Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.86 RMB as of November 22, 2024 [2][22] Core Views - The company is a global leader in specialized integrated circuits, sensing chips, and AI intelligent products, with applications in night vision, AI, satellite communication, autonomous driving, and more [4][7] - Revenue and net profit showed steady growth in the first three quarters of 2024, with revenue reaching 3.15 billion RMB (up 18.31% YoY) and net profit reaching 483 million RMB (up 24.94% YoY) [4][8] - R&D investment has grown steadily, with R&D expenses increasing from 111 million RMB in 2019 to 683 million RMB in 2023, at a CAGR of 57.49% [4][16] - Profitability continues to improve, with gross margin reaching 51.13% in the first three quarters of 2024, up 0.76 pct YoY [4][11] Financial Performance - Revenue for 2024E is projected at 4.32 billion RMB, with a YoY growth of 21.4%, and net profit is expected to reach 689 million RMB, up 38.9% YoY [3][22] - Gross margin is expected to remain stable at around 49% from 2024E to 2026E [3][22] - ROE is forecasted to increase from 12.9% in 2024E to 16.3% in 2026E [3][22] Quarterly Performance - Q3 2024 revenue reached 1.128 billion RMB, up 28.46% YoY and 11.16% QoQ, while net profit surged 100.35% YoY to 259 million RMB [8][11] - Gross margin in Q3 2024 was 54.11%, up 2.58 pct YoY and 1.86 pct QoQ [11] - Net profit margin in Q3 2024 was 22.96%, up 8.24 pct YoY and 13.53 pct QoQ [11] R&D and Innovation - R&D expenses in the first three quarters of 2024 were 575 million RMB, accounting for 18.26% of revenue, up 0.91 pct YoY [14] - The company continues to focus on technological innovation, particularly in infrared, microwave, and laser sensing fields [4][16] Corporate Governance - The company's chairman, Ma Hong, resumed his duties on September 19, 2024, after the lifting of detention measures by the National Supervisory Commission [4][20] Valuation - The company's PE ratio is projected to decrease from 29.9x in 2024E to 17.4x in 2026E, reflecting strong earnings growth [3][22] - EPS is expected to grow from 1.54 RMB in 2024E to 2.63 RMB in 2026E [3][22]

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：2024-091 | 回购方案首次披露日 | 2024/4/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 10,000 万元~20,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 179.41 万股 | | 累计已回购股数占总股本比例 | 0.40% | | 累计已回购金额 | 4,942.86 万元 | | 实际回购价格区间 | 23.77 元/股~32.24 元/股 | 一、 回购股份的基本情况 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6][14] Core Views - The company has shown continuous revenue growth, with a 18.31% year-on-year increase in revenue to 3.15 billion yuan for the first three quarters of 2024, and a 24.94% increase in net profit to 480 million yuan [2][3] - The company is focusing on enhancing its R&D capabilities, particularly in infrared, microwave, and laser technologies, which are expected to drive future growth [3][6] - The company has successfully expanded its product offerings and market reach, with significant orders from major clients like BYD and Geely [3][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.15 billion yuan, a gross margin of 51.13%, and a net profit margin of 12.25% [2][3] - In Q3 2024 alone, the company reported a revenue of 1.13 billion yuan, up 28.46% year-on-year, and a net profit of 259 million yuan, reflecting a 100.35% increase [2][3] R&D and Innovation - The company has invested 575 million yuan in R&D, representing 18.26% of its revenue, with a year-on-year increase of 24.52% [3][6] - The R&D focus includes the development of infrared detectors, thermal imaging systems, and microwave components, positioning the company as a leader in multi-dimensional sensing technologies [3][6] Market Position and Growth Potential - The company is expanding its production capacity through fundraising efforts, with a total of 1.565 billion yuan raised for projects aimed at enhancing its competitive edge [3][6] - Future profit forecasts estimate net profits of 578 million yuan, 776 million yuan, and 1.002 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.24 yuan, 1.66 yuan, and 2.15 yuan [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability, with a revenue of 3.15 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.31%. The net profit attributable to shareholders reached 483 million yuan, up 24.94% year-on-year, indicating enhanced operational efficiency and profitability [1][2] - The company has increased its R&D investment to 575 million yuan, a year-on-year increase of 24.52%, leading to advancements in infrared detection technology and product offerings [2] - The company is experiencing strong growth in both special equipment and civilian markets, with successful project completions and market expansions [2] Financial Performance Summary - Total revenue for 2022 was 2.646 billion yuan, with projections of 3.559 billion yuan for 2023, 4.228 billion yuan for 2024, and 6.065 billion yuan for 2026, reflecting a compound annual growth rate [1][3] - The net profit attributable to shareholders is projected to be 576.73 million yuan in 2024, with further increases to 988.04 million yuan by 2026 [1][3] - The latest diluted EPS is expected to rise from 1.11 yuan in 2023 to 2.20 yuan in 2026, indicating strong earnings growth [1][3] Cash Flow and Investment - The net cash flow from operating activities improved by 25.26% year-on-year, reaching 182 million yuan, primarily due to increased cash inflows from operations [2][10] - The company has a negative cash flow from investing activities, reflecting increased investments in fixed and intangible assets [2][10] Market Position and Outlook - The company is positioned as a leading player in the domestic non-refrigerated infrared chip market, with expectations of sustained growth in overseas and military-civilian market demand [3] - The forecasted net profit for 2024-2026 is adjusted to 577 million yuan, 829 million yuan, and 988 million yuan respectively, with corresponding P/E ratios of 38, 27, and 22 [3]

| 证券代码：688002 | 证券简称：睿创微纳 | 公告编号：2024-090 | | --- | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | | 烟台睿创微纳技术股份有限公司 关于实施 2024 年半年度权益分派 调整回购股份价格上限的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次回购股份的基本情况 根据公司《关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号： 2024-035），如公司在回购期限内实施了资本公积金转增股本、现金分红、派送股 票红利、配股、股票拆细或缩股等除权除息事项，公司将按照中国证监会及上海证 券交易所的相关规定，对回购价格上限进行相应调整。 三、回购股份价格上限的调整方式 因实施2024年半年度权益分派，公司本次回购股份价格上限由49.88元/股（含） 调整为49.83元/股（含），具体调整计算公式如下： 调整后的回购股份价格上限=[（调整前的回购股份价格上限-现金红利）+配 （新）股价格×流通股份变动比例]÷(1+流 ...

证券代码：688002 证券简称：睿创微纳 公告编号：2024-088 烟台睿创微纳技术股份有限公司 关于实施 2024 年半年度权益分派 调整"睿创转债"转股价格的公告 证券停复牌情况：适用 因实施 2024 年半年度权益分派,本公司的相关证券停复牌情况如下：权益分 派公告前一交易日（2024 年 10 月 28 日）至权益分派股权登记日（2024 年 11 月 1 日）期间，本公司可转债将停止转股，2024 年 11 月 4 日起恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 118030 | 睿创转债 | 可转债转股复 | | | 2024/11/1 | 2024/11/4 | | | | 牌 | | | | | 一、 本次转股价格调整依据 根据中国证券监督管理委员会出具的《关于同意烟台睿创微纳技术股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可[2022]2749 号）， 公司向不特定对象发 ...

证券代码：688002 证券简称：睿创微纳 公告编号：2024-087 烟台睿创微纳技术股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利 0.055 元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/11/1 | 2024/11/4 | 2024/11/4 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 20 日的 2024 年第一次临时股东大会审 议通过。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （烟台睿创微纳技术股份有限公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份 ...

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 差异化权益分派特殊除权除息事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"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"或"公司"）向不特定对象发 行可转换公司债券并在科创板上市项目的保荐人，根据《中华人民共和国公司法》 《中华人民共和国证券法》《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》《上海证券交易所上市公司自律监管指引第 7 号——回 购股份》等法律法规及规范性文件，对睿创微纳本次差异化权益分派特殊除权除 息事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于 2023 年 10 月 31 日召开第三届董事会第十二次会议，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 5,000 万元（含）, 不高于人民币 10,000 万元（含）；回购价格不高于 60 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 6 个月内。具体内容详见公司于 2023 年 11 月 1 ...

| 证券代码：688002 | 证券简称：睿创微纳 | 公告编号：2024-089 | | --- | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | | 烟台睿创微纳技术股份有限公司 关于调整 2024 年半年度利润分配总额的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、经股东大会审议通过的2024年半年度利润分配方案 2024年9月20日，公司2024年第一次临时股东大会审议通过了《关于公司2024年 半年度利润分配的预案》，以实施2024年半年度权益分派股权登记日登记的总股本 （扣除公司回购专用证券账户中的股份）为基数，每10股派发现金红利人民币0.55 元（含税）。截至2024年8月29日，公司总股本448,438,515股，扣减回购专用证券 账户中股份总数6,470,000股后的股本441,968,515股为基数，以此计算合计拟派发 现金红利24,308,268.325元（含税）。不实施包括资本公积金转增股本、送红股在 内的其他形式的分配。如在通过本次利 ...

Group 1: Company Overview and Financial Performance - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, supporting sustained rapid development [1] - In Q3 2024, the company achieved operating revenue of CNY 1.128 billion, a year-on-year increase of 28.46%, and a net profit attributable to shareholders of CNY 259 million, up 100.35% [2] - For the first three quarters of 2024, the company reported operating revenue of CNY 3.150 billion, a year-on-year growth of 18.31%, with a net profit of CNY 483 million, increasing by 24.94% [2] Group 2: Product Development and Market Applications - The increase in gross profit margin is attributed to continuous investment in R&D, improved manufacturing processes, and enhanced product yield, alongside the benefits of scale effects from increased shipment volumes [2] - The company’s infrared products in the automotive sector include single infrared, dual-light fusion, and dual infrared types, with resolutions covering 256, 384, 640, 1280, and 1920 [3] - The company has made significant breakthroughs in the automotive sector, securing projects with major clients such as BYD and Geely, indicating a promising growth point in this area [3] Group 3: Industry Trends and Future Outlook - The infrared industry is expected to see expanding applications in various sectors, including industrial automation, smart devices, and low-altitude economy, driven by technological advancements and cost reductions [4][5] - The company is focused on leading the non-cooling infrared industry through continuous technological progress and cost reduction, with new applications in sensitive cost sectors like industry, drones, and automotive [5] - The microwave business is a strategic focus for the company, with ongoing development in T/R components, phased array subsystems, and radar systems, achieving significant progress across various business modules [5][6]