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、 ...

Financial Performance - The company's operating revenue for Q3 2023 was ¥82,446,604.27, a decrease of 18.42% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2023 was ¥21,858,540.59, down 39.88% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2023 was ¥20,737,728.95, a decrease of 24.90% compared to the same period last year[5] - The basic earnings per share for Q3 2023 was ¥0.1297, a decrease of 39.87% compared to the same period last year[5] - Net profit for the third quarter of 2023 was ¥73,858,356.95, a decline of 42.5% compared to ¥128,459,737.14 in the same quarter of 2022[21] - Earnings per share for the third quarter of 2023 were ¥0.4301, down from ¥0.7593 in the same quarter of 2022[22] - The total comprehensive income for the third quarter of 2023 was ¥73,858,356.95, down from ¥128,459,737.14 in the same quarter of 2022[22] Assets and Liabilities - The total assets at the end of Q3 2023 amounted to ¥2,771,550,399.74, reflecting a year-on-year increase of 14.75%[5] - As of September 30, 2023, the total assets of the company reached RMB 2,771,550,399.74, an increase from RMB 2,415,198,159.11 at the end of 2022, reflecting a growth of approximately 14.8%[16] - The total liabilities increased to ¥772,373,283.13 in Q3 2023, compared to ¥480,604,904.07 in Q3 2022, reflecting a growth of 60.7%[21] - The company's total liabilities increased to RMB 729,809,141.17 from RMB 435,959,102.22, reflecting an increase of approximately 67.3%[17] - The company's total equity as of September 30, 2023, was RMB 2,041,741,258.57, up from RMB 1,979,239,056.89, indicating a growth of about 3.1%[17] - The total equity attributable to shareholders reached ¥1,999,682,293.40 in Q3 2023, up from ¥1,936,150,572.83 in Q3 2022, representing an increase of 3.3%[21] Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 173.92% to ¥91,240,883.53[9] - The net cash flow from operating activities for Q3 2023 was ¥91,240,883.53, a significant increase from ¥33,309,593.21 in Q3 2022, reflecting a strong operational performance[23] - The company reported cash inflows from operating activities of ¥284,211,239.90, slightly lower than ¥291,234,836.71 in Q3 2022, indicating stable operational cash generation[23] - The net cash flow from financing activities reached ¥325,611,390.60, up from ¥107,180,203.37 in Q3 2022, showcasing improved financing capabilities[24] - The company experienced a net increase in cash and cash equivalents of ¥419,463,392.06, contrasting with a decrease of ¥51,421,977.38 in Q3 2022, highlighting improved liquidity[24] Research and Development - Research and development expenses for Q3 2023 totaled ¥9,968,248.88, representing 12.09% of operating revenue, an increase of 0.13 percentage points year-on-year[5] - Research and development expenses for the third quarter of 2023 were ¥31,308,771.95, slightly down from ¥33,564,801.60 in the same quarter of 2022[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,659[10] - The largest shareholder, Zuo Jing, holds 20.38% of the shares, totaling 34,382,637 shares[10] Inventory and Borrowings - The company's inventory as of September 30, 2023, was RMB 262,696,664.63, compared to RMB 249,371,825.93 at the end of 2022, showing an increase of about 5.3%[16] - The company's short-term borrowings rose significantly to RMB 529,776,045.83 from RMB 212,283,714.09, reflecting an increase of about 149.5%[17] - The company's long-term borrowings increased to RMB 126,620,565.97 from RMB 99,072,916.67, indicating a growth of about 27.8%[17] Cash and Cash Equivalents - The company's cash and cash equivalents amounted to RMB 1,104,128,698.96, up from RMB 729,332,800.86 in December 2022, representing a growth of about 51.5%[16] - The total cash and cash equivalents at the end of Q3 2023 amounted to ¥1,103,098,835.62, a substantial increase from ¥545,311,846.45 at the end of Q3 2022[24] - The company received cash from borrowings totaling ¥579,500,000.00, significantly higher than ¥220,876,100.00 in the previous year, indicating increased leverage[24]

北京市炜衡（苏州）律师事务所 W&H LAW FIRM 北京市炜衡(苏州)律师事务所 关于苏州绿的谐波传动科技股份有限公司 2023年第一次临时股东大会之 律师见证法律意见书 北京市炜衡（苏州）律师事务所 地址：苏州工业园区水坊路36号C23幢 电话: 0512-67629008 二〇二三年十月 法律意见书 炜便律师事务即 北京市炜衡(苏州)律师事务所 关于苏州绿的谐波传动科技股份有限公司 2023年第一次临时股东大会之 律师见证法律意见书 致:苏州绿的谐波传动科技股份有限公司 北京市炜衡(苏州)律师事务所(以下简称"本所")接受苏州绿的谐波 传动科技股份有限公司(以下简称"公司")委托,指派律师(以下简称"本所 律师")出席公司于2023年10月23日召开的公司2023年第一次临时股东大会(以 下简称"本次股东大会"),并根据《中华人民共和国证券法》(以下简称 "《证券法》")、《中华人民共和国公司法》(以下简称"《公司法》")、 中国证券监督管理委员会(以下简称"中国证监会")发布的《上市公司股东 大会规则》(以下简称"《股东大会规则》")及《上海证券交易所上市公司 股东大会网络投票实施细则》等现行有效的 ...