证券研究报告·公司研究简报·通用设备 儒竞科技（301525） 热泵去库或接近尾声，新能源车持续高增 2024 年 09 月 12 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1614 | 1545 | 1507 | 1878 | 2328 | | 同比（ % ） | 25.06 | (4.28) | (2.40) | 24.57 | 23.99 | | 归母净利润（百万元） | 211.33 | 216.38 | 219.27 | 288.37 | 360.57 | | 同比（ % ） | 58.03 | 2.39 | 1.34 | 31.52 | 25.04 | | EPS- 最新摊薄（元 / 股） | 2.24 | 2.29 | 2.32 | 3 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2024-043 上海儒竞科技股份有限公司 关于召开 2024 年第二次临时股东大会通知的公告 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。 上海儒竞科技股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开 了第二届董事会第四次会议，提请召开 2024 年第二次临时股东大会，现公司董 事会决定于 2024 年 9 月 26 日下午 14:30 召开 2024 年第二次临时股东大会（以 下简称"本次会议"）。现将会议的有关情况通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性： 公司于 2024 年 8 月 27 日召开第二届董事会第四次会议，审议通过了《关于 提请召开 2024 年第二次临时股东大会的议案》。本次股东大会的召集程序符合有 关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则和《公司 章程》等有关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 ...

证券代码：301525 证券简称：儒竞科技 上海儒竞科技股份有限公司 投资者关系活动记录表 编号： 2024-005 | --- | --- | --- | |-------------------------|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's revenue for H1 2024 was 658 million yuan, a year-on-year decrease of 16%, with a net profit attributable to the parent company of 94 million yuan, down 19% [3] - The HVAC and refrigeration equipment revenue decreased by 32.13% in H1 2024, but the heat pump export is expected to gradually recover, leading to a potential rebound in revenue [3] - The new energy vehicle thermal management business saw a significant growth of 68.50% year-on-year, indicating strong demand and potential for future growth [3] - The company is increasing its investment in emerging sectors such as automation and robotics, with R&D expenses rising by 37.27% in H1 2024 [3] - Profit forecasts for 2024-2026 are 240 million, 370 million, and 450 million yuan respectively, with expected growth rates of 13%, 50%, and 23% [3] - The company's market capitalization corresponds to a PE ratio of 18 and 12 times for 2024 and 2025 respectively, maintaining a "Buy" rating [3] Financial Summary - Total revenue for 2022 was 1,614 million yuan, with a growth of 25.1%, while 2023 revenue is projected at 1,545 million yuan, a decrease of 4.3% [4] - The net profit attributable to the parent company for 2022 was 211 million yuan, with a year-on-year increase of 58.0%, and is expected to reach 216 million yuan in 2023, a growth of 2.4% [4] - The gross margin for 2024 is projected to be 24.0%, with a return on equity (ROE) of 7.5% [4] - The earnings per share (EPS) for 2024 is estimated at 2.59 yuan, with a PE ratio of 18.28 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the inventory of heat pumps may have bottomed out, and the thermal management controllers for new energy vehicles continue to grow rapidly [3][4] - The company has established long-term stable partnerships with high-quality clients in the HVAC/R sector, and its business in the new energy vehicle thermal management field is experiencing high growth [3][4] - The report maintains the original profit forecast, expecting the company's revenue for 2024-2026 to be 1.781 billion, 2.549 billion, and 3.585 billion yuan respectively, with net profits of 234 million, 373 million, and 564 million yuan respectively [3][4] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 660 million yuan, a year-on-year decrease of 16%, and a net profit of 94 million yuan, a year-on-year decrease of 19% [3] - The second quarter of 2024 saw a revenue of 360 million yuan, a quarter-on-quarter increase of 24%, and a net profit of 50 million yuan, a quarter-on-quarter increase of 17% [3] - The inventory balance at the end of the reporting period was 293 million yuan, the lowest since 2021 [3] Business Segment Analysis - In the HVAC/R sector, revenue for the first half of 2024 was 440 million yuan, down 32% year-on-year, with a gross margin of 21.7% [4] - The new energy vehicle thermal management sector generated revenue of 200 million yuan, up 69% year-on-year, with a gross margin of 25% [4] - The industrial drive sector had revenue of approximately 16 million yuan, indicating a small scale, but the company is increasing R&D investment in niche applications and robotics to cultivate future growth [4] Financial Forecast Summary - Revenue projections for 2024-2026 are 1.781 billion, 2.549 billion, and 3.585 billion yuan, with corresponding net profits of 234 million, 373 million, and 564 million yuan [5][6] - The expected EPS for 2024-2026 is 2.48, 3.96, and 5.98 yuan per share, with current price-to-earnings ratios of 17.8, 11.2, and 7.4 times respectively [5][6]

海通证券股份有限公司 关于上海儒竞科技股份有限公司 2024 年半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：儒竞科技 | | --- | --- | | 保荐代表人姓名：宋轩宇 | 联系电话：021-23185919 | | 保荐代表人姓名：郑瑜 | 联系电话：021-23185937 | 一、保荐工作概述 | 目 项 | 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 | 无 | | 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 | | | | 是 | | 资金管理制度、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 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 20% increase compared to the same period in 2023[6]. - The company's revenue for the reporting period was ¥658,239,461.64, a decrease of 16.14% compared to the same period last year[11]. - Net profit attributable to shareholders was ¥93,518,820.89, down 19.31% year-over-year[11]. - Basic and diluted earnings per share were both ¥0.99, reflecting a decline of 39.63% from the previous year[11]. - The company's total comprehensive income for the first half of 2024 was CNY 93.52 million, down from CNY 120.32 million in the first half of 2023, indicating a decrease of approximately 22.3%[115]. - The company achieved operating revenue of 658.24 million yuan, a year-on-year decrease of 16.14%[30]. - The net profit attributable to ordinary shareholders was 93.52 million yuan, down 19.31% year-on-year[30]. - Revenue from the HVAC/R sector was 439.34 million yuan, a decline of 32.13% year-on-year[30]. - Revenue from the new energy vehicle thermal management sector increased by 68.50% to 202.95 million yuan[30]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[6]. - The company is exploring potential acquisitions to strengthen its product portfolio and market position[6]. - Strategic partnerships with major clients like Haier and Mitsubishi Heavy Industries are expected to enhance supply chain efficiency[5]. - The company is focusing on the air source heat pump segment, which is a key area in the HVAC/R business, with significant growth potential[30]. - The EU plans to install an additional 30 million heat pumps by 2030, indicating a strong market opportunity[30]. Research and Development - Research and development expenses increased by 18%, focusing on energy-efficient technologies and smart home solutions[6]. - The company achieved a year-on-year increase of 37.27% in R&D expenses, totaling CNY 55.01 million during the reporting period[31]. - The company emphasizes customized product development and has a stable customer base, ensuring continuous profitability[26]. - The company is enhancing its research and development capabilities, particularly in the heat pump technology area, to meet future market demands[30]. - The company holds 64 invention patents, reflecting its commitment to innovation in the power electronics and motor control sectors[22]. Financial Position and Assets - Total assets at the end of the reporting period were ¥3,850,091,006.26, a decrease of 2.57% from the end of the previous year[11]. - The net assets attributable to shareholders increased by 1.67% to ¥3,108,424,402.71 compared to the previous year[11]. - The company's cash and cash equivalents accounted for 62.84% of total assets, amounting to ¥2,419,342,690.36[44]. - Accounts receivable increased to ¥434,746,127.59, representing 11.29% of total assets, primarily due to increased sales volume in the new energy vehicle thermal management system business[44]. Risk Management - Risk factors related to market competition and regulatory changes have been identified, with mitigation strategies outlined in the report[1]. - The company faces risks from macroeconomic fluctuations and industry policy changes, which could impact market demand and performance[60]. - The company is committed to enhancing its risk management capabilities and expanding market share to mitigate economic volatility[60]. Corporate Governance and Compliance - The company has established a multi-tier governance structure, including a board of directors, supervisory board, and various specialized committees[134]. - The company adheres to various environmental protection laws and has obtained ISO 14001 certification for its environmental management system[71]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[71]. - The company emphasizes the importance of corporate social responsibility, focusing on stakeholder protection and sustainable development[73]. Shareholder Information - The company has a total of 10,845 shareholders at the end of the reporting period[98]. - The largest shareholder, Lei Huaigang, holds 17.27% of the shares, totaling 16,287,850 shares[100]. - The company plans not to distribute cash dividends or issue bonus shares for the first half of 2024[68]. - The company distributed cash dividends of RMB 4.5 per 10 shares, totaling RMB 42,440,295.60, to shareholders on June 18, 2024[74]. Environmental and Social Responsibility - The company is committed to reducing carbon emissions and has implemented measures to manage waste effectively[72]. - The company emphasizes low-carbon and energy-efficient technology development, contributing to carbon neutrality goals[77]. - The company reported no pollution incidents or disputes during the reporting period[71]. Financial Reporting and Accounting - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations for the next 12 months[137]. - The company adheres to the accounting policies and estimates as per the relevant accounting standards, including provisions for bad debts and depreciation of fixed assets[139]. - The company recognizes significant receivables as those exceeding RMB 2 million for accounts receivable and RMB 1 million for other receivables[144].

证券代码：301525 证券简称：儒竞科技 公告编号：2024-040 上海儒竞科技股份有限公司 关于使用部分暂时闲置募集资金及自有资金 进行现金管理的公告 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。 重要内容提示： 1、投资种类：投资产品期限不超过 12 个月、并满足安全性高、流动性好的 要求的理财产品； 2、投资金额：拟使用不超过人民币 180,000.00 万元（含本数）的暂时闲置 募集资金（含超募资金）和不超过 150,000.00 万元（含本数）的自有资金进行现 金管理； 3、特别风险提示：公司对暂时闲置募集资金和自有资金进行现金管理的投 资产品属于短期低风险型产品，但金融市场受宏观经济影响较大，该项投资会受 到市场波动的影响，因此进行现金管理的实际收益不可预期，但公司预计总体风 险可控，公司将根据经济形势以及金融市场的变化适时、适量地介入。敬请投资 者理性投资，注意投资风险。 上海儒竞科技股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开 第二届董事会第四次会议、第二届监事会第四次会议，审议通过了《关于使用部 分暂时闲置募集 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2024-039 上海儒竞科技股份有限公司 第二届监事会第四次会议决议公告 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 上海儒竞科技股份有限公司（以下简称"公司"）第二届监事会第四次会议 通知于 2024 年 8 月 16 日以电话、专人送达等方式送达全体监事。会议于 2024 年 8 月 27 日在公司会议室以现场方式召开。会议应出席的监事 3 人，实际出席 的监事 3 人，本次会议由监事会主席卜卫女士召集并主持，公司董事会秘书、证 券事务代表列席了本次会议。 本次会议的召集、召开符合《中华人民共和国公司法》等相关法律、法规以 及《公司章程》的规定，会议决议合法、有效。 二、监事会审议情况 1、审议通过了《关于公司<2024 年半年度报告>及其摘要的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 1 2、审议通过了《关于公司<2024 年半年度募集资金存放与使用情况的专项 报告>的议案》 经审核，监事会认为：2024 年半年度公司募集资金的存放与使用符合相关 法律 ...

证券代码：301525 证券简称：儒竞科技 公告编号：2024-038 上海儒竞科技股份有限公司 第二届董事会第四次会议决议公告 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 上海儒竞科技股份有限公司（以下简称"公司"）第二届董事会第四次会议 通知于 2024 年 8 月 16 日以电话、专人送达等方式送达全体董事。会议于 2024 年 8 月 27 日在公司会议室以现场及通讯表决方式召开。会议应出席的董事 5 人， 实际出席的董事 5 人（独立董事朱军生、赵炎以通讯方式参加会议），本次会议 由董事长雷淮刚先生召集并主持，公司监事、高级管理人员列席了本次会议。 本次会议的召集、召开符合《中华人民共和国公司法》等相关法律、法规以 及《公司章程》的规定，会议决议合法、有效。 二、董事会审议情况 1、审议通过了《关于公司<2024 年半年度报告>及其摘要的议案》 经审议，董事会认为：公司《2024 年半年度报告》及其摘要的编制和审核程 序符合法律、法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、 准确、完整地反映了公司的实际情况， ...