Investment Rating - The report maintains a "Buy" rating for Liangxin Co Ltd (002706 SZ) [6] Core Views - The company faces short-term pressure from downstream demand but continues to invest for long-term growth [1] - Revenue and profits declined in the first three quarters of 2024, with Q3 showing significant year-over-year drops [1] - The company maintains its "Two Intelligence and One New" strategy, focusing on end-to-end customer service and new product development [1] Financial Performance - Q1-Q3 2024 revenue reached 3 12 billion yuan (-9 6% YoY), with net profit attributable to parent company of 310 million yuan (-25 0% YoY) [1] - Q3 2024 revenue was 1 11 billion yuan (-6 1% YoY), with net profit attributable to parent company of 70 million yuan (-46 8% YoY) [1] - Gross margin for Q1-Q3 2024 was 31 32% (-2 25pct YoY), while Q3 gross margin was 29 64% (-4 38pct YoY) [1] Market Segments - In the new energy sector, the company holds over 40% market share in low-voltage electrical appliances, supporting over 200GW of new energy power generation equipment [2] - The smart building sector faces challenges with domestic building completion area down 24 4% YoY in Jan-Sep 2024 [2] - The company has successfully implemented its low-voltage electrical products in data centers in Hohhot and Harbin [2] Share Repurchase - As of October 10, 2024, the company has repurchased 22 47 million shares (2% of total shares) at an average price of 6 16 yuan per share [3] Financial Projections - Revenue is projected to reach 4 20/4 87/5 70 billion yuan in 2024/2025/2026, down from previous estimates of 5 08/6 01/7 40 billion yuan [3] - Net profit attributable to parent company is expected to be 380/460/560 million yuan in 2024/2025/2026, down from previous estimates of 500/610/780 million yuan [3] Valuation - The stock trades at 21/17/14 times PE for 2024/2025/2026 [3] - Current price-to-book ratio is 1 9x, with a closing price of 7 08 yuan as of October 28, 2024 [6]

上海良信电器股份有限公司投资者关系活动记录表 证券代码： 002706 证券简称：良信股份 | --- | --- | --- | |-------------------------|-------------------------------------------|----------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | 参会名单详见附件 | | | 时间 | 2024 年 10 月 25 | ( 周五 ) 下午 20:30-21:30 | | 地点 | 线上会议 | | | 上市公司接待人 员姓名 | 1 、财务总监、董事会秘书 2 、证券事务代表 | 程秋高 王锐 | ...

到晚间时分已经发出来了嘛相信大家也看到了我这边还是简要的对整个前三季度的一个情况为大家再做一个简单的提要从收入和利润的表现上来看三季度还是公司还是承受了一些压力的累计到三季度我们的营业收入是31.24亿元较去年同期相比是负增长9.58但是跟半年报相比我们收入负增长的这个趋势环比是有一些改善的 那毛利率的话目前是31.32较去年同期相比是下降了2.25个百分点那在净利润这方面的话累积到三季度实现的总净利润是3.1个亿较去年同期相比是下滑了25%可能大家稍后会比较关心公司整体的一个毛利包括我们的净利情况那净利率目前是9.94整个 三季度相对来说我们的这个利润表现是有一些压力的然后从现金流来看目前的经济性现金流一共是2.92亿同比是负的15%那么研发占比的话目前我们整个研发占比已经回到了7%以上是7.09%较去年同期是增加了1.01个百分点然后整个研发投入的金额较去年同期应该是增加了在5%以上 这个是我们整个前三季度才要表现的一些核心情况那分行业展开来看因为半年报的时候有跟大家去做一个同步就是公司内部做了一些行业整合将原来我们七大行业调整为了四大事业部那现在的话依然还是保持这样的一个结构目前新能源事业部在前三季度的 ...

良信股份（002706.SZ）2024 年三季报点评 加大研发投入，回购彰显信心 2024 年 10 月 28 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------- ...

到晚间时分已经发出来了嘛相信大家也看到了我这边还是简要的对整个前三季度的一个情况为大家再做一个简单的提要从收入和利润的表现上来看三季度还是公司还是承受了一些压力的累计到三季度我们的营业收入是31.24亿元较去年同期相比是负增长9.58但是跟半年报相比我们收入负增长的这个趋势环比是有一些改善的 那毛利率的话目前是31.32较去年同期相比是下降了2.25个百分点那在净利润这方面的话累积到三季度实现的总净利润是3.1个亿较去年同期相比是下滑了25%可能大家稍后会比较关心公司整体的一个毛利包括我们的净利情况那净利率目前是9.94整个 三季度相对来说我们的这个利润表现是有一些压力的然后从现金流来看目前的经济性现金流一共是2.92亿同比是负的15%那么研发占比的话目前我们整个研发占比已经回到了7%以上是7.09%较去年同期是增加了1.01个百分点然后整个研发投入的金额较去年同期应该是增加了在5%以上 这个是我们整个前三季度才要表现的一些核心情况那分行业展开来看因为半年报的时候有跟大家去做一个同步就是公司内部做了一些行业整合将原来我们七大行业调整为了四大事业部那现在的话依然还是保持这样的一个结构目前新能源事业部在前三季度的 ...

证券代码：002706 证券简称：良信股份 公告编号： 2024-096 上海良信电器股份有限公司 第七届董事会第二次会议决议公告 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。 上海良信电器股份有限公司第七届董事会第二次会议于 2024 年 10 月 25 日 在公司一号会议室召开，本次会议通知和议案已于 2024 年 10 月 22 日以电话、 电子邮件等形式发出。应参加本次会议表决的董事为 9 人，实际参加本次会议表 决的董事为 9 人，公司监事和高级管理人员列席了会议。董事长任思龙先生主持 会议，会议符合《公司法》和《公司章程》的有关规定，会议合法有效。 会议审议并通过了以下议案： 一、审议通过了《公司 2024 年第三季度报告》 《公司 2024 年第三季度报告》详见 2024 年 10 月 26 日巨潮资讯网 （www.cninfo.com.cn）。 该议案已经公司董事会审计委员会审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票 二、备查文件 1、《第七届董事会第二次会议决议》 2、《2024 年第四次审计委员会会议决议》 特此公告! ...

证券代码：002706 证券简称：良信股份 公告编号：2024-099 上海良信电器股份有限公司 关于使用部分闲置募集资金进行现金管理的 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、完整，没有虚假 记载、误导性陈述或重大遗漏。 上海良信电器股份有限公司（以下简称"良信股份"或"公司"）于 2024 年 8 月 23 日召开了第六届董事会第二十三次会议，会议审议通过了《关于使用部分暂时 闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资 项目建设和正常生产经营的前提下，使用不超过人民币 3.5 亿元的闲置募集资金进 行现金管理，产品期限不超过董事会审议通过之日起 12 个月，可在上述额度及期限 内滚动使用。具体内容详见 2024 年 8 月 24 日刊登于巨潮资讯网《关于使用部分暂 时闲置募集资金进行现金管理的公告》，公告编号：2024-066。 根据上述决议，近日上海良信电器股份有限公司与兴业银行股份有限公司（以 下简称兴业银行）签署了结构性存款协议，具体如下： 注：公司及子公司与上表所列签约银行无关联关系。 二、 投资风险及风险控制措施 （一）投资风险分析 1、尽管 ...

上海良信电器股份有限公司 第七届监事会第二次会议决议公告 本公司及监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。 上海良信电器股份有限公司（以下简称"公司"）第七届监事会第二次会议 于 2024 年 10 月 25 日于公司三号会议室召开，本次会议应出席监事 3 人，实际 出席监事 3 人。会议由监事会主席吴煜先生召集并主持。本次会议召开程序及出 席情况符合《公司法》和《公司章程》等法律、行政法规、部门规章、规范性文 件要求，会议决议合法有效。 证券代码：002706 证券简称：良信股份 公告编号： 2024-097 一、会议以 3 票同意、0 票反对、0 票弃权，审议通过了《公司 2024 年第三 季度报告》。 经认真审核，公司监事会成员一致同意：董事会编制和审核《公司 2024 年 第三季度报告》的相关程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 特此公告! 上海良信电器股份有限公司 监事会 2024 年 10 月 26 日 ...

Financial Performance - Revenue for the third quarter was RMB 1,114,794,079.94, a decrease of 6.07% compared to the same period last year[3] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 73,931,584.94, a decrease of 46.78% year-on-year[3] - Cumulative revenue from the beginning of the year to the end of the reporting period was RMB 3,124,456,077.09, a decrease of 9.58% compared to the same period last year[3] - Cumulative net profit attributable to shareholders from the beginning of the year to the end of the reporting period was RMB 310,638,956.72, a decrease of 25.04% year-on-year[3] - Basic earnings per share for the third quarter were RMB 0.07, a decrease of 46.15% compared to the same period last year[3] - Weighted average return on equity for the third quarter was 1.68%, a decrease of 1.89 percentage points year-on-year[3] - Total operating revenue for the current period is 3,124,456,077.09 yuan, a decrease from 3,455,354,965.07 yuan in the previous period[16] - Operating profit for the current period is 315,800,965.94 yuan, down from 421,116,456.01 yuan in the previous period[17] - Net profit for the current period is 310,638,956.72 yuan, compared to 414,425,135.46 yuan in the previous period[17] - Basic earnings per share for the current period is 0.28 yuan, down from 0.38 yuan in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 5,549,209,727.92, a decrease of 4.65% compared to the end of the previous year[3] - Monetary funds decreased by 41.71% compared to the beginning of the period due to repayment of bank loans, share repurchases, and dividend distribution[7] - Accounts receivable increased by 40.34% compared to the beginning of the period due to an increase in commercial bills received[7] - Other receivables increased by 103.02% compared to the beginning of the period due to the payment of performance bonds[7] - Long-term equity investments increased by 82.62% compared to the beginning of the period due to investment in Guangdong New Energy Storage National Research Institute Co., Ltd[7] - Development expenditures increased by 146.16% compared to the beginning of the period due to increased investment in capitalized projects[7] - The company's monetary funds decreased from RMB 1,015,414,411.59 to RMB 591,862,134.25, a decrease of 41.7%[13] - The company's accounts receivable increased from RMB 522,957,643.63 to RMB 664,091,941.51, an increase of 27%[13] - The company's total assets decreased from RMB 5,819,530,562.85 to RMB 5,549,209,727.92, a decrease of 4.6%[14] - The company's total liabilities decreased from RMB 1,684,587,998.06 to RMB 1,447,060,601.22, a decrease of 14.1%[14] - The company's total equity decreased from RMB 4,134,942,564.79 to RMB 4,102,149,126.70, a decrease of 0.8%[15] Cash Flow - Cash flow from operating activities for the current period is 292,234,139.71 yuan, a decrease from 308,066,002.25 yuan in the previous period[18] - Net cash flow from investment activities was -169,223,041.28 yuan, compared to 370,289,972.81 yuan in the previous period[19] - Net cash flow from financing activities was -580,126,909.25 yuan, compared to -420,284,943.89 yuan in the previous period[19] - Cash and cash equivalents at the end of the period were 541,032,130.05 yuan, a decrease from 1,163,818,031.50 yuan in the previous period[19] - Cash outflow for other investment-related activities was 1,390,000,000.00 yuan, compared to 1,340,000,000.00 yuan in the previous period[19] - Total cash inflow from financing activities was 50,000,000.00 yuan, compared to 304,615,266.00 yuan in the previous period[19] - Cash outflow for debt repayment was 200,000,000.00 yuan, compared to 494,556,666.67 yuan in the previous period[19] - Cash outflow for dividend, profit, or interest payments was 280,116,909.25 yuan, compared to 230,343,543.22 yuan in the previous period[19] - Cash outflow for other financing-related activities was 150,010,000.00 yuan, compared to 0.00 yuan in the previous period[19] - The impact of exchange rate changes on cash and cash equivalents was -579,151.14 yuan, compared to 1,119,709.53 yuan in the previous period[19] - The net increase in cash and cash equivalents was -457,694,961.96 yuan, compared to 259,190,740.70 yuan in the previous period[19] Share Repurchase and Capital Management - The company repurchased 18,950,300 shares, accounting for 1.6873% of the total shares[9] - The company approved a share repurchase plan with a total amount of no less than RMB 50 million and no more than RMB 100 million for employee stock ownership or equity incentives[11] - The company approved another share repurchase plan with a total amount of no less than RMB 200 million and no more than RMB 400 million to maintain company value and shareholder rights[11] - The company repurchased a total of 18,950,300 shares, accounting for 1.6873% of the total share capital, with a total payment of RMB 111,737,296.06[12] Investments and R&D - The company used RMB 150 million of raised funds to increase capital in its wholly-owned subsidiary, Liangxin Electric (Haiyan) Co., Ltd., to implement the "Intelligent Low-voltage Electrical Appliance R&D and Manufacturing Base Project"[11] - R&D expenses for the current period are 221,524,730.98 yuan, an increase from 209,988,876.33 yuan in the previous period[16] - Investment income for the current period is 6,569,065.14 yuan, down from 7,456,821.67 yuan in the previous period[16] - Cash inflows from investment activities for the current period are 1,453,093,179.15 yuan, down from 2,001,559,657.29 yuan in the previous period[18] Non-Recurring Items and Accounting Standards - Non-recurring gains and losses for the third quarter amounted to RMB 4,188,787.04, with government subsidies contributing RMB 3,654,422.72[5] - The company implemented the "Accounting Standards Interpretation No. 16" starting from January 1, 2023, affecting deferred tax treatment for certain transactions[4] Awards and Recognition - The company received the second prize of the National Science and Technology Progress Award for the project "Arc Breaking Technology and Series Product Development with Active Control of Current Zero Point"[11]

上海良信电器股份有限公司 关于为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。 证券代码：002706 证券简称：良信股份 公告编号： 2024-095 近日公司全资子公司智慧良信与客户阳光电源股份有限公司（以下简称"阳 光电源"）签署了《供货协议》，公司为智慧良信向客户就开展业务过程中形成的 义务和责任提供连带责任保证。本次担保金额为人民币 15,000 万元，担保期限 自被担保债权的履行期限均已届满之日起 3 年。 上述担保金额在公司第六届董事会第二十三次会议及 2024 年第一次临时股 东大会审议通过的公司为子公司提供的 2024 年度担保额度范围内，无须再提交 董事会或股东大会审议。 一、担保额度预计情况概述 上海良信电器股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 了第六届董事会第二十三次会议、第六届监事会第二十二次会议，审议通过了《关 于为子公司提供 2024 年度担保额度预计的议案》，该议案于 2024 年 9 月 10 日 经 2024 年第一次临时股东大会审议通过，同意公司为子公司上海智慧良信 ...