Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a year-on-year increase of 45% in net profit attributable to the parent company for 2025, driven by demand from power semiconductors and other downstream sectors [5][7] - The company has reported a revenue forecast of 2.3 billion yuan for 2025, representing a 20% year-on-year growth, with a net profit of 69.1 million yuan, up 37% year-on-year [7] - The company is expanding its global presence, with overseas revenue growth of approximately 40% in the first three quarters of 2025, and has established a wholly-owned subsidiary in Munich, Germany [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 169 million yuan - 2024: 194 million yuan (14.54% growth) - 2025: 232 million yuan (19.57% growth) - 2026: 277 million yuan (19.30% growth) - 2027: 329 million yuan (18.89% growth) [6] - Net profit projections are as follows: - 2023: 39 million yuan - 2024: 50 million yuan (30.46% growth) - 2025: 69 million yuan (36.99% growth) - 2026: 83 million yuan (20.00% growth) - 2027: 99 million yuan (19.59% growth) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.24 yuan - 2024: 0.31 yuan - 2025: 0.43 yuan - 2026: 0.52 yuan - 2027: 0.62 yuan [6]

证券代码：920509 证券简称：同惠电子 公告编号：2026-004 常州同惠电子股份有限公司 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 □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：2026 年 3 月 5 日 活动地点：常州同惠电子股份有限公司（以下简称"公司"）于 2026 年 3 月 5 日在上海金茂君悦大酒店参加开源证券 2026 年春季策略会投资者交流。 □业绩说明会 □媒体采访 5、TH540 系列半导体器件热阻测试仪（正在研发），VDS 达 200V、IDS 为 50A， 主要用于测量晶体管、二极管、MOSFET、IGBT 等功率器件的热阻特性，同时可 实现器件接触状态检查，保障器件散热性能评估准确性； 参会单位及人员：开源证券、浙商证券、东北证券、上海证券、南京证券、 淳厚基金、嘉实基金、华泰保兴基金、梧桐智睿投资、寿宁投资、和昕资本、岱 熹投资、太平洋资本、汇瑾资 ...

证券代码：920509 证券简称：同惠电子 公告编号：2026-003 一、本次股票解除限售数量总额为 314,992 股，占公司总股本 0.1965%，可交易 时间为 2026 年 3 月 10 日。 二、本次股票解除限售的明细情况及原因 单位：股 常州同惠电子股份有限公司 股票解除限售公告 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。 | 序 | 股东姓名或名 | 是否为控 股股东、 | | 本次解限 | 本次解除 | 本次解 除限售 股数占 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 称 | 实际控制 | 任职情况 | 售原因 | 限售登记 | 公司总 | 限售的股 | | | | 人或其一 致行动人 | | | 股票数量 | 股本比 | 票数量 | | | | | | | | 例 | | | 1 | 王祖明 | 否 | 离任监事 | B | 236,250 | 0.1474% | 708,750 | | 2 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has reported a significant increase in its net profit, with a year-on-year growth of 45% in the net profit attributable to the parent company [5] - The semiconductor and consumer sectors are experiencing a dual resonance, driving the company's growth and market positioning [6] - The electronic measurement instrument market is projected to grow steadily, with the market size expected to reach 55.81 billion yuan by 2025, reflecting a compound annual growth rate of 12.33% from 2020 [7] Financial Performance Summary - In 2025, the company achieved a revenue of 232 million yuan, representing a year-on-year increase of 19.57%, and a net profit of 69.1 million yuan, up 37.01% [5] - The company's earnings per share (EPS) are projected to be 0.43 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 82.2, 68.3, and 56.3 for the years 2025, 2026, and 2027 respectively [5][8] - The gross margin is expected to be 58.3% in 2025, with a net margin of 29.8% [8][12] Market and Industry Trends - The company is focusing on the power semiconductor industry, aligning its product development with core testing needs in the sector [6] - The electronic measurement instrument market is benefiting from policy support, the commercialization of 5G, and the rapid penetration of the electric vehicle market [7] - The company is enhancing its market promotion and channel layout, deepening cooperation with strategic customers to solidify its integrated testing service capabilities [6]

证券代码：920509 证券简称：同惠电子 公告编号：2026-002 常州同惠电子股份有限公司 关于使用闲置自有资金委托理财的进展公告 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、 授权委托理财情况 1、审议情况 二、 本次委托理财情况 （一） 本次委托理财产品的基本情况 | 受托方 | 产品类型 | 产品名 | 产品金 额（万 | 预计年化 收益率 | 产品 | 收益 | | 投资 | | 资金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 称 | | | 期限 | 类型 | | | 方向 | 来源 | | | | | | 元） | （%） | | | | | | | | | 浙江浙 | 券商理 | 浙商聚 | 3,000 | 3.50% | 351 天 | 固 | 定 | 无 | 固 | 自 | 有 | | 商证券 | 财产品 | 金建鑫 | | | | 收益 | ...

Financial Performance - The company's total revenue for the reporting period is approximately ¥231.90 million, representing a year-on-year increase of 19.57%[4] - The net profit attributable to shareholders is approximately ¥69.10 million, reflecting a year-on-year growth of 37.01%[4] - Basic earnings per share are estimated at ¥0.43, which is a 34.38% increase compared to the previous year[4] - The net profit after deducting non-recurring gains and losses is approximately ¥65.27 million, marking a 44.93% increase year-on-year[4] - The weighted average return on equity (ROE) after deducting non-recurring items is estimated at 18.55%[4] Assets and Equity - The total assets at the end of the reporting period are approximately ¥428.45 million, showing a year-on-year increase of 9.34%[5] - The equity attributable to shareholders is approximately ¥369.91 million, up 8.63% year-on-year[5] Product Development and Market Strategy - The company has successfully launched multiple new products in the semiconductor testing category, enhancing its product matrix[7] - The increase in revenue has been driven by a rise in order delivery volume and strengthened market promotion efforts[7] Cautionary Notes - The company emphasizes the importance of cautious investment decisions as the reported figures are preliminary and unaudited[8]

（二） 委托理财金额和资金来源 证券代码：920509 证券简称：同惠电子 公告编号：2025-104 常州同惠电子股份有限公司 关于使用闲置自有资金购买理财产品的公告 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、 委托理财概述 （一） 委托理财目的 为了充分发挥常州同惠电子股份有限公司（以下简称"公司"）资金的使用 效率，提高公司短期闲置资金的收益，实现股东利益最大化，在不影响正常生产 经营、有效控制风险的前提下，根据《公司章程》和《对外投资管理制度》的规 定，授权公司管理层使用自有闲置资金购买理财产品。 1、投资额度 公司拟使用不超过人民币 17,000 万元的闲置自有资金购买安全性高、流动 性好的理财产品。在上述额度内，资金可以循环滚动使用。 2、资金来源 购买理财产品的资金仅限于公司闲置的自有资金。 （三） 委托理财方式 1、 预计委托理财额度的情形 公司拟使用不超过人民币 17,000 万元的闲置自有资金购买安全性高、流动 性好的理财产品。在上述额度内，资金可以循环滚动使用。 （四） ...

证券代码：920509 证券简称：同惠电子 公告编号：2025-103 常州同惠电子股份有限公司 第五届董事会第十三次会议决议公告 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 4.发出董事会会议通知的时间和方式：2025 年 12 月 16 日以电话和网络方式 发出 5.会议主持人：赵浩华 6.会议列席人员：董事会秘书、其他高级管理人员 7.召开情况合法合规的说明： 会议召开及表决程序符合《中华人民共和国公司法》及有关法律、法规和《公 司章程》的规定。 （二）会议出席情况 会议应出席董事 11 人，出席和授权出席董事 11 人。 二、议案审议情况 （一）审议通过《关于使用闲置自有资金购买理财产品的议案》 1.议案内容： 1.会议召开时间：2025 年 12 月 26 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和通讯相结合 为了提高公司的资金利用效率，增加投资收益，在不影响公司主营业务正常 发展并确保公司经营需求的前提下，公司拟使用闲置自有资金 ...

常州同惠电子股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 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、 授权委托理财情况 1、审议情况 常州同惠电子股份有限公司（以下简称"公司"）于 2024 年 12 月 26 日召开 第五届董事会第七次会议和第五届监事会第七次会议，审议通过了《关于使用闲 置自有资金购买理财产品的议案》，同意公司自 2024 年 12 月 26 日起 12 个月内， 使用额度不超过 17,000 万元的自有资金购买安全性高、流动性好的理财产品。 在前述额度内，资金可以循环滚动使用。详见公司于 2024 年 12 月 26 日在北京 证券交易所（www.bse.cn）披露的《关于使用闲置自有资金购买理财产品的公告》 （公告编号：2024-066）。 2、披露标准 证券代码：920509 证券简称：同惠电子 公告编号：2025-102 根据《北京证券交易所股票上市规则》相关规定,交易的成交金额占上市公 司最近一期经审计净资产的 10%以上，且超过 1,000 万元的， ...

Group 1 - In the past month (from November 6 to December 5), 36 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most notable, receiving attention from 91 institutions [1] - The types of institutions conducting the research included 36 brokerages, 22 funds, 15 private equity firms, 8 insurance companies, and 6 overseas institutions [1] - The companies that received the most institutional attention after Naconor were Xingtum Control, Rongyi Precision, and Tonghui Electronics, with 55, 50, and 48 institutions participating in their investigations, respectively [1] Group 2 - The average stock price of the companies investigated by institutions on the BSE fell by 8.04% over the past month, with only 6 stocks experiencing price increases [2] - The top gainers included Xingtum Control, Iron Tuo Machinery, and Hongxi Technology, which saw increases of 18.37%, 9.31%, and 6.88%, respectively [2] - The average market capitalization of all companies on the BSE was 2.96 billion yuan, while the average market capitalization of the companies that were investigated was 3.30 billion yuan [2] Group 3 - Rongyi Precision had the highest frequency of institutional investigations, receiving 3 inquiries, while Zhongyu Technology, Yuanhang Precision, and Xici Technology were also frequently investigated, each receiving 2 inquiries [1] - The companies with the highest daily turnover rates included Iron Tuo Machinery, Zhu Laoliu, and Rongyi Precision, with average daily turnover rates of 15.12%, 13.80%, and 12.00%, respectively [2]