广东利元亨智能装备股份有限公司 2024 年年度股东会会议资料 证券代码：688499 证券简称：利元亨 广东利元亨智能装备股份有限公司 会议资料 议案五 关于 2025 年度公司及子公司向银行申请综合授信额度及对子公司提供 议案七 关于取消监事会、变更公司注册资本及修订《公司章程》并办理工商登 议案八 关于修订《广东利元亨智能装备股份有限公司股东会议事规则》的议案 议案九 关于修订《广东利元亨智能装备股份有限公司董事会议事规则》的议案 议案十 关于修订《广东利元亨智能装备股份有限公司控股股东、实际控制人行 议案十一 关于修订《广东利元亨智能装备股份有限公司关联交易管理制度》的 议案十二 关于公司 2025 年限制性股票激励计划（草案）及其摘要的议案 ..... 37 议案十三 关于公司 2025 年限制性股票激励计划实施考核管理办法的议案 ..... 38 广东利元亨智能装备股份有限公 年年度股东会会议资料 议案十五 关于提请公司股东会授权董事会以简易程序向特定对象发行股票的议 广东利元亨智能装备股份有限公司 2024 年年度股东会会议资料 广东利元亨智能装备股份有限公司 为维护广大投资者的合法权益，保障股 ...

Market Performance - Major stock indices in China experienced a significant upward trend, with the Shanghai Composite Index rising by 0.82% to 3369.24 points, the Shenzhen Component Index increasing by 1.72% to 10301.16 points, and the ChiNext Index climbing by 2.63% to 2064.71 points, alongside a total trading volume of 1341 billion yuan, an increase of nearly 120 billion yuan from the previous day [1] Trade Relations and Sector Impact - The recent US-China trade talks resulted in substantial progress, with both sides agreeing to significantly lower bilateral tariff levels, which is expected to benefit sectors such as electric new energy and export chains, particularly in areas like the power battery supply chain and photovoltaic inverters [2][5] - The reduction in tariffs is anticipated to restore business for companies exporting to the US, especially those in the electric new energy sector, which had been adversely affected by previous tariff policies [2] PCB Demand and AI Sector - The easing of US-China tariffs is expected to alleviate pressure on the demand forecast for AI-related PCBs, with positive feedback from downstream ODM manufacturers indicating resilience in PCB demand [3] Gas Turbine Market - The global gas turbine market is entering an upcycle, driven by increased demand for natural gas power generation and the expansion of AIDC in North America, leading to a surge in orders for core components from Chinese manufacturers [4] Strategic Mineral Export Control - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, with a coordinated action plan involving multiple departments to prevent illegal outflows [6] Financial Support for Nansha Development - A joint opinion from several financial regulatory bodies emphasizes increased financial support for the development of Nansha, aiming to enhance its role in the Guangdong-Hong Kong-Macao Greater Bay Area and support high-end manufacturing industries [7] Brain-Computer Interface Industry Development - Sichuan province has launched an action plan to cultivate the brain-computer interface and human-computer interaction industries, targeting significant breakthroughs and the establishment of a robust industrial ecosystem by 2027 [8] Manus Product Launch - The AI Agent product Manus has announced its open access to all users, introducing a free task execution model and plans for a subscription service to accelerate commercialization [9]

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q1 2025 performance met market expectations, with revenue of 12.3 billion and a year-on-year increase of 12% [8] - The company's battery cell self-supply rate has increased to 40%, with a target of 50%+ for 2025 [8] - The report anticipates a significant profit contribution from the consumer battery segment, projecting a profit of over 2.5 billion for 2025, representing a growth of 10-20% [8] - The report highlights the ongoing expansion of energy storage customers and expects a narrowing of losses in the power storage segment [8] - R&D expenses have increased, but operating cash flow showed strong performance, with a net cash flow of 1.53 billion in Q1 2025, up 116% year-on-year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 2.05 billion, 2.49 billion, and 3.01 billion respectively, with corresponding P/E ratios of 17x, 14x, and 12x [8] Financial Summary - Total revenue for 2023 is projected at 47.86 billion, with a year-on-year decrease of 8.24%, followed by a recovery in 2024 with a 17.05% increase [1] - The net profit attributable to shareholders for 2023 is estimated at 1.08 billion, with a slight increase of 0.77% year-on-year [1] - The latest diluted EPS for 2023 is projected at 0.58 yuan, with a P/E ratio of 32.40 [1] - The company's total assets are expected to grow from 87.32 billion in 2024 to 107.63 billion by 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met market expectations, with revenue of 12.3 billion yuan, a year-on-year increase of 12% and a quarter-on-quarter decrease of 31%. The net profit attributable to the parent company was 390 million yuan, reflecting a year-on-year increase of 21% and a quarter-on-quarter increase of 51% [8] - The self-supply rate of battery cells has increased to 40%, with a revenue target of 7-8 billion yuan for 2025 and production capacity expected to reach 1.2 million units per day [8] - The company is expanding its customer base in the energy storage sector, with expected losses narrowing in the future [8] - R&D expenses have increased, and cash flow performance is strong, with a net operating cash flow of 1.53 billion yuan, a year-on-year increase of 116% [8] - The company maintains a leading position in the consumer battery market, with a target price of 27.8 yuan based on a 25x PE ratio for 2025 [8] Financial Summary - Total revenue forecast for 2023 is 47.862 billion yuan, with a year-on-year decrease of 8.24%. The forecast for 2024 is 56.021 billion yuan, with a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company is projected to be 1.076 billion yuan for 2023, with a year-on-year increase of 0.77%. For 2024, it is expected to be 1.468 billion yuan, reflecting a year-on-year increase of 36.43% [1] - The latest diluted EPS is expected to be 0.58 yuan for 2023, increasing to 0.80 yuan for 2024 [1] - The company’s P/E ratio is projected to decrease from 32.40 in 2023 to 23.75 in 2024, and further down to 17.00 in 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met market expectations, with a revenue of 177 million yuan in Q4, representing a 31% quarter-on-quarter increase and a 24% year-on-year increase. The net profit for Q4 was 26 million yuan, showing a 6% quarter-on-quarter decrease and a 34% year-on-year decrease [10] - The self-supply rate of battery cells has increased to 40%, with a target of over 50% in 2025. The company aims to achieve a revenue target of 70-80 billion yuan in 2025 [10] - The company is expanding its energy storage customer base, with energy storage battery revenue growing by 40% year-on-year to 151 billion yuan in 2024 [10] Financial Performance Summary - Total revenue for 2023 was 47.862 billion yuan, with a year-on-year decrease of 8.24%. The projected revenue for 2024 is 56.021 billion yuan, reflecting a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company for 2023 was 1.076 billion yuan, with a year-on-year increase of 0.77%. The projected net profit for 2024 is 1.468 billion yuan, indicating a year-on-year increase of 36.43% [1] - The earnings per share (EPS) for 2023 was 0.58 yuan, with a projected EPS of 0.80 yuan for 2024 [1] Revenue and Profit Forecast - The company expects to achieve a net profit of 2.051 billion yuan in 2025, with a year-on-year growth of 39.68% [1] - The projected net profit for 2026 is 2.506 billion yuan, with a year-on-year growth of 22.18%, and for 2027, it is expected to reach 3.024 billion yuan, with a year-on-year growth of 20.68% [1] Valuation Metrics - The price-to-earnings (P/E) ratio for the current price and latest diluted EPS is projected to be 32.31 for 2023, decreasing to 23.68 for 2024, and further down to 11.50 by 2027 [1] - The target price for the company is set at 27.8 yuan, based on a 25x P/E for 2025 [10]