上 市 公 司 电子 公 司 研 究/ 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） 投资要点： 证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 26.36 | | 一年内最高 / 最低（元） | 28.68/10.64 | | 市净率 息率（分红/股价） | 3.8 0.76 | | 流通 A 股市值（百万元） | 3,009 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 6.92 | | | | | 资产负债率 % | 13.74 | | 总股本 /流 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue growth is driven by technological upgrades, with a promising outlook in the sensor industry [1] - The company's Q3 2024 revenue reached 163 million yuan, a 33.57% YoY increase, although net profit declined by 9.15% due to lower-margin domestic products and non-recurring losses [2] - The company continues to invest in R&D, with a 18.86% YoY increase in R&D spending to 36 million yuan in the first three quarters of 2024, enhancing product competitiveness and increasing demand orders [2] - The company is expanding its production capacity, with construction in progress increasing by 32.97% YoY to 12 million yuan, reflecting further investment in mechanization and automation [2] - The company is well-positioned to benefit from the growing smart driving market, which is expected to reach 383.2 billion yuan in 2024, with investment funding projected at 5.16 billion yuan [3] - The company is advancing its pressure-sensitive product technology, with a global market size expected to reach 17.59 billion yuan by 2028, and is collaborating with major 3C companies like ASUS, VIVO, and Xiaomi [3] - The smart sensor market is steadily growing, driven by demand in new energy vehicles, industrial automation, medical, environmental, and consumer sectors, with the Chinese market expected to reach 164.31 billion yuan in 2024 [3] Financial Forecasts - Revenue is projected to grow from 569.7 million yuan in 2024 to 836.68 million yuan in 2026, with a CAGR of 21.12% [1] - Net profit attributable to the parent company is expected to increase from 93.54 million yuan in 2024 to 141 million yuan in 2026, with a CAGR of 24.01% [1] - EPS is forecasted to rise from 0.66 yuan in 2024 to 1.00 yuan in 2026 [1] - The company's P/E ratio is expected to decrease from 39.78 in 2024 to 26.39 in 2026, indicating potential undervaluation [1] Market and Industry Data - The company's closing price is 26.36 yuan, with a P/B ratio of 3.81 and a total market capitalization of 3.72 billion yuan [6] - The smart driving market is projected to grow significantly, with the Chinese market expected to reach 383.2 billion yuan in 2024 [3] - The global pressure-sensitive product market is forecasted to reach 17.59 billion yuan by 2028 [3] - The Chinese smart sensor market is expected to grow to 164.31 billion yuan in 2024 [3] Financial Performance - The company's operating cash flow increased significantly by 125.29% YoY to 58 million yuan in the first three quarters of 2024 [2] - The company's gross margin is expected to remain stable at around 39% from 2024 to 2026 [10] - The company's ROE is projected to increase from 9.16% in 2024 to 11.05% in 2026 [11]

公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 378 467 597 746 895 增长率 yoy% -9% 24% 28% 25% 20% 归母净利润（百万元） 53 77 83 107 126 增长率 yoy% -11% 45% 8% 29% 18% 每股收益（元） 0.38 0.55 0.59 0.76 0.89 每股现金流量 0.55 0.51 0.66 0.35 0.56 净资产收益率 6% 8% 8% 10% 11% P/E 70.2 48.3 44.8 34.7 29.5 P/B 4.2 4.0 3.8 3.5 3.2 备注：股价截止自2024 年 10 月 29 日收盘价，每股指标按照最新股本数全面摊薄 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn 基本状况 报告摘要 事件：公司发布 2024 年三季报。单季度看，2024Q3 公司实现收入 ...

Financial Performance - Revenue for the first nine months of 2024 increased by 32.67% to 446,610,788.30 yuan compared to 336,622,513.37 yuan in the same period of 2023[5] - Revenue for the third quarter of 2024 increased by 33.57% to 162,636,174.33 yuan compared to 121,765,099.81 yuan in the same period of 2023[6] - Net profit attributable to shareholders of the listed company for the first nine months of 2024 rose by 5.20% to 67,483,311.97 yuan from 64,149,916.77 yuan in the same period of 2023[5] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 decreased by 9.15% to 20,672,299.34 yuan from 22,754,179.27 yuan in the same period of 2023[6] - Total revenue for the first 9 months of 2024 increased to 446,610,788.30 RMB, up 32.7% from 336,622,513.37 RMB in the same period of 2023[25] - Net profit for the first 9 months of 2024 rose to 67,483,311.97 RMB, a 5.3% increase from 64,071,496.91 RMB in the same period of 2023[26] - Operating profit for the first 9 months of 2024 reached 73,711,147.67 RMB, a 3.2% increase from 71,422,337.00 RMB in the same period of 2023[26] - Comprehensive income for the first 9 months of 2024 rose to 67,638,704.96 RMB, a 4.6% increase from 64,673,580.87 RMB in the same period of 2023[26] - Operating income for the first nine months of 2024 was 367,326,975.08 yuan, up from 281,432,840.51 yuan in the same period of 2023[27] - Net profit for the first nine months of 2024 was 62,270,518.85 yuan, up from 46,818,050.19 yuan in the same period of 2023[27] - Sales revenue from goods and services for the first nine months of 2024 was 427,702,023.72 yuan, up from 336,619,884.88 yuan in the same period of 2023[29] - Sales of goods and services received cash of 341,570,050.41 yuan, a 44.8% increase compared to 235,933,666.08 yuan in the same period last year[32] - Total cash inflow from operating activities was 352,911,098.55 yuan, up 44.5% from 244,150,714.38 yuan in the previous year[32] - Net cash flow from operating activities increased by 146% to 48,187,579.80 yuan from 19,591,271.24 yuan[33] Asset and Liability Changes - Total assets increased by 2.98% to 1,131,818,903.47 yuan as of September 30, 2024, compared to 1,099,034,937.36 yuan at the end of 2023[4] - Net assets attributable to shareholders of the listed company grew by 5.57% to 976,334,349.46 yuan as of September 30, 2024, from 924,805,083.85 yuan at the end of 2023[4] - Cash and cash equivalents decreased by 52.66% to 263,147,816.33 yuan as of September 30, 2024, due to the company using 220,000,000 yuan of temporarily idle funds to purchase structured deposits[8] - Accounts receivable increased by 35.05% to 184,964,486.18 yuan as of September 30, 2024, in line with revenue growth[8] - Long-term equity investments increased by 83.60% to 50,868,183.74 yuan as of September 30, 2024, mainly due to investments in affiliated companies and adjustments in investment gains and losses[8] - Total assets increased to 1,131,818,903.47 yuan as of September 30, 2024, compared to 1,099,034,937.36 yuan at the end of 2023[19][21] - Cash and cash equivalents decreased to 263,147,816.33 yuan from 555,868,297.11 yuan year-over-year[19] - Accounts receivable increased by 35.1% to 184,964,486.18 yuan from 136,963,386.12 yuan[19] - Inventory rose by 17.8% to 94,431,544.10 yuan from 80,130,614.48 yuan[19] - Long-term equity investments grew by 83.6% to 50,868,183.74 yuan from 27,706,208.18 yuan[19] - Total liabilities decreased to 155,484,554.01 yuan from 174,229,853.51 yuan[21] - Shareholders' equity increased to 976,334,349.46 yuan from 924,805,083.85 yuan[21] - Retained earnings grew by 12.5% to 352,584,120.60 yuan from 313,330,478.23 yuan[21] - Parent company's cash and cash equivalents decreased to 154,034,034.67 yuan from 438,832,078.98 yuan[22] - Parent company's long-term equity investments increased by 8.9% to 291,111,697.74 yuan from 267,291,221.87 yuan[22] - Total assets as of the end of the reporting period reached 1,018,747,080.36 RMB, a 3.3% increase from 986,690,525.97 RMB at the end of the previous period[23] - Fixed assets increased to 21,571,558.43 RMB, up 11.3% from 24,322,777.28 RMB at the end of the previous period[23] - Intangible assets grew to 4,269,181.15 RMB, a 12.8% increase from 3,785,973.36 RMB at the end of the previous period[23] - Total equity attributable to owners of the parent company increased to 889,279,728.61 RMB, up 5.5% from 843,124,015.04 RMB at the end of the previous period[24] - Total liabilities decreased to 129,467,351.75 RMB, down 9.8% from 143,566,510.93 RMB at the end of the previous period[23] Cash Flow and Investment Activities - Cash flow from operating activities for the first nine months of 2024 was 58,212,052.54 yuan, slightly up from 57,478,261.90 yuan in the same period of 2023[31] - Cash flow from investing activities for the first nine months of 2024 was -300,007,618.20 yuan, compared to -48,221,648.11 yuan in the same period of 2023[31] - Cash flow from financing activities for the first nine months of 2024 was -53,189,076.30 yuan, compared to 9,156,290.57 yuan in the same period of 2023[31] - Net cash outflow for the first nine months of 2024 was 292,720,480.78 yuan, compared to a net cash inflow of 22,182,573.43 yuan in the same period of 2023[31] - Cash outflow for investment activities surged to 285,164,475.88 yuan, a 120.5% increase from 129,335,639.41 yuan[33] - Net cash flow from investment activities was -284,629,466.39 yuan, a significant decrease from -36,912,375.00 yuan in the previous year[33] - Cash inflow from financing activities dropped to 3,750,000.00 yuan, a 91% decrease from 41,875,000.00 yuan[33] - Net cash flow from financing activities was -49,852,586.26 yuan, compared to 10,678,108.97 yuan in the same period last year[33] - The company's cash and cash equivalents decreased by 284,798,044.31 yuan, ending the period at 154,034,034.67 yuan[33] R&D and Operating Expenses - R&D expenses for the first 9 months of 2024 grew to 36,446,937.47 RMB, up 18.9% from 30,664,989.55 RMB in the same period of 2023[25] - R&D expenses for the first nine months of 2024 were 26,547,650.81 yuan, up from 23,307,647.80 yuan in the same period of 2023[27] - Cash paid for goods and services increased by 43.00% to 224,008,791.86 yuan, reflecting higher order demand[9] - Cash paid for taxes increased by 36.38% to 17,796,577.40 yuan, in line with higher revenue and profit[9] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets increased by 89.89% to 56,157,265.87 yuan, driven by land purchases and increased investment in production assets and technology upgrades[9] Shareholder and Equity Information - The total number of shares held by the top 10 shareholders decreased by 2,494,785 shares to 61,262,367 shares, representing 43.40% of the total shares[12] - The company's core employees reduced their holdings by 707,888 shares, bringing their total holdings to 2,041,861 shares, or 1.45% of the total shares[11] - The company granted a total of 3.3 million restricted shares under the 2023 equity incentive plan, with 1,344,488 shares meeting the conditions for release[17] - The company repurchased and canceled 11,000 restricted shares held by 3 resigned employees at the original grant price of RMB 6.25 per share[17] - As of the reporting period, the company had granted 3.3 million restricted shares, with 1,944,512 shares yet to be exercised[17] - Basic earnings per share increased to 0.48 yuan per share from 0.45 yuan per share[27] - Diluted earnings per share increased to 0.48 yuan per share from 0.45 yuan per share[27] Related Transactions and Other Income - The company's daily related transactions for purchasing raw materials, fuel, power, and accepting services amounted to RMB 15,398.23, against a forecast of RMB 510,000.00[15] - Sales of products, goods, and provision of services reached RMB 8,931,676.90, compared to a forecast of RMB 17,000,000.00[15] - Other daily related transactions amounted to RMB 30,385.32, against a forecast of RMB 150,000.00[15] - Other income increased by 301.34% to 7,121,615.46 yuan, mainly due to increased government subsidies and tax deductions for advanced manufacturing enterprises[9] - Investment losses increased by 414.78% to -1,486,224.44 yuan, primarily due to increased losses under the equity method[9] - Credit impairment losses increased by 191.96% to -1,490,536.96 yuan, driven by higher accounts receivable[9] - Cash received from other operating activities increased by 27.31% to 14,375,473.64 yuan, mainly due to increased government subsidies[9] - Non-recurring gains and losses totaled 6,788,592.40 yuan, with government subsidies contributing 6,064,155.76 yuan[10]

证券代码：832491 证券简称：奥迪威 公告编号：2024-084 广东奥迪威传感科技股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 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，没有虚假记载、 | | | 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 | | | 带法律责任。 | | 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 ：由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共 进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日" 二、 投资者关系活动情况 活动时间：2024 年 9 月 12 日 活动地点：本次活动采用网络远程的方式举行，投资者登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流。 参会单位及人员： ...

证券代码：832491 证券简称：奥迪威 公告编号：2024-084 广东奥迪威传感科技股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 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，没有虚假记载、 | | | 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 | | | 带法律责任。 | | 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 ：由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共 进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月 活动投资者集体接待日" 二、 投资者关系活动情况 活动时间：2024 年 9 月 12 日 活动地点：本次活动采用网络远程的方式举行，投资者登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流。 参会单位及人员： ...

证券代码：832491 证券简称：奥迪威 公告编号：2024-082 广东奥迪威传感科技股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 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，没有虚假记载、 | | | 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 | | | 带法律责任。 | | 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 9 月 2 日至 2024 年 9 月 3 日 活动地点：线上交流会 参会单位及人员： 9 月 2 日：浙商证券、中信证券、海通证券、山西证券、指南基金、上海歌 汝私募基金管理有限公司； 9 月 3 日：中泰证券、创金合信基金、平安银行股份有限公司、郑州智子投 资、深圳中天汇富基金、深圳国晖投资、才华资本、长城财富保险资产 ...

证券代码：832491 证券简称：奥迪威 公告编号：2024-082 广东奥迪威传感科技股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 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，没有虚假记载、 | | | 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 | | | 带法律责任。 | | 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 9 月 2 日至 2024 年 9 月 3 日 活动地点：线上交流会 参会单位及人员： 9 月 2 日：浙商证券、中信证券、海通证券、山西证券、指南基金、上海歌 汝私募基金管理有限公司； 9 月 3 日：中泰证券、创金合信基金、平安银行股份有限公司、郑州智子投 资、深圳中天汇富基金、深圳国晖投资、才华资本、长城财富保险资产 ...

广东奥迪威传感科技股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------------------------------------------------------|----------------------------------------------------------------------| | | | | | 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，没有虚假记载、 | | 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 | | | 带法律责任。 | | 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 8 月 27 日至 2024 年 8 月 28 日 活动地点：线上交流会 参会单位及人员： 2024 年 8 月 27 日 开源证券、创金合信基金、广发基金、国投瑞银基金、上银基金、国投证券、 长江证券、东方财富证券、国泰君安证券、中信证券、第一创业证券、汇瑾资产、 ...

奥迪威(832491.BJ)/电子 证券研究报告/公司点评 2024 年 8 月 27 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------- ...