Investment Rating - Buy (Maintained) [5] Core Views - The company is driven by both the Apple supply chain and HBM (High Bandwidth Memory), with strong growth expectations in the AI innovation cycle [2] - The company's future three-year net profit compound growth rate is expected to remain above 23%, driven by increased demand for assembly/testing equipment in the Apple supply chain and the domestic substitution of HBM [2] - AI terminal innovation is expected to drive equipment demand growth, with global AI smartphone shipments projected to reach 520 million units by 2027, accounting for 40% of the global smartphone market [2] - The company has extended its industrial chain vertically, participating in the R&D of new products and components, which opens up greater growth potential [2] - HBM domestic substitution demand is strong, with Samsung increasing its HBM CAPEX by 2.5x in 2024, and the company is one of the few domestic companies capable of mass-producing HBM testing equipment [2] Current Stock Position - The current stock price is at a historical low, with a PE valuation of 11x based on 2025 profits, indicating a sufficient safety margin [3] Catalysts and Indicators - Key indicators include the confirmation of Apple's new models and the company's new order signings [3] - Catalysts include better-than-expected sales of Apple's new models and new order signings exceeding expectations [3] Research Value - The market underestimates the company's growth potential, as its core driver is customer innovation (R&D expenditure) rather than terminal sales growth [4] - From 2016 to 2023, the company's consumer electronics business revenue grew at a CAGR of 39%, while Apple's R&D expenditure grew at a CAGR of 18%, indicating that innovation is the key driver of the company's performance [4] - The company has a deep relationship with Apple, having passed Apple's supplier certification in 2011 and gradually expanding its cooperation to various automation assembly and testing equipment [6] - The company's vertical integration in the industrial chain and rapid response capabilities have built a strong moat, allowing it to compete effectively with international manufacturers [6] Financial Forecast and Valuation - The company's 2024 performance target is a non-GAAP net profit growth of at least 15%, with an expected net profit of over 800 million yuan [6] - Revenue for 2024-2026 is forecasted to be 5.21 billion, 6.27 billion, and 7.56 billion yuan, with year-on-year growth rates of 17.2%, 20.4%, and 20.5%, respectively [6] - Net profit for 2024-2026 is expected to be 850 million, 1.05 billion, and 1.30 billion yuan, with year-on-year growth rates of 23.6%, 24.1%, and 23.7%, respectively [6] - The target market value is 18.9 billion yuan, representing a 64% upside from the current market value of 11.5 billion yuan [6] Financial Highlights - Revenue for 2023 was 4.45 billion yuan, with a year-on-year growth of 51.8% [6] - Net profit for 2023 was 687 million yuan, with a year-on-year growth of 123.7% [6] - The company's ROE for 2023 was 35.3%, with expected ROE for 2024-2026 at 29.1%, 25.5%, and 24.4%, respectively [6]

证券代码：603283 证券简称：赛腾股份 公告编号： 2024-050 苏州赛腾精密电子股份有限公司 第一期员工持股计划第一次持有人会议决议公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 苏州赛腾精密电子股份有限公司（以下简称"公司"）第一期员工持股计 划（以下简称"本员工持股计划"）第一次持有人会议于 2024 年 9 月 24 日以 现场结合通讯表决方式召开。本次会议由董事长、总经理、董事会秘书孙丰先 生召集并主持召开，参加本次会议的持有人共计 496 人，代表本员工持股计划 份额 144,535,300 份，占员工持股计划总份额的 100%。本次会议的召集、召开 和表决程序符合相关法律法规、规范性文件及本员工持股计划的有关规定，会 议合法有效。 经全体持有人民主讨论，就本员工持股计划事宜一致形成如下决议： 一、 审议通过《关于设立公司第一期员工持股计划管理委员会的议案》 为保障持有人合法权益，提高本员工持股计划日常管理效率，进一步推动 本员工持股计划的顺利实施，根据公司《第一期员工持股计划》和《第一期员 工持股计划 ...

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 赛腾股份(603283)公司首次覆盖 报告 2024 年 09 月 23 日 [Table_Title] 深耕 3c 设备二十余年，布局半导体新能源 ——赛腾股份(603283.SH)公司首次覆盖报告 [Table_Invest] 增持|首次评级 [Table_Summary] 报告要点： 深耕消费电子设备，外延并购布局半导体及新能源板块 赛腾股份主要从事智能制造装备的研发、设计、生产、销售及技术服务，为 客户实现智能化生产提供系统解决方案，在消费电子、半导体、新能源等智 能组装及检测方面具有较强的竞争优势和自主创新能力，2024H1 公司实现 营收 16.31 亿元，同比增长 16.21%；归母净利润 1.54 亿元，同比增长 48.87 %。 消费电子设备：深度绑定苹果产业链，新品落地拉动相关设备需求 公司深度绑定苹果产业链，历年营收占比均超 50%。苹果 iPhone 15 系列 配备 USB-C 新接口和潜望式摄像头，首推 Apple Vision Pro，开启空间计 算时代，随着新品的推出和放量，新一轮消费电子设备需 ...

证 研 究 报 公 司 研 2024 年 09 月 11 日 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-049 苏州赛腾精密电子股份有限公司 1、本次股份质押的基本情况 | | 是否为 | 本次质 | 是否为限 售股（如 | 是否 | 质押起始 | 质押到期 | | 占其直 接所持 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 控股股 | 押股数 | | 补充 | | | 质权人 | | 总股本 | 资资金 | | 名称 | 东 | （万股） | 是，注明限 | 质押 | 日 | 日 | | 股份比 | 比例 | 用途 | | | | | 售类型） | | | | | 例 | | | | 孙丰 | 是 | 459.10 | 否 | 否 | 2024.9.9 | 2025.9.9 | 东吴证券股份 | 11.34% | 2.29% | 个人资 | | | | | | | | | 有限公司 | | | 金需求 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和 ...

曾慧女士直接持有上市公司股份数量为 4,024.2511 万股，占公司总股本 20.09%，截至本公告披露日，曾慧女士持有的公司股份中累计质押数量为 1,180.00 万股，占其直接持股数量比例为 29.32%，占公司总股本比例为 5.89%。 公司于 2024 年 9 月 9 日获悉曾慧女士所持有本公司的部分股份被质押及部 分股份解除质押，具体事项如下： 一、 股东股份质押的基本情况 1、本次股份质押的基本情况 证券代码：603283 证券简称：赛腾股份 公告编号：2024-048 苏州赛腾精密电子股份有限公司 关于股东部分股份质押及解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示: 四、 风险提示 截至公告披露日，曾慧女士质押的股份不存在平仓风险，上述质押股份不会 导致公司实际控制权变更，对公司的财务状况和经营成果不会产生影响，不存在 2 股东名称 曾慧 本次解质股份（万股） 411 占其所持股份比例 10.21% 占公司总股本比例 2.05% 解质（解冻）时间 2024.9.6 持股数量（万股 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-047 苏州赛腾精密电子股份有限公司 关于股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示: 孙丰先生直接持有上市公司股份数量为 4,050.1556 万股，占公司总股本 20.22%，截至本公告披露日，孙丰先生持有的公司股份中累计质押数量为 1,925.90 万股，占其直接持股数量比例为 47.55%，占公司总股本比例为 9.61%。 本次孙丰先生股权质押用于置换其原有质押融资，不涉及新增融资。置 换预计将于 2024 年 9 月完成，置换完成后可解除质押 620.00 万股，届时孙丰先 生累计质押数量为 1,305.90 万股，占其直接持股数量比例为 32.24%，占公司总 股本比例为 6.52%。 3、本次质押股份未被用作重大资产重组业绩补偿等事项的担保或其他保障 用途。 1 二、 股东累计质押股份情况 公司于 2024 年 9 月 4 日获悉孙丰先生所持有本公司的部分股份被质押，具 体事项如下： 一、 股东股份质押的基本 ...

Investment Rating - The report gives a "Buy" rating for the company, Saiteng Co., Ltd. (603283.SH), marking its first coverage [1]. Core Views - Saiteng Co., Ltd. is positioned as a leading supplier of automation equipment, benefiting from its deep integration with Apple's supply chain and the ongoing innovation cycle in consumer electronics and semiconductors [2][10]. - The company is expected to see stable revenue growth, with projected revenues of 5.044 billion, 6.132 billion, and 7.347 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 785 million, 983 million, and 1.218 billion yuan for the same years [2][3]. Summary by Sections 1. Company Overview - Saiteng Co., Ltd. specializes in the research, design, production, and sales of automation production equipment, primarily serving the consumer electronics sector and expanding into semiconductor equipment [10][22]. - The company has established a strong reputation in the consumer electronics industry, particularly through its partnership with Apple, which began in 2011 [10][22]. 2. Consumer Electronics Business - The company is deeply integrated into Apple's supply chain, with over 50% of its revenue coming from Apple-related sales since 2017 [23][24]. - The upcoming innovation cycle led by Apple, including new product launches like the iPhone 16 Pro and AirPods 4, is expected to drive demand for automation equipment [28][30]. 3. Semiconductor Equipment - Saiteng Co., Ltd. is expanding into the semiconductor equipment market, particularly benefiting from the growth in high-bandwidth memory (HBM) demand due to the rise of AI applications [2][3]. - The acquisition of OPTIMA has allowed the company to enter the wafer inspection and measurement equipment sector, enhancing its product offerings in high-end semiconductor equipment [2][10]. 4. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 36.64% in total revenue and 38.89% in net profit from 2017 to 2023 [16][18]. - The gross margin and net margin have been recovering since 2021, with 2023 figures at 46.92% and 15.59% respectively [18][19]. 5. Profit Forecast and Valuation - The report forecasts dynamic price-to-earnings (PE) ratios of 14, 11, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation given the company's strategic position in the automation equipment market [2][3].

机械设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 15 日 603283.SH 买入 原评级：买入 市场价格:人民币 55.92 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (15%) 13% 41% 69% 96% 124% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 赛腾股份 上证综指 至今 个月 个月 个月 绝对 (20.3) (22.8) (16.0) 38.6 相对上证综指 (16.6) (18.7) (6.6) 48.9 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 200.32 | | 流通股 ( 百万 ) | | 190.09 | | 总市值 ( 人民币 百万 ) | | 11,201.68 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 514.45 | | 主要股东 | | | | 孙丰 ...

[Table_StockInfo] 2024 年 08 月 13 日 证券研究报告•2024 年半年报点评 买入 （首次） 当前价：56.33 元 赛腾股份（603283）机械设备 目标价：74.34 元（6 个月） 请务必阅读正文后的重要声明部分 AI 加速落地，3C&半导体设备双重受益 [Table_Summary 事件：公司发布] 2024 年半年报，2024H1 公司实现营业收入 16.3 亿元，同比 增长 16.2%，实现归母净利润 1.5 亿元，同比增长 48.9%。2024Q2 公司实现 营业收入8.6亿元，同比增长24.5%，实现归母净利润0.6亿元，同比增长93.0%。 2024H1，受益于国内交付进度加速，业绩实现快速增长。 盈利能力明显改善，费用管控能力相对稳定。2024H1 公司毛利率、净利率分 别为 45.0%、10.0%，同比+4.6pp、+2.4pp，盈利能力提升较多。2024H1，公 司期间费用率为 33.2%，同比+0.4pp，其中销售/管理/研发/财务费用率分别同 比+0.9/-0.6/-1.0/+1.1pp，公司持续加大研发投入力度，研发费用率提升较多。 Q2 单季度毛利 ...