Investment Rating - The report maintains an "Accumulate" rating for the company [6][10]. Core Views - The company, Wanma Co., Ltd., reported a revenue of 15.121 billion yuan in 2023, representing a 3% increase year-on-year, and a net profit attributable to shareholders of 555 million yuan, which is a 35% increase [10]. - The cable polymer segment achieved a revenue of 4.872 billion yuan in 2023, with a 21% increase in shipment volume to 480,000 tons and a gross margin improvement of 1.28 percentage points to 16.7% [10]. - The charging pile segment saw a significant reduction in losses, with a net profit of -90 million yuan compared to -134 million yuan in 2022, and a 19% year-on-year increase in the number of public charging piles to 32,600 units [10]. Financial Summary - The latest closing price of the company's stock is 8.69 yuan, with a total market capitalization of 9 billion yuan [9]. - The company has a total share capital of 1.035 billion shares, with a circulating share capital of 1.027 billion shares [9]. - The company's debt-to-asset ratio stands at 60.6%, and the price-to-earnings ratio is 15.73 [9]. Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 707 million yuan, 849 million yuan, and 1.059 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.73x, 10.60x, and 8.50x [10][13].

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.00 CNY, maintaining the rating from previous assessments [15]. Core Insights - The company reported a revenue of 15.121 billion CNY in 2023, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 555 million CNY, up 34.97% year-on-year. The fourth quarter of 2023 saw a revenue of 3.377 billion CNY, down 8.25% year-on-year and 25.03% quarter-on-quarter [10]. - The significant profit growth is attributed to the optimization of product structure, particularly in high-margin cable materials, with production capacity for ultra-high voltage materials continuing to ramp up [10]. - The company has seen a 10.53% year-on-year increase in revenue from its charging pile business, with a 33% increase in sales volume, indicating strong growth potential in this sector [11]. - A strategic cooperation agreement with Sinopec is expected to enhance the cable material business, ensuring resource supply and facilitating overseas market expansion [12]. Financial Performance Summary - The company’s projected revenues for 2024-2026 are 18.757 billion CNY, 22.956 billion CNY, and 24.896 billion CNY, with year-on-year growth rates of 24.05%, 22.39%, and 8.45% respectively. Net profits are expected to be 818 million CNY, 1.028 billion CNY, and 1.234 billion CNY, with growth rates of 47.22%, 25.67%, and 20.07% respectively [13]. - Earnings per share (EPS) are projected to be 0.79 CNY, 0.99 CNY, and 1.19 CNY for the same period, reflecting a compound annual growth rate (CAGR) of 30.48% over three years [13]. - The company’s financial metrics indicate a healthy outlook, with a price-to-earnings (P/E) ratio of 15 times for 2024, suggesting a favorable valuation compared to peers [13].

Competitive Advantage and Market Position - The company has established a stable competitive advantage in the domestic high-end cable market and is one of the largest manufacturers of intelligent equipment cables in China[1]. - The company’s market expansion strategy focuses on high-end customers and sectors, leveraging its brand strength to capture more market share[6]. - The company has been recognized as a "National Green Factory" and a "National Green Supply Chain Management Enterprise," enhancing its brand reputation[5]. Intellectual Property and Technological Development - As of the end of 2023, the company holds 696 valid intellectual property rights, including 80 invention patents and 494 utility model patents[2]. - In 2023, the company launched over 10 new products that passed provincial industrial new product identification, enhancing its technological capabilities[4]. - The company successfully developed a 110kV polypropylene insulated power cable, achieving domestic leading technology, and has begun mass production of high-performance cable materials[4]. Financial Performance - In 2023, the company achieved a total revenue of 15.121 billion yuan, representing a year-on-year growth of 3.04%[21]. - The net profit attributable to shareholders reached 555 million yuan, marking a significant year-on-year increase of 34.97%[21]. - The company's operating revenue for 2023 was CNY 15,121,002,138.17, representing a 3.04% increase compared to CNY 14,674,961,485.69 in 2022[71]. Production and Efficiency - The company’s cable segment successfully developed key clients, with product shipments exceeding 10 billion yuan for the first time, setting a historical record[22]. - The company’s production efficiency improved, with on-time order delivery rates increasing by 4% year-on-year[22]. - The company has established four major production bases to enhance its service capabilities and support international expansion[18]. Market Trends and Demand - The demand for cable materials is expected to grow significantly due to the expansion of new energy and infrastructure projects, with over 4 million tons of cable materials used annually in China[9]. - The company aims to meet the increasing demand for high-performance cable materials domestically, reducing reliance on imports and ensuring supply chain security[9]. - The total number of charging infrastructure in China reached 8.596 million, a year-on-year increase of 65%, indicating strong market growth potential[10]. Research and Development - The number of R&D personnel increased to 1,011 in 2023, up 5.53% from 958 in 2022[142]. - R&D investment amounted to ¥636,080,635.08 in 2023, representing a 3.96% increase from ¥611,851,525.31 in 2022[142]. - The company is focusing on high-quality development and aims to achieve the goals set in the "14th Five-Year Plan" in 2024[115]. Cash Flow and Investments - The net cash flow from operating activities decreased by 35.51% to CNY 444,819,113.27 from CNY 689,719,512.73 in the previous year[71]. - The company’s cash flow from operating activities showed a significant recovery, with a net cash inflow of approximately ¥1.25 billion in Q4 2023[73]. - The company established a new subsidiary, Shanghai Wanma High Polymer Material Research Co., Ltd., with an investment of ¥10 million[133]. Environmental and Regulatory Compliance - The company has established a complete risk control system for its hedging business, effectively mitigating potential losses[164]. - The company is actively participating in standardization efforts, leading the drafting of the "Non-vehicle Conductive Public Intelligent Charger" standard[112]. - The company emphasizes quality management as a core principle, ensuring that all products meet national standards to mitigate quality risks[190]. Future Outlook and Strategic Plans - The company plans to expand the I-ChargeNet smart charging network to cover major cities nationwide, focusing on fast charging as the primary service direction[168]. - The company anticipates significant market opportunities in the electric cable and new energy charging pile industries due to government policies promoting new industrialization and energy conservation[174]. - The company aims to enhance its product value through increased R&D efforts and a focus on customer-centric strategies, while optimizing its industrial layout and accelerating digital transformation[186].

浙江万马股份有限公司 二〇二三年度 内部控制审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理。 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.jov.cn）"进行查理。 Grant Thornton 41日 内部控制审计报告 致同审字(2024)第 320A008077 号 浙江万马股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了浙江万马股份有限公司(以下简称万马股份公司)2023年 12月 31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效 性是万马股份公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限 ...

浙江万马股份有限公司 注：2022 年数据已按照会计政策变更相关规定予以调整。 - 1 - （二）盈利分析 2023 年度财务决算及 2024 年度预算工作报告 一、2023 年度财务决算 （一）审计意见 公司 2023 年度财务决算报告已经致同会计师事务所（特殊普通合伙）审计，并 出具了标准无保留意见审计报告〔致同审字（2024）第 320A007896 号〕，认为公司 的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了公司 2023 年 12 月 31 日的合并及公司财务状况以及 2023 年度的合并及公司经营成果和现 金流量。公司 23 年度财务状况及经营成果如下： 1、主要会计数据及财务指标 单位：万元 | 项目 | 2023 年 | 2022 年 | 本年比 上年增 | 2021 年 | | --- | --- | --- | --- | --- | | | | | 减 | | | 营业收入 | 1,512,100.21 | 1,467,496.15 | 3.04% | 1,276,747.7 | | | | | | 3 | | 归属于上市公司股东的净利润 | 55,540.53 | 4 ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2024-019 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21万马01 | | 浙江万马股份有限公司 关于计提 2023 年度资产减值准备、信用减值损失 及核销部分资产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次计提资产减值准备、信用减值损失及核销资产情况概述 1.计提资产减值准备及信用减值损失情况 根据《企业会计准则》以及公司有关会计政策的规定，基于谨慎性原则，为 真实、准确地反映公司截至 2023 年 12 月 31 日资产的财务状况，公司对应收款 项、合同资产、存货、工程物资、固定资产、商誉等进行了清查盘点，对合并范 围内各公司可能发生减值的资产，进行了减值测试，并根据会计准则计提减值准 备。 经过测试，2023 年公司对各类资产应计提减值准备 6,573.15 万元，明细如 下： | 资产名称 | 年初至期末计提资产减值准备金 额（万元） | 占 2023 年度经审计归属于上市 公司股东净利润的比例 | | | --- | ...

浙江万马股份有限公司 2023 年度独立董事述职报告 （周荣） 各位股东及代表： 我作为浙江万马股份有限公司的独立董事，根据《公司法》《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》《公司章程》《独 立董事工作制度》等有关法律、法规的规定和要求，履行了独立董事的职责，尽 职尽责，谨慎、认真、勤勉地行使公司所赋予的权利，出席公司 2023 年的相关 会议，对董事会的相关议案发表了独立意见，维护了公司和股东特别是社会公众 股股东的权益。现就我 2023 年度履行职责情况述职如下： 一、出席公司会议及投票情况 1、2023 年度，作为公司董事会独立董事，我恪尽职守、勤勉尽责，详细了 解公司运作情况，对公司利润分配、聘请审计机构、日常关联交易等有关事项发 表了独立意见； 2、2023 年度，本人未对董事会各项议案及其他事项提出异议； 3、2023 年度，本人对以下事项发表了独立意见: 2023 年度，第六届董事会共召开 11 次董事会会议，本人都参加了会议，出 席股东大会 4 次。在会议召开前，本人主动了解并获取作出决策所需要的情况和 资料，了解公司生产经营情况，查阅有关资料，并与相关人员沟 ...

| 证券代码：002276 | 证券简称：万马股份 公告编号：2024-022 | | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | 浙江万马股份有限公司 关于 2024 年为合并报表范围内公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次担保是公司对合并范围内的公司提供担保，部分公司资产负 债率超过 70%。本担保事项主要用于上述公司向银行融资或满足其业务发展需要， 风险可控，敬请投资者充分关注担保风险。 第 1 页/共 5 页 2024 年，公司拟对合并报表范围内公司提供担保及截至 2023 年 12 月 31 日 公司对合并报表范围内公司提供的实际担保情况见下表: | | | | | | | | 单位：万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 被担保 | 截至 2023 | | | 担保额 度占上 | | | 担 保 | 被担保方 | 担保方持 | 方最近 一期资 | 年 12 月 ...

关于浙江万马股份有限公司 2023 年度募集资金存放与实际使用情 况 鉴证报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://sc.cmcf.gov.cn）"进行查询 "进行管理"或进入"注册会计师行业统一监管平台（http://stc.mof.gov.cn）"进行查询 " " " " " " 目 录 关于浙江万马股份有限公司 2023年度募集资金 存放与实际使用情况鉴证报告 浙江万马股份有限公司 2023年度募集资金 存放与实际使用情况的专项报告 1-8 Grant Thornton 载 三 关于浙江万马股份有限公司 2023年度募集资金存放与实际使用情况 鉴证报告 致同专字(2024)第 320A005393 号 浙江万马股份有限公司全体股东: 我们接受委托,对后附的浙江万马股份有限公司(以下简称 万马股份公 司)《2023年度募集资金存放与实际使用情况的专项报告》(以下简称"专 项报告"）执行了合理保证的鉴证业务。 按照《上市公司监管指引第2号一一上市公司募集资金管理和使用的监管 要求(2022年修订)》和《深圳证券交易所上市公司自律监管指引 ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2024-025 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | | 1.以前年度使用金额 截至 2022 年 12 月 31 日，公司募集资金余额为 36,226,009.18 元（包括累计收 到的银行存款利息扣除银行手续费等的净额）。 2.本年度使用金额及当前余额 浙江万马股份有限公司 关于 2023 年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一） 实际募集资金金额、资金到账时间 经中国证券监督管理委员会"证监许可〔2017〕90 号"《关于核准浙江万马股 份有限公司非公开发行股票的批复》核准，并经深圳证券交易所同意，本公司非公 开发行人民币普通股（A 股）96,343,610 股，每股面值 1 元，实际发行价格每股 9.08 元，募集资金总额为人民币 874,799,978.80 元，扣除发行费用人民币 15,177,964.95 元后，实际募集资金净额为人民币 ...