招商证券股份有限公司 关于佳禾智能科技股份有限公司 2024 年年度跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：佳禾智能 | | --- | --- | | 保荐代表人姓名：李炎 | 联系电话：0755-82943666 | | 保荐代表人姓名：曹志鹏 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 次 0 | | 数 | | | 2.督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的 | 是 | | 制度、募集资金管理制度、内控制度、内 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息 | 是 | | 披露文件一致 | | ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Jiahe Intelligent - **Industry**: Consumer Electronics, focusing on AI and smart hardware Core Financial Performance - **2024 Revenue**: 2.467 billion (24.67 billion) CNY, a growth of approximately 3% year-on-year - **Net Profit**: 41.32 million (4.132 billion) CNY, a decline compared to the previous year - **Operating Cash Flow**: 351 million (3.51 billion) CNY, an increase of 7.51% year-on-year - **Q1 2025 Revenue**: 487 million (4.87 billion) CNY, with a slight increase in net profit to 15.77 million (1.577 billion) CNY [5][13] Revenue Composition - **Headphone Products**: 77% of total revenue, a slight decrease of 1% year-on-year - **Audio Equipment**: Decreased from 18% to 11% - **Smart Wearables**: Increased significantly from 3.5% to 8.5%, generating over 200 million (2 billion) CNY in revenue [5][6] Strategic Initiatives - **Product Structure Adjustment**: Focus on high-value clients and diversification into new product categories like smart glasses and energy storage [2][6] - **R&D Investment**: 129 million (1.29 billion) CNY in 2024, accounting for 5.22% of total revenue, with plans to increase investment in AI and smart hardware integration [4][20] - **Global Market Strategy**: Emphasis on maintaining a strong presence in North America and Europe while expanding into Asian and emerging markets [2][10] Cost Management and Operational Efficiency - **Cost Control Measures**: Implementation of refined management practices, process optimization, and talent development to reduce operational costs and enhance supply chain stability [2][7][8] - **Response to Tariff Issues**: Plans to mitigate the impact of U.S. tariffs through overseas production bases and strategic partnerships [4][12][17] Technology and Innovation - **Focus on AI and AR Technologies**: Investment in AI voice interaction and sensor fusion algorithms, with plans to launch multiple AR and AI glasses solutions within the year [2][9] - **Patent Portfolio**: 33 patents related to AR/AI glasses have been secured, indicating a strong commitment to innovation [4][20] Market Challenges and Competitive Landscape - **Geopolitical Risks**: Acknowledgment of challenges posed by geopolitical tensions and market competition, with strategies in place to navigate these uncertainties [10][12] - **Differentiation Strategy**: Transitioning from TWS headphones to AR/VR products to maintain competitive advantage in a saturated market [18] Future Outlook - **Long-term Growth Strategy**: Focus on optimizing production processes, enhancing supply chain management, and pursuing strategic investments to drive future growth [3][19] - **Dividend Policy**: Commitment to shareholder returns with plans for cash dividends, ensuring a stable profit distribution policy [23] Additional Insights - **Management Expenses**: Increased in Q1 2025 due to investments in professional evaluation services [14] - **Gross Margin Trends**: Decline in gross margin attributed to changes in customer structure and product iterations, with efforts to maintain a healthy margin through cost control [15] - **Asset Impairment Losses**: Significant losses in 2024 due to supply chain adjustments and inventory aging, with a focus on accurate financial reporting [16] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, and market challenges.

Strategic Positioning and Market Response - The company emphasizes the importance of product quality over price competition in the ODM market, aiming to optimize production processes and enhance efficiency to maintain competitive pricing while providing value-added solutions to brand partners [1][2]. - The company plans to expand growth through external investments that align with its strategic goals and enhance core competitiveness [2]. Financial Performance and Profitability - In 2024, the company achieved a revenue of CNY 2.467 billion, a 3.76% increase from the previous year, but experienced a notable decline in net profit due to customer structure adjustments and increased management costs [11]. - The gross profit margin decreased by 3.33% due to lower margins from certain domestic clients, prompting the company to implement cost control measures and focus on high-value customers [16]. Research and Development - The company allocated approximately CNY 129 million to R&D in 2024, representing 5.22% of total revenue, with plans to increase investment to maintain competitiveness and meet market demands [12]. - The company holds 33 patents related to AI/AR technology, indicating a strong commitment to innovation in the AI glasses market [3]. Supply Chain and Cost Management - The company has established close relationships with domestic suppliers to mitigate the impact of import tariffs on raw materials, ensuring stable supply chains [5]. - Strategies include optimizing raw material procurement, inventory management, and production processes to control unnecessary expenses and maintain profitability [3]. Market Expansion and Customer Strategy - The company aims to balance domestic and international market development, particularly focusing on the European and American markets as key growth areas [3]. - Plans to diversify customer bases and reduce reliance on single markets or product categories are in place, especially in light of potential tariff impacts on overseas revenues [10]. Operational Efficiency and Performance Stability - The company employs flexible production planning and inventory management to smooth out seasonal performance fluctuations, ensuring alignment with market demand [14]. - Continuous communication with clients helps in forecasting market needs and adjusting production accordingly [13]. Shareholder Returns and Future Outlook - The company plans to distribute dividends based on a three-year shareholder return plan, committing to a minimum of 10% of distributable profits annually, provided there are no significant investment plans [15]. - The management is focused on improving profitability while balancing cost control and business expansion efforts [11].

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-042 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于举办 2024 年度报告暨 2025 年一季度报告 业绩网上说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 佳禾智能科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日披 露了《2024 年年度报告及其摘要》，于 2025 年 4 月 29 日披露了《2025 年第一 季度报告》，为便于广大投资者更深入全面地了解公司情况，公司定于 2025 年 5 月 9 日 15:00 举办 2024 年度报告暨 2025 年一季度报告业绩网上说明会，具体 如下： 一、业绩说明会召开的时间和方式 公司现向投资者提前征集公司本次业绩说明会投资者问答环节相关问题，欢 迎广大投资者通过点击链接 https://s.comein.cn/ri8s4aai，或扫描下方二维码的方 式进入问题征集页面。公司将在本次业绩说明会上对投资者普遍关注的问题进行 回答。 ...

Core Viewpoint - The company reported a decline in net profit for 2024, with a significant drop in both gross margin and net profit, while showing some revenue growth in Q1 2025, indicating ongoing operational pressures and challenges in the market [1][2]. Financial Performance Summary - In 2024, the company achieved revenue of 2.467 billion yuan, a year-on-year increase of 3.76%, but net profit attributable to shareholders was 41 million yuan, down 68.85%. The non-recurring net profit was 9 million yuan, down 92.07%, with a gross margin of 14.85%, a decrease of 3.33 percentage points [1]. - For Q1 2025, the company reported revenue of 487 million yuan, a year-on-year increase of 8.95%, with net profit attributable to shareholders at 16 million yuan, up 7.63%. However, the non-recurring net profit was only 1 million yuan, down 95.11%, and the gross margin was 13.37%, a decrease of 3.79 percentage points [1]. Factors Affecting Performance - Several factors contributed to the performance pressure in 2024: 1. Customer structure adjustments and product technology iterations led to a 3.33 percentage point decline in gross margin [1]. 2. Increased management expenses due to the operation of the Songshan Lake operation center and Jiangxi industrial park, with management office expenses rising by 13.2242 million yuan and functional department salary expenses increasing by 10.2493 million yuan [1]. 3. Issuance of convertible bonds resulted in accumulated interest expenses of 24.7962 million yuan and increased financial costs by 22.3335 million yuan [1]. 4. Adjustments in the ODM structure of major downstream clients and declines in the performance of associated companies led to an increase in inventory impairment and long-term equity investment impairment provisions totaling 31.5083 million yuan [1]. Future Outlook - The AI glasses segment is identified as a major growth point for the company, with successful mass production of smart audio glasses and AR glasses for well-known brands such as Anker, Tmall, Harman, and Yingmu Technology. The company is building experience in product development and manufacturing processes, enabling rapid market response and large-scale customized production capabilities [2]. - The AI glasses market presents significant growth potential, indicating a promising future for the company [2]. Investment Recommendation - Despite the current performance pressures, the company is well-positioned in the AI glasses market. Projections for net profit attributable to shareholders for 2025-2027 are 127 million yuan, 169 million yuan, and 272 million yuan, respectively, with corresponding EPS of 0.33, 0.44, and 0.71 yuan, leading to PE ratios of 46.62, 34.93, and 21.76 times. The recommendation is to maintain a "buy" rating [2].

Retail Sector Activity - The retail sector showed significant activity with Maoye Commercial (600828) hitting the daily limit and achieving five consecutive trading limits [1][4] - Other notable stocks in the retail sector included Cuiwei Co. (603123) and Laisen Tongling (603900), both reaching the daily limit, while Zhongxing Commercial (000715) and Hongqi Chain (002697) also saw substantial gains [4] Economic Indicators - In the first quarter, China's total retail sales of consumer goods reached 12.47 trillion yuan, marking a year-on-year growth of 4.6%, which is an acceleration of 1.1 percentage points compared to the previous year [6] - March alone saw a growth rate of 5.9% in retail sales [6] AI Glasses Concept - The AI glasses concept opened strong with Yingtong Communications (002861) hitting the daily limit, while Deep Konka A surged over 8% [7] Computing Power Leasing Concept - The computing power leasing concept gained momentum with Changshan Beiming (000158), Chaoxun Communication (603322), and Hongbo Co. (002229) all reaching the daily limit, and Yitian Intelligent (300911) rising over 10% [8] Real Estate Sector Movement - The real estate sector experienced a surge with Zhonghua Enterprise (600675) and Yuehongyuan A both hitting the daily limit, while Huayuan Real Estate (600743) and Xinhuangpu (600638) increased by over 7% [9] Banking Sector Decline - The banking sector faced declines, with Huaxia Bank dropping over 8%, and major banks like China Construction Bank, Beijing Bank, and others falling by more than 2% [10] Manufacturing PMI - China's manufacturing purchasing managers' index (PMI) for April was reported at 49%, a decrease of 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [11] - High-tech manufacturing PMI stood at 51.5%, indicating continued expansion in that sector [11] - The service sector maintained expansion with a business activity index of 50.1, despite a slight decline from the previous month [11] US Automotive Tariff Developments - President Trump signed an announcement to provide compensation for tariffs on imported auto parts, allowing up to 3.75% of the retail price for compensation, which will decrease to 2.5% in the second year [12] - This move reflects ongoing pressure on the government regarding its tariff policies [12]

Group 1 - The A-share AI glasses sector is experiencing active trading, with significant price movements observed in several companies [1] - Yingtong Communications has reached the daily limit increase, indicating strong investor interest [1] - Weida Optoelectronics and Doctor Glasses have both risen over 6%, reflecting positive market sentiment [1] Group 2 - Other companies such as Jiahe Intelligent, Thunder Technology, Huilun Crystal, and Mingyue Lenses are also seeing upward trends, suggesting a broader rally in the sector [1]

Group 1 - The AI glasses sector opened high, with Yingtong Communications (002861) hitting the daily limit up at the opening [1] - Deep Kangjia A rose over 8%, while Doctor Glasses (300622), Jiahe Intelligent (300793), and Huilun Crystal (300460) also opened high [1] - The market is focusing on leading companies in the sector, suggesting that investors should consider buying index ETFs to capitalize on the rebound [1]

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company experienced short-term pressure on performance, with a slight revenue increase in 2024 driven by the growth of smart wearable products. The revenue breakdown for 2024 shows headphones, speakers, and smart wearables accounting for 77.25%, 11.16%, and 8.38% of total revenue, respectively, with a significant increase in the share of smart wearables [2][4]. - The company's net profit for 2024 saw a substantial decline of 68.85%, primarily due to a decrease in gross margin, increased management and financial expenses, and higher asset impairment losses [3][4]. - The company is focusing on diversifying its business, aiming to develop new growth points in the AI/AR glasses segment while leveraging its strong foundation in the consumer electronics industry [4]. Financial Summary - For 2024, the company reported total revenue of 24.67 billion, a year-on-year increase of 3.76%, and a net profit of 0.41 billion, a year-on-year decrease of 68.85% [1][9]. - The projected revenues for 2025 and 2026 are 26.86 billion and 29.35 billion, respectively, with expected year-on-year growth rates of 8.9% and 9.3% [7][9]. - The forecasted net profits for 2025 and 2026 are 1.00 billion and 1.46 billion, reflecting significant recovery with year-on-year growth rates of 142.3% and 45.5% [7][9]. - The company's earnings per share (EPS) for 2025 and 2026 are projected to be 0.26 and 0.38, respectively [7][9].

Financial Performance - The company's revenue for Q1 2025 was ¥487,285,341.81, representing an increase of 8.95% compared to ¥447,255,741.92 in the same period last year[6]. - Net profit attributable to shareholders was ¥15,774,967.63, up 7.63% from ¥14,656,739.13 year-on-year[6]. - Total operating revenue for the current period reached ¥487,285,341.81, an increase of 8.4% compared to ¥447,255,741.92 in the previous period[25]. - Net profit for the current period was ¥15,534,231.81, representing a 7.7% increase from ¥14,424,788.00 in the previous period[26]. - The profit attributable to the parent company's shareholders was ¥15,774,967.63, up from ¥14,656,739.13, indicating an increase of 7.6%[26]. - The company recorded a comprehensive income total of ¥15,438,397.44, compared to ¥9,638,996.99 in the previous period, marking a significant increase of 60.5%[27]. Cash Flow - The net cash flow from operating activities was -¥39,325,336.71, a decrease of 148.92% compared to ¥80,395,073.26 in the previous year[13]. - Cash received from sales of goods and services was ¥504,140,407.64, down from ¥569,204,969.70, a decline of 11.4%[29]. - Operating cash inflow totaled $553.2 million, a decrease from $601.3 million year-over-year[30]. - Net cash flow from operating activities was -$39.3 million, compared to $80.4 million in the previous year[30]. - Investment cash inflow reached $996.2 million, up from $772.1 million year-over-year[30]. - Net cash flow from investment activities was -$57.6 million, an improvement from -$932.2 million in the previous year[30]. - Financing cash inflow amounted to $100 million, down from $1.156 billion year-over-year[30]. - Net cash flow from financing activities was -$50.7 million, compared to $1.09 billion in the previous year[30]. - The ending cash and cash equivalents balance was $775.9 million, down from $1.018 billion year-over-year[30]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,226,030,602.17, down 3.41% from ¥4,375,170,470.01 at the end of the previous year[6]. - The total current assets amount to ¥2,921,020,818.95, down from ¥3,062,240,284.79, reflecting a decrease of about 4.6%[22]. - The total liabilities decreased to ¥2,921,020,818.95 from ¥3,062,240,284.79, reflecting a decrease of about 4.6%[22]. - The total liabilities decreased to ¥1,162,453,950.33 from ¥1,327,050,958.40, a reduction of approximately 12.4%[23]. - Total equity increased to ¥3,063,576,651.84 from ¥3,048,119,511.61, reflecting a growth of about 0.5%[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,103[18]. - The largest shareholder, Dongguan Wenfu Industrial Investment Co., Ltd., holds 27.75% of shares, totaling 105,600,000 shares[18]. Operational Costs - Total operating costs increased to ¥492,447,558.53, up 13.4% from ¥433,992,490.13 in the previous period, with operating costs specifically rising to ¥422,113,720.58, a 14% increase[25][26]. Research and Development - Research and development expenses remained stable at ¥28,790,034.81, slightly up from ¥28,778,217.30, indicating a focus on innovation[26]. Other Financial Metrics - The company received government subsidies amounting to ¥16,542,537.94, significantly contributing to other income[8]. - Financial expenses increased by 103.59% to ¥35,973.96 due to foreign exchange fluctuations[12]. - The company reported a significant increase in investment income, reaching ¥2,926,872.25, up 668.83% from a loss of ¥514,538.04 in the previous year[12]. - The company's accounts receivable increased to ¥418,012,058.06 from ¥401,832,879.44, representing a growth of about 4%[21]. - The inventory decreased to ¥406,911,193.63 from ¥488,456,512.88, a decline of approximately 16.7%[22]. - The total non-current assets are ¥1,305,009,783.22, slightly down from ¥1,312,930,185.22, a decrease of about 0.6%[22]. - The company's cash and cash equivalents decreased to ¥775,916,273.25 from ¥919,329,615.05, a decline of approximately 15.6%[21]. - The company has not yet audited the first quarter report for 2025[31]. - The new accounting standards will be implemented starting in 2025[31].