Investment Rating - Maintain "Overweight" rating [3] Core Views - The company plans to acquire 100% of German Levicron for no less than €8.5 million, aiming to expand its air-bearing spindle business and accelerate its presence in the European market [3] - The acquisition is a strategic move to integrate Levicron into the company's global business while maintaining its technological and brand independence [3] - The company will retain Levicron's existing operations and workforce, operating it as an independent unit [3] - The acquisition will diversify the company's product line from oil-lubricated bearings to oil-free bearings and air-bearing spindles [3] - The company is accelerating its international business, with overseas revenue reaching ¥63.1 million in 2023, a year-on-year increase of 49.17% [3] - The company is the sole domestic supplier with a track record of supplying bearings for nuclear main pumps, and its products are widely used in nuclear power plants under construction [3] - The company has developed a second-generation wind power sliding bearing with significant cost advantages and has built the world's first fully automated laser cladding production line [3] - The company secured a nearly ¥10 million gas turbine bearing order from Dongfang Electric Group in 2024 [3] Financial Projections - Revenue is expected to reach ¥577 million, ¥700 million, and ¥853 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.27%, 21.42%, and 21.71% [3] - Net profit attributable to the parent company is projected to be ¥122 million, ¥153 million, and ¥193 million in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.33%, 25.31%, and 26.56% [3] - EPS is expected to be ¥1.40, ¥1.75, and ¥2.22 in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 37.98x, 30.31x, and 23.95x [3] Financial Data and Valuation - Revenue for 2024E, 2025E, and 2026E is projected to be ¥576.90 million, ¥700.45 million, and ¥852.52 million, respectively [4] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be ¥121.78 million, ¥152.60 million, and ¥193.13 million, respectively [4] - ROE for 2024E, 2025E, and 2026E is expected to be 8.15%, 9.26%, and 10.49%, respectively [4] - EPS for 2024E, 2025E, and 2026E is projected to be ¥1.40, ¥1.75, and ¥2.22, respectively [4] - P/E ratios for 2024E, 2025E, and 2026E are 37.98x, 30.31x, and 23.95x, respectively [4] Basic Data - 52-week high/low price: ¥94.1/¥36.68 [5] - A-share circulating shares: 23.69 million [5] - A-share total shares: 87.00 million [5] - Circulating market value: ¥1,189.14 million [5] - Total market value: ¥4,366.53 million [5] Stock Performance - The stock price of the company has shown a downward trend over the past year, with a decline of 43% [6] Industry and Market Context - The company operates in the industrial and capital goods sector, focusing on sliding bearings, which are widely used in energy generation, industrial drives, petrochemicals, and shipbuilding [3] - The company's international business expansion is driven by demand from industries such as nuclear power and wind power [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 370 million yuan for the first three quarters of 2024, a year-on-year decrease of 4.59%, while the net profit attributable to shareholders increased by 5.19% to 85 million yuan [4] - The company has a strong core technology in dynamic pressure oil film bearings, which supports its high profitability despite a decline in performance due to the wind power sector [9] - The company is expanding its international presence by establishing a joint venture in Germany and acquiring a German company to enhance its product offerings [8] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 109 million yuan, down 13.67% year-on-year and 25.08% quarter-on-quarter [5] - The gross margin for Q3 was 35.85%, a decrease of 4.97 percentage points year-on-year [5] - The company expects revenues of 5.5 billion yuan in 2024, with net profits projected at 1.15 billion yuan, and EPS of 1.33 yuan [9] Business Segment Performance - The company’s business segments showed varied performance, with shipbuilding and petrochemicals performing well, while energy generation, particularly wind power, faced significant declines [6] - The shipbuilding segment saw a revenue increase of 231% year-on-year, while the petrochemical segment continued to grow due to strategic partnerships [6] Future Outlook - The company anticipates a revenue growth trajectory with projections of 6.9 billion yuan in 2025 and 8.5 billion yuan in 2026, alongside increasing net profits [9] - The target price range for the company is set between 52.2 and 60.9 yuan, based on a PE ratio of 30-35 times for 2025 [9]

Group 1: Acquisition of Levicron GmbH - The company signed a letter of intent to acquire 100% of Levicron GmbH for no less than €8.5 million, marking a strategic step in expanding its presence in the European market [1][2] - Levicron will operate as an independent unit, maintaining its existing location and workforce while coordinating in technology, management, and marketing for accelerated development [1][2] - The acquisition aims to enhance synergies in branding, R&D, production, and marketing, thereby increasing the global influence of the company's brand [2] Group 2: Nuclear Power Sector Development - Since May 2024, there has been a significant increase in orders for nuclear power equipment, with expectations for record-high orders for nuclear bearings within the year [2] - The company is constructing a dedicated production line for main pump bearings to enhance capacity and quality assurance [2] Group 3: Internationalization and New Product Development - The company is preparing to establish a European center to facilitate international market expansion and introduce international bearing experts to improve technology and quality [2] - The second-generation wind power sliding bearings developed by the company are leading in design technology and manufacturing processes, offering significant cost advantages over the first generation [2] - New products such as PEEK bearings, water-lubricated bearings, air-floating bearings, and damping bearings are actively being developed and applied [2] Group 4: International Sales and Capacity Utilization - The company's international business has been growing rapidly, with a focus on consolidating existing customer relationships while expanding into new markets [2] - In 2024, international customer sales are performing well, with an increasing proportion of sales coming from international clients [2] - The company is optimizing production equipment, processes, and logistics to steadily improve capacity utilization, with significant increases expected as new projects come online [2]

证券代码：301548 证券简称：崇德科技 公告编号：2024-046 湖南崇德科技股份有限公司 关于签署《收购意向书》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 特别提示： 1、本次签署的《收购意向书》系各方就收购事宜拟达成的初步意向协议， 属框架性、意向性协议。具体事宜尚待进一步协商、推进和落实，本事项实施 过程中尚存在不确定因素，最终能否达成存在不确定性，后续具体事项以正式 签订的协议为准。敬请广大投资者谨慎决策，注意投资风险。 2、本次拟签署的意向协议书涉及的合作事项不构成关联交易，也不构成 《上市公司重大资产重组管理办法》规定的重大资产重组情形。公司将根据合 作事项后续的进展情况，按照《深圳证券交易所创业板股票上市规则》等法律 法规及《公司章程》的相关规定，及时履行相应决策程序和信息披露义务。 一、本次交易基本情况 1、湖南崇德科技股份有限公司（以下简称"公司"或"SUND"）于近日 与德国公司Levicron GmbH（以下简称"标的公司"或"Levicron"）的全部 股东签署《收购意向书》。 2、公司或其子公司拟以自有资金收购标的公司 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥109,490,397.39, a decrease of 13.67% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥22,239,901.98, down 27.69% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥18,297,401.50, a decrease of 26.42% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.26, reflecting a decline of 61.76% year-over-year[2] - Total operating revenue for Q3 2024 was CNY 370,383,832.16, a decrease of 4.3% compared to CNY 388,218,468.23 in the same period last year[14] - Net profit attributable to shareholders for Q3 2024 was CNY 36,000,000, representing a year-on-year increase of 12.5%[14] - The net profit for Q3 2024 was CNY 85,295,719.69, an increase of 5.5% compared to CNY 81,062,059.78 in Q3 2023[15] - The total comprehensive income attributable to the parent company was CNY 85,239,445.23, compared to CNY 81,253,168.78 in the same quarter last year[15] Assets and Liabilities - The total assets as of September 30, 2024, were ¥1,674,433,419.33, an increase of 1.68% from the end of the previous year[2] - The total assets as of September 30, 2024, reached CNY 1,674,433,419.33, up from CNY 1,646,832,572.11 at the beginning of the year, reflecting a growth of 1.7%[13] - The total liabilities increased slightly to CNY 212,250,193.07 from CNY 210,286,048.49, a growth of 0.5%[12] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥52,482,244.30, an increase of 47.48% compared to the same period last year[2] - The company reported a significant increase in cash flow from operating activities, amounting to CNY 50,000,000 for the quarter[14] - The cash flow from operating activities showed a net increase of CNY 52,482,244.30, compared to CNY 35,586,747.43 in the previous year, indicating a significant improvement[17] - The company reported a cash flow from investing activities of CNY 288,537,047.94, a turnaround from a negative cash flow of CNY -17,280,873.93 in the previous year[17] - The cash outflow from financing activities was CNY 60,152,711.61, a decrease from CNY 193,960,999.42 in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 5,434, with the largest shareholder, Zhou Shaohua, holding 47.77% of shares, totaling 41,557,725 shares[7] - The top ten shareholders collectively hold significant stakes, with the second-largest shareholder, Wu Xingming, owning 11.69% or 10,165,950 shares, of which 2,950,000 shares are pledged[7] - The total number of restricted shares at the beginning of the period was 45,777,382, with 2,720,201 shares released from restrictions during the period, resulting in a total of 63,307,181 restricted shares at the end[9] - The company has seen an increase in the number of shares held by major shareholders, with Zhou Shaohua's shares increasing by 12,897,225 during the period[9] - The company is actively managing its shareholder structure, with several shareholders participating in margin trading, indicating a strategic approach to liquidity[8] - The total number of preferred shareholders is not applicable, indicating a focus on common equity[9] - The company is monitoring the relationships among its top shareholders to ensure compliance with regulations and maintain transparency[9] - The overall shareholder engagement strategy includes regular updates and communication regarding company performance and future outlook[10] Investment and Development - The company reported a significant increase in cash and cash equivalents, which rose by 168.96% to ¥451,828,657.89 due to the recovery of maturing financial products[5] - Investment income for the year-to-date period was ¥11,549,582.64, a substantial increase of 1684.55% compared to the previous year[5] - The company experienced a 44.24% decrease in other income, totaling ¥4,623,425.31, primarily due to a reduction in government subsidies received[5] - The company has plans for future product development and technological advancements, aiming to stay competitive in the market[10] - The company plans to expand its market presence and invest in new technology development in the upcoming quarters[14]

海通证券股份有限公司 关于湖南崇德科技股份有限公司 使用闲置募集资金（含超募资金）进行现金管理的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为湖南崇 德科技股份有限公司（以下简称"公司"或"崇德科技"）首次公开发行股票并 在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则（2024 年修订）》《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（2022 年修订）》《深圳证券交易所上市公 司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作（2023 年修订）》等有关规定，就公司拟使 用闲置募集资金（含超募资金）进行现金管理的事项进行了核查，并出具本核查 意见，具体核查情况如下： 一、本次募集资金基本情况 经中国证券监督管理委员会《关于同意湖南崇德科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕1250 号）同意注册，公司首次公开发 行人民币普通股（A 股）股票 1,500 万股，每股面值人民币 1.00 元，每股发行价 格为 66.80 元 ...

证券代码：301548 证券简称：崇德科技 公告编号：2024-043 湖南崇德科技股份有限公司 2024 年第一次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或重大遗漏。 湖南崇德科技股份有限公司（以下简称"公司"）第二届董事会第八次会议 审议通过了《关于召开公司 2024 年第一次临时股东大会的议案》，决定于 2024 年 11 月 15 日（星期五）召开公司 2024 年第一次临时股东大会，现将本次会议 有关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年第一次临时股东大会 （二）股东大会的召集人：公司董事会 （三）会议召开的合法性、合规性：本次股东大会召开符合《中华人民共和 国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》 等有关法律、行政法规、部门规章、规范性文件和《湖南崇德科技股份有限公司 章程》的有关规定。 （四）会议召开的日期、时间： 1、现场会议：2024 年 11 月 15 日（星期五）下午 14:30 2、网络投票时间：通过深交所交易系统进行网络投票的具体时间为：2024 年 11 月 ...

证券代码：301548 证券简称：崇德科技 公告编号：2024-042 湖南崇德科技股份有限公司 关于使用闲置募集资金（含超募资金） 进行现金管理的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 湖南崇德科技股份有限公司（以下简称"公司"或"崇德科技"）于 2024 年 10 月 28 日召开第二届董事会第八次会议、第二届监事会第七次会议，审议通 过了《关于使用闲置募集资金（含超募资金）进行现金管理的议案》，同意公司 拟使用不超过 70,000 万元的暂时闲置募集资金（含超募资金）进行现金管理。 公司监事会对该事项发表了同意的意见，保荐机构海通证券股份有限公司（以下 简称"保荐机构"）对此事项无异议并出具了核查意见。上述事项尚需提交公司 股东大会审议。具体内容如下： 一、本次募集资金基本情况 经中国证券监督管理委员会《关于同意湖南崇德科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕1250 号）同意注册，公司首次公开 发行人民币普通股（A 股）股票 1,500 万股，每股面值人民币 1.00 元，每股发 行价格为 66.80 元，募集资 ...

证券代码：301548 证券简称：崇德科技 公告编号：2024-040 湖南崇德科技股份有限公司 第二届董事会第八次会议决议公告 二、董事会会议审议情况 经与会董事认真讨论并表决，审议并通过如下议案： 1、会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于公司 2024 年第 三季度报告的议案》。 具体内容请详见刊载于巨潮资讯网（http://www.cninfo.com.cn）上的《湖 南崇德科技股份有限公司 2024 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 2、会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于使用闲置募集 资金（含超募资金）进行现金管理的议案》，该议案需提交公司股东大会审议。 具体内容请详见刊载于《中国证券报》、《证券时报》、《上海证券报》、 《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）上的《湖南崇德科技股 份有限公司关于使用闲置募集资金（含超募资金）进行现金管理的公告》。 3、会议以 9 票同意，0 票反对，0 票弃权审议通过了《关于召开公司 2024 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚 ...

第二届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 湖南崇德科技股份有限公司（以下简称"公司"）第二届监事会第七次会议 通知于 2024 年 10 月 23 日以电子邮件、微信的方式送达，会议于 2024 年 10 月 28 日以传真表决的方式召开，本次会议应参加表决监事 3 人，实际参加表决监 事 3 人。会议的出席人数、召集召开程序、议事内容符合《中华人民共和国公司 法》（以下简称"《公司法》"）和《湖南崇德科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定。 证券代码：301548 证券简称：崇德科技 公告编号：2024-041 湖南崇德科技股份有限公司 经审议，监事会认为：公司本次使用闲置募集资金（含超募资金）进行现金 管理，是在确保不影响公司募集资金投资项目正常进行，在不影响公司正常运作 1 情况下进行，不存在变相改变募集资金用途的情况，符合《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（2022 年修订）》《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上 ...