Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of its kind [1]. Core Viewpoints - The quartz crystal oscillator industry has significant growth potential, driven by increasing demand from downstream sectors [3][4]. - The company is a leading player in the quartz crystal component industry, focusing on the design, research and development, production, and sales of quartz oscillators and packaging materials [2][12]. - The company has successfully turned around its performance, with a notable increase in revenue and profitability in the first half of 2024 [21][28]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the quartz crystal component industry for nearly 20 years, with a strong reputation for product quality [12]. - As of mid-2024, the company holds 55 patents, including 13 invention patents, and has achieved various quality management certifications [12][53]. 2. Industry Potential - The quartz crystal oscillator market is expected to expand significantly, with projections indicating a potential market size of 161.57 billion yuan by 2027 [9][40]. - The demand for quartz oscillators is anticipated to grow steadily due to the proliferation of applications in consumer electronics, smart devices, and automotive electronics [40][46]. 3. R&D and Market Expansion - The company emphasizes innovation and product quality, with ongoing development of high-end products such as temperature-compensated oscillators and real-time clock oscillators [51][52]. - The company is actively expanding its market presence, both domestically and internationally, with a focus on enhancing product market share and optimizing manufacturing processes [54][55]. 4. Financial Forecast and Valuation - Revenue forecasts for the company are projected to reach 573.31 million yuan in 2024, with a net profit of 15.42 million yuan [1][9]. - The company's P/E ratios for 2024-2026 are estimated at 154.76, 111.29, and 77.79 respectively, indicating a relatively high valuation compared to peers [1][9].

一、对外投资概述 （一）基本情况 为实现公司国际化发展战略，增强市场竞争力，应对未来国际贸易风险， 拓展海外市场业务，快速响应海外客户的订单需求，安徽晶赛科技股份有限公 司（以下简称"公司"）拟与公司全资子公司合肥晶威特电子有限责任公司（以 下简称"合肥晶威特"）共同出资设立泰国子公司，实际投资金额以中国及当 地主管部门批准金额为准。 为控制投资风险，公司将根据市场需求和业务进展等具体情况分步、分期 对泰国子公司进行相关投入，本次投资项目为公司主营业务。 证券代码：871981 证券简称：晶赛科技 公告编号：2025-001 安徽晶赛科技股份有限公司 关于设立泰国子公司的公告 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，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。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资 系新设子公司，不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 公司于 2025 年 1 月 6 日召开第三届董事会 ...

证券代码：871981 证券简称：晶赛科技 公告编号：2024-060 安徽晶赛科技股份有限公司 股东名称 股东身份 持股数量（股） 持股比例 当前持股股份来源 郑善发 董事、总经 理 637,000 0.83% 上市后通过非交易过 户方式取得 陈维彦 监事 450,800 0.59% 上市后通过非交易过 户方式取得 查晓兵 董事 131,764 0.17% 上市后通过非交易过 户方式取得 胡孔亮 监事 131,764 0.17% 上市后通过非交易过 户方式取得 丁曼 财务总监 131,764 0.17% 上市后通过非交易过 户方式取得 一、 减持主体减持前基本情况 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 董事、监事、高级管理人员提前终止减持计划暨减持股份 结果公告 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，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。 | | | | | | 减持价格区 | | 减 | 当前持 | | | --- | --- | --- | --- | ...

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。 股东名称 股东身份 持股数量（股） 持股比例 当前持股股份来源 郑善发 董事、总经 理 637,000 0.83% 上市后通过非交易过 户方式取得 陈维彦 监事 450,800 0.59% 上市后通过非交易过 户方式取得 查晓兵 董事 131,764 0.17% 上市后通过非交易过 户方式取得 胡孔亮 监事 131,764 0.17% 上市后通过非交易过 户方式取得 丁曼 财务总监 131,764 0.17% 上市后通过非交易过 户方式取得 一、 减持主体减持前基本情况 二、 减持计划的实施结果 证券代码：871981 证券简称：晶赛科技 公告编号：2024-060 安徽晶赛科技股份有限公司 董事、监事、高级管理人员提前终止减持计划暨减持股份 结果公告 （二） 本次减持事项是否与股东此前已披露的计划、承诺一致 √是 □否 （三） 减持时间区间届满，是否未实施减持 □是 √否 （四） 是否提前终止减持计划 √是 □否 （一） 股东因以下原因披露减持计划实施结 ...

Business Overview - The company has maintained a steady business performance in the first three quarters of 2024, benefiting from the trend of domestic substitution in downstream markets and the development of the AI industry [4] - The overall demand for quartz crystal oscillators has shown signs of recovery [4] Market Expansion - The company's customers are mainly in the consumer electronics, industrial control modules, and automotive electronics sectors, with a stable customer base established [5] - Automotive electronics (automotive-grade products) have passed certification from some automotive electronics manufacturers and achieved mass production [5] - Future focus will be on expanding in the optical module and positioning navigation fields [5] - Overseas markets contribute approximately 20% of the sales revenue for crystal oscillator products, with major export markets being Europe, America, Japan, and South Korea [6] - The company plans to increase efforts in overseas market expansion to attract more high-quality customers [6] Product Development - The tuning fork crystal oscillator, as a fundraising project, has completed capacity layout and is in the stage of ramping up production [7] - Sales of tuning fork crystal oscillators have improved in the second half of 2024 compared to the first half, significantly enhancing the company's product structure [7] Competitive Advantages - The company offers a comprehensive range of products, covering the entire spectrum from crystal components to packaged components [8] - It possesses technological innovation advantages, including advanced manufacturing processes such as lithography technology, enabling independent production of high-frequency crystal chips [8] - The company has an experienced management team with extensive expertise in refined management and has established a complete, systematic professional management system [8] - A robust quality assurance system has been established, certified by international standards [8]

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted as an online meeting on December 16, 2024 [3] - Attendees included various securities firms and fund management companies, such as Guolian Securities and China International Capital Corporation [3] Group 2: Company Performance and Market Demand - The overall market demand for quartz crystal oscillators has shown signs of recovery due to domestic substitution trends and the impact of the artificial intelligence industry [4] - The company maintained a steady operational status by enhancing market expansion and optimizing production processes [4] Group 3: Customer Base and Market Expansion - The company's main customers are in consumer electronics, industrial control modules, and automotive electronics, with a stable customer base established [5] - Automotive electronics have achieved batch shipments after passing certification from some automotive manufacturers [5] Group 4: Overseas Market Contribution - Overseas sales account for approximately 20% of the total sales of quartz crystal products [6] - Major export markets include Europe, the United States, Japan, and South Korea, primarily in the consumer electronics sector [6] Group 5: Product Development and Sales - The production capacity for tuning fork oscillators has been established, with sales volume increasing in the second half of 2024 compared to the first half [7] Group 6: Competitive Advantages - The company offers a complete range of products, including all categories of crystal and packaging components [8] - It possesses technological innovation advantages, including advanced manufacturing processes and self-developed key materials [8] - The management team has extensive experience in refined management and has established a comprehensive quality assurance system [8]

证券代码：871981 证券简称：晶赛科技 公告编号：2024-059 安徽晶赛科技股份有限公司 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 □路演活动 √其他 （线上会议） 二、 投资者关系活动情况 活动时间：2024 年 12 月 16 日 活动地点：线上会议 参会单位及人员：国联证券、中庚基金管理有限公司、招商基金管理有限公 司、湘财证券、银华基金、浦银安盛基金、中信建投基金管理有限公司、汇瑾资 本、西部证券、中泰证券、苏豪投资、东北证券、长江证券、国元证券、上海乘 富投资管理有限公司、深圳巨鹿投资、国投证券、申万菱信基金管理有限公司、 财信证券、中金公司、华鑫证券、天治基金管理有限公司、国泰君安证券、秉辉 私募基金、海南贝盈私募基金管理有限公司、杭广基金、兴业证券、创金合信基 金（排名不分先后） 上市公司接待人员：董事会秘书胡丹先生 □新闻发布会 □分析师会议 答：得益于下游市场国产化替代的 ...

Group 1: Industry Overview - The quartz crystal oscillator industry is currently experiencing a recovery in demand, although it remains in a state of oversupply with intense competition among products [4] - The market size of the quartz crystal oscillator industry is expected to grow due to the acceleration of global digitalization, the rise of 5G networks, and the expansion of application scenarios in various sectors [5] Group 2: Product Applications - Ultra-high frequency products (above 100MHz) are primarily used in optical modules, optical communications, and FTTR (Fiber to the Room) applications [6] - Tuning fork crystal products have completed capacity layout and are showing initial success in consumer electronics, positioning modules, and electric meters [7] - Automotive-grade products are applied in vehicle manufacturing, battery management systems (BMS), and automotive instrumentation, with efforts underway to increase market penetration [9] Group 3: Company Strategy and Development - The company plans to focus on the research and development of high-frequency chips and miniaturized products, particularly tuning fork and temperature-compensated oscillators [10] - The company aims to enhance product competitiveness through improved internal management and optimized manufacturing processes [7] - The company has developed high-frequency photolithography chips and will continue to expand market reach to meet diverse customer needs [6]

Industry Overview - The quartz crystal oscillator industry is experiencing a recovery in demand as previous market inventories are gradually depleted, but it remains in a state of oversupply with limited market growth [4] - The resonator category is particularly competitive, prompting some companies to shift their development strategies towards high-end products [4] Future Prospects - The quartz crystal oscillator industry is expected to grow due to the acceleration of global informatization and digitization, the popularization of 5G networks and IoT, the rise of AI, and the push from markets such as automotive electronics, power and energy, industrial equipment, and medical electronics [5] - The industry is also benefiting from the acceleration of domestic substitution and strong national policy support, leading to expanded and upgraded market application scenarios [5] Product Applications - Ultra-high frequency crystal oscillators (above 100MHz) are primarily used in optical modules, optical communication, and FTTR (fiber to the room) scenarios [6] - The company has developed high-frequency lithography wafers and will continue to expand the market to meet diverse customer needs [6] - Tuning fork crystal oscillators are being applied in consumer electronics, positioning modules, and electric meters, with future plans to enhance market competitiveness through internal control and process optimization [7] Manufacturing Processes - The company's lithography process is used in the manufacturing of small-sized crystal oscillators, ultra-high frequency crystal oscillators, and tuning fork crystals [8] Automotive Applications - Automotive-grade products are used in vehicle manufacturing, BMS (battery management systems), and automotive instrument panels [9] - The company has passed certification from some automotive electronics manufacturers and is now in mass production, with plans to increase market expansion efforts [9] Strategic Focus - The company will focus on the R&D of high-frequency wafers and small-sized products, particularly the miniaturization of tuning fork crystal oscillators and temperature-compensated crystal oscillators [10] - Key areas for expansion include automotive electronics and optical modules [10]

证券代码：871981 证券简称：晶赛科技 公告编号：2024-058 安徽晶赛科技股份有限公司 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 活动地点：上海浦东新区陆家嘴世纪大道 8 号丽思卡尔顿酒店 参会单位及人员：东吴证券股份有限公司及报名参加东吴证券 2025 年度策 略会的投资者 上市公司接待人员：董事会秘书胡丹先生 三、 投资者关系活动主要内容 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 12 月 11 日 董事会秘书胡丹先生介绍了公司业务的基本情况并就投资者关心的问题进 行了交流，主要问题及回复概要如下： 问题 1：请问目前石英晶振行业现状 答复：从目前看，随着前期市场库存逐渐消耗完毕，石英晶振行业整体需求 有所回暖，但仍处于供大于求的阶段，市场增量不是很明显。产品市场竞争激烈， 谐振器品类的竞争尤为突出，部分行业公司正转变发展思路， ...