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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is experiencing pressure on its performance due to weak downstream market demand, particularly in the industrial robotics sector, which has been affected by sluggish demand in the 3C electronics and semiconductor industries [2]. - Despite current challenges, the long-term growth potential remains strong, driven by the expansion of emerging demand scenarios in the industry [1][5]. - The company is positioned to benefit from the acceleration of domestic substitution processes in the precision reducer market, as domestic products are increasingly matching international standards in performance and stability [2]. - The focus on the transmission industry chain and the integration of electromechanical systems is highlighted as a key development direction, which is expected to enhance the efficiency and reduce costs for downstream manufacturers [5]. Financial Summary - In 2023, the company reported a revenue of 357 million yuan, a decrease of 19.9% year-on-year, with a net profit attributable to shareholders of 84 million yuan, down 45.8% from the previous year [1]. - Projections for 2024 and 2025 indicate a recovery, with expected revenues of 518 million yuan and 729 million yuan, respectively, alongside net profits of 170 million yuan and 238 million yuan [1][5]. - The company's financial ratios indicate a decline in profitability, with a return on equity (ROE) projected to recover to 8.0% in 2024 and 10.3% in 2025 [1][8]. Market Position and Strategy - The company is recognized as a leading domestic reducer manufacturer, poised to benefit from the long-term trends in industrial automation and the recovery of downstream market demand [5]. - The strategy includes increasing research and development investments in electromechanical integration and micro-hydraulic servo technologies, as well as enhancing brand promotion and international presence [5]. - The establishment of overseas headquarters in Singapore and a research center in Germany reflects the company's commitment to global expansion [5].

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]

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 ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-001 苏州绿的谐波传动科技股份有限公司 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 金以及部分募投项目延期的公告 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。 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 2 月 2 日分别召开第二届董事会第十四次会议、第二届监事会第十四次会议，审议了 《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募投项 目延期的议案》，同意公司将"年产 50 万台精密谐波减速器项目"结项并将节 余募集资金永久补充流动资金，同意将"研发中心升级建设项目"达到预定可使 用状态的时间延长至 2024 年 6 月 30 日。公司独立董事、监事会及中信证券股份 有限公司（以下简称"保荐人"）对该事项均发表了明确的同意意见。该议案无 需提交公司股东大会审议。现将相关情况公告如下： 一、募集资金概况 （一）募集资金基本情况 根据中国证监会核发的《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 ...

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核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为苏州绿的谐 波传动科技股份有限公司（以下简称"绿的谐波"或"公司"）首次公开发行股票并 在科创板上市承接持续督导的保荐人，根据《证券发行上市保荐业务管理办法》 《科创板上市公司持续监管办法（试行）》《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》以及 《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》等有 关规定，对绿的谐波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进行了核查，具体情况如下： 一、募集资金概况 （一）募集资金基本情况 根据中国证监会核发的《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》（证监许可[2020]1650 号），公司首次向社会公开发 行人民币普通股（A 股）3,010.42 万股，发行价格为 35.06 元/股，募集资金总额 1,055,453,252.00 元，扣除与发行有关的费用（不含税）人民币 93,155,485. ...

证券代码：688017 证券简称：绿的谐波 公告编号：2023-046 苏州绿的谐波传动科技股份有限公司 关于召开 2023 年第三季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 2023 年 11 月 28 日(星期二) 至 12 月 04 日(星期一)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 2023 年 10 月 31 日发布公司 2023 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2023 年第三季度的经营成果、财务状况，公司计划于 2023 年 12 月 05 日上午 11:00-12:00 举行 2023 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 ...