光大证券股份有限公司关于北京映翰通网络技术股份有限公司 2023 年度持续督导跟踪报告 光大证券股份有限公司 关于北京映翰通网络技术股份有限公司 2023 年度持续督导跟踪报告 光大证券股份有限公司（以下简称"光大证券"、"本保荐机构"或"保荐机 构"）作为北京映翰通网络技术股份有限公司（以下简称"映翰通"或"公司"）首 次公开发行股票并在科创板上市及进行持续督导的保荐机构，根据《证券发行 上市保荐业务管理办法》、《上海证券交易所科创板股票上市规则》等有关法律 法规和规范性文件的要求，负责映翰通上市后的持续督导工作，并出具 2023 年 度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行 | | | 并针对具体的持续督导工作制定相应的工 | 了持续督导制度，并制定了相应 | | | 作计划 | 的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工 | 保荐机构已与映翰通签订《持续 | | | 作开始前，与上市公司签署持续督导协 | 督导协议》，该协议明确了双 ...

光大证券股份有限公司 关于北京映翰通网络技术股份有限公司首次公开发行股票 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为北京映翰 通网络技术股份有限公司（以下简称"映翰通"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》等有关规定， 对映翰通首次公开发行股票并在科创板上市进行尽职推荐和持续督导，持续督导 期至 2023 年 12 月 31 日。目前，持续督导期限已满，保荐机构根据《证券发行 上市保荐业务管理办法》等相关法规和规范性文件的要求，出具本保荐总结报告 书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证券监督管理委员会（以下简称"中国 证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构名称 | 光大证券股份有限公司 | | --- ...

Investment Rating - The report initiates coverage on Yingtong (688080) with a "Buy" rating and a 6-month target price of 41.75 RMB [1] - The target price is based on a 25x PE multiple for 2024, reflecting a 31% CAGR in profits from 2024-2026 [1] Core Views - Yingtong is expected to achieve EPS of 1.67 RMB, 2.24 RMB, and 2.87 RMB for 2024-2026, with corresponding PE ratios of 19x, 14x, and 11x [1] - The company's revenue grew 27.5% YoY to 490 million RMB in 2023, with net profit increasing 33.6% YoY to 90 million RMB [2] - Q1 2024 revenue reached 110 million RMB, up 12.6% YoY, while net profit surged 74.7% YoY to 20 million RMB, exceeding expectations [2] Business Performance - Industrial IoT communication products generated 280 million RMB in revenue in 2023, up 25.1% YoY [14] - Smart power grid monitoring products saw revenue grow 58.2% YoY to 130 million RMB in 2023 [14] - Smart vending system revenue declined 10.3% to 50 million RMB due to global economic challenges [14] Financial Metrics - Gross margin improved by 3.4 percentage points to 51.5% in 2023, driven by product upgrades and RMB depreciation [14] - Q1 2024 gross margin reached 52.8%, up 5 percentage points YoY [14] - Net margin increased to 19.1% in 2023, up 1.1 percentage points YoY [14] International Expansion - The company accelerated its global expansion, launching FWA, ODU, and cellular router products for the North American market [3] - Developed ITXPT-compliant products for the European market and completed the IWOS version for overseas markets [3] - AI-powered vending cabinets are being tested in Southeast Asia, with development for North America underway [3] AI and Technology - Yingtong has established deep learning-based visual recognition capabilities, integrating AI across its product portfolio [3] - The company launched edge computing products with AI acceleration capabilities, widely used in industrial routing, vehicle networking, and smart retail [3] R&D and Innovation - R&D expenses accounted for 12.5% of revenue in Q1 2024, with 159 R&D personnel representing 41% of total staff [51] - The company introduced new products in 2023, including the IR924 industrial 4G router and AI-powered refrigerated vending cabinets [51] Valuation and Growth - The report forecasts a 25% revenue CAGR for 2024-2026, with profit growth slightly exceeding revenue growth due to economies of scale [54] - Yingtong's valuation is supported by its 31% profit CAGR and a 25x PE multiple for 2024, in line with industry peers [54]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 51.60 CNY, unchanged from the previous prediction [5][7] - The current stock price is 33.24 CNY, indicating a significant upside potential based on the target price [5][7] Core Views - The company's 2023 performance met expectations, with revenue and net profit growing steadily [5] - Revenue reached 493 million CNY, a 27.49% year-over-year increase, while net profit attributable to shareholders grew 34.29% to 94 million CNY [5] - The growth was driven by increased sales of industrial IoT communication products (25.13% growth) and smart power grid monitoring systems (58.15% growth) [5] - The company's overseas business shows potential for breakthroughs, with pilot applications in 20 countries including Saudi Arabia and Thailand [5] - The industrial IoT sector is expected to contribute 4.69 trillion CNY to China's economy in 2023, providing growth opportunities for the company [5] Financial Performance - The company achieved a gross margin of 51.5% in 2023, up from 48.1% in 2022 [13] - Operating profit margin improved to 18.2% in 2023 from 14.0% in 2022 [13] - Net profit margin increased to 19.0% in 2023 from 18.2% in 2022 [13] - Return on equity (ROE) improved to 10.3% in 2023 from 8.6% in 2022 [13] Future Projections - Revenue is expected to grow to 1.067 billion CNY by 2026, with a compound annual growth rate of approximately 29% [13] - Net profit is projected to reach 248 million CNY by 2026, with a CAGR of around 35% [13] - EPS is forecasted to grow from 1.28 CNY in 2023 to 3.37 CNY in 2026 [13] Industry Outlook - The industrial IoT sector is experiencing stable growth, with increasing demand for smart grid solutions [5] - The company is well-positioned to benefit from the expansion of power grid intelligence and overseas market opportunities [5]

[Table_ReportType] 公司点评/通信行业 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|---------------------------------|-------|---------------------------------|-------------------------|------------------------------|---------------------|---------| | [Table_Money] 资产负债表（百万元） | | | 2023A 2024E 2025E 2026E | | 利润表（百万元） | 2023A 2024E 2025E 2026E | | | | | 流动资产 961.81 1135.99 1371.76 1687.04 | | | | | 营业收入 | | 493 ...

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected relative benchmark index increase of over 15% within 12 months [16][20] Core Views - The company's revenue in 2023 reached 493 million yuan, a year-on-year increase of 27.5%, with net profit attributable to the parent company reaching 94 million yuan, a year-on-year increase of 33.5% [8] - The company's overseas business achieved revenue of 180 million yuan in 2023, accounting for 36.20% of total revenue, with a year-on-year growth of 26.49% [8] - The company's R&D investment in 2023 was 61.9861 million yuan, accounting for 12.56% of revenue, with a year-on-year increase of 11.72% [8] - The company has established a global sales system, with subsidiaries in the US, Canada, and Germany, and has formed a basic overseas marketing channel [8] Financial Forecasts - Revenue is expected to grow from 493 million yuan in 2023 to 1,122 million yuan in 2026, with a compound annual growth rate of 31.5% [1][8] - Net profit attributable to the parent company is expected to grow from 94 million yuan in 2023 to 273 million yuan in 2026, with a compound annual growth rate of 42.5% [1][8] - EPS is expected to increase from 1.28 yuan in 2023 to 3.71 yuan in 2026 [1][8] - The PE ratio is expected to decrease from 25x in 2023 to 9x in 2026, while the PB ratio is expected to decrease from 2.6x in 2023 to 1.6x in 2026 [1][8] Business Development - The company has developed new products such as vehicle gateways and Xinghan cloud management network solutions, which have entered markets in North America and Europe [8] - The company has accumulated comprehensive independent R&D experience in embedded system software, network protocol stacks, high-reliability hardware products, sensor design and application, and IoT basic cloud platform design and operation [8] - The company has formed an INOS network operating system and multiple hardware platforms and design patterns, which are reused across multiple product lines [8] Industry Outlook - The company is expected to benefit from the increasing demand for industrial IoT under the digital economy wave [8] - The company's independent innovation capabilities are expected to bring comprehensive improvements in the quality of its main business and further optimization of profitability [8]

北京映翰通网络技术股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 北京映翰通网络技术股份有限公司 2023 年年度股东大会会议资料 北京映翰通网络技术股份有限公司 2023 年年度股东大会会议资料目录 | 2023 年年度股东大会会议须知 1 | | --- | | 2023 年年度股东大会会议议程 3 | | 2023 年年度股东大会会议议案 5 | | 议案一：关于公司《2023 年年度报告》及其摘要的议案 5 | | 议案二：关于公司《2023 年度董事会工作报告》的议案 6 | | 议案三：关于公司《独立董事 2023 年度述职报告》的议案 13 | | 议案四：关于公司《2023 年度监事会工作报告》的议案 14 | | 议案五：关于 2023 年度利润分配方案的议案 19 | | 议案六：关于公司 2023 年度财务决算报告的议案 20 | | 议案七：关于公司 2024 年度财务预算报告的议案 28 | | 议案八：关于公司董事 2024 年度薪酬方案的议案 31 | | 议案九：关于公司监事 2024 年度薪酬方案的议案 33 | | 议案十：关于公司《2023 年度募集 ...

经中国证券监督管理委员会《关于同意北京映翰通网络技术股份有限公司首 次公开发行股票注册的批复》（证监许可[2020]30 号）核准，同意公司首次公开 发行股票的注册申请，公司首次向社会公开发行人民币普通股（A 股），发行数 量 1,310.7197 万股，每股价格 27.63 元，每股面值 1.00 元。本次发行募集资金 总额为 362,151,853.11 元，扣除承销、保荐费用人民币 36,215,185.31 元，余 额为人民币 325,936,667.80 元，由主承销商光大证券股份有限公司于 2020 年 2 月 5 日汇入本公司募集资金账户。上述募集资金人民币 325,936,667.80 元，扣 除本公司自行支付的审计费、律师费、验资费、信息披露费和发行手续费等发行 费用人民币 12,216,100.00 元后，实际募集资金净额为人民币 313,720,567.80 元。 上述募集资金到位情况业经信永中和会计师事务所（特殊普通合伙）验证， 并出具了编号为 XYZH/2020JNA40011 的《验资报告》。公司依照规定对上述募集 资金进行专户存储管理，并与保荐机构、募集资金专户监管银行签订了募集 ...

北京映翰通网络技术股份有限公司 2023 年度董事会审计委员会履职报告 根据《上市公司治理准则》《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》《公司章程》《审计 委员会工作细则》的有关规定，北京映翰通网络技术股份有限公司（以下简称"公 司"）董事会审计委员会本着勤勉尽责的原则，认真履行了相关职责。现就 2023 年度董事会审计委员会履职情况汇报如下： 一、审计委员会基本情况 独立董事王展先生、周顺祥先生自 2017 年 12 月 6 日起担任公司独立董事， 任期已满六年，上述独立董事申请任期届满后辞去公司第四届董事会独立董事及 第四届董事会专门委员会的相关职务，离任后不再担任公司任何职务。同时，根 据《上市公司独立董事管理办法》有关规定，审计委员会成员应当为不在上市公 司担任高级管理人员的董事，公司董事、副总经理韩传俊先生申请辞去公司第四 届董事会审计委员会委员职务。 三、董事会审计委员会相关工作履职情况 1、评估外部审计机构的独立性和专业性 公司聘用的审计机构信永中和会计师事务所（特殊普通合伙）具有从事证券、 期货相关业务的资格，能够遵循独立、客观、 ...

北京映翰通网络技术股份有限公司 独立董事 2023 年度述职报告 本人作为北京映翰通网络技术股份有限公司（以下简称"公司"）的独立董 事,根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立 董事管理办法》等法律、法规以及《北京映翰通网络技术股份有限公司章程》（以 下简称《公司章程》）《独立董事工作制度》等有关规定的要求,忠实、勤勉地 履行职责,独立、负责地行使职权，积极出席相关会议，认真审议董事会各项议 案，对公司重大事项发表独立意见，充分发挥独立董事的独立性和专业性作用， 切实维护了公司及全体股东尤其是中小股东的合法权益。现就本人2023年度任职 期间履行职责情况报告如下: 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 本人王展，男，1964年11月出生，中国国籍，无境外永久居留权，上海财经 大学硕士学历。1990年1月至1995年11月，任杜邦公司财务经理；1995年12月至 2010年1月，任安波福电气系统有限公司中国总经理；2010年2月至2012年4月， 任伊顿（中国）投资有限公司中国车辆集团总经理；2012年4月至2020年10月， 任安波福（中国）科技研发中心有 ...