证券代码：300698 证券简称：万马科技 公告编号：2024-027 万马科技股份有限公司 关于对全资子公司增资的公告 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。 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；信息系统集成服务；计算机及通讯设备租赁；网络技术服务；物 联网技术服务；软件开发；网络与信息安全软件开发；企业管理咨询；信息咨询 服务（不含许可类信息咨询服务）；票务代理服务；广告设计、代理；广告发布； 小微型客车租赁经营服务；互联网销售（除销售需要许可的商品）；通信设备销 售；计算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；网络设备销 售；汽车装饰用品销售；润滑油销售；化工产品销售（不含许可类化工产品）； 汽车零配件批发；汽车零配件零售；摩托车及零配件批发；摩托车及零配件零售； 仪器仪表销售；货物进出口；技术进出口；汽车销售；二手车经纪；二手车鉴定 一、增资情况概况 评估。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项 目：基础电信业务；第一类增值电信业务；第二类增值电信业务；汽 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-029 万马科技股份有限公司 关于召开 2024 年第一次临时股东大会通知的公告 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"）董事会决定于 2024 年 7 月 10 日召开公司 2024 年第一次临时股东大会，现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：公司 2024 年第一次临时股东大会。 2、股东大会的召集人：公司第三届董事会。公司于 2024 年 6 月 24 日召开 的第三届董事会第十八次会议决议，以 9 票同意，0 票反对，0 票弃权，0 票回 避表决审议通过了《关于召开 2024 年第一次临时股东大会的议案》，决定于 2024 年 7 月 10 日召开公司 2024 年第一次临时股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》等规定。 4、会议召开的日期和时间： （1）现场会议时间：2024 年 7 月 10 日（星期三）下午 14:00 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-030 万马科技股份有限公司 关于全资子公司签订合作框架协议的公告 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。 特别提示： 1、本次签订的合作框架协议属于双方合作意向、目标和条件的框架性文件， 双方将在本协议基础上，根据具体项目情况后续签订具体合作协议，未来合作方 式、进展尚存在不确定性。 2、本框架协议未明确具体的合作方式和金额，对公司经营业绩的影响需视 双方后续进一步具体的合作情况而定。敬请广大投资者理性分析、谨慎决策、注 意投资风险。 一、协议签署概况 近日，万马科技股份有限公司（以下简称"公司"）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"）与丽台（上海）信息科技有限公司（以 下简称"丽台科技"）签署《战略合作框架协议》。为加强双方合作，经过友好 协商，双方以各自在专业领域的多年沉淀，建立战略合作伙伴关系。 本次签订的协议是框架合作协议，没有具体合同金额。根据《公司章程》及 相关规定，本次合同的签署无需提交公司董事会或股东大会审议。后续合作进展 中，公司将根据《深圳 ...

证券代码：300698 证券简称：万马科技 公告编号：2024-028 万马科技股份有限公司 关于项目投资的公告 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。 重要内容提示: 1、投资项目名称：常州自动驾驶云服务建设项目 2、拟投资金额：约 10,055.40 万元 3、公司本次项目投资为普通市场经济行为，项目实施存在不确认性，在市 场化经营活动中存在政策及市场、技术人才、经营管理经验、产品采购、项目建 设和资金筹措等风险，项目能否投产、投产后能否实现预期效益存在一定的不确 定性。 4、本项目预计建设期为 1 年，对公司本年度业绩暂时不会产生重大影响， 项目完工后对公司业绩影响存在不确定性，敬请广大投资者注意投资风险。 一、对外投资概述 （一）基本情况 万马科技股份有限公司（以下简称"公司"）全资子公司上海优咔网络科技 有限公司（以下简称"优咔科技"）拟在江苏省常州市高新区投资建设自动驾驶 云服务建设项目，计划总投资金额约 10,055.40 万元。 （一）投资项目的主要内容 随着汽车智能化、网联化、电动化发展，辅助驾驶及自动驾驶功能已成为民 众购车的 ...

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 | | | | | | | | | | | ...