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"）第三届董事会第三次会议于 2024 年 11 月 27 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。本次会议应出席董事 9 人，实际出席董事 9 人，会议由董事长左昱昱主持。会议的召集和召开程序符 合有关法律法规、规范性文件和公司章程的规定，会议决议合法、有效。 二、董事会会议审议情况 证券代码：688017 证券简称：绿的谐波 公告编号：2024-041 苏州绿的谐波传动科技股份有限公司 第三届董事会第三次会议决议公告 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。 一、 董事会会议召开情况 1、审议通过《关于开设募集资金专项账户并签订募集资金监管协议的议案》。 为规范公司募集资金管理和使用，保护投资者权益，公司拟开设募集资金专 户，用于公司 2022 年度向特定对象发行股票所募集资金的存储、管理，公司将 在募集资金到账后一个月内，与保荐机构、开户行签署募集资金专户存储监管协 议。公司授权管理层协助办理本次 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company reported a revenue of approximately 276 million yuan 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 about 59 million yuan [4][6]. - The company is expected to benefit from the growing demand for humanoid robots and plans to increase production capacity for harmonic reducers and mechatronic products [5][6]. - Despite short-term pressure on profitability due to increased competition in the smart robotics sector and rising expense ratios, the long-term outlook remains positive due to anticipated growth in the harmonic reducer market [6][32]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of approximately 104 million yuan, a year-on-year increase of 25.59%, while the net profit attributable to shareholders was 22 million yuan, up 1.63% year-on-year [4]. - The gross profit margin decreased by 2.20 percentage points to 39.53%, and the net profit margin fell by 7.37 percentage points to 21.71% due to rising sales, R&D, and financial costs [4][6]. Market Outlook - The company is positioned as a leader in the domestic harmonic reducer market and is expected to benefit from the increasing demand for humanoid robots, which presents a significant growth opportunity [5][6]. - The company has received approval for a 2 billion yuan capital increase project aimed at expanding production capacity to meet market demands [5][6]. Future Projections - Revenue projections for 2024-2026 are estimated at 398 million, 478 million, and 617 million yuan, with year-on-year growth rates of 11.7%, 20.0%, and 29.3%, respectively. Net profit projections for the same period are 82 million, 106 million, and 139 million yuan, with growth rates of -2.0%, 28.4%, and 30.9% [6][32].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company reported a revenue of 276 million yuan for the first three quarters of 2024, representing an 8.64% year-on-year growth, while the net profit attributable to the parent company was 59 million yuan, a decrease of 18.85% year-on-year [1] - The gross margin and net margin for the first three quarters were 39.53% and 21.71%, respectively, showing a decline of 2.2 and 7.4 percentage points year-on-year [2] - The company is experiencing a recovery in Q3, with revenue reaching 103.5 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 14.44% [2] - The demand for harmonic reducers is expected to grow significantly due to the rapid development of the robotics industry, which will benefit the company's automated production model [3] - The company is increasing its R&D efforts, holding 160 valid patents as of June 30, 2024, and applying new technologies to its products [2] Financial Summary - The company forecasts net profits of 85.46 million yuan, 110.76 million yuan, and 150.14 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.55%, 29.6%, and 35.6% [3][4] - The projected revenue for 2024 is 390.78 million yuan, with a growth rate of 9.72% [4] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 242.10, 186.81, and 137.81, respectively [4][9]

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 股票交易异常波动公告 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。 重要内容提示： 苏州绿的谐波传动科技股份有限公司（以下简称"公司"或"绿的谐波"） 股票交易连续 3 个交易日内（2024 年 11 月 4 日、11 月 5 日、11 月 6 日）收盘 价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则（2023 年修订）》、 《上海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交 易异常波动的情形。 经公司自查，并向控股股东、实际控制人书面发函查证，公司目前日常 经营情况正常，未发生重大变化。截止本公司披露日，公司、控股股东和实际控 制人不存在关于本公司的应披露而未披露的重大事项，也不存在处于筹划阶段的 重大事项。 公司股价短期波动幅度较大，敬请广大投资者理性投资，注意投资风险。 一、股票交易异常波动的具体情况 公司股票交易连续 3 个交易日内（2024 年 11 月 4 日、11 月 ...

Group 1 - The stock of Green Harmony on the Sci-Tech Innovation Board reached a limit-up price of 106.20 yuan, with a trading volume of 1.081 billion yuan and a turnover rate of 6.43% as of 14:50 on November 4 [1] - Among the stocks on the Sci-Tech Innovation Board, 493 stocks rose while 78 stocks fell, with notable gainers including Electric Wind Power and Green Harmony, and significant decliners including ST Guandian and Debang Technology, which fell by 16.34%, 15.60%, and 7.54% respectively [1] - The net inflow of main funds into Green Harmony was 11.8297 million yuan on the previous trading day, while the net outflow over the past five days was 58.6214 million yuan [1] Group 2 - As of November 1, the margin trading balance for Green Harmony was 483 million yuan, with a financing balance of 479 million yuan, an increase of 5.9199 million yuan or 1.25% from the previous trading day, and a securities lending balance of 4.0983 million yuan, a decrease of 446,700 yuan or 9.83% [1] - Over the past ten days, the total margin trading balance increased by 78.0263 million yuan, a growth of 19.26%, with financing balance growth of 19.63% and a decline in securities lending balance of 12.30% [1] - The company's Q3 report indicated a total revenue of 276 million yuan for the first three quarters, representing a year-on-year increase of 8.64%, while net profit was 58.8329 million yuan, a year-on-year decrease of 18.85% [1] Group 3 - In the past month, Green Harmony received buy ratings from four institutions, including Guosheng Securities and CITIC Securities, which issued reports on November 1 recommending an increase in holdings [2]

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]