证券代码：003028 证券简称：振邦智能 公告编号：2024-074 深圳市振邦智能科技股份有限公司 关于参加 2024 年深圳辖区 上市公司投资者网上集体接待日活动的公告 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、 误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，深圳市振邦智能科技股份有限公司（以下简 称"公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2024 年深圳辖区上市公司投资者网上集体接待日" 活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2024 年 12 月 12 日（周四）14:30-17:00。届时公司董 事长陈志杰先生、副董事长兼总经理唐娟女士、副总经理陈玮钰女士、独立董事阎磊 先生和梁华权先生、财务总监汤力先生、董事会秘书夏群波女士将在线就公司业绩、 公司治理、发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流，欢 ...

| --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|----------------|--------------------|--------------------------|----------------| | 2024 年 12 月 01 日 \n振邦智能（ 003028.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 家电 \| | 其他家电Ⅲ | | 营收增长利润短期承压，多元布局长期价值凸显 | 投资评级 | | | 买入(首次 ) | | 投资要点 | 股价 | (2024-11-29) | | 37.61 元 | | 事件： 2024 年 10 月 29 日，公司发布 2024 年三季度报告。第三季度公司实现营 | 交易数据 | | | | | 业收入 4.01 亿元，较上年同期上涨 14.45% ；实现归属于上市公司股东的净利润 | | 总市值（百万元） | | ...

证券研究报告：家用电器 | 公司点评报告 2024 年 11 月 5 日 公司基本情况 最新收盘价（元） 32.76 总股本/流通股本（亿股）1.12 / 0.54 总市值/流通市值（亿元）37 / 18 52 周内最高/最低价 44.97 / 28.53 资产负债率(%) 28.2% 市盈率 17.52 第一大股东 陈志杰 股票投资评级 振邦智能(003028) 个股表现 买入|维持 -29% -23% -17% -11% -5% 1% 7% 13% 19% 25% 31% 2023-11 2024-01 2024-03 2024-06 2024-08 2024-10 振邦智能 家用电器 资料来源：聚源，中邮证券研究所 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 收入再创新高，业绩短期仍承压 ⚫ 事件： 公司发布 2024 年三季度报： 2024 年前三季度公司实现收入 10.60 亿元，同比+21.88%；归母 净利润 1.34 亿元，同比-13.53%。 其中，Q3 单季度公司实现收入 4.02 亿元，同比+14.45% ...

深圳市振邦智能科技股份有限公司 2024 年第三季度报告 证券代码：003028 证券简称：振邦智能 公告编号：2024-066 深圳市振邦智能科技股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 深圳市振邦智能科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|- ...

证券代码：003028 证券简称：振邦智能 深圳市振邦智能科技股份有限公司 投资者关系活动记录表 编号：2024-012 | --- | --- | --- | |-------------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：003028 证券简称：振邦智能 深圳市振邦智能科技股份有限公司 投资者关系活动记录表 | --- | --- | |--------------|-------------------------------------| | | 特定对象调研 □分析师会议 | | | □媒体采访 | | 投资者关系活 | □新闻发布会 | | 动类别 | 现场参观 | | | 其他 | | | 诺安基金- | | | 券-杨维维 | | | 通过线上参与公司 2024 | | | 者 | | 参与活动人员 | | | | | | | | | | 吕科，上海贵源投资-赖正健，太平资产 | | | 8 月 23 日 10：00-11 | | 时间 | 8 月 26 日 15：00-16： | | | 8 月 26 日 16：30-17：30 | | | 公司会议室 | | 地点 | | | | 全景网"投资者关系互动平台"（ | | | 电话会议 | | 形式 | | | | 网络文字互动 | | 上市公司接待 | 副董事长、总经理 唐 | | 人员姓名 | 副总经理、董事会秘书 | | | 一、公司 2024 | ...

证券研究报告：家用电器 | 公司点评报告 公司基本情况 总股本/流通股本（亿股）1.12 / 0.54 总市值/流通市值（亿元）34 / 16 52 周内最高/最低价 44.97 / 30.47 资产负债率(%) 28.2% 市盈率 16.29 第一大股东 陈志杰 股票投资评级 买入|维持 个股表现 -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 振邦智能 家用电器 资料来源：聚源，中邮证券研究所 最新收盘价（元） 30.47 研究所 分析师:杨维维 SAC 登记编号:S1340522090007 Email:yangweiwei@cnpsec.com 振邦智能(003028) 2024 年 8 月 26 日 Q2 收入创历史新高，业绩受汇兑损益短期扰动 ⚫ 事件： 公司发布 2024 年中报： 2024 年上半年公司实现收入 6.59 亿元，同比+26.90%；归母净利 润 0.90 亿元，同比-2.22%；剔除汇兑损益影响，净利润同比+21.47%。 其中，2024Q2 公司 ...

Financial Performance - Revenue for the reporting period was RMB 658.7 million, a year-on-year increase of 26.90%[11] - Net profit attributable to shareholders of the listed company was RMB 90.42 million, a year-on-year decrease of 2.22%[11] - Net cash flow from operating activities was RMB -6.06 million, a year-on-year decrease of 105.09%[11] - Basic earnings per share were RMB 0.81, a year-on-year decrease of 2.41%[11] - Total assets at the end of the reporting period were RMB 2.39 billion, a year-on-year increase of 8.17%[11] - Net assets attributable to shareholders of the listed company were RMB 1.69 billion, a year-on-year increase of 6.78%[11] - Revenue for the first half of 2024 reached 658.6999 million yuan, a year-on-year increase of 26.90%, with Q2 revenue hitting 400.5924 million yuan, a 55.20% increase from Q1, setting a new quarterly record[30] - Net profit attributable to shareholders was 90.4163 million yuan, a year-on-year decrease of 2.22%, while net profit excluding non-recurring gains and losses was 84.9265 million yuan, a decrease of 2.96%[30] - R&D expenses totaled 46.2817 million yuan, a year-on-year increase of 27.67%, reflecting the company's commitment to technological innovation[30] - Total operating revenue for the first half of 2024 reached RMB 658.70 million, an increase of 26.9% compared to RMB 519.07 million in the same period last year[121] - Operating costs for the first half of 2024 were RMB 557.54 million, up 37.5% from RMB 405.38 million in the same period last year[121] - Net profit for the first half of 2024 was RMB 90.42 million, a slight decrease of 2.2% compared to RMB 92.47 million in the same period last year[122] - R&D expenses for the first half of 2024 increased by 27.7% to RMB 46.28 million from RMB 36.25 million in the same period last year[121] - Basic earnings per share for the first half of 2024 were RMB 0.81, down 2.4% from RMB 0.83 in the same period last year[122] - Total comprehensive income for the first half of 2024 was RMB 90.64 million, a decrease of 3.7% compared to RMB 94.07 million in the same period last year[122] - Sales expenses for the first half of 2024 increased by 29.1% to RMB 12.23 million from RMB 9.48 million in the same period last year[121] - Financial expenses for the first half of 2024 showed a net income of RMB 13.81 million, compared to a net income of RMB 35.14 million in the same period last year[121] - Other comprehensive income after tax for the first half of 2024 was RMB 223,486.52, a significant decrease from RMB 1.60 million in the same period last year[122] - Income tax expenses for the first half of 2024 decreased by 24.5% to RMB 8.20 million from RMB 10.87 million in the same period last year[122] - Sales revenue from goods and services increased to 584.61 million yuan, up from 481.41 million yuan in the previous year[125] - R&D expenses rose to 44.50 million yuan, compared to 36.22 million yuan in the prior year[123] - Net profit decreased to 83.83 million yuan from 92.24 million yuan in the same period last year[123] - Operating cash flow turned negative at -6.06 million yuan, down from 119.03 million yuan in the previous year[125] - Investment cash flow improved to 24.69 million yuan, compared to -195.65 million yuan in the prior year[126] - Cash and cash equivalents at the end of the period stood at 884.17 million yuan, up from 619.54 million yuan in the previous year[126] - Interest income decreased to 13.97 million yuan from 15.69 million yuan in the prior year[123] - Tax refunds received increased significantly to 20.45 million yuan, up from 1.13 million yuan in the previous year[125] - Cash paid for employee compensation rose to 124.25 million yuan, compared to 85.44 million yuan in the prior year[125] - Total comprehensive income for the period was 83.83 million yuan, down from 92.24 million yuan in the previous year[124] - Sales revenue from goods and services increased to 569.98 million yuan in the first half of 2024, up from 453.56 million yuan in the same period of 2023[127] - Tax refunds received surged to 20.45 million yuan in the first half of 2024, compared to 1.13 million yuan in the same period of 2023[127] - Cash inflows from operating activities totaled 618.25 million yuan in the first half of 2024, up from 475.89 million yuan in the same period of 2023[127] - Cash outflows from operating activities rose to 612.83 million yuan in the first half of 2024, compared to 371.63 million yuan in the same period of 2023[127] - Net cash flow from operating activities decreased to 5.42 million yuan in the first half of 2024, down from 104.26 million yuan in the same period of 2023[127] - Cash inflows from investment activities amounted to 512.17 million yuan in the first half of 2024, down from 950.13 million yuan in the same period of 2023[127] - Net cash flow from investment activities improved to 26.30 million yuan in the first half of 2024, compared to a negative 195.04 million yuan in the same period of 2023[128] - Cash inflows from financing activities increased to 18.19 million yuan in the first half of 2024, up from 1.19 million yuan in the same period of 2023[128] - Net cash flow from financing activities turned positive at 10.28 million yuan in the first half of 2024, compared to a negative 54.14 million yuan in the same period of 2023[128] - Total comprehensive income for the period reached 90.64 million yuan in the first half of 2024[130] Dividend Distribution - The company plans to distribute a cash dividend of RMB 4.5 per 10 shares (tax included)[2] - The company plans to distribute a cash dividend of 4.5 yuan per 10 shares, totaling 50.3 million yuan, representing 60% of the parent company's net profit for the first half of 2024[62][63] - The company's cash dividend distribution for the first half of 2024 accounts for 100% of its total profit distribution, with no stock dividends or capital reserve transfers[62] Risk Factors - The company faces risks such as intensified industry competition, macroeconomic fluctuations, and exchange rate volatility[2] - The company faces risks from intensified industry competition, macroeconomic fluctuations, and international trade policy changes, with measures including technological innovation and market expansion[55][56] - The company is exposed to exchange rate risks due to its significant overseas sales and procurement, with 42.60% of its business coming from international markets[56][57] Subsidiaries and International Operations - The company has subsidiaries in Hong Kong and Vietnam, focusing on smart technology and manufacturing[5] - Vietnam subsidiary revenue increased by 185.46% YoY, accounting for 20.26% of total revenue[35] - The company's overseas assets in Vietnam amounted to 244,822,005.21 yuan, accounting for 14.48% of net assets, with a loss of -334,820.54 yuan[41] - The company approved a capital increase of 13.5 million USD to its Vietnamese subsidiary to implement its internationalization strategy[97] - Overseas business accounted for 42.60% of the company's total revenue during the reporting period[56] Research and Development - The company is involved in the development of energy storage products and systems, including inverters and microinverters[5] - The company is increasing R&D investment to enhance the performance and quality of its new energy products to compete in the growing market[18] - The company has developed a complete independent innovation technology system and holds core technologies in areas such as vector inverter control systems, refrigeration system control, and smart manufacturing[19] - The company's R&D model follows a "smart + green + high-end" development approach, providing integrated solutions of smart hardware, software, and system control[20] - The company continuously invests in new product and technology development to maintain market competitiveness and drive industry upgrades[20] - The company adopts a platform-based R&D model to shorten product development cycles, reduce R&D costs, and accelerate product marketization, enhancing competitiveness and profitability[21] - Core technology platforms include refrigeration system control, variable frequency control, digital high-voltage power, smart IoT, and advanced battery management systems (ABMS)[21] - The ABMS platform focuses on battery charge-discharge models, failure mechanisms, state estimation algorithms, and thermal management, achieving precise real-time monitoring and optimized energy management[21] - The company has developed 8 major technology platforms, including frequency conversion control, digital high-voltage power supply, and advanced battery management systems (ABMS), enhancing its competitive edge[25] Product and Market Focus - The company focuses on high-end customers and markets in the smart control sector, providing customized solutions[15] - The company's products are widely used in various industries including home appliances, automotive electronics, and robotics[16] - The smart controller industry is expanding into new fields such as healthcare, education, and agriculture due to advancements in AI and IoT[17] - The company is a leading player in the home appliance inverter control market and an innovative leader in providing control solutions for industries such as power tools, smart home appliances, and cleaning robots[19] - The company's products are widely used in home and commercial appliances, automotive electronics, power tools, industrial, AIoT, and smart equipment industries[19] - The company's product lines cover smart controllers and new energy sectors, with applications in smart home appliances, robotics, automotive electronics, and energy storage systems[24] - The company is actively expanding its presence in the new energy sector, focusing on battery modules, BMS, inverter systems, and energy storage solutions for various applications[24] - Smart appliance control products revenue increased by 32.97% YoY, with innovative small appliances up 22.80% and major appliances up 38.51%[31] - New energy products revenue grew by 92.30% YoY, with gross margin increasing by 5.57 percentage points[32] - Power tool products revenue surged by 56.87% YoY[33] - Automotive electronics revenue decreased by 10.76% YoY, but gross margin improved by 5.20 percentage points[34] - Smart appliance control products accounted for 56.60% of total revenue, with a 32.97% YoY growth[37] - New energy products accounted for 2.79% of total revenue, with a 92.30% YoY growth[37] - Domestic sales accounted for 57.40% of total revenue, with a 26.79% YoY growth[37] Manufacturing and Production - The company operates on a "sales-to-production" model, ensuring efficient and agile production to meet diverse customer needs[20] - The company has established an intelligent and information-based manufacturing system, significantly improving production efficiency and product quality[20] - The company's production model is based on "make-to-order," integrating intelligent manufacturing systems to improve efficiency, flexibility, and product quality[21] - Production processes are managed using SAP and MES systems, ensuring traceability and quality control from raw materials to finished products[22] - The company employs advanced automation equipment, such as SMT and DIP, to handle complex, customized production with high precision and efficiency[22] - A cloud-based testing concept is implemented, leveraging IoT and virtual instruments to optimize testing processes, reduce costs, and improve data management[23] - The company has implemented a comprehensive quality control system, achieving certifications such as ISO9001, ISO14001, and IATF16949, ensuring high product quality and consistency[26] - The company has adopted advanced automation and digital manufacturing systems, including MES, WMS, and SAP, to improve production efficiency and product quality[27] Supply Chain and Procurement - The procurement process is managed through ERP systems, with strict supplier qualification criteria and real-time monitoring of orders, delivery, and quality inspection[23] - The company has established a stable supply chain management system, utilizing ERP for procurement process optimization and competitive bidding to enhance efficiency and cost-effectiveness[28] Customer and Supplier Relationships - The company focuses on deep cooperation with customers, adopting higher-value-added ODM and JDM business models[20] - The company has been recognized as an excellent supplier by major clients such as TTI, DeLonghi, Midea, and Changhong[19] - The company has a strong customer base, including global leading enterprises, and has received multiple awards such as "Excellent Supplier Award" and "Innovation Supplier Award"[29] Environmental and Social Responsibility - The company's emissions of tin and its compounds are 0.0007mg/m³, with a total emission of 0.2142kg, meeting the "Air Pollutant Emission Limits" (DB44/27-2001) standards[72] - The company's emissions of non-methane total hydrocarbons are 1.9731mg/m³, with a total emission of 644.026kg, meeting the "Integrated Emission Standards of Volatile Organic Compounds for Stationary Pollution Sources" (DB44/2367-2022) standards[72] - The company has completed a new version of the "Emergency Plan for Sudden Environmental Events" and filed it with the Shenzhen Ecological Environment Bureau Guangming Administration, with the filing number 440311-2024-0007-L[74] - The company has established pollution prevention facilities and continuously optimizes the operation of environmental protection facilities, ensuring stable operation and compliance with national and local standards[75] - The company has formulated a "Self-Monitoring Plan" and annually commissions third-party institutions with CMA qualifications to monitor industrial waste gas and factory boundary noise, ensuring that environmental pollutant emissions are within compliance[76] - The company purchases green electricity to reduce carbon emissions and promotes the use of energy-saving equipment and technologies, water and electricity conservation, and paperless office practices to improve energy efficiency and reduce energy consumption and carbon emissions[76] - The company adheres to the "Green Technology, Smart Living" philosophy, actively fulfills corporate social responsibility, and continuously improves corporate governance and internal control systems[76] - The company places high importance on environmental protection, integrating it into its sustainable development strategy, and continuously increases environmental protection investments[80] - The company actively researches and promotes energy-saving technologies in smart home appliances and explores green smart home appliance products and technological innovations[80] - The company is actively involved in the inverter and energy storage industry to address the instability and intermittency of renewable energy, ensuring grid safety and improving energy utilization efficiency[80] Legal and Compliance - The company reported no non-operational fund occupation by controlling shareholders or related parties during the reporting period[81] - No illegal external guarantees were made by the company during the reporting period[81] - The semi-annual financial report was not audited[81] - The company was involved in a lawsuit with Shenzhen Rike Industrial Co., Ltd., with a claimed amount of 6.8476 million RMB[82] - The court ruled that the company should pay Shenzhen Rike Industrial Co., Ltd. 2.8182 million RMB in货款 and receive 400,000 RMB in违约金[82] - The company entered into lease agreements totaling 12.5411 million RMB (including tax) during the reporting period[90] - No major penalties or rectifications were reported during the reporting period[84] - No significant related-party transactions occurred during the reporting period[84][85][86][87][88][89] - No major guarantees were provided by the company during the reporting period[91] Investments and Financial Management - Investment income amounted to 1,419,671.90 yuan, accounting for 1.44% of total profit, mainly from financial product investments[39] - Fair value change gains were 1,863,472.25 yuan, accounting for 1.89% of total profit, primarily from financial product investments[39] - Asset impairment losses were -11,770,714.60 yuan, accounting for -11.94% of total profit, mainly due to inventory write-downs and credit impairment losses[39] - Monetary funds at the end of the reporting period were 884,168,400.91 yuan, accounting for 37.05% of total assets, a decrease of 1.75% compared to the previous year[40] - Accounts receivable increased to 396,818,343.11 yuan, accounting for 16.63% of total assets, up 4.99% from the previous year[40] - Inventory rose to 247,908,473.03 yuan, accounting for 10.39% of total assets, an increase of 2.38% compared to the previous year[40] - The company's total investment in the reporting period was 397,203.42 yuan, a decrease of 85.87% compared to the same period last year[43] - As of June 30, 2024, the company had used a total of 52,885.25 million yuan in raised funds, with 6,117.62 million yuan remaining unused[45] - The intelligent control component capacity expansion and product upgrade project had an investment progress of 91.50%, with 37,788.76 million yuan invested[46] - The "High-end Intelligent Controller R&D and Production Base Project (Phase I)" has been delayed to June 2025 due to ongoing construction and investment progress[48] - The "Inverter and High-efficiency Intelligent Energy Storage System Project" has achieved 100.31% of its planned investment, with a total investment of 2,006.27 million yuan[49] - The "R&D Center Construction Project" has achieved 100.53% of its planned investment, with a total investment of 5,044.4 million yuan[49] - The company has changed the implementation content and location of some fundraising projects to improve the efficiency of fundraising use[50] - The company has used 50,544,723.25 yuan of raised funds to replace self-raised funds previously invested in fundraising projects[50] -

-10% 3% 17% 30% 44% 57% -37% -28% -19% -10% 0% 9% 2023-01 2023-05 2023-09 股票绝对涨幅和相对涨幅 振邦智能价格涨幅 振邦智能相对指数涨幅 -21% -9% 2% 14% 25% 37% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------------|---------------------------------------------------------------------|-------|--------------------------------------------|-------|-------|-----------------|---------------|-------- ...

深圳市振邦智能科技股份有限公司2024年第一季度报告 证券代码：003028 证券简称：振邦智能 公告编号：2024-032 深圳市振邦智能科技股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 ...