Core Insights - The company reported a significant increase in net cash flow from operating activities by 93.56%, while net profit decreased by 25.87, indicating a disparity between cash generation and profitability [5][3]. Financial Performance Summary - Revenue for 2024 was 2,504,458,688.16 yuan, a decline of 13.08% from 2023's 2,881,494,793.13 yuan, primarily due to demand fluctuations in the new energy lithium battery and photovoltaic sectors [2]. - The net profit attributable to shareholders was 404,396,271.37 yuan, down 25.87% from 545,531,895.44 yuan in 2023, with basic earnings per share dropping from 0.95 yuan to 0.69 yuan, a decrease of 27.37% [3]. - The gross profit margin fell to 35.26%, a decline of 2.69% from the previous year, indicating weakened product profitability [3]. Expense Analysis - Sales expenses decreased by 4.39% to 136,991,636.60 yuan, attributed to reduced marketing costs [4]. - Management expenses increased by 7.06% to 202,943,968.27 yuan due to expanded operations and higher personnel costs [4]. - Financial expenses saw a significant decrease of 517.16%, resulting in a net financial income of -31,569,281.32 yuan, due to improved fund management [4]. Cash Flow Analysis - The net cash flow from operating activities was 728,570,893.53 yuan, a substantial increase from 376,405,176.08 yuan in 2023 [5]. - Investment activities resulted in a net cash outflow of -602,060,932.16 yuan, with significant increases in cash outflows due to new investments [5]. - Financing activities generated a net cash inflow of 597,627,777.61 yuan, primarily from new share issuance [6]. R&D and Personnel Insights - R&D expenditure decreased by 15.99% to 1,078,548,777.84 yuan, representing 4.31% of revenue, which may impact future product innovation [7]. - The number of R&D personnel decreased by 7.91% to 396, indicating potential challenges in maintaining innovation capacity [8]. Market and Competitive Landscape - The company faces risks from demand fluctuations in downstream industries, which accounted for 70.76% of its main business revenue [9]. - Competition from large multinational corporations and numerous small manufacturers poses a challenge, necessitating continuous enhancement of core competencies [11]. Management and Governance - High executive compensation remains a concern, as some salaries did not decrease in line with the 25.87% drop in net profit, raising questions about the alignment of pay with performance [15].

Core Viewpoint - The company, Zhangguang Co., Ltd. (301029), reported a revenue of 572 million yuan for 2024, marking an 8.67% year-on-year increase, with significant growth in sectors such as hydrometallurgy, biomedicine, and nuclear industry products [1][2][3] Financial Performance - The total assets of the company reached 2.21 billion yuan, an increase of 8.38% year-on-year, while net assets grew by 3.66% to 1.89 billion yuan [1] - The company plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling 34.74 million yuan [1] Market Position and Growth - Zhangguang Co., Ltd. is a leading enterprise in the domestic ion exchange and adsorption resin market, achieving a capacity utilization rate of 113.48% in 2024 [2] - Revenue from industrial water treatment and food/drinking water sectors reached 170 million yuan and 175 million yuan, accounting for 29.69% and 30.65% of total revenue, respectively [2][3] Product Development and Innovation - The company has focused on optimizing its product structure based on market demand, resulting in significant sales growth in high-margin sectors: hydrometallurgy (70.33%), biomedicine (49.37%), and nuclear industry products (45.88%) [3][4] - Research and development investment reached 29.8 million yuan, representing 5.21% of revenue, with 84 R&D personnel [5] Strategic Collaborations and Achievements - The company collaborates with universities and research centers to enhance product development and has been recognized as a key high-tech enterprise under the National Torch Program [6] - Zhangguang Co., Ltd. has established a broad customer base, serving over 10,000 clients globally, including major international and domestic companies [4][6] Future Outlook - The company aims to become an internationally leading manufacturer of ion exchange and adsorption resins, focusing on technology innovation and brand development [8]

Investment Rating - The report upgrades the investment rating of the company to "Buy" based on the anticipated performance turnaround [11]. Core Views - The company experienced a revenue decline in 2024 due to structural adjustments, but a performance inflection point is expected in Q1 2025 [2]. - The revenue for 2024 was 2.504 billion yuan, down 13.08% year-on-year, with a net profit of 404.4 million yuan, down 25.87% year-on-year [2]. - In Q1 2025, the company reported a revenue of 620 million yuan, up 14.8% year-on-year, and a net profit of 122 million yuan, up 26.5% year-on-year [3]. Revenue Structure and Performance - In 2024, the revenue breakdown by industry showed significant declines in the lithium battery and photovoltaic sectors, while the 3C and automotive sectors showed growth [2]. - The lithium battery sector generated 463 million yuan, down 48.03%, while the automotive sector generated 251 million yuan, up 29.94% [2]. - The company's gross margin decreased to 35.26% in 2024, down 2.69 percentage points year-on-year, but improved to 38.10% in Q1 2025, up 3.07 percentage points year-on-year [4]. Financial Metrics - The company’s operating cash flow improved significantly, reaching 729 million yuan in 2024, up 93.56% year-on-year [5]. - The net profit margin for 2024 was 16.15%, down 2.79 percentage points year-on-year, but increased to 19.64% in Q1 2025 [4]. - The company’s total revenue is projected to grow to 3.019 billion yuan in 2025, with a net profit of 552.8 million yuan, reflecting a recovery trend [11]. Business Development - The company is deepening its FA (Factory Automation) business with a comprehensive product system covering 196 categories and 4437 subcategories [6]. - The FB (Flexible Business) segment is expected to enter a rapid growth phase, leveraging smart systems to meet market demands [6].

Investment Rating - The report upgrades the investment rating of the company to "Buy" based on the anticipated performance recovery and earnings inflection point [11]. Core Views - The company experienced a revenue decline in 2024 due to structural adjustments, but a performance turnaround is expected in Q1 2025 [2][3]. - The company is focusing on profit-oriented strategies, moving away from low-margin orders in the renewable energy sector [4]. - Significant improvements in cash flow from operating activities were noted, indicating better collection and management of receivables [5]. Revenue and Profit Analysis - In 2024, the company reported total revenue of 2.504 billion yuan, a year-on-year decrease of 13.08%, and a net profit attributable to shareholders of 404.4 million yuan, down 25.87% [2]. - For Q1 2025, the company achieved revenue of 620 million yuan, a year-on-year increase of 14.8%, with a net profit of 122 million yuan, up 26.5% [3]. Margin and Cost Structure - The gross margin for 2024 was 35.26%, a decrease of 2.69 percentage points year-on-year, while Q1 2025 saw a gross margin of 38.10%, an increase of 3.07 percentage points [4]. - The company’s net profit margin for 2024 was 16.15%, down 2.79 percentage points, but improved to 19.64% in Q1 2025 [4]. Industry Performance - The revenue breakdown by industry in 2024 showed significant declines in the lithium battery and photovoltaic sectors, while the 3C and automotive sectors experienced growth [2]. - The company is expanding its FA (Factory Automation) and FB (Flexible Business) operations, with a focus on product development and addressing long-tail orders [6]. Financial Forecasts - The company’s projected net profit for 2025 is 553 million yuan, with further growth expected in subsequent years, reaching 791 million yuan by 2027 [11]. - The current price-to-earnings ratio is projected to decrease from 31.76 in 2024 to 16.24 by 2027, indicating potential value appreciation [12].

证券代码：301029 证券简称：怡合达 公告编号：2025-010 东莞怡合达自动化股份有限公司 第三届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、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 1、本次监事会由监事会主席林立洪先生召集，会议通知于 2025 年 4 月 15 日通过电话、电子邮件、专人送达等形式送达至各位监事， 监事会会议通知中包括会议的相关材料，同时列明了会议的召开时间、 地点、内容和方式。 2、本次监事会于 2025 年 4 月 25 日在公司会议室召开，本次会议 采取现场与通讯相结合的方式召开。 3、本次监事会应出席 3 人，实际出席 3 人，其中现场出席人数为 1 人，唐铁光先生、万知永先生以通讯方式参加会议并表决。 4、本次监事会由监事会主席林立洪先生主持。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司 法》等法律法规和《公司章程》的有关规定。 二、监事会会议审议情况 会议审议并通过如下议案： 1、审议通过《关于公司<2024 年年度报告及摘要>的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 ...

证券代码：301029 证券简称：怡合达 公告编号：2025- 009 东莞怡合达自动化股份有限公司 第三届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 3、本次董事会应出席 7 人，实际出席会议人数为 7 人，其中现场 出席人数为 6 人，董事冷憬以通讯方式参加会议并表决。 4、本次董事会由董事长金立国先生主持，公司监事及高级管理人 员、证券部工作人员列席了会议。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司 法》等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 会议审议并通过如下议案： 1、审议通过《关于公司<2024 年年度报告及摘要>的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票，议案获得通过。 详细情况见公司同日在中国证监会创业板指定信息披露网站巨潮 资讯网披露的《2024 年年度报告》及《2024 年年度报告摘要》等相 关公告。 1、本次董事会由董事长金立国先生召集，会议通知于 2025 年 4 月 15 日以电话、电子邮件、专人送达等形式送达至各位董事， ...

东莞怡合达自动化股份有限公司 关于 2024 年度利润分配预案及 2025 年中期分红规划的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 东莞怡合达自动化股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日分别召开第三届董事会第十五次会议和第三届监事会第十四 次会议，审议通过了《关于<2024 年度利润分配预案及 2025 年中期分 红规划>的议案》，本议案尚需提交公司股东大会审议。现将具体情 况公告如下： 一、2024 年度利润分配预案基本情况 经立信会计师事务所（特殊普通合伙）审计，公司 2024 年度合并 报表归属于上市公司股东的净利润为 40,439.63 万元，其中母公司实 现净利润 24,899.65 万元。截至 2024 年 12 月 31 日，公司合并报表累 计未分配利润为 168,970.72 万元，母公司累计可供分配利润为 141,698.92 万元。 证券代码：301029 证券简称：怡合达 公告编号：2025-015 （一）公司近三年利润分配相关指标如下： | 项目 | 2024 年度 | 2023 年度 | 20 ...

东莞怡合达自动化股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025] 第 ZI10386 号 东莞怡合达自动化股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-88 | 审 计 报 告 信会师报字[2025]第 ZI10386 号 东莞怡合达自动化股份有限公司全体股东： 一、 审计意见 我们审计了东莞怡合达自动化股份有限公司（以下简称东莞怡合 达公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 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相关财务报表附 ...

东莞证券股份有限公司 关于东莞怡合达自动化股份有限公司 2024 年度募集资金存放与使用情况之专项核查意见 东莞证券股份有限公司（以下简称"东莞证券""保荐机构"）作为东莞怡合达 自动化股份有限公司（以下简称"怡合达""公司"）2023 年度向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》等文件的要求，对怡合达 2024 年度募集资金存放与使用情况进行了审慎核 查，核查情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据公司第二届董事会第二十二次会议、2023 年第一次临时股东大会、第二 届董事会第二十四次会议、第三届董事会第七次会议和 2024 年第二次临时股东大 会审议通过，并经中国证券监督管理委员会于 2024 年 5 月 16 日出具的《关于同 意东莞怡合达自动化股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2024〕804 号）同意东莞怡合达公司发行人民 ...

东莞证券股份有限公司 关于东莞怡合达自动化股份有限公司 首次公开发行股票并在创业板上市 持续督导保荐总结报告书 东莞证券股份有限公司（以下简称"保荐机构"或"东莞证券"）作为东莞 怡合达自动化股份有限公司（以下简称"怡合达"或"公司"）首次公开发行股 票并在创业板上市的持续督导机构，持续督导职责期限至 2024 年 12 月 31 日。 东莞证券根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则》等有关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 | 项目 | 内容 | | --- | --- | | 保荐机构名称 | 东莞证券股份有限公司 | | 注册地址 | 东莞市莞城区可 ...