关于广州市浩洋电子股份有限公司 2023 年度跟踪报告 | 保荐机构名称：兴业证券股份有限公司 | 被保荐公司简称：浩洋股份 | | --- | --- | | 保荐代表人姓名：陈全 | 联系电话：021-38565545 | | 保荐代表人姓名：王贤 | 联系电话：021-38565545 | 一、保荐工作概述 兴业证券股份有限公司 | 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数 | 0 | | 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制度、募集资金管理 | 是 | | 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 | | （2）公司募集资金项目进展是否与信息披露文件一 | 是 | | 致 | | | 4、公司治理督导情况 | | | （ ...

证券代码：300833 证券简称：浩洋股份 公告编号：2024-017 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。 | | 一种追光灯自动控 | | | | | | 自 PCT | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 制系统及追光灯自 | | | | | | 申请日 | | | | 动控制方法 | | | | 广州市浩 | | 起 20 年 | | | | （AUTOMATIC | 2021 年 | 2024 年 | | | | +期限延 | | | 3 | CONTROL SYSTEM | 01 月 | 04 月 | 11,956,873 | 洋电子股 | 发 | 长 278 | 美国 | | | | | | | 份有限公 | 明 | | | | | AND | 28 日 | 09 日 | | 司 | | 天至 | | | | CONTROL METHOD | | | | | | 2041 年 | | | | FOR ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 138.46 CNY, indicating an expected return of 15% or more over the next six months compared to the CSI 300 index [27][14]. Core Insights - The company's revenue for 2023 was 1.305 billion CNY, a year-on-year increase of 6.72%, while the net profit was 366.2 million CNY, up 2.81% year-on-year [38]. - The company is expected to achieve revenue growth of 27.60%, 25.17%, and 24.38% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 30.71%, 27.79%, and 25.06% in the same years [30]. - The company has maintained a high level of R&D investment, with 182 new patents authorized in 2023, enhancing product performance and expanding market opportunities [29]. Financial Performance - In 2023, the gross profit margin was 49.96%, a slight decrease of 0.22 percentage points year-on-year, while the net profit margin was 28.31%, down 1.15 percentage points year-on-year [10]. - The company reported a net profit of 1.01 billion CNY in Q1 2024, reflecting a year-on-year growth of 0.90% [38]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.68 CNY, 7.25 CNY, and 9.07 CNY, respectively [34]. Market Position and Growth Potential - The company is positioned as a leader in the global stage lighting market, with new production capacity expected to enhance market share [6][30]. - The domestic market is experiencing a rapid post-pandemic recovery, with the overall economic scale of the national performance market reaching 74 billion CNY in 2023, a 29% increase compared to 2019 [29]. - The company is focusing on expanding its presence in both domestic and international mid-range and architectural lighting markets, supported by its new production facilities [29].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of strong performance driven by capacity expansion and revenue growth [6] Core Views - The company is expected to benefit from the release of new production capacity, which is anticipated to drive both revenue and earnings growth [1] - The company has been actively enhancing its brand value through participation in major industry exhibitions such as London PLASA and Las Vegas LDI [1] - R&D efforts are robust, with 183 R&D personnel as of the end of 2023, an increase of 42 year-on-year, supporting the company's leading position in stage lighting products [1] Financial Performance - In 2023, the company achieved revenue of RMB 1,305 million (+6.7% YoY) and net profit attributable to shareholders of RMB 366 million (+2.8% YoY) [6] - For Q1 2024, revenue was RMB 320 million (-4.6% YoY), while net profit attributable to shareholders increased slightly to RMB 100 million (+0.9% YoY) [6] - Gross margin remained stable at 50.0% in 2023, with a slight decline in net margin to 28.3% (-1.2pct YoY) [7] - OBM business grew significantly, contributing 63.1% of total revenue in 2023 (+7.3pct YoY), while ODM business declined by 14.4% [8] Future Projections - Revenue is projected to grow to RMB 1,612 million in 2024 (+23.5% YoY), reaching RMB 2,370 million by 2026 [1] - Net profit attributable to shareholders is expected to increase to RMB 456 million in 2024 (+24.7% YoY), with further growth to RMB 692 million by 2026 [1] - EPS is forecasted to rise from RMB 4.34 in 2023 to RMB 8.21 by 2026 [1] Product and Market Analysis - The company's main products are stage entertainment lighting and architectural lighting equipment, accounting for 93.78% of total revenue in 2023 [8] - Stage entertainment lighting revenue grew by 8.0% YoY to RMB 1.21 billion in 2023, while architectural lighting revenue declined by 32.3% [8] - The company expects its second-generation laser product, Cobra, to improve product quality and revenue share, potentially driving average product prices higher in 2024 [8] Valuation Metrics - The current P/E ratio is 17.2x for 2024E, expected to decline to 11.3x by 2026E [1] - P/B ratio is projected to decrease from 3.4x in 2023 to 2.0x by 2026 [1] - ROE is forecasted to improve from 15.7% in 2023 to 17.8% by 2026 [1]

[Table_Summary] 核心观点： ⚫ 盈利预测 与 投 资 建 议 。 我 们 预 计 公 司 2024-2026 年 收 入 为 16.38/20.32/25.08 亿元，归母净利润为 4.57/5.64/6.93 亿元，EPS 为 5.42/6.69/8.22 元/股，考虑公司以出口为主，海外演艺市场恢复较快， 在手订单情况良好，议价能力较强，毛利率净利率较高且现金流良好， 因此给予 24 年 25 倍的 PE 估值，对应的合理价值为 135.18 元/股， 维持"买入"评级。 ⚫ 风险提示。竞争加剧的风险；汇兑收益不可持续的风险；海外经济波动 的风险；产能消化不及预期的风险。 -22% -15% -8% -2% 5% 12% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 浩洋股份 沪深300 daichuan@gf.com.cn sunboyang@gf.com.cn 021-38003627 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 12 月 31 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company achieved stable revenue growth in 2023, with a revenue of 1.305 billion yuan, representing a year-on-year increase of 6.72% [6][8] - The domestic sales ratio has increased, contributing to revenue stability, with domestic sales revenue rising by 111.27% year-on-year [6][2] - New product launches and the completion of new production capacity are expected to drive future growth [3][8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 366 million yuan, a year-on-year increase of 2.81% [6] - For Q1 2024, revenue was 315 million yuan, showing a decrease of 4.55% year-on-year, while net profit was 101 million yuan, up by 0.9% [1][6] - The gross profit margin for 2023 was 49.96%, down by 0.22 percentage points year-on-year, while the net profit margin was 28.31%, down by 1.15 percentage points [2] Sales and Revenue Breakdown - The company’s domestic sales accounted for 11.73% of total sales in 2023, up from 5.92% in 2022 [2] - The OBM (Original Brand Manufacturer) revenue was 823 million yuan, up 20.80% year-on-year, while ODM (Original Design Manufacturer) revenue decreased by 14.36% to 429 million yuan [6] Research and Development - The company continues to invest in R&D, adding 182 new patents in 2023, including 28 domestic and international invention patents [3] - The number of R&D personnel increased by 31.21% year-on-year, indicating a strong commitment to innovation [3] Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025 to 440 million yuan and 543 million yuan, respectively, due to slower-than-expected ramp-up of new production capacity [8] - The expected EPS for 2024, 2025, and 2026 is projected to be 5.22 yuan, 6.43 yuan, and 7.97 yuan, respectively [8]

| --- | |--------------------------| | | | | | [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 ...

广州市浩洋电子股份有限公司 关于关于变更公司注册资本及修改《公司章程》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。 证券代码：300833 证券简称：浩洋股份 公告编号：2024-010 | 不正当目的，可能损害公司合法利益 | | | | | | | --- | --- | --- | --- | --- | --- | | 的，可以拒绝提供查阅，并应当自股 | | | | | | | 东提出书面请求之日起十五日内书 | | | | | | | 面答复股东并说明理由。公司拒绝提 | | | | | | | 供查阅的，股东可以向人民法院提起 | | | | | | | 诉讼。 | | | | | | | 股东查阅前款规定的材料，可以 | | | | | | | 委托会计师事务所、律师事务所等中 | | | | | | | 介机构进行。股东及其委托的会计师 | | | | | | | 事务所、律师事务所等中介机构查 | | | | | | | 阅、复制有关材料，应当遵守《证券 | | | | | | | 法》、有关保护国家秘密、商业秘密、 | | | ...

董事会审计委员会实施细则 广州市浩洋电子股份有限公司 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对经理层的 有效监督，完善公司治理结构，根据《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》（以下简称"《公司章程》"），并按照《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办法》等有关规定，公司设立董事 会审计委员会（以下简称"审计委员会"），并制定本实施细则。 第二条 审计委员会是董事会按照股东大会决议设立的专门委员会，主要负责公司 内、外部审计的沟通、监督和核查工作，对董事会负责，向董事会报告工作。 第一章 总则 第三条 审计委员会根据《公司章程》和本细则规定的职责范围履行职责，独立工 作，不受公司其他部门干涉。 第四条 公司应当为审计委员会提供必要的工作条件，配备专门人员或者机构承担 审计委员会的工作联络、会议组织、材料准备和档案管理等日常工作。审计委员会履行 职责时，公司管理层及相关部门应当给予配合。审计委员会认为必要的，可以聘请中介 机构提供专业意见，有关费用由 ...

独立董事专门会议工作制度 第一章 总则 第一条 为进一步完善广州市浩洋电子股份有限公司（以下简称"公司"）的法人治 理结构，充分发挥独立董事在公司治理中的作用，以保障全体股东尤其是中小股东的 合法权益不受损害，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司独立董事管理办法》（以下简称"《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、行政法规、规范性文件和 《广州市浩洋电子股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 并结合公司的实际情况，制定本制度。 第二条 独立董事是指不在本公司担任除董事外的其他职务，并与公司及其主要股 东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判 断的关系的董事。 广州市浩洋电子股份有限公司 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按照有关 法律、行政法规、中国证监会规定、深圳证券交易所业务规则、《管理办法》和《公 司章程》的要求，认真履行职责，在董事会中发挥参与决策、监督制衡、专业咨询作 用，维护公司整体利益，尤其要关注中小股东的合法权益不受损害。 独立 ...