法律意见书 浙江天册律师事务所 关于 诺力智能装备股份有限公司 编号：TCYJS2025H0734 号 法律意见书 致：诺力智能装备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受诺力智能装备股份有限公司 （以下简称"诺力股份" 或"公司"）的委托，指派本所律师参加贵公司 2024 年 年度股东大会，并根据《中华人民共和国证券法》以下简称（"证券法"）、《中 华人民共和国公司法》（以下简称"公司法"）和中国证券监督管理委员会关于 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本法律 意见书随诺力股份本次股东大会其他信息披露资料一并公告，并依法对本所在其 中发表的法律意见承担法律责任。 本所律师根据《股东大会规则》第五条的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神， ...

袁方1 张端怡（联系人）2魏薇（联系人）3 2025 年 05 月 19 日 内容提要 国投证券宏观定期报告 周度经济观察 ————关税影响体现，后续风险可控 4 月工业增加值同比、PPI 环比出现走弱，同时投资、消费、出口出现小幅 下滑，这些数据表明受对等关税的影响，我国总需求出现收缩。 不过考虑到关税谈判的积极进展、与稳增长政策的出台，预计 5 月、6 月经 济减速的幅度或许相对温和，经济失速的风险可控。 近期资金利率出现抬升，部分投资者担心 1 月中旬局面的重现。不过当前经 济面临的下行压力大于年初、汇率贬值的压力弱于当时、同时债券市场收益率的 中枢也更高。因此从各个维度来讲，央行重新大幅收紧资金的概率似乎有限。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2联系人，zhangdy2@essence.com.cn，S1450123040002 3联系人，weiwei2@essence.com.cn，S1450123100017 第 1 页， ...

中国经济网北京5月19日讯三达膜(688101.SH)昨日晚间发布董事、高级管理人员集中竞价减持股份计划 公告。因自身资金需求，公司董事、总经理方富林和公司财务总监唐佳菁拟自减持股份计划公告披露之 日起15个交易日后的3个月内通过集中竞价方式进行减持其持有的公司股份，分别不超过281,362股、 133,762股。 上述股份减持价格按减持实施时的市场价格确定。在减持计划实施期间，公司若发生送股、资本公积金 转增股本、增发新股或配股等变动事项，减持股份数量将根据公司届时最新的总股本数量及减持计划比 例进行相应调整。 截至公告披露日，公司董事、总经理方富林持有公司1,125,450股，占公司总股本的0.3390%；公司财务 总监唐佳菁持有公司535,050股，占公司总股本的0.1612%。上述股份来源均为公司首次公开发行股票并 上市前取得的股份，且已于2020年11月16日起上市流通。 年报显示，公司实际控制人为蓝伟光(LAN WEIGUANG)和陈霓(CHEN NI)夫妇，新加坡国籍。 三达膜于2019年11月15日在上交所科创板上市，发行数量为8,347.00万股，发行价格为18.26元/股，保荐 机构(主承 ...

Core Viewpoint - The company, Honghua Digital Technology, has shown rapid growth in performance, with significant revenue and profit increases, particularly in the digital printing sector, leading to an "Accumulate" rating from Zhongyou Securities [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.79 billion yuan, a year-on-year increase of 42.30%, and a net profit attributable to shareholders of 414 million yuan, up 27.40% [2]. - For Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, and a net profit of 108 million yuan, up 25.20% [2]. Product Performance - The digital printing equipment segment grew by 47.84%, with revenues from digital printing equipment, ink, automation sewing equipment, digital printing devices, and others reaching 905 million, 518 million, 145 million, 136 million, and 69 million yuan respectively, with growth rates of 47.84%, 26.15%, 37.67%, 114.66%, and 15.16% [3]. - The gross margin for 2024 was 44.95%, a decrease of 1.59 percentage points, with specific declines in digital printing equipment and ink margins [3]. Capacity Expansion - The company is progressing with key projects, including a factory capable of producing 2,000 sets of industrial digital printing equipment, which has reached significant production capacity [4]. - The construction of a new production line for 3,520 sets of industrial digital printing equipment is also advancing, with foundational work completed and key equipment being installed [4]. Market Exploration - The company is leveraging its core digital printing technology to explore applications in other fields, such as book printing and decorative materials, with revenues from book printing equipment reaching 136 million yuan, a 114.66% increase [5]. - The company is also developing solutions for high-end small-batch dyeing fabrics and is integrating its German subsidiary with domestic automation equipment departments to reduce manufacturing costs [5]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 2.32 billion, 2.99 billion, and 3.78 billion yuan, with year-on-year growth rates of 29.73%, 28.80%, and 26.44% respectively [6]. - The estimated net profit for the same period is 532 million, 680 million, and 858 million yuan, with corresponding growth rates of 28.47%, 27.77%, and 26.10% [6].

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase of over 20% on May 15 and 16, 2025, and a total increase of over 100% from May 7 to May 16, 2025 [2][3] - The company conducted a verification process and found no need for corrections or supplements to previously disclosed information, and no significant changes in its operational environment [3][6] - The company's stock closed at 14.17 yuan per share on May 16, 2025, with a static price-to-earnings ratio of 121.93 times and a price-to-book ratio of 5.18, indicating significant discrepancies compared to industry averages [4] Group 2 - The company confirmed that there are no undisclosed significant matters that could lead to severe stock trading fluctuations, and it has complied with fair information disclosure regulations [5][6] - The company operates in the specialized equipment manufacturing and aerospace components manufacturing sectors, with the latter being influenced by recent geopolitical changes and increased market interest in military-related stocks [8] - The company cautioned investors about potential irrational trading behaviors and emphasized the importance of rational investment decisions, especially given the current market volatility [8]

Group 1 - Several listed companies, including Chengfei Integration and Lijun Co., have issued announcements regarding abnormal stock fluctuations, urging investors to make rational decisions and be cautious in their investments [1][2] - Chengfei Integration reported a cumulative price increase of 112.98% over eight consecutive trading days, with its main business focused on automotive parts and tooling, accounting for 96.91% of revenue in 2024 [1] - As of May 16, Chengfei Integration's closing price was 35.89 CNY per share, with a static P/E ratio of -187.12 and a P/B ratio of 3.79, significantly differing from the industry averages of 27.61 for P/E and 2.36 for P/B [1] Group 2 - Lijun Co. also experienced significant stock fluctuations, with its closing price at 14.17 CNY per share, a static P/E ratio of 121.93, and a P/B ratio of 5.18, which are considerably higher than the industry averages of 29.60 for P/E and 2.82 for P/B [2] - The company indicated that its stock may be subject to speculative trading due to heightened interest in military and aerospace concepts amid changing geopolitical conditions [2] - Other companies such as Yushansha A, Cita Co., and Zhengzhong Design have also issued similar announcements, emphasizing the importance of rational investment and risk awareness [2]

Core Viewpoint - The article discusses the significant stock price fluctuations of several companies, highlighting potential irrational trading behaviors and the need for investors to assess company values rationally. Group 1: Chengfei Integration (成飞集成) - Chengfei Integration announced an abnormal stock price fluctuation, with a cumulative increase of 112.98% over eight consecutive trading days from May 7 to May 16 [1] - The company primarily focuses on automotive parts and tooling, with automotive parts and tooling accounting for 96.91% of revenue in 2024, while aerospace parts contribute only 1.74% [3] - As of May 16, the closing price was 35.89 CNY per share, with a static P/E ratio of -187.12 and a P/B ratio of 3.79 [3] - The company's P/E and P/B ratios significantly differ from the industry averages of 27.61 for P/E and 2.36 for P/B, indicating potential market overreaction and trading risks [3] Group 2: Lijun Shares (利君股份) - Lijun Shares also experienced severe stock price fluctuations, with seven out of the last eight trading days hitting the daily limit [1] - The company specializes in grinding systems and aerospace parts, with recent heightened interest in military-related stocks due to geopolitical factors [5] - As of May 16, the closing price was 14.17 CNY per share, with a static P/E ratio of 121.93 and a P/B ratio of 5.18, which are significantly higher than the industry averages of 29.60 for P/E and 2.82 for P/B [5] Group 3: Other Companies - Yuzhangxia A (渝三峡A) had nine out of the last thirteen trading days hitting the daily limit, prompting the company to advise investors to assess the company's value carefully [6] - Other companies such as Cita (集泰股份), Zhengzhong Design (郑中设计), and Hasanlian (哈三联) also issued announcements regarding stock price volatility, urging investors to invest rationally and be aware of risks [8]

Group 1 - The company's stock experienced significant abnormal trading fluctuations, with a cumulative price increase deviation exceeding 20% over two consecutive trading days on May 15 and 16, 2025, and a total deviation exceeding 100% over eight consecutive trading days from May 7 to May 16, 2025 [1][2] - The company confirmed that there are no undisclosed significant matters or information that should have been disclosed according to the Shenzhen Stock Exchange's regulations [2][3] - The company operates in specialized equipment manufacturing and aerospace component manufacturing, with static and rolling price-earnings ratios differing significantly from industry averages [1][2] Group 2 - The company acknowledges the recent heightened market interest in military-related stocks due to geopolitical changes, which may lead to speculative trading behavior in its stock [2] - The company emphasizes the importance of rational investment and warns investors about potential trading risks associated with its stock [2][3]

| | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 24,594,583.59 | 144,040,552.02 | -82.93% | 86,256,162.59 | | 归属于上市公司股东 的净利润(元) | -52.784.096.15 | -62.580.095.29 | 15.65% | -81,070,520.63 | | 的扣除非经常性损益 | -63.240.797.87 | -79,842,966.04 | 20.79% | -88.314.359.02 | | 的净利润(元) | | | | | | 经营活动产生的现金 流量净额(元) | -24.178.911.97 | -48.448.801.36 | 50.09% | 88.319.783.83 | | 归属于上市公司股东 | | | | | *ST和科于4月29日发布股票交易被实行退市风险警示暨停牌公告。公司股票自2025年4月30日起被实 施"退市风险警示"处理，股票简称由"和科达"变更为"*ST和科"，证券代码仍 ...

丨证券研究报告丨 联合研究丨公司点评丨奥特维（688516.SH） [Table_Title] 奥特维：2024 年营收高增，2025 年加快海外市 场拓展及新品研发 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季度报告，公司 2024 年营收实现高增，但 2024Q4 开始行 业整体经营压力有所体现。公司新接订单同比下降，但公司积极拓展海外市场，24 年实现海外 收入 15.31 亿元，同比+53.43%。公司将加快海外市场拓展步伐，形成收入增量。同时，由于 产品验收结构变化，公司盈利能力表现承压，但控费能力依然较强。公司继续夯实平台化业务 发展，对公司市场长期竞争力和盈利修复保有信心。 分析师及联系人 [Table_Author] 赵智勇 邬博华 曹海花 倪蕤 刘晓舟 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% [Table ...