证券代码：300833 证券简称：浩洋股份 广州市浩洋电子股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 详见附件 时间 2025年9月18日至2025年9月19日 地点 公司会议室 上 市 公 司 接 待人员姓名 董事会秘书 劳杰伟先生 投资者关系活动 主要内容介绍 交流环节： 公司是一家集舞台娱乐灯光设备、建筑照明设备、桁架设备等产品的研发、生 产与销售为一体的高新技术企业。2025年上半年公司持续加大研发投入，挖掘新的 机遇；整合丹麦SGM公司，提升发展动能；新总部投入使用，优化产能资源。2025 年上半年公司受贸易环境的变化影响，有所承压。2025年半年度公司实现营业收入 约人民币5.22亿元，同比下降约21.99%；实现归属于母公司所有者的净利润约人民 币0.78亿元，同比下降约61.69%。 Q&A： 1. 丹麦子公司最新情况如何？ 公司收购了丹麦SGM公司资产，相继在丹麦和美国成立子公司，整合利用其技 术及产能，其品牌定位为建筑艺术照明及 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 54.88 [7][8]. Core Views - The company's revenue for H1 2025 was RMB 522 million, a decrease of 21.99% year-on-year, and the net profit attributable to shareholders was RMB 78 million, down 61.69% year-on-year. The decline in performance is attributed to international trade frictions and the early investment phase of newly acquired companies [1][2]. - Despite short-term profit pressure, the report is optimistic about the company's long-term development in the OBM (Original Brand Manufacturer) model, especially with the gradual realization of performance from the Danish SGM acquisition [1][3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin was 50.55%, down 1.30 percentage points year-on-year, and the net profit margin was 15.07%, down 15.52 percentage points year-on-year. The Q2 gross margin was 51.97%, showing a slight improvement compared to Q1, but the net profit margin dropped significantly [2]. - The total expense ratio for H1 2025 was 31.64%, an increase of 15.40 percentage points year-on-year, with sales, management, R&D, and financial expense ratios all rising [2]. Industry Outlook - The industry is expected to maintain a positive growth trend, with overseas performance in live entertainment activities projected to grow steadily over the next two years. The report anticipates a recovery in the U.S. market as trade policies stabilize [3]. Product Development - The company continues to invest in R&D, with 61 new patents granted in H1 2025, including 14 domestic and international invention patents. New product sales have shown year-on-year growth despite overall revenue decline [4]. Profit Forecast and Valuation - The forecast for the company's net profit attributable to shareholders has been revised downwards for 2025 and 2026 by 41% and 34% respectively, with expected profits of RMB 248 million and RMB 306 million. The 2027 net profit is projected to be RMB 377 million [5]. - The company is valued at a PE ratio of 28 times for 2025, with a target price of RMB 54.88, reflecting an increase in comparable company valuations and a shift from OEM to OBM [5].

Financial Performance - In the first half of 2025, the company achieved revenue of approximately RMB 522 million, a year-on-year decrease of about 21.99% [2] - The net profit attributable to the parent company was approximately RMB 78 million, a year-on-year decline of about 61.69% [2] Business Development - The company is a high-tech enterprise engaged in the R&D, production, and sales of stage lighting equipment, architectural lighting equipment, and truss equipment [2] - The integration of Danish SGM company has been completed, enhancing development momentum and optimizing production capacity [2] Market Outlook - Demand in Europe remains positive, while Asia's performing arts activities continue to grow steadily, driving demand for performance equipment [4] - The Middle East is showing signs of recovery, and overall demand, except for the U.S. affected by tariffs, is on an upward trend [4] Product Innovation - The penetration rate of new products continues to rise, with sales revenue of new products increasing year-on-year despite the overall revenue decline [5] - The company plans to maintain a strategy of enhancing R&D capabilities and launching competitive products to increase market share [6] Future Strategy - Despite challenges from international trade friction and the integration phase of the Danish subsidiary, the company's competitive position remains intact [8] - The company aims to adjust product structure, optimize the proportion of products in niche markets, and enhance service quality to meet future market challenges and opportunities [8]

Core Viewpoint - The company, Haoyang Electronics, reported a decline in revenue and net profit for 2024 and Q1 2025, while outlining strategies to address market challenges and drive future growth [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 1.212 billion yuan, a year-on-year decrease of about 7.12% [1] - The net profit attributable to the parent company was approximately 302 million yuan, down about 17.61% year-on-year [1] - For Q1 2025, total revenue was 300 million yuan, reflecting a year-on-year decline of approximately 8.04% [1] - The net profit attributable to the parent company for Q1 2025 was around 53 million yuan, a significant drop of about 47.04% year-on-year [1] Group 2: Market Outlook and Strategies - The company is optimistic about the U.S. market, believing that if tariffs return to reasonable levels, they can mitigate tariff impacts through price adjustments [2] - In 2024, the company plans to acquire assets from Denmark's SGM and establish subsidiaries in Denmark and the U.S. to support market needs [2] - Future growth drivers include enhancing core technology R&D, optimizing production efficiency, and expanding enterprise customer resources [2] - Demand outlook indicates positive trends in Europe, steady growth in Asia due to performing arts activities, and a recovery in the Middle East, while the U.S. remains affected by tariffs [2] Group 3: R&D and Product Development - The company has multiple innovative product projects under development, with updates to be disclosed in regular reports [2] - There is a commitment to increasing R&D investment in the coming years, although the growth rate of R&D expenses is expected to slow compared to 2024 [2] - The aim is to maintain or improve gross margins and operational quality through the introduction of new products [2]

Financial Performance - In 2024, the company achieved a revenue of approximately RMB 1.212 billion, a year-on-year decrease of about 7.12% [2] - The net profit attributable to the parent company was approximately RMB 302 million, down about 17.61% year-on-year [2] - In Q1 2025, total revenue was RMB 300 million, reflecting a year-on-year decline of approximately 8.04% [2] - The net profit attributable to the parent company for Q1 2025 was approximately RMB 53 million, a significant decrease of about 47.04% year-on-year [2] Market Outlook - The overseas performance of the entertainment industry is expected to maintain steady growth over the next two years, despite uncertainties in U.S. tariff policies [3] - The company believes that if tariffs can be adjusted to a more reasonable level, it can mitigate the impact through price adjustments [3] - Demand in Europe remains positive, while Asia continues to see steady growth in entertainment activities, contributing to increased demand for performance equipment [6] Strategic Initiatives - In 2024, the company acquired assets from Denmark's SGM and established subsidiaries in Denmark and the U.S. to leverage their technology and capacity for the U.S. market [4] - The company plans to enhance its core technology research and development, optimize production efficiency, and expand its customer base to drive future profit growth [5] - Ongoing investment in R&D is expected to continue, with a projected overall increase in R&D expenses, although the growth rate may slow compared to 2024 [8] Product Development - The company has multiple innovative product projects under development, with updates to be disclosed in regular reports [7] - New product development may face uncertainties, and investors are advised to be aware of associated risks [7] Investment Strategy - Recent external investments aim to enrich and enhance the company's position in the performance equipment industry, improving market competitiveness and customer service capabilities [9]

Core Viewpoint - Haoyang Co., Ltd. reported a revenue of 1.212 billion yuan and a net profit of 302 million yuan for the year 2024, with a proposed cash dividend of 13 yuan per 10 shares to shareholders [1] Group 1: Financial Performance - The company achieved a gross profit margin of 50.37%, an increase of 0.75% year-on-year, indicating strong profitability [1] - The total revenue for 2024 was 1.212 billion yuan, with a net profit attributable to shareholders of 302 million yuan [1] Group 2: Product Development and Innovation - In 2024, the company invested approximately 85.85 million yuan in research and development, resulting in 119 new authorized patents, including 33 domestic and international invention patents [2] - Key patented technologies developed include high-precision light-speed cutting technology, dynamic humidity balance technology, ultra-wideband positioning technology, human posture prediction, and precise fast tracking, enhancing product competitiveness [2] Group 3: International Expansion - The company has been actively planning overseas expansion, focusing on Southeast Asia, North America, and Europe, and has made significant progress in its international strategy [3] - The acquisition of Danish SGM company's assets and the establishment of wholly-owned subsidiaries in Denmark and the USA have strengthened the company's international sales channels [3] - Upcoming production capacity expansions for stage lighting equipment are expected to be operational by the end of 2025 and 2026, which will further enhance the company's growth potential [3]