Investment Rating - The report initiates coverage on Thunderobot Technology with an "Overweight" rating, citing its potential as a rare AIPC (AI Personal Computer) play in the A-share market and significant earnings elasticity from overseas business expansion [1][6] Core Views - Thunderobot, incubated by Haier Group, is a leading domestic computer hardware manufacturer with a product portfolio including gaming/domestic innovation laptops, desktops, and peripherals The company's Q3 2024 revenue reached a record high of 781 million yuan (YoY +8 95%, QoQ +30 08%), driven by AI-driven consumer electronics recovery and overseas market expansion [4] - The global PC market is nearing a replacement cycle, with AIPC expected to drive demand Thunderobot, with its close collaboration with Intel and Nvidia, holds 128 related patents and is well-positioned to benefit from the AIPC wave [4] - The gaming industry's recovery, driven by the normalization of game license approvals and the release of blockbuster games, is expected to boost demand for gaming PCs and peripherals Thunderobot, with its decade-long focus on gaming PCs, is poised to capitalize on this trend [4] - The company's light-asset operation model, combined with its cost advantages and strong brand recognition, positions it well in the competitive market Thunderobot's partnership with Huawei in the StarFlash technology further enhances its brand appeal [4] - Leveraging Haier's global sales channels, Thunderobot has rapidly expanded its overseas business, with overseas revenue growing from 51 million yuan in 2020 to 730 million yuan in 2023, accounting for 32 72% of total revenue [4] Financial Projections - The report forecasts Thunderobot's revenue for 2024-2026 to be 2 735 billion yuan, 3 016 billion yuan, and 3 319 billion yuan, respectively, with a target market capitalization of 3 1 billion yuan based on a 1 13x PS multiple compared to peers [6][71] Industry Analysis - The global PC market is showing signs of recovery, with shipments in Q1-Q3 2024 reaching 194 million units (YoY +2 38%) The AIPC market is expected to grow significantly, with global shipments projected to reach 49 million units in 2024 [4][36] - The gaming industry is experiencing a boom, with 333 new games released in Q1 2024, driving demand for gaming PCs and peripherals Thunderobot's extensive product matrix in gaming PCs and peripherals positions it well to benefit from this trend [4][40] - The StarFlash technology, led by Huawei, is expected to revolutionize wireless connectivity, with Thunderobot being the first global gaming brand to adopt this technology This partnership is likely to enhance Thunderobot's competitive edge in the gaming peripherals market [44][48] Company Strategy - Thunderobot's strategy focuses on leveraging its supply chain advantages, cost control, and brand recognition to offer high-performance, cost-effective products The company's overseas expansion is supported by Haier's global sales network, with a dual-channel strategy of cross-border e-commerce and offline distribution [4][62] - The company's focus on AIPC and gaming PCs, combined with its strong R&D capabilities and patent portfolio, positions it to capitalize on the upcoming replacement cycle and the growing demand for AI-driven PCs [4][53] Valuation - The report uses a PS valuation method, comparing Thunderobot to peers like Chunqiu Electronics and Wingtech Technology, and assigns a target market capitalization of 3 1 billion yuan based on a 1 13x PS multiple The "Overweight" rating reflects the company's potential for earnings recovery and growth in the AIPC and gaming PC markets [71][72]

证券代码：872190 证券简称：雷神科技 公告编号：2024-068 青岛雷神科技股份有限公司 （四）会议召开方式 关于召开 2024 年第一次临时股东大会通知公告 （提供网络投票） 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、会议召开基本情况 （一）股东大会届次 本次会议为 2024 年第一次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 （三）会议召开的合法性、合规性 本次会议的召集和召开符合《公司法》和《公司章程》的有关规 定，会议合法有效。 本次会议采用现场投票和网络投票相结合方式召开。 本次会议采用现场投票与网络投票相结合的表决方式，公司股 东投票表决时，同一股东只能选择现场投票和网络投票中的一种表 决方式，不能重复投票。如果出现重复投票，表决结果以第一次有 1 效投票结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2024 年 11 月 14 日 14:00。 2、网络投票起止时间：2024 年 11 月 13 日 15:00—2024 年 11 月 14 ...

国泰君安证券股份有限公司 关于青岛雷神科技股份有限公司 部分募集资金投资项目延期的核查意见 | 序 | | 调整后投资总额 | 截至期末累计投 | 截至期末 | 原计划项目达到 | | --- | --- | --- | --- | --- | --- | | 号 | 募投项目 | （元） | 入金额（元） | 投入进度 | 预定可使用状态 | | | | | | （%） | 日期 | | 1 | 品牌升级及总部 运营中心建设项 | 74,200,000.00 | 38,491,414.18 | 51.88% | 2024 年 12 月 31 | | | | | | | 日 | | | 目 | | | | | 1 | 序 | 募投项目 | 调整后投资总额 | 截至期末累计投 | 截至期末 投入进度 | 原计划项目达到 预定可使用状态 | | --- | --- | --- | --- | --- | --- | | 号 | | （元） | 入金额（元） | | | | | | | | （%） | 日期 | | 2 | 产品开发设计中 心建设及硬件产 | 86,300,000.00 | 55,986,775.6 ...

证券代码：872190 证券简称：雷神科技 公告编号：2024-067 青岛雷神科技股份有限公司董事任命公告 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。 一、任免基本情况 （一）任免的基本情况 根据《公司法》《公司章程》的有关规定，公司第三届董事会第十次会 议于 2024 年 10 月 28 日审议并通过： 提名李艳兵先生为公司董事，任职期限至第三届董事会届满，本次任免尚需提交股 东大会审议，自 2024 年第一次临时股东大会决议通过之日起生效。上述提名人员持有 公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象。 （二）任命原因 上述任命符合《公司法》和《公司章程》的相关规定以及公司实际发 展的需要，其任职不会对公司的生产经营产生不利影响。 三、相关风险揭示 因赵静女士辞去公司董事职务，根据《公司法》《公司章程》的有关规 定，提名李艳兵先生为公司董事。 （三）新任董监高人员履历 李艳兵先生，汉族，1979 年 7 月出生，中国国籍，无境外永久居留权， 本科学历。2003 年 1 月至 200 ...

证券代码：872190 证券简称：雷神科技 公告编号：2024-059 青岛雷神科技股份有限公司 第三届董事会第十次会议决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和通讯结合 4.发出董事会会议通知的时间和方式：2024 年 10 月 18 日以通讯 方式发出 5.会议主持人：路凯林先生 6.会议列席人员：公司监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集和召开符合《公司法》和《公司章程》的有关规 定，会议合法有效。 1 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 具体 内 容详 见 同日 披 露于 北 京证 券 交易 所 信息 披 露平 台 （www.bse.cn）的《青岛雷神科技股份有限公司 2024 年三季度报告》。 2.议案表决结果：同意 9 票；反对 0 票 ...

证券代码：872190 证券简称：雷神科技 公告编号：2024-060 青岛雷神科技股份有限公司 第三届监事会第八次会议决议公告 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 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，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、会议召开和出席情况 （一）会议召开情况 5.会议主持人：宋靖龙先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集和召开符合《公司法》和《公司章程》的有关规 定，会议合法有效。 具体 内容 详 见同 日 披露 于北 京 证券 交易 所信 息 披露 平台 （www.bse.cn）的《青岛雷神科技股份有限公司关于部分募集资金投 资项目延期的公告》。 1 1.会议召开时间：2024 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2024 年 10 月 18 日以通讯方式 发出 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 具体 内容 ...

二、上述人员的辞职对公司产生的影响 （一）本次辞职未导致公司董事会成员人数低于法定最低人数，未导致公司 监事会成员人数低于法定最低人数，未导致职工代表监事人数少于监事 会成员的三分之一，未导致董事会中兼任高级管理人员的董事和由职工 代表担任的董事人数超过公司董事总数的二分之一，未导致董事会或者 其专门委员会中独立董事所占的比例不符合相关规则或者公司章程的 规定，未导致独立董事中欠缺会计专业人士。 证券代码：872190 证券简称：雷神科技 公告编号：2024-066 青岛雷神科技股份有限公司董事辞职公告 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。 一、辞职董监高的基本情况 （一）基本情况 本公司董事会于 2024 年 10 月 28 日收到董事赵静女士递交的辞职报告，自 2024 年 10 月 28 日起辞职生效。上述辞职人员持有公司股份 0 股，占公司股本的 0%。不是 失信联合惩戒对象，辞职后不再担任公司其它职务。 （二）辞职原因 赵静女士因个人工作内容调整原因辞去公司董事职务。 1 （二）对公司 ...

Financial Performance - Operating revenue for the first nine months of 2023 was CNY 1,936,509,508.42, reflecting a year-on-year growth of 3.66%[4] - Net profit attributable to shareholders decreased by 34.36% to CNY 27,669,793.22 for the first nine months of 2023[4] - Basic earnings per share decreased by 34.37% to CNY 0.2767 for the first nine months of 2023[4] - Operating profit declined by 36.95% to ¥22,844,190.17, impacted by decreased domestic market demand and increased procurement costs due to currency fluctuations[6] - Net profit decreased by 35.39% to ¥18,146,634.24, influenced by similar factors affecting operating profit[6] - Net profit for the first nine months of 2024 was CNY 18,146,634.24, down from CNY 28,085,785.14 in the same period of 2023, indicating a decrease of approximately 35.4%[21] - Revenue for the first nine months of 2024 reached CNY 2,007,382,494.36, compared to CNY 1,936,509,508.42 in 2023, marking an increase of about 3.5%[21] - The net profit attributable to the parent company was CNY 18,163,249.84, a decrease from CNY 27,669,793.22 in the previous period, representing a decline of approximately 34.3%[22] - The total comprehensive income attributable to the parent company was CNY 14,899,563.96, down from CNY 38,077,273.87, indicating a decrease of about 60.9%[22] Cash Flow - Cash flow from operating activities showed a significant decline of 238.04%, amounting to CNY 111,897,621.19[4] - Cash flow from operating activities showed a significant decline of 238.04%, resulting in a net outflow of ¥154,462,060.47 due to increased procurement and extended collection periods from overseas clients[6] - The net cash flow from operating activities was negative at CNY -154,462,060.47, compared to a positive CNY 111,897,621.19 in the previous period, indicating a substantial decline in cash generation[25] - The net cash flow from operating activities for the first nine months of 2024 was -97,378,366.00 CNY, compared to -73,251,702.97 CNY in the same period of 2023, indicating a decline in operational cash flow[27] - Total cash inflow from operating activities was 957,038,566.19 CNY, down from 976,479,146.35 CNY year-over-year[27] - Cash outflow for purchasing goods and services was 930,791,378.84 CNY, slightly increased from 919,350,410.93 CNY in the previous year[27] - The ending balance of cash and cash equivalents was 95,422,019.22 CNY, a decrease from 302,831,325.65 CNY in the previous year[27] - The total cash and cash equivalents decreased by 114,564,454.44 CNY during the period, compared to a decrease of 7,508,187.67 CNY in the same period last year[27] Assets and Liabilities - Total assets increased by 25.19% to CNY 1,409,677,950.19 compared to the end of last year[4] - Inventory increased by 48.85% to CNY 597,176,865.82 due to higher stock levels of core raw materials and finished products[5] - Accounts receivable rose by 82.83% to CNY 662,809,934.78, attributed to extended credit terms and longer collection cycles from overseas customers[5] - Contract liabilities surged by 478.57% to CNY 146,053,420.32, driven by an increase in customer prepayments for orders[5] - Total assets increased from ¥1,409,677,950.19 to ¥1,764,733,142.94, marking a growth of about 25.2%[17] - Total liabilities rose from ¥571,476,065.64 to ¥921,648,310.13, which is an increase of approximately 61.1%[18] - The company's total equity decreased from CNY 670,127,671.63 to CNY 664,002,188.67, a decline of about 0.8%[20] - The company's short-term borrowings decreased from CNY 142,168,417.97 to CNY 108,314,276.66, a reduction of approximately 23.8%[20] Financial Expenses and Income - Financial expenses increased by 110.23% to CNY 13,885,252.63, primarily due to foreign exchange losses[5] - Other income fell by 72.95% to ¥1,802,974.80 primarily due to a decrease in government subsidies received[6] - Investment income increased by 48.89% to ¥260,441.26 as the company recovered returns from bank financial products purchased with idle funds[6] Shareholder Information - The total number of unrestricted shares increased to 98,675,051, representing 98.68% of total shares outstanding[9] - The employee stock ownership plan was approved, allowing senior management and key employees to participate, with a total of 480,000 shares allocated, representing 0.7680% of total shares post-issuance[14] Legal and Compliance - The company has ongoing litigation matters, but there were no significant changes reported during the reporting period[13] - The company fulfilled its previously disclosed commitments, with no violations reported during the period[15] - The company has not engaged in any significant mergers or acquisitions during the reporting period[12]

证券代码：872190 证券简称：雷神科技 公告编号：2024-064 青岛雷神科技股份有限公司 关于新增 2024 年日常性关联交易的公告 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。 一、 日常性关联交易预计情况 因业务经营需求，本次需新增预计日常关联交易，具体情况如下： 单位：元 | 关联交 | 主要 交易 | 原预计金额 | 累计已发生金 | 新增预计发 | 调整后预计 | 上年实际发生 | 调整后预计 金额与上年 实际发生金 | | --- | --- | --- | --- | --- | --- | --- | --- | | 易类别 | 内容 | | 额 | 生金额 | 发生金额 | 金额 | 额差异较大 | | | | | | | | | 的原因 | | 材料、燃 | 采 购 商 品 及 服 | 50,000,000 | 9,040,682.67 | 0 | 50,000,000 | 13,531,540.82 | | | 购买原 | | | | | | | | | 料和动 | | | ...

关于部分募集资金投资项目延期的公告 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。 青岛雷神科技股份有限公司（以下简称"雷神科技"或"公司"） 于 2024 年 10 月 28 日召开第三届董事会第十次会议、第三届董事会 独立董事专门会议第五次会议、第三届监事会第八次会议审议通过 《关于公司部分募投项目延期的议案》，同意将公司募投项目"品牌 升级及总部运营中心建设项目"及"产品开发设计中心建设及硬件 产品开发设计项目"的建设期延长至 2025 年 12 月 31 日。本议案无 需提交股东大会审议。现将有关情况公告如下： 一、募集资金基本情况 2022 年 11 月 24 日，中国证券监督管理委员会出具《关于同意 青岛雷神科技股份有限公司向不特定合格投资者公开发行股票注册 的批复》（证监许可[2022]2976 号），同意公司向不特定合格投资者 公开发行股票的注册申请。 公司本次发行的发行价格 25.00 元/股，发行股数 12,500,000 股， 募集资金总额为人民币 312,500,000.00 元 ...