独立董事独立意见 经审阅相关议案及相关法律法规,我们认为公司本次提请股东大 会延长授权董事会及其授权人士全权办理本次向特定对象发行 A 股 股票相关事项有效期,有利于保障公司向特定对象发行股票事项的顺 利实施,符合公司及全体股东的利益。不存在损害公司及全体股东尤 其是中小股东利益的情形。该事项的审议程序符合相关法律、法规及 《公司章程》的规定。因此我们一致同意该议案,并同意提交公司股 东大会审议。 三、《关于使用部分暂时闲置募集资金进行现金管理的的议案》 公司本次对暂时闲置募集资金进行现金管理,不会影响募投项目 的正常实施,亦不会对公司主营业务产生负面影响。对部分暂时闲置 募集资金进行管理。可以保证募集资金的利用效率。为公司及股东获 取更多的投资回报。该行为不存在改变募集资金用途和损害股东利益 的情形,符合《上海证券交易所科创板股票上市规则》、《上市公司 监督指引第 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上市公司自律监管指引第1号—规范运作》 等相关法律法规文件及公司《募集资金管理制度》的规定。 一、就《关于公司 2022 年度向特定对象发行 A 股股票决议有效 期延长 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a current price of 63.99 CNY and a target price of 67.50 CNY over a 6-month period [1]. Core Insights - The company reported a total revenue of 172 million CNY for the first half of 2024, reflecting a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million CNY, primarily due to increased operating expenses [3][5]. - The second quarter of 2024 saw revenue growth both year-on-year (+8.96%) and quarter-on-quarter (+10.44%), although net profit faced a decline due to rising sales and management expenses [3]. - The company is increasing its R&D investments to strengthen its market position, with R&D expenses rising by 16.79% year-on-year in the first half of 2024 [3]. - The company is actively expanding into overseas markets, with the commercialization of humanoid robots expected to create significant growth opportunities [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 410 million CNY, with a year-on-year growth of 15.2%, and a net profit of 76 million CNY, reflecting a decline of 10% [5]. - The company’s financial ratios indicate a return on equity (ROE) of 3.7% for 2024, with earnings per share (EPS) expected to be 0.45 CNY [5][7]. - The estimated price-to-earnings (P/E) ratio for 2024 is 142.6 times, which is expected to decrease to 84.7 times by 2026 [5][7].

[Table_Main] 公司研究|工业|资本货物 证券研究报告 绿的谐波(688017)公司点评报告 2024 年 09 月 06 日 [Table_Title]营收基本持平，未来发展可期 [Table_Invest]增持|维持 ——绿的谐波（688017.SH）2024 半年报点评 [Table_Summary] 事件：公司发布 2024 年半年报。 点评： 下游需求不景气导致短期承压，不改长期发展趋势 2024H1 公司实现营收 1.72 亿元，同比+0.49%；归母净利润 0.37 亿元， 同比-27.69%；扣非归母净利润 0.34 亿元，同比-25.76%。主要系下游领域 工业机器人、智能机器人等市场面临较大压力，公司营收较去年同期基本持 平，公司期间费用支出增长较多拖累净利润水平。2024H1 公司期间费用率 为 22.53%，同比+12.01pct，销售费用率 3.63%，同比+1.36pct，主要系公 司拓展海外业务；管理费用率 5.86%，同比+0.99pct，主要系土地摊销费用 及管理人员工资增加；财务费用率-1.42%，同比+7.64pct，系公司货币资金 利息收入减少；公司重视研发投 ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-030 关于实际控制人增持公司股份计划实施完成的公告 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个别及连带责任。 重要内容提示： 一、增持主体的基本情况 | 姓名 | 职务 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 左昱昱 | 董事长 | 34,382,636 | 20.38 | 增持计划主要内容：基于对公司未来发展的信心以及对公司长期投资价值的 认可，同时为了进一步增强投资者信心，维护公司及全体股东的利益，促进 公司持续、稳定、健康发展，苏州绿的谐波传动科技股份有限公司（以下简 称"公司"）实际控制人、董事长左昱昱先生以及实际控制人、副董事长左 晶先生（以下统称"增持主体"）计划自 2024 年 7 月 19 日起 3 个月内，通 过上海证券交易所交易系统允许的方式（包括但不限于集中竞价和大宗交易） 增持公司股份，落实 "提质增效重回报"行动方案，二位合计增持金额不 低于人民币 500 万元且不超过人民币 1, ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-030 苏州绿的谐波传动科技股份有限公司 关于实际控制人增持公司股份计划实施完成的公告 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个别及连带责任。 重要内容提示： 一、增持主体的基本情况 （一）增持主体的名称： | 姓名 | 职务 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 左昱昱 | 董事长 | 34,382,636 | 20.38 | 增持计划主要内容：基于对公司未来发展的信心以及对公司长期投资价值的 认可，同时为了进一步增强投资者信心，维护公司及全体股东的利益，促进 公司持续、稳定、健康发展，苏州绿的谐波传动科技股份有限公司（以下简 称"公司"）实际控制人、董事长左昱昱先生以及实际控制人、副董事长左 晶先生（以下统称"增持主体"）计划自 2024 年 7 月 19 日起 3 个月内，通 过上海证券交易所交易系统允许的方式（包括但不限于集中竞价和大宗交易） 增持公司股份，落实 "提质增效重回报"行动方案，二位合 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 09 月 04 日 绿的谐波(688017.SH) 盈利端承压，机电一体化新产品布局中 事件： 绿的谐波发布 2024 年半年报，2024H1 公司实现营业收入 1.72 亿元， 同比增长 0.49%；归母净利润 0.37 亿元，同比减少 27.69%。2024Q2 单季实现营业收入 0.9 亿元，同比增长 8.96%；归母净利润 0.17 亿 元，同比减少 36.51%。 下游智能机器人需求增速放缓，竞争加剧影响盈利。2024H1， 公司营业收入小幅增长，Q2 季度收入增幅有所复苏，公司产品主 要挂钩下游工业机器人景气度，2024H1 我国工业机器人市场销量 约 14 万台，增速放缓，同增 5%；产量为 28.32 万套，同增 9.6%。 整体市场需求仍有较大压力，公司产品销售保持平稳。随 3C、半 导体等行业需求逐步有所回暖以及机器人密度提升，谐波减速器 产品需求有望稳步增长。盈利端，①竞争加剧，毛利率有所下降。 2024H1，公司综合毛利率分别为 40.39%，同比下降 1.92pct，主 要系谐波产品需求疲软下市场价格下降所致，此外亦 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue remained stable with a slight increase, while net profit declined due to high expenses [2][3] - The gross margin slightly decreased, and the increase in operating expenses pressured the net profit margin [2][3] - The company is increasing its R&D investment to strengthen its technological advantages, particularly in the harmonic reducer sector [2][3] - The outlook for humanoid robots is promising, with potential benefits for the company from mass production [2][3] - The company is expected to benefit from the growth of mechatronic products as industrial production trends towards high precision and human-machine collaboration [2][3] - The profit forecast for 2024-2026 is maintained at 1.10 billion, 1.53 billion, and 2.12 billion respectively, with corresponding P/E ratios of 99, 72, and 52 [2][3] Financial Summary - In H1 2024, the company achieved revenue of 172 million, a year-on-year increase of 0.49%, and a net profit of 37 million, a decline of 27.69% [2][3] - The gross margin for H1 2024 was 40.39%, down 1.93 percentage points year-on-year, while the net profit margin was 21.68%, down 8.30 percentage points [2][3] - The operating cash flow for H1 2024 was 356,500, a significant decrease of 98.87% year-on-year [2][3] - The company’s total revenue projections for 2024, 2025, and 2026 are 495 million, 660 million, and 892.5 million respectively, with corresponding growth rates of 38.98%, 33.33%, and 35.23% [2][3]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥172,407,176.66, representing a 0.49% increase compared to ¥171,561,970.11 in the same period last year[14]. - Net profit attributable to shareholders decreased by 27.69% to ¥36,618,495.08 from ¥50,641,099.09 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥33,960,723.76, down 25.76% from ¥45,745,750.43 year-on-year[15]. - Basic earnings per share decreased by 27.73% to CNY 0.2171 compared to the same period last year[16]. - Diluted earnings per share decreased by 27.74% to CNY 0.2170 compared to the same period last year[16]. - The company reported a net profit of 1.55 billion RMB for the year 2022, with an average net profit growth rate of 112.48% from 2020 to 2022[74]. - The company reported a net loss of 50,601,650.40 RMB in the first half of 2024, a significant decrease from the previous year's profit distribution[145]. - The total comprehensive income for the first half of 2024 was 34,953,371.06 RMB, indicating a recovery in performance compared to the previous period[145]. Cash Flow and Assets - The net cash flow from operating activities significantly dropped by 98.87% to ¥356,503.98 compared to ¥31,648,870.30 in the same period last year[15]. - Total assets decreased by 3.81% to ¥2,704,827,560.86 from ¥2,812,072,607.81 at the end of the previous year[15]. - Total current assets decreased from CNY 1,666,207,119.08 in December 2023 to CNY 1,241,064,968.17 in June 2024, a decline of approximately 25.5%[113]. - Cash and cash equivalents dropped significantly from CNY 969,334,615.32 to CNY 181,676,537.53, a decrease of about 81.3%[113]. - The company's total liabilities decreased from CNY 794,282,359.11 to CNY 699,334,932.33, a reduction of approximately 11.9%[115]. Research and Development - Research and development expenses accounted for 14.46% of operating revenue, an increase of 2.02 percentage points year-on-year[16]. - Research and development investment totaled approximately ¥24.92 million, representing a 16.79% increase compared to the previous year, with R&D expenses accounting for 14.46% of operating revenue[42]. - The company has increased its R&D personnel to 111, representing 14.12% of the total workforce, up from 13.35% in the previous year[46]. - The company has achieved international advanced levels in key performance indicators for its harmonic reducer products, surpassing traditional design theories[48]. Market and Industry Trends - The domestic harmonic reducer industry is experiencing rapid growth, benefiting from government policies and increasing collaboration with local robot manufacturers[29]. - The harmonic reducer industry is characterized by high technical barriers and requires strong R&D capabilities for continuous innovation[29]. - The company is focused on expanding its product series and enhancing technological capabilities to capture market share in the domestic and international markets[29]. - The demand for CNC machining centers, especially four-axis and five-axis machines, has rapidly increased, driving the growth of CNC rotary tables, which significantly impact machining efficiency and precision[33]. Risks and Challenges - The company has highlighted potential risks in its management discussion and analysis section, urging investors to pay attention[3]. - The company faces risks from intensified market competition, particularly from international industry giants in the precision reducer sector[53]. - The company is exposed to product iteration risks due to rapid technological advancements and changing market demands, which may affect its competitive edge[54]. - The comprehensive gross profit margins for the past two years were 48.69%, 41.14%, and 40.38%, indicating potential risks of margin fluctuations due to market changes and cost increases[55]. Environmental and Social Responsibility - The company invested 46.05 million RMB in environmental protection during the reporting period[75]. - The company reduced carbon emissions by 410.79 tons through the use of clean energy generation[79]. - The company has established an environmental protection mechanism and is focused on reducing pollution and enhancing ecological protection[78]. - The company plans to continue improving its environmental management system and focus on energy conservation and emission reduction[78]. Corporate Governance - The board of directors and management have confirmed the accuracy and completeness of the financial report[2]. - The report has not been audited, and the company has not proposed any profit distribution or capital reserve transfer plans for this period[3]. - The company held its annual general meeting on May 24, 2024, with resolutions published on May 25, 2024[72]. - The company has not reported any changes or terminations in fundraising projects during the reporting period[95].

证券代码：688017 证券简称：绿的谐波 公告编号：2024-028 苏州绿的谐波传动科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 2 日(星期一) 至 9 月 4 日(星期三)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@leaderdrive.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024年半年度经营成果、财务状况，公司计划于2024年9月5日下午14:00-16:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形 ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-029 苏州绿的谐波传动科技股份有限公司 关于 2024 半年度募集资金存放与使用情况的专项报告 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、准确性和完整性承担个别及连带责任。 按照中国证券监督管理委员会《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）》、上海证券交易所《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》（上证发（2023）194 号）的规定，本公司将 2024 年 1-6 月募集资金存放与使用情况作如下专项报告： 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. ...