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 Co., Ltd., reported a decline in revenue and net profit for 2024, primarily due to challenges in the global market and geopolitical tensions affecting sales [1] Financial Performance - In 2024, the company achieved revenue of 1.21 billion yuan, a year-on-year decrease of 7.1%, and a net profit of 300 million yuan, down 17.6% year-on-year [1] - The operating cash flow was 270 million yuan, a decline of 31% year-on-year, with a gross profit margin of 50.4%, an increase of 0.4 percentage points, and a net profit margin of 25.2%, a decrease of 3.1 percentage points [1] - For Q4 2024, revenue was 270 million yuan, down 9.6% year-on-year, with a net profit of 40 million yuan, a decrease of 22.2% year-on-year [1] - In Q1 2025, revenue was 290 million yuan, down 8.0% year-on-year but up 9.1% quarter-on-quarter, with a net profit of 50 million yuan, down 47% year-on-year but up 22.9% quarter-on-quarter [1] Sales Structure - In 2024, domestic sales accounted for 140 million yuan (11.2% of total revenue), while overseas sales reached 1.08 billion yuan (88.8% of total revenue), with an overseas gross profit margin of 52.9%, 22.4 percentage points higher than domestic [1] - The company generated 840 million yuan from OBM products (69.5% of revenue) with a gross margin of 51.3%, and 300 million yuan from ODM products (24.6% of revenue) with a gross margin of 50.4% [2] Market Trends - The domestic performance market is experiencing growth, with a 49.9% increase in concert events with over 5,000 attendees in 2024 compared to 2023, and an 84.37% increase in events with over 10,000 attendees [3] - New business models are emerging, with significant growth in small theater performances and tourism-related shows, with ticket sales for stand-up comedy increasing by 48% [3] Industry Overview - The stage lighting equipment manufacturing industry is highly competitive with low market concentration [4] - The global stage lighting market was valued at 4.5 billion yuan in 2022 and is projected to reach 5.8 billion yuan by 2029, with a compound annual growth rate of 3.6% from 2023 to 2029 [4] - European and American companies lead the industry due to their long history in R&D and manufacturing, while Chinese manufacturers have made significant progress but still lag behind global leaders [4] Strategic Initiatives - The company is actively expanding internationally, having acquired assets from Denmark's SGM and establishing wholly-owned subsidiaries in Denmark and the U.S. to enhance its overseas organizational management [6] - The company participates in major industry exhibitions globally to explore new markets, including events in Barcelona, Frankfurt, London, Las Vegas, and Japan, while also maintaining a steady approach in the domestic market [6] Future Outlook - The company is projected to achieve revenues of 1.23 billion yuan, 1.38 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 280 million yuan, 320 million yuan, and 360 million yuan [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future growth opportunities [9]. Core Views - The company is experiencing short-term performance pressure but is expected to benefit from domestic and international market expansion in the long run [1]. - The company's revenue for 2024 was 1.21 billion yuan, a decrease of 7.1% year-on-year, with a net profit of 300 million yuan, down 17.6% year-on-year [1]. - The report highlights that the company's performance is primarily driven by overseas sales, with 88.8% of revenue coming from international markets [3]. - The domestic performance remains stable, with a growing demand for live performances, particularly in large-scale events [4]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.21 billion yuan, with a net profit of 300 million yuan and a cash flow from operating activities of 270 million yuan [1]. - The gross profit margin for 2024 was 50.4%, while the net profit margin was 25.2% [1]. - For Q1 2025, the company reported a revenue of 290 million yuan, a year-on-year decrease of 8.0%, but a quarter-on-quarter increase of 9.1% [2]. - The company’s revenue forecast for 2025-2027 is projected to be 1.23 billion yuan, 1.38 billion yuan, and 1.62 billion yuan, respectively [8]. Market Position and Strategy - The company is actively expanding its international presence by acquiring assets and establishing subsidiaries in Denmark and the USA [6]. - The report notes that the global stage lighting equipment market is expected to grow from 4.5 billion yuan in 2022 to 5.8 billion yuan by 2029, with a compound annual growth rate of 3.6% [6]. - The company’s sales model is primarily OBM (Original Brand Manufacturer), with a significant portion of revenue derived from this segment [3]. Future Outlook - The company is expected to gradually open up growth opportunities through continuous market expansion, with projected net profits of 280 million yuan, 320 million yuan, and 360 million yuan for 2025-2027 [8]. - The report anticipates a recovery in revenue growth starting in 2025, with an expected increase of 1% in that year, followed by 12% and 18% in the subsequent years [7].

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]