[【投资要点】 Table_Summary] [Table_ 东方财富证券研究所 Author] -21.27% -5.89% 9.49% 24.87% 40.26% 55.64% 4/8 6/8 8/8 10/8 12/8 2/8 [Table_Report 相关研究 ] [Table_yemei] 万马科技（300698）2023 年报点评 [Table_yemei] 万马科技（300698）2023 年报点评 | --- | --- | --- | --- | --- | --- | |-------|------------------------------------|---------|--------|------------------------------|--------| | | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | | 营业收入（百万元） | | | 520.68 635.77 794.19 1005.87 | | | | 增长率 (%) | 2.35% | 22.10% | 24.92% | ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, maintaining this rating from the previous assessment [15]. Core Views - The company achieved a total operating revenue of 520.68 million yuan in 2023, reflecting a year-on-year increase of 2.35%. The net profit attributable to shareholders reached 64.46 million yuan, up 109.63% compared to the previous year [21]. - The rapid growth of the vehicle networking business has become the main growth driver for the company, with a year-on-year increase of 48.14% in this segment, making it the second-largest business area for the company [21]. - The company has launched an autonomous driving data closed-loop toolchain platform based on NVIDIA's GPU servers, positioning itself to benefit from the growing autonomous driving industry [22]. - The company is expected to achieve net profits of 94 million yuan, 131 million yuan, and 192 million yuan in 2024E, 2025E, and 2026E respectively, indicating strong growth potential [23]. Financial Summary - In 2022, the company reported operating revenue of 509 million yuan, which is projected to grow to 1,133 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 29.5% [21]. - The net profit attributable to shareholders is expected to increase from 31 million yuan in 2022 to 192 million yuan in 2026, reflecting a significant growth trajectory [21]. - The latest diluted EPS is projected to rise from 0.23 yuan in 2022 to 1.43 yuan in 2026, indicating improved profitability [21]. - The company's return on equity (ROE) is expected to increase from 6.7% in 2022 to 20.8% in 2026, showcasing enhanced efficiency in generating profits from equity [21].

Investment Rating - Buy rating maintained for Wanma Technology (300698) [12][24] Core Views - Wanma Technology's 2023 revenue reached 521 million yuan, with a slight year-on-year increase [12] - The company's Internet of Vehicles (IoV) business achieved 178 million yuan in revenue, accounting for 34.16% of total revenue and growing 48.14% year-on-year [12] - Net profit attributable to parent company reached 64 million yuan, up 109.63% year-on-year [12] - Gross profit margin increased by approximately 9 percentage points, mainly driven by high growth and high gross margin (66.51%) of IoV business [12] - The company is expected to focus on intelligent driving and IoV business in 2024, with autonomous driving business potentially entering harvest period [12] Business Development - Autonomous driving business signed cooperation with Geely, forming strategic partnerships with FAW and Dongfeng [6] - Subsidiary Youka Technology signed framework agreement with Geely's subsidiary Langge Technology, providing at least 6000P computing power support and related data services in next three years [13] - Youka Technology has formed work plans and implementation schemes with FAW Freesun and signed strategic cooperation agreement with Dongfeng Zhuolian [13] - The company's autonomous driving business revenue mainly comes from R&D investment of traditional automakers, with potential revenue scale of 300-500 million yuan per automaker [1] Industry and Policy - SASAC is increasing support for new energy vehicle central enterprises, with special assessment schemes expected to be introduced for FAW, Dongfeng, and Changan [1] - The National Standardization Development Outline Implementation Plan (2024-2025) proposes to focus on key areas of integrated infrastructure such as IoV [7] - The company established overseas subsidiaries to expand IoV business internationally, following development paths of Jasper and Cubic [7] Financial Performance - Revenue is expected to grow from 521 million yuan in 2023 to 1.531 billion yuan in 2026, with year-on-year growth rates of 34.4%, 42.3%, and 53.7% respectively [10] - Net profit attributable to parent company is projected to increase from 64 million yuan in 2023 to 339 million yuan in 2026 [10] - Gross profit margin is forecasted to maintain around 40% from 2023 to 2026 [10] - ROE is expected to improve from 13.7% in 2023 to 29.6% in 2026 [10] - EPS is projected to grow from 0.48 yuan in 2023 to 2.53 yuan in 2026 [10] Technology and Innovation - Subsidiary Youka Technology collaborated with NVIDIA to develop autonomous driving data closed-loop platform toolchain [12] - The company's platform helps OEMs improve R&D efficiency in data collection, processing, storage, annotation, model training, and simulation [12] - Tesla's FSD V12 global rollout indicates accelerating trend of AI+ autonomous driving, with increasing demand for cloud computing power [12]

Financial Performance - The company's operating revenue for 2023 was ¥520,677,190.88, representing a 2.35% increase compared to ¥508,727,409.72 in 2022[23]. - Net profit attributable to shareholders for 2023 was ¥64,458,153.46, a significant increase of 109.63% from ¥30,748,215.58 in 2022[23]. - The net profit after deducting non-recurring gains and losses was ¥62,637,176.31, up 132.71% from ¥26,915,880.04 in the previous year[23]. - The net cash flow from operating activities improved to ¥8,282,035.46, a turnaround from a negative cash flow of ¥21,443,285.04 in 2022, marking a 138.62% increase[23]. - Basic earnings per share for 2023 were ¥0.48, reflecting an increase of 108.70% compared to ¥0.23 in 2022[23]. - Total assets at the end of 2023 reached ¥895,424,873.83, a 9.32% increase from ¥818,412,736.40 at the end of 2022[23]. - Net assets attributable to shareholders increased by 15.21% to ¥471,655,661.65 from ¥409,372,770.12 in the previous year[23]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2023, representing a 15% year-over-year growth[119]. - The company reported a total revenue increase of 15% year-on-year, reaching 1.2 billion CNY in 2023[125]. - The company reported a net profit margin of 12%, up from 10% in the previous year[119]. Cash Flow and Investments - The net cash flow from operating activities improved significantly, reaching ¥8,282,035.46 in 2023 compared to a negative cash flow of ¥21,443,285.04 in 2022, marking a 138.62% increase[80]. - Investment activities generated a net cash flow of ¥13,714,282.56 in 2023, down 47.07% from ¥25,909,633.85 in 2022[81]. - The net increase in cash and cash equivalents was ¥61,547,256.57 in 2023, a significant turnaround from a decrease of ¥24,077,497.22 in 2022, reflecting a 355.62% improvement[81]. - The company reported a significant decrease in financial expenses, with a reduction of 150.42% to -821,120.25 CNY due to lower loan interest rates[73]. - The company reported an asset impairment loss of -1,652,359.27, which is -2.27% of total profit, due to inventory write-downs, and is not sustainable[84]. Market and Industry Trends - The number of 5G base stations in China reached 3.377 million by the end of 2023, accounting for 29.1% of total mobile base stations, an increase of 7.8 percentage points from the previous year[35]. - The average number of 5G base stations per 10,000 people in China increased to 24, up 7.6 from the end of 2022, with a target of 26 by 2025[35]. - The number of connected vehicles in the passenger car market reached 16.5359 million in 2023, representing a year-on-year growth of 23.55%[38]. - The delivery of 5G-connected vehicles in 2023 was 1.7373 million, a remarkable increase of 272.42% compared to the previous year[38]. - The total scale of data centers in China exceeded 7.6 million standard racks by mid-2023, driven by the rapid growth of the digital economy[36]. - The market share of third-party data center service providers reached 51.68% in 2022, reflecting a 1.81% increase from 2021[37]. - In 2023, the sales of new energy vehicles in China reached 9.495 million units, exceeding targets with a year-on-year growth of 37.9%, capturing a market share of 31.6%, an increase of 5.9 percentage points compared to the same period in 2022[39]. - The compound annual growth rate (CAGR) of China's Internet of Vehicles (IoV) market is projected to be 30.57% from 2023 to 2027, indicating a broad industry development outlook[40]. Research and Development - The company has a total of 157 R&D personnel and over 200 patents and software copyrights, indicating strong research and development capabilities[56]. - The company is actively increasing R&D investment in the vehicle networking sector to align with its strategic goals and enhance product development[78]. - The company reported a total R&D investment of ¥43,292,296.44, representing 8.31% of total revenue, a slight decrease from 8.43% in 2022[77]. - The number of R&D personnel decreased by 19.49% from 195 in 2022 to 157 in 2023, with a notable decline in the proportion of R&D staff from 33.68% to 26.39%[77]. - The company is developing an intelligent DC metering and control device, which is expected to enhance new product sales and align with the company's product development direction[75]. Corporate Governance and Shareholder Relations - The company held 2 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders and compliance with relevant regulations[107]. - The board of directors consists of 9 members, including 3 independent directors, and held 5 meetings during the reporting period, adhering to legal requirements[108]. - The supervisory board, comprising 3 members, conducted 4 meetings, ensuring compliance with legal and regulatory standards[109]. - The company emphasizes information disclosure and investor relations, utilizing multiple channels to enhance communication with investors[110]. - The company has established a performance evaluation system for senior management, linking their performance directly to compensation[109]. Strategic Plans and Future Outlook - The company plans to enhance product competitiveness and leverage innovation to drive steady growth[63]. - The company aims to enhance its operational efficiency and governance standards, adhering to relevant laws and regulations to improve decision-making transparency and management innovation[99]. - The company plans to actively seek new profit growth points while maintaining its current scale to enhance profitability[100]. - The company is focused on expanding its business in the automotive sector by providing high-quality, reliable vehicle connectivity and services, particularly in 5G vehicle networking and autonomous driving applications[99]. - The company anticipates continued growth in its business due to supportive policies and rising market demand in the telecommunications sector[98]. Risks and Challenges - The company faces risks related to market demand fluctuations and competition, which may impact performance[4]. - The company recognizes risks related to market demand fluctuations and competition, which could impact its performance, particularly in the telecommunications equipment sector[100]. - The company faces risks associated with the volatility of raw material prices, which could affect production costs and profitability[102]. Employee and Talent Management - The total number of employees at the end of the reporting period is 595, with 424 in the parent company and 171 in major subsidiaries[136]. - The professional composition includes 245 production personnel, 100 sales personnel, 157 technical personnel, 19 financial personnel, and 74 administrative personnel[136]. - The company aims to enhance its salary management system to attract, motivate, and retain employees, linking compensation to performance and market standards[137]. Environmental and Social Responsibility - The company has established a sustainable development mechanism for technological innovation, focusing on green technology and energy conservation[151]. - The company has achieved "carbon footprint" certification for its products, contributing to energy saving and pollution reduction efforts[151]. - The company is recognized as a leading enterprise in green technology innovation within the telecommunications equipment industry[151]. Shareholder Structure and Equity - The total number of shares after the recent changes is 134,000,000, representing 100% of the company's shares[194]. - The largest shareholder, Zhang Desheng, holds 21.53% of the shares, totaling 28,843,500 shares[196]. - The second-largest shareholder, Sheng Tao, owns 20.28% of the shares, amounting to 27,175,200 shares[196]. - The company has not engaged in any repurchase transactions during the reporting period[199].

万马科技股份有限公司 董事会议事规则 万马科技股份有限公司 董事会议事规则 （2024 年 3 月修订） 第一章 总则 第一条 为规范万马科技股份有限公司(以下简称"公司")董事会的议事方 式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运作和科 学决策水平，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司治理准则》、《深圳证券交易所创业板股票上市规则》等有关法律法规及 《万马科技股份有限公司章程》（以下简称"公司章程"）的规定，制定本议事 董事可以由总经理或者其他高级管理人员兼任，但兼任总经理或者其他高级 管理人员职务的董事以及职工代表董事，总计不得超过公司董事总数的二分之 一。 万马科技股份有限公司 董事会议事规则 第六条 董事应当遵守法律、行政法规，并依照公司章程规定对公司负有忠 实义务。 第七条 董事应当遵守法律、行政法规，并依照公司章程规定对公司负有勤 勉义务。 规则。 第二条 董事会是公司股东大会的执行机构和公司经营管理的决策机构，负 责公司发展目标和重大经营活动的决策。董事会议事、决策以及为实施决策所做 的各种安排，均以股东利益最大化为最终目的，并平等对待全体股 ...

万马科技股份有限公司 2023 年度独立董事述职报告 （郑梅莲） 各位股东及股东代表： 一、 基本情况 本人郑梅莲，1972 年出生,中国国籍,无境外永久居留权,博士研究生学历, 企业管理(财务方向)专业,副教授。现任浙江工业大学经贸管理学院会计系副教 授、浙江省金融信息工程技术研究中心副主任。曾任浙江工业大学教科学院财经 研究所教师。2021 年 8 月至今担任公司独立董事。兼任深圳市蓝海华腾技术股 份有限公司、杭州万事利丝绸文化股份有限公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2023 年度履职概况 （一）出席董事会、股东大会会议情况 2023 年度，公司共召开 5 次董事会和 2 次股东大会，本人均亲自出席。出 席会议情况如下： | 本年度召开 | | 出席董事会会议情况 | | | 召开股东 | 出席股东 | | --- | --- | --- | --- | --- | --- | --- | | 董事会次数 | 亲自 | 委托 | 缺 | 是否连续两次未 | 大会次数 | 大会次数 | | | 出席 | 出席 | 席 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-004 万马科技股份有限公司 第三届董事会第十六次会议决议公告 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，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 万马科技股份有限公司（以下简称"公司"）于 2024 年 3 月 18 日通过邮件 的方式向全体董事发出召开第三届董事会第十六次会议的通知，并于 2024 年 3 月 28 日在浙江省杭州市西湖区天目山路 181 号天际大厦 11 层公司会议室以现场 结合通讯的方式召开。本次会议由董事长张禾阳女士主持，应出席董事 9 名，亲 自出席董事 9 名。本次董事会会议的召开符合《公司法》和《公司章程》的有关 规定。本次会议经过与会董事的认真讨论，投票表决，形成如下决议。 二、董事会会议审议情况 1、审议通过了《关于<公司 2023 年度总经理工作报告>的议案》 公司董事会听取了总经理代表公司经营层所作的工作报告，认为 2023 年度 公司经营层有效地执行了董事会和股东大会的各项决议，该报告客观、真实地反 映了经营层 2023 年度主要工作。 表决结果：9 票赞成、0 票反 ...

万马科技股份有限公司 （一）第三届监事会第十次会议 2023 年 4 月 25 日，公司第三届监事会第十次会议在公司会议室召开，会议 应到监事 3 人，实到监事 3 人，会议审议并通过了《关于<公司 2022 年度监事会 工作报告>的议案》、《关于<公司 2022 年年度报告>及其摘要的议案》、《关 于<公司 2022 年度财务决算报告>的议案》、《关于计提 2022 年度资产减值准备 的议案》、《关于公司 2022 年度不进行利润分配的预案》、《关于续聘信永中 和会计师事务所的议案》、《关于 2023 年度向金融机构申请综合授信额度的议 案》、《关于<公司 2022 年度内部控制自我评价报告>的议案》、《关于 2023 年度日常关联交易预计的议案》、《关于公司 2023 年第一季度报告的议案》。 （二）第三届监事会第十一次会议 2023 年 4 月 28 日，公司第三届监事会第十一次会议在公司会议室召开，会 议应到监事 3 人，实到监事 3 人，会议审议并通过了《关于增补非职工代表监事 的议案》。 - 1 - （三）第三届监事会第十二次会议 2023 年 8 月 25 日，公司第三届监事会第十二次会议在公司 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-014 万马科技股份有限公司 关于举行 2023 年度业绩网上说明会的公告 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，没有虚 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"）2023年年度报告及摘要已于 2024年3月30日在指定信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 上披露，为了让广大投资者能进一步全面地了解公司2023年年度报告和经营情 况，公司定于2024年4月12日（星期五）下午15:00-17:00在深圳证券交易所"互 动易"平台"云访谈"栏目通过网络远程的方式举行2023年度网上业绩说明会 （以下简称"本次说明会"），投资者可登陆深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次说明会。 出席本次业绩说明会的人员有：公司董事长张禾阳女士、董事会秘书姜烨 女士、财务总监朱青芳女士、独立董事宋广华先生。 为了更全面地回复投资者提问、提升交流的针对性，现就本次说明会提前 向投资者公开征集问题，广泛听取投资者 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-011 万马科技股份有限公司 关于对子公司提供担保的公告 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，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 1、万马科技股份有限公司（以下简称"公司"或"万马科技"）为满足 子公司的发展需要，同意对全资子公司上海优咔网络科技有限公司（以下简称 "上海优咔"）担保不超过人民币 8,000 万元。本次担保额度有效期限为自 2023 年年度股东大会审议通过之日起至 2024 年年度股东大会召开日期间。担 保范围包括但不限于申请综合授信、贷款、承兑汇票、信用证、保理、保函等 融资业务；担保类型为连带责任担保。 2、以上担保额度为对子公司的最高担保额度，实际担保金额以最终签订 的担保合同为准。董事会提请股东大会授权公司董事长或董事长书面授权的代 表签署上述事项相关的合同、协议等各项法律文件。 3、根据《深圳证券交易所创业板股票上市规则》和《公司章程》的相关 规定，本担保事项需提交公司股东大会审议。 三、被担保公司基本情况 1、上海优咔网络科技有限公司 成立日期：2020 年 11 月 16 ...