Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has turned profitable in H1 2024 due to stabilized rare earth prices and profitable subsidiaries in recycled rare earth and magnetic materials [3][4]. - The target price has been adjusted down to 7.53 yuan from the previous 13.35 yuan, reflecting a revised profit forecast for 2024-2026 [4]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 2.696 billion yuan, a 24% year-on-year decline, but reported a net profit of 2.224 million yuan, marking a turnaround from losses [4]. - The net profit forecast for 2024-2025 has been revised to 184 million yuan (previously 378 million yuan) and 266 million yuan (previously 412 million yuan) respectively, with an EPS of 0.32 yuan for 2024 and 0.46 yuan for 2025 [4][10]. Business Development - The company plans to expand its magnetic materials production capacity by 10,000 tons per year and is focusing on upstream recycling of rare earth materials from old electric vehicle motors [4]. - A new project in Baotou, Inner Mongolia, aims to produce 10,000 tons of high-performance rare earth permanent magnetic materials, with an estimated investment of 400 million yuan [4]. Market Position - The company’s subsidiaries in recycled rare earth and magnetic materials have shown profitability compared to the same period in 2023, with profits of 4.21 million yuan, 5.56 million yuan, and 13.78 million yuan respectively [4]. - The foreign sales of the elevator components segment increased by 3% year-on-year, with revenue of 122 million yuan in H1 2024 [4].

合并资产负债表 | 编制单位 | | | 金额单位:人民币元 | | --- | --- | --- | --- | | | 附注 | 2024-6-30 | 2023-12-31 | | 流动资产: | | | | | 货币资金 | 五、1 | 787,347,182.04 | 949,360,888.53 | | 交易性金融资产 | 五、2 | 28,000,000.00 | 68,676,549.13 | | 衍生金融资产 | | | | | 应收票据 | 五、3 | 2,813,644.11 | 4,879,129.75 | | 应收账款 | 五、4 | 770,003,438.79 | 633,705,499.34 | | 应收款项融资 | 五、5 | 97,182,145.02 | 68,633,621.42 | | 预付款项 | 五、6 | 238,220,644.31 | 89,234,368.55 | | 其他应收款 | 五、7 | 11,339,327.54 | 10,672,869.80 | | 存货 | 五、8 | 1,615,472,902.14 | 1,783,990,320.55 ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2024 年期初占用 | 2024年半年度占用累计 | 2024 年半年度占用 | 2024 年半年度偿还 | 2024 年半年度期末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 资金余额 | 发生金额（不含利息） | 资金的利息（如有） | 累计发生金额 | 占用资金余额 | | | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前控股股东、实际控 制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | - | - | - | - | - | - | - | | 其他关联方及其附属 企业 | | | | | | | | | | 非经营性占用 | | ...

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2024-072 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 第七届监事会第七次会议决议的公告 一、监事会会议召开情况 江苏华宏科技股份有限公司（以下简称"公司"）第七届监事会第七次会议 于 2024 年 8 月 22 日以书面专人送达和电子邮件方式发出通知。会议于 2024 年 8 月 26 日以现场与通讯结合方式召开。本次会议由监事会主席王凯先生主持。 会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集和召开符合《中华人 民共和国公司法》和《江苏华宏科技股份有限公司章程》的规定，会议合法有效。 二、监事会会议审议情况 本公司及监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。 1、审议通过《关于公司 2024 年半年度报告及其摘要的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 经核查，公司 2024 年半年度报告及其摘要的编制和审核程序，符合法律、 行政法规和中国证监会的规定；报告内容真实、准确、完整地反映了公司的实际 ...

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2024-073 | | --- | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | | 江苏华宏科技股份有限公司 关于 2024 年半年度募集资金存放与使用情况公告 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、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（以下简称"中国证监会"）《关于核准江苏华宏 科技股份有限公司公开发行可转换公司债券的批复》（证监许可〔2022〕1121 号） 核准，公司公开发行可转换公司债券 51,500.00 万元，每张面值为 100.00 元，发 行数量为 515.00 万张。 公司本次发行募集资金总额为 515,000,000.00 元，扣除保荐承销费用 8,688,679.28 元（不含税）及持续督导费用 56,603.77 元（不含税）后，余额 506,254,716.95 元于 2022 年 12 月 8 日汇入公司开设的募集资金专户。上述到位 资金扣除律师费用、会计师费用、资信评级费 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,696,335,930.80, a decrease of 23.60% compared to ¥3,529,056,834.34 in the same period last year[10]. - The net profit attributable to shareholders was ¥2,224,025.97, showing a significant improvement of 101.20% from a loss of ¥185,353,102.92 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was -¥83,964,283.32, which is a 63.52% reduction in loss compared to -¥230,176,315.03 last year[10]. - The net cash flow from operating activities was ¥171,102,883.07, down 47.49% from ¥325,849,133.17 in the same period last year[10]. - Basic earnings per share increased to ¥0.0038 from -¥0.3225, marking a 101.18% improvement[10]. - The company reported a total non-operating income of 86,188,309.29 CNY, with significant contributions from government subsidies amounting to 90,847,240.68 CNY[12]. - The company reported a net profit of CNY 24,332,874.21, recovering from a net loss of CNY 202,873,449.01 in the previous year[102]. - The total operating costs were approximately ¥354.10 million, down from ¥424.76 million in the same period of 2023, reflecting improved cost efficiency[104]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,149,703,317.65, a slight increase of 0.38% from ¥6,126,675,140.39 at the end of the previous year[10]. - The net assets attributable to shareholders decreased by 0.54% to ¥3,686,588,539.95 from ¥3,706,445,818.66 at the end of the previous year[10]. - The total cash and cash equivalents decreased by 368.27% to a net decrease of ¥131,508,288.62 from an increase of ¥49,021,001.71 in the previous year[26]. - Total liabilities decreased to 2,319,008,931.90 yuan from 2,361,766,035.77 yuan at the beginning of the period[97]. - The company’s equity totaled CNY 3,057,685,885.68, down from CNY 3,094,773,711.23, indicating a decrease of 1.2%[100]. Business Operations and Strategy - The company is actively involved in the recycling of scrap vehicles and has established two major processing bases for scrap steel, enhancing its operational capabilities in the recycling industry[14]. - The company has a diversified business structure, including four main segments: recycling resource equipment and operations, high-end manufacturing of elevator components, comprehensive utilization of rare earth resources, and rare earth magnetic materials[14]. - The company aims to expand its market presence in high-end manufacturing and intelligent manufacturing sectors, exploring new opportunities for growth[14]. - The company is focusing on optimizing its business structure and enhancing internal cost reduction and market expansion efforts[20]. - The company plans to continue focusing on market expansion and new product development to drive future growth[104]. Risks and Challenges - The main risks faced by the company include merger integration risks, intensified market competition, raw material price fluctuations, human resource risks, and exchange rate fluctuations[1]. - The market price of major rare earth products fell by approximately 30% year-on-year, significantly impacting the revenue of the rare earth resource utilization business[20]. - The company is facing risks related to rising human resource costs and is focusing on talent acquisition and internal training[50]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares[1]. - The company emphasizes that future plans do not constitute a substantive commitment to investors and advises caution regarding investment risks[1]. - The company has not engaged in any major related party transactions during the reporting period, ensuring transparency and compliance[61]. - The company has established a complete system to protect the rights of shareholders, ensuring timely and accurate information disclosure[57]. - The company has not reported any changes in the use of raised funds during the reporting period[44]. Environmental and Social Responsibility - The company is committed to sustainable development, aligning its operations with the principles of the circular economy and resource recycling[14]. - The company emphasizes the protection of employee rights by adhering to labor laws and providing five major social insurances, ensuring the legitimate rights of employees are safeguarded[57]. - The company actively participates in social responsibility initiatives, contributing to community development and supporting vulnerable groups[58]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 28,627[77]. - Jiangsu Huahong Industrial Group Co., Ltd. holds 34.54% of the shares, amounting to 200,884,632 shares, which are pledged[78]. - Zhou Shijie holds 9.21% of the shares, totaling 53,532,167 shares, with 40,149,125 shares under lock-up conditions[79]. - The company plans to use repurchased shares for equity incentives and/or employee stock ownership plans[76]. Financial Instruments and Investments - The company has invested ¥35,000,000 in Ningbo Zhonghang Magnetic Materials Co., acquiring a 65% stake, with the business focusing on the production and sales of magnetic materials[32]. - The company has invested ¥11,641,490 in a large-scale intelligent regeneration metal raw material processing equipment expansion project, with a total actual investment of ¥64,126,861.88 to date, achieving 68.21% of the planned progress[33]. - The company reported a total guarantee amount of RMB 150 million for its subsidiaries, with an actual guarantee amount of RMB 114 million during the reporting period, representing 28.26% of the company's net assets[69]. Accounting Policies and Financial Reporting - The company follows the accounting standards set by the Ministry of Finance, ensuring that the financial statements reflect the true and complete financial status as of June 30, 2024[134]. - The company recognizes revenue at the contract start date by evaluating the contract and identifying performance obligations, confirming revenue based on the timing of control transfer to the customer[198]. - The company applies the expected value or most likely amount method to estimate variable consideration in contracts[199]. - The company recognizes impairment losses for financial assets measured at amortized cost and debt instruments measured at fair value with changes recognized in other comprehensive income[158].

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2024-071 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 第七届董事会第二十次会议决议的公告 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、董事会会议召开情况 具体内容详见同日刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《2024 年半年度报告摘要》，以及刊登于巨潮资讯网 （www.cninfo.com.cn）的《2024 年半年度报告》。 2、审议通过《关于 2024 年半年度募集资金存放与使用情况的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 具体内容详见同日刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于 2024 年半年度募集资金存放与使用情况公告》。 江苏华宏科技股份有限公司（以下简称"公司"）第七届董事会第二十次会 议于 2024 年 8 月 22 日以书面专人送达和电子邮件方式发出通知。会议于 2024 年 8 ...

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2024-070 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 关于全资子公司对外投资的公告 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、对外投资概述 1、对外投资的基本情况 江苏华宏科技股份有限公司（以下简称"华宏科技"或"公司"）的全资子 公司吉安鑫泰科技有限公司（以下简称"鑫泰科技"）基于业务发展需要，拟与 江西鑫恒汇创业投资有限公司（以下简称"鑫恒汇"）投资设立控股子公司（以 下简称"标的公司"），主要从事废旧电动车电机及新能源电机回收拆解再利用， 以保障公司稀土资源综合利用业务原料的稳定供应。标的公司注册资本为人民币 3,000 万元，其中，鑫泰科技出资 1,650 万元人民币，占注册资本的 55%；鑫恒 汇出资 1,350 万元人民币，占注册资本的 45%。标的公司成立后，成为公司的控 股子公司。 2、根据《深圳证券交易所股票上市规则》《公司章程》的规定，本次对外投 资设立控股子公司事项，无需提交公司董事会或股东 ...

证券代码：002645 证券简称：华宏科技 公告编号：2024-068 债券代码: 127077 债券简称:华宏转债 江苏华宏科技股份有限公司 关于股东减持股份比例达到 1%暨减持计划完成 及实际控制人减少的权益变动提示性公告 公司实际控制人胡士勇先生、胡士勤先生保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏华宏科技股份有限公司（以下简称"公司"）于 2024 年 6 月 20 日披露 了《关于实际控制人减持股份预披露公告》，实际控制人胡士勇先生、胡士勤先 生计划自 2024 年 7 月 11 日起的 3 个月内以大宗交易方式合计减持本公司股份不 超过 7,243,715 股，占公司剔除回购专用账户中股份数量后的总股本的 1.26%。 公司于近日收到实际控制人胡士勇先生、胡士勤先生出具的《关于股份减持 完成的告知函》，获悉其于 2024 年 7 月 26 日至 2024 年 8 月 6 日期间通过深圳 证券交易所大宗交易方式合计减持公司股份 7,243,715 股（其中，胡士勇先生 减持 5,042, ...

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2024-067 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）担保审议情况 江苏华宏科技股份有限公司（以下简称"公司"或"华宏科技"）于 2024 年 4 月 24 日召开第七届董事会第十四次会议，并于 2024 年 5 月 17 日召开 2023 年度股东大会，审议通过了《关于公司及子公司 2024 年度对外担保额度预计的 议案》，同意公司为子公司提供担保额度总计不超过 15 亿元人民币，并授权公 司董事长全权代表公司签署上述担保额度内的各项法律文件，授权期限自公司 2023 年度股东大会批准之日起至 2024 年度股东大会召开之日止。具体内容详见 刊登于《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的《关 于公司及子公司 2024 年度对外担保额度预计的公告》。 （二）担保进展情况 近日，公 ...