Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 37.93 CNY based on a 4.81x PB valuation [10][11][23]. Core Insights - The company is a leading manufacturer in the measurement instrument industry, benefiting from domestic substitution and increasing demand for new energy products, particularly in charging stations and energy storage [9][10]. - The forecasted EPS for 2024-2026 is 1.11, 1.39, and 1.74 CNY respectively, indicating a strong growth trajectory [10][19]. - The company is positioned to leverage both domestic and international markets, with a focus on enhancing its own brand and expanding its product offerings in the new energy sector [10][11]. Financial Summary - Revenue is projected to grow from 670 million CNY in 2023 to 1.37 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 25.3% [4][19]. - Net profit is expected to increase from 107 million CNY in 2023 to 232 million CNY in 2026, with a corresponding growth rate of 25.7% [4][19]. - The company’s net asset return (ROE) is forecasted to rise from 10.1% in 2023 to 20.4% in 2026, indicating improving profitability [4][19]. Business Overview - The company has over 30 years of experience in the measurement instrument sector, with a stable ownership structure and a management team with extensive technical expertise [26][28]. - The product range includes infrared thermometers, digital multimeters, and other instruments widely used in power and environmental monitoring [10][26]. - The company is actively expanding into the new energy market, particularly in charging stations and energy storage solutions, driven by the growth of electric vehicles and renewable energy [9][10][59]. Market Trends - The global measurement instrument market is expected to grow steadily, with the Asia-Pacific region projected to have the highest growth rate [56][58]. - The demand for charging stations is increasing due to the rising number of electric vehicles, with China's EV ownership expected to reach 20.41 million by 2023 [59][86]. - The energy storage market is also expanding, with significant growth anticipated in both large-scale and commercial storage solutions [62][65]. Competitive Landscape - The measurement instrument market is dominated by international giants, presenting a significant opportunity for domestic companies to capture market share through localization and innovation [96][100]. - The company is well-positioned to benefit from the trend towards domestic substitution in key industries, as government policies increasingly favor local manufacturers [100][101].

华盛昌11月14日在交易所互动平台中披露，截至11月10日公司股东户数为13036户，较上期（10月31 日）减少481户，环比降幅为3.56%。 这已是该公司股东户数连续第5期下降，累计降幅达16.27%，也就是说筹码呈持续集中趋势。 证券时报•数据宝统计，截至发稿，华盛昌最新股价为28.75元，下跌0.07%，筹码持续集中以来股价累 计上涨25.22%。 具体到各交易日，19次上涨，15次下跌，其中，涨停1次，跌停1次。 公司发布的三季报数据显示，前三季公司共实现营业收入5.61亿元，同比增长14.30%，实现净利润1.10 亿元，同比增长20.71%，基本每股收益为0.9800元，加权平均净资产收益率10.22%。 （数据宝） ...

因公司实施2023年年度权益分派，本次回购股份价格上限由不超过人民币29 元/股（含）调整至不超过28.40元/股（含），具体内容详见公司于2024年5月31日 在《证券时报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露 的相关公告。 截至2024年10月31日，公司通过股份回购专用证券账户以集中竞价交易方式 累计回购公司股份1,518,100股，占公司目前总股本的比例为1.14%，最高成交价 为27.73元/股，最低成交价为15.49元/股，成交总金额为33,380,694.40元（不含交 易费用）。 证券代码：002980 证券简称：华盛昌 公告编号：2024-081 深圳市华盛昌科技实业股份有限公司 本公司及公司全体董事会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。 深圳市华盛昌科技实业股份有限公司（以下简称"公司"）于2024年2月6日 召开第三届董事会2024年第一次会议审议通过了《关于回购公司股份方案的议 案》，同意公司使用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 股股份用于后续实施员工持股计划或者股权激励。回购 ...

Financial Performance - Revenue for Q3 2024 reached ¥227,768,210.77, an increase of 39.32% year-over-year[2] - Net profit attributable to shareholders was ¥45,685,468.22, up 32.72% compared to the same period last year[2] - Net profit excluding non-recurring items was ¥43,283,125.29, reflecting a 37.94% increase year-over-year[2] - Basic earnings per share (EPS) was ¥0.41, representing a 78.26% increase from the previous year[2] - The total operating revenue for the third quarter of 2024 reached RMB 560,818,902.54, an increase of 14.25% compared to RMB 490,674,685.30 in the same period last year[19] - The company's net profit attributable to shareholders increased to RMB 313,005,527.47, compared to RMB 282,616,296.78 in the previous period, showing a growth of 10.77%[18] - The net profit attributable to shareholders of the parent company for Q3 2024 was 109,881,970.69, an increase from 91,030,035.10 in Q3 2023, representing a growth of approximately 20.6%[21] - The total profit for Q3 2024 was 121,877,489.83, compared to 97,912,589.01 in Q3 2023, indicating an increase of around 24.4%[20] - The company's total comprehensive income for Q3 2024 was 108,917,546.46, compared to 90,347,910.54 in Q3 2023, reflecting an increase of approximately 20.5%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,367,298,107.92, a 1.09% increase from the end of the previous year[2] - The total liabilities increased to RMB 312,877,523.15 from RMB 293,777,311.55, reflecting an increase of 6.3%[18] - The company's cash and cash equivalents decreased to RMB 236,452,876.56 from RMB 276,380,780.76 at the beginning of the period, reflecting a decline of 14.43%[16] - Accounts receivable increased significantly to RMB 180,793,796.52, up from RMB 121,797,285.51, marking an increase of 48.3%[17] - Inventory rose to RMB 288,166,833.42, compared to RMB 268,765,799.42 at the beginning of the period, indicating an increase of 7.25%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,543, with the top 10 shareholders holding a combined 72.88% of shares[7] - Yuan Jianmin, the largest shareholder, holds 54.00% of shares, totaling 72,000,000 shares[7] - The company has a total of 18,000,000 unrestricted shares held by Yuan Jianmin[10] - The company has engaged in share buyback activities, with announcements made on February 8 and May 31, 2024[13] - As of September 30, 2024, the company has repurchased 1,518,100 shares, accounting for 1.14% of the total share capital, with a total transaction amount of RMB 33,380,694.40[15] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥149,267,030.06, a 33.17% increase year-over-year[2] - Cash flow from operating activities for Q3 2024 was 551,400,647.90, compared to 533,486,475.54 in Q3 2023, showing a growth of about 3.4%[22] - The net cash flow from operating activities for Q3 2024 was CNY 149,267,030.06, an increase from CNY 112,088,158.93 in Q3 2023, reflecting a growth of approximately 33.2%[23] - The total cash inflow from operating activities was CNY 599,017,000.60, compared to CNY 572,394,477.81 in the same period last year, indicating a year-over-year increase of about 4.4%[23] - The cash outflow from operating activities totaled CNY 449,749,970.54, slightly down from CNY 460,306,318.88 in Q3 2023, showing a decrease of approximately 2.4%[23] Expenses - Sales expenses rose by 42.69% to ¥48,963,115.25, attributed to increased investment in sales channels and teams[6] - Total operating costs for Q3 2024 were 438,206,698.09, up from 398,285,750.74 in Q3 2023, indicating an increase of about 10%[20] - Research and development expenses for Q3 2024 were 55,827,768.93, slightly up from 55,219,020.29 in Q3 2023, reflecting a year-over-year increase of 1.1%[20] Corporate Developments - The company received EU MDR certification for its electronic thermometers, blood pressure monitors, and pulse oximeters on January 31, 2024[13] - The company plans to establish a subsidiary in Vietnam, with the announcement made on June 12, 2024[13] - The company has announced a change in registered capital and amendments to its articles of association on February 22, 2024[13] - The company is involved in foreign exchange hedging activities as of April 20, 2024[13] - The company has reported a provision for asset impairment for the year 2023 on April 20, 2024[13] Other Financial Metrics - The company's operating profit for Q3 2024 was 122,133,633.18, compared to 97,907,823.70 in Q3 2023, marking an increase of approximately 24.7%[20] - The basic earnings per share for Q3 2024 was 0.98, up from 0.65 in Q3 2023, representing an increase of approximately 50.8%[21] - Other comprehensive income after tax for Q3 2024 was -1,583,217.27, compared to -1,151,525.70 in Q3 2023, showing a decline in other comprehensive income[21] - The net cash flow from investing activities was CNY 2,569,460.12, a significant decrease from CNY 42,699,972.62 in Q3 2023[23] - The cash inflow from investing activities was CNY 831,645,701.36, down from CNY 1,295,900,153.27 in the previous year, representing a decline of about 35.8%[23] - The cash outflow from investing activities was CNY 829,076,241.24, compared to CNY 1,253,200,180.65 in Q3 2023, indicating a decrease of approximately 33.8%[23] - The net cash flow from financing activities was -CNY 193,930,718.01, worsening from -CNY 16,957,123.79 in the same quarter last year[23] - The total cash and cash equivalents at the end of Q3 2024 were CNY 235,652,876.56, down from CNY 335,118,592.73 in Q3 2023, reflecting a decrease of approximately 29.6%[24] - The company reported a cash inflow from financing activities of CNY 1,864,815.84, significantly lower than CNY 65,218,325.15 in Q3 2023, indicating a decline of about 97.1%[23] - The cash outflow for financing activities was CNY 195,795,533.85, compared to CNY 82,175,448.94 in the previous year, showing an increase of approximately 138.5%[23]

证券代码：002980 证券简称：华盛昌 公告编号：2024-080 深圳市华盛昌科技实业股份有限公司 第三届监事会 2024 年第七次会议决议公告 本公司及公司全体监事会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、监事会会议召开情况 深圳市华盛昌科技实业股份有限公司（以下简称"公司"）第三届监事会2024 年第七次会议通知于2024年10月15日以电子邮件方式发出，并于2024年10月25日 以现场形式在公司会议室召开。会议应出席监事3人，实际出席监事3人，会议由 监事会主席钟孝条先生主持。本次会议的召开，符合《中华人民共和国公司法》、 《中华人民共和国证券法》的相关规定。 二、监事会会议审议情况 经与会监事充分讨论与表决，通过了以下议案： 1、审议通过了《2024年第三季度报告》 特此公告。 深圳市华盛昌科技实业股份有限公司 监事会 2024 年 10 月 29 日 经审核，监事会认为：董事会编制和审核深圳市华盛昌科技实业股份有限公 司2024年第三季度报告的程序符合法律、行政法规和中国证监会的规定，报告内 容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记 ...

证券代码：002980 证券简称：华盛昌 公告编号：2024-079 深圳市华盛昌科技实业股份有限公司 第三届董事会 2024 年第十次会议决议公告 二、董事会会议审议情况 经与会董事充分讨论与表决，通过了以下议案： 1、审议通过了《2024年第三季度报告》 根据相关法律、法规、规范性文件的规定，公司编制了 2024 年第三季度报 告，具体内容详见公司在《证券时报》、《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）披露的《2024 年第三季度报告》。 本公司及公司全体董事会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、董事会会议召开情况 深圳市华盛昌科技实业股份有限公司（以下简称"公司"）第三届董事会2024 年第十次会议通知于2024年10月15日以电子邮件、微信等方式发出，并于2024 年10月25日以通讯方式召开。会议应出席董事8人，实际出席董事8人，会议由董 事长袁剑敏先生主持，公司监事及部分高级管理人员列席了会议。本次会议的召 开，符合《中华人民共和国公司法》、《中华人民共和国证券法》的相关规定。 1、《深圳市华盛昌科技实业股份有限公司第三届董 ...

证券代码：002980 证券简称：华盛昌 公告编号：2024-078 深圳市华盛昌科技实业股份有限公司 关于公司产品获得德国专利证书的公告 本公司及公司全体董事会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。 深圳市华盛昌科技实业股份有限公司（以下简称"公司"）于近日取得德国 颁发的关于图像融合方法、装置和红外热像设备的专利证书，具体情况公告如下： 一、获证专利的基本信息 专利名称：图像融合方法、装置和红外热像设备 专利号：11 2016 001 694 IPC：G06T 5/50 专利权人：深圳市华盛昌科技实业股份有限公司 二、对公司的影响 公司图像融合方法、装置和红外热像设备自动融合AUF技术，能够将可见光 波段的细节信息实时添加到红外图像之中，可根据客户应用场景，动态调整融合 比例。公司在热成像领域深耕多年，在热像仪整机产品研发方面，公司采取以系 列为主的研发模式，具备各类型非制冷红外探测器芯片关键应用技术开发、热成 像机芯模组及红外热像仪整机产品的全自主开发能力和大批量生产能力，可以快 速响应客户以及市场需求。 公司一直以来注重产品的研发和技术的创新，上述专利的获得有利 ...

深圳市华盛昌科技实业股份有限公司 监事会关于 2024 年限制性股票激励计划首次授予激励对象名单 的核查意见（授予日） 根据《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》、《上市公司股权激励管理办法》（以下简称"《管理办法》"） 《深圳证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》及《公司章程》等法律法规、规范性文件的规定，深圳市华 盛昌科技实业股份有限公司（以下简称"公司"）监事会对公司《2024 年限制 性股票激励计划（草案）》（以下简称"《激励计划》"）首次授予激励对象名 单进行了核实并发表意见如下： 1、列入《激励计划》首次授予激励对象名单的人员具备《公司法》《管理 办法》等法律法规和规范性文件规定的激励对象条件，符合《激励计划》规定的 激励对象条件。 2、本次激励计划首次授予激励对象的基本情况属实，不存在虚假、故意隐 瞒或致人重大误解之处。 （6）中国证监会认定的其他情形。 5、本次激励计划首次授予激励对象不包括公司独立董事、监事、外籍人员， 也不包括单独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、 子女。 6 ...

公司简称：华盛昌 证券代码：002980 上海荣正企业咨询服务（集团）股份有限公司 关于 深圳市华盛昌科技实业股份有限公司 2024 年限制性股票激励计划 首次授予相关事项 之 独立财务顾问报告 2024 年 10 月 | | | | 一、释义 3 | | | --- | --- | | 二、声明 4 | | | 三、基本假设 5 | | | 四、本激励计划已履行的相关审批程序 | 6 | | 五、本激励计划授予条件说明 | 8 | | 六、本激励计划的首次授予情况 | 9 | | 七、本激励计划的首次授予日 | 10 | | 八、实施本激励计划对相关年度财务状况和经营成果影响的说明 11 | | | 九、结论性意见 12 | | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： 3 / 12 二、声明 本独立财务顾问对本报告特做如下声明： （一）本独立财务顾问报告所依据的文件、材料由华盛昌提供，本计划所涉 及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依据的所 有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导性 陈述，并对其合法性、真实性、准确性、完整性、及时性负责 ...

证券代码：002980 证券简称：华盛昌 公告编号：2024-076 深圳市华盛昌科技实业股份有限公司 关于调整 2024 年限制性股票激励计划相关事项的公告 本公司及公司全体董事会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。 深圳市华盛昌科技实业股份有限公司（以下简称"公司"或"华盛昌"）于 2024 年 10 月 11 日召开第三届董事会 2024 年第九次会议和第三届监事会 2024 年第六次会议，审议通过了《关于调整 2024 年限制性股票激励计划相关事项的 议案》。现将具体情况公告如下： 一、2024 年限制性股票激励计划已履行的相关审批程序 （一）2024 年 9 月 14 日，公司第三届董事会 2024 年第八次会议审议通过 了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》、《关 于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请 股东大会授权董事会办理 2024 年限制性股票激励计划相关事宜的议案》。 同日，公司第三届监事会 2024 年第五次会议审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其 ...