Summary of Conference Call Records Industry and Companies Involved - **Industry**: Manufacturing, specifically focusing on export-oriented companies affected by tariffs - **Companies**: 永艺股份 (Yongyi Co.), 浩洋股份 (Haoyang Co.) Key Points and Arguments Tariff Impact on Export Companies - The U.S. has imposed a 30% tariff on Chinese goods, which includes a 20% increase and an additional 10% tariff. China has also imposed a 10% tariff on U.S. goods. This has short-term operational impacts on export companies, but costs can be shared with downstream customers or passed on to end consumers. [3][4] - After tariffs return to a reasonable level, domestic shipping schedules are expected to normalize, with a recovery in orders anticipated in Q2. However, downstream companies are cautious about inventory levels due to previous high stock phases. [1][4] Company-Specific Insights - **永艺股份 (Yongyi Co.)**: - Holds an irreplaceable position in the office chair segment, with a strong supply chain that creates customer barriers. Recent orders are optimistic, with the Vietnam factory ramping up shipments to take advantage of tariff windows. Profit margins remain largely unaffected. [1][8] - The 2025 profit forecast is approximately 380 million yuan, with a current valuation of 10 times earnings, indicating a high cost-performance ratio within the export chain. The company is seen as a resilient choice with a dividend yield exceeding 4%. [10] - **浩洋股份 (Haoyang Co.)**: - Demonstrates cost efficiency and product innovation in stage lighting and performance equipment manufacturing. The company is actively developing new products, such as laser light sources, which are expected to drive long-term growth. [1][11] - The 2025 profit forecast is slightly above 300 million yuan, with a current valuation of about 14 times earnings, which is considered low compared to historical levels. The sentiment in U.S. business is improving, which is a positive factor for overall export sentiment. [13][14] Long-term Outlook and Valuation - Export companies are experiencing a valuation drop due to tariff pressures, but those with strong core advantages and a high proportion of overseas factories, like Yongyi and Haoyang, are less affected. Their valuations are now aligned with growth potential, making them suitable for long-term investment. [5][12] - The long-term growth drivers for Haoyang are expected to shift more towards proprietary brands and laser products rather than OEM business, which will enhance profitability and optimize product structure. [12] Additional Considerations - The overall sentiment regarding orders is improving as the actual burden of tariffs on end consumers is expected to be minimal. This could lead to a further recovery in order expectations in the short term. [9] - The selection of export chain companies should prioritize those with high growth potential, especially in the context of changing tariff environments. [15]

Group 1: Company Performance and Sales - In 2024, the company's sales volume of performance equipment decreased from 93,400 units in 2023 to 89,800 units, with a sales rate dropping below 90% [1] - The company's revenue for 2024 was approximately RMB 1.212 billion, with a net profit of about RMB 302 million, reflecting a year-on-year revenue decline of 7.12% [9] - The first quarter of 2025 saw a significant decline in both revenue and net profit due to the ongoing investment in the newly acquired Danish company SGM, which has led to increased costs [2] Group 2: Market Strategy and Customer Concentration - The top five customers accounted for 56.28% of the total annual sales, raising concerns about the stability of the company's operations [2] - The company plans to enhance its domestic market presence, which currently only accounts for 11.21% of sales in 2024, by integrating technology and market resources [6] Group 3: Research and Development - In 2024, the company's R&D investment reached RMB 85.85 million, representing a year-on-year increase of 51.05% [8] - The company aims to maintain or improve its gross margin and operational quality through continuous product innovation and development [4] Group 4: Competitive Advantages and Future Plans - The company holds significant competitive advantages, including product and brand recognition, with 119 new patents granted in 2024, including 33 domestic and foreign invention patents [5] - Future growth strategies include expanding product lines and enhancing market penetration through continuous innovation and deeper collaboration with existing customers [5]

Core Viewpoint - The company, Haoyang Co., Ltd., reported a decline in revenue and net profit for 2024, primarily due to challenges in the global market and geopolitical tensions affecting sales [1] Financial Performance - In 2024, the company achieved revenue of 1.21 billion yuan, a year-on-year decrease of 7.1%, and a net profit of 300 million yuan, down 17.6% year-on-year [1] - The operating cash flow was 270 million yuan, a decline of 31% year-on-year, with a gross profit margin of 50.4%, an increase of 0.4 percentage points, and a net profit margin of 25.2%, a decrease of 3.1 percentage points [1] - For Q4 2024, revenue was 270 million yuan, down 9.6% year-on-year, with a net profit of 40 million yuan, a decrease of 22.2% year-on-year [1] - In Q1 2025, revenue was 290 million yuan, down 8.0% year-on-year but up 9.1% quarter-on-quarter, with a net profit of 50 million yuan, down 47% year-on-year but up 22.9% quarter-on-quarter [1] Sales Structure - In 2024, domestic sales accounted for 140 million yuan (11.2% of total revenue), while overseas sales reached 1.08 billion yuan (88.8% of total revenue), with an overseas gross profit margin of 52.9%, 22.4 percentage points higher than domestic [1] - The company generated 840 million yuan from OBM products (69.5% of revenue) with a gross margin of 51.3%, and 300 million yuan from ODM products (24.6% of revenue) with a gross margin of 50.4% [2] Market Trends - The domestic performance market is experiencing growth, with a 49.9% increase in concert events with over 5,000 attendees in 2024 compared to 2023, and an 84.37% increase in events with over 10,000 attendees [3] - New business models are emerging, with significant growth in small theater performances and tourism-related shows, with ticket sales for stand-up comedy increasing by 48% [3] Industry Overview - The stage lighting equipment manufacturing industry is highly competitive with low market concentration [4] - The global stage lighting market was valued at 4.5 billion yuan in 2022 and is projected to reach 5.8 billion yuan by 2029, with a compound annual growth rate of 3.6% from 2023 to 2029 [4] - European and American companies lead the industry due to their long history in R&D and manufacturing, while Chinese manufacturers have made significant progress but still lag behind global leaders [4] Strategic Initiatives - The company is actively expanding internationally, having acquired assets from Denmark's SGM and establishing wholly-owned subsidiaries in Denmark and the U.S. to enhance its overseas organizational management [6] - The company participates in major industry exhibitions globally to explore new markets, including events in Barcelona, Frankfurt, London, Las Vegas, and Japan, while also maintaining a steady approach in the domestic market [6] Future Outlook - The company is projected to achieve revenues of 1.23 billion yuan, 1.38 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 280 million yuan, 320 million yuan, and 360 million yuan [6]

Core Viewpoint - The company, Haoyang Co., experienced a significant decline in both revenue and net profit in 2024, indicating challenges in adapting to changing market conditions amid global economic uncertainties [1][4]. Revenue and Profit Decline - In 2024, Haoyang Co. reported revenue of approximately 1.212 billion yuan, a decrease of 7.12% from 1.305 billion yuan in 2023 [4]. - The net profit attributable to shareholders fell to 302 million yuan, down 17.61% from 366 million yuan in the previous year [4]. - This marks the first instance of simultaneous revenue and profit decline since 2020, highlighting the company's insufficient response to market changes [4]. R&D Investment and Short-term Impact - Despite the decline in performance, Haoyang Co. maintained its investment in research and development, totaling approximately 85.85 million yuan in 2024 [5]. - The company holds 765 domestic patents, 194 international patents, and 429 software copyrights, indicating a strong focus on innovation [5]. - However, the short-term economic benefits from these R&D efforts have not materialized, as evidenced by the continued decline in revenue and profit [5]. Brand Expansion and Overseas Market Risks - Haoyang Co. made significant strides in brand expansion, particularly in overseas markets, including the acquisition of Danish SGM company assets and the establishment of wholly-owned subsidiaries in Denmark and the U.S. [6]. - Participation in international trade shows, such as the Barcelona ISE and Frankfurt PROLIGHT+SOUND, has been part of the company's strategy to enhance its global presence [6]. - Nonetheless, the expansion into overseas markets introduces new risks, including economic slowdown and geopolitical tensions, which could impact stable performance growth [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future growth opportunities [9]. Core Views - The company is experiencing short-term performance pressure but is expected to benefit from domestic and international market expansion in the long run [1]. - The company's revenue for 2024 was 1.21 billion yuan, a decrease of 7.1% year-on-year, with a net profit of 300 million yuan, down 17.6% year-on-year [1]. - The report highlights that the company's performance is primarily driven by overseas sales, with 88.8% of revenue coming from international markets [3]. - The domestic performance remains stable, with a growing demand for live performances, particularly in large-scale events [4]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.21 billion yuan, with a net profit of 300 million yuan and a cash flow from operating activities of 270 million yuan [1]. - The gross profit margin for 2024 was 50.4%, while the net profit margin was 25.2% [1]. - For Q1 2025, the company reported a revenue of 290 million yuan, a year-on-year decrease of 8.0%, but a quarter-on-quarter increase of 9.1% [2]. - The company’s revenue forecast for 2025-2027 is projected to be 1.23 billion yuan, 1.38 billion yuan, and 1.62 billion yuan, respectively [8]. Market Position and Strategy - The company is actively expanding its international presence by acquiring assets and establishing subsidiaries in Denmark and the USA [6]. - The report notes that the global stage lighting equipment market is expected to grow from 4.5 billion yuan in 2022 to 5.8 billion yuan by 2029, with a compound annual growth rate of 3.6% [6]. - The company’s sales model is primarily OBM (Original Brand Manufacturer), with a significant portion of revenue derived from this segment [3]. Future Outlook - The company is expected to gradually open up growth opportunities through continuous market expansion, with projected net profits of 280 million yuan, 320 million yuan, and 360 million yuan for 2025-2027 [8]. - The report anticipates a recovery in revenue growth starting in 2025, with an expected increase of 1% in that year, followed by 12% and 18% in the subsequent years [7].

证券代码：300833 证券简称：浩洋股份 公告编号：2025-016 广州市浩洋电子股份有限公司 关于取得发明专利的公告 本公司及董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。 广州市浩洋电子股份有限公司（以下简称"公司"）近日有 3 项发明专利 被授予专利权，并取得了欧洲专利局、美国商标专利局颁发的相关专利证书，具 体情况如下： | 序 | | | | | | 专 | | 申请国 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 专利名称 | 专利申 | 授权公 | 专利号 | 权利人 | 利 | 保护期 | 家（地 | | | | 请日 | 告日 | | | 类 | 限 | 区） | | | 一种具有无线电力信 | | | | | 型 | | | | | 号传输系统的舞台灯 | | | | 广州市浩 | | 自申请 日起 20 | | | | （STAGE LAMP | 2020 年 | 2025 年 | | 洋电子股 | 发 | 年至 | | | 1 | HAVING WIRELES ...

机械设备/专用设备 浩洋股份（300833.SZ） 贸易摩擦下短期业绩承压，收购 SGM 品牌矩阵扩张 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 31.83 | | 一年最高最低(元) | 94.58/28.35 | | 总市值(亿元) | 40.26 | | 流通市值(亿元) | 25.87 | | 总股本(亿股) | 1.26 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 87.64 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 浩洋股份 沪深300 相关研究报告 《2024Q2 业绩承压，期待下半年收入 业绩双改善—公司信息更新报告》 -2024.8.22 风险提示：海外市场需求不及预期、产能爬坡不及预期、地缘政治风险。 财务摘要和估值指标 | 吕明（分析师） | 孟鹏飞（分析师） | 蒋奕峰（联系人） | | --- | --- | --- | | lvming@kysec.cn ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, attributed to various factors including trade tensions and operational adjustments [1][3]. Financial Performance - In 2024, the company achieved revenue of 12.12 billion, a year-on-year decrease of 7.12%, and a net profit of 3.02 billion, down 17.61% [1]. - For Q4 2024, revenue was 2.66 billion, a decline of 9.64%, with a net profit of 0.43 billion, down 22.15% [1]. - In Q1 2025, revenue was 2.90 billion, a decrease of 8.04%, and net profit was 0.53 billion, down 47.04% [1]. Dividend Announcement - The company announced a cash dividend of 13 yuan per 10 shares, totaling 1.64 billion [2]. Strategic Adjustments - The company is facing short-term pressures but is actively adjusting its strategies, including increasing investment in its own brands and expanding its global presence through acquisitions [3]. - The OBM business revenue reached 8.43 billion in 2024, showing a growth of 2.4% and accounting for 70% of total revenue [3]. Industry Outlook - The downstream demand in the industry remains strong, with ongoing robust demand for performances both domestically and internationally [3]. - The company is leveraging its experience in significant projects to enhance its brand recognition and competitive edge [3]. Profitability and R&D Investment - The gross margin for 2024 improved by 0.41 percentage points to 50.37%, driven by increased contributions from proprietary brands and new products [4]. - R&D expenses rose by 51.05% to 85.85 million, reflecting the company's commitment to innovation [4]. - In Q1 2025, the gross margin decreased by 3.25 percentage points to 49.14%, indicating pressure on profitability [4]. Investment Plans - The company plans to invest at least 6.03 billion in building a performance equipment industrial base, which aligns with local industrial policies and aims to enhance market competitiveness [5]. Long-term Investment Perspective - The company is recognized as a leading manufacturer in the stage lighting equipment sector, with a strong competitive advantage due to its combination of overseas brands and domestic production capabilities [6]. - Despite short-term challenges, the long-term outlook for the stage lighting equipment industry remains stable, with expected revenue growth in the coming years [6].

Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company is facing short-term operational pressure but is actively responding to the challenges [4] - The company reported a revenue of 1.212 billion yuan in 2024, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 302 million yuan, down 17.61% year-on-year [3] - The company plans to invest at least 603 million yuan to build a performing arts equipment industrial base, which will enhance market competitiveness and customer service capabilities [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.212 billion yuan, down 7.12% year-on-year, and a net profit of 302 million yuan, down 17.61% year-on-year [3] - The gross profit margin for 2024 was 50.37%, an increase of 0.41 percentage points year-on-year, while the R&D expenses increased by 51.05% to 85.85 million yuan [5] - The company expects revenues for 2025 to be 1.224 billion yuan, with an EPS of 2.43 yuan, reflecting a PE ratio of 13 times [8] Strategic Initiatives - The company is increasing investment in its own brand, with OBM business revenue reaching 843 million yuan in 2024, up 2.4% year-on-year, accounting for 70% of total revenue [4] - The acquisition of Danish SGM's assets and the establishment of wholly-owned subsidiaries in Denmark and the USA are part of the company's strategy to enhance its global presence [4] Market Outlook - The stage lighting equipment industry is expected to maintain stability due to cultural consumption attributes, with the company's long-term competitiveness remaining solid [7] - The company is actively exploring overseas markets, particularly in Southeast Asia, North America, and Europe, and has made positive progress in these regions [4]

Core Viewpoint - The company, Haoyang Electronics, reported a decline in revenue and net profit for 2024 and Q1 2025, while outlining strategies to address market challenges and drive future growth [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 1.212 billion yuan, a year-on-year decrease of about 7.12% [1] - The net profit attributable to the parent company was approximately 302 million yuan, down about 17.61% year-on-year [1] - For Q1 2025, total revenue was 300 million yuan, reflecting a year-on-year decline of approximately 8.04% [1] - The net profit attributable to the parent company for Q1 2025 was around 53 million yuan, a significant drop of about 47.04% year-on-year [1] Group 2: Market Outlook and Strategies - The company is optimistic about the U.S. market, believing that if tariffs return to reasonable levels, they can mitigate tariff impacts through price adjustments [2] - In 2024, the company plans to acquire assets from Denmark's SGM and establish subsidiaries in Denmark and the U.S. to support market needs [2] - Future growth drivers include enhancing core technology R&D, optimizing production efficiency, and expanding enterprise customer resources [2] - Demand outlook indicates positive trends in Europe, steady growth in Asia due to performing arts activities, and a recovery in the Middle East, while the U.S. remains affected by tariffs [2] Group 3: R&D and Product Development - The company has multiple innovative product projects under development, with updates to be disclosed in regular reports [2] - There is a commitment to increasing R&D investment in the coming years, although the growth rate of R&D expenses is expected to slow compared to 2024 [2] - The aim is to maintain or improve gross margins and operational quality through the introduction of new products [2]