Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 97.4 CNY, while the current stock price is 88.50 CNY [4]. Core Views - The company reported a revenue of 276 million CNY for the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million CNY [1][2]. - In Q3 2024, the company achieved a revenue of 104 million CNY, marking a year-on-year growth of 25.59%, and a net profit of 22 million CNY, which is a 1.63% increase year-on-year [1][2]. - The overall gross margin for the first three quarters was 39.53%, down by 2.2 percentage points, primarily due to weak downstream demand, intensified industry competition, and product structure adjustments [2]. - The company is focusing on the development of mechatronic products and expanding its overseas business, aiming to cover all intelligent robot enterprises by the end of the year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 276 million CNY, with a net profit of 59 million CNY. The Q3 revenue was 104 million CNY, and the net profit was 22 million CNY [1][2]. - The comprehensive gross margin decreased to 39.53%, and the net profit margin fell to 21.32%, down by 7.22 percentage points year-on-year [2]. Product Development and Market Strategy - The company is accelerating the layout of mechatronic products, which are characterized by high integration, standardization, and intelligence, aligning with industry trends [3]. - The company has plans to establish a joint venture with Sanhua Intelligent Control in Mexico to develop harmonic reducers, which are key components for humanoid robots [3]. Future Projections - The company is expected to achieve net profits of 87 million CNY, 109 million CNY, and 151 million CNY for 2024, 2025, and 2026, respectively, with growth rates of 2.7%, 25.4%, and 39.3% [9]. - The projected PE ratios for the next three years are 173, 138, and 99 times, respectively, reflecting the company's leading position in the harmonic reducer industry and the anticipated mass production of humanoid robots [9].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown significant recovery in Q3 2024, with a revenue of 1.04 billion yuan, representing a year-on-year growth of 25.59%, and a net profit of 0.22 billion yuan, up 1.63% year-on-year [1]. - Continuous investment in R&D is evident, with R&D expenses reaching 0.36 billion yuan in the first three quarters of 2024, a 14.49% increase year-on-year, indicating a strategic focus on innovation [1]. - The company is expanding its product lines, particularly in industrial automation and robotics, which is expected to contribute to future growth [1][2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.76 billion yuan, an 8.64% increase year-on-year, while the net profit attributable to shareholders was 0.59 billion yuan, down 18.85% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 4.21 billion yuan, 5.70 billion yuan, and 7.40 billion yuan respectively, with net profits expected to be 1.02 billion yuan, 1.43 billion yuan, and 2.03 billion yuan [2][3]. - The company's P/E ratio for 2024 is projected at 151.4X, indicating a high valuation relative to earnings [2][3]. Market Position and Strategy - The company is focusing on the trend of mechatronics and has developed a new generation of mechatronic products, which is expected to strengthen its leading position in the industry [2]. - The strategic emphasis on high-end equipment and innovative technologies is aimed at expanding market reach and addressing new application scenarios [2].

证券代码:688017 证券简称:绿的谐波 公告编号: 2024-040 苏州绿的谐波传动科技股份有限公司 关于参加苏州上市公司投资者集体接待日 暨三季报业绩说明会活动的公告 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、准确性和完整性依法承担法律责任。 为进一步加强与投资者的互动交流,苏州绿的谐波传动科技股份有限公司 (以下简称"公司")将参加"苏州上市公司投资者集体接待日暨三季报业绩说 明会"活动,现将相关事项公告如下: 出席本次年度网上集体接待日的人员有：董事会秘书归来先生; 本次活动将采用网络远程的方式举行,投资者可登录"全景路演" (http://rs.p5w.net),或关注微信公众号:全景财经,或下载全景路演 APP, 参与本次互动交流,活动时间为 2024 年 11 月 6 日 (星期三)15:30-17:00。 届时公司高管将在线就公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题,与投资者进行沟通与交流,欢迎广大投资 者踊跃参与! 特此公告。 苏州绿的谐波传动科技股份有限公司董事会 2024 年 11 月 ...

Group 1: Event Announcement - Suzhou Lide Harmony Transmission Technology Co., Ltd. will participate in the "Suzhou Listed Companies Investor Collective Reception Day and Q3 Performance Briefing" on November 6, 2024 [1] - The event will be held online from 15:30 to 17:00, allowing investors to engage through various platforms [1] Group 2: Participation Details - The event will feature the company's board secretary, Mr. Gui Lai, as a representative [1] - Investors can join the interaction via "Panorama Roadshow" website, WeChat official account, or by downloading the Panorama Roadshow APP [1] Group 3: Discussion Topics - Company executives will address key investor concerns including corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1]

Investment Rating - The investment rating for the company is "Add" [1] Core Insights - The company reported steady revenue growth, achieving a revenue of 276 million yuan in the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million yuan [2] - In Q3 2024, the company achieved a revenue of 104 million yuan, a year-on-year increase of 25.59%, with a net profit of 22 million yuan, up 1.63% year-on-year [2] - The profit margin is under pressure, with a gross margin of 39.53%, down 2.20 percentage points year-on-year. The increase in sales expense ratio is attributed to the company's active overseas market expansion [2] - The humanoid robot market is projected to reach a trillion-level market, and the company's harmonic reducers are expected to benefit from this growth as they can be applied to multiple joints of humanoid robots [2] - The company is focusing on R&D investment and overseas expansion, with a commitment to automated production and optimizing large-scale production costs [2] Financial Forecast - The company is expected to achieve revenues of 410 million yuan, 511 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is forecasted to be 88 million yuan, 106 million yuan, and 134 million yuan for the same years [3] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.52 yuan, 0.63 yuan, and 0.79 yuan per share, with P/E ratios of 170, 142, and 112 times, respectively [3]

证券研究报告·公司点评报告·自动化设备 绿的谐波（688017） 2024 年三季报点评：Q3 业绩恢复正增长，人 形机器人打开成长空间 2024 年 10 月 30 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 445.75 | 356.17 | 396.00 | 520.00 | 690.00 | | 同比（ % ） | 0.54 | (20.10) | 11.18 | 31.31 | 32.69 | | 归母净利润（百万元） | 155.30 | 84.16 | 73.03 | 103.48 | 143.66 | | 同比（ % ） | (17.91) | (45.81) | (13.22) | 41.70 | 38.83 | | EPS- ...

Industry and Company Overview * **Industry**: Robotics and automation, specifically focusing on industrial robots, collaborative robots, and humanoid robots. * **Company**: A leading player in the robotics industry, specializing in the development and production of robot components, including gearboxes, motors, and controllers. Key Points and Arguments 1. **Market Transition**: The company is transitioning from a niche market with high margins to a mass market with lower margins. This shift is driven by the need to cater to a larger customer base and lower cost structures for standard industrial products [1]. 2. **Product Strategy**: The company is adjusting its product strategy to cater to different market segments, including high-end, mid-range, and cost-effective products [4]. 3. **Revenue Growth**: The company reported a significant improvement in revenue in the third quarter, driven by increased demand in the consumer electronics and new energy vehicle sectors [15]. 4. **Capacity Expansion**: The company has a capacity of approximately 500,000 units this year and is planning for further expansion based on market demand [13]. 5. **Product Development**: The company is actively involved in developing products for humanoid robots, including collaborations with major customers and ongoing research and development efforts [5, 8, 24]. 6. **Competitive Advantage**: The company's competitive advantages include rapid development speed, response time, and cost competitiveness [23]. 7. **Price Trends**: The company is experiencing downward pressure on prices, particularly in the humanoid robot segment, but expects prices to stabilize as the market matures [18, 25]. Other Important Points * **Collaborative Robot Market**: The company's collaborative robot market is expected to grow significantly, with potential for high revenue contributions in the future [14]. * **Semiconductor Industry**: The company is actively involved in the semiconductor industry, providing gearboxes and motors for semiconductor manufacturing equipment [11]. * **Management Fees**: The company's management fees have decreased due to reduced equity compensation and increased investment in sales and marketing [29]. * **Capacity Utilization**: The company's capacity utilization is high, with potential for further improvement through optimization and personnel expansion [29]. * **Foreign Robot Customers**: The company is targeting foreign robot customers, particularly in Japan and Europe, and expects their contribution to increase in the future [32].

苏州绿的谐波传动科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 12 证券代码：688017 证券简称：绿的谐波 苏州绿的谐波传动科技股份有限公司 2024 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------|----------------|------ ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-038 苏州绿的谐波传动科技股份有限公司 关于选举董事长、副董事长、董事会专门委员会委员、监 事会主席及聘任高级管理人员的公告 本公司董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、准确性和完整性依法承担法律责任。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"） 于 2024 年 10 月 10 日，召开了第三届董事会第一次会议、第三届监事会第一次会议分别审议 通过了《关于选举董事长的议案》、《关于选举公司副董事长的议案》、《关于 选举董事会各专门委员会成员及主任委员的议案》《关于聘任公司总经理的议案》、 《关于聘任公司副总经理的议案》《关于聘任公司财务总监的议案》、《关于聘 任公司董事会秘书的议案》以及《关于选举第三届监事会主席的议案》情况公告 如下： 一、 选举公司第三届董事会董事长、副董事长 公司第三届董事会成员已经 2024 年第一次临时股东大会选举产生。根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《公司章程》的规定， 公司董事会选举左昱昱先生为第三届董事会董事长，左晶先 ...

本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 10 日 （二） 股东大会召开的地点：苏州市吴中区木渎镇尧峰西路 68 号苏州绿的谐波 传动科技股份有限公司公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 149 | | --- | --- | | 普通股股东人数 | 149 | | 2、出席会议的股东所持有的表决权数量 | 86,721,712 | | 普通股股东所持有表决权数量 | 86,721,712 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.3864 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 51.3864 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 证券代码：688017 证券简称：绿的 ...