证券代码：300698 证券简称：万马科技 公告编号：2024-023 万马科技股份有限公司 关于股东减持股份的预披露公告 股东保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 公司持股 5%以上股东唐金元先生计划自本公告发布之日起 15 个交易日后 的 3 个月内（2024 年 7 月 6 日-2024 年 10 月 5 日）以集中竞价或大宗交易等方 式减持本公司股份合计不超过 335,000 股，占公司总股本 0.25%。 近日，万马科技股份有限公司（以下简称"公司"或"万马科技"）收到 持股 5%以上的股东唐金元先生提交的《关于股份减持计划的告知函》。现将有 关情况公告如下： 一、拟减持的股东基本情况 | 股东 | 股东身份 | 持股数量 | 占总股本的比例 | 可流通股份数量（股） | | | --- | --- | --- | --- | --- | --- | | 名称 | | （股） | | | | | 唐金元 | 大股东 | 6,784,500 | | 5.06% | 6,784 ...

Investment Rating - The report initiates coverage on Wanma Technology with a "Buy" rating, setting a target price of 53.72 yuan based on a 79x PE ratio for 2024 [36][37][44]. Core Viewpoints - Wanma Technology is positioned to benefit from the dual growth of the "Vehicle Networking Ecosystem + Autonomous Driving Data Closed Loop Toolchain," with its subsidiary Youka Technology providing comprehensive products and services to major automotive manufacturers [19][31]. - The company has established strategic partnerships with various entities, enhancing its presence in the automotive intelligence and connectivity sectors [19][31]. - The vehicle networking segment has seen significant revenue growth, increasing from 10.10% of total revenue in 2021 to 34.16% in 2023, indicating a strong shift towards this high-growth area [31][80]. Summary by Sections Company Overview - Wanma Technology, founded in 1997 and listed in 2017, is a prominent manufacturer in communication electronics and has transitioned into the vehicle networking industry through its subsidiary Youka Technology [31][76]. - In 2023, the company reported total revenue of 520.68 million yuan, a 2.35% increase year-on-year, with net profit rising by 109.63% to 64.46 million yuan [31][76]. Financial Analysis - The vehicle networking business has significantly contributed to the company's gross margin, which increased from 20.74% in 2020 to 39.77% in 2023 [63][85]. - Revenue projections for 2024-2026 are estimated at 585.42 million yuan, 724.73 million yuan, and 977.02 million yuan, respectively, with corresponding net profits of 92 million yuan, 137 million yuan, and 211 million yuan [24][36]. Profitability Forecast - The report anticipates a continued increase in revenue driven by the vehicle networking segment, with growth rates of 12%, 24%, and 35% for 2024, 2025, and 2026, respectively [24][36]. - The company is expected to maintain a stable sales expense ratio, projected at 12.0%, 11.5%, and 11.0% for the years 2024-2026 [12][24]. Market Position and Strategy - Wanma Technology's strategy includes leveraging its existing partnerships and technological capabilities to enhance its offerings in the vehicle networking space, particularly focusing on the development of the autonomous driving data closed loop toolchain [19][72]. - The company aims to provide a comprehensive lifecycle management solution for vehicles, supporting various operational and maintenance needs for automotive manufacturers [69][72].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of its stock [6]. Core Views - The company's profitability is expected to improve significantly due to the rapid growth of its connected vehicle business, which is anticipated to expand its profit margins [1][37]. - The integration of intelligent computing and connected vehicle services is projected to be a key driver for future revenue and profit growth [1][6]. - The company has established a strong position in the connected vehicle market, benefiting from the increasing penetration of smart and connected vehicles in China [1][6]. Summary by Sections Company Overview - The company has been deeply involved in the communication industry for over 20 years, gradually expanding its business matrix to include medical and connected vehicle sectors [36]. - Since 2019, the company has benefited from the construction of data centers and the rollout of 5G technology, leading to steady growth in revenue quality [1][37]. - The establishment of subsidiaries like Youka Technology has allowed the company to enter the connected vehicle market, with over 8.1 million users connected by September 2023 [36][37]. Connected Vehicle Business Development - The connected vehicle business is experiencing rapid growth, with the market penetration rate expected to exceed 75% as smart connected vehicles proliferate [1][6]. - The company has a competitive edge due to its self-developed intelligent driving toolchain and the increasing demand for smart vehicle solutions [1][6]. - The connected vehicle revenue is projected to reach 1.78 billion yuan in 2023, with a gross margin of 66.51%, significantly contributing to the overall profitability of the company [1][37]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 609.4 million yuan, 831.3 million yuan, and 1.318 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.04%, 36.41%, and 58.58% [1][31]. - The earnings per share (EPS) are forecasted to be 0.96 yuan, 1.51 yuan, and 2.34 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 37.55x, 24.04x, and 15.48x [1][31]. - The report emphasizes the company's leading position in the domestic market and the potential for revenue and profit growth through the integration of intelligent computing and connected vehicle services [1][6].

Investment Rating - The report initiates coverage on Wanma Technology with a "Buy" rating, citing its potential in the autonomous driving and vehicle networking sectors [1][13] Core Views - Wanma Technology has successfully transitioned into a vehicle networking and ecosystem operator, with its vehicle networking business becoming a key growth driver, contributing 34% to total revenue in 2023 with a high gross margin of 66.51% [1][23] - The company's vehicle networking business is expected to benefit from the rapid growth of the autonomous driving market, with new products like the autonomous driving data closed-loop platform toolchain expected to drive future growth [1][13] - Wanma Technology's subsidiary, Youka Technology, is a leading third-party provider of vehicle networking products and operational services, having served over 8.1 million vehicles by September 2023 [1][61] Industry Overview - The vehicle networking market in China is expanding rapidly, with a penetration rate of 78.31% in 2023, and is expected to reach a market size of 543 billion yuan by 2024 [1][56] - The autonomous driving sector is driving a surge in computing power demand, with major players like Xiaopeng, Huawei, and NIO planning to implement city navigation-assisted driving functions [1][61] Company Strengths - Wanma Technology has established a strong foothold in the vehicle networking market with its CMP platform, which includes key technologies such as distributed fusion billing engines, automated rule engines, and eUICC technology [1][90] - The company has a diverse customer base, including major automakers like Geely, SAIC Volkswagen, and NIO, and has expanded its market reach by establishing a subsidiary in Hong Kong to explore overseas opportunities [1][92][94] Financial Projections - The report forecasts Wanma Technology's net profit to grow from 81 million yuan in 2024 to 162 million yuan in 2026, with EPS increasing from 0.60 yuan to 1.21 yuan over the same period [1][13] - The vehicle networking business is expected to maintain a high growth rate, with revenue projected to grow at a CAGR of 35% from 2024 to 2026, driven by new product launches and market expansion [1][126] Valuation - The report values Wanma Technology at a 2024 PE of 58x, higher than the industry average of 49x, reflecting the company's growth potential in the vehicle networking and autonomous driving sectors [1][131] - Absolute valuation suggests a fair value range of 34.15-47.33 yuan per share, based on a WACC of 8.45% and a long-term growth rate of 2% [1][137]

万马科技股份有限公司 关于持股 5%比例股东股份质押的公告 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，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、股东股份质押的基本情况 万马科技股份有限公司（以下简称"公司"）近日接到公司持股 5%股东闫 楠先生的通知，获悉其将所持有的剩余部分公司股份办理了股票质押业务，具体 事项如下： | 股东名 | 是否为控 股股东或 | 本次质 | 占 其 所 | 占 | 公 | 是否为限 | 是否 | 质 押 起 | | 质押 到 | 质权 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 押数量 | 持 股 份 | 司 | 总 | 售股（如 | 为补 | | | | | | | 称 | 东及其一 | （股） | 比例 | 股 | 本 | 是，注明限 | 充质 | 始日 | | 期日 | 人 | 用途 | | | 致行动人 | | | 比例 | | 售类型） | 押 | | | | 江阴 | | | | | | | | ...

一、股东股份质押的基本情况 证券代码：300698 证券简称：万马科技 公告编号：2024-021 万马科技股份有限公司 关于持股 5%比例股东股份质押的公告 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，不存在 任何虚假记载、误导性陈述或重大遗漏。 万马科技股份有限公司（以下简称"公司"）近日接到公司持股 5%股东闫 楠先生的通知，获悉其将所持有的部分本公司股份办理了股票质押业务，具体事 项如下： | | 是 否 为 控 | | | 占 | 公 | 是否为限 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 股 股 东 或 | 本次质 | 占其所 | 司 | 总 | 售股（如 | 为补 | 质押起 | 质押到 | 质权 | 质押 | | 称 | 第 一 大 股 | 押数量 | 持股份 | 股 | 本 | 是，注明限 | 充质 | 始日 | 期日 | 人 | 用途 | | | 东 及 其 一 | （股） | 比例 | | | | | | | | | | | ...

证券代码：300698 证券简称：万马科技 公告编号：2024-020 万马科技股份有限公司 截止本公告披露日，相关股份转让事宜已在中国证券登记结算有限责任公司 深圳分公司完成划转过户，并收到中国证券登记结算有限责任公司深圳分公司出 具的《证券过户确认登记书》。 本次过户完成后，闫楠先生直接持有万马科技的股份数量为 6,700,000 股， 占公司总股本的 5.00%，成为公司第五大股东。 二、备查文件 1、《证券过户确认登记书》。 特此公告。 关于大股东协议转让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，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、股份转让进展 万马科技股份有限公司（以下简称"公司"或"万马科技"）于 2023 年 12 月 29 日在巨潮资讯网披露了《关于股东拟协议转让公司股份暨权益变动的提示 性公告》（详见公告编号 2023-043），公司接到大股东盛涛先生、公司副董事 长兼总经理闫楠先生通知：盛涛先生于 2023 年 12 月 28 日与闫楠先生签署了《关 于万马科技股份有限公司之股份转让协议》，通过协议转让的方式向闫楠先生转 让万马科技无限售流 ...

Financial Performance - Revenue for Q1 2024 was ¥83,933,583.24, a decrease of 5.36% compared to ¥88,685,067.01 in the same period last year[5] - Net profit attributable to shareholders was ¥1,482,675.46, down 29.47% from ¥2,102,242.32 year-on-year[5] - Basic earnings per share decreased by 29.30% to ¥0.0111 from ¥0.0157 in the same period last year[5] - Total operating revenue for Q1 2024 was CNY 83,933,583.24, a decrease from CNY 88,685,067.01 in the previous period[18] - Net profit for Q1 2024 was CNY 1,482,675.46, a decline from CNY 2,034,793.93 in the same period last year[20] - Earnings per share (EPS) for Q1 2024 was CNY 0.0111, compared to CNY 0.0157 in the previous year[20] Cash Flow and Liquidity - Cash flow from operating activities showed a net outflow of ¥68,652,864.70, worsening by 27.14% compared to the previous year's outflow of ¥53,996,504.39[5] - The net cash flow from operating activities was -68,652,864.70, compared to -53,996,504.39 in the previous year, indicating a decline of approximately 27.2%[23] - Cash inflow from financing activities totaled 29,835,007.45, down from 50,166,531.93, reflecting a decrease of about 40.5%[23] - The net cash flow from financing activities was -19,950,899.38, compared to a positive flow of 1,366,021.22 in the previous year, indicating a significant decline[23] - The total cash and cash equivalents decreased from ¥155,418,954.16 to ¥74,290,022.46, a decline of approximately 52.3%[14] - The total cash and cash equivalents decreased by 77,807,515.23, compared to a decrease of 48,774,620.89 in the same quarter last year[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥821,787,138.40, down 8.22% from ¥895,424,873.83 at the end of the previous year[5] - Accounts receivable decreased from ¥321,581,359.38 to ¥249,122,687.27, representing a reduction of about 22.5%[15] - Inventory increased from ¥63,735,743.21 to ¥79,625,383.05, an increase of approximately 24.9%[15] - The total liabilities decreased to CNY 346,440,582.29 from CNY 423,769,212.18, reflecting improved financial health[19] - The total equity attributable to shareholders increased to CNY 475,346,556.11 from CNY 471,655,661.65, showing a positive trend in shareholder value[19] Research and Development - Research and development expenses increased by 40.14% to ¥11,458,243.31, attributed to an increase in personnel in the subsidiary's R&D team[9] - Research and development expenses rose to CNY 11,458,243.31 from CNY 8,176,252.27, indicating increased investment in innovation[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 8,514, with no preferred shareholders having restored voting rights[11] - The top shareholder, Zhang Desheng, holds 21.53% of shares, amounting to 28,843,500 shares[11] - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest shareholder alone holding over 21%[11] - The company has not reported any changes in the number of preferred shareholders or any significant changes in restricted shares[13] Other Income and Expenses - Other income rose significantly by 124.58% to ¥7,349,279.11, driven by VAT refunds and increased funding from industry support projects[9] - Cash received from tax refunds increased by 78.44% to ¥5,536,989.55, due to higher VAT refunds from the subsidiary's software products[10] - The company reported a decrease in tax expenses to CNY 83,416.74 from CNY 447,917.37, which may impact future profitability[19] - Other comprehensive income after tax was CNY 2,208,219.00, contributing to the total comprehensive income of CNY 3,690,894.46 for the period[20] Investment Activities - The company plans to continue investing in new projects, as indicated by a 831.88% increase in cash payments for fixed asset construction to ¥1,758,757.06[10] - Total cash inflow from investment activities was 166,691,711.29, significantly higher than 87,260,368.94 in the same quarter last year, representing an increase of about 91.0%[23] - The net cash flow from investment activities was 10,732,954.23, up from 3,871,635.93, marking an increase of approximately 177.5%[23] Employee Compensation - Payments to employees increased to 31,907,455.73 from 25,703,107.35, reflecting a rise of approximately 24.5%[23]

证券代码：300698 证券简称：万马科技 公告编号：2024-018 万马科技股份有限公司 2023 年年度股东大会决议公告 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，不存在任 何虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有补充、否决或修改提案的情况。 2、本次股东大会未涉及变更以往股东大会已经通过的决议。 4、会议召开方式：本次会议采取现场投票与网络投票相结合的方式 5、会议主持人：公司董事长张禾阳女士 6、本次股东大会的召集、召开符合《公司法》、《上市公司股东大会规则》 以及《公司章程》的规定，会议的表决程序和表决结果合法有效。 二、会议出席情况 一、会议召开情况 1、召开时间 （1）现场会议召开时间：2024 年 4 月 19 日（星期五）下午 14:00。 （2）网络投票时间：2024 年 4 月 19 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2024 年 4 月 19 日上午 9:15-9:25，9:30-11:30， 下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为： 2024 年 4 月 19 日上午 ...

2023 年年度股东大会的 法律意见书 法律意见书 浙江天册律师事务所 关于 万马科技股份有限公司 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 法律意见书 浙江天册律师事务所 关于 万马科技股份有限公司 2023 年年度股东大会的 法律意见书 编号：TCYJS2024H0455 号 致：万马科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受万马科技股份有限公司（以下 简称"万马科技"或"公司"）的委托，指派本所律师参加公司 2023 年年度股东 大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）和《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有关规范性文 件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审 议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意见。 ...