一、募集资金基本情况 （一）实际募集资金额及到账情况 经中国证监会证监许可[2020]1650 号《关于同意苏州绿的谐波传动科技股 份有限公司首次公开发行股票注册的批复》文件核准，公司由主承销商国泰君安 证券股份公司采用向战略投资者定向配售、网下向符合条件的投资者询价配售和 网上向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者 定价发行相结合的方式发行人民币普通股（A 股）3,010.42 万股，每股发行价格 35.06 元，募集资金总额 1,055,453,252.00 元，扣除发行费用不含税） 93,155,485.43 元，实际募集资金净额 962,297,766.57 元。公司首次公开发行 1 证券代码：688017 证券简称：绿的谐波 公告编号：2024-011 苏州绿的谐波传动科技股份有限公司 关于2023年度募集资金存放与使用情况的专项报告 （修订版） 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。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日披露 ...

证券研究报告·公司点评报告·自动化设备 想·绿的谐波（688017） 2023 年报&2024 年一季报点评：业绩短期承 2024 年 05月 04日 压，机电一体化业务前景广阔 证券分析师 周尔双 增持（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 证券分析师 罗悦 营业总收入（百万元） 445.75 356.17 495.00 660.00 892.50 执业证书：S0600522090004 同比（%） 0.54 (20.10) 38.98 33.33 35.23 luoyue@dwzq.com.cn 归母净利润（百万元） 155.30 84.16 110.46 152.73 211.77 同比（%） (17.91) (45.81) 31.25 38.27 38.65 股价走势 EPS-最新摊薄（元/股） 0.92 0.50 0.65 0.91 1.26 绿的谐波 沪深300 P/E（现价&最新摊薄） 129.13 238.2 ...

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 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company's performance is under short-term pressure, primarily due to weak demand in the downstream industrial robot sector. However, there are signs of recovery in gross margin for Q1 2024 [2][3]. - The company achieved a revenue of 356 million yuan in 2023, a decrease of 20.10% year-on-year, and a net profit of 84 million yuan, down 45.81% year-on-year. For Q1 2024, revenue was 82 million yuan, down 7.45% year-on-year, with a net profit of 20 million yuan, down 18.39% year-on-year [2][3]. - The company's gross margin for Q4 2023 was 39.65%, while it improved to 42.55% in Q1 2024, indicating a positive trend in profitability [2][3]. - The company holds a 25.7% market share in the domestic harmonic reducer market, but faces increasing competition from domestic manufacturers in the low-end market [2][3]. - The company is progressing steadily in capacity expansion, having completed construction for an annual production capacity of 500,000 precision reducers, with plans to complete smart production line adjustments in 2024 [2][3]. Financial Summary - In 2023, the company reported total revenue of 356 million yuan, with a year-on-year growth rate of -20.1%. The projected revenues for 2024, 2025, and 2026 are 440 million yuan, 554 million yuan, and 737 million yuan, respectively, with expected growth rates of 23.6%, 25.8%, and 33.0% [3][10]. - The net profit for 2023 was 84 million yuan, with a year-on-year decline of 45.8%. The projected net profits for the next three years are 106 million yuan, 157 million yuan, and 208 million yuan, with growth rates of 26.3%, 47.7%, and 32.5% [3][10]. - The earnings per share (EPS) for 2023 was 0.50 yuan, with projections of 0.63 yuan, 0.93 yuan, and 1.23 yuan for the following years [3][10].

Financial Performance - The company's operating revenue for Q1 2024 was ¥81,927,118.72, representing a decrease of 7.45% compared to the same period last year[4] - The net profit attributable to shareholders for Q1 2024 was ¥20,115,815.39, down 18.39% year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥16,241,643.33, reflecting a decline of 25.58% compared to the previous year[5] - The basic earnings per share for Q1 2024 was ¥0.1193, down 18.40% year-over-year[5] - The diluted earnings per share for Q1 2024 was ¥0.1192, a decrease of 18.47% compared to the same period last year[5] - The weighted average return on equity was 0.99%, a decrease of 0.27 percentage points year-over-year[5] - Total operating revenue for Q1 2024 was ¥81,927,118.72, a decrease of 7.4% compared to ¥88,524,708.11 in Q1 2023[17] - Net profit for Q1 2024 was ¥20,753,775.87, down 15.4% from ¥24,547,060.40 in Q1 2023[18] - The company reported a total profit of ¥23,114,304.70 for Q1 2024, down from ¥28,852,248.66 in Q1 2023[18] Cash Flow - The net cash flow from operating activities was ¥7,231,393.88, a decrease of 33.72% year-over-year[5] - Cash flow from operating activities was ¥7,231,393.88, down from ¥10,909,960.44 in Q1 2023, indicating a decline of 33.5%[20] - Cash inflow from investment activities totaled $280,757,921.33, a decrease of 27.3% compared to $385,699,272.45 in the previous period[21] - Cash outflow for investment activities was $267,238,666.46, significantly higher than $101,491,602.70 in the previous period[21] - Net cash flow from investment activities was $13,519,254.87, down 95.2% from $284,207,669.75 in the previous period[21] - Cash inflow from financing activities amounted to $110,000,000.00, compared to $53,263,723.32 in the previous period, representing an increase of 106.9%[21] - Net cash flow from financing activities was $47,628,941.31, a turnaround from a negative $667,051.52 in the previous period[21] - The net increase in cash and cash equivalents was $68,139,863.13, a significant decline from $294,283,120.84 in the previous period[21] - The ending balance of cash and cash equivalents was $1,037,473,428.06, up from $977,918,564.40 in the previous period[21] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥2,883,267,201.09, an increase of 2.53% from the end of the previous year[5] - The equity attributable to shareholders was ¥2,032,969,395.27, reflecting a growth of 1.02% compared to the end of the previous year[5] - The company's current assets reached RMB 1,737,897,387.94, up from RMB 1,666,207,119.08, indicating an increase of about 4.24%[13] - The company's total liabilities were RMB 844,396,846.13, an increase from RMB 794,282,359.11, which is an increase of around 6.34%[15] - The equity attributable to shareholders of the parent company was RMB 2,032,969,395.27, up from RMB 2,012,527,249.49, reflecting a growth of about 1.02%[15] - The company's inventory increased to RMB 262,276,759.04 from RMB 253,968,342.33, marking a rise of approximately 3.67%[13] - Short-term borrowings rose to RMB 480,322,222.22 from RMB 433,920,971.48, indicating an increase of about 10.67%[14] - The company's accounts receivable increased to RMB 109,241,894.52 from RMB 97,241,703.93, representing a growth of approximately 12.73%[13] - The total non-current assets were RMB 1,145,369,813.15, slightly down from RMB 1,145,865,488.73, showing a decrease of about 0.04%[14] Research and Development - R&D investment totaled ¥12,864,448.47, which is an increase of 5.04% compared to the same period last year, accounting for 15.70% of operating revenue, up 1.87 percentage points[5] - Research and development expenses were ¥12,864,448.47, slightly up from ¥12,246,695.98 in Q1 2023[17] Expenses - Total operating costs increased to ¥66,006,717.98, up 4.3% from ¥63,294,096.48 in the same period last year[17] - Sales expenses increased to ¥2,279,459.15, up 37.5% from ¥1,657,784.37 in the previous year[17] - Management expenses rose to ¥5,021,318.31, an increase of 27.2% compared to ¥3,948,711.46 in Q1 2023[17] Other Comprehensive Income - Other comprehensive income after tax was reported at -¥56,628.16, with no prior year comparison available[18]

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].

[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 ...

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 - 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]