2024年5月3日 公司研究 短期业绩承压，坚定看好人形机器人成长空间 ——绿的谐波（688017.SH）2023 年年报、2024 年一季报点评 要点 增持（维持） 当 前价：118.89元 公司2023年实现营业收入3.6亿元，同比减少20.1%；实现归母净利润0.8亿 元，同比下降45.8%；经营性现金净流入1.5亿元，同比增长470.8%；综合毛 利率为41.1%，同比下降7.6个百分点；净利率为23.6%，同比下降11.3个百 作者 分点。 分析师：黄帅斌 执业证书编号：S0930520080005 公司24Q1实现营业收入0.8亿元，同比下降7.5%；实现归母净利润0.2亿元， 0755-23915357 同比下降18.4%；经营性现金净流入723.1万元，同比下降33.7%；综合毛利 huangshuaibin@ebscn.com 率42.6%，同比下降1.8个百分点；净利率为25.3%，同比下降2.4个百分点。 分析师：陈佳宁 坚定看好工业自动化及机器人行业，持续加大研发投入 执业证书编号：S0930512120001 021-52523851 2023年我国3C电子产品、半导体等行业固定资产 ...

公司研 究 证 券研究 报 告 其他通用机械 2024年04月30日 绿 的谐波（688017）2023年报及 2024年一季报点评 推 荐 （维持） 当前价：121.00元 业绩短期承压，静待下游行业复苏与成长 事项： 华创证券研究所  绿的谐波披露2023年年报以及2024年一季报：公司2023年实现收入3.56亿 证券分析师：范益民 元，同比-20.10%，实现归母净利润 0.84 亿元，同比-45.81%；2024 年一季度 公司实现收入0.82亿元，同比-7.45%，实现归母净利润0.20亿元，同比-18.39%。 电话：021-20572562 邮箱：fanyimin@hcyjs.com 评论： 执业编号：S0360523020001  业绩短期承压，24Q1毛利率触底回升。2023年公司收入及利润整体呈下滑趋 证券分析师：丁祎 势，主要系下游工业机器人需求低迷。23Q4 单季度营收/归母净利润分别为 1.02/0.12亿元；毛/净利率分别为39.65%/10.74%，24Q1单季度毛/净利率分别 邮箱：dingyi@hcyjs.com 为42.55%/25.33%，整体盈利能力反转向好。20 ...

Financial Performance - The company's operating revenue for 2023 was RMB 356,165,776.90, a decrease of 20.10% compared to RMB 445,745,352.73 in 2022[15]. - The net profit attributable to shareholders of the listed company for 2023 was RMB 84,155,317.77, down 45.81% from RMB 155,302,486.16 in 2022[15]. - The proposed cash dividend for 2023 is RMB 3.00 per 10 shares, totaling RMB 50,601,650.40, which accounts for 60.13% of the net profit attributable to shareholders[4]. - The net profit attributable to shareholders decreased by 45.81% to ¥84,155,317.77 in 2023, primarily due to a decline in main business revenue and increased R&D expenses[16]. - The net profit after deducting non-recurring gains and losses was ¥74,630,297.18, a decrease of 41.48% compared to the previous year[16]. - Basic earnings per share fell by 45.81% to ¥0.4992, while diluted earnings per share also decreased by 45.81% to ¥0.4989[17]. - The net cash flow from operating activities increased significantly by 470.83% to ¥149,288,530.45, mainly due to a reduction in cash paid for goods and services[16]. - The company's total assets grew by 16.43% to ¥2,812,072,607.81, while net assets attributable to shareholders increased by 3.94% to ¥2,012,527,249.49[16]. - The company reported quarterly revenues of ¥102,157,202.52 in Q4 2023, with a total annual revenue of ¥356,165,777.90[20]. - The net profit attributable to shareholders in Q4 2023 was ¥11,655,678.09, showing a decline compared to previous quarters[20]. Research and Development - R&D expenditure as a percentage of operating revenue rose to 13.59%, an increase of 3.30 percentage points from the previous year[17]. - The company’s R&D investment reached ¥48,408,881.26, accounting for 13.59% of operating revenue, an increase of 3.3 percentage points year-on-year[25]. - The total R&D investment for the year reached ¥48,408,881.26, representing a 5.54% increase from the previous year, with R&D expenses accounting for 13.59% of operating revenue, up by 3.30 percentage points[62]. - The number of R&D personnel increased to 116, accounting for 14.80% of the total workforce, with an average salary of ¥17.85[68]. - The company has developed a new generation of harmonic gear technology, including the "P tooth shape" design and advanced manufacturing processes, to enhance product competitiveness[29]. - The company has established a new gear design theory system based on the self-developed "P-type gear" mathematical model and error correction methods, achieving key performance indicators that meet or exceed international leading levels in harmonic reducer products[70]. - The company has implemented a customer-oriented innovation incentive mechanism for R&D personnel to accelerate the commercialization of research results[142]. Market and Sales - Sales of mechatronic products amounted to ¥31,911,889.52, representing a year-on-year growth of 24.37%[26]. - The company is enhancing its global market expansion strategy, establishing marketing networks in key countries to increase brand awareness and customer service capabilities[26]. - The production of industrial robots in China decreased by 2.2% year-on-year, impacting demand for the company's core products[25]. - The company aims to become a leading supplier of core transmission components and assemblies for robots and intelligent equipment globally[25]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[122]. - The company plans to increase its market share in harmonic reducers and mechatronic products while expanding into new demands from non-robotic industries and increasing efforts in the industrial, mobile, and service robot sectors[108]. Production and Operations - The company is expanding its production capacity with a project to produce 500,000 precision reducers annually, with completion expected in 2024[26]. - The company employs a centralized procurement model to enhance efficiency and reduce costs, focusing on strategic supplier collaboration[41]. - The production model is based on "sales-driven production with safety stock," primarily utilizing in-house manufacturing[41]. - The company operates under a dual production model, with core processes completed in-house and some conventional processing outsourced, allowing for timely customer response and cost reduction[43]. - The company has established a quality control system covering the entire production process, which helps reduce production costs while maintaining product quality comparable to imported counterparts[72]. - The company has implemented automated production and digital management technologies, improving manufacturing efficiency and product quality control[71]. Financial Management - The company reported a significant increase in financing cash flow, which rose by 49.71% to CNY 323.27 million, primarily due to increased cash from borrowings[82]. - The company's cash and cash equivalents at the end of the period amounted to 969.33 million RMB, representing 34.47% of total assets, an increase of 32.91% compared to the previous period[96]. - The company has established a comprehensive salary management system, including performance-based compensation and various employee benefits[141]. - The company has set clear cost control targets and will implement measures to reduce unnecessary expenditures while promoting cost-saving initiatives across all departments in 2024[109]. - The company will enhance its management model and information management levels to achieve cost reduction, quality improvement, and efficiency enhancement goals[109]. Governance and Compliance - The company maintains a robust governance structure, ensuring compliance with legal requirements and protecting shareholder rights through effective management and information disclosure practices[111]. - The company has established a sound internal control system and governance structure, ensuring independent operation and decision-making without interference from controlling shareholders[110]. - There were no incidents of insider trading or violations of insider information management regulations during the reporting period, reflecting the company's commitment to compliance and transparency[111]. - The company has not faced any penalties from securities regulatory authorities in the past three years[126]. - The company has completed the adjustment of some members of the audit committee to enhance governance and compliance[156]. Environmental and Social Responsibility - The company invested 1.26 million yuan in environmental protection during the reporting period[158]. - The company has implemented measures to ensure that waste and emissions meet national standards, with no pollution incidents reported during the period[162]. - The company is committed to integrating ESG practices into daily operations and has established a social responsibility management system[158]. - The company emphasizes product quality by implementing ISO9001 and ISO40001 management systems to ensure safety and high standards[171]. - The company actively engages in social responsibility initiatives, contributing to societal welfare and poverty alleviation efforts[172]. Intellectual Property - The company has achieved patent protection for multiple new technologies, ensuring competitive advantage in the market[57]. - The company has a patent application management and reward system in place to encourage employee innovation and ensure timely patent filings for inventions[176]. - The company has engaged an agency to assist with intellectual property searches, applications, and disputes, ensuring comprehensive management of its intellectual property rights[176]. Future Outlook - The company aims to enhance its market position by focusing on innovation and expanding production capacity[107]. - The company plans to establish a modern management system to improve organizational structure and governance[107]. - Continuous R&D investment will focus on core technologies such as harmonic reducers and micro-electro-hydraulic servos, with an emphasis on optimizing production processes for efficiency and product consistency[109]. - The company will continue to evaluate and adjust its remuneration policies based on market standards and performance assessments[128].

2024 年第一季度报告 证券代码：688017 证券简称：绿的谐波 苏州绿的谐波传动科技股份有限公司 2024 年第一季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |----------------------------|----------|---------------|-------|--------------------------------------| | | | | | 单位：元 币种：人民币 | | 项目 | 本报告期 | | | 本报告期比上年 同期增减变动幅 度 ( ...

[Table_Main] 公司研究|工业|资本货物 证券研究报告 绿的谐波(688017)公司首次覆盖 2024年03月29日 报告 [T谐able波_Tit减le] 速器领军企业，有望迎来星辰大海 [Table_ 增Inves 持t] |首次推荐 ——绿的谐波(688017)公司首次覆盖报告 [报Ta告ble要_S点um：m ary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price]  公司深耕谐波减速器二十余年，产品打破国外垄断 52周最高/最低价（元）： 168.51 / 96.0 公司处于精密传动行业，主要产品包括谐波减速器及精密零部件、机电一体 A股流通股（百万股）： 168.67 化产品、智能自动化装备等，主要下游应用领域为工业机器人、服务机器人 A股总股本（百万股）： 168.67 和数控机床等。经过多年研发投入，公司在国内率先实现了谐波减速器的工 流通市值（百万元）： 19786.93 业化生产和规模化应用，打破了国际品牌在谐波减速器领域的垄断。 总市值（百万元）： 19786.93  多领域推动谐波减速器市场扩容，减速器厂商迎来发展新机遇 [过Ta去bl一e_年 ...

证券研究报告 | 公司动态点评 2024 年 02月 28日 绿的谐波（688017.SH） 业绩承压，下游新兴需求场景不断扩展，助力打开长期成长空间 财务指标 2021A 2022A 2023E 2024E 2025E 增持（首次评级） 营业收入（百万元） 443 446 357 518 729 股票信息 增长率yoy（%） 104.8 0.5 -19.9 45.1 40.8 归母净利润（百万元） 189 155 84 170 238 行业 机械 增长率yoy（%） 130.6 -17.9 -45.7 101.9 40.1 2024年2月27日收盘价（元） 133.63 ROE（%） 10.4 8.1 4.2 8.0 10.3 总市值（百万元） 22,539.66 EPS最新摊薄（元） 1.12 0.92 0.50 1.01 1.41 流通市值（百万元） 22,539.66 P/E（倍） 119.1 145.1 267.4 132.5 94.5 总股本（百万股） 168.67 P/B（倍） 12.3 11.6 11.2 10.6 9.7 流通股本（百万股） 168.67 资料来源：公司财报，长城证券产业金融 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of significant growth driven by product diversification and humanoid robotics [6][7] Core Views - The company's revenue growth turned positive for the first time in six quarters, indicating a gradual recovery in demand [2][5] - The company is strategically positioned in the smart robotics and high-end equipment sectors, with continuous innovation in harmonic reducer technology and related products [2][5] - The humanoid robotics industry is advancing steadily, with potential for significant growth, and the company is well-positioned to benefit from this trend due to its cost, technology, and capacity advantages [6] Financial Performance - In 2023, the company reported revenue of 357 million yuan, a year-on-year decrease of 19.90%, and a net profit attributable to the parent company of 84 million yuan, a year-on-year decrease of 45.80% [5] - In Q4 2023, the company achieved revenue of 103 million yuan, a year-on-year increase of 1.73%, and a net profit attributable to the parent company of 12 million yuan, a year-on-year decrease of 57.23% [2][5] - The company's gross margin in 2023 was 42%, with a net profit margin of 24% [11] Industry and Market Trends - The domestic industrial robot market showed signs of recovery, with a 3.4% year-on-year increase in December 2023, and a cumulative production of 430,000 units for the year, a decrease of 2.2% [5] - The collaborative robot market grew significantly, with a 34% year-on-year increase in Q4 2023, driven by the rapid development of lightweight robots [5] - Tesla's advancements in humanoid robotics, particularly the Gen-2 model, are expected to drive demand for harmonic reducers, a key component in which the company specializes [6] Product and Technology Development - The company has developed a liquid-controlled grinding device, which has been tested in multiple application scenarios, showcasing its innovation in micro-electro-hydraulic servo technology [2][5] - The company is expanding its product line in high-precision CNC rotary tables and electromechanical integrated actuators, catering to various emerging application scenarios [5] Future Outlook - The company is expected to achieve net profits of 120 million yuan and 226 million yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 186x and 99x [6] - The company's strategic focus on core components and functional parts, combined with its expertise in mechanical, electrical, and hydraulic technologies, is expected to enhance its product barriers and open up new growth opportunities [6]

证券研究报告 | 公司点评 2024年02月26日 绿的谐波（688017.SH） 2023 年业绩快报：需求短期承压，产品迭代与海外布局稳步推进 事件：公司发布2023年业绩快报。2023年公司实现营业收入3.57亿元， 增持（维持） 较上年下降 19.90%；归母净利润 8,417 万元，较上年下降 45.80%；扣非 股票信息 归母净利润7,739万元，较上年下降39.31%。由于2023年3C电子产品、 半导体行业等市场需求较为低迷，客户需求下降，固定资产投资速度放缓， 行业 自动化设备 工业机器人需求承压，而工业机器人是公司主要下游行业，因此公司 2023 前次评级 增持 年收入出现下滑。同时公司在2023年加大研发及国内外拓展投入，研发费 2月23日收盘价(元) 131.80 用及销售费用增加，导致公司利润出现较大幅度下滑。 总市值(百万元) 22,230.99 总股本(百万股) 168.67 谐波减速器产品持续迭代，机电一体化技术实现多个新兴场景的覆盖。2023 其中自由流通股(%) 100.00 年，公司持续加大研发投入，积极开展谐波减速器的轻量化、高扭矩和高刚 30日日均成交量(百万股) 2 ...

Investment Rating - Overweight (initiated) [1] Core Views - The company is a leading domestic manufacturer of harmonic reducers, with a domestic market share of 24.7% in 2021, ranking second globally [2][13] - The company's revenue grew from RMB 176 million in 2017 to RMB 446 million in 2022, with a CAGR of 20.47%, and net profit grew from RMB 49 million to RMB 155 million, with a CAGR of 26.16% [2][12] - The company is expected to achieve net profits of RMB 98 million, RMB 166 million, and RMB 270 million in 2023-2025, with corresponding P/E ratios of 195x, 115x, and 71x [4] Company Overview - The company specializes in precision harmonic reducers, with its main downstream applications in industrial and service robots [2][12] - The company's core products include harmonic reducers, precision components, and integrated electromechanical products [2][12] - The company's revenue from industrial and service robot components reached RMB 361 million in 2022, accounting for 80.97% of total revenue [20] Competitive Advantages - The company has a strong R&D capability, with 121 domestic patents and 6 international patents as of H1 2023 [3][28] - The company is expanding its production capacity, with an expected harmonic reducer production capacity of 1.59 million units by 2027 [3][32] - The company has established a strong brand presence, supplying to major domestic and international robot manufacturers such as Estun, Efort, and Universal Robots [3][38] Industry Outlook - The industrial robot market in China is growing rapidly, with installations increasing from 156,000 units in 2017 to 290,000 units in 2022, a CAGR of 13.20% [12][44] - The domestic market share of industrial robots in China reached 43.7% in H1 2023, up 7.7% YoY, driven by policy support and emerging industries such as lithium batteries and photovoltaics [47][48] - The market size of harmonic reducers for robots in China is expected to reach RMB 3 billion by 2025, accounting for 60% of the global market [49][50] Humanoid Robots - Tesla's Optimus humanoid robot is expected to use harmonic reducers in its rotating actuators, with 14 rotating actuators per robot [54][56] - The development of humanoid robots is expected to significantly increase the demand for harmonic reducers, with Tesla aiming to produce millions of Optimus robots in the future [53][54] Non-Robot Applications - The company is expanding the application of harmonic reducers in non-robot fields such as precision CNC machine tools, precision laser processing equipment, and medical devices [57][58] - The company is developing new harmonic reducers with higher precision and load capacity to meet the demands of these emerging applications [58]

综上,独立董事同意公司本次部分募投项目结项并将节余募集资 金永久补充流动资金以及部分募投项目延期事项。 (本页无正文,为《独立董事独立意见》签署页) 全体独立董事（签字）: 独立董事独立意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所科创板股票上市规则》等相关法律、法规、规章、规范 性文件及《苏州绿的谐波传动科技股份有限公司章程》等有关规定, 我们作为苏州绿的谐波传动科技股份有限公司（下称"公司"）独立 董事,基于独立判断的立场,现对公司第二届董事会第十四次会议审 议的相关事项发表意见如下: 一、就《关于部分募投项目结项并将节余募集资金永久补充流动 资金以及部分墓投项目延期的议案》的独立意见 公司此次部分募投项目结项并将节余募集资金永久补充流动资 金以及部分募投项目延期的事项符合《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》《上海证券交易所科创板 股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1 号 -- 规范运作》等法律、法规、规范性文件及《苏州绿的谐波传动 科技股份有限公司募集资金管理制度》等有关规定。公司部分募投项 目结项并将节余募集资金永 ...