Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within six months [9][15]. Core Views - The company is expected to achieve net profits of 330 million, 390 million, and 450 million for the years 2024, 2025, and 2026 respectively, indicating a positive outlook for growth [13]. - The report highlights significant improvements in profitability, particularly in the AI, automotive, and VR sectors, which are anticipated to drive future growth [13][19]. Financial Summary - In 2023, the company reported total revenue of 5.93 billion, a slight decrease of 1.01% year-on-year, while net profit increased by 102.28% to 360.96 million [19]. - The gross margin improved to 15.06%, up by 2.76 percentage points year-on-year, attributed to cost reduction measures and operational efficiency [19]. - The company’s earnings per share (EPS) for 2023 was 0.63, with a projected EPS of 0.58, 0.68, and 0.79 for the years 2024, 2025, and 2026 respectively [14][19]. Revenue Breakdown - Revenue from various product categories in 2023 included 4.9 billion from speakers and audio devices, 430 million from batteries, and 530 million from electronic components, with notable growth in battery sales [19]. - Sales distribution by region showed revenues of 2.09 billion from mainland China, 1.02 billion from Europe, 1.33 billion from the United States, and 1.49 billion from other regions [19]. Market Trends - The report emphasizes the potential of smart speakers as AI assistants, driven by advancements in generative AI technologies [19]. - The recovery of the offline entertainment industry is expected to boost sales of professional audio equipment, benefiting the company’s product offerings [19]. Strategic Initiatives - The company has made significant strides in the automotive audio sector, securing contracts with leading electric vehicle manufacturers and achieving quality certifications [19]. - The report notes the company's successful transition towards VR/AR systems, with increasing orders from major clients in the VR industry [19].

Financial Performance - The company's revenue for Q1 2024 reached ¥1,268,644,408.52, representing a 16.78% increase compared to ¥1,086,323,020.16 in the same period last year[5] - Net profit attributable to shareholders was ¥29,169,989.13, a significant increase of 307.93% from ¥7,150,789.46 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥8,619,574.42, up 445.19% from ¥1,581,021.99 in the previous year[5] - Basic and diluted earnings per share both increased by 150% to ¥0.05 from ¥0.02 in the same quarter last year[5] - Total operating revenue for Q1 2024 reached ¥1,268,644,408.52, an increase of 16.8% compared to ¥1,086,323,020.16 in Q1 2023[25] - Net profit for Q1 2024 was ¥29,267,282.72, a significant increase from ¥7,151,669.58 in Q1 2023, marking a growth of 309.5%[26] - Total comprehensive income for the first quarter of 2024 was CNY 25,253,716.45, compared to CNY 15,711,475.55 in the same period last year, representing a year-over-year increase of approximately 60.5%[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,190,622,531.49, reflecting a 2.82% increase from ¥6,993,414,180.59 at the end of the previous year[5] - Total liabilities increased to ¥3,216,140,067.73 in Q1 2024 from ¥3,044,561,661.47 in Q1 2023, reflecting a growth of 5.6%[23] - The company's equity attributable to shareholders increased to ¥3,971,588,261.49 in Q1 2024 from ¥3,946,055,610.44 in Q1 2023, a growth of 0.6%[23] - The company's total current liabilities rose to ¥2,957,926,623.02 in Q1 2024 from ¥2,784,142,462.37 in Q1 2023, indicating an increase of 6.2%[23] Cash Flow - Cash flow from operating activities showed a net decrease of 3.59%, amounting to ¥406,901,803.82 compared to ¥422,058,435.84 in the previous year[5] - Cash inflow from operating activities totaled CNY 1,849,753,096.29, compared to CNY 1,801,233,039.37 in the previous year, reflecting a growth of approximately 2.7%[28] - Cash outflow from operating activities was CNY 1,442,851,292.47, up from CNY 1,379,174,603.53, marking an increase of about 4.6%[30] - The company reported a net cash flow from investing activities of CNY -162,716,109.27, worsening from CNY -9,912,285.40 in the previous year[30] - Cash inflow from financing activities was CNY 538,745,466.87, compared to CNY 462,859,996.63 in the same period last year, an increase of approximately 16.4%[30] - The ending balance of cash and cash equivalents was CNY 2,693,970,299.83, up from CNY 831,111,637.45 at the end of the previous year, indicating a significant increase of approximately 224%[30] Expenses - Research and development expenses increased by 48% as the company enhanced its core competitiveness and expanded its R&D team[9] - Sales expenses rose by 40% primarily due to increased employee costs and business entertainment expenses[10] - Research and development expenses in Q1 2024 amounted to ¥82,971,901.85, compared to ¥56,035,759.90 in Q1 2023, indicating a rise of 48.2%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 56,937[16] - The top 10 shareholders hold a total of 11.11% and 9.48% of shares, with Shenzhen Zhidu Guoguang Investment Development Co., Ltd. and Zhidu Technology Co., Ltd. being the largest shareholders[16] - The company completed a private placement of 99,718,919 shares, raising a net amount of approximately RMB 1,375,375,037.52 for new projects[19] - The second phase of the employee stock ownership plan involves 17,753,978 shares, representing 3.13% of the total share capital, which will be unlocked on February 6, 2024[20] - The company’s total number of shares repurchased for the employee stock ownership plan is 16,600,696 shares, accounting for 2.92% of the total share capital[19] - The company has not reported any changes in the top 10 shareholders due to securities lending activities[18] Other Information - The company experienced a 100% decrease in fair value changes, indicating no gains from foreign exchange derivative contracts in the current period[10] - The company did not undergo an audit for the first quarter report[32] - The report indicates that the company has not yet implemented the new accounting standards as of the beginning of 2024[31]

国光电器股份有限公司（以下简称"公司"）根据中华人民共和国财政部（以下简称"财政部"）有 关通知规定对公司相关会计政策进行相应变更，具体变更内容如下： 国光电器股份有限公司 关于会计政策变更的公告 证券代码：002045 证券简称：国光电器 编号：2024-38 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 一、本次会计政策变更概述 （一）会计政策变更原因与变更时间 2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》（以下简称"解释 17 号"），该解 释"关于流动负债与非流动负债的划分"、"关于供应商融资安排的披露"及"关于售后租回交易的会计 处理"内容自 2024 年 1 月 1 日起施行。 （二）变更前公司采用的会计政策 本次会计政策变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项具体会计准则、企 业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 （三）变更后公司采用的会计政策 本次会计政策变更后，公司将按照财政部发布的解释 17 号要求执行。除上述会计政策变更外，其他未 变更部分，仍按照财政部前期发布的 ...

国光电器股份有限公司 董事会审计委员会对会计师事务所 2023 年度 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易 所上市公司自律监管指引第 1 号--主板上市公司规范运作》和国光电器股份有 限公司（以下简称"公司"）的《公司章程》《董事会审计委员会工作细则》 等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履 职。现将董事会审计委员会对会计师事务所 2023 年度履职评估及履行监督职责 的情况汇报如下： 一、2023 年年审会计师事务所基本情况 风险及舞弊的测试和评价方法、年度审计重点、审计调整事项、初审意见等与 公司管理层和治理层进行了沟通。天衡会计师事务所（特殊普通合伙）审计小 组的组成人员完全具备实施本次审计工作的专业知识和从业资格，能够胜任本 次审计工作。 按照《审计业务约定书》，结合公司 2023 年年报工作安排，天衡会计师事 务所（特殊普通合伙）对公司 2023 年度财务报告及内部控制的有效性进行了审 计，同时对公司募集资金存放与实际使用情况、控股股东及其他关联方占用资 ...

公司于 2024 年 4 月 12 日召开了第十一届董事会第四次会议，审议通过了《2023 年度利润分配预案》， 本议案尚需提交公司 2023 年度股东大会审议，现将有关情况公告如下： 一、2023 年度利润分配预案 公司 2023 年度利润分配预案为：不派发现金红利，不送红股，不以资本公积金转增股本，可供股东分 配利润结转至下一年度。 二、公司 2023 年度拟不进行现金分红的原因 公司 2021-2023 年度现金分红总额为 31,779.10 万元（含其他方式），现金分红总额（含其他方式）不 少于该三年实现的年均可分配利润的 30%，符合《关于进一步落实上市公司现金分红有关事项的通知》、《上 市公司监管指引第 3 号——上市公司现金分红》和《国光电器股份有限公司未来三年（2020 年-2022 年） 股东回报规划》、《国光电器股份有限公司未来三年（2023 年-2025 年）股东回报规划》等有关规定的要求。 国光电器股份有限公司 关于2023年度利润分配预案的公告 证券代码：002045 证券简称：国光电器 编号：2024-28 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 ...

国光电器股份有限公司 关于召开 2023 年度股东大会的通知 证券代码：002045 证券简称：国光电器 编号：2024-36 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 2024 年 4 月 12 日，国光电器股份有限公司（以下简称"公司"）第十一届董事会第四次 会议审议通过《关于召开 2023 年度股东大会的议案》，同意 2024 年 5 月 7 日召开 2023 年度股 东大会，会议事项通知如下： 一.会议召开的基本情况 1.股东大会届次：公司 2023 年度股东大会。 2.会议召集人：公司董事会 3.会议召开的合法、合规性：经公司第十一届董事会第四次会议审议，决定召开公司 2023 年度股东大会，会议召集程序符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定。 4.会议时间： （1）现场会议时间：2024 年 5 月 7 日（星期二）15 时 00 分 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间：2024 年 5 月 7 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联 ...

Financial Performance - The company's operating revenue for 2023 was CNY 5,933,170,293, a decrease of 1.01% compared to CNY 5,993,719,050 in 2022[19] - Net profit attributable to shareholders for 2023 reached CNY 360,706,130, representing a significant increase of 102.28% from CNY 178,517,987 in the previous year[19] - The net cash flow from operating activities surged to CNY 821,123,533, marking an increase of 1,460.86% compared to CNY 52,607,184.4 in 2022[19] - Basic earnings per share for 2023 were CNY 0.78, up 95.00% from CNY 0.40 in 2022[19] - The weighted average return on net assets increased to 14.28%, up 5.68 percentage points from 8.61% in the previous year[19] - The overall gross margin improved to 15.06%, up by 2.76 percentage points compared to the previous year, primarily due to cost reduction measures and favorable exchange rate fluctuations[49] - The company reported a net profit excluding non-recurring gains and losses of CNY 163,040,351, an increase of 9.67% from CNY 148,857,558 in 2022[19] Market Strategy and Expansion - The company plans to expand its market presence and invest in new product development, although specific figures were not disclosed[4] - The company plans to focus on expanding its audio and lithium battery businesses, particularly in AI+IoT, VR/AR, and automotive audio sectors[30] - The global Bluetooth speaker market is projected to grow from USD 10.1 billion in 2021 to USD 30.4 billion by 2027, indicating strong market potential for the company's products[31] - The global VR/AR device shipment is expected to grow by 31.5% in 2023, with significant opportunities for the company in this sector[32] - The company aims to enhance its product offerings in the professional audio market, driven by the recovery of the entertainment industry and increasing consumer demand for high-quality audio experiences[32] Research and Development - The company achieved a significant increase in R&D capabilities, with R&D expenses rising by approximately CNY 45.45 million, reflecting a commitment to enhancing core competitiveness[49] - The company is focusing on developing advanced audio technologies, including a new intelligent speaker system based on Linux and Android, aimed at enhancing user experience in smart home environments[69] - The R&D efforts include creating a wireless Wi-Fi audio system that integrates audio processing technology, which is expected to significantly improve sound quality and user experience[69] - The company is expanding its product line to include high-performance audio systems for new energy vehicles, addressing the growing demand for intelligent and noise-reducing automotive audio solutions[70] - The company plans to create an open innovation ecosystem by establishing a patent pool and technical standards system to support its R&D initiatives[69] Risk Management - The company has identified potential risks in its future development and outlined corresponding mitigation strategies[4] - The company has implemented risk management measures to mitigate foreign exchange and interest rate fluctuations[88] - The company is actively addressing risks related to exchange rate fluctuations by managing foreign currency assets and liabilities, as well as utilizing foreign exchange derivatives[111] - The company faces risks related to raw material supply and price fluctuations, with raw materials accounting for a significant portion of the main business costs[114] - The company has established channels to mitigate the impact of raw material price increases through negotiations with customers and suppliers[114] Corporate Governance - The company adheres to legal and regulatory requirements to enhance its governance structure and internal management systems[119] - The board of directors consists of seven members, including three independent directors with diverse expertise, ensuring compliance with legal requirements[123] - The company has established a performance evaluation and incentive mechanism linked to key performance indicators (KPIs) for management personnel[126] - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, and finances[128] - The company has established a complete independent system for R&D, procurement, production, and sales, ensuring no competition with the controlling shareholder[129] Employee and Management Structure - The total number of employees at the end of the reporting period was 5,247, with 1,419 in the parent company and 3,828 in major subsidiaries[179] - The company has established a comprehensive training system to enhance employee skills and professional development[182] - The company has a total of 3 PhD holders, 96 master's degree holders, and 1,011 bachelor's degree holders among its employees[179] - The company has established a comprehensive human resources management system to attract and retain talent, which includes performance evaluation and compensation mechanisms[188] - The company has an employee stock ownership plan involving 169 employees holding a total of 17,753,978 shares, representing 3.79% of the total share capital[189] Leadership Changes - The company is undergoing a transition in its leadership, with multiple board members and executives leaving their positions due to term expirations or personal reasons[154] - The company has appointed new independent directors, including Tan Guangrong and Ji Zhibin, who bring valuable expertise in finance and management, potentially strengthening the board's oversight capabilities[158] - The company is actively managing its leadership transitions to ensure continuity and stability in its operations and strategic initiatives[155] - The company reported a significant leadership change with the dismissal of Secretary of the Board Xiao Qing on May 15, 2023, and Vice President Zhou Yunfa on January 17, 2023, both for personal reasons[155] Financial Management - The company reported a total of 8,956 million yuan in expected revenue from its projects, with a completion rate of 82.51%[85] - The total amount of funds raised in 2023 through a private placement was RMB 1,384,098,595.72, with a net amount of RMB 1,378,598,595.72 after deducting underwriting and sponsorship fees[93] - The company has not engaged in speculative derivative investments during the reporting period, focusing solely on risk management[90] - The company has implemented cost control measures, resulting in savings on project construction costs and generating investment income from temporarily idle raised funds[96] - The company plans to use a total of RMB 465.835 million for the "Micro Speaker Product Technology Renovation Project" and "Smart Speaker Product Technology Renovation Project"[96]

国光电器股份有限公司 关于 2023 年度会计师事务所履职情况的评估报告 国光电器股份有限公司（以下简称"公司"）聘请天衡会计师事务所（特 殊普通合伙）作为公司 2023 年度年报审计机构。 根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事 务所管理办法》，公司对天衡会计师事务所（特殊普通合伙）2023 年审计过程 中的履职情况进行评估。经评估，公司认为天衡会计师事务所（特殊普通合 伙）资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意见，具体 情况如下： 一、 资质条件 （一）机构信息 1．基本信息 项目合伙人、签字注册会计师、项目质量控制复核人近三年无因执业行为 受到刑事处罚，受到证监会及其派出机构、行业主管部门的行政处罚、监督管 理措施，未受到证券交易场所、行业协会等自律组织的自律监管措施、纪律处 分的情况。 2．独立性 | 事务所名称 | 天衡会计师事务所（特殊普通合伙） | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2013 是否曾从事证券服务业务 | 年 | 1 ...

国光电器股份有限公司 募集资金年度存放与使用情况专项报告 国光电器股份有限公司 2023 年年度募集资金存放与使用情况的专项报告 证券代码：002045 证券简称：国光电器 编号：2024-27 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 根据中国证监会发布的《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》和深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，国光电器股份有限公司（以下简称"公司"） 董事会将 2023 年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）2018 年非公开发行股票募集资金的金额、资金到账时间 1、实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2017]2323 号文核准，公司于 2017 年 12 月非 公开发行人民币普通股（A 股）5,148 万股，每股发行价为 9.46 元，应募集资金总额为 人民币 48,700 万元，根据有关规定扣除发行费用 2,116.50 万元后，实际募集资金金额为 46,583.50 万 ...

报告期内，国光电器股份有限公司（以下简称"公司"）监事会全体成员遵 照《公司法》、《证券法》、《公司章程》、《监事会议事规则》和有关法律、 法规的规定，认真履行监督职责，通过出席股东大会、列席董事会、召开监事会 会议和工作例会、定期或不定期的检查分析，对公司董事会、高级管理人员依法 经营行为和公司财务管理进行监督，对股东大会负责并报告工作，促进公司健康 发展，维护公司和全体投资者的利益。具体工作报告如下： 国光电器股份有限公司 2023 年度监事会工作报告 国光电器股份有限公司 2023 年度监事会工作报告 一、监事会会议及决议情况 报告期内，公司监事会共召开了九次监事会议，会议情况及决议内容如下： 1 1. 2023 年 3 月 3 日第十届监事会第十一次会议，审议通过《关于公司符合向特 定对象发行股票条件的议案》、《关于公司 2023 年度向特定对象发行股票方 案的议案》、《关于公司 2023 年度向特定对象发行股票预案的议案》、《关 于公司 2023 年度向特定对象发行股票发行方案的论证分析报告的议案》、《关 于公司 2023 年度向特定对象发行股票募集资金使用可行性分析报告的议案》、 《关于提请股东大 ...