Financial Performance - The company's revenue for Q1 2025 reached ¥1,136,518,772.01, representing a 12.88% increase compared to ¥1,006,866,773.50 in the same period last year[4] - Net profit attributable to shareholders was ¥145,818,960.66, up 13.42% from ¥128,567,050.65 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥1,136,518,772.01, an increase of 12.9% compared to ¥1,006,866,773.50 in Q1 2024[19] - Net profit for Q1 2025 was ¥113,414,552.11, representing a 11.5% increase from ¥101,847,772.69 in Q1 2024[21] - The basic earnings per share increased to ¥0.3205, reflecting an 11.52% growth from ¥0.2874 in the same quarter last year[4] - The diluted earnings per share rose to ¥0.3161, marking a 12.41% increase compared to ¥0.2812 in the prior year[4] - Basic earnings per share for Q1 2025 were ¥0.3205, compared to ¥0.2874 in Q1 2024, reflecting a growth of 11.5%[21] Cash Flow - The net cash flow from operating activities increased by 46.52%, amounting to ¥236,023,467.99, driven by higher cash receipts from sales[4][8] - Cash inflow from operating activities for Q1 2025 was $1,405,927,831.91, a 52.8% increase from $919,333,886.70 in Q1 2024[23] - Net cash flow from operating activities for Q1 2025 was $236,023,467.99, up 46.4% from $161,085,689.28 in Q1 2024[23] - Cash outflow from investing activities for Q1 2025 was $1,195,471,145.87, a slight decrease of 3.3% compared to $1,236,325,947.32 in Q1 2024[24] - Net cash flow from investing activities for Q1 2025 was -$502,327,254.25, worsening from -$265,120,511.04 in Q1 2024[24] - Cash inflow from financing activities for Q1 2025 was $128,399,922.13, down 41.2% from $218,011,053.92 in Q1 2024[25] - Net cash flow from financing activities for Q1 2025 was $20,847,638.78, a decrease of 46.8% compared to $39,181,467.55 in Q1 2024[25] - The ending cash and cash equivalents balance for Q1 2025 was $763,164,667.89, down from $1,264,436,142.70 in Q1 2024[25] Research and Development - R&D expenses totaled ¥233,302,026.22, which is 20.53% of revenue, up from 17.87% in the previous year, indicating a focus on innovation[5] - Research and development expenses for Q1 2025 were ¥233,302,026.22, up from ¥179,954,900.72 in Q1 2024, reflecting a growth of 29.6%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,084,179,309.91, a 3.16% increase from ¥8,806,196,667.92 at the end of the previous year[5] - Total liabilities rose to ¥3,381,257,515.85, compared to ¥3,275,717,593.36, indicating an increase of 3.2%[17] - The company's total current assets amounted to approximately ¥5.03 billion, an increase from ¥4.78 billion as of December 31, 2024, reflecting a growth of about 5.1%[15] - The company's total non-current assets were approximately ¥3.06 billion, with a slight increase from ¥3.05 billion, reflecting a growth of about 0.3%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,732, indicating a stable shareholder base[10] - The shareholder structure indicates that the top 10 shareholders hold significant stakes, with the largest shareholder holding 69.5 million shares, which is crucial for understanding ownership dynamics[12] Other Notable Information - The company reported non-recurring gains of ¥13,272,469.11 after tax, primarily from government subsidies and other non-operating income[7] - The company has not reported any new product launches or technological advancements during this period[13] - There are no significant mergers or acquisitions reported in the recent financial disclosures[13] - The company has not provided specific future guidance or market expansion strategies in the latest conference call[13]

北京金诚同达（沈阳）律师事务所 关于 烟台睿创微纳技术股份有限公司 2025 年限制性股票激励计划(草案)的 法律意见书 金沈法意[2025]字 0424 第 001 号 沈阳市沈河区友好街10号新地中心1号楼61层 110031 电话：024-2334 2988 传真：024-2334 1677 | A | | --- | | | | 北京金诚同达律师事务所 法律意见书 关于烟台睿创微纳技术股份有限公司 2025 年限制性股票激励计划(草案)的 法律意见书 金沈法意[2025]字 0424 第 001 号 致:烟台睿创微纳技术股份有限公司 释 义 除非另行特殊说明，在本法律意见书中的下列词语，具有下述涵义： | 简称 | | 全称 | | --- | --- | --- | | 公司 | 指 | 烟台睿创微纳技术股份有限公司 | | 本次股票激励计划/本激励 | 指 | 烟台睿创微纳技术股份有限公司 2025 年限制性股票激 | | 计划 | | 励计划 | | 本所 | 指 | 北京金诚同达（沈阳）律师事务所 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华 ...

中信证券股份有限公司 关于烟台睿创微纳技术股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对烟台睿创微纳技术股份有限公司（以下简称"睿创微纳"、"公 司"或"上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 刘芮辰、安楠 （三）现场检查人员 刘芮辰、安楠、曹成龙 （四）现场检查时间 2025 年 4 月 10 日、2025 年 4 月 14 日至 2025 年 4 月 15 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要 ...

中信证券股份有限公司 关于烟台睿创微纳技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为烟台睿 创微纳技术股份有限公司（以下简称"睿创微纳"、"公司"或"上市公司"） 的持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》等相关规定，履行持续督导职责，并出具 2024 年度（以下 简称"本持续督导期间"）持续督导跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 10 日、2025 年 4 月 14 日至 2025 年 4 月 15 日 对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、 ...

中信证券股份有限公司 1 关于烟台睿创微纳技术股份有限公司 2024年度持续督导工作现场检查结果及提请公司注意事项 烟台睿创微纳技术股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请贵公司关注以下事项： 1、2024 年度，公司业绩稳定增长，有序开展经营活动。建议公司继续严格 按照《公司法》《证券法》《上海证券交易所科创板股票上市规则》等法律法规的 要求，不断完善公司治理结构，及时履行信息披露义务，合规合理使用募集资金， 有序推进募投项目的建设及实施，确保募投项目完成并实现预期收益。 2、2024 年度，公司主营业务收入中境外收入占比为 24.18%，公司出口产品 主要销往欧洲和北美等地区。目前，国际贸易环境存在负面冲击，不确定日趋增 加。国际贸易关系恶化、关税提高等可能会对公司的经营业绩和财务状况产生一 定的影响。建议公司积极关注贸易环境的变化，采取有效措施应对出口业务的波 动。 （以下无正文） 附件：《中信 ...

烟台睿创微纳技术股份有限公司 证券代码：688002 证券简称：睿创微纳 公告编号：2025-030 烟台睿创微纳技术股份有限公司(以下简称"公司")于 2024 年 4 月 22 日召 开第三届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回购公司股份， 回购资金总额不低于人民币 10,000 万元（含）,不高于人民币 20,000 万元（含）； 回购价格不高于 50 元/股（含），回购期限为自董事会审议通过本次回购股份方案 之日起 12 个月内。具体内容详见公司于 2024 年 4 月 23 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份的预案》（公告编 号：2024-033）。 因公司实施 2023 年年度权益分派事项，本次以集中竞价交易方式回购股份价 格上限由不超过 50.00 元/股（含）调整为不超过 49.88 元/股（含）。具体详见公 司 2024 年 6 月 26 日于上海证券交易所网站（www.sse.com.cn）披露的《关于实 施 2023 年年度权益分派调整回购股 ...

睿创微纳（688002.SH）动态报告 逐步突破多维感知领域；低空和工业需求持续旺盛 2025 年 04 月 15 日 ➢ 事件：公司发布 2024 年年报，全年实现营收 43.2 亿元，YOY +21.3%；归 母净利润 5.7 亿元，YOY +14.8%；扣非净利润 5.1 亿元，YOY +16.9%。业绩 符合市场预期。2024 年，公司持续研发投入和新产品开发，加强开拓市场，红 外热成像业务保持稳定增长。 ➢ 4Q24 营收同比增长 30%；资产减值损失影响利润。1）单季度：公司 4Q24 实现营收 11.7 亿元，YOY +30.1%，规模为单季度历史新高；归母净利润 0.9 亿 元，YOY -21.4%。4Q24 营收快速增长，但归母净利润同比下滑的主要原因是公 司资产减值损失同比增加 61.4%。2）利润率：2024 年毛利率同比提升 0.2ppt 至 50.3%；净利率同比下滑 1.6ppt 至 10.2%。公司盈利能力总体稳定。 | 推荐 | 首次评级 | | --- | --- | | 当前价格： | 54.82 元 | [Table_Author] ➢ 低空/工业等需求旺盛；红外热成像业 ...

Core Viewpoint - The company reported a revenue of 4.32 billion yuan for 2024, representing a year-over-year (YOY) increase of 21.3%, with a net profit attributable to shareholders of 570 million yuan, up 14.8% YOY, and a non-recurring net profit of 510 million yuan, up 16.9% YOY, meeting market expectations [1] Financial Performance - For 4Q24, the company achieved a revenue of 1.17 billion yuan, a YOY increase of 30.1%, marking a historical high for a single quarter; however, the net profit attributable to shareholders was 90 million yuan, down 21.4% YOY due to a 61.4% increase in asset impairment losses [1] - The gross margin for 2024 improved by 0.2 percentage points to 50.3%, while the net margin decreased by 1.6 percentage points to 10.2%, indicating overall stable profitability [1] Product Performance - The infrared thermal imaging business generated a revenue of 3.91 billion yuan, up 30.0% YOY, driven by strong demand in domestic low-altitude economy, industrial temperature measurement, and visual perception sectors; the gross margin increased by 1.16 percentage points to 53.7% [2] - The microwave radio frequency business reported a revenue of 290 million yuan, down 29.1% YOY, primarily due to declining demand from existing customers and price reductions on older products; the gross margin fell by 10.85 percentage points to 17.9% [2] Regional Performance - Domestic revenue reached 3.23 billion yuan, a YOY increase of 56.7%, with the infrared thermal imaging business showing strong demand, accounting for 75% of total revenue and a gross margin increase of 4.33 percentage points to 50.7% [2] - International revenue was 1.03 billion yuan, down 27.3% YOY, representing 24% of total revenue, with a gross margin decrease of 2.34 percentage points to 51.2%, affected by business adjustments and intensified market competition [2] Expense Management - The company's expense ratio decreased by 2.3 percentage points to 35.0% in 2024, with selling expenses down 1.0 percentage point to 5.0%, and management expenses down 2.1 percentage points to 8.9%; R&D expenses increased by 0.7 percentage points to 19.9% [3] - As of the end of 2024, accounts receivable and notes totaled 1.5 billion yuan, up 10.2% from the beginning of the year, with a bad debt loss of 110 million yuan recognized due to sanctions [3] - Inventory stood at 1.74 billion yuan, up 12.1% from the beginning of the year, with a significant portion in raw materials and self-made semi-finished products, leading to a provision for inventory impairment of 170 million yuan [3] Investment Outlook - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 733 million yuan, 897 million yuan, and 1.092 billion yuan respectively, with current stock prices corresponding to price-to-earnings ratios of 34x, 28x, and 23x for those years [4]

Investment Rating - The report assigns a "Buy" rating for the company, recommending it based on its growth potential and market positioning [4][46]. Core Insights - The company achieved a revenue of 4.32 billion yuan in 2024, representing a year-over-year growth of 21.3%, with a net profit of 570 million yuan, up 14.8% year-over-year [1][4]. - The infrared thermal imaging business continues to grow rapidly, driven by strong demand in low-altitude and industrial sectors, with a revenue of 3.91 billion yuan in 2024, a 30% increase year-over-year [2][39]. - The company is expected to maintain a robust growth trajectory, with projected net profits of 733 million yuan, 897 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively [4][46]. Financial Performance - In Q4 2024, the company reported a revenue of 1.17 billion yuan, a 30.1% increase year-over-year, although net profit decreased by 21.4% due to increased asset impairment losses [1][3]. - The gross margin for 2024 was 50.3%, a slight increase from the previous year, while the net margin decreased to 10.2% [1][26]. - The company’s total revenue has grown from 380 million yuan in 2018 to 43.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 28.7% [20][22]. Business Segmentation - The infrared thermal imaging segment is the primary revenue driver, contributing 39.1 billion yuan in 2024, while the microwave RF business generated 290 million yuan, a decline of 29.1% [2][39]. - Domestic revenue reached 3.23 billion yuan, a significant increase of 56.7%, while international revenue fell to 1.03 billion yuan, down 27.3% [2][22]. R&D and Market Position - The company has a strong focus on R&D, with 48.7% of its workforce dedicated to research and development, totaling 1,525 employees [34][38]. - The company has established itself as a leader in the infrared thermal imaging sector, continuously innovating and expanding its product offerings [12][16]. Valuation and Future Outlook - The current stock price corresponds to a price-to-earnings (PE) ratio of 34x for 2025, which is lower than the average PE of comparable companies [46][47]. - The company is expected to maintain a stable growth rate in its infrared thermal imaging business, with projected revenues of 47.55 billion yuan, 57.06 billion yuan, and 68.48 billion yuan for 2025, 2026, and 2027 respectively [39][41].

Core Viewpoint - The military electronics sector has experienced a significant decline, with multiple stocks dropping over 5% [1] Group 1 - Torch Electronics, Zhenhua Wind Power, Zhenhua Technology, Hongda Electronics, and Hongyuan Electronics all saw declines exceeding 5% [1] - Other companies such as Zhimingda, Aerospace Electric, Ruichuang Micro-Nano, and Mengsheng Electronics also followed the downward trend [1]