法律意见书 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于 杭州微光电子股份有限公司 法律意见书 浙江天册律师事务所 关于杭州微光电子股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0545 号 本法律意见书仅供公司 2024 年年度股东大会之目的使用。本所律师同意将本 法律意见书随微光股份本次股东大会其他信息披露资料一并公告，并依法对本所 在其中发表的法律意见承担法律责任。 本所律师根据《股东会规则》的要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责的精神，对微光股份本次股东大会所涉及的有关事项和相关文件进 行了必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法律意 见如下： 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本次股东大会由董事会提议并召集，召开本次 股东大会的通知已于 2025 年 3 月 28 日在指定媒体及深圳证券交易所网站上公 告。 （二）本次股东大会采取现场投票与网 ...

证券代码：002801 证券简称：微光股份 杭州微光电子股份有限公司 2024 年度业绩说明会 投资者活动记录表 编号：2025003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | | | | 微光股份2024年度业绩说明会采用网络远程方式进行，面向全体投资者 | | 及人员姓名 | | | 时间 | 年 月 日 2025 4 17 15:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | | 主持人：微光股份 | | | 董事长：何平 | | 公司接待人员 | 副董事长、总经理：邵国新 | | 姓名 | 董事、董秘、副总经理：何思昀 | | | 财务总监：沈妹 | | | 独立董事：娄杭 | | | 1.公司信托资金是否已经追回了 | | | 答：你好，公司 年信托理财收回本金 万元。 2025 1 ...

本次年度业绩说明会将通过深圳证券交易所提供的"互动易"平台举行，投资者可以登 录"互动易"网站（https://irm.cninfo.com.cn），进入"云访谈"栏目参与本次年度业绩说明 会。 届时公司董事长何平先生，副董事长、总经理邵国新先生，董事、董事会秘书、副总经 理何思昀女士，财务总监沈妹女士，独立董事娄杭先生及相关工作人员将在网上与投资者进 行沟通（如有特殊情况，参会人员会有调整）。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度网上业绩说明会提前向投 资者公开征集问题。投资者可访问 https://irm.cninfo.com.cn 进入公司 2024 年度网上业绩说 明会页面进行提问。公司将在 2024 年度网上业绩说明会上对投资者关注的问题进行回答。 证券代码：002801 证券简称：微光股份 公告编号：2025-013 杭州微光电子股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证本公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州微光电子股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日披露《2024 ...

证券代码：002801 证券简称：微光股份 杭州微光电子股份有限公司 投资者关系活动记录表 编号：2025002 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | 动类别 | □现场参观 | | | | 其他 电话会议 | | | | 西南证券：邰桂龙、张艺蝶、杨浩、唐静 | | | | 创金合信基金管理有限公司：王鑫、罗水星 | | | | 东方阿尔法基金管理有限公司：周谧 | | | | 广发基金管理有限公司：柴嘉辉、曾质彬 | | | | 国泰基金管理有限公司：谢泓材 | | | | 海富通基金管理有限公司：吕越超 | | | | 华西基金管理有限公司：赵彬凯 | | | | 华夏基金管理有限公司：陈伟彦 | | | | 嘉实基金管理有限公司：延健磊、卓佳亮、武磊 | | | | 上证报：陈琪珏 | | | | 长城基金管理有限公司：余欢 | | | | 中欧基金管理有限公司：钟鸣、伊群勇 | | | | 东北证券：瞿永忠 | | | 参与单位名称 | 甬兴证券：开 ...

截至4月1日收盘，人形机器人概念下跌0.98%，位居概念板块跌幅榜前列，板块内，光启技术、微光股 份、美力科技等跌幅居前，股价上涨的有42只，涨幅居前的有天永智能、华培动力、东港股份等，分别 上涨4.77%、4.22%、3.72%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 5.53 | 智谱AI | -1.39 | | CRO概念 | 4.90 | 人形机器人 | -0.98 | | 重组蛋白 | 4.81 | 减速器 | -0.92 | | 细胞免疫治疗 | 4.49 | 中国AI 50 | -0.87 | | 创新药 | 4.44 | 华为盘古 | -0.86 | | 动物疫苗 | 4.09 | 快手概念 | -0.85 | | 仿制药一致性评价 | 4.08 | 云游戏 | -0.84 | | 流感 | 4.02 | 华为欧拉 | -0.82 | | 阿尔茨海默概念 | 3.97 | 算力租赁 | -0.72 | | 肝炎概念 | 3.93 | 国产操作系统 | -0.71 | ...

事件：公司发布2024年年报，2024 年实现营收 14.1亿元，同比+11.1%；归母净利润2.2 亿元，同比 +82.2%；扣非归母净利润3.0亿元，同比+8.4%；2024Q4实现营收3.9 亿元，同比+24.4%；归母净利 润-0.1亿元，同比减亏0.87 亿元；扣非归母净利润0.8 亿元，同比+34.3%。业绩符合预期，24Q4 营收创 新高。 深耕国内市场，开拓国际业务，公司业绩稳健增长。2024 年，公司深度挖掘国际市场潜能，受益于公 司在北美、欧洲等市场的渠道扩展和品牌影响力提升，海外实现营收7.7 亿元，同比+15.2%，占比提升 2.0pp 至54.8%，毛利率下降2.4pp 至36.0%；国内实现营收6.4亿元，同比+6.5%，占比为45.2%，毛利率 微降-0.6pp 至27.8%。 公司基本面持续改善，盈利能力优秀。2024 年公司综合毛利率为32.3%，同比-1.4pp，主要系原材料成 本上涨与市场竞争加剧等影响；净利率为15.7%，同比+6.6pp；期间费用率为6.2%，同比-1.3pp；其 中，销售、管理、研发和财务费用率分别为1.5%、2.1%、4.1%、-1.5%，分别同比 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.95 CNY over the next six months, while the current price is 40.35 CNY [1]. Core Insights - The company's performance in 2024 met expectations, with a record high revenue in Q4 2024. The total revenue for 2024 was 1.409 billion CNY, representing an 11.1% year-on-year increase, while the net profit attributable to the parent company was 220.57 million CNY, up 82.2% year-on-year [7][11]. - The company is expanding its international market presence, achieving 770 million CNY in overseas revenue, a 15.2% increase year-on-year, which now accounts for 54.8% of total revenue [7]. - The company’s gross margin for 2024 was 32.3%, a decrease of 1.4 percentage points year-on-year, primarily due to rising raw material costs and increased market competition [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,409.06 million CNY, net profit of 220.57 million CNY - 2025E: Revenue of 1,612.24 million CNY, net profit of 361.37 million CNY - 2026E: Revenue of 1,804.69 million CNY, net profit of 413.85 million CNY - 2027E: Revenue of 2,023.87 million CNY, net profit of 476.17 million CNY - The net profit growth rates for 2025-2027 are projected at 63.83%, 14.52%, and 15.06% respectively [2][9][13]. - **Earnings Per Share (EPS)**: - 2024A: 0.96 CNY - 2025E: 1.57 CNY - 2026E: 1.80 CNY - 2027E: 2.07 CNY [2]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected to decrease from 42 in 2024 to 19 in 2027, indicating improving valuation as earnings grow [2][11]. Business Segment Performance - **Refrigeration Motors and Fans**: - Revenue of 1.257 billion CNY in 2024, with a growth rate of 10.64% [9]. - **Servo Motors**: - Revenue of 107.54 million CNY in 2024, with a growth rate of 18.96% [9]. - **Other Businesses**: - Revenue of 44.25 million CNY in 2024, with a growth rate of 7.35% [9]. Market Position and Competitive Analysis - The company is positioned as a leading micro-motor enterprise in the cold chain sector, with significant growth potential in servo motors and other new products. The average PE ratio of comparable companies in the industry is around 36-30 for 2025-2026 [11].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to recover growth in 2024, with a projected revenue of 1.409 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 220 million yuan, reflecting an 82.16% year-on-year increase [1]. - The company has shown resilience in both domestic and international sales, achieving a 15.2% increase in overseas revenue, which now accounts for 54.8% of total revenue [5]. - The servo motor segment has seen significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 18.97% [5]. - The company is committed to innovation, having developed several new products and increased its R&D investment to 57.36 million yuan, approximately 4.07% of revenue [5]. - The global trend towards energy efficiency is expected to benefit the company's ECM and servo motors, aligning with international standards for energy-efficient motors [5]. Financial Performance - The company reported total revenue of 1.409 billion yuan for 2024, with a projected growth rate of 11% for the following years [6]. - The net profit is expected to grow from 221 million yuan in 2024 to 336 million yuan in 2025, with corresponding PE ratios of 40.4 and 26.6 [6][9]. - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 18.8% in 2025 [9]. Product Development and Market Position - The company has successfully launched various new products, including high-efficiency electric motors and servo motors, which are expected to contribute to future revenue growth [5]. - The company has established a research institute focused on intelligent and efficient fans, enhancing its competitive position in the market [5]. Future Outlook - The company is projected to achieve revenues of 1.614 billion yuan in 2025, with a net profit of 336 million yuan, indicating a strong growth trajectory [6]. - The report anticipates continued demand for energy-efficient products, driven by both domestic policies and international market trends [5].

报告期内，公司市场拓展与业务升级并举，推动全球化布局，实现境外销售收入7.72亿元，同比增长 15.21%，营收占比达到54.82%。多年以来，公司与共建"一带一路"国家和地区业务往来频繁，发生业 务往来的国家和地区有三十多个，报告期内，公司对共建"一带一路"国家和地区的出口收入占整个出口 收入比例为59.54%。 瞄准新能源、机器人等新兴领域 伺服电机快速增长 年报显示，2024年，公司继续围绕绿色低碳、智能制造，因地制宜发展新质生产力，加快高效节能、智 能新产品开发和产业化进程，丰富产品系列及品种，拓展产品在热泵、储能、工业自动化、机器人等领 域的应用。 主要产品板块中，制冷电机及风机业务实现营业收入12.57亿元，同比增长10.64%。具体产品看，冷柜 电机作为公司传统优势产品，依然保持较强竞争力，实现营收3.23亿元，同比增长2.54%。外转子风机 保持快速增长，营收7.06亿元，同比增长18.8%。ECM电机控制电磁辐射和抗干扰能力显著，并在高效 节能领域表现突出，适用于工业自动化、医疗设备等对电磁环境敏感的领域。报告期内，公司ECM电 机毛利率达到42.43%，同比增加2.1个百分点，高于公司整体 ...

Core Insights - Microglow Co., Ltd. (002801.SZ) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 11 institutional investors held a total of 27.1622 million A-shares, accounting for 11.83% of the total share capital [1][2] Institutional Holdings - The top ten institutional investors include Hangzhou Microglow Investment Partnership, Industrial and Commercial Bank of China - Qianhai Kaiyuan New Economy Flexible Allocation Mixed Securities Investment Fund, and China Construction Bank - Qianhai Kaiyuan Public Utilities Industry Stock Fund, among others [1] - The combined holding ratio of the top ten institutional investors decreased by 0.58 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Guoshou Anbao Smart Life Stock A, reduced its holdings compared to the previous quarter, while two new public funds, Chunhou Xinrui A and Mingya Zhongzheng 1000 Index Enhanced A, were disclosed [1] Social Security Fund - One social security fund, the National Social Security Fund 114 Portfolio, was not disclosed in the current period compared to the previous quarter [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.52% compared to the previous period [2]