Financial Performance - In the first three quarters of 2024, the company's operating income reached **XX million yuan**, representing a year-on-year growth of **6.30%** [1] - The net profit attributable to shareholders was **XX million yuan**, an increase of **8.96%** year-on-year [1] - The net profit after deducting non-recurring gains and losses grew by **9.82%** [1] Product Development and Market Position - The company has a strong vertical integration strategy in its cleaning system business, allowing for in-house production of key components such as cleaning pumps and nozzles [1] - The company is recognized as a hidden champion in the cleaning pump sector, with a high global market share and a solid reputation among end customers [2] - The company is actively expanding its ADAS (Advanced Driver Assistance Systems) cleaning system customer base, with products already adapted for clients like Waymo and Meituan [2] Overseas Operations - The U.S. factory is in the ramp-up phase for certain projects, but profitability is expected to be challenging in the short term [3] - The Thailand facility is anticipated to achieve profitability more quickly due to lower asset burdens and efficient capacity expansion [3] Future Investment Plans - Future investments will focus on new projects, including a new automotive parts production base in Thailand, with an annual output of **19.54 million** automotive micro-motors [3] - The company plans to adjust its investment strategy based on performance and market conditions [3] Pricing Strategy and Market Competition - The automotive industry remains competitive, leading to pricing pressures on the company's cleaning system business, primarily serving OEMs [3] - The company employs two pricing strategies: annual reductions and one-time discounts to maintain market share [3] - Despite short-term margin pressures, the company expects absolute growth in revenue and profit [3]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has demonstrated steady business development and is continuously advancing its global layout, with a revenue of 700 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6% [1]. - The net profit attributable to the parent company for the same period reached 160 million yuan, up 9% year-on-year [1]. - In Q3 2024, the company reported a revenue of 240 million yuan, which is a 9% increase quarter-on-quarter but a 9% decrease year-on-year [1]. - The company is well-positioned in the automotive supply chain, serving major clients such as BMW, Honda, and BYD, and has established production bases in various locations including the US and Thailand [1]. Financial Performance - For Q1-Q3 2024, the company's gross margin was 35.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 23.2%, an increase of 0.6 percentage points year-on-year [2]. - In Q3 2024, the gross margin was 33.9%, down 3 percentage points year-on-year, and the net profit margin was 19.9%, down 2 percentage points year-on-year [2]. - The financial expenses for Q3 2024 amounted to 860,000 yuan, a significant increase from the previous quarter, primarily due to foreign exchange losses [2]. Growth Prospects - The company is capitalizing on the growing demand for ADAS intelligent cleaning systems and has made significant advancements in the development of humanoid robots, which are expected to open new market opportunities [3]. - The forecasted net profits for 2024-2026 are 220 million, 270 million, and 350 million yuan respectively, corresponding to PE ratios of 26, 22, and 17 times [3]. Financial Metrics - The projected revenue for 2024 is 988 million yuan, with a growth rate of 7% year-on-year, and the net profit is expected to be 222 million yuan, reflecting a 10% year-on-year increase [4]. - The earnings per share (EPS) for 2024 is estimated at 2.78 yuan, with a net asset return rate of 17.3% [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 28.6 in 2023 to 26.0 in 2024, indicating a favorable valuation trend [4].

Financial Performance - The company's revenue for Q3 2024 was ¥241,226,750.58, a decrease of 8.69% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥47,884,722.29, down 18.39% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥46,134,496.03, reflecting an 18.76% decrease compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.59, a decline of 20.27% compared to the same period last year[2]. - Total operating revenue for Q3 2024 reached CNY 704,095,005.24, an increase of 6.36% compared to CNY 662,356,794.58 in the same period last year[16]. - Net profit for Q3 2024 was CNY 163,522,309.01, up 8.99% from CNY 150,072,697.55 in Q3 2023[17]. - The net profit attributable to the parent company shareholders for the current period is ¥163,522,309.01, an increase from ¥150,072,697.55 in the previous period, representing an increase of approximately 8.9%[19]. - The total comprehensive income attributable to the parent company owners is ¥166,583,872.42, compared to ¥148,922,851.75 in the previous period, reflecting a growth of about 11.9%[19]. - Basic and diluted earnings per share for the current period are both ¥2.04, up from ¥1.88 in the previous period, indicating an increase of approximately 8.5%[19]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥1,491,029,808.16, representing a 5.12% increase from the end of the previous year[2]. - Total assets increased to CNY 1,491,029,808.16, compared to CNY 1,418,451,291.38 at the end of Q3 2023, reflecting a growth of 5.1%[15]. - Total liabilities decreased to CNY 258,715,959.13 from CNY 320,721,314.77, a reduction of 19.3% year-over-year[16]. - The total non-current assets amounted to CNY 513,734,800.81, up from CNY 471,550,100.22, indicating an increase of 8.3%[15]. Cash Flow - The cash flow from operating activities for the year-to-date period decreased by 20.73%, totaling ¥144,853,210.19[2]. - Cash inflow from operating activities is ¥739,282,034.59, compared to ¥669,888,310.11 in the previous period, marking an increase of about 10.4%[21]. - Cash outflow from operating activities totals ¥594,428,824.40, up from ¥487,157,069.53 in the previous period, which is an increase of approximately 22%[21]. - The net cash flow from operating activities is ¥144,853,210.19, down from ¥182,731,240.58 in the previous period, indicating a decrease of about 20.8%[21]. - The net cash flow from investing activities is -¥132,586,244.72, compared to ¥25,136,655.49 in the previous period, showing a significant decline[22]. - Cash and cash equivalents at the end of the period amount to ¥291,956,445.79, compared to ¥264,708,427.47 at the end of the previous period, reflecting an increase of approximately 10.3%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,433, with the largest shareholder, Ningbo Hengshuai Investment Management Co., holding 53.59% of shares[8]. - The company’s major shareholder, Yu Guomei, holds 17.86% of shares, with a total of 14,289,371 shares[8]. - The total number of restricted shares held by Ningbo Hengshuai Investment Management Co. is 42,868,113, with a voluntary lock-up period extended until April 21, 2025[11]. - The company’s restricted shares held by major shareholders remain unchanged, with a total of 58,681,792 restricted shares at the end of the period[11]. - Ningbo Yumi Equity Investment Management Partnership reduced its holdings by 685,700 shares between October 8 and October 22, 2024[12]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[10]. Other Financial Metrics - The cash balance of approximately ¥291.96 million at the end of September 2024, down from ¥311.56 million at the beginning of the period[13]. - The trading financial assets increased to approximately ¥308.56 million, compared to ¥241.12 million at the beginning of the period, indicating a growth of about 28%[13]. - Accounts receivable decreased to approximately ¥229.65 million from ¥254.66 million, reflecting a reduction of about 9.8%[13]. - The company reported a significant increase of 168.40% in receivables financing, amounting to ¥6,732,578.23[5]. - The fair value change income for the year-to-date period was ¥2,435,610.67, a 630.36% increase compared to the previous year[6]. - The company reported a financial income of CNY 8,650,420.10, significantly higher than CNY 3,895,682.38 in Q3 2023, marking an increase of 122.5%[17]. - Research and development expenses for Q3 2024 were CNY 22,591,742.38, an increase of 17.5% from CNY 19,173,490.42 in Q3 2023[17]. - Inventory as of Q3 2024 was CNY 111,425,210.36, slightly down from CNY 112,567,005.41 in the previous year[15]. - The company aims to expand its market presence and enhance product development, although specific figures or timelines were not disclosed in the report[18]. - The company’s prepayment items increased to approximately ¥7.43 million from ¥6.14 million, showing an increase of about 21%[13].

证券代码：300969 证券简称：恒帅股份 公告编号：2024-061 宁波恒帅股份有限公司 第二届监事会第十七次会议决议公告 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 宁波恒帅股份有限公司（以下简称"公司"）第二届监事会第十七次会议于 2024 年 10 月 29 日在公司会议室以现场方式召开，会议通知于 2024 年 10 月 24 日以电子邮件与电话相结合的方式发出。本次会议由监事会主席邬赛红女士召集 并主持，会议应到监事 3 人，实到监事 3 人。本次会议召集和召开程序及参会人 员符合《公司法》及《公司章程》的规定，表决所形成决议合法、有效。公司董 事会秘书列席了会议。 二、监事会会议审议情况 出席会议的监事认真审议了下述议案，并以记名投票表决的方式审议通过如 下议案： 1、审议通过了《关于 2024 年第三季度报告的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《2024 年第三季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 1、宁波恒帅股份有限公司第二 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2024-060 宁波恒帅股份有限公司 第二届董事会第十九次会议决议公告 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 宁波恒帅股份有限公司（以下简称"公司"）第二届董事会第十九次会议于 2024 年 10 月 29 日在公司会议室以现场的方式召开。会议通知于 2024 年 10 月 24 日以电子邮件与电话相结合的方式发出。本次会议由公司董事长许宁宁先生 召集并主持，会议应到董事 5 名，实到董事 5 名，本次会议召集和召开程序及参 会人员符合《公司法》及《公司章程》的规定，表决所形成决议合法、有效。公 司监事、高级管理人员列席了会议。 二、董事会会议审议情况 宁波恒帅股份有限公司董事会 2024 年 10 月 30 日 1、审议通过了《关于 2024 年第三季度报告的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《2024 年第三季度报告》。 本项议案已经公司董事会审计委员会审议通过。 表决结果：5 票同意，0 票反对，0 票弃权。 三、 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2024-058 宁波恒帅股份有限公司 关于公司实际控制人的一致行动人股份减持计划提前结束 暨减持计划实施完成的公告 1、减持股份情况 2、股东本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（万股） 占总股本比例 | | 占总股本比 股数（万股） | | | | | | | | 例 | | 宁波玉米 | 合计持有股份 其中：无限售 | 284.25 131.82 | 3.55% 1.65% | 215.68 63.25 | 2.70% 0.79% | | | 条件股份 | | | | | | | 有限售条 件股份 | 152.43 | 1.91% | 152.43 | 1.91% | 注 1：集中竞价交易减持的股份来源为公司首次公开发行前持有的股份。 注 2：本表所涉数据的尾数差异系四舍五入所致。 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。 宁波恒帅 ...

股票简称：恒帅股份 股票代码：300969 宁波恒帅股份有限公司 NINGBO HENGSHUAI Co., LTD. （浙江省宁波市江北区通宁路 399 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐人（主承销商） （四川省成都市东城根上街 95 号） 二〇二四年十月 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营 ...

上海国瓴律师事务所 关于 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（六） 上海国瓴律師事務所 SHANGHAI GUOLING LAW FIRM 二〇二四年十月 | 释 义 3 | | --- | | 第一节 律师声明事项 3 | | 第二节 补充披露期间的补充法律意见 6 | | 一、本次发行的批准和授权 6 | | 二、本次发行的主体资格 6 | | 三、本次发行的实质条件 6 | | 四、发行人的设立 12 | | 五、发行人的独立性 12 | | 六、发起人、主要股东及实际控制人 12 | | 七、发行人的股本及演变 13 | | 八、发行人的业务 14 | | 九、关联交易及同业竞争 15 | | 十、发行人的主要财产 17 | | 十一、发行人的重大债权债务 20 | | 十二、发行人重大资产变化及收购兼并 21 | | 十三、发行人章程的制定与修改 22 | | 十四、发行人股东大会、董事会、监事会议事规则及规范运作 22 | | 十五、发行人董事、监事和高级管理人员及其变化 24 | | 十六、发行人的税务及财政补贴 24 | | 十七、发行人的环境保护、安全生产 ...

国金证券股份有限公司 关于 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） 国金证券股份有限公司 NOLINK SECURITIES CO., LTD. (四川省成都市东城根上街 95 号) 二〇二四年十月 声 明 本保荐机构及保荐代表人已根据《中华人民共和国公司法》（下称"《公司 法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上市 保荐业务管理办法》（下称"《保荐管理办法》"）、《上市公司证券发行注册管 理办法》（下称"《注册管理办法》"）、《深圳证券交易所创业板股票上市规则》 （下称"《上市规则》"）等有关法律、行政法规和中国证券监督管理委员会（下 称"中国证监会"）、深圳证券交易所有关规定，诚实守信，勤勉尽责，严格按照 依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、 准确、完整。 在本上市保荐书中，相关用语具有与《宁波恒帅股份有限公司向不特定对象 发行可转换公司债券募集说明书》中相同的含义。 3-3-1 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券上市保荐书 目 录 | 声 明… | | --- | | 日 ...

6-1-1 | | 页 次 | | | --- | --- | --- | | | 1-6 | 一、审计报告 | | | 7-20 | 二、财务报表 | | (一) 合并资产负债表 | 7-8 | | | (二) 合并利润表 | 9 | | | (三) 合并现金流量表 | 10 | | | (四) 合并所有者权益变动表 | 11-13 | | | (五) 母公司资产负债表 | 14-15 | | | (六) 母公司利润表 | 16 | | | (七) 母公司现金流量表 | 17 | | | (八) 母公司所有者权益变动表 Et I. Box 1.00 -2 - 1.0 1 1. 1. | 18-20 | | 6-1-2 审计报告 中汇会审[2024]10008号 宁波恒帅股份有限公司全体股东: 一、审计意见 我们审计了宁波恒帅股份有限公司(以下简称恒帅股份)财务报表,包括2021 年12月31日、2022年12月31日、2023年12月31日的合并及母公司资产负债表, 2021年度、2022年度、2023年度的合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表以及财务报表附注。 我们认 ...