Key Points Industry and Company 1. **Industry**: Collaborative robots and industrial automation [doc id='1'] 2. **Company**: Manufacturer of industrial robots and components, specifically focusing on减速器 (reducer) and other传动部件 [doc id='1', doc id='2', doc id='3', doc id='4', doc id='5', doc id='6', doc id='7', doc id='8', doc id='9', doc id='10', doc id='11', doc id='12', doc id='13', doc id='14', doc id='15] Core Views and Arguments 1. **Collaborative Robots Growth**: The company has seen a surge in collaborative robot exports, benefiting from the global market expansion [doc id='1'] 2. **Market Position**: The company is in the first tier of the reducer market, with significant advantages in performance and production stability [doc id='2'] 3. **Product Pricing**: Pricing is based on customer volume and market competition, with adjustments for different application scenarios [doc id='6'] 4. **Order Backlog**: The company has a strong order backlog, with delivery timelines of 2-3 months [doc id='5'] 5. **Revenue Projections**: The company expects the revenue from humanoid robots to increase significantly in the next few years, potentially reaching a double-digit percentage of total revenue [doc id='7'] 6. **Application Scenarios**: The company's products are used in various industries, including 3C, automotive, and semiconductor manufacturing [doc id='8', doc id='9'] 7. **Research and Development Orders**: Research and development orders have higher prices but are generally not profitable due to high costs [doc id='10'] 8. **Growth Expectations**: The company is optimistic about future growth, with potential new application scenarios in emerging fields like exoskeletons and autonomous vehicles [doc id='11', doc id='12'] 9. **Industry Investment Correlation**: There is a strong correlation between manufacturing investment and the company's demand for products [doc id='12'] 10. **Comparison with Harada**: The company's products have similar performance to Harada's, but the company has more experience in different application scenarios [doc id='13'] 11. **Expansion Bottlenecks**: Harada faces challenges in expanding production due to labor shortages, while the company benefits from a larger labor pool in China [doc id='13', doc id='14'] 12. **Mexico Collaboration**: There is no progress on the collaboration with Mexican partners [doc id='14'] 13. **Rights Issue**: The company plans to launch a rights issue in the near future, with an expected issuance size of approximately 18 million shares [doc id='14', doc id='15] Other Important Content 1. **Capacity Utilization**: The company's actual capacity utilization is relatively high, with production reaching full capacity [doc id='4'] 2. **Product Line Expansion**: The company does not plan to expand its product line to include空心杯电机 (synchronous motor) and ball screw [doc id='5'] 3. **Order Delivery**: The company's order delivery timeline is 2-3 months [doc id='5'] 4. **Market Competition**: The company faces intense competition in the reducer market, with competitors like Harada and other second-tier companies [doc id='2', doc id='13'] 5. **Investor Concerns**: Investors are interested in the company's comparison with Harada, expansion bottlenecks, and future growth prospects [doc id='13', doc id='14'] 6. **Meeting Conclusion**: The conference call concluded with a thank you to participants and a wish for a pleasant day [doc id='15']

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 97.4 CNY, while the current stock price is 88.50 CNY [4]. Core Views - The company reported a revenue of 276 million CNY for the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million CNY [1][2]. - In Q3 2024, the company achieved a revenue of 104 million CNY, marking a year-on-year growth of 25.59%, and a net profit of 22 million CNY, which is a 1.63% increase year-on-year [1][2]. - The overall gross margin for the first three quarters was 39.53%, down by 2.2 percentage points, primarily due to weak downstream demand, intensified industry competition, and product structure adjustments [2]. - The company is focusing on the development of mechatronic products and expanding its overseas business, aiming to cover all intelligent robot enterprises by the end of the year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 276 million CNY, with a net profit of 59 million CNY. The Q3 revenue was 104 million CNY, and the net profit was 22 million CNY [1][2]. - The comprehensive gross margin decreased to 39.53%, and the net profit margin fell to 21.32%, down by 7.22 percentage points year-on-year [2]. Product Development and Market Strategy - The company is accelerating the layout of mechatronic products, which are characterized by high integration, standardization, and intelligence, aligning with industry trends [3]. - The company has plans to establish a joint venture with Sanhua Intelligent Control in Mexico to develop harmonic reducers, which are key components for humanoid robots [3]. Future Projections - The company is expected to achieve net profits of 87 million CNY, 109 million CNY, and 151 million CNY for 2024, 2025, and 2026, respectively, with growth rates of 2.7%, 25.4%, and 39.3% [9]. - The projected PE ratios for the next three years are 173, 138, and 99 times, respectively, reflecting the company's leading position in the harmonic reducer industry and the anticipated mass production of humanoid robots [9].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown significant recovery in Q3 2024, with a revenue of 1.04 billion yuan, representing a year-on-year growth of 25.59%, and a net profit of 0.22 billion yuan, up 1.63% year-on-year [1]. - Continuous investment in R&D is evident, with R&D expenses reaching 0.36 billion yuan in the first three quarters of 2024, a 14.49% increase year-on-year, indicating a strategic focus on innovation [1]. - The company is expanding its product lines, particularly in industrial automation and robotics, which is expected to contribute to future growth [1][2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.76 billion yuan, an 8.64% increase year-on-year, while the net profit attributable to shareholders was 0.59 billion yuan, down 18.85% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 4.21 billion yuan, 5.70 billion yuan, and 7.40 billion yuan respectively, with net profits expected to be 1.02 billion yuan, 1.43 billion yuan, and 2.03 billion yuan [2][3]. - The company's P/E ratio for 2024 is projected at 151.4X, indicating a high valuation relative to earnings [2][3]. Market Position and Strategy - The company is focusing on the trend of mechatronics and has developed a new generation of mechatronic products, which is expected to strengthen its leading position in the industry [2]. - The strategic emphasis on high-end equipment and innovative technologies is aimed at expanding market reach and addressing new application scenarios [2].

证券代码:688017 证券简称:绿的谐波 公告编号: 2024-040 苏州绿的谐波传动科技股份有限公司 关于参加苏州上市公司投资者集体接待日 暨三季报业绩说明会活动的公告 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、准确性和完整性依法承担法律责任。 为进一步加强与投资者的互动交流,苏州绿的谐波传动科技股份有限公司 (以下简称"公司")将参加"苏州上市公司投资者集体接待日暨三季报业绩说 明会"活动,现将相关事项公告如下: 出席本次年度网上集体接待日的人员有：董事会秘书归来先生; 本次活动将采用网络远程的方式举行,投资者可登录"全景路演" (http://rs.p5w.net),或关注微信公众号:全景财经,或下载全景路演 APP, 参与本次互动交流,活动时间为 2024 年 11 月 6 日 (星期三)15:30-17:00。 届时公司高管将在线就公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题,与投资者进行沟通与交流,欢迎广大投资 者踊跃参与! 特此公告。 苏州绿的谐波传动科技股份有限公司董事会 2024 年 11 月 ...

Group 1: Event Announcement - Suzhou Lide Harmony Transmission Technology Co., Ltd. will participate in the "Suzhou Listed Companies Investor Collective Reception Day and Q3 Performance Briefing" on November 6, 2024 [1] - The event will be held online from 15:30 to 17:00, allowing investors to engage through various platforms [1] Group 2: Participation Details - The event will feature the company's board secretary, Mr. Gui Lai, as a representative [1] - Investors can join the interaction via "Panorama Roadshow" website, WeChat official account, or by downloading the Panorama Roadshow APP [1] Group 3: Discussion Topics - Company executives will address key investor concerns including corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1]

Investment Rating - The investment rating for the company is "Add" [1] Core Insights - The company reported steady revenue growth, achieving a revenue of 276 million yuan in the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million yuan [2] - In Q3 2024, the company achieved a revenue of 104 million yuan, a year-on-year increase of 25.59%, with a net profit of 22 million yuan, up 1.63% year-on-year [2] - The profit margin is under pressure, with a gross margin of 39.53%, down 2.20 percentage points year-on-year. The increase in sales expense ratio is attributed to the company's active overseas market expansion [2] - The humanoid robot market is projected to reach a trillion-level market, and the company's harmonic reducers are expected to benefit from this growth as they can be applied to multiple joints of humanoid robots [2] - The company is focusing on R&D investment and overseas expansion, with a commitment to automated production and optimizing large-scale production costs [2] Financial Forecast - The company is expected to achieve revenues of 410 million yuan, 511 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is forecasted to be 88 million yuan, 106 million yuan, and 134 million yuan for the same years [3] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.52 yuan, 0.63 yuan, and 0.79 yuan per share, with P/E ratios of 170, 142, and 112 times, respectively [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 performance shows a recovery in revenue growth, driven by a rebound in demand from the 3C sector and increased sales of industrial robots [1] - The competitive landscape is intensifying, leading to lower profit margins, but the company is expected to benefit from the long-term growth potential in humanoid robots and enhanced market efforts in mechatronic products [1] - The profit forecasts for 2024-2026 have been adjusted downward due to a slow recovery in downstream demand, yet the company retains growth potential in the humanoid robot sector [1] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 276 million, a year-on-year increase of 8.64%, while net profit attributable to shareholders was 59 million, a decline of 18.85% [1] - For Q3 alone, revenue reached 104 million, up 25.59% year-on-year and 14.44% quarter-on-quarter, with net profit at 22 million, a year-on-year increase of 1.63% and a quarter-on-quarter increase of 34.61% [1] Profitability - The gross profit margin for the first three quarters of 2024 was 39.5%, down 2.2 percentage points year-on-year, attributed to slowing demand and increased competition [1] - The net profit margin for the same period was 21.7%, down 7.4 percentage points year-on-year, due to declining gross margins and rising operating expenses [1] Market Opportunities - The company is positioned as a leader in harmonic reducers, which are crucial for humanoid robots, and is expected to benefit from the growing market for these robots [1] - The mechatronic products are being increasingly integrated into new technologies, enhancing the company's competitive edge in high-precision industrial applications [1] Earnings Forecasts - The revised net profit forecasts for 2024, 2025, and 2026 are 73 million, 103 million, and 144 million respectively, with corresponding dynamic P/E ratios of 201, 142, and 102 [1]

Industry and Company Overview * **Industry**: Robotics and automation, specifically focusing on industrial robots, collaborative robots, and humanoid robots. * **Company**: A leading player in the robotics industry, specializing in the development and production of robot components, including gearboxes, motors, and controllers. Key Points and Arguments 1. **Market Transition**: The company is transitioning from a niche market with high margins to a mass market with lower margins. This shift is driven by the need to cater to a larger customer base and lower cost structures for standard industrial products [1]. 2. **Product Strategy**: The company is adjusting its product strategy to cater to different market segments, including high-end, mid-range, and cost-effective products [4]. 3. **Revenue Growth**: The company reported a significant improvement in revenue in the third quarter, driven by increased demand in the consumer electronics and new energy vehicle sectors [15]. 4. **Capacity Expansion**: The company has a capacity of approximately 500,000 units this year and is planning for further expansion based on market demand [13]. 5. **Product Development**: The company is actively involved in developing products for humanoid robots, including collaborations with major customers and ongoing research and development efforts [5, 8, 24]. 6. **Competitive Advantage**: The company's competitive advantages include rapid development speed, response time, and cost competitiveness [23]. 7. **Price Trends**: The company is experiencing downward pressure on prices, particularly in the humanoid robot segment, but expects prices to stabilize as the market matures [18, 25]. Other Important Points * **Collaborative Robot Market**: The company's collaborative robot market is expected to grow significantly, with potential for high revenue contributions in the future [14]. * **Semiconductor Industry**: The company is actively involved in the semiconductor industry, providing gearboxes and motors for semiconductor manufacturing equipment [11]. * **Management Fees**: The company's management fees have decreased due to reduced equity compensation and increased investment in sales and marketing [29]. * **Capacity Utilization**: The company's capacity utilization is high, with potential for further improvement through optimization and personnel expansion [29]. * **Foreign Robot Customers**: The company is targeting foreign robot customers, particularly in Japan and Europe, and expects their contribution to increase in the future [32].

Financial Performance - The company's operating revenue for Q3 2024 was ¥103,547,844.75, representing a year-on-year increase of 25.59%[2] - The net profit attributable to shareholders for Q3 2024 was ¥22,214,414.56, showing a slight increase of 1.63% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 10.57% year-on-year to ¥18,546,604.91[3] - Total operating revenue for the first three quarters of 2024 reached ¥275,955,021.41, an increase of 8.8% compared to ¥254,008,574.38 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was ¥59,908,534.17, a decrease of 18.9% from ¥73,858,356.95 in the same period of 2023[16] - Earnings per share for the first three quarters of 2024 were ¥0.3488, down from ¥0.4301 in the same period of 2023[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,536,858,321.13, a decrease of 9.79% from the end of the previous year[3] - The company's equity attributable to shareholders increased slightly by 0.68% to ¥2,026,117,438.28 compared to the end of the previous year[3] - The total liabilities decreased to ¥504,402,259.11 in Q3 2024 from ¥794,282,359.11 in Q3 2023, indicating a reduction of 36.5%[16] - The total current assets decreased from ¥1,666,207,119.08 at the end of 2023 to ¥1,055,295,530.18, a reduction of about 36.6%[11] - The total non-current assets increased from ¥1,145,865,488.73 to ¥1,481,562,790.95, an increase of approximately 29.3%[12] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 45.61% to ¥49,622,714.13, primarily due to a reduction in cash received from other operating activities[7] - The net cash flow from operating activities for Q3 2024 was ¥49,622,714.13, a decrease of 45.5% compared to ¥91,240,883.53 in Q3 2023[19] - Cash inflow from investment activities totaled ¥1,425,548,093.11, significantly up from ¥602,474,484.30 in the previous year[19] - The net cash flow from investment activities was -¥452,512,488.85, contrasting with a positive cash flow of ¥1,304,390.56 in Q3 2023[19] - Cash outflow from financing activities reached ¥657,401,383.99, compared to ¥257,652,332.72 in the same period last year[20] - The net cash flow from financing activities was -¥374,242,089.03, a decline from a positive cash flow of ¥325,611,390.60 in Q3 2023[20] Research and Development - Research and development expenses totaled ¥10,921,360.12 for the quarter, an increase of 9.56% year-on-year, accounting for 10.55% of operating revenue[3] - Research and development expenses increased to ¥35,844,483.00 in 2024, compared to ¥31,308,771.95 in 2023, reflecting a growth of 14.5%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,830[8] - The top two shareholders, Zuo Jing and Zuo Yuyu, each hold 34,452,637 shares, representing 20.41% of the total shares[8] - The company reported no significant changes in the shareholder structure or any related party transactions during the reporting period[10] Government Subsidies and Non-Recurring Gains - The company received government subsidies amounting to ¥68,125.00 during the quarter, totaling ¥615,075.30 for the year-to-date[5] - The total non-recurring gains and losses for the year-to-date period amounted to ¥3,667,809.65, after accounting for tax and minority interests[6]

证券代码：688017 证券简称：绿的谐波 公告编号：2024-039 苏州绿的谐波传动科技股份有限公司 第三届监事会第一次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 二、监事会会议审议情况 1、以 3 票赞成、0 票反对、0 票弃权审议通过《关于选举公司第三届监事会 主席的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《苏 州绿的谐波传动科技股份有限公司关于选举董事长、董事会专门委员会委员、监 事会主席及聘任高级管理人员的公告》（公告编号：2024-037）。 特此公告。 苏州绿的谐波传动科技股份有限公司监事会 2024 年 10 月 11 日 苏州绿的谐波传动科技股份有限公司（以下简称"公司"、"本公司"或"绿 的谐波"）第三届监事会第一次会议于 2024 年 10 月 10 日下午以现场方式召开， 现场会议在苏州市吴中区尧峰西路 68 号公司会议室举行。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事钱月明先生主持。会议的召 ...