Investment Rating - The report maintains an "Add" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [14]. Core Insights - The company achieved a revenue of 474 million yuan for the first three quarters of 2024, representing a year-on-year growth of 5.83%, while the net profit attributable to shareholders was 134 million yuan, up 21.24% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 54.09%, an increase of 10.98 percentage points year-on-year, and the net profit margin was 28.34%, up 3.51 percentage points year-on-year [4]. - The company has a strong competitive position in the monitoring system products within the Henan region, with a diverse product line applicable to various railway systems [3]. Financial Performance - The company’s revenue for 2024 is projected to be 786 million yuan, with a growth rate of 6.20%, and net profit is expected to reach 200 million yuan, reflecting a growth rate of 21.58% [11]. - The company’s operating profit for 2024 is forecasted at 225 million yuan, with a corresponding PE ratio of 18.07 [11]. - The company’s cash flow from operating activities is expected to be 180 million yuan in 2024, with a net profit of 200 million yuan [12]. Market and Industry Outlook - The railway fixed asset investment in China has been growing rapidly, with a reported investment of 561.2 billion yuan in the first three quarters of 2024, a year-on-year increase of 10.3% [6]. - The overall investment in the railway and urban rail transit sectors is expected to remain high, driven by ongoing infrastructure development and equipment upgrades [6]. - The company has secured multiple project contracts recently, indicating a stable increase in its order backlog [5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥141,402,584.19, a decrease of 36.90% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥21,827,406.95, down 56.46% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥21,322,801.23, a decrease of 54.25% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.0557, a decrease of 56.96% year-on-year[2]. - Total operating revenue for the current period reached ¥474,426,161.15, an increase from ¥448,297,679.73 in the previous period, representing a growth of approximately 5.0%[13]. - Net profit for the current period was ¥134,449,152.66, compared to ¥111,327,092.12 in the previous period, indicating an increase of approximately 20.7%[14]. - Earnings per share (EPS) for the current period was ¥0.3460, up from ¥0.2862 in the previous period, marking a growth of about 20.9%[15]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,804,985,796.58, an increase of 6.39% from the end of the previous year[2]. - The equity attributable to shareholders at the end of the reporting period was ¥2,160,566,863.26, up 8.62% from the end of the previous year[2]. - The total assets of Henan Huiguang Technology Co., Ltd. increased to RMB 2,804,985,796.58, up from RMB 2,636,505,545.76 at the beginning of the period, representing a growth of approximately 6.38%[10]. - Current assets totaled RMB 1,653,274,966.92, an increase from RMB 1,496,847,132.17, reflecting a growth of about 10.47%[10]. - Total liabilities stood at RMB 620,316,627.49, slightly down from RMB 623,362,036.60, indicating a decrease of about 0.37%[11]. - The company's non-current assets totaled RMB 1,151,710,829.66, up from RMB 1,139,658,413.59, reflecting an increase of approximately 1.93%[11]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥98,745,941.81, an increase of 12.42% compared to the same period last year[2]. - Operating cash inflow for the current period was ¥618,203,421.32, a slight decrease of 1.1% compared to ¥624,533,670.75 in the previous period[16]. - Net cash flow from operating activities increased to ¥98,745,941.81, up 12.3% from ¥87,832,807.57 year-on-year[16]. - Investment cash inflow totaled ¥222,034,453.90, significantly higher than ¥14,013,420.76 in the previous period[17]. - Net cash flow from investment activities was -¥123,006,716.75, worsening from -¥88,591,631.68 year-on-year[17]. - The company reported a net decrease in cash and cash equivalents of ¥18,025,401.36, compared to a decrease of ¥758,824.11 in the previous period[17]. - The ending balance of cash and cash equivalents was ¥224,535,858.28, slightly down from ¥228,172,690.92 in the previous period[17]. Income and Expenses - The company reported a 70.40% increase in other income compared to the previous year, mainly due to an increase in VAT refunds received[6]. - The company reported a significant reduction in employee compensation liabilities, decreasing from RMB 22,999,672.87 to RMB 8,103,661.99, a drop of approximately 64.77%[11]. - Total operating costs decreased to ¥361,336,926.85 from ¥401,086,211.23, reflecting a reduction of about 9.0%[13]. - The company reported a decrease in financial expenses, with a net financial cost of -¥3,576,918.68 compared to -¥3,609,951.37 in the previous period[13]. - Other income increased significantly to ¥31,087,859.45 from ¥18,244,477.57, showing a growth of approximately 70.5%[13]. - The company received tax refunds of ¥26,348,784.50, an increase of 90.5% from ¥13,808,642.39 in the previous period[16]. - Cash paid for purchasing goods and services decreased to ¥278,298,619.59, down 18.1% from ¥339,752,131.16 year-on-year[16]. - Cash paid to employees increased to ¥96,004,602.25, up 6.7% from ¥89,798,904.66 in the previous period[16]. Market Strategy - The company is actively exploring new strategies for market expansion and product development, although specific details were not disclosed in the report[10].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [14]. Core Insights - The company, Huiguang Technology, reported a significant revenue growth of 48.53% year-on-year for H1 2024, reaching 333 million yuan, with a net profit increase of 85.40% to 113 million yuan [2][6]. - The company is a leading supplier of operational maintenance equipment for rail transit, with monitoring products accounting for approximately 80% of its revenue [2][3]. - The gross margin for the company's main monitoring product line improved significantly to 60.56%, reflecting enhanced cost control and operational efficiency [3][4]. - The company is increasing its R&D investment, with R&D expenses rising to 40.99 million yuan in H1 2024, representing 12.31% of revenue, aimed at enhancing product competitiveness and market application [4][6]. Financial Performance - For H1 2024, the company achieved a gross margin of 57.58%, up 11.33 percentage points year-on-year, and a net margin of 33.94%, up 6.7 percentage points [3][12]. - The company’s revenue is projected to grow significantly, with estimates of 1.069 billion yuan for 2024, 1.354 billion yuan for 2025, and 1.660 billion yuan for 2026, reflecting growth rates of 44.40%, 26.65%, and 22.62% respectively [7][12]. - The net profit forecast for 2024 is 291 million yuan, with further increases to 373 million yuan in 2025 and 460 million yuan in 2026, corresponding to a PE ratio of 12.15X for 2024 [6][12]. Industry Outlook - The rail transit industry continues to experience high investment levels, with fixed asset investments reaching 337.3 billion yuan in H1 2024, a 10.6% increase year-on-year [6][12]. - The government plans to expand railway and urban rail transit mileage significantly during the 14th Five-Year Plan, indicating sustained demand for the company's products and services [6][12].

证券代码：002296 证券简称:辉煌科技 公告编号:2024-025 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。 河南辉煌科技股份有限公司（以下简称"公司"）2022年员工持股计划的存 续期将于2025年4月22日届满，根据《关于上市公司实施员工持股计划试点的指 导意见》《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》及公司《2022年员工持股计划（草案）》的相关规定，现将2022年员工持股 计划存续期届满前六个月的相关情况公告如下： 一、2022年员工持股计划的基本情况 河南辉煌科技股份有限公司 关于 2022 年员工持股计划存续期即将届满的提示性公告 1、公司于 2022 年 3 月 14 日召开了第七届董事会第十七次会议和第七届监 事会第十五次会议，于 2022 年 3 月 30 日召开了 2022 年第一次临时股东大会， 审议通过了《关于公司<2022 年员工持股计划（草案）>及其摘要的议案》《关 于公司<2022 年员工持股计划管理办法>的议案》《关于提请股东大会授权董事会 办理 2022 年员工持股计划相关事宜的议案》， ...

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Insights - The company, Huiguang Technology, has seen significant growth in its net profit and revenue in 2023 and the first half of 2024, driven by the recovery in railway and urban rail information technology sectors [10][19]. - The company's main products include monitoring systems, operational management products, signal basic equipment, and integrated operation and maintenance information systems, with monitoring products accounting for 72.79% of total revenue in 2023 [2][10][27]. - The railway investment climate is improving, with national railway fixed asset investment reaching 764.5 billion yuan in 2023 and expected to reach 845.5 billion yuan in 2024, benefiting the company's railway information technology products [2][10]. - The urban rail market is also expanding, with the company’s urban rail comprehensive monitoring products expected to capture a market size of approximately 2 billion yuan in Zhengzhou [3][10]. Summary by Sections Company Performance - In 2023, Huiguang Technology achieved a revenue of 740 million yuan, a year-on-year increase of 13.55%, and a net profit of 164 million yuan, up 58.08% [19][21]. - The company’s gross margin for 2023 was 43.57%, with a net margin of 22.03% [21][22]. - The first half of 2024 saw revenue of 333 million yuan, a 48.53% increase year-on-year, and a net profit of 113 million yuan, up 85.40% [19][21]. Market and Industry Trends - The railway sector is experiencing a recovery, with significant investments expected in railway information technology, projected to exceed 50 billion yuan [10][19]. - The urban rail market is also growing, with the company’s revenue from urban rail increasing by 93.71% in 2023 [27]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 310 million yuan, 382 million yuan, and 507 million yuan, respectively, reflecting growth rates of 88.27%, 23.31%, and 32.97% [3][19]. - The earnings per share are expected to rise from 0.79 yuan in 2024 to 1.30 yuan in 2026 [19]. Competitive Advantages - Huiguang Technology possesses several competitive advantages, including strong R&D capabilities, innovation, and a first-mover advantage in the railway monitoring product market [28][29]. - The company has a robust intellectual property portfolio with 383 authorized patents and 173 software copyrights as of the end of 2023 [31].

②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 | 非经营性资金占用 | 资金占 用方名 | 占用方与上 | 上市公司核 | 2024 年期 | 2024 年上半 年占用累计 | 2024 年上半 年占用资金 | 2024年上半 | 2024年半年 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 | 算的会计科 | 初占用资 | 发生金额（不 | 的利息（如 | 年偿还累计 | 度末占用资 | 成原因 | | | | 称 | 联关系 | 目 | 金余额 | 含利息） | 有） | 发生金额 | 金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥333,023,576.96, representing a 48.53% increase compared to ¥224,208,327.44 in the same period last year[21]. - Net profit attributable to shareholders was ¥112,569,331.60, an increase of 85.40% from ¥60,717,380.89 in the previous year[21]. - The net profit after deducting non-recurring gains and losses surged by 754.59% to ¥111,748,317.14 from ¥13,076,176.69[21]. - Basic earnings per share increased by 85.14% to ¥0.2903, while diluted earnings per share rose by 88.26% to ¥0.2903[21]. - The total revenue for the period reached ¥333,023,576.96, representing a year-on-year increase of 48.53% compared to ¥224,208,327.44 in the same period last year[54]. - The net profit for the first half of 2024 was CNY 113,012,146.98, representing a year-on-year growth of 85.1% from CNY 61,072,901.44[155]. - The total comprehensive income for the first half of 2024 was ¥65,535,855.17, an increase from ¥53,900,150.70 in the same period of 2023[158]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥2,749,296,583.43, a 4.28% increase from ¥2,636,505,545.76 at the end of the previous year[21]. - The total liabilities increased to CNY 903,140,506.20, up from CNY 888,216,779.79, indicating a growth of 1.4%[154]. - The total equity increased to CNY 2,153,896,434.37 from CNY 2,013,143,509.16, representing a growth of approximately 7.0%[147]. - The company's total assets reached CNY 2,790,833,150.92, up from CNY 2,682,632,791.11, indicating an increase of 4.0%[154]. Cash Flow - The net cash flow from operating activities decreased by 30.78% to ¥56,941,443.52 from ¥82,263,563.35[21]. - The cash flow from operating activities decreased by 30.78% year-on-year, primarily due to a reduction in cash received from sales of goods and services[50]. - The net cash flow from investment activities was -26,544,841.65 CNY, a decrease from -81,919,573.53 CNY in the previous period, indicating improved cash management[163]. - Cash and cash equivalents at the end of the first half of 2024 increased to ¥271,181,754.65, up from ¥223,615,425.85 at the end of the first half of 2023[160]. Research and Development - The company focuses on the research and promotion of automation measurement and control technology, primarily serving the rail transit industry as a leading supplier of operation and maintenance equipment and integrated solutions[29]. - The company has increased R&D investment to accelerate the market application of new products, integrating AI, cloud platforms, big data, and IoT technologies into its product lines[41]. - Research and development investment amounted to 4,099.71 CNY, accounting for 12.31% of total revenue, which is a slight increase of 0.13% from the previous year[50]. - The company is increasing R&D efforts to enhance product intelligence and meet customer needs, aiming to create new business growth points in emerging fields[79]. Market and Industry Trends - In the first half of 2024, national railway fixed asset investment reached CNY 337.3 billion, a year-on-year increase of 10.6%, marking a historical high for the same period[33]. - The urban rail transit sector is expected to see over 600 kilometers of new operational lines opened in the second half of 2024, with a total of over 800 kilometers projected for the entire year[35]. - The "14th Five-Year Plan" emphasizes the construction of a modern comprehensive transportation system, with plans to add 19,000 kilometers of railway operating mileage, including 12,000 kilometers of high-speed rail[36]. Corporate Governance and Shareholder Information - The company has implemented an employee stock ownership plan to enhance corporate governance and motivate core teams[98]. - The employee stock ownership plan includes 180 employees holding a total of 18,190,000 shares, representing 4.67% of the company's total equity[89]. - Major shareholders include Li Haiying with a 7.95% stake and Xie Chunsheng with a 5.69% stake[130]. - The company has not distributed cash dividends or issued new shares from capital reserves in the first half of 2024[87]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and market conditions[3]. - The company faces risks from macroeconomic environment and industry policy changes, particularly in the rail transit sector, which is closely tied to national infrastructure investment policies[78]. - The company has a significant amount of accounts receivable, which may impact cash flow and operational efficiency, necessitating improved collection measures[82]. Environmental and Social Responsibility - The company made a donation of 200,000 yuan to support educational public welfare during the reporting period[99]. - There were no significant environmental penalties or violations reported during the period, and the company complied with relevant environmental laws[95]. - The company has established a "microgrid + energy storage comprehensive experimental environment" to reduce carbon emissions, which is currently in normal operation[95].

Financial Performance Forecast - The estimated net profit for the first half of 2024 is projected to be between 10,321.95 million and 12,143.48 million CNY, representing a year-on-year growth of 70% to 100%[5] - The net profit after deducting non-recurring gains is expected to be between 10,245.41 million and 12,066.93 million CNY, indicating a significant increase of 683.52% to 822.82% compared to the previous year[5] - The basic earnings per share are forecasted to be between 0.2650 CNY and 0.3117 CNY, up from 0.1568 CNY per share in the same period last year[5] Reasons for Profit Increase - The primary reason for the increase in net profit is attributed to higher revenue and a greater proportion of high-margin projects in the revenue recognition[7] Reporting and Disclosure - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm[2] - The reporting period for the performance forecast is from January 1, 2024, to June 30, 2024[5] - The financial data will be finalized and disclosed in the company's 2024 semi-annual report[2] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements[4] Investor Guidance - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[2] - The increase in net profit is expected to positively impact investor confidence and market perception of the company[7]

证券代码：002296 证券简称:辉煌科技 公告编号:2024-021 河南辉煌科技股份有限公司 2023 年年度权益分派实施公告 二、本次实施的权益分派方案 本公司2023年年度权益分派方案为：以公司现有总股本389,580,420股为基 数，向全体股东每10股派1.000000元人民币现金（含税；扣税后，QFII、RQFII 以及持有首发前限售股的个人和证券投资基金每10股派0.900000元；持有首发后 限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率征收， 本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额 【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所 涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持有基金 份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1个月（含1个月）以内，每10股补缴税款0.200000元；持股1个月以上至1年（含 1年）的，每10股补缴税款0.100000元；持股超过1年的，不需补缴税款。】 本公司及董事会全体成员保证信息披露的内容真实、准确、 ...

国浩律师（北京）事务所 关 于 河南辉煌科技股份有限公司 2023 年年度股东大会 之 法律意见书 北京/上海/深圳/杭州/广州/昆明/天津/成都/宁波/福州/西安/南京/南宁/济南/重庆/苏州/长沙/太原/武汉/贵阳 乌鲁木齐/郑州/石家庄/合肥/海南/青岛/南昌/大连/银川/香港/巴黎/马德里/斯德哥尔摩/纽约 地址：北京市朝阳区东三环北路38号泰康金融大厦9层邮编：100026 电话：010-65890699 传真：010-65176800 电子信箱：grandallbj@grandall.com.cn 网址：http://www.grandall.com.cn 2024 年 5 月 国浩律师（北京）事务所 法律意见书 国浩律师（北京）事务所 关于河南辉煌科技股份有限公司 2023 年年度股东大会 之 法律意见书 国浩京证字[2024]第 0352 号 致：河南辉煌科技股份有限公司 国浩律师（北京）事务所（简称"本所"）接受河南辉煌科技股份有限公司 （简称"公司"或"上市公司"）的委托，指派姚程晨律师、董靖政律师（简称 "本所律师"）见证公司 2024 年 5 月 14 日召开的 2023 年年度股东大 ...