Investment Rating - Buy (Maintained) [1] Core Views - The industrial control industry has significant potential, and the company is well-positioned to benefit from the cyclical upturn [1] - The company's revenue grew slightly in H1 2024, but net profit declined due to increased manufacturing costs and higher R&D and marketing expenses [1] - The company's robot industry continues to grow steadily, with revenue increasing by 11.90% YoY in H1 2024 [1] - The industrial automation market is expanding, driven by traditional manufacturing upgrades and government support, with the market size expected to reach 322.7 billion yuan by 2025 [1] - The company's fundraising project will enhance its integrated product layout, particularly in servo modules and electromechanical integration [2] Financial Performance - H1 2024 revenue: 256 million yuan (+9.16% YoY) [1] - H1 2024 net profit: 23 million yuan (-26.25% YoY) [1] - H1 2024 non-GAAP net profit: 19 million yuan (+32.06% YoY) [1] - 2024-2026 revenue forecast: 590 million yuan, 720 million yuan, 908 million yuan [3] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [3] - 2024-2026 PE ratio: 41x, 29x, 23x [3] Industry Analysis - The industrial control market in China grew from 139.9 billion yuan in 2015 to 264.3 billion yuan in 2022, with a CAGR of 9.5% [1] - The company's main product sales CAGR from 2018 to 2023 was 14.48% [1] - The company's robot industry revenue in H1 2024 was 97 million yuan (+11.90% YoY) [1] - Revenue from machine IoT, medical imaging equipment, and other general automation industries in H1 2024 was 74 million yuan, 20 million yuan, and 64 million yuan, respectively [1] Fundraising and Product Development - The company has approved an additional investment of 661 million yuan for its "Intelligent Manufacturing Production Base Construction Project" [2] - The project aims to enhance the company's servo module production capacity and electromechanical integration layout [2] - The company has successfully launched an innovative integrated machine (servo motor, servo driver, reducer, etc.) in bulk [2] Financial Forecasts - 2024-2026 revenue growth forecast: 16.5%, 22.1%, 26.1% [5] - 2024-2026 net profit growth forecast: 16.7%, 40.1%, 28.6% [5] - 2024-2026 ROE forecast: 9.5%, 12.4%, 14.7% [5] - 2024-2026 EPS forecast: 0.84 yuan, 1.18 yuan, 1.52 yuan [5]

公司代码：688160 公司简称：步科股份 上海步科自动化股份有限公司 投资者关系活动记录表 上海步科自动化股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------|-------------------------|------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □ | 新闻发布会 □路演活动 | | | □ | 现场参观 □一对一沟通 | | | | 其他（电话会议） | | | | 凯基证券亚洲有限公司、耕霁（上海）投资管理有限公司、 | | | | 鸿运私募基金管理（海南）有限公司、湖南源乘私募基金管 | | | | 理有限公司、青岛金光紫金股权投资基金企业（有限合 | | | | 伙）、上海璞智投资管理有限公司、国海证券股份有限公 | | | | 司、山西证券股份有限公司、华创证券有限责任公司、中国 | | | | 国际金融股份有限公司、东海 ...

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：31.70 元 步科股份（688160）机械设备 目标价：——元（6 个月） 23-08 23-10 23-12 24-02 24-04 24-06 2024H1 营收稳健增长，短期盈利能力承压 [Table_Summary 事件：公司公布] 2024 中报，2024H1 公司实现营业收入 2.56 亿元，同比增长 9.16%；实现归母净利润 0.23亿元，同比下降 26.65%。2024Q2公司实现营业 收入 1.44 亿元，同比增长 11.30%，环比增长 28.85%；实现归母净利润 0.12 亿元，同比下降 31.34%，环比增长7.34%。 公司各业务均实现增长，其中机器人业务保持稳定增长，通用自动化业务有所 恢复。公司属于工控零部件制造行业，2024年以来整体下游需求一般，公司营 收实现稳健增长，其中 2024H1 机器人营收 9675 万元，同比增长 11.90%，机 器物联网营收 7377万元，同比增长 0.94%，通用自动化营收 6444万元，同比 增长 16.3 ...

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 持有 （维持） 当前价：31.70 元 步科股份（688160）机械设备 目标价：——元（6 个月） 23-08 23-10 23-12 24-02 24-04 24-06 2024H1 营收稳健增长，短期盈利能力承压 [Table_Summary 事件：公司公布] 2024 中报，2024H1 公司实现营业收入 2.56 亿元，同比增长 9.16%；实现归母净利润 0.23亿元，同比下降 26.65%。2024Q2公司实现营业 收入 1.44 亿元，同比增长 11.30%，环比增长 28.85%；实现归母净利润 0.12 亿元，同比下降 31.34%，环比增长7.34%。 公司各业务均实现增长，其中机器人业务保持稳定增长，通用自动化业务有所 恢复。公司属于工控零部件制造行业，2024年以来整体下游需求一般，公司营 收实现稳健增长，其中 2024H1 机器人营收 9675 万元，同比增长 11.90%，机 器物联网营收 7377万元，同比增长 0.94%，通用自动化营收 6444万元，同比 增长 16.3 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million RMB, representing a growth of 25% year-over-year[1]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2024, representing a 15% year-over-year growth[8]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[8]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[100]. - The company achieved operating revenue of 256.36 million RMB, an increase of 9.16% compared to the same period last year[42]. - The company's net profit attributable to shareholders decreased by 26.65% to ¥22,988,602.95 from ¥31,342,683.58 in the previous year[12]. - The net profit for the first half of 2024 was ¥23,005,291.95, a decrease of 26.9% from ¥31,511,389.18 in the first half of 2023[138]. - The total comprehensive income for the period was 31,771,776.89, reflecting a significant financial performance[152]. Research and Development - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing automation solutions[1]. - The company is investing in R&D, with a budget increase of 25% for the development of AI and IoT technologies[8]. - The company invested approximately ¥32.93 million in R&D during the reporting period, representing a 16.60% increase compared to ¥28.24 million in the same period last year[30]. - R&D investment amounted to 32.93 million RMB, accounting for 12.84% of the current operating revenue[37]. - The company has developed multiple series of high-pressure and low-pressure servo products to support the rapid growth in strategic industries, including the launch of the FD5P series economical servo drives and SMK series economical servo motors[28]. - The company has filed for a total of 22 new patents during the reporting period, bringing the cumulative total to 308 patents[29]. - The company has a strong focus on R&D in advanced manufacturing technologies, continuously upgrading its core technologies in automation and robotics[22]. Market Expansion and Strategy - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% to reach approximately 600 million RMB[1]. - Market expansion efforts have led to the establishment of two new regional offices, targeting a 10% increase in market share by 2025[1]. - Market expansion plans include entering two new international markets by Q4 2024, aiming for a 5% market share in each[8]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 200 million RMB allocated for this purpose[1]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the tech sector[100]. - A new marketing strategy has been implemented, focusing on digital channels, which is expected to increase customer engagement by 40%[100]. Operational Efficiency and Cost Management - A strategic partnership with a leading technology firm is expected to drive innovation and improve operational efficiency, projected to save 15% in costs[1]. - The company has implemented new strategies to optimize supply chain efficiency, which is expected to reduce costs by 10%[8]. - Operating costs increased by 14.75% to ¥163,551,627.30, primarily due to the growth in operating revenue and increased manufacturing costs to meet the demand for servo motors and modules[56]. Risks and Challenges - The company has identified key risks, including supply chain disruptions, which could impact future performance if not managed effectively[1]. - The company faced risks related to reliance on imported raw materials, with procurement amounts for key materials accounting for 32.02% of total raw material purchases in the first half of 2024[50]. - The company received government subsidies of 345.71 million yuan in the first half of 2024, down from 881.71 million yuan in 2023, highlighting potential future risks if subsidies decrease[52]. Corporate Governance and Compliance - The board has confirmed that there are no non-operational fund usages by controlling shareholders, ensuring financial integrity[1]. - The company has committed to not providing loans or any financial assistance to incentive objects for exercising stock options[107]. - The company has established clear conditions for initiating and stopping stock price stabilization measures to maintain investor confidence[81]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 6,516[122]. - The top shareholder, Shanghai Bujin Information Consulting Co., Ltd., holds 36,979,753 shares, representing 44.02% of the total shares[123]. - The company has committed to fulfilling its obligations regarding share reduction and will bear any legal responsibilities for non-compliance[76]. Sustainability Initiatives - The company has committed to sustainability initiatives, aiming to reduce carbon emissions by 50% by 2025[100]. - The company invested 61.1 million yuan in environmental protection during the reporting period[71]. - The company has implemented carbon reduction measures, including energy-saving initiatives and the development of new products aimed at reducing emissions[71].

证券代码：688160 证券简称：步科股份 公告编号：2024-033 上海步科自动化股份有限公司 第五届董事会第三次会议决议公告 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。 一、董事会会议召开情况 上海步科自动化股份有限公司（以下简称"公司"）第五届董事会第三次会议的通知 已于 2024 年 8 月 16 日以电子邮件等方式通知全体董事。本次会议于 2024 年 8 月 26 日 在深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号 3 楼会议室以现场和通讯相 结合的方式召开。本次会议应出席董事 7 名，实际出席表决董事 7 名。本次会议由董事 长唐咚先生召集并主持，公司全部监事及高级管理人员列席了本次会议。会议的召集召 开符合《中华人民共和国公司法》和《上海步科自动化股份有限公司章程》的规定，所 作决议合法有效。 二、董事会会议审议情况 本次会议以书面记名投票方式进行表决，经与会董事们认真审议通过以下决议： 1、审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审核，董事会认为公司 2024 年半 ...

上海步科自动化股份有限公司 会计师事务所选聘制度 上海步科自动化股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范上海步科自动化股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，保证财务信息质量，维护股东利益， 根据国家行业主管部门和证券监督管理部门的相关规定，结合公司实际情况，制 定本制度。 第二条 本办法所称选聘会计师事务所，是指公司聘任会计师事务所对财务 会计报告发表审计意见、出具审计报告的行为。公司聘任会计师事务所从事除财 务会计报告审计之外的其他法定审计业务的，可参照本制度执行。 第三条 公司选聘会计师事务所应经董事会审计委员会（以下简称"审计委员 会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在股东大会 审议通过前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得干预 审计委员会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当满足下列条件： （一）具有独立的法人资格，具备国家行业主管部门和中国证监会规定的开 展证券期货相关业务所需的执业资格； （二）具有 ...

国浩律师（深圳）事务所 关于 上海步科自动化股份有限公司 2023 年股票期权激励计划调整首次及预留 授予股票期权行权价格 之 法律意见书 深圳市深南大道 6008 号特区报业大厦 42、41、31DE、2401、2403、2405 层邮编：518034 电话/Tel:(+86)(755)83515666 传真/Fax:(+86)(755)83515333 网址:http://www.grandall.com.cn 二○二四年八月 国浩律师（深圳）事务所 法律意见书 致：上海步科自动化股份有限公司 国浩律师（深圳）事务所 关于 上海步科自动化股份有限公司 2023 年股票期权激励计划 本所律师根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、行 政法规和规范性文件的规定，按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，对公司调整本次激励计划首次及预留授予股票期权行权价格 （以下简称"本次调整"）事项相关的文件资料和已存事实进行了核查和验 证，并出具本法律意见书。 国浩律师（深 ...

上海步科自动化股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 上海步科自动化股份有限公司（以下简称"公司"）为践行"以投资者为本" 的发展理念，维护公司全体股东利益，促进公司持续、健康发展，基于对未来 发展前景的信心和价值的认可，于 2024 年 3 月 29 日披露了《2024 年度"提质 增效重回报"行动方案》，为公司 2024 年度提质增效重回报行动制定出明确的 工作方向。公司根据行动方案内容，积极开展和落实各项工作，现将 2024 年上 半年的主要工作成果报告如下： 一、聚焦经营主业，加快市场拓展和布局 报告期内，公司实现营业收入 25,635.67 万元，较上年同期增长 9.16%；营 业利润 2,479.65 万元，较上年同期下降 25.32%；利润总额 2,461.15 万元，较上 年同期下降 25.86%；归属于上市公司股东的净利润 2,298.86 万元，较上年同期 下降 26.65%。各项财务指标变动的原因是：公司机器人行业继续保持稳定增长， 通用自动化行业收入有所恢复，营业收入有所增长；为保持未来长期发展动力， 公司自 2023 年以来，不断扩充研发团 ...

证券代码：688160 证券简称：步科股份 公告编号：2024-034 上海步科自动化股份有限公司 第五届监事会第三次会议决议公告 一、监事会会议召开情况 本公司监事会及全体监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。 上海步科自动化股份有限公司（以下简称"公司"）第五届监事会第三次会议 的通知已于 2024 年 8 月 16 日以电子邮件等方式通知全体监事。本次会议于 2024 年 8 月 26 日在深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号 3 楼会 议室以现场和通讯相结合的方式召开。本次会议应出席监事 3 名，实际出席表决 监事 3 名。本次会议由监事会主席唐雪艳女士召集主持。会议的召集召开符合《中 华人民共和国公司法》和《公司章程》的规定，所作决议合法有效。 二、监事会会议审议情况 本次会议以书面记名投票方式进行表决，经与会监事们认真审议通过以 下决议： 1、审议通过《关于<2024 年半年度报告>及其摘要的议案》 监事会认为：公司 2024 年半年度报告的编制和审议程序符合相关法律法规 及《公司章程》等内部规章制 ...