Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is expected to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1] Market and Product Insights - The company has established a strong market presence in the servo system segment, achieving a market share of 4% in 2024, second only to the industry leader [8] - The company is expanding its distribution channels, with over 200 quality distributors introduced by the end of 2024, which is expected to drive revenue growth [8] - The 3C semiconductor industry has shown significant contributions to revenue, while the new energy sector faces challenges due to overcapacity and reduced capital expenditures [8]

Core Viewpoint - The company is a leading enterprise in the field of intelligent equipment motion control, providing high-value motion control core components and system-level solutions to numerous manufacturing enterprises domestically and internationally. The company aims to become a "Chinese leader and world-class" specialized motion control group through advanced technology and close advisory services [4][5]. Company Overview - The company focuses on the research, production, sales, and service of core components for intelligent equipment motion control, with main products including servo systems, stepper systems, and control technology products [5][6]. - The products are widely used in various precision equipment in intelligent manufacturing and service fields, such as 3C manufacturing equipment, semiconductor equipment, robots, PCB/PCBA manufacturing equipment, logistics equipment, special machine tools, packaging equipment, medical equipment, lithium battery equipment, and photovoltaic equipment [5][6]. Business Model - The company adheres to the main channel of "intelligent manufacturing" and the auxiliary channel of "mobile robots," providing motion control products and solutions to create maximum value for global intelligent equipment industry clients [7]. - The company employs a market-driven material procurement model, ensuring timely supply and quality reliability through a well-established supplier management process [9]. - The production model combines outsourced production and in-house production, focusing on core processes to strictly control product quality [10]. - The marketing management model integrates industry development, regional services, and product collaboration to enhance customer service and support industry upgrades [11]. Financial Performance - In the reporting period, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 2.36%. The net profit attributable to shareholders was 56 million yuan, reflecting a year-on-year growth of 2.25% [15]. - The company has implemented various cost-reduction and efficiency-enhancement measures, resulting in positive outcomes despite challenges in the photovoltaic and lithium battery industries [15]. Shareholder Information - The company has initiated a share repurchase plan, intending to use its own funds to repurchase shares for future employee stock ownership plans or equity incentives, with a total repurchase amount between 60 million yuan and 120 million yuan [17]. - As of the reporting period, the company has repurchased a total of 1,696,800 shares, accounting for 0.55% of the total share capital, at an average price of 16.97 yuan per share [17]. Employee Stock Ownership Plans - The company has established employee stock ownership plans to incentivize key personnel, with the 2022 plan involving a total funding of up to 45.9 million yuan and a share allocation of up to 2.56 million shares [35]. - The 2023 employee stock ownership plan aims to raise up to 31.07 million yuan, with a share allocation of up to 1.155 million shares [40].

Group 1 - The company plans to use up to RMB 600 million of idle funds for cash management, which is expected to enhance the efficiency of fund utilization and generate investment returns for shareholders [3][4][30] - The board of directors and the supervisory board have approved the cash management proposal, confirming that it will not adversely affect the company's operations or the interests of shareholders, especially minority shareholders [2][3][4] Group 2 - The company will hold an online performance briefing on April 27, 2025, to discuss the 2024 annual report and the first quarter of 2025, allowing investors to engage and ask questions [8][9][10] - The company has reported a net profit of RMB 200.46 million for 2024, with a proposed cash dividend of RMB 3.2 per 10 shares, amounting to a total cash dividend of approximately RMB 97.5 million, which represents 63% of the net profit [14][15][17] Group 3 - The company has changed its accounting policies in accordance with new regulations issued by the Ministry of Finance, which will take effect from January 1, 2024, and will not significantly impact the company's financial status or results [18][23][25] - The supervisory board and the audit committee have reviewed and approved the changes in accounting policies, confirming compliance with relevant laws and regulations [24][26][39] Group 4 - The company has approved a financial assistance program for employees to purchase homes, with a maximum annual loan amount of RMB 30 million, which is expected to enhance employee welfare and retention [50][51][59] - The financial assistance will be interest-free and subject to specific conditions, ensuring that it does not affect the company's normal operations [54][55][59]

容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 深圳市雷赛智能控制股份有限公司 容诚审字[2025]518Z0921 号 内部控制审计报告 容诚审字[2025]518Z0921 号 深圳市雷赛智能控制股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳市雷赛智能控制股份有限公司（以下简称雷赛智能公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是雷赛 智能公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部 ...

非经营性资金占用及其他关联资金 往来情况专项说明 深圳市雷赛智能控制股份有限公司 容诚专字[2025]518Z0324 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于深圳市雷赛智能控制股份有限公司 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]518Z0324 号 深圳市雷赛智能控制股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了深圳市雷赛智能控制股 份有限公司（以下简称雷赛智能公司）2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公 司所有者权益变动表以及财务报表附注，并于 2025 年 4 月 24 日出具了容诚审字 [2025]518Z0919 号的 ...

审计报告 深圳市雷赛智能控制股份有限公司 容诚审字[2025]518Z0919 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | | | 页码 | | | --- | --- | --- | --- | --- | --- | | 1 | 审计报告 | | 1 | - | 7 | | 2 | 合并资产负债表 | | 1 | | | | 3 | 合并利润表 | | 2 | | | | 4 | 合并现金流量表 | | 3 | | | | 5 | 合并所有者权益变动表 | | 4 | - | 5 | | 6 | 母公司资产负债表 | | 6 | | | | 7 | 母公司利润表 | | 7 | | | | 8 | 母公司现金流量表 | | 8 | | | | 9 | 母公司所有者权益变动表 | | 9 | - | 10 | | 10 | 财务报表附注 | 11 | | - | 135 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010 ...

深圳市雷赛智能控制股份有限公司 2024年度独立董事述职报告 （杨健） 各位股东及股东代表： 作为深圳市雷赛智能控制股份有限公司（以下简称"公司"）的独立董事，本人 在2024年度任职期间，严格按照《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司独 立董事管理办法》、《上市公司治理准则》、《深圳证券交易所股票上市规则》（以 下简称"《股票上市规则》"）、《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》（以下简称"《规范运作》"）等法律法规及《公司章程》 公司《独立董事制度》等规定和要求，忠实、诚信、勤勉地履行独立董事职责和义务， 及时关注公司的发展状况，积极出席会议，参与重大经营决策并对重大事项独立、客 观地发表意见，充分发挥独立董事的独立作用，维护公司、全体股东尤其是中小股东 的合法权益，现将2024年度任职期间的履职情况汇报如下： 一、独立董事的基本情况： 本人广东财经大学经济学学士、中国政法大学法学学士，国际注册内部审计师， 深圳市地方级领军人才。1999年7月-2003年8月，在广州市荔湾区人民检察院任职； 20 ...

深圳市雷赛智能控制股份有限公司 章 程 2025 年 4 月 | 第一章 | 总则 | | 3 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 4 | | 第三章 | 股份 | | 4 | | 第一节 | | 股份发行 | 4 | | 第二节 | | 股份增减和回购 | 7 | | 第三节 | | 股份转让 | 8 | | 第四章 | | 股东和股东大会 | 9 | | 第一节 | | 股东 | 9 | | 第二节 | | 股东大会的一般规定 11 | | | 第三节 | | 股东大会的召集 | 15 | | 第四节 | | 股东大会的提案与通知 | 17 | | 第五节 | | 股东大会的召开 | 18 | | 第六节 | | 股东大会的表决和决议 | 21 | | 第五章 | 董事会 | | 26 | | 第一节 | | 董事 | 26 | | 第二节 | | 独立董事 | 28 | | 第三节 | | 董事会 | 33 | | 第四节 | | 董事会秘书 | 37 | | 第六章 | | 总经理及其他高级管理人员 | 40 | | 第七章 | 监事会 | ...

深圳市雷赛智能控制股份有限公司 2024年度独立董事述职报告 （吴伟） 各位股东及股东代表： 作为深圳市雷赛智能控制股份有限公司（以下简称"公司"）的独立董事，本人 在2024年度任职期间，严格按照《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司独 立董事管理办法》、《上市公司治理准则》、《深圳证券交易所股票上市规则》（以 下简称"《股票上市规则》"）、《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》（以下简称"《规范运作》"）等法律法规及《公司章程》 公司《独立董事制度》等规定和要求，忠实、诚信、勤勉地履行独立董事职责和义务， 及时关注公司的发展状况，积极出席会议，参与重大经营决策并对重大事项独立、客 观地发表意见，充分发挥独立董事的独立作用，维护公司、全体股东尤其是中小股东 的合法权益，现将2024年度任职期间的履职情况汇报如下： 一、独立董事的基本情况 本人毕业于北京大学，法学学士、国际经济法硕士。1991年9月-1995年4月，在国 家机械电子工业部政法体改司任职；1995年4月-1998年11月先后任深圳众大实 ...

深圳市雷赛智能控制股份有限公司 董事会 2025年4月24日 深圳市雷赛智能控制股份有限公司 董事会关于独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《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》等要求，深 圳市雷赛智能控制股份有限公司（以下简称"公司"）董事会，就公司在任独立董事 杨健先生、吴伟先生、王宏先生的独立性情况进行评估并出具如下专项意见: 经核查独立董事杨健先生、吴伟先生、王宏先生的任职经历以及签署的相关自查 文件,上述人员未在公司担任除独立董事以外的其他职务，未在公司主要股东公司担任 任何职务，与公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其 他可能影响其进行独立客观判断的关系，不存在影响独立董事独立性的情况。公司独 立董事符合《上市公司独立董事管理办法》《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》等法律法规中对独立董事独立性的相关要求。 ...