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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.45 yuan over a 6-month period [5][12]. Core Insights - The company reported a revenue of 172 million yuan in H1 2024, a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million yuan due to pressures in downstream markets such as industrial and intelligent robots [2]. - The company is focusing on the rapid development of intelligent robots, which is expected to drive demand for harmonic reducers, with the global market for humanoid robots projected to exceed 20 billion USD by 2030 [3]. - The company is optimizing its product structure and expanding its mechatronic products into new applications, achieving international advanced levels in technology [4]. Financial Performance - Revenue projections for 2024-2026 are estimated at 410 million, 511 million, and 690 million yuan, respectively, with net profits expected to be 94 million, 113 million, and 147 million yuan [5]. - The company’s expense ratios have increased, with a period expense ratio of 22.53% in H1 2024, up 12.01 percentage points year-on-year, primarily due to overseas business expansion [2]. - The research and development expense ratio stands at 14.46%, reflecting the company's commitment to innovation [2].

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. ...