Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 3.418 billion yuan, up 142% year-on-year, and net profit of 255 million yuan, up 722% year-on-year [1] - The gross margin improved to 15.4%, an increase of 4.2 percentage points year-on-year, while the net profit margin reached 7.5%, up 10.4 percentage points year-on-year [1] - The company is focusing on technological innovation and has seen a rise in the proportion of high-voltage wiring harnesses in its product mix, which is expected to drive further growth [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.885 billion yuan, a year-on-year increase of 149% and a quarter-on-quarter increase of 23% [1] - The net profit for Q2 2024 was 154 million yuan, up 1058% year-on-year and 53% quarter-on-quarter [1] - The company’s gross margin for Q2 2024 was 16.5%, up 5 percentage points year-on-year and 2.6 percentage points quarter-on-quarter, while the net profit margin was 8.2%, up 10.3 percentage points year-on-year [1] Market and Product Development - The company is expanding its market presence in the high-voltage wiring harness sector, which is crucial for electric vehicles, with a unit value exceeding 5000 yuan compared to 3000 yuan for traditional fuel vehicles [2] - The company has developed a full range of high-voltage connectors and charging sockets, with products already deployed in various automotive projects [2] Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.36 yuan, 1.75 yuan, and 2.06 yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) for net profit of 155% [2] - The price-to-earnings (PE) ratios are expected to be 17, 13, and 11 for the same years [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a revenue of 3.418 billion yuan for H1 2024, representing a year-on-year increase of 142.03%, and a net profit attributable to shareholders of 255 million yuan, up 721.73% year-on-year [2] - In Q2 2024, the company achieved a revenue of 1.885 billion yuan, a year-on-year increase of 148.87% and a quarter-on-quarter increase of 22.97% [2] - The company has a strong order backlog, with expected annual orders for high-voltage harness projects reaching 2.3758 million sets from 2024 to 2026 [2] - The report highlights the growth potential in the wire harness market, predicting a total market size of 130.7 billion yuan by 2025 [2] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 7.62 billion yuan, 10.16 billion yuan, and 12.70 billion yuan respectively, with corresponding net profits of 580 million yuan, 830 million yuan, and 1.03 billion yuan [3][6] - The expected EPS for the same years is 1.33 yuan, 1.89 yuan, and 2.37 yuan, with PE ratios of 18, 12, and 10 respectively [3][6] - The company’s net profit margin is projected to improve significantly, reaching 8.12% by 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's performance in H1 2024 exceeded expectations, driven by significant growth in revenue and net profit, with revenue reaching 3.42 billion yuan, up 142% year-on-year, and net profit at 260 million yuan, up 722% year-on-year [1]. - The rapid growth is attributed to the increase in orders from key customers in the electric vehicle sector, with the company’s top five customers accounting for 84% of its revenue [1]. - The company is expanding its customer base by onboarding new clients such as Seres, Geely, Daimler, and NIO, which enhances its market coverage and future growth prospects [1]. - The scale effect has led to a significant improvement in profitability, with a gross margin of 15.4% and a net margin of 7.5% in H1 2024, reflecting a year-on-year increase of 4 percentage points and 10 percentage points, respectively [1]. - The company is well-positioned to benefit from the expanding market for electric and intelligent vehicles, with a focus on high-voltage wiring harnesses and core technology capabilities [1]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 7.62 billion yuan in 2024, 10.37 billion yuan in 2025, and 12.44 billion yuan in 2026, reflecting growth rates of 90.4%, 36.1%, and 20.0% respectively [6]. - The net profit forecast for 2024 is adjusted to 511 million yuan, with further increases to 715 million yuan in 2025 and 842 million yuan in 2026 [2][6]. - The company’s P/E ratios are projected to be 20, 14, and 12 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [2].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥3,418,017,248.85, a 142.03% increase compared to ¥1,412,214,934.36 in the same period last year[14]. - Net profit attributable to shareholders was ¥255,034,627.72, a significant turnaround from a loss of ¥41,020,344.00 in the previous year, representing a 721.73% increase[14]. - The net cash flow from operating activities was ¥110,457,453.30, compared to a negative cash flow of ¥45,365,171.08 in the same period last year, marking a 343.49% improvement[14]. - Basic earnings per share for the first half of 2024 were ¥0.58, a substantial increase from a loss of ¥0.09 per share in the same period last year, representing a 744.44% increase[15]. - The weighted average return on net assets rose to 15.26%, an increase of 18.06 percentage points compared to -2.80% in the previous year[15]. - The company reported a total profit of ¥280,437,704.16 for the first half of 2024, recovering from a loss of ¥47,412,190.12 in the same period of 2023[83]. - The company achieved a comprehensive income total of ¥253,707,286.07 in the first half of 2024, compared to a loss of ¥36,723,085.41 in the same period of 2023[84]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥6,440,258,836.68, reflecting a 15.03% increase from ¥5,598,693,084.50 at the end of the previous year[14]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 793.17 million RMB, which accounts for 44.66% of the company's net assets[64]. - Total liabilities increased to approximately ¥4.66 billion, up from ¥4.05 billion, representing a growth of about 15% year-over-year[79]. - The company's cash and cash equivalents at the end of the period were ¥573,951,668.97, up 62.46% from ¥353,279,619.57, indicating improved liquidity[32]. - The total accounts receivable balance as of June 30, 2024, is RMB 2,246,576,122.88, an increase from RMB 1,886,770,757.23 at the beginning of the period[189]. Market and Customer Relations - The company experienced a significant increase in customer orders due to the rapid development of the new energy vehicle market, leading to a substantial growth in operating revenue and a notable improvement in net profit[16]. - The company has established long-term partnerships with major automotive manufacturers, including Volkswagen, Daimler, and Ford, enhancing its brand influence in the automotive wiring harness sector[20]. - The company is actively expanding its customer base, including partnerships with manufacturers like Seres and Geely[41]. - The company has a high customer concentration risk, with the top five customers accounting for approximately 84.47% of sales revenue[41]. Operational Efficiency and Innovation - The company's expense ratio decreased significantly as a result of ongoing smart manufacturing and digital transformation efforts, alongside increased sales volume from new energy projects[16]. - The company has implemented a leading smart manufacturing management system, integrating advanced technologies to improve efficiency and reduce costs[21]. - The company aims to enhance its technological innovation capabilities and expand its global market presence, positioning itself as a leading supplier in the automotive electrical module sector[19]. - Research and development expenses increased by 32.90% to ¥130,958,487.51, driven by investments in new projects, technologies, and materials[30]. Environmental and Social Responsibility - The company adheres to strict environmental protection regulations and has not faced any administrative penalties related to environmental issues during the reporting period[48]. - The company is committed to reducing carbon emissions and has initiated various energy-saving measures in its new factory designs[51]. - The company has actively engaged in environmental education and training to enhance awareness of environmental protection responsibilities among its employees[51]. Corporate Governance and Shareholder Relations - The company reported no significant operational risks that could materially affect its business during the reporting period[3]. - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital for this reporting period[3]. - The controlling shareholder has pledged to stabilize the company's stock price for three years post-listing, with commitments to buy back shares under certain conditions[54]. - The company will ensure that any business opportunities that may lead to competition with its operations will be communicated and managed appropriately[58]. Financial Management and Capital Structure - The company has received approval for a stock issuance plan to strengthen its capital operation capabilities[29]. - The company plans to issue shares to specific targets in 2024, with a detailed analysis report and feasibility study on the use of raised funds[45]. - The company has established a special storage account for raised funds as part of its financial management strategy[45]. - The company has not disclosed any changes or progress regarding employee stock ownership plans or other incentive measures during the reporting period[48]. Accounting Policies and Financial Reporting - The company’s accounting policies comply with the relevant accounting standards and regulations[107]. - The financial statements are prepared based on the assumption of going concern[105]. - The company recognizes revenue when control of goods or services is transferred to the customer, which is defined as the ability to direct the use of the goods and obtain almost all economic benefits[162]. - The company assesses expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income, based on past events and future economic forecasts[129].

第一章 总 则 第一条 为了提高昆山沪光汽车电器股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，正 确把握和引导网络舆论导向，及时、妥善处理各类舆情对公司股价、公司商业信 誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据《上海证券 交易所股票上市规则》等相关法律法规规定和《昆山沪光汽车电器股份有限公司 章程》制订本制度。 第二条 本制度所称"舆情"包括： 昆山沪光汽车电器 股份有限公司 舆 情 管 理 制 度 （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影 响的事件信息。 第三条 公司舆情应对坚持"科学应对、突出导向、注重实效"的总体原则， 有效引导内部舆论和社会舆论，避免和消除因媒体可能对公司造成的各种负面影 响，切实维护公司的利益和形象。 第二章 舆 情 管 理 的 组 织 体 系 及 其 工 作 职 责 第四条 公司应对各类舆情（尤 ...

证券代码：605333 证券简称：沪光股份 公告编号：2024-056 一、董事会会议召开情况 （一）昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届董事会第 八次会议通知已于 2024 年 8 月 16 日通过专人送达、电话及邮件等方式通知了全 体董事。 （二）本次会议于 2024 年 8 月 27 日以现场结合通讯表决方式在江苏省昆山 市张浦镇沪光路 388 号四楼会议室召开。 （三）本次会议由董事长成三荣先生召集并主持，会议应出席董事 7 人，实 际出席董事 7 人。公司监事、高级管理人员列席了本次会议。 （四）本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》 的规定，会议形成的决议合法有效。 二、董事会会议审议情况 昆山沪光汽车电器股份有限公司 第三届董事会第八次会议决议公告 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。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及指定媒体 披露的《2024 年半年度募集资金存放与实际使用情况的专项报告》。 经与会董事认真审议， ...

股票简称：沪光股份 股票代码：605333 关于昆山沪光汽车电器股份有限公司 向特定对象发行股票申请文件 审核问询函的回复 保荐人（主承销商） 二〇二四年八月 7-1-1 沪光股份向特定对象发行股票申请文件 审核问询函的回复 上海证券交易所： 贵所于 2024 年 7 月 5 日出具的《关于昆山沪光汽车电器股份有限公司向特定对 象发行股票申请文件的审核问询函》（上证上审（再融资）〔2024〕172 号）（下称 "审核问询函"）已收悉。昆山沪光汽车电器股份有限公司（下称"沪光股份"、 "发行人"或"公司"）与中信建投证券股份有限公司（下称"中信建投证券"、 "中信建投"或"保荐人"）、立信会计师事务所（特殊普通合伙）（下称"立信 会计师"或"申报会计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核 问询函所提问题逐条进行了认真讨论、核查和落实，现回复如下，请予审核。 如无特别说明，本审核问询函回复中的简称与《昆山沪光汽车电器股份有限公 司向特定对象发行证券募集说明书》中简称具有相同含义。 | 格式 | 说明 | | --- | --- | | 黑体（加粗） | 审核问询函所列问题 | | 宋体（不加粗） | ...

第三届监事会第七次会议决议公告 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。 证券代码：605333 证券简称：沪光股份 公告编号：2024-053 昆山沪光汽车电器股份有限公司 经与会监事认真审议，会议审议并通过了如下议案： （一）审议通过了《关于公司 2024 年度向特定对象发行股票预案（二次修 订稿）的议案》 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》等有关法律、法规及规范性文件的规定，结合公司实际情况， 公司编制了《昆山沪光汽车电器股份有限公司 2024 年度向特定对象发行股票预 案（二次修订稿）》。 一、监事会会议召开情况 （一）昆山沪光汽车电器股份有限公司（以下简称"公司"）第三届监事会 第七次会议通知已于 2024 年 8 月 5 日通过专人送达、电话及邮件等方式通知了 全体监事。 （二）本次会议于 2024 年 8 月 16 日以现场结合通讯表决方式在昆山市张浦 镇沪光路 388 号公司四楼会议室召开。 （三）本次会议由朱雪青主持，会议应出席监事 3 人，实际 ...

$$\Xi{\bf{\mathrm{o}}}=\left[\Xi{\bf{\mathrm{q}}}\left({\bf{\mathrm{\mu}}}\right)\Xi\right]/\Xi$$ ! " (SHG 昆山沪光汽车电器股份有限公司 2024 年度向特定对象发行股票预案 (二次修订稿) 证券代码: 605333 证券简称:沪光股份 本部分所述词语或简称与本预案"释义"所述词语或简称具有相同含义。 1、本次向特定对象发行股票相关事项已经公司第三届董事会第二次会议、 第三届监事会第二次会议、2024年第一次临时股东大会、第三届董事会第四次会 议、第三届董事会第七次会议审议通过，已召开独立董事专门会议2024年第一次 会议并发表同意意见。根据有关规定，本次向特定对象发行股票尚需履行如下程 序：本次向特定对象发行股票事项经上海证券交易所审核通过并经中国证监会同 意注册，最终发行方案以中国证监会同意注册的方案为准。本次发行能否完成上 述程序以及完成时间均存在不确定性，提醒投资者注意投资风险。 2、本次向特定对象发行股票的发行对象为符合中国证监会规定的不超过 35名（含本数）的特定对象，包括证券投资基金管理公司 ...

关于《关于昆山沪光汽车电器股 份有限公司向特定对象发行股票 的审核问询函》（上证上审（再 融资）〔2024〕172 号）中反馈意 见的专项说明 立信会计师事务所(特殊普通合伙) 关于《关于昆山沪光汽车电器股份有限公司向特定对 象发行股票的审核问询函》（上证上审（再融资）〔2024〕172 号） 中反馈意见的专项说明 信会师函字[2024]第 ZB112 号 上海证券交易所： 贵所于2024 年7 月 5 日出具的《关于昆山沪光汽车电器股份有限公司向特定对象 发行股票申请文件的审核问询函》（上证上审（再融资）〔2024〕172 号）（以下 简称"《问询函》"）已收悉。立信会计师事务所(特殊普通合伙)(以下简称"会计师")作为 昆山沪光汽车电器股份有限公司（以 下简称"沪光股份"、"公司"、"发行人"）的 2021 年度、2022 年度、2023 年度财务报表审计机构，对本次审核问询函中提到的要求会计 师核查的问题进行了认真核查，现回复如下： 特别说明： 本所没有接受委托审计沪光股份 2024 年 1-3 月期间的财务报表，以下所述的核查程 序及核查意见不构成审计，其结果可能与我们未来执行沪光股份财务报表审计得出 ...