Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.29 CNY, maintaining the rating [3][4]. Core Views - The company is expected to see a recovery in performance in the second half of 2024 as new production capacity is steadily released, despite a decline in revenue and net profit in the first half of 2024 [2][3]. - The industry remains optimistic, with strong demand in the downstream market, particularly in the concert business, which has shown significant growth [3][4]. - The company is positioned to benefit from its leading technology and new production capacity, which is anticipated to contribute to revenue growth in the future [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 669 million CNY, a decrease of 5.68% year-on-year, and a net profit of 203 million CNY, down 9.10% year-on-year [2][3]. - The gross margin for H1 2024 was 51.85%, an increase of 1.22 percentage points year-on-year, indicating improved profitability despite rising expenses [3][4]. - The company’s revenue for Q2 2024 was 354 million CNY, a decline of 6.67% year-on-year, with net profit at 102 million CNY, down 17.16% year-on-year [2][3]. Market and Product Insights - The company’s revenue from stage entertainment lighting equipment and accessories showed a mixed performance, with a decline in lighting equipment revenue but significant growth in accessories [3][4]. - The domestic market has benefited from post-pandemic demand, while international sales faced challenges, reflecting a 7.89% decline [3][4]. - The company is focusing on enhancing production efficiency and quality, which is expected to drive market share growth in the coming periods [3][4].

机械设备/专用设备 公 司 研 究 浩洋股份（300833.SZ） 2024 年 08 月 22 日 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 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/21 | | 当前股价 ( 元 ) | 37.95 | | 一年最高最低 ( 元 ) | 115.72/36.30 | | 总市值 ( 亿元 ) | 48.00 | | 流通市值 ( 亿元 ) | 30.84 | | 总股本 ( 亿股 ) | 1.26 | | 流通股本 ( 亿股 ) | 0.81 | | 近 3 个月换手率 (%) | 46.24 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 浩洋股份 沪深300 数据来源：聚源 相关研究报告 《2023&2024Q1 营收业绩维持稳定， 期待产能释放带动收入业绩双升—公 司信息更新报告》-202 ...

证券代码：300833 证券简称：浩洋股份 广州市浩洋电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |--------------|---------------|-----------|----------| | | | | 2024-006 | | 投资者关系 | □特定对象调研 | □媒体采访 | | | 活动类别 | 业绩说明会 | □路演活动 | | | | □现场参观 | | | | 参与单位名称 | | | | | 及人员姓名 | 详见附件 | | | | 时间 | 2024年8月20日 | | | 地点 公司会议室电话会议 上市公司接 待人员姓名 董事会秘书 劳杰伟先生 投资者关系活动 交流环节： 主要内容介绍 公司是一家集舞台娱乐灯光设备、建筑照明设备、桁架设备等产品的研发、生产 与销售为一体的高新技术企业。2024年上半年公司持续加大研发投入，推动技术创 新，寻求新的技术支撑，推出更具竞争力的新产品，引领行业趋势；紧跟市场发展及 客户需求与痛点的不断变化，与时俱进，持续推出更丰富的产品品类，满足客户需 求，建立产品的差异化竞争优势，持续改善产品 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 浩洋股份（300833.SZ） 收入边际改善，自主品牌占比提升 公司发布 2024 半年报：24H1 收入 6.69 亿元（同比-5.7%），归母净利润 2.03 亿元（同比-9.1%），扣非归母净利润 1.95 亿元（同比-10.7%）；24Q2 收入 3.54 亿元（同比-6.7%），归母净利润 1.02 亿元（同比-17.2%），扣 非归母净利润 0.97 亿元（同比-20.0%）。收入同比下滑主要系基数较高且 新产能&新产品爬坡、环比稳步改善；盈利承压主要系加大研发费用投入、 汇兑基数较高。 自主品牌占比持续提升，内外销盈利能力均提升。24H1 公司 OBM/ODM 分别实现收入 4.33/1.90 亿元（同比+2.3%/-27.5%），OBM 占比近 70% （23 年为 63%）；ODM 略承压主要系 23H1 基数较高。分地区来看，外 销/内销收入分别为 5.94/0.74 亿元（同比分别-7.9%/+16.7%），毛利率分 别为 53.8%/36.3%（23 年分别为 52.2%/32.9%），内外销盈利 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company is expected to benefit from the continuous growth in the global performance market, leading to increased demand for stage lighting equipment. The company's market share is anticipated to continue rising due to its strong brand value and ongoing capacity expansion [3]. - The company has slightly adjusted its profit forecast for 2024-2026, with expected net profits of 4.25 billion, 5.24 billion, and 6.34 billion respectively, reflecting a decrease from previous estimates [3]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 1,305 million - 2024E: 1,441 million (growth rate of 10%) - 2025E: 1,737 million (growth rate of 21%) [1]. - **Net Profit Forecast**: - 2023A: 366 million - 2024E: 425 million (growth rate of 16%) - 2025E: 524 million (growth rate of 23%) [1]. - **Earnings Per Share (EPS)**: - 2023A: 2.89 - 2024E: 3.36 - 2025E: 4.15 [1]. - **Gross Margin**: - The gross margin for the first half of 2024 reached a historical high of 51.85%, an increase of 1.21 percentage points year-on-year [1]. Market and Operational Insights - The company has been actively expanding its global market presence, which has led to increased sales and management expenses. The company is also focusing on enhancing its research and development capabilities [1]. - The company has successfully launched new products, including high-power LED stage lights and laser stage lights, which have improved performance metrics such as control precision and waterproof capabilities [3]. - The company’s OBM (Own Brand Manufacturer) revenue reached 4.33 billion in the first half of 2024, showing a year-on-year growth of 2.30% with a gross margin of 53.08% [3].

证券代码：300833 证券简称：浩洋股份 公告编号：2024-028 广州市浩洋电子股份有限公司 第三届监事会第十三次会议决议公告 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"）第三届监事会第十三次 会议通知于 2024 年 8 月 9 日通过书面通知的方式送达。会议于 2024 年 8 月 19 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： 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）披露的《2024 年半年度募集资金存放与使用情况的专项报告》（公告编号：2024-032）。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 三、备查文件 1、审议通过《关于<2 ...

证券代码：300833 证券简称：浩洋股份 公告编号：2024-027 广州市浩洋电子股份有限公司 第三届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 广州市浩洋电子股份有限公司（以下简称"公司"）第三届董事会第十三次 会议通知于 2024 年 8 月 9 日通过书面通知的方式送达。会议于 2024 年 8 月 19 日在公司会议室以现场表决方式召开，由公司董事长蒋伟楷先生召集并主持，本 次会议应出席董事 7 名，实际出席董事 7 名，占公司全体董事人数的 100%，公 司监事与高级管理人员列席了会议。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、董事会会议审议情况 2、审议通过《关于<2024 年半年度募集资金存放与使用情况的专项报告> 的议案》 经与会董事审议，一致认为公司已按照相关法律、法规、规范性文件的规 定和要求存放和使用募集资金，并对募集资金使用情况及时地进行了披露，不存 在募集资金使用及管理的违规情形。 具体内容详见公司同日于巨潮资讯网 ...

审核意见 根据《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》 《广州市浩洋电子股份有限公司章程》、《广州市浩洋电子股份有限公司独立董事 制度》等法律法规和规章制度的有关规定，广州市浩洋电子股份有限公司（以下 简称"公司"）独立董事召开 2024 年第三次独立董事专门会议。本次会议由公司 过半数独立董事共同推举的独立董事王艳女士主持，独立董事杨雄文先生、丁晓 明先生出席会议。经认真审阅相关材料，并对有关情况进行详细了解和分析，本 着谨慎的原则，基于客观、独立判断的立场，独立董事对公司第三届董事会第十 三次会议的相关事项发表如下审核意见： 一、关于 2024 年半年度募集资金存放与使用情况的专项报告的审核意见 经核查，2024 年半年度公司募集资金的存放和使用符合中国证监会、深圳证 券交易所关于上市公司募集资金存放和使用的相关规定，不存在违规使用募集资 金的行为，不存在改变或变相改变募集资金投向和损害股东利益的情况。 二、关于公司 2024 年半年度控股股东及其他关联方占用公司资金和公司对 外担保情况的审核意见 根据中 ...

证券代码：300833 证券简称：浩洋股份 公告编号：2024-032 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。 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》等法律法规以及《广州市浩洋电子股份有限公司募集资金管理办法》的 有关规定，广州市浩洋电子股份有限公司（以下简称"公司"）将 2024 年半年度 募集资金存放及使用情况专项说明如下： 一、募集资金基本情况 首次公开发行股票 广州市浩洋电子股份有限公司 1、募集资金到位情况 根据中国证监会"证监许可[2020]519 号"文《关于核准广州市浩洋电子股 份有限公司首次公开发行股票的批复》核准，公司向社会公众公开发行人民币普 通股（A 股）21,082,000.00 股，每股面值 1.00 元，每股发行价格 52.09 元，募集 资金总额为 1,098,161,380.00 元，扣除发行费用 100,448,034.90 元后，实际募集资 金净额为 997,713,345.10 元，其中新增股本 21,082,000.00 元人民币，股本溢价 976,631,345.10 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 668,724,307.30, representing a decrease of 5.68% compared to CNY 709,032,158.84 in the same period last year[12]. - Net profit attributable to shareholders was CNY 202,935,538.53, down 9.10% from CNY 223,245,041.18 in the previous year[12]. - The net cash flow from operating activities decreased by 37.37% to CNY 161,855,994.28, compared to CNY 258,416,782.43 in the same period last year[12]. - Basic earnings per share were CNY 1.6044, a decline of 9.09% from CNY 1.7649 in the previous year[12]. - Total assets at the end of the reporting period were CNY 2,590,082,364.24, a slight decrease of 0.48% from CNY 2,602,491,596.21 at the end of the previous year[12]. - The net assets attributable to shareholders were CNY 2,328,015,664.72, down 0.16% from CNY 2,331,828,556.81 at the end of the previous year[12]. - The company reported a total comprehensive income for the first half of 2024 was CNY 200,219,679.71, down from CNY 230,401,689.97 in the same period of 2023[138]. - The total comprehensive income for the current period is 5,929,194.33, compared to 223,245,041.18 in the previous period, reflecting a decrease of approximately 97.3%[151]. Investment and R&D - The company increased its R&D investment, launching more competitive new products to meet changing market demands[21]. - Over 70 new domestic and international patents were authorized during the reporting period, enhancing product performance and technology[24]. - Research and development expenses increased by 43.92% to ¥34,981,065.26, reflecting a stronger focus on R&D efforts[27]. - The company is investing in R&D for new technologies, with an allocated budget of 50 million yuan for the upcoming year[82]. - The company has committed to investing 100 million CNY in R&D for new technologies over the next 18 months[102]. Market and Sales - The company actively expands its domestic and international markets to enhance brand influence and sales channels[22]. - The company’s overseas sales accounted for 53.80% of total sales, with a slight decrease of 7.89% year-on-year[28]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[70]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 500 million RMB allocated for this purpose[94]. - The company reported a significant increase in user data, with a year-on-year growth of 25% in active users[80]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares for this period[3]. - The company has committed to a cash dividend policy to ensure returns for shareholders[62]. - The company reported a significant increase in cash outflow for capital expenditures, totaling 63,432,249.36, compared to 57,769,740.68 previously[146]. - The company reported a total of CNY 603,704,489.83 in financial liabilities, with no significant changes in measurement attributes of major assets during the reporting period[37]. - The company has established a robust management structure to ensure compliance with regulations and enhance operational efficiency[76]. Corporate Governance and Compliance - The company has established an ISO14001 environmental management system and OHSAS18001 occupational health and safety management system[63]. - The company maintains a strong commitment to corporate governance and compliance with regulatory standards[105]. - The company has not reported any major asset sales during the reporting period[50]. - The company has not disclosed any significant errors or corrections in accounting policies during this reporting period[153]. - The company’s financial statements have been approved by the board of directors on August 19, 2024[159]. Risk Management - The company anticipates facing various risks as outlined in the report, which investors should be aware of[3]. - The company is exposed to foreign exchange risks due to its primary reliance on exports, with currencies including USD and EUR, and is implementing forward foreign exchange contracts to manage these risks[52]. - The company has established a management system for forward foreign exchange transactions to regulate operations and risk management[47]. - The company is actively monitoring international trade policies to adapt to potential changes and reduce adverse impacts on operations[51]. Shareholder Engagement - The annual shareholders' meeting had a participation rate of 75.36% on May 20, 2024, reflecting strong investor engagement[55]. - The company will actively communicate with minority shareholders to address their concerns and suggestions regarding stock price stabilization measures[74]. - The employee stock ownership plan involves 152 employees holding a total of 297,900 shares, representing 0.24% of the company's total equity[56]. - The company has committed to improving its compensation system to align with performance measures and ensure accountability for the board of directors[79]. Environmental and Social Responsibility - The company actively engages in social responsibility initiatives, including donations for education and public health, and has received multiple honors for its contributions[63]. - The company has implemented measures to reduce carbon emissions and has not reported any pollution incidents or disputes during the reporting period[61]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[61]. Future Outlook - The company expects a revenue growth guidance of 10-15% for the second half of 2024, driven by new product launches and market expansion[68]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[81]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[90]. - The company aims to stabilize its stock price through various measures, including potential share repurchases if stock prices fall below a certain threshold[70].