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 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-046 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 1,425 万股，占其直接持股数量比例为 35.18%，占公司总股本比例为 7.11%。 公司于 2024 年 8 月 13 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： 二、 股东累计质押股份情况 截至公告披露日，上述股东累计质押股份情况如下： 1 | | | | 本次质 | 本次质 | 占其直 | | 已质押股份情况 | 已质押 | 未质押 | 未质押股份情况 未质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 押前累 | 押后累 | | 占公司 | 已质押股 ...

公司研究 2024.08.12 赛腾股份（ 603283） 公司点评报告 半年报业绩高增，看好 3C&半导体业务的双轮驱动 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 李鲁靖 登记编号：S1220523090002 联系人 王昊哲 徐凡 | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 | | | 行业 | 工控设备 | | | | | 最新收盘价(人民币/元 ) | 59.41 | | 总市值(亿 )(元) | 119.01 | | 52 周最高/最低价(元 ) | 90.54/39.30 | 历史表现 -18% 10% 38% 66% 94% 122% 23/8/12 23/11/11 24/2/10 24/5/11 24/8/10 赛腾股份 沪深300 数据来源：wind 方正证券研究所 相关研究 《赛腾股份(603283)：AI 驱动景气周期，3C& 半导体双双受益》2024.07.22 2024H1：收入稳健增长，盈利能力持续提升 1)上半年实现营收 16.31 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to show high growth, with a revenue of 1.63 billion yuan in H1 2024, representing a year-on-year increase of 16%. The net profit attributable to shareholders reached 154 million yuan, up 49% year-on-year, aligning with the performance forecast [2][9] - Profitability has significantly improved, with a sales net profit margin of 9.96% in H1 2024, an increase of 2.36 percentage points year-on-year. The gross profit margin for H1 2024 was 44.99%, up 4.60 percentage points year-on-year [2][10] - The company has seen a decrease in contract liabilities and inventory, indicating a strong order fulfillment. As of the end of H1 2024, contract liabilities and inventory were 400 million yuan and 1.67 billion yuan, down 58% and 4% year-on-year, respectively [2][11] - The company is well-positioned to benefit from the upcoming launch of new Apple products, which is expected to drive demand in the consumer electronics sector. Additionally, the semiconductor measurement equipment segment is anticipated to grow due to the expansion of HBM production [2][12] - The company is expanding its presence in the semiconductor and new energy sectors, with significant potential for growth in consumer electronics and domestic substitution in semiconductor measurement equipment [2][13] Financial Forecasts - The company is projected to achieve net profits of 840 million yuan, 970 million yuan, and 1.07 billion yuan for the years 2024, 2025, and 2026, respectively. The current market capitalization corresponds to dynamic P/E ratios of 14, 12, and 11 times for these years [2][14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [4][15]. Core Views - The company is projected to achieve a revenue of 1.631 billion yuan in the first half of 2024, representing a year-on-year growth of 16.21%, and a net profit attributable to shareholders of 154 million yuan, reflecting a 48.87% increase [1]. - The second quarter of 2024 shows continued strong growth, with revenues of 857 million yuan (YoY +24.46%) and a net profit of 59.66 million yuan (YoY +93.00%) [2]. - The application of AI technology in consumer electronics is accelerating, leading to structural opportunities in the 3C and semiconductor equipment sectors, with the company expected to benefit from new production line demands and upgrades [3]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve a total revenue of 5.159 billion yuan, with net profits projected at 827 million yuan, reflecting a growth rate of 20% [10][13]. - The company’s net profit for 2024 is forecasted to be 827 million yuan, with a PE ratio of 14.4x, indicating a favorable valuation [4][13]. Market Opportunities - The company has entered the wafer inspection equipment market through the acquisition of Japan's Optima, enhancing its capabilities in the semiconductor sector and gaining recognition from major clients [3]. - The expansion of semiconductor production by companies like Hu Silicon is expected to provide significant benefits to the company as a supplier of measurement and inspection equipment [3]. Future Projections - The report forecasts net profits of 998 million yuan and 1.145 billion yuan for 2025 and 2026, respectively, with corresponding PE ratios of 11.9x and 10.4x, indicating continued growth potential [4][13].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price based on its growth potential in the consumer electronics and semiconductor sectors [1][5]. Core Insights - The company achieved a revenue of 1.631 billion yuan in H1 2024, representing a year-on-year increase of 16.21%, with Q2 revenue growing by 24.36% compared to Q1, driven by strong competitiveness in the consumer electronics sector and sufficient orders [2]. - The net profit attributable to the parent company reached 154 million yuan in H1 2024, up 48.87% year-on-year, with a significant increase in profitability observed in Q2 [3]. - The company is expected to benefit from the AI industry's growth, particularly in the 3C equipment sector, as well as from the expansion of HBM measurement equipment due to rising demand [4]. Summary by Sections Revenue Performance - H1 2024 revenue was 1.631 billion yuan, up 16.21% year-on-year, with Q2 revenue at 857 million yuan, a 24.36% increase [2]. - The company has a strong order backlog, with inventory and contract liabilities at 1.666 billion yuan and 399 million yuan, respectively, showing a quarter-on-quarter increase of 21% and 3% [2]. Profitability - H1 2024 net profit attributable to the parent company was 154 million yuan, a 48.87% increase year-on-year, with Q2 net profit at 60 million yuan, up 93% [3]. - The gross profit margin improved to 44.99%, an increase of 4.02 percentage points year-on-year, while the operating expense ratio was stable at 33.15% [3]. Market Outlook - The company is well-positioned to benefit from the upcoming launch of new Apple products and the overall growth in the consumer electronics market [4]. - The demand for HBM technology is expected to drive significant growth, with the company actively expanding its product line and securing orders from both international and domestic clients [4]. Financial Projections - Revenue forecasts for 2024-2026 are set at 5.353 billion, 6.460 billion, and 7.453 billion yuan, reflecting year-on-year growth rates of 20%, 21%, and 15% respectively [5]. - Adjusted net profit projections for the same period are 884 million, 1.059 billion, and 1.218 billion yuan, with expected growth rates of 29%, 20%, and 15% [5].

Investment Rating - The investment rating for the company is "Buy" with a current price of 59.41 CNY and a fair value of 80.45 CNY [1]. Core Views - The company's performance aligns with previous forecasts, achieving a revenue of 1.631 billion CNY in the first half of 2024, a year-on-year increase of 16.21%, and a net profit of 154 million CNY, up 48.87% year-on-year [2]. - The AI trend is expected to trigger a new innovation cycle in the smartphone industry, benefiting the company as it is positioned to take advantage of new technologies and capital expenditures [2]. - The revenue forecast for the company from 2024 to 2026 is projected at 5.303 billion CNY, 6.741 billion CNY, and 7.636 billion CNY respectively, with net profits of 806 million CNY, 1.052 billion CNY, and 1.200 billion CNY [2]. Financial Summary - Revenue growth rates are projected at 26.4% for 2022, 51.8% for 2023, 19.3% for 2024, 27.1% for 2025, and 13.3% for 2026 [1][5]. - The EBITDA for the years 2022 to 2026 is forecasted to be 405 million CNY, 947 million CNY, 1.043 billion CNY, 1.352 billion CNY, and 1.545 billion CNY respectively [1][5]. - The earnings per share (EPS) is expected to grow from 1.66 CNY in 2022 to 5.99 CNY in 2026 [1][5]. - The company maintains a strong return on equity (ROE) of 18.3% in 2022, projected to be 31.5% in 2023, and stabilizing around 27.9% by 2026 [1][5].