证券代码：002706 证券简称：良信股份 公告编号： 2024-029 上海良信电器股份有限公司 2020 年奋斗者 1 号员工持股计划第二次持有人会议决议 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、会议召开情况 （一）审议通过了《关于提前终止 2020 年奋斗者 1 号员工持股计划的议案》 公司 2020 年奋斗者 1 号员工持股计划存续期为 48 个月，届满日期为 2024 年 6 月 8 日。根据《公司 2020 年奋斗者 1 号员工持股计划（草案）》及《公司 2020 年奋斗者 1 号员工持股计划管理办法》等相关规定，本员工持股计划锁定 期届满后存续期届满前，若资产管理计划所持有的公司股票全部出售，且清算、 分配完毕的，本员工持股计划即可终止。 鉴于公司 2020 年奋斗者 1 号员工持股计划预留份额已经全部售出，本次持 股计划所持有的公司股票已全部出售完毕，提请同意提前终止本次员工持股计划， 并按照规定由持有人会议授权管理委员会对本次员工持股计划资产进行清算和 分配等相关工作。 表决结果：同意 13,962,516 份，占出席会议的持有人所 ...

东吴证券股份有限公司 关于上海良信电器股份有限公司 非公开发行股票之保荐总结报告书 东吴证券股份有公司（以下简称"东吴证券"或"保荐机构"）作为上海良 信电器股份有限公司（以下简称"良信股份"或"公司"）2021 年度非公开发行 股票的保荐机构，履行持续督导职责期限至 2023 年 12 月 31 日。目前，持续督 导期已经届满，东吴证券根据《证券发行上市保荐业务管理办法》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等相关法律法规和规范性文 件的要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 全称： | 东吴证券股份有限公司 | | --- | --- | | 注册地址： | 苏州工业园区星阳街 号 5 | | 主要办公地址 ...

上海良信电器股份有限公司（以下简称"公司"）于 2024 年 3 月 7 日召开 了第六届董事会第十八次会议，审议通过了《关于投资设立控股子公司暨关联交 易的议案》。公司拟与上海逐永企业管理合伙企业（有限合伙）、上海逐同企业 管理合伙企业（有限合伙）、上海逐智企业管理合伙企业（有限合伙）拟共同出 资设立良云智慧（广东）有限公司（暂定名，以有关部门最终核准为准）。合资 公司注册资本暂定为 5,000.00 万元，其中公司出资 2,600.00 万元，持股比例 52%，合资公司将纳入合并报表范围。 具体内容详见 2024 年 3 月 8 日公司于巨潮资讯网 （http://www.cninfo.com.cn）披露的《第六届董事会第十八次会议决议公告》 （公告编号 2024-009）、《关于投资设立控股子公司暨关联交易的公告》（公告 编号 2024-011）。 截至本公告披露日，合资公司已完成了工商注册登记手续，并取得广州市白 云区市场监督管理局颁发的《营业执照》，主要信息如下。 一、合资公司基本情况 证券代码；002706 证券简称；良信股份 公告编号：2024-027 上海良信电器股份有限公司 关于控股子公司完 ...

证券代码；002706 证券简称；良信股份 公告编号；2024-026 上海良信电器股份有限公司 关于设立香港全资子公司并完成注册登记的公告 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。 1、公司名称：良信電器（香港）有限公司 2、英文名称：LAZZEN ELECTRICAL (HONG KONG) CO., LIMITED 3、公司类型：有限公司 4、住所： UNIT 08, 15/F WITTY COMMERCIAL BUILDING 1A-1L TUNG CHOI STREET HONG KONG 5、公司董事：乔嗣健 6、注册资本：一万美元 7、商业登记号码：76213162 8、注册证明书号码：76213162-000-02-24-1 9、资金来源及出资方式：公司以自有资金出资一万美元，占注册资本的 100%。 二、设立子公司的目的、存在的风险以及对公司的影响 1、本次投资设立香港全资子公司系基于公司海外业务布局考虑，有利于强 化公司区域布局，增强核心竞争力及持续经营能力，保证未来持续稳定发展，符 合公司的战略发展规划。上述子公司设立后，将纳入公司合 ...

| --- | --- | |-------------------------------|-----------------| | | | | 2024 年 04 月 01 日 | | | 评级 | 买入 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 7.99 | | 52 周价格区间（元） | 6.20-12.39 | | 总市值（百万） | 8973.80 | | 流通市值（百万） | 7278.88 | | 总股本（万股） | 112312.60 | | 流通股（万股） | 91099.80 | | --- | --- | --- | --- | |-------------------|-----------------|----------|---------| | | | | | | | 良信股份 | 电网设备 | | | | | | | | 11% 1% | | | | | -9% -19% -29% | | | | | 2022-08 2022-11 | 2023-02 | 2023-05 | 2023-08 | | % | 1M | 3M | 12M | ...

公司研究 [Table_StockAndRank] 良信股份 (002706) 投资评级：买入 上次评级：买入 孙然 电力设备与新能源行业研究助理 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区闹市口大街9号院1号楼 邮编：100031 [Table_Title] "两智一新"构建新动力，降本增效彰显盈 [Table_ReportDate] 2024 年 04 月 02 日 [Table_S ➢ 公司发布 ummary]2023 年报：2023 年实现收入 45.85 亿元，同比增长 10.30%， 实现归母净利润 5.11 亿元，同比增长 21%，实现扣非后归母净利润 4.44 亿元，同比增长 21 %；2023Q4 实现收入 11.30 亿元，同比-5.32%， 实现归母净利润 0.96 亿元，同比增长 32.60%，实现扣非后归母净利润 0.87 亿元，同比增长 93.37%。 ➢ 聚焦"两智一新"等重点市场，国产替代趋势下市场份额有望提升。 公司聚焦智慧电气主航道，持续深化"两智一新"、"两化一链"两个 重点战略方向，有望进一步发掘光伏、储能、风电、充换电等高增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company's various business segments are performing steadily, with profitability continuing to improve. In 2023, the revenue from the distribution electrical business grew by 12.43% to 2.809 billion yuan, while the overall gross margin increased by 1.85 percentage points to 32.45% [1]. - The digital strategy has shown significant results, with the Haiyan factory fully operational, allowing the company to leverage new manufacturing and information technologies [2]. - The company is focusing on enhancing its core competitiveness through technology research and development, establishing a strong market position in high-end low-voltage electrical markets [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.585 billion yuan, a year-on-year increase of 10.30%, and a net profit of 511 million yuan, up 21.15% year-on-year [10][13]. - The company expects net profits for 2024, 2025, and 2026 to be 587 million yuan, 664 million yuan, and 737 million yuan respectively, with corresponding EPS of 0.52, 0.59, and 0.66 yuan [12][13]. Business Segments - The distribution electrical business saw a revenue increase of 12.43% to 2.809 billion yuan, while the terminal electrical business revenue decreased by 3.21% to 1.097 billion yuan [1]. - The smart electrical business experienced a remarkable growth of 58.24%, reaching 220 million yuan in revenue [1]. Digital Strategy and R&D - The company has implemented AI-driven customer service and enhanced product design efficiency through modularization and standardization [2]. - In 2023, the company applied for 339 patents, including 84 invention patents, and established a collaborative research environment to boost technological advancements [11]. Market Position and Future Outlook - The company is well-positioned in the low-voltage electrical sector and is exploring new market opportunities in smart homes and electric vehicles [12]. - The report suggests that despite short-term challenges in downstream demand, the company is expected to achieve long-term growth through market expansion and innovation [12].

华福证券 司 मे 良信股份（002706.SZ） 降本增效穿越周期，厚积薄发再度启航 投资要点： 事件：公司 2023 年实现营业收入 45.85 亿元（同+10%），归母净利润 5.11 亿元（同+21%），扣非归母净利润 4.44 亿元（同+21%）；其中 23Q4 实现营业收入 11.30 亿元（同-5%），归母净利润 0.96 亿元（同+33%）， 扣非归母净利润 0.87 亿元（同+93%）。 重拾业绩增长信心。主要系 2023 年新能源领域对框架断路器等产品需 求持续，配电电器收入 28.09 亿元（同+12%）；2023 年房地产竣工面积累 计同比转正，地产行业企稳，终端电器收入 10.97 亿元（同-3%）；电网等 领域需求稳定，控制电器收入 4.41 亿元（同+19%）；智慧人居业务逐步进 入智能家居领域，持续开拓高端住宅和酒店，智能电工收入 2.20 亿元（同 +58%）。公司毛利率修复明显，2023 年全年为 32.4%（同+1.8pct），其中 Q4 为 29.0%，主要由于公司不断改进制造技术水平，缩短交货期和增强制 造柔性；杭州湾超级工厂提升供应链管理水平，提质降本效果明显。 海 ...

Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 2.50 RMB per 10 shares (including tax) based on the current share capital of 1,123,125,020 shares[4]. - The company’s cash dividend distribution reflects a commitment to returning value to shareholders while maintaining a stable financial position[4]. - The company reported a net profit of CNY 495,540,814.80 for the year 2022, with a proposed cash dividend of CNY 2 per 10 shares, totaling CNY 224,625,004.00[88]. - The total cash dividend distributed represents 100% of the total profit distribution amount, with no stock dividends or capital reserve transfers[92]. - The company’s available distributable profit at the end of the year was CNY 1,275,320,722.47[92]. - The company commits to a stable dividend distribution policy, distributing at least 30% of the annual distributable profits in cash, depending on the operational situation[167]. Financial Performance - The total financial assets at the beginning of the period were 1,267,741,679.28 RMB, with a net change resulting in an ending balance of 1,055,550,931.28 RMB[28]. - The company reported a shareholding structure with significant holdings by key executives, including the chairman and vice-chairmen[49]. - The company’s financial liabilities remain at 0.00 RMB, indicating no financial debt at the end of the reporting period[28]. - The company reported a 2023 Q3 revenue of 1,605.31 million, reflecting a significant increase compared to previous quarters[104]. Corporate Governance - The company has established a governance structure centered around the Articles of Association, enhancing operational compliance and decision-making quality[142]. - The company’s management structure ensures that board members and senior executives are appointed through legal procedures without interference from shareholders[1]. - The company has a robust performance evaluation mechanism for senior management, aligning individual goals with corporate objectives[69]. - The independent directors received an annual allowance of 80,000, with travel expenses covered by the company[100]. - The company has scheduled its annual shareholder meeting to discuss key proposals and financial reports, ensuring transparency[104]. - The company has not faced any objections from directors regarding operational matters during the reporting period[106]. Risk Management - The company emphasizes the importance of risk management in its future development outlook, urging investors to pay attention to potential risks[14]. - The company emphasizes the importance of risk management and has established a risk control management organization to oversee internal controls[167]. Employee Engagement - The company is actively pursuing employee stock ownership plans to enhance employee engagement and retention[47]. - A total of 540 employees are included in the employee stock ownership plan, holding 26,740,538 shares, which accounts for 2.38% of the company's total equity[72]. - The company has implemented an employee stock ownership plan to align employee interests with company performance[87]. - The company is committed to developing a "learning organization" by providing various training opportunities and career development plans for employees[131]. Internal Controls - The company maintained effective internal controls as of December 31, 2023, in accordance with relevant regulations[56]. - The internal control audit report received a standard unqualified opinion, indicating no significant deficiencies in non-financial reporting[140]. - The company has established a comprehensive internal control system that effectively reflects the actual situation of internal control, with no significant or important deficiencies reported during the period[167]. - The company has not disclosed any significant internal control deficiencies during the reporting period[164]. Strategic Development - The company aims to enhance new product development capabilities through the IPD2.0 process, focusing on innovation and technology transfer to improve product reliability and competitiveness[37]. - The company is committed to expanding its technological platforms and enhancing its research capabilities to support product development and innovation[37]. - The company is focusing on transforming from a component supplier to a solution provider, enhancing its core capabilities in digital management and supply chain efficiency[61]. - The company is committed to deepening its strategic directions of "Two Intelligence and One New" and "Two Transformations and One Chain" to drive future growth[61]. Subsidiaries and Investments - The company established a wholly-owned subsidiary, Liangyun (Chongqing) Electric Co., Ltd., with a registered capital of RMB 1 million, included in the consolidated financial statements for 2023[192]. - The company also set up another wholly-owned subsidiary, Shanghai Zhihui Liangxin Technology Service Co., Ltd., with a registered capital of RMB 50 million, which is also included in the consolidated financial statements for 2023[194]. - The company has proposed to increase capital for its wholly-owned subsidiary to implement fundraising projects, demonstrating commitment to growth[104]. Compliance and Transparency - The company is committed to enhancing information disclosure quality and transparency for shareholders and creditors[156]. - The company has not disclosed any important information regarding its controlling or affiliated companies during the reporting period[148]. - The company has made commitments to avoid related party transactions that could harm the interests of the issuer and its shareholders[186]. - The company has disclosed that there are no undisclosed related party transactions that should be reported according to laws and regulations[186]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions, as detailed in its 2023 ESG report[155]. - The company actively engages in social responsibility initiatives, supporting public welfare and promoting harmonious development with society and nature[170]. - The company has been certified under multiple quality and environmental management systems, ensuring compliance and operational efficiency across all processes[169].

Investment Rating - The report maintains a "Recommend" rating for the company [1][3] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 4,585 million, a YoY increase of 10.30%, and net profit attributable to shareholders reaching RMB 511 million, a YoY increase of 21.15% [1] - The company's gross margin improved to 32.45%, up 1.85 percentage points YoY, and the net margin increased to 11.14%, up 1 percentage point YoY [1] - The company has made breakthroughs in key markets such as construction, power, new energy, industrial control, data centers, and automotive, and is steadily expanding into emerging markets like smart homes, new energy vehicles, and power IoT [1] - The company's R&D investment reached RMB 283 million in 2023, a YoY increase of 4.88%, and it has accumulated 1,815 authorized patents, showcasing strong technological innovation capabilities [1] - The Haixi factory is fully operational, leveraging advanced manufacturing and information technologies, and is expected to handle the company's order production and delivery next year [1] Financial Performance Summary - Revenue for 2023 was RMB 4,585 million, with a projected growth of 31.8% to RMB 6,043 million in 2024, and further growth to RMB 9,537 million by 2026 [1][2] - Net profit attributable to shareholders is expected to grow from RMB 511 million in 2023 to RMB 899 million by 2026, with a CAGR of 20.7% [1][2] - The company's EPS is projected to increase from RMB 0.45 in 2023 to RMB 0.80 by 2026 [2] - The PE ratio is expected to decrease from 17x in 2023 to 10x by 2026, indicating potential undervaluation [2] Market and Industry Positioning - The company is a leading player in the high-end market of the low-voltage electrical industry, with a clear market positioning and strong R&D capabilities [1] - The company is focusing on digital transformation, introducing AI-powered customer service and exploring new business models like LDC to enhance efficiency across R&D, supply chain, and quality control [1] - The company's strategic focus on smart electrical solutions and its expansion into emerging markets like new energy vehicles and power IoT position it well for future growth [1] Valuation and Projections - The company's 2024-2026 revenue is projected to grow at a CAGR of 25.8%, reaching RMB 9,537 million by 2026 [1][2] - Net profit attributable to shareholders is expected to grow at a CAGR of 20.7%, reaching RMB 899 million by 2026 [1][2] - The company's PE ratio is expected to decline from 17x in 2023 to 10x by 2026, suggesting potential upside [2] - The PB ratio is projected to decrease from 2.1x in 2023 to 1.6x by 2026, indicating improving valuation metrics [2]