东莞证券股份有限公司 东莞恰合达自动化股份有限公司 证券发行保荐书 目 录 关于 东莞怡合达自动化股份有限公司 2023 年度向特定对象发行股票 之 证券发行保荐书 保荐机构（主承销商） （住所：东莞市莞城区可园南路一号） 二〇二四年五月 | 目 | 求 . | | --- | --- | | 声 | 明 . . | | 第一节 本次证券发行基本情况 | | | 一、保荐机构、保荐代表人、项目组成员介绍 . | | | 二、发行人基本情况 | | | 三、保荐机构及其关联方与发行人及其关联方的利害关系及主要业务往来情 | | | 况 . . | | | 四、保荐机构内部审核程序和内核意见 | | | 第二节 | 保荐机构承诺事项 | | 第三节 | 保荐机构专项核查意见 12 | | 保荐机构有偿聘请第三方等相关行为的核查 . | í | | 二、怡合达有偿聘请第三方等相关行为的核查 . | | | 三、核查结果 | | | 第四节 对本次证券发行的推荐意见 . | | | 一、发行人履行的决策程序 . | | | 二、发行人符合向特定对象发行股票条件的说明 | | | 三、发行人存在的主要风险 . | | ...

证券代码：301029 证券简称：怡合达 公告编号：2024- 033 东莞怡合达自动化股份有限公司 关于控股股东增持公司股份计划时间届满暨增持完成的公告 公司控股股东金立国先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 特别提示： 1、增持计划的基本情况：东莞怡合达自动化股份有限公司（以 下简称"公司"）于 2023 年 10 月 26 日披露了《关于控股股东增持 公司股份计划的公告》（公告编号：2023-096），公司控股股东金立 国先生拟使用自有资金或自筹资金，通过深圳证券交易所交易系统允 许的方式，包括但不限于集中竞价交易、大宗交易等方式增持公司股 份，合计拟增持金额不低于人民币 1,000 万元，不超过人民币 2,000 万元，增持价格不超过人民币 45 元/股，自增持计划公告之日起 6 个 月内择机完成。 2、增持计划的实施情况：截至本公告披露日，本次增持计划已 实施完成，金立国先生累计增持公司股份 342,657 股，占公司目前总 股本的 0.0593%，累计增持金额为 1,006.04 ...

中国深圳福田区深南大道 4011 号港中旅大厦 21A-3 层、22A、23A、24A、25A、26A 层， 21A-3/F,22A/F,23A/F,24A/F,25A/F,26A/F,CTSTower,No.4011,ShenNanRoad,ShenZhen, 电话（Tel.）：（86）755-83025555；传真（Fax.）：（86）755-83025068,83025058 邮编（P.C.)：518048；网址（Website）：http://www.huashang.cn 广东华商律师事务所 关于东莞怡合达自动化股份有限公司 控股股东增持股份的 法律意见书 2024 年 4 月 广东华商律师事务所 关于东莞怡合达自动化股份有限公司 控股股东增持股份的 法律意见书 致：东莞怡合达自动化股份有限公司 广东华商律师事务所（以下简称"本所"）接受金立国先生（以下简称 "增 持人"）的委托，就其增持东莞怡合达自动化股份有限公司（以下简称"怡合达"、 "公司"）股份之事宜（以下简称"本次增持"、"本次增持股份"）进行专项 核查并出具法律意见书。根据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和 ...

证券代码：301029 证券简称：怡合达 公告编号：2024- 030 东莞怡合达自动化股份有限公司 第三届董事会第九次会议决议公告 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 会议审议并通过如下议案： 1、审议通过《关于公司<2024 年第一季度报告>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 年第一季度报告》。 1、本次董事会由董事长金立国先生召集，会议通知于 2024 年 4 月 23 日以电话、电子邮件、专人送达等形式送达至各位董事，董事会 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、本次董事会于 2024 年 4 月 26 日在公司会议室召开，本次会 议采取现场结合通讯方式召开。 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 2 人，董事张红、冷憬、独立董事陈行甲、胡劲峰、易兰 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 ...

证券代码：301029 证券简称：怡合达 公告编号：2024-031 东莞怡合达自动化股份有限公司 第三届监事会第九次会议决议公告 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 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 年第一季度报告>的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：董事会编制和审核公司《2024 年第一季度报告》的 程序符合相关法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在虚假记载、误导性陈述 或者重大遗漏。 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 年第一季度报告》。 1、本次监事会由监事会主席林立洪先生召集，会议通知于 2024 年 4 月 23 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、 ...

Revenue and Profit Performance - Revenue for the first quarter of 2024 was RMB 540.22 million, a decrease of 23.22% compared to the same period last year[5] - Net profit attributable to shareholders of the listed company was RMB 96.29 million, a decrease of 40.22% year-on-year[5] - The company's total operating revenue for the current period is 540,223,174.40, a decrease from the previous period's 703,557,294.31[37] - Operating profit for the period was RMB 109.78 million, compared to RMB 189.87 million in the previous period[39] - Net profit for the period was RMB 96.29 million, a decrease from RMB 161.07 million in the previous period[39] - Basic earnings per share (EPS) for the period was RMB 0.17, down from RMB 0.28 in the previous period[39] Operating Costs and Expenses - Operating costs for the current period are 446,707,543.99, down from 507,714,265.12 in the previous period[37] - Sales expenses increased to 28,968,165.59 from 26,833,016.76 in the previous period[37] - Management expenses decreased to 40,252,059.36 from 41,879,906.48 in the previous period[37] - R&D expenses decreased to 25,282,021.82 from 26,829,081.38 in the previous period[37] - Financial expenses showed a net income of 2,053,676.67, compared to 2,038,316.56 in the previous period[37] - Income tax expenses decreased by 53.76% to RMB 13.33 million, reflecting a reduction in total profit[8] Cash Flow and Financial Position - Operating cash flow increased significantly by 404.68% to RMB 250.98 million[5] - Cash and cash equivalents at the end of the period increased to RMB 1.29 billion, up from RMB 1.11 billion at the beginning of the period[43] - Net cash flow from operating activities improved significantly to 250,978,885.99 yuan from -82,375,475.03 yuan[54] - Cash received from sales of goods and services increased to 574,636,396.81 yuan from 461,135,919.89 yuan[54] - Cash paid for goods and services decreased to 172,173,972.30 yuan from 368,172,052.82 yuan[54] - Cash paid for employee benefits increased to 122,278,080.38 yuan from 118,717,924.07 yuan[54] - Cash paid for taxes decreased to 20,851,901.43 yuan from 39,619,114.85 yuan[54] - Net cash flow from investing activities was -73,665,886.53 yuan, slightly improved from -78,362,442.03 yuan[54] Assets and Liabilities - Total assets increased by 1.86% to RMB 3.72 billion compared to the end of the previous year[5] - Total assets increased to 3,716,699,619.43 yuan, up from 3,648,928,036.48 yuan in the previous period[48] - Accounts receivable decreased to RMB 683.16 million from RMB 813.85 million at the beginning of the period[47] - Inventory decreased to RMB 457.54 million from RMB 471.05 million at the beginning of the period[47] - Fixed assets decreased to RMB 683.10 million from RMB 695.82 million at the beginning of the period[47] - Construction in progress increased to RMB 165.58 million from RMB 99.84 million at the beginning of the period[47] - Deferred tax assets decreased to 9,955,252.83 yuan from 11,337,829.50 yuan[48] - Non-current assets increased to 1,050,553,786.15 yuan from 999,966,196.41 yuan[48] - Total liabilities decreased to 547,433,186.84 yuan from 575,969,547.77 yuan[48] Other Income and Expenses - The company's other income surged by 1174.09% to RMB 8.82 million due to the impact of the advanced manufacturing industry's VAT deduction policy[8] - Other income increased significantly to 8,820,498.57 from 692,297.73 in the previous period[37] - Credit impairment losses turned positive at 8,458,512.77, compared to a loss of 6,164,359.74 in the previous period[37] - Asset impairment losses increased to 1,013,100.30 from 515,330.00 in the previous period[37] - Asset disposal losses were 3,888.84, compared to a gain of 14,215.94 in the previous period[37] Shareholder Equity and Investments - The company's total equity attributable to shareholders increased by 3.13% to RMB 3.17 billion[16] - Construction in progress increased by 65.85% to RMB 165.58 million, mainly due to the investment in the second phase of the South China Center for Intelligent Manufacturing Supply Chain[8] - Restricted shares held by major shareholders remained unchanged, with Jin Liguo holding 124.38 million shares and Zhang Hong holding 92.75 million shares[45] Accounts Receivable and Payable - The company's accounts receivable increased by 105.87% to RMB 4.72 million due to the receipt of commercial acceptance bills[8]

Investment Rating - The report assigns a rating of "Accumulate" for the company, with a current price of 24.32 CNY and a target value of 30.9 CNY [6]. Core Views - The company's performance is entering a bottoming phase, with pricing strategies and changes in business structure leading to a decline in gross margin. In 2023, the company achieved revenue of 2.88 billion CNY, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of 546 million CNY, up 7.7% year-on-year [1][19]. - The company is a leading one-stop supplier of automation components, with long-term growth logic driven by improvements in BOM coverage, expansion into long-tail customers, and new industry models. The potential business scale is significant, with applications in sectors such as new energy lithium batteries, photovoltaics, consumer electronics, automotive, and semiconductors [9]. Financial Summary - Revenue (million CNY): 2022A: 2515, 2023A: 2881, 2024E: 3181, 2025E: 3923, 2026E: 4947 [5]. - Net Profit (million CNY): 2022A: 506, 2023A: 546, 2024E: 598, 2025E: 729, 2026E: 922 [5]. - EBITDA (million CNY): 2022A: 610, 2023A: 685, 2024E: 768, 2025E: 925, 2026E: 1152 [5]. - EPS (CNY/share): 2022A: 0.91, 2023A: 0.95, 2024E: 1.03, 2025E: 1.26, 2026E: 1.60 [5]. - The company is expected to maintain a P/E ratio of 30x for 2024, reflecting its potential for high valuation premiums [15]. Industry Insights - The 3C industry generated revenue of 593 million CNY in 2023, accounting for 20.6% of total revenue, with a year-on-year growth of 4.3%. The industry is expected to see faster growth in 2024, with projected revenue growth rates of 40%, 38%, and 35% for 2024-2026 [10]. - The automotive sector's revenue was 193 million CNY in 2023, representing 6.7% of total revenue, with a decline of 4.3%. However, growth is anticipated in the coming years, with a projected growth rate of 25% for 2024-2026 [11]. - The semiconductor industry saw a revenue increase of 46.4% in 2023, with expectations for continued rapid growth, projecting revenue growth rates of 55% for 2024-2026 [27].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 34.98 CNY, down from the previous forecast of 57.98 CNY [1][2]. Core Insights - The company has optimized its industry structure, reducing its reliance on the lithium battery sector while actively expanding its business in other growth areas, which is expected to unlock new growth opportunities [1][2]. - The 2023 annual performance met expectations, with revenue reaching 28.81 billion CNY, a year-on-year increase of 14.58%, and net profit attributable to shareholders at 5.46 billion CNY, up 7.73% year-on-year [1][2]. - The report highlights a significant growth in the company's FB business, which is anticipated to drive a second growth curve for the company [1][2]. Financial Summary - Revenue for 2023 was 28.81 billion CNY, with a net profit of 5.46 billion CNY, reflecting a year-on-year growth of 14.58% and 7.73% respectively [1][2]. - The company’s EPS for 2024 is projected to be 1.06 CNY, down from the previous estimate of 1.67 CNY, with a new EPS forecast for 2026 at 1.47 CNY [1][2]. - The company’s total assets are expected to grow from 3,426 million CNY in 2023 to 4,247 million CNY by 2026 [2]. Industry Overview - The report indicates that the company is focusing on sectors with lower growth potential, such as 3C, semiconductors, and automotive, while optimizing its industry structure [1][2]. - The lithium battery and photovoltaic sectors are expected to maintain high growth rates, with the company adapting to market demands [1][2].

我们也坚持不发生大的偏差坚持为行业 为客户创造价值坚持以深滔滔 低作业 指导组织建设坚持长期主义和自我迭代我们的前路定将迎来直挂云帆 济沧海的这一刻 在接下来的时间里面 我们分为几个环节从不同的角度展现颐和达2023年经营的相关情况以及2024年的工作部署希望能让大家对颐和达有更深入的了解一共是七个部分第一个部分是由董事长是宽迎辞 第二个部分是由我们财务总监温馨英女士对2023年财务报告向各位做概括性的介绍第三个部分我将就公司的2023年经营产品市场供应链股份变动资本运作等相关情况向大家做汇报第四个部分由公司独立董事一兰女士介绍读懂的履职情况第五个部分由保健代表 龚启明女士就持续辅导情况做介绍第六个部分由金绿果先生介绍2024年公司重点工作的规划最后一个部分是与投资者交流互动的环节届时公司各位代表将与投资者进行线上的交流那么第一个部分我们首先有请董事长金绿果先生自宽宁时尊敬的各位投资者大家好 我是东莞伊克达董事长金立果非常感谢大家参加伊克达2023年度业绩说明会感谢大家长期以来对伊克达的支持和信任2023年面对错综复杂的外部环境国内制造业资本开支有所下降导致我们下游的设备制造商新增在手订单放缓公司营收同比增长 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 24.00 CNY [2][4] Core Insights - The company achieved a revenue of 2.881 billion CNY in 2023, representing a year-on-year growth of 14.58% [14] - The net profit attributable to the parent company for 2023 was 546 million CNY, with a year-on-year increase of 7.73% [14] - The gross margin for 2023 was 37.95%, while the net margin was 18.93% [14] - The company has a strong competitive position in the FA (Factory Automation) sector, benefiting from high demand in the photovoltaic and semiconductor industries [14] - The company has developed a comprehensive product system with 3,880 SKUs across various industries, enhancing customer retention [14] - The company’s FB (Factory Business) segment saw significant growth, with revenue exceeding 156 million CNY in 2023, a 117% increase from 2022 [14] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 3.188 billion CNY, 3.755 billion CNY, and 4.445 billion CNY respectively, with growth rates of 10.6%, 17.8%, and 18.4% [14] - The net profit projections for the same years are 631 million CNY, 743 million CNY, and 880 million CNY, corresponding to PE ratios of 22x, 19x, and 16x [14] - The company’s cash flow from operating activities is projected to be 376 million CNY in 2024, increasing in subsequent years [14]