[Table_Title] 海外业务势头强劲，关注小优书房拓展空间 002955）公司动态研究 | --- | --- | --- | |-----------------------|------------------------------------------|--------------| | 2024 | 年 09 月 12 日 | 公司研究 | | 研究所： 证券分析师： | 杨仁文 S0350521120001 yangrw@ghzq.com.cn | | | 证券分析师： | 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn | ——鸿合科技（ | 评级：买入(首次覆盖) 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/09/11 \n12M | | 鸿合科技 | -2.9% | -8.8% | -13.3% | | 沪深 300 | -4.4% ...

一、担保进展情况概述 证券代码：002955 证券简称：鸿合科技 公告编号：2024-055 鸿合科技股份有限公司 关于为客户提供买方信贷担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 鸿合科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开第三 届董事会第四次会议、于 2024 年 5 月 20 日召开 2023 年年度股东大会，审议通 过了《关于为客户提供买方信贷担保的议案》，为解决信誉良好且需融资支持的 客户付款问题，进一步促进业务发展，同意公司及子公司（以下简称"卖方"） 与合作银行开展买方信贷业务，即对部分信誉良好的客户（以下简称"买方"） 采用"卖方担保买方融资"的方式销售产品，以买方、卖方签订的购销合同为基 础，在公司或/及子公司提供连带责任保证的条件下，银行向买方提供用于向卖方 采购货物的融资业务。根据业务开展情况，在买方向公司或公司子公司提供反担 保措施的前提下，公司或/及子公司拟向买方提供累计金额不超过 20,000 万元人 民币的买方信贷担保，在上述额度内可滚动使用，担保有效期为自公司 2023 年 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 鸿合科技（002955.SZ） 归母净利润稳步提升，海外业务持续拓展，AI 赋能教育业务创新 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 4,549 | 3,929 | 4,464 | 5,147 | 6,104 | 股票信息 | | | 增长率 yoy （ % ） | -21.7 | -13.6 | 13.6 | 15.3 | 18.6 | | | | 归母净利润（百万元） | 396 | 323 | 402 | 483 | 585 | 行业 | 电子 | | 增 ...

Investment Rating - The report assigns a "Buy" rating for the company, Honghe Technology [1]. Core Insights - Honghe Technology is a leading brand in the education interactive display market, ranking among the top two in China, with successful overseas business expansion [1]. - The company has diversified its revenue streams, with a significant increase in overseas income, which now accounts for 50% of total revenue [1]. - The introduction of the AI self-study room business is expected to drive future growth, with a projected market size of approximately 54.5 billion yuan in 2024 [1]. Summary by Sections 1. Company Overview - Established in 1990 and listed in 2019, Honghe Technology specializes in smart interactive display devices and educational information solutions [1][7]. - The company has expanded its operations from domestic markets to international ones, achieving a balanced revenue distribution of 50% from both [1]. 2. Main Business Segment - The main revenue driver is the smart interactive flat panel, which constituted 72% of total revenue in 2023 [1]. - The company has seen a significant increase in overseas revenue, rising from 5% in 2015 to 50% in 2023, with strong performance in the U.S. education market [1][21]. - The acquisition of a 25% stake in Newline USA is expected to enhance net profit starting in 2024, with committed sales net profit targets set for the following years [1][43]. 3. Growth Opportunities - The company is actively expanding its after-school services and has launched the "Xiao You Growth Study Room" aimed at children aged 6-15, which has seen strong demand since its introduction [1][45]. - The AI self-study room market is projected to grow rapidly, with estimates suggesting a market size of 116.9 billion yuan by 2034 [1]. 4. Financial Projections - The company forecasts net profits of 4.1 billion yuan, 4.7 billion yuan, and 5.5 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 16%, and 17% [1]. - Relative valuation indicates that Honghe Technology's P/E ratios are lower than comparable companies, suggesting potential for price appreciation [1].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 1.573 billion yuan, down 2.94% year-on-year, while net profit attributable to shareholders increased by 4.59% to 149 million yuan [1]. - The company's core business, particularly in the AI and education sectors, is expected to benefit from a potential recovery in domestic education demand, alongside its ongoing expansion in overseas markets [2]. - The introduction of the "Xiao You Growth Study Room" project aims to provide personalized learning spaces for children aged 6-15, leveraging AI to enhance learning efficiency [1]. Financial Summary - For the first half of 2024, the company achieved a net profit of 149 million yuan, with a significant increase of 67.10% when excluding foreign exchange gains [1]. - The company’s overseas business generated 1.043 billion yuan in revenue, accounting for 66.34% of total revenue, marking a year-on-year increase of 7% [1]. - The forecast for the company's net profit attributable to shareholders is projected to be 400 million yuan in 2024, 505 million yuan in 2025, and 615 million yuan in 2026, with corresponding PE ratios of 13, 10, and 8 [2][3].

证券代码：002955 证券简称：鸿合科技 公告编号：2024-054 公司本次回购股份的时间、回购股份价格和集中竞价交易的委托时段符合 《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号— —回购股份》及公司回购股份方案的相关规定，具体情况如下： 鸿合科技股份有限公司 关于回购公司股份的进展公告 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。 一、回购股份的基本情况 鸿合科技股份有限公司（以下简称"公司"）于 2024 年 6 月 17 日召开第三 届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》，董事会同 意公司使用不低于人民币 5,000 万元（含），且不超过人民币 10,000 万元（含） 的自有资金，以集中竞价交易方式回购公司部分人民币普通股（A 股）股份，回 购价格为不高于人民币 35.00 元/股（公司 2023 年年度权益分派已实施完成，公 司回购股份价格上限由不超过人民币 35.00 元/股调整至不超过 34.575 元/股）， 用于未来实施员工持股计划或股权激励计划。回购期限为自公司董事会审议通过 本次回购 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [3][4][13]. Core Insights - The company reported a revenue of 1.02 billion in Q2 2024, a year-on-year increase of 5.6%, and a net profit of 120 million, up 3.7% year-on-year. For the first half of 2024, revenue was 1.57 billion, a decrease of 2.9%, while net profit increased by 4.6% to 150 million [1][2]. - The launch of the "Xiao You Growth Study Room" has received positive market feedback, with over 80 franchise stores signed since its introduction in June 2024, indicating strong growth momentum [1]. - The company's overseas operations, particularly in the U.S., have shown significant performance, with the U.S. subsidiary generating 740 million in revenue and 150 million in net profit for the first half of 2024, achieving the highest market share in the region [1][2]. Financial Performance Summary - For H1 2024, the gross profit margin was 34.4%, a decrease of 0.8 percentage points year-on-year. The gross margin for IWB products was 35.9%, down 2.0 percentage points, while other smart interactive products saw a gross margin increase of 5.0 percentage points to 34.2% [1]. - The company adjusted its profit forecast, now expecting net profits of 380 million, 460 million, and 570 million for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.59, 1.93, and 2.42 [1][6].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 27.01 CNY for the next six months, based on a dynamic price-to-earnings ratio of 18 times for 2024 [2][4]. Core Views - The company is expected to benefit from the recovery of the domestic education hardware business as the economic environment improves, alongside the continued rollout of after-school services and smart sports initiatives [2]. - The overseas business is anticipated to grow rapidly due to the ongoing digitalization of education, with a reported 7% increase in overseas revenue for the first half of 2024 [1][2]. - The company has introduced new AI-driven educational tools and solutions, which are expected to enhance its market position [1]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 1.57 billion CNY, a year-over-year decrease of 2.9%, and a net profit of 150 million CNY, an increase of 4.6% [1]. - In Q2 2024, the company achieved revenues of 1.02 billion CNY, reflecting a year-over-year growth of 5.6%, and a net profit of 120 million CNY, up 3.7% year-over-year [1]. - The company's domestic revenue declined by 18% in the first half of 2024 due to weak demand in the education tablet market, while overseas revenue showed resilience [1]. - The gross margin in Q2 2024 decreased by 1.6 percentage points year-over-year, primarily due to price competition in the domestic education interactive flat panel market and rising costs of key raw materials [1]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.50 CNY, 1.68 CNY, and 1.90 CNY, respectively [2][3]. - The company’s net profit margin is expected to stabilize around 8.4% in 2024, with gradual improvements in subsequent years [6][10]. Market Position and Valuation - The company is positioned as a leading provider of educational information technology products and solutions in China, with a strong focus on integrating software and hardware for enhanced educational experiences [2]. - The market capitalization is approximately 5.07 billion CNY, with a circulating market value of about 4.03 billion CNY [4].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,573,047,559.08, a decrease of 2.94% compared to ¥1,620,644,264.74 in the same period last year[10]. - The net profit attributable to shareholders of the listed company increased by 4.59% to ¥149,426,751.70, up from ¥142,869,350.02 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 10.26% to ¥132,559,345.10, compared to ¥120,223,001.72 in the same period last year[10]. - The net cash flow from operating activities was negative at -¥207,530,002.28, a significant decline of 322.27% from ¥93,366,725.69 in the previous year[10]. - Basic earnings per share increased by 4.92% to ¥0.64, compared to ¥0.61 in the same period last year[10]. - The company's gross profit margin decreased, with operating costs at ¥1,031,824,536.77, down 1.80% from ¥1,050,741,893.46, reflecting a decline in sales[43]. - The company reported a total profit for the first half of 2024 of approximately CNY 178.02 million, down from CNY 196.38 million in the same period of 2023, reflecting a decrease in overall profitability[139]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,977,916,691.92, reflecting a growth of 3.78% from ¥4,796,459,329.04 at the end of the previous year[10]. - The total liabilities increased to CNY 4,977,916,691.92 from CNY 4,796,459,329.04, showing an increase of approximately 3.8%[133]. - The company's long-term equity investments decreased to CNY 206,110,381.40, representing 4.14% of total assets, down from 4.74% the previous year[48]. - The inventory increased to CNY 800,943,668.14, representing 16.09% of total assets, up from 12.55% the previous year[48]. - The total amount of other receivables rose to CNY 840,092,277.90 from CNY 800,639,922.51, an increase of approximately 4.9%[136]. Investment and R&D - The company has invested 29.6 billion yuan in special funds for after-school services, with an additional 1.9 billion yuan allocated for science education initiatives[20]. - The company’s R&D investment remained stable at ¥91,044,334.35, a slight decrease of 0.50% compared to the previous year[43]. - The company launched 68 new domestic patents in the first half of 2024, including 26 invention patents, 26 utility model patents, and 16 design patents, along with 6 new foreign patents[41]. - The company has established an efficient and rapid R&D system to continuously innovate products and services based on customer needs[72]. Market and Strategy - The company has been actively responding to the national digital education strategy, focusing on integrating advanced technologies like AI and big data into education[15]. - The demand for smart classrooms in China is concentrated in K12 and higher education, with a penetration rate of less than 20%, indicating significant growth potential[16]. - The global education information technology market presents vast opportunities, with various countries implementing policies to enhance digital education infrastructure[17]. - The company aims to support the digital transformation of education in China through continuous technological research and product innovation[18]. - The company is positioned to benefit from the ongoing international push for educational digitalization, particularly in North America and Europe[17]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares[1]. - The company has outlined potential risks and countermeasures in its management discussion section[1]. - The company has established internal control systems for foreign exchange derivative trading to mitigate various risks, including market and legal risks[56]. - The company has not reported any significant litigation or arbitration matters during the reporting period[92]. Shareholder and Equity Management - The company has implemented a stock ownership plan for employees, enhancing their engagement and alignment with company performance[82]. - The company completed the first and second exercise periods of the 2022 stock option incentive plan, resulting in a total of 1,295,260 new shares issued during the reporting period[112]. - The total number of shares held by the top ten unrestricted common shareholders is 116,000,000[125]. - The company has a total of 132 eligible participants for the second exercise period of the stock option incentive plan, with a total of 1,261,272 stock options available for exercise[81]. Cash Flow and Financing Activities - The net cash flow from operating activities for the first half of 2024 was -207,530,002.28 CNY, compared to 93,366,725.69 CNY in the same period of 2023, indicating a significant decline[144]. - Cash inflow from investment activities was 942,231,997.33 CNY in 2024, down from 2,467,877,793.94 CNY in 2023, a decrease of approximately 61.8%[144]. - The ending balance of cash and cash equivalents decreased to 1,338,997,009.94 CNY in 2024 from 1,610,447,651.49 CNY in 2023, a reduction of approximately 17%[144]. - The company received 936,040,000.00 CNY from investment recoveries in 2024, significantly lower than 2,456,300,000.00 CNY in 2023, a decrease of about 61.9%[144]. Social Responsibility and Community Engagement - The company emphasizes social responsibility, balancing economic and social benefits while protecting shareholder interests[84]. - The company launched the "Honghe Illuminating Plan" in 2022 to support teacher professional development, offering free training sessions nationwide[89]. - The company conducted free training and teaching demonstrations in southwestern regions, engaging over a hundred key teachers[89].

证券代码：002955 证券简称：鸿合科技 公告编号：2024-052 鸿合科技股份有限公司 关于2024年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》和《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》等有关规定，现将鸿合科技股份有限公司（以下简 称"鸿合科技"、"本公司"、"公司"）2024年半年度募集资金存放与使用情 况说明如下（本报告若出现合计数与各明细数直接相加之和尾数不符的情况，为 四舍五入原因所致）： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准鸿合科技股份有限公司首次公开发行 股票的批复》（证监许可〔2019〕839 号）核准，本公司公开发行人民币普通股 3,431 万股，全部为新股，不涉及老股转让。发行价格为 52.41 元/股，本次发行 募集资金总额为 179,818.71 万元，扣除发行费用后募集资金净额 169,158.38 万 元。天职国际会计 ...