Investment Rating - The report maintains a "Recommended" rating for the company, considering its competitive position in the explosion-proof electrical field [1]. Core Insights - The company's revenue for Q1-Q3 2023 reached 2.45 billion yuan, a year-on-year increase of 19.67%, with a net profit attributable to shareholders of 321 million yuan, up 6.62% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.048 billion yuan, representing a year-on-year growth of 43.61%, and a net profit of 121 million yuan, up 14.07% year-on-year [1]. - The rapid growth in the new energy business has driven revenue and profit growth, although it has led to a decline in gross and net profit margins due to lower margins in this segment [1]. - The overseas business in explosion-proof electrical products has shown steady growth, while domestic safety intelligence business has seen significant demand, particularly in hazardous chemical parks [1]. - The global explosion-proof electrical industry is expected to grow steadily, with the market size projected to reach 8 billion USD by 2025, growing at a compound annual growth rate of 8% [1]. Financial Forecasts - The company is projected to achieve net profits attributable to shareholders of 503 million yuan in 2024, 595 million yuan in 2025, and 727 million yuan in 2026, with corresponding PE ratios of 14x, 12x, and 10x respectively [2][4]. - Revenue forecasts for the years 2024 to 2026 are 3.898 billion yuan, 4.302 billion yuan, and 4.793 billion yuan, with growth rates of 21.9%, 10.4%, and 11.4% respectively [2][4]. - The gross profit margin is expected to decline to 49.11% in 2024 and stabilize around 50.18% by 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months compared to the benchmark index [1][8]. Core Insights - The company experienced significant revenue growth in Q3 2024, with a year-on-year increase of 19.67%, driven by strong performance in foreign trade and safety engineering sectors [1]. - The report highlights the company's strategic shift towards high-growth sectors such as safety engineering, food and pharmaceutical industries, and military nuclear power, aiming for long-term stable growth [1]. - The company is expanding its international presence, establishing operational centers in Europe, Central Asia, and Southeast Asia, which are expected to contribute to revenue in the coming year [1]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 3,043 million - 2023A: 3,197 million (5% growth) - 2024E: 4,079 million (28% growth) - 2025E: 4,615 million (13% growth) - 2026E: 5,290 million (15% growth) [1] - **Net Profit Forecast**: - 2022A: 358 million - 2023A: 461 million (29% growth) - 2024E: 545 million (18% growth) - 2025E: 628 million (15% growth) - 2026E: 739 million (18% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.06 - 2023A: 1.37 - 2024E: 1.62 - 2025E: 1.86 - 2026E: 2.19 [1] - **Valuation Ratios**: - P/E Ratio: - 2022A: 18.8 - 2023A: 14.6 - 2024E: 12.4 - 2025E: 10.7 - 2026E: 9.1 [1] - P/B Ratio: - 2022A: 3.8 - 2023A: 3.5 - 2024E: 2.8 - 2025E: 2.3 - 2026E: 1.8 [1] Growth and Profitability - The company is expected to maintain a robust growth trajectory, with a projected net profit growth rate of 18.2% in 2024 and 15.3% in 2025 [7]. - The gross margin for the first three quarters of 2024 is reported at 50.17%, indicating a slight decrease from previous periods, attributed to lower margins in traditional markets [1][7]. - The report emphasizes the company's focus on enhancing its safety engineering systems, which are expected to benefit from increased demand due to regulatory changes in hazardous chemical production [1].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,048,443,855.81, representing a year-on-year increase of 43.61%[2] - Net profit attributable to shareholders was ¥121,239,894.89, reflecting a growth of 14.07% compared to the same period last year[2] - The basic earnings per share (EPS) for the quarter was ¥0.37, an increase of 19.35% year-on-year[2] - Total revenue for the first three quarters of 2024 reached ¥2,449,921,815.29, an increase of 19.6% compared to ¥2,047,290,521.26 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was ¥324,865,875.16, compared to ¥306,333,044.00 in the same period of 2023, representing an increase of 6.1%[15] - Revenue for Q3 2024 reached CNY 2,370,368,073.98, an increase of 21.9% compared to CNY 1,944,073,404.16 in Q3 2023[22] - Operating profit for Q3 2024 was CNY 365,143,729.89, up from CNY 310,055,718.71 in Q3 2023, reflecting a growth of 17.8%[22] - Net profit for Q3 2024 was CNY 338,032,682.06, compared to CNY 292,240,772.16 in Q3 2023, indicating an increase of 15.7%[22] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥4,708,123,458.91, up 2.58% from the end of the previous year[3] - The company's total equity attributable to shareholders was ¥1,947,942,078.15, a slight increase of 0.43% from the previous year[3] - Total liabilities amounted to ¥2,717,541,804.52, compared to ¥2,608,590,025.81 in the previous year, indicating a rise of 4.2%[13] - Total assets as of Q3 2024 amounted to CNY 4,521,910,521.21, up from CNY 4,390,076,349.05 in the previous year[20] - Total liabilities increased to CNY 2,615,175,336.00 in Q3 2024 from CNY 2,508,881,433.81 in Q3 2023[20] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥278,666,318.52, showing a decline of 18.90% compared to the same period last year[2] - Cash inflows from operating activities for the first three quarters of 2024 amounted to CNY 2,672,373,351.60, compared to CNY 2,255,901,846.04 in the same period of 2023, marking an increase of about 18.4%[17] - Cash outflows from operating activities totaled CNY 2,393,707,033.08 in the first three quarters of 2024, up from CNY 1,912,299,797.56 in 2023, representing an increase of approximately 25.2%[17] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 278,666,318.52, down from CNY 343,602,048.48 in the same period of 2023, a decrease of about 18.9%[17] - The ending cash and cash equivalents balance as of September 30, 2024, was CNY 726,247,782.36, compared to CNY 571,791,179.65 at the end of 2023, an increase of approximately 27.1%[18] Shareholder Information - The top shareholder, Hu Zhirong, holds 33.32% of the shares, with a total of 112,470,000 shares, indicating strong insider ownership[7] - The second-largest shareholder, Li Miaohua, owns 6.38% of the shares, totaling 21,533,000 shares, also reflecting significant insider investment[7] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[10] Operational Insights - The increase in operating revenue was primarily driven by growth in the new energy-related business[6] - Operating costs for the quarter surged by 79.13%, attributed to the increase in revenue from the new energy sector[6] - The company received government subsidies amounting to ¥375,028.79 during the quarter, contributing to its financial performance[4] - There are no significant reminders or warnings regarding the company's operational status during the reporting period[10] Research and Development - Research and development expenses for the first three quarters were ¥114,690,480.27, slightly up from ¥113,816,579.19 in the previous year[15] - Research and development expenses for Q3 2024 were CNY 85,136,257.62, down from CNY 98,596,001.87 in Q3 2023, a decrease of 13.6%[22] Inventory and Receivables - Accounts receivable stood at CNY 1.66 billion, slightly down from CNY 1.70 billion, indicating a decrease of about 2.0%[11] - Inventory increased significantly to CNY 854.32 million from CNY 698.89 million, marking a rise of approximately 22.3%[11] - Inventory as of Q3 2024 was CNY 695,007,343.13, compared to CNY 570,430,753.73 in Q3 2023, representing a rise of 21.9%[20]

证券代码：603855 证券简称：华荣股份 公告编号：2024-028 华荣科技股份有限公司 关于2023年限制性股票激励计划 第一个解除限售期解除限售条件成就的公告 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个别及连带责任。 重要内容提示： 1、华荣科技股份有限公司（以下简称"华荣股份"、"公司"）2023 年限 制性股票激励计划（以下简称"本次激励计划"）第一个解除限售期解除限售条 件已经成就且限售期即将届满，本次可解除限售的激励对象共 215 名，可解除限 售的限制性股票数量共 265.00 万股，约占目前公司股份总数的 0.79%。 2、本次解除限售事项在相关部门办理完解除限售手续后、上市流通前，届 时公司将发布相关提示性公告，敬请投资者注意。 华荣科技股份有限公司于 2024 年 10 月 29 日召开第五届董事会第十六次会 议和第五届监事会第十四次会议，审议通过了《关于 2023 年限制性股票激励计 划第一个解除限售期解除限售条件成就的议案》，根据公司《2023 年限制性股 票激励计划（草案）》（以下简称"《激励计划》" ...

证券代码：603855 证券简称：华荣股份 公告编号：2024-029 华荣科技股份有限公司 关于调整 2023 年限制性股票激励计划限制性股票回购价格 及回购注销部分限制性股票的公告 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个别及连带责任。 重要内容提示 ● 限制性股票回购数量：30,000 股 ● 限制性股票回购价格：10.50 元/股 鉴于公司于 2024 年 5 月 17 日完成了 2023 年年度权益分派实施，根据《激 励计划》关于回购价格调整方法的相关规定，对本次激励计划限制性股票的回购 价格进行调整。公司 2023 年 10 月 13 日召开的 2023 年第一次临时股东大会，审 议通过了《关于提请股东大会授权董事会办理限制性股票激励计划有关事项的议 案》，因此本次调整限制性股票回购价格及回购注销部分限制性股票事项无需提 交股东大会审议。现将相关内容公告如下： 一、本次激励计划已履行的相关程序 1、2023 年 9 月 21 日，公司召开第五届董事会第八次会议，审议通过了《关 于<华荣科技股份有限公司 2023 年限 ...

华荣科技股份有限公司 章 程 二〇二四年十月 1 / 56 | 目录 | | --- | | 第一章 | 总 则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股 份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东 8 | | 第二节 | 股东会的一般规定 12 | | 第三节 | 股东会的召集 17 | | 第四节 | 股东会的提案与通知 18 | | 第五节 | 股东会的召开 20 | | 第六节 | 股东会的表决和决议 23 | | 第五章 | 董事会 28 | | 第一节 | 董事 28 | | 第二节 | 董事会 34 | | 第六章 | 总经理及其他高级管理人员 42 | | 第七章 | 监事会 44 | | 第一节 | 监事 44 | | 第二节 | 监事会 45 | | 第八章 | 财务会计制度、利润分配和审计 47 | | 第一节 | 财务会计制度 47 | | 第二节 | 内部审计 49 | | 第三节 | 会计师事务 ...

证券代码：603855 证券简称：华荣股份 公告编号：2024-033 华荣科技股份有限公司 第五届监事会第十四次会议决议公告 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个别及连带责任。 表决结果为：同意 3 票；反对 0 票；弃权 0 票。 （二）、审议通过《关于2023年限制性股票激励计划第一个解除限售期解除 限售条件成就的议案》； 根据公司《2023 年限制性股票激励计划（草案）》、《2023 年限制性股票 激励计划实施考核管理办法》的相关规定，公司 2023 年限制性股票激励计划第 一个解除限售期解除限售条件已经成就，本次符合解除限售条件的激励对象为 215 名，可申请解除限售并上市流通的限制性股票数量为 265.00 万股，占公司 目前总股本的 0.79%。 一、监事会会议召开情况 华荣科技股份有限公司（以下简称"公司"）第五届监事会第十四次会议于 2024 年 10 月 29 日在公司总部会议室以现场表决的方式召开。会议通知已于 2024 年 10 月 18 日以电子邮件、电话等形式向全体监事发出。会议由监事会主席胡志 ...

华荣科技股份有限公司监事会 关于第五届监事会第十四次会议相关事项的意见 华荣科技股份有限公司(以下简称"公司")第五届监事会第十四次会议于 2024 年 10 月 29 日召开,我们作为公司的监事,根据《公司法》、《公司章程》 等有关法律、法规的规定,对本次会议审议的有关事项和议案发表如下意见: 一、《关于 2023 年限制性股票激励计划第一个解除限售期解除限售条件成 就的议案》的意见 根据公司《2023 年限制性股票激励计划(草案)》《2023 年限制性股票激励 计划实施考核管理办法》的相关规定,公司 2023 年限制性股票激励计划第一个 解除限售期解除限售条件已经成就,本次符合解除限售条件的激励对象为 215 名,可申请解除限售并上市流通的限制性股票数量为 265.00万股,占公司目前 总股本的 0.79%。 监事会对本次激励对象名单进行核查后认为:公司 215 名激励对象解除限售 资格合法有效,公司 2023年限制性股票激励计划第一个解除限售期解除限售条 件已成就,同意公司董事会后续为激励对象办理解除限售手续。 二、《关于调整 2023 年限制性股票激励计划限制性股票回购价格及回购注 销部分限制性股票的 ...

回购注销部分限制性股票相关事项 之 独立财务顾问报告 二〇二四年十月 | 第一章 | 释 义 2 | | | --- | --- | --- | | 第二章 | 声 明 | 4 | | 第三章 | 基本假设 | 5 | | 第四章 | 本次激励计划的审批程序 | 6 | | 第五章 | 本次解除限售条件成就的情况 | 8 | | 第六章 | 本次回购注销部分限制性股票的情况 12 | | | 第七章 | 独立财务顾问的核查意见 14 | | 深圳价值在线信息科技股份有限公司 独立财务顾问报告 第一章 释 义 深圳价值在线信息科技股份有限公司 关于 华荣科技股份有限公司 2023 年限制性股票激励计划 第一个解除限售期解除限售条件成就及 在本报告中，如无特殊说明，下列简称具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 华荣股份、本公司、上市 | 指 | 华荣科技股份有限公司 | | 公司、公司 | | | | 本激励计划、本次激励计 | 指 | 华荣科技股份有限公司 2023 年限制性股票激励计划 | | 划、本计划 | | | | 《激励计划》 | 指 | 《华荣 ...

华荣科技股份有限公司监事会 关于 2023 年限制性股票激励计划第一个解除限售期解除限 售条件成就的核查意见 根据《公司法》、《上市公司股权激励管理办法》(以下简称"《管理办法》") 以及《公司章程》等有关法律法规及规范性文件以及《华荣科技股份有限公司 2023 年限制性股票激励计划(草案)》(以下简称"《激励计划》")的规定,华荣 科技股份有限公司(以下简称"公司")监事会对公司 2023 年限制性股票激励计 划第一个解除限售期解除限售条件成就事项进行审核。现发表核查意见如下: 1、公司符合《管理办法》和《激励计划》等法律法规、规范性文件规定的 实施股权激励计划的情形,公司具备实施股权激励计划的主体资格,符合《激励 计划》中对第一个解除限售期解除限售条件的要求,未发生《激励计划》中规定 的不得解除限售的情形; 2、公司 2023年限制性股票激励计划的激励对象不存在《激励计划》规定的 不得成为激励对象的情形: (1) 最近 12个月内被证券交易所认定为不适当人选; (6)中国证监会认定的其他情形。 3、监事会对激励对象名单进行了核查,认为授予的217名激励对象中,除 2 名激励对象因离职不再具备激励资格,公司 ...