Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 39.1 CNY for the next six months [3][7]. Core Views - The company reported a significant improvement in Q2 profitability, with a revenue of 6.56 billion CNY, a slight increase of 0.02% year-on-year, and a net profit of 0.34 billion CNY, up 61.28% year-on-year [1]. - The decline in revenue and profit in H1 2024 was attributed to overseas supply chain destocking and the relocation of production bases, but the destocking phase is nearing completion, and domestic market demand is recovering [1]. - The company is focusing on high-value-added products, with rapid growth in sectors such as robotics, automotive intelligence, lithium battery storage, and semiconductors [1][6]. Financial Performance Summary - In H1 2024, the company achieved a total revenue of 12.65 billion CNY, a decrease of 3.14% year-on-year, and a net profit of 0.4 billion CNY, down 24.88% year-on-year [1]. - The gross profit margin increased by 0.80 percentage points to 37.50% in H1 2024, mainly due to improved margins in various product lines [1]. - The company’s R&D expenses remain high, with a stable expense ratio of 31.54% in H1 2024, reflecting ongoing investment in new product development [2][6]. Growth Prospects - The company anticipates continued growth in its core business of stepper motors, with projections for net profits of 1.92 billion CNY, 2.81 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 36.5%, 46.3%, and 31.6% [7]. - The revenue from the lithium battery storage and semiconductor sector grew over 70% year-on-year, while the robotics sector saw a growth of approximately 15% [1][7]. - The company’s brushless motor business generated revenue of 1.25 billion CNY, an increase of 82.2% year-on-year, indicating strong demand in high-value applications [1].

Investment Rating - The report maintains a "Hold" rating for the company [4][15]. Core Insights - The company reported a significant improvement in Q2 2024 performance, with revenue of 1.265 billion yuan, a slight decrease of 3.14% year-on-year, and a net profit of 40 million yuan, down 24.88% year-on-year. However, Q2 2024 saw a revenue of 656 million yuan, a marginal increase of 0.02% year-on-year, and a net profit of 34 million yuan, up 61.28% year-on-year [1]. - The company is focusing on emerging sectors, with traditional automation demand showing weakness, while new sectors like semiconductor and lithium battery storage are growing rapidly, with revenue increases of 70% and 210% respectively [1][2]. - The company is increasing its R&D investment, maintaining a research expense ratio of 9.4%, which supports the development of high-value-added areas [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 37.50%, an increase of 0.8 percentage points year-on-year, with the core business maintaining a gross margin of 39.0% [1]. - The company’s net profit margin for the first half of 2024 was 3.19%, with Q2 showing a net profit margin of 5.17%, reflecting a 4.11 percentage point increase from Q1 [1]. - The company’s overseas revenue for the first half of 2024 was 584 million yuan, accounting for 46% of total revenue, down 12.50% year-on-year, but showing a 10.99% increase compared to the second half of 2023 [2]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 130 million yuan, 176 million yuan, and 238 million yuan respectively, with corresponding PE ratios of 99, 73, and 54 times [2].

Investment Rating - The report maintains a "Buy" rating for the company, citing long-term potential for valuation premium as a market leader [2] Core Views - The company's Q2 2024 performance showed a positive turnaround, with revenue growth turning positive and net profit increasing significantly [1] - Domestic demand recovery and overseas inventory normalization contributed to the improved performance [1] - Emerging business segments, particularly in automotive intelligence, showed strong growth momentum [1] Financial Performance - H1 2024 revenue reached RMB 1.265 billion, down 3.14% YoY, with net profit attributable to shareholders at RMB 40 million, down 24.88% YoY [1] - Q2 2024 revenue was RMB 656 million (+0.02% YoY), with net profit of RMB 34 million (+61.28% YoY) [1] - Domestic revenue grew 6.63% YoY to RMB 681 million, while overseas revenue declined 12.50% YoY to RMB 584 million [1] Business Segment Analysis - Semiconductor and lithium battery storage business grew over 70% YoY in H1 2024 [1] - Robotics business expanded approximately 15% YoY, covering various applications including logistics, surgical, and humanoid robots [1] - Automotive intelligence business surged 210% YoY, with new product development and mass order deliveries for key components [1] R&D and Future Prospects - R&D investment remained high at RMB 119 million in H1 2024, with a 9.40% R&D expense ratio [2] - The company is well-positioned to benefit from the upcoming mass production phase in the humanoid robotics sector [2] Financial Projections - Revenue forecasts for 2024-2026 are RMB 2.649 billion, RMB 3.304 billion, and RMB 3.842 billion respectively [2] - Net profit projections for 2024-2026 are RMB 132 million, RMB 183 million, and RMB 251 million respectively [2] - Current PE ratios are 97.1X for 2024, 70.0X for 2025, and 51.0X for 2026 [2] Market Data - The stock closed at RMB 30.50 on August 27, 2024, with a market capitalization of RMB 12.812 billion [3] - The company has 420.07 million shares outstanding, with 99.72% freely tradable [3]

上海市锦天城律师事务所 关于上海鸣志电器股份有限公司 2021 年限制性股票与股票期权激励计划调整相关价格、 回购注销部分限制性股票及注销部分股票期权相关事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海鸣志电器股份有限公司 2021 年限制性股票 与股票期权激励计划调整相关价格、回购注销部分限制性 股票及注销部分股票期权相关事项的法律意见书 致：上海鸣志电器股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等法律、法规和规范性文件以及《上海鸣志电器股份有限公司章程》 （以下简称"《公司章程》"）、《上海鸣志电器股份有限公司 2021 年限制性 股票与股票期权激励计划（草案）》（以下简称"《激励计划》"）、《上海鸣 志电器股份有限公 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-032 上海鸣志电器股份有限公司 第四届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海鸣志电器股份有限公司（以下简称"公司"）第四届监事会第十九次会议 于 2024 年 8 月 27 日以通讯方式召开。会议应出席监事 3 名，实际出席监事 3 名。会议由公司监事会主席邵颂一先生主持。会议的召集和召开符合《中华人民 共和国公司法》等有关法律、行政法规、规范性文件及《公司章程》的相关规定， 会议形成的决议合法、有效。 经全体与会监事审议，会议通过如下决议： 一、 审议通过《关于<上海鸣志电器股份有限公司 2024 年半年度报告>及其摘 要的议案》 公司 2024 年半年度报告的编制和审议程序符合法律、法规、《公司章程》 和公司内部管理制度的各项规定；公司严格按照股份制公司财务制度规范运作， 公司 2024 年半年度报告的内容和格式符合中国证监会和上海证券交易所的各项 规定，客观公允的反映了报告期财务状况和经营成果；公司 2024 年半 ...

上海鸣志电器股份有限公司 2024 年半年度募集资金存放和实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》、《上海证券交易所股票上 市规则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法 律、法规和规范性文件的规定，现将上海鸣志电器股份有限公司（以下简称"公司"） 截至 2024 年 6 月 30 日募集资金存放和实际使用具体情况专项说明如下： 一、 募集资金基本情况 (一) 募集资金到位情况 | 其中：报告期内投入募集资金总额 | 3,242.44 | | --- | --- | | 以前年度累计投入募集资金 | 58,136.57 | | 结项并将节余募集资金永久补充流动资金(募集资金本金 部分) | 12,027.45 | | 减：结项并将节余募集资金永久补充流动资金（结项项目对应的理财 收益及利息部分） | 3,229.65 | | 减：临时补 ...

上海鸣志电器股份有限公司 未来三年股东回报规划 （2024-2026年） 为了进一步健全和完善上海鸣志电器股份有限公司（以下简称"公司"）的分 红决策和监督机制，增强公司利润分配的透明度，持续、稳定、科学地回报投资者， 切实保护公众投资者的合法权益，引导投资者树立长期投资和理性投资的理念，根 据中国证券监督管理委员会《关于进一步落实上市公司现金分红有关事项的通知》 （证监发﹝2012﹞37号）、《上市公司监管指引第3号——上市公司现金分红（2023 修订）》（证监会公告﹝2023﹞61号）、《上海证券交易所上市公司自律监管指引第1 号——规范运作》和《公司章程》等相关规定，结合公司实际经营情况及未来发展 需要，特制定公司《未来三年股东回报规划（2024-2026年）》（以下简称"本规划"）， 具体内容如下: （一）本规划的制定目的 公司着眼于长远和可持续发展，综合考虑公司所处行业特点、公司经营发展实 际情况、未来发展目标及盈利规模、公司现金流量状况、发展所处阶段、项目投资 资金需求、社会资金成本、外部融资环境等重要因素股东要求和意愿等因素，建立 对投资者科学、持续、稳定的分红回报和监督机制，保持公司利润分配政 ...

证券代码：603728 证券简称：鸣志电器 公告编号：2024-036 上海鸣志电器股份有限公司 关于调整 2021 年限制性股票与股票期权激励计划相关价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海鸣志电器股份有限公司（以下简称"公司"、"鸣志电器"）于 2024 年 8 月 27 日召开第四届董事会第二十次会议及第四届监事会第十九次会议审议通 过了《关于调整 2021 年限制性股票与股票期权激励计划相关价格的议案》，现就 有关事项公告如下： 一、本次激励计划已履行的相关程序 2023 年 7 月 14 日，公司召开了第四届董事会第十二次会议和第四届监事会 第十二次会议，审议并通过了《关于调整 2021 年限制性股票与股票期权激励计划 相关价格的议案》《关于 2021 年限制性股票与股票期权激励计划项下限制性股票 回购注销及股票期权注销的议案》《关于 2021 年限制性股票与股票期权激励计划 限制性股票第二个解除限售期解除限售条件成就的议案》《关于 2021 年限制性股 票与股票期权激励计划股票期权第二个行权 ...

上海鸣志电器股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开 了公司第四届董事会第二十次会议，审议通过了公司《关于<上海鸣志电器股份 有限公司 2024 年半年度报告>及其摘要的议案》，并于同期披露了《上海鸣志电 器股份有限公司 2024 年半年度报告》。为便于广大投资者更加全面、深入地了 解公司 2024 年半年度的经营情况，公司计划于 2024 年 9 月 3 日（星期二）上午 10:00—11:00 召开 2024 年半年度网上业绩说明会，就投资者普遍关心的事项与 广大投资者进行充分交流。 一、 说明会类型 本次投资者说明会以网络互动方式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2024 年 9 月 3 日（星期二）上午 10:00—11:00 会议召开地点：上海证券报•中国证券网路演中心（https://roadshow.cnstock.com/） 会议召开方式：网络互动 投资者可于 2024 年 9 月 2 日（星期一）16 ...

Financial Performance - The company reported a semi-annual revenue of 1.2 billion CNY, representing a 15% increase compared to the same period last year[1]. - Net profit for the first half of 2024 reached 150 million CNY, up 20% year-over-year[1]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2024, representing a 15% year-over-year growth[12]. - The company's operating revenue for the first half of 2024 was ¥1,264,965,431.77, a decrease of 3.14% compared to ¥1,306,027,494.36 in the same period last year[17]. - The net profit attributable to shareholders was ¥40,028,557.36, down 24.88% from ¥53,285,272.43 year-on-year[17]. - The gross margin for the first half of 2024 improved to 35%, up from 32% in the same period last year, reflecting better cost management[12]. - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12% compared to the first half[12]. - The company's total revenue for the reporting period was approximately 1.26 billion yuan, a decrease of 3.14% compared to the previous year[52]. - The company's net profit for the first half of 2024 is CNY 40,028,557.36, a decrease of 25% compared to CNY 53,285,272.43 in the same period of 2023[136]. User Growth and Market Expansion - User data indicates a growth in active users by 25%, reaching 500,000 users[1]. - User data indicates a 20% increase in active users for the company's smart control products, reaching 500,000 users by the end of June 2024[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[1]. - The company is expanding its market presence in Europe, targeting a 25% increase in sales in that region by the end of 2024[12]. - The company plans to introduce a new line of energy-efficient LED drivers, aiming for a 15% market share in the smart lighting segment by 2025[11]. Research and Development - Research and development expenses increased by 10%, totaling 100 million CNY, focusing on automation technology[1]. - Research and development investments have increased by 30% in 2024, focusing on innovative motor technologies and smart control systems[12]. - Research and development expenses for the first half of 2024 amounted to CNY 118.93 million, representing a research expense ratio of 9.40%[44]. - The company added 33 new patents and software copyrights during the reporting period, with 48 applications entering the substantive examination stage[44]. Operational Efficiency and Technology - The company has established a new digital management system for equipment status monitoring, enhancing operational efficiency and reducing downtime[11]. - The equipment status management system integrates hardware and software solutions to monitor and manage equipment operation, enhancing reliability and reducing maintenance costs[29]. - The company emphasizes the integration of advanced technologies in its product development, including digitalization and networked computing for equipment status management[29]. - The company focuses on core technology and system-level solutions in the motion control field, aiming for both scale and profit growth[33]. Financial Health and Risks - The company has no significant risks impacting operations during the reporting period[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[4]. - The report is unaudited, and the company emphasizes the importance of risk awareness for investors[3]. - The company faces significant risks from international trade environments, with a high proportion of revenue derived from exports to the US, EU, Japan, South Korea, and Southeast Asia[65]. - The company is exposed to foreign exchange risks due to operations in multiple currencies, primarily USD, and is using hedging strategies to mitigate these risks[69]. Environmental and Compliance - The company has committed to optimizing production processes and enhancing environmental protection measures in compliance with relevant laws and regulations[82]. - The company has established a comprehensive environmental management system and continuously upgrades environmental protection technologies and processes[90]. - The company has engaged third-party qualified institutions to monitor emissions of wastewater, organized and unorganized waste gas, and noise during the reporting period[88]. - The company has not received any administrative penalties for environmental issues during the reporting period[89]. Shareholder and Capital Structure - The total amount of guarantees provided by the company, including those to subsidiaries, is 388.22 million RMB, which accounts for 13.53% of the company's net assets[110]. - The company has no guarantees exceeding 50% of net assets, nor has it provided guarantees for entities with a debt ratio exceeding 70%[110]. - The company has not disclosed any significant changes in environmental information during the reporting period[90]. - The total number of ordinary shareholders as of the end of the reporting period was 28,414[119]. - The largest shareholder, Shanghai Mingzhi Investment Management Co., Ltd., held 235,560,000 shares, accounting for 56.08% of the total shares[120]. Investment and Acquisitions - The company has initiated a strategic acquisition of a local competitor, which is expected to enhance its product offerings and market share[12]. - The company plans to explore potential mergers and acquisitions to enhance its competitive position in the market[95]. - The acquisition of a 99.5345% stake in Changzhou Yunkong Electronics Co., Ltd. is a new project with a planned investment of CNY 26,753 million, fully completed with 100% progress[114]. Financial Reporting and Accounting - The company adheres to the accounting standards and principles, ensuring the financial statements reflect a true and complete picture of its financial status[154]. - The company’s financial reports are prepared based on the principle of ongoing operations, ensuring accurate representation of transactions[151]. - The company recognizes impairment losses on assets in accordance with relevant accounting standards[166]. - The company measures financial assets at amortized cost, fair value through other comprehensive income, or fair value through profit or loss after initial recognition[176].