase from the previous year [23]. - Cash flow from operating activities amounted to CNY 469,156,293.39, up 35.66% compared to 2022 [23]. - The company's total assets at the end of 2023 were CNY 4,272,760,377.44, a 12.99% increase from the end of 2022 [23]. - Basic earnings per share for 2023 were CNY 0.87, an increase of 8.75% from the previous year [24]. - The weighted average return on equity was 12.28%, a slight decrease of 0.11 percentage points compared to 2022 [24]. Dividend and Share Capital - The proposed cash dividend for 2023 is CNY 3.5 per 10 shares, totaling CNY 130,326,280, which represents 40.45% of the net profit attributable to shareholders [4]. - The total share capital as of December 31, 2023, is 372,360,800 shares [4]. - The total share capital after the 2022 profit distribution and capital increase is 372,360,800 shares [134]. Corporate Governance - The company maintains a robust corporate governance structure, with regular meetings of the board and committees to ensure compliance and effective decision-making [105]. - The company strictly adheres to information disclosure obligations as per the Stock Listing Rules, ensuring that all investors have equal access to information [107]. - The company has established a system for insider information management to protect investors' rights and ensure fair disclosure [107]. - The company has confirmed that there are no existing instances of fund occupation or transfer of assets by the controlling shareholder or related enterprises [172]. - The company will actively accept supervision from regulatory authorities and investors regarding the fulfillment of its commitments [165]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies [5]. - The company faces risks from high customer concentration, with over 50% of sales coming from the largest client, prompting plans for capacity expansion and diversification [99]. - Raw material price volatility poses a risk, with significant fluctuations in the prices of key materials like plastics, impacting profit margins if costs rise without corresponding price adjustments [101]. - The company is exposed to foreign exchange risks due to all sales being settled in USD, necessitating effective risk management strategies [102]. Research and Development - The company added 9 invention patents and 54 utility model patents during the reporting period, enhancing its R&D capabilities [52]. - The company has established R&D centers in Ningbo, Shanghai, and Suzhou, employing 536 R&D personnel, which is 13.48% of the total workforce [52]. - The company is focusing on the strategic development of EPS motors, having formed a specialized team for innovation in this area [52]. - The company has implemented a diversified training program to enhance employee skills, including classroom instruction, online training, and practical exercises [131]. Market Expansion and Product Development - The company plans to continue its strategic focus on vacuum cleaners and diversified small appliances for future growth [34]. - The company is actively pursuing partnerships with technology firms to enhance its product offerings and drive innovation [116]. - The company plans to expand its market presence by entering three new regions in the next fiscal year, targeting a 20% increase in market share [115]. - New product development initiatives are underway, with an investment of 50 million yuan allocated for R&D in innovative technologies [116]. Environmental Compliance - The company has obtained the Pollutant Discharge Permit from the Ningbo Ecological Environment Bureau, valid until September 4, 2027 [146]. - The company has implemented carbon reduction measures, including the installation of photovoltaic panels and upgrading equipment, aiming to improve energy management [147]. - The company does not belong to the key pollutant discharge units as published by local environmental protection departments [145]. - Wastewater generated is primarily domestic sewage, treated to meet the "Comprehensive Wastewater Discharge Standards" before being discharged into the municipal sewage system [145]. Strategic Partnerships and Acquisitions - The company has established strategic partnerships with international brands such as SharkNinja, enhancing its market presence in the small appliance sector [35][45]. - The company has successfully completed two acquisitions in the past year, enhancing its product portfolio and operational capabilities [117]. Financial Management - The company has engaged in cash management of raised funds, with a maximum balance of CNY 112 million during the reporting period [196]. - The company has a total of CNY 430 million in bank wealth management products and CNY 50 million in broker wealth management products [188]. - The company has made adjustments to its accounting policies in accordance with new regulations, but these changes did not have a significant impact on its financial position or operating results [176].

宁波德昌电机股份有限公司 2023年度会计师事务所履职情况评估报告 宁波德昌电机股份有限公司（以下简称"公司"）聘请立信会计师事务所（ 特殊普通合伙）（以下简称"立信"）作为公司2023年度财务及内部控制审计机 构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务 所管理办法》，公司对立信2023年审计过程中的履职情况进行评估。经评估，公 司认为立信资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意见， 具体情况如下： 一、资质条件 （一）基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 (二)人员信息 至 2023 年末，立信拥有合伙人 278 名、注册会计师 2,533 名、从业人员总 数 10,730 名，签署 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥824,559,684.09, representing a year-on-year increase of 46.14%[5] - Net profit attributable to shareholders was ¥85,290,883.51, marking a significant increase of 102.33% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.23, reflecting a growth of 109.09% year-on-year[5] - Operating profit for Q1 2024 was ¥94,476,079.92, up 91% from ¥49,382,519.41 in the same period last year[21] - Net profit for Q1 2024 was ¥85,290,883.51, representing a 102% increase from ¥42,154,364.23 in Q1 2023[22] - Basic and diluted earnings per share for Q1 2024 were both ¥0.23, compared to ¥0.11 in Q1 2023[22] - The company reported a net profit excluding non-recurring gains and losses of ¥81,308,183.59, up 101.13% year-on-year[5] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,604,722,136.77, an increase of 7.77% from the end of the previous year[5] - The company's total assets amounted to CNY 4,604,722,137, up from CNY 4,272,760,377, reflecting an increase of approximately 7.8%[16] - The total non-current assets increased to CNY 1,354,243,922 from CNY 1,288,998,955, showing a growth of around 5.1%[16] - The company's total liabilities decreased to CNY 1,686,840,277 from CNY 1,730,246,282, indicating a reduction of about 2.5%[16] - Total liabilities as of the end of Q1 2024 amounted to ¥1,790,826,753.47, an increase from ¥1,541,049,439.31 at the end of Q1 2023[21] Cash Flow - The net cash flow from operating activities was ¥50,002,796.04, with a notable increase in cash received from sales of goods and services[5] - In Q1 2024, the net cash flow from operating activities was ¥50,002,796.04, a significant improvement from a net outflow of ¥-3,347,547.54 in Q1 2023, representing a turnaround of over 1,600%[26] - Total cash inflow from operating activities in Q1 2024 was ¥925,658,957.65, compared to ¥625,398,667.69 in Q1 2023, indicating a year-over-year increase of approximately 48%[26] - Cash outflow for purchasing goods and services in Q1 2024 was ¥639,963,992.89, up from ¥489,951,185.24 in Q1 2023, reflecting a rise of about 30.6%[26] - The net cash flow from investing activities in Q1 2024 was ¥201,146,647.27, compared to ¥76,379,351.66 in Q1 2023, marking an increase of approximately 163%[27] - Cash inflow from financing activities in Q1 2024 totaled ¥604,835,000.00, with a net cash flow of ¥298,420,566.71, a recovery from a net outflow of ¥-4,503,437.75 in Q1 2023[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 372,360,800[11] - The largest shareholder, Huang Yuchang, holds 24.36% of the shares, totaling 90,719,181 shares[11] - There were no changes in the top 10 shareholders or significant movements in shareholding due to margin trading activities[13] Research and Development - Research and development expenses for Q1 2024 were ¥27,451,329.24, an increase from ¥22,547,238.15 in Q1 2023[21] Inventory and Receivables - Accounts receivable increased to CNY 930,634,015 from CNY 904,279,742, marking a rise of approximately 2.9%[15] - The company reported inventory of CNY 376,262,296, slightly up from CNY 375,738,105, indicating a marginal increase[15] Other Information - The company has not disclosed any significant new product developments or market expansion strategies in this quarter[13] - The company did not adopt new accounting standards for the year 2024, indicating stability in financial reporting practices[28]

宁波德昌电机股份有限公司 根据《上市公司治理准则》、《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》和《公司章程》、《审计 委员会工作细则》等有关规定，宁波德昌电机股份有限公司（以下简称"公司" ）董事会审计委员会本着勤勉尽责的原则，认真履行职责，现对2023年度履职情 况报告如下： 一、审计委员会基本情况 2023年1月1日至2023年12月13日，公司董事会审计委员会由独立董事陈希琴 女士、独立董事包建亚女士及董事黄裕昌先生共计3名董事组成，主任委员由具 有专业会计资格的独立董事陈希琴女士担任。 2023年度，公司董事会审计委员会共召开四次会议，具体情况如下： 2023年1月20日，公司召开了2023年第一次董事会审计委员会会议，审议通 过了《2022年度审计委员会沟通汇报函（年审前）》、《2022年度合并财务报表 》（初稿）； 2023年4月17日，公司召开了2023年第二次董事会审计委员会会议，审议通 过了《2022年度审计委员会沟通汇报函（年审后）》、《2022年年度报告及其摘 要》《2023年一季度报告》、《公司2022年度董事会审计委员会履职报告》、《 ...

（一）实际募集资金金额和资金到账情况 2021 年 9 月 17 日，经中国证券监督管理委员会证监许可〔2021〕3062 号文 《关于核准宁波德昌电机股份有限公司首次公开发行股票的批复》核准，公司公 开发行人民币普通股（A 股）总量为 50,000,000.00 股，每股面值 1.00 元，每股 发行价格 32.35 元，募集资金总额为人民币 1,617,500,000.00 元；扣除发行费用 后，实际募集资金净额为人民币 1,487,277,163.20 元。上述资金已于 2021 年 10 月 15 日到位，立信会计师事务所（特殊普通合伙）于 2021 年 10 月 15 日对公司 本次公开发行新股的资金到位情况进行了审验，并出具了信会师报字[2021]第 ZA15679 号《验资报告》。 中信证券股份有限公司 关于宁波德昌电机股份有限公司 2023 年度募集资金存放与实际使用情况的专项核查报告 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为宁波 德昌电机股份有限公司（以下简称"德昌股份"或"公司"）首次公开发行股票 的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 ...

宁波德昌电机股份有限公司 董事会对独立董事独立性情况评估的专项意见 经核查陈希琴女士、包建亚女士、马良华先生的任职经历以及签署的相关自 查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东、实际控制人不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情况。公司 独立董事符合《上市公司独立董事管理办法》、《上海证券交易所上市公司自律 监管指引第1号—规范运作》等相关规定中对独立董事独立性的要求。 宁波德昌电机股份有限公司 董事会 2024 年 4 月 24 日 根据证监会《上市公司独立董事管理办法》、《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》等相关法 律法规的要求，宁波德昌电机股份有限公司（以下简称"公司"）董事会对公司 在任独立董事陈希琴女士、包建亚女士、马良华先生的独立性情况进行评估，并 出具如下专项意见： ...