Investment Rating - The investment rating for the company is "Outperform the Market" [2][7]. Core Views - The report highlights significant growth in the company's third-quarter performance, with a revenue increase of 15.98% year-on-year, reaching 408 million yuan, and a net profit increase of 21.00%, totaling 83.37 million yuan [5]. - The company is experiencing accelerated growth in its industrial IoT products, with a revenue increase of 23.43% year-on-year, and its enterprise network products have seen a remarkable growth of 134.48% [6]. - The report projects revenue growth for the company from 574 million yuan in 2024 to 814 million yuan in 2026, with net profits expected to rise from 111 million yuan to 160 million yuan during the same period [7][11]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 52.82%, an increase of 2.13 percentage points year-on-year, and a net profit margin of 20.42%, up by 0.85 percentage points [5]. - In Q3 2024, the company reported a revenue of 147 million yuan, a year-on-year increase of 27.63%, while the net profit for the same quarter was 29.95 million yuan, reflecting a year-on-year growth of 34.11% [5]. Business Segments - The industrial IoT segment generated 220 million yuan in revenue for the first three quarters, marking a 23.43% increase year-on-year [6]. - The enterprise network segment's revenue reached 54.89 million yuan, showing a substantial growth of 134.48% year-on-year [6]. - The digital distribution network products generated 93.60 million yuan, with a modest growth of 1.12% year-on-year [6]. Profitability Forecast - The company is expected to maintain a gross margin of around 52.9% in 2024, with projections for further improvement in subsequent years [11]. - The earnings per share (EPS) is forecasted to increase from 1.51 yuan in 2024 to 2.18 yuan in 2026 [7][11]. Valuation - The report assigns a dynamic PE range of 20-25X for 2025, suggesting a reasonable value range for the stock between 36.93 yuan and 46.16 yuan [7].

北京映翰通网络技术股份有限公司 投资者关系活动记录表 编号：2024-010 | --- | --- | --- | |-----------------------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a projected reasonable value range of 36.93 to 46.16 CNY based on a dynamic PE range of 20-25X for 2025 [1][81]. Core Insights - The company is positioned as a leader in the industrial IoT sector, providing comprehensive "cloud + edge" solutions, with a focus on vertical integration in edge computing and smart transportation [2][3]. - The smart distribution network monitoring system has a clear first-mover advantage, benefiting from increased capital expenditure in the distribution network during the "14th Five-Year Plan" period [1][51]. - The smart retail sector is experiencing a product iteration cycle, with significant growth potential both domestically and internationally [1][72]. Summary by Sections Industrial IoT Leadership - The company is a domestic leader in IoT communications, with a rich product line covering five major business areas and four key industries [3][4]. - The management team has extensive experience, and the company has a well-established global presence with a robust R&D and sales system [4][27]. Market Opportunities - The industrial IoT market is rapidly expanding, with significant growth in edge computing and smart transportation driven by technological advancements and policy support [36][37]. - The global industrial IoT market is projected to reach 1.56 trillion USD by 2032, with a CAGR of 17.2% [36]. Financial Performance and Forecast - The company expects revenues of 5.74 billion CNY, 6.97 billion CNY, and 8.14 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.11 billion CNY, 1.36 billion CNY, and 1.60 billion CNY [1][81]. - The company’s revenue growth is driven by its industrial IoT communication products, which have seen a CAGR of 21.47% from 2020 to 2023 [79]. Smart Distribution Network - The smart distribution network segment is expected to see significant investment, with the company’s IWOS product addressing critical fault detection and positioning challenges [51][60]. - The global smart grid market is projected to reach 103.4 billion USD by 2026, with a CAGR of 19.1% [52]. Smart Retail Solutions - The automated vending machine market in China is growing rapidly, with the market size expected to reach 427.59 billion CNY in 2023 [72]. - The company has established partnerships with major vending machine manufacturers and operators, positioning itself well for future growth [78].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 410 million yuan in the first three quarters of 2024, representing a year-on-year growth of 16.0%. The net profit attributable to shareholders reached 83.37 million yuan, up 21.0% year-on-year [2]. - The industrial IoT products generated 220 million yuan in revenue, reflecting a growth of 23.43% year-on-year, indicating significant potential in the traditional core business [2]. - The company is strengthening partnerships with well-known overseas enterprises, with North America being the largest market for overseas revenue [2]. - The company has developed an independent INOS network operating system to enhance global network stability and has introduced various technologies for smart networking applications [2]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 599 million yuan, 712 million yuan, and 895 million yuan, respectively, with growth rates of 21.4%, 18.8%, and 25.7% [3][5]. - The net profit attributable to shareholders is expected to be 118 million yuan, 156 million yuan, and 209 million yuan for the years 2024, 2025, and 2026, with growth rates of 25.7%, 31.8%, and 34.2% [3][5]. - The report indicates a projected P/E ratio of 21x, 16x, and 12x for the years 2024, 2025, and 2026, respectively [3][5].

险安律師事務所 LONGAN LAW FIRM 北京市隆安律师事务所 关于北京映翰通网络技术股份有限公司 2021 年、2023年限制性股票授予价格调整、 2021 年部分限制性股票作废及 2023 年限制性股票第一个归属期归属等事项之 法律意见书 二〇二四年十月 地址: 北京市朝阳区建外大街 21 号北京国际俱乐部大厦 C 座 8 层 电话:010-85328000; 010-65325588 邮编: 100020 传真: 010-65323768 法律意见书 北京市隆安律师事务所 关于北京映翰通网络技术股份有限公司 2021 年、2023年限制性股票授予价格调整、 2021 年部分限制性股票作废及 2023 年限制性股票第一个归属期归属等事项之 法律意见书 致北京映翰通网络技术股份有限公司: 北京市隆安律师事务所(以下简称"本所")接受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")委托,指派本所王丹律师、王一静 律师(以下合称"本所律师")作为公司专项法律顾问,就公司 2021 年限制性股 票激励计划(以下简称"2021年激励计划")、2023年限制性股票激励计划(以 下简称"2023年 ...

证券代码：688080 证券简称：映翰通 公告编号：2024-038 北京映翰通网络技术股份有限公司 关于 2023 年限制性股票激励计划第一个归属期归属条件成 就的公告 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。 重要内容提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：本激励计划拟向激励对象授予 59.60 万股限制性股票，约占 本激励计划草案公告时公司股本总额 5257.2516 万股的 1.13%。 3、授予价格：18.05 元/股（调整后）。 本激励计划授予的限制性股票的归属期限和归属安排具体如下： | 归属安排 | 归属时间 | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | | 第一个归属期 | 自授予之日起 12 个月后的首个交易日至授予 | 30% | | | 之日起 24 个月内的最后一个交易日止 | | | 第二个归属期 | 自授予之日起 24 个月后的首个交易日至授予 | 30% | | ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 147,334,346.43, representing a year-on-year increase of 27.63%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 29,948,445.91, up 34.11% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 27,735,391.47, reflecting a 45.30% increase year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.41, a 36.67% increase from the previous year[2] - Total operating revenue for the first nine months of 2024 reached CNY 408,252,822.36, an increase of 15.99% compared to CNY 352,017,739.17 in the same period of 2023[15] - Net profit for the first nine months of 2024 was CNY 84,430,399.96, compared to CNY 68,463,707.59 in 2023, representing a year-on-year increase of 23.36%[17] - The total comprehensive income for the third quarter of 2024 was CNY 81,989,969.25, an increase from CNY 69,535,875.24 in the same period of 2023, representing a growth of approximately 17.5%[18] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 1.13, up from CNY 0.94 in the same quarter of 2023, reflecting a year-over-year increase of about 20.2%[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,172,149,349.39, an increase of 7.77% compared to the end of the previous year[4] - The company's total assets increased to CNY 1,172,149,349.39 in Q3 2024, up from CNY 1,087,626,665.40 in Q3 2023, marking a growth of 7.77%[15] - Non-current liabilities totaled CNY 5,829,057.11 in Q3 2024, down from CNY 9,630,899.23 in Q3 2023, indicating a decrease of 39.00%[15] - The total equity attributable to shareholders reached CNY 989,418,710.07 in Q3 2024, compared to CNY 913,909,611.71 in Q3 2023, an increase of 8.26%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 64,811,684.58, down 45.62% year-on-year due to increased cash payments for goods and services[2] - Cash inflows from operating activities totaled CNY 414,013,765.52, compared to CNY 374,710,931.77 in the previous year, marking an increase of approximately 10.5%[20] - The net cash flow from operating activities was CNY 64,811,684.58, down from CNY 119,181,210.02 in the same period last year, indicating a decline of about 45.5%[20] - Cash inflows from investment activities amounted to CNY 1,090,574,883.43, compared to CNY 1,001,514,966.79 in the previous year, showing an increase of approximately 8.9%[20] - The net cash flow from investment activities was -CNY 7,107,528.99, worsening from -CNY 2,350,189.54 in the same period last year[20] - The net cash flow from financing activities was -CNY 18,219,597.52, compared to -CNY 12,387,115.41 in the previous year, indicating a decline of about 47.1%[21] - The cash and cash equivalents at the end of the period were CNY 761,432,297.56, an increase from CNY 662,197,368.39 at the end of the same period last year, representing a growth of approximately 15%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,910[10] - The largest shareholder, Li Ming, holds 14,657,818 shares, representing 19.92% of the total shares[10] - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the top shareholder alone holding nearly 20%[11] - There are no changes reported in the lending or borrowing of shares among the top ten shareholders[12] Research and Development - Research and development expenses totaled CNY 14,712,208.33, accounting for 9.99% of operating revenue[4] - Research and development expenses for the first nine months of 2024 were CNY 42,604,673.66, slightly up from CNY 42,485,989.82 in 2023, showing a commitment to innovation[17] Market Strategy - The company plans to expand its market presence and invest in new technologies to drive future growth[15] - The company has not disclosed any significant new strategies or product developments in this reporting period[12] Revenue Breakdown - Revenue from industrial IoT products reached CNY 21,981.66 million, a growth of 23.43% compared to the previous year[9] - Revenue from enterprise network products surged by 134.48% to CNY 5,488.63 million year-on-year[9] Operating Costs - Total operating costs for the first nine months of 2024 were CNY 312,330,039.23, up from CNY 284,051,219.90 in 2023, reflecting a growth of 9.93%[15] Other Financial Metrics - The company reported a significant increase in accounts payable, which rose to CNY 78,155,490.64 from CNY 71,021,316.98, reflecting a growth of 10.06%[15] - The company received CNY 15,052,231.48 in tax refunds, up from CNY 12,338,046.27 in the previous year, reflecting an increase of about 22%[20] - The company reported a significant increase in cash received from other operating activities, totaling CNY 14,747,569.78, compared to CNY 6,503,291.23 in the previous year, which is an increase of approximately 126%[20]

证券代码：688080 证券简称：映翰通 公告编号：2024-037 北京映翰通网络技术股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司董事会及全体董事保证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。 北京映翰通网络技术股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第四届董事会第十二次会议、第四届监事会第十二次会议，审议通过 了《关于作废部分已授予尚未归属的限制性股票的议案》，现将有关事项说明如 下： 一、公司 2021 年限制性股票激励计划（以下简称"本激励计划"）已履行 的决策程序和信息披露情况 1、2021 年 7 月 20 日，公司召开第三届董事会第十一次会议，审议通过了 《关于<北京映翰通网络技术股份有限公司 2021 年限制性股票激励计划（草案）> 及其摘要的议案》《关于<北京映翰通网络技术股份有限公司 2021 年限制性股票 激励计划实施考核管理办法>的议案》及《关于提请股东大会授权董事会办理 2021 年限制性股票激励计划相关事宜的议案》。公司独立董事就本激励计划相 关议案发表了同意的独立 ...

本次担保金额及已实际为其提供的担保余额：本次担保金额为人民币 3,000 万元；截至本公告披露日，公司为其提供的担保余额为人民币 1,720.80 万元。 本事项无需提交股东大会进行审议。 证券代码：688080 证券简称：映翰通 公告编号：2024-040 本次担保无反担保，公司无逾期对外担保情形。 北京映翰通网络技术股份有限公司 关于为全资子公司申请银行综合授信额度提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、 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 带法律责任。 重要内容提示： 被担保方：公司全资子公司：映翰通嘉兴通信技术有限公司（以下简称"全 资子公司"或"嘉兴映翰通"） 一、申请授信及担保情况概述 （一）申请授信的基本情况 为满足子公司经营和发展需求，公司全资子公司嘉兴映翰通拟向中国银行股 份有限公司嘉兴秀洲支行银行申请不超过人民币 3,000 万元的综合授信额度，期 限两年，主要用于办理流动资金贷款、固定资产贷款、合同融资、并购贷款、开 立银行承兑汇票、信用证、保函、汇票贴现、银行保理业务、贸易融资、供应链 融资、融资租赁等业务 ...

北京映翰通网络技术股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第四届董事会第十二次会议、第四届监事会第十二次会议，审议通过了《关 于修订<公司章程>的议案》，现将相关情况公告如下： 为了持续完善公司治理，保护股东合法权益，根据 2024 年 7 月 1 日正式生 效的新《中华人民共和国公司法》，以及《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》《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》等相关规定，结合公司实际情况和治理要求，公司拟对《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》）部分条款进行修订。 具体修订内容如下： 关于修订《公司章程》的公告 本公司董事会及全体董事保证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。 | 修订前 | 修订后 | | --- | --- | | 第八条 公司的董事长为法定代表人。 | 第八条 公司的董事长为法定代表人。 | | | 担任法定代表人的董事长辞任的，视为同 | | | 时辞去法定代表人。 | | | 法定代表人辞任的，公司应 ...