| --- | |--------------------------| | | | | | [Table_Industry] | | [Table_Title] 评级：买入 | | 市场价格： | 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 分析师：郑雅梦 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn 新品良率爬坡影响短期业绩，看好产能扩张后市占率提升 浩洋股份（300833.SZ） /机械设备 证券研究报告/公司点评 2024 年 4 月 25 日 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|--------------|-------|---------------------------|-------|-------| | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E ...

Financial Performance - The company's operating revenue for 2023 was CNY 1,304,893,889.86, representing a 6.72% increase compared to CNY 1,222,700,520.74 in 2022[21] - Net profit attributable to shareholders for 2023 was CNY 366,174,457.49, a 2.81% increase from CNY 356,171,262.73 in the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 349,791,659.70, up 2.32% from CNY 341,844,312.14 in 2022[21] - The basic earnings per share for 2023 was CNY 4.3423, reflecting a 2.81% increase from CNY 4.2237 in 2022[21] - Total assets at the end of 2023 amounted to CNY 2,602,491,596.21, a 6.59% increase from CNY 2,441,632,781.64 at the end of 2022[21] - The net assets attributable to shareholders increased by 8.69% to CNY 2,331,828,556.81 from CNY 2,145,411,989.82 in 2022[21] - Cash flow from operating activities for 2023 was CNY 395,145,063.77, a 10.88% increase compared to CNY 356,383,840.47 in 2022[21] - The weighted average return on equity for 2023 was 16.47%, down from 17.81% in 2022, indicating a decrease of 1.34%[21] Quarterly Performance - In Q1 2023, the company reported revenue of approximately $330.21 million, with a net profit attributable to shareholders of about $99.66 million, representing a profit margin of 30.2%[22] - The second quarter saw an increase in revenue to approximately $378.82 million, with net profit rising to about $123.59 million, indicating a profit margin of 32.6%[22] - In Q3 2023, revenue decreased to approximately $301.72 million, with net profit dropping to about $87.27 million, resulting in a profit margin of 28.9%[22] - The fourth quarter revenue further declined to approximately $294.14 million, with net profit falling to about $55.66 million, reflecting a profit margin of 18.9%[22] - The company’s net profit attributable to shareholders for the entire year was significantly impacted by the fluctuations in quarterly performance, with a total annual net profit of approximately $366.19 million[22] Market Trends and Opportunities - The company has observed a robust recovery in the stage entertainment lighting equipment market, with a projected growth trend continuing into 2024[28] - The live performance market in China experienced a resurgence in 2023, with ticket revenue for concerts and music festivals reaching approximately $2.497 billion, a year-on-year increase of over 500%[28] - The overall demand for stage entertainment lighting equipment is expected to remain strong due to the increasing frequency of updates and new installations in theaters and entertainment venues[28] - The company is focusing on expanding its market presence in urban landscape lighting, which combines art and technology, thereby increasing the market capacity for performance lighting equipment manufacturing[50] - The company is exploring new market opportunities in tourism-related performances, which are expected to continue growing due to their high added value and integration potential[75] Research and Development - The company invested approximately RMB 56.83 million in research and development during the reporting period[61] - As of December 31, 2023, the company and its subsidiaries held a total of 666 valid domestic patents, including 88 invention patents[61] - The company has completed several key technology research projects, including high-performance waterproof stage lights and IoT-based intelligent lighting equipment, aimed at enhancing product competitiveness[141] - The company is currently developing new products such as high-power laser stage lights and multifunctional LED moving head lights, which are expected to create new market growth points[141] - The company aims to optimize user experience and improve product maintenance convenience through the development of IoT technologies[141] Sales and Distribution - The domestic sales surged by 111.27% to CNY 153,045,163.57, up from CNY 72,442,037.74 in the previous year[66] - The OBM (Original Brand Manufacturer) revenue accounted for 63.05% of total sales, increasing by 20.80% to CNY 822,770,588.54 from CNY 681,114,997.81[67] - The stage entertainment lighting equipment segment generated CNY 1,209,240,039.62, an 8.03% increase from CNY 1,119,350,492.17 in 2022[66] - The revenue from performing lighting equipment reached CNY 1,304,865,061.06, representing a year-on-year increase of 7.29%[106] - Domestic sales increased significantly by 111.27% to CNY 153,045,163.57, while overseas sales remained stable with a slight increase of 0.14%[106] Operational Efficiency - The company has fully implemented ERP, PLM, QMS, and AMS systems to enhance operational efficiency and reduce production costs[65] - The company focuses on optimizing existing product processes to improve quality and reduce production costs while developing new products and applications[61] - The company is committed to improving operational efficiency through information technology advancements[91] - The company has implemented lean management practices to enhance product quality and delivery capabilities[90] Inventory and Procurement - The inventory of stage entertainment lighting equipment decreased by 39.25% to 8,567.44 units in 2023 from 14,103.93 units in 2022[95] - The total sales amount from the top five customers was 666,162,993.60 yuan, representing 51.05% of the annual total sales[97] - The total procurement amount from the top five suppliers was 142,626,523.56 yuan, accounting for 26.95% of the annual total procurement[99] - The company has established a stable cooperative relationship with upstream suppliers, optimizing the procurement structure based on various factors[90] Shareholder Information - The company reported a total of 3,341 ordinary shareholders at the end of the reporting period, an increase from 3,057 at the end of the previous month[143] - The major shareholder, Jiang Weikai, holds 7,735,969 shares, representing a significant portion of the company's equity[138] - The company has maintained a stable shareholder structure with no significant changes in the actual controller's ownership[147] Cash Flow and Assets - Cash and cash equivalents increased by CNY 107.73 million, representing a year-on-year growth of 50.48%[198] - The net cash flow from investment activities increased by 49.52%, primarily due to a reduction in cash outflow from investment products[198] - The company reported a significant increase in fixed assets to CNY 160.78 million, which is 6.18% of total assets, due to the completion of fundraising projects[184] - Accounts receivable increased to CNY 240.94 million, representing 9.26% of total assets, attributed to an increase in credit sales[184] - Inventory decreased to CNY 185.69 million, accounting for 7.14% of total assets, due to improved inventory management[184]

Revenue and Profitability - The company's revenue for Q1 2024 was ¥315,180,863.79, a decrease of 4.55% compared to ¥330,210,859.33 in the same period last year[5] - Net profit attributable to shareholders was ¥100,555,651.30, reflecting a slight increase of 0.90% from ¥99,655,432.00 year-over-year[5] - The total operating revenue for Q1 2024 was CNY 315,180,863.79, a decrease of 4.2% compared to CNY 330,210,859.33 in Q1 2023[24] - The net profit for Q1 2024 was CNY 101,534,624.54, representing an increase of 1.5% from CNY 100,018,166.01 in Q1 2023[26] - The profit attributable to the parent company's shareholders was CNY 100,555,651.30, up from CNY 99,655,432.00, marking a growth of 0.9%[26] Cash Flow and Operating Activities - The net cash flow from operating activities was -¥18,395,292.82, a significant decline of 120.45% compared to ¥89,963,017.82 in the previous year[13] - Cash inflow from operating activities totaled $243,653,074.76, down 20.3% from $305,867,283.13 in the prior period[28] - Cash outflow from operating activities increased to $262,048,367.58, up 21.3% from $215,904,265.31, primarily due to higher payments for goods and services[28] - The cash and cash equivalents decreased by 138.96% to -¥21,458,809.10 from ¥55,078,729.01, primarily due to reduced cash flow from operating activities[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,700,019,908.10, up 3.75% from ¥2,602,491,596.21 at the end of the previous year[5] - The total liabilities slightly decreased to CNY 248,326,925.04 from CNY 248,987,991.77, a reduction of 0.3%[23] - The total current assets amount to approximately ¥2.172 billion, up from ¥2.096 billion, representing a growth of about 3.6%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 3,057, with no preferred shareholders having restored voting rights[15] - The top shareholder, Jiang Weikai, holds 36.70% of the shares, amounting to 30,943,875 shares[15] - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest shareholder alone holding over one-third of the shares[15] Research and Development - Research and development expenses increased by 38.67% to ¥15,745,562.02 from ¥11,354,618.45, indicating a continued commitment to innovation[12] - Research and development expenses increased to CNY 15,745,562.02, up from CNY 11,354,618.45, indicating a focus on innovation[24] Cash Flow from Investment Activities - The company recorded a 61.09% improvement in net cash outflow from investment activities, reducing it to -¥10,027,648.31 from -¥25,769,970.81[14] - Cash inflow from investment activities was $71,400,007.31, a decrease of 42.5% from $124,137,897.26 in the previous period[28] - The net cash flow from investment activities was -$10,027,648.31, an improvement from -$25,769,970.81 in the prior period[28] Financial Position and Performance Metrics - The weighted average return on equity decreased to 4.22% from 4.54% year-over-year, indicating a slight decline in profitability[5] - The total equity attributable to the parent company increased to CNY 2,429,038,962.19 from CNY 2,331,828,556.81, reflecting a growth of 4.2%[23] - The company reported a basic and diluted earnings per share of CNY 1.1924, compared to CNY 1.1818 in the previous year, showing a slight improvement[26] Inventory and Accounts Receivable - The company reported a significant increase in accounts receivable by 32.81%, reaching ¥319,998,307.07 compared to ¥240,944,849.96 in the previous year[11] - Accounts receivable increased to ¥319.998 million from ¥240.945 million, reflecting a growth of approximately 33%[21] - Inventory has risen to ¥209.080 million from ¥185.689 million, indicating an increase of about 12.6%[21] Other Financial Information - The company received government subsidies amounting to ¥675,133.53, contributing positively to its financial performance[6] - The company has a total of 30,147,937 restricted shares at the end of the reporting period, down from 30,790,687 shares due to the release of some restricted shares[18] - The first quarter report was not audited, indicating that the financial figures are subject to further verification[30]

广州市浩洋电子股份有限公司 王艳，女，1975年生，中国国籍，教授、高级会计师、中国注册会计师、博 士（后）。2014年9月至2020年3月在广东财经大学会计学院任教；2020年4月至 今在广东外语外贸大学任教。现任公司独立董事，北京利德曼生化股份有限公司 独立董事、深圳市拓日新能源科技股份有限公司独立董事。 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，不存在任何可能妨碍其进行独立客观判 断的关系，不存在影响独立董事独立性的情况。本人符合《上市公司独立董事管 理办法》、《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司 规范运作》等法律法规及《公司章程》中关于独立董事的任职资格及独立性的 相关要求。 独立董事 2023 年度述职报告 （王艳） 2023年度，本人作为广州市浩洋电子股份有限公司（以下简称"公司"）的独 立董事，严格按照《中华人民共和国公司法》（以下简称"《公司法》"）《上市 公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》等法律法规及 《公司章程 ...

募集资金年度存放与使用情况鉴证报告 广州市浩洋电子股份有限公司 容诚专字[2024]510Z0071 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 募集资金年度存放与使用情况鉴证报告 | 1-3 | | 2 | 募集资金年度存放与使用情况专项报告 | 1-7 | 募集资金年度存放与使用情况鉴证报告 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-66001391FAX:010-66001392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚专字[2024]510Z0071 号 广州市浩洋电子股份有限公司全体股东： 我们审核了后附的广州市浩洋电子股份有限公司（以下简称浩洋股份）董事 会编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、 对报告使用者和使用目的的限定 本鉴证报告仅供浩洋股份年度报告披露之目的使用，不得用作任何其他目的。 我们同意将本鉴证报 ...

证券代码：300833 证券简称：浩洋股份 公告编号：2024-003 广州市浩洋电子股份有限公司 第三届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广州市浩洋电子股份有限公司（以下简称"公司"）第三届监事会第十一次 会议通知于 2024 年 4 月 14 日通过书面通知的方式送达。会议于 2024 年 4 月 24 日在公司会议室以现场表决方式召开，由监事会主席陈嘉仪女士召集并主持，本 次会议应出席监事 3 名，实际出席监事 3 名，占公司全体监事人数的 100%。本 次会议的召集、召开符合《中华人民共和国公司法》、《广州市浩洋电子股份有限 公司章程》等有关规定。 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1、审议通过《关于<2023 年度财务决算报告>的议案》 经审核，监事会认为公司《2023 年度财务决算报告》客观、真实地反映了 公司 2023 年度的财务状况和经营成果不存在任何虚假记载、误导性陈述或者重 大遗漏，《2023 年度财务决算报告》真实合 ...

广州市浩洋电子股份有限公司 董事会议事规则 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 董事会会议的召集、主持及提案 | 1 | | 第三章 | 董事会会议通知 | 3 | | 第四章 | 董事会会议的召开 | 4 | | 第五章 | 董事会会议的表决 | 6 | | 第六章 | 董事会决议的实施 | 9 | | 第七章 | 附则 | 9 | 广州市浩洋电子股份有限公司 董事会议事规则 第一章 总则 第一条 为规范广州市浩洋电子股份有限公司（以下简称"公司"）董事会及其成员 的行为，规范公司董事会议事程序，确保董事会规范、高效运作和审慎、科学决策，保 证公司决策行为的民主化、科学化，根据《中华人民共和国公司法》和《广州市浩洋电 子股份有限公司章程》（以下简称"《公司章程》"）,并参照《上市公司治理准则》、《深 圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》等相关法律、行政法规、部门规章、规范性文件的规定， 制定本规则。 第二条 公司依法设立董事会，是公司的常设性决策机构，董事会根据股东大会和《公 司章 ...

广州市浩洋电子股份有限公司 2023年度内部控制自我评价报告 广州市浩洋电子股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内控体系"），结合广州市浩洋电子股份有限公司（以下简称 "公司"）内部控制制度和评价办法，对公司内部控制从日常和专项两方面的监督 基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有 效性进行了评价。 一、重要声明 按照企业内控体系的规定:建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施 内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、 监事会及董事、监事及高级管理人员保证本报告内容不存在任何虚假记载、误导 性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内控体系的目标是合理保证公司经营管理合法合规、资产安全、财务报 告及相关信息真实完整，提高经营效率和效果，实现公司发展战略。鉴于内部控 制存在一定的局限性，故仅能为实现上述目标提供合理保证。此外，由于公司具 有产销一体化的特 ...

广州市浩洋电子股份有限公司 2023 年度证券与衍生品投资情况的专项报告 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》 等有关规定的要求，公司董事会对公司 2023 年度证券与衍生品投资情况进行了 核查，现将相关情况说明如下： 一、证券与衍生品投资审议批准情况 （1）衍生品投资 公司于 2022 年 11 月 28 日和 2022 年 12 月 19 日分别召开了第三届董事会 第五次会议、第三届监事会第五次会议和 2022 年第二次临时股东大会，审议通 过了《关于拟继续开展外汇套期保值业务的议案》，为了降低汇率波动对公司经 营业绩的影响，公司及子公司拟与银行等金融机构继续开展外汇套期保值业务。 公司开展外汇套期保值业务是以正常生产经营为基础，以稳健为原则，以货币保 值和降低汇率风险为目的，不做无实际需求的投机性交易，不进行单纯以盈利为 目的外汇交易，通过锁定汇率，降低汇率波动风险。同意公司及其子公司 2023 年度开展外汇套期保值业务的总额度不超过 12 亿元人民币（或等值外币）。 二、2023 年度公司证 ...

广州市浩洋电子股份有限公司 董事会战略与发展委员会实施细则 第一章 总则 第一条 为完善公司治理结构，提高公司重大决策的专业化水平，防范公司 在战略和投资决策中的风险，根据《中华人民共和国公司法》（下称"《公司 法》"）、《广州市浩洋电子股份有限公司章程》（下称"《公司章程》"），并 参照《上市公司治理准则》、《深圳证券交易所创业板股票上市规则》、《深圳证 券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》《上市公司独 立董事管理法办法》等有关规定，公司设立董事会战略与发展委员会（下称"战略 与发展委员会"）作为负责公司长期发展战略和重大投资决策的专门机构，并制定 本实施细则。 第二条 战略与发展委员会主要负责对公司中长期发展战略和重大投资决策 进行研究并提出建议。 第二章战略与发展委员会的性质与作用 1 第三章 人员组成 第七条 战略与发展委员会成员由三名董事组成。 第八条 委员由董事长或者二分之一以上独立董事或者全体董事的三分之一 以上提名，并由董事会选举产生。 第九条 战略与发展委员会设召集人一名，由董事长担任，负责主持战略与 发展委员会工作。当战略与发展委员会召集人不能或无法履行职责时，由 ...