Investment Rating - The report maintains a "Recommended" investment rating for the company [2] Core Views - The company's short-term performance is under pressure, but the market potential for new products is significant [2] - Revenue for the first nine months reached 355 million yuan, a year-on-year increase of 1.50%, while net profit attributable to shareholders decreased by 23.00% to 92 million yuan [4] - The company has seen a notable improvement in gross margin, which increased to 62.08%, up 0.46 percentage points year-on-year [5] - The high-end product development strategy is yielding results, with high-end products accounting for 24.16% of revenue, an increase of 3.18 percentage points year-on-year [6] - The company launched several new products in October 2024, including high-resolution digital oscilloscopes and high-speed digital multimeters, which are expected to support future growth [8] Financial Summary - For the first three quarters, the company's revenue for Q1, Q2, and Q3 was 104 million, 120 million, and 131 million yuan respectively, showing a quarter-on-quarter increase [5] - The company’s revenue projections for 2024 to 2026 are 507 million, 579 million, and 706 million yuan, with corresponding net profits of 123 million, 146 million, and 182 million yuan [7][10] - The gross margin is projected to improve gradually, reaching 62.4% by 2026 [12] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 19.66% of revenue in the first three quarters of 2024 [8] Market Position - The company is one of the few manufacturers in the market with capabilities in developing, producing, and selling four major electronic testing and measurement instruments [9] - Despite short-term pressures, the trend towards domestic substitution in electronic instruments and the emergence of new application scenarios present significant growth opportunities [9]

Financial Performance - Revenue for Q3 2024 reached RMB 130.89 million, a year-on-year increase of 14.29%[2] - Net profit attributable to shareholders for Q3 2024 was RMB 33.21 million, a year-on-year decrease of 6.76%[2] - Gross profit margin for the first nine months of 2024 increased to 62.08%, up 0.46 percentage points year-on-year[9] - Total revenue for the first three quarters of 2024 reached RMB 354.64 million, a slight increase from RMB 349.41 million in the same period of 2023[21] - Net profit for the first three quarters of 2024 was RMB 91.65 million, down from RMB 119.02 million in the same period of 2023[22] - Revenue for the first three quarters of 2024 decreased to 300.14 million RMB, down 4.9% compared to 315.61 million RMB in the same period of 2023[29] - Net profit for the first three quarters of 2024 was 64.43 million RMB, a 43.1% decrease from 113.16 million RMB in 2023[31] - Total comprehensive income for 2024 was 64.43 million RMB, a 43.1% decrease from 113.16 million RMB in 2023[32] R&D and Innovation - R&D investment for Q3 2024 was RMB 25.80 million, a year-on-year increase of 23.97%, accounting for 19.71% of revenue[2][3] - R&D expenses increased to RMB 69.73 million in the first three quarters of 2024, up from RMB 54.47 million in the same period of 2023[21] - R&D expenses rose significantly to 69.73 million RMB in 2024, a 28% increase from 54.47 million RMB in 2023[29] Product and Sales Performance - High-end product revenue accounted for 24.16% of total revenue in the first nine months of 2024, up 3.18 percentage points year-on-year[5] - Sales of products priced above RMB 50,000 increased by 38.37% year-on-year in the first nine months of 2024[5] - Domestic revenue from high-resolution digital oscilloscopes grew by 28.00% year-on-year in the first nine months of 2024[6] - Direct sales revenue increased by 33.71% year-on-year in the first nine months of 2024[7] - Sales expenses rose to RMB 65.68 million in the first three quarters of 2024, up from RMB 53.94 million in the same period of 2023[21] - Sales expenses increased to 43.09 million RMB in 2024, up 25.6% from 34.31 million RMB in 2023[29] Cash Flow and Financial Position - Operating cash flow for the first nine months of 2024 was RMB 69.48 million, a year-on-year increase of 148.14%[4] - Operating cash flow increased to 69,484,695.98 yuan in the first three quarters of 2024, up from 28,002,098.14 yuan in the same period of 2023[24] - Operating cash flow improved to 66.09 million RMB in 2024, a 127% increase from 29.12 million RMB in 2023[33] - Cash received from sales of goods and services slightly decreased to 369,183,564.80 yuan in 2024 from 372,380,192.38 yuan in 2023[24] - Cash paid for employee compensation rose to 102,847,909.83 yuan in 2024, compared to 82,852,194.87 yuan in 2023[24] - Net cash used in investing activities increased to -26,013,699.26 yuan in 2024 from -15,630,576.29 yuan in 2023[24] - Net cash used in financing activities rose to -145,587,140.40 yuan in 2024 from -88,169,563.61 yuan in 2023[25] - Cash and cash equivalents at the end of the period decreased to 1,143,096,169.29 yuan in 2024 from 1,175,352,238.67 yuan in 2023[25] - Cash and cash equivalents at the end of Q3 2024 stood at 1.13 billion RMB, down 3.4% from 1.17 billion RMB at the end of Q3 2023[34] - Cash outflow from financing activities increased to 145.19 million RMB in 2024, up 51.8% from 95.66 million RMB in 2023[34] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 4,406[14] - Qin Ke holds 35,527,113 shares, representing 22.32% of the total shares[14] - Shao Haitao holds 30,947,554 shares, representing 19.44% of the total shares[14] - Zhao Yafeng holds 25,211,217 shares, representing 15.84% of the total shares[14] - Shenzhen Dingli Xiangyang Investment Partnership holds 10,489,600 shares, representing 6.59% of the total shares[14] - Shenzhen Zhongli Gangding Enterprise Management Consulting Partnership holds 8,344,000 shares, representing 5.24% of the total shares[14] - China Bank - E Fund Active Growth Securities Investment Fund holds 3,796,774 shares, representing 2.38% of the total shares[14] - National Social Security Fund 109 Portfolio holds 2,318,417 shares, representing 1.46% of the total shares[14] - China Merchants Bank - Huisheng Huize Flexible Allocation Hybrid Fund holds 1,200,000 shares, representing 0.75% of the total shares[14] - Industrial and Commercial Bank of China - E Fund Value Select Hybrid Fund holds 1,105,248 shares, representing 0.69% of the total shares[15] - Total equity attributable to owners of the parent company decreased to RMB 1.51 billion in Q3 2024, down from RMB 1.56 billion at the end of 2023[20] - Shareholders' equity decreased to 1,468,235,141.68 yuan in 2024 from 1,542,611,198.83 yuan in 2023[28] Assets and Liabilities - Total assets as of Q3 2024 stood at RMB 1.64 billion, slightly lower than RMB 1.66 billion at the end of 2023[19] - Total liabilities increased to RMB 120.77 million in Q3 2024, up from RMB 100.79 million at the end of 2023[19] - Total assets decreased to 1,604,426,458.90 yuan in 2024 from 1,654,036,494.52 yuan in 2023[28] - Total liabilities increased to 136,191,317.22 yuan in 2024 from 111,425,295.69 yuan in 2023[28] - Inventory increased to 215,081,757.41 yuan in 2024 from 191,365,557.42 yuan in 2023[26] Earnings and Expenses - Basic earnings per share for the first three quarters of 2024 were RMB 0.58, compared to RMB 0.75 in the same period of 2023[23] - Other comprehensive income showed a loss of RMB 568,382.96 in the first three quarters of 2024, compared to a gain of RMB 872,065.34 in the same period of 2023[22] - Interest income decreased to 28.19 million RMB in 2024, down 5.4% from 29.78 million RMB in 2023[31] Exchange and Other Impacts - Exchange losses increased by RMB 3.43 million year-on-year in the first nine months of 2024, impacting net profit[10] - Operating costs increased to 140.19 million RMB in 2024, up 9.8% from 127.67 million RMB in 2023[29]

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-051 深圳市鼎阳科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 22 日（星期五）至 11 月 28 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@siglent.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 深圳市鼎阳科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 29 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 （二）会议 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-052 关于自愿披露公司发布新产品的公告 深圳市鼎阳科技股份有限公司 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个别及连带责任。 重要内容提示： 一、新产品基本情况 SDS7000AP 高分辨率数字示波器拥有出色的性能指标和丰富的测试功能， 该产品最大带宽达 8 GHz，垂直分辨率为 12-bit，具有优秀的本底噪声性能和垂 直测量精度，提供 4 个模拟通道和 16 个数字通道，四通道最大采样率均为 20 GSa/s，最高存储深度为 2 Gpts/ch，能满足更高带宽、更高精度的测量需求，支 2024 年 10 月 30 日，深圳市鼎阳科技股份有限公司（以下简称"鼎阳科 技"、"公司"）正式公开发布 8 GHz、12-bit 的 SDS7000AP 高分辨率数字 示波器和 SDM4055A 五位半高速数字万用表。 SDS7000AP 高分辨率数字示波器最大带宽达 8 GHz，垂直分辨率为 12- bit，四通道最大采样率均为 20 GSa/s，最高存储深度为 2 Gpt ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-050 深圳市鼎阳科技股份有限公司 关于诉讼结果的公告 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个别及连带责任。 公司认为普源精电、北京普源和神州技测（深圳）科技有限公司侵害公司专 利权，向广东省深圳市中级人民法院提起 3 件专利侵权诉讼，2023 年 4 月广东 省深圳市中级人民法院已受理，案号分别为（2023）粤 03 民初 3973 号、（2023） 粤 03 民初 3974 号、（2023）粤 03 民初 3975 号。2023 年 7 月，普源精电针对 其中两件案件所涉专利向国家知识产权局提出了专利无效宣告请求，公司收到对 应的两件《无效宣告请求审查决定书》，针对专利无效审查决定，公司向北京知 重要内容提示： 近日，公司收到上海知识产权法院作出的案号为（2022）沪 73 知民初 1194 号、（2022）沪 73 知民初 1267 号的《民事裁定书》，裁定准许原告北京普源撤 诉。公司收到广东省高级人民法院作出的案号为（2024）粤民终 3729 号的《民 ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1][2] Core Views - The company has launched a new round of equity incentive plans, demonstrating confidence in future development and focusing on high-end development strategies [1] - The company has achieved significant results in its high-end development strategy, with the average selling price of its four main products increasing by 8.30% year-on-year [1] - The company is one of the few domestic manufacturers with capabilities in developing, producing, and globally selling four main types of electronic testing and measurement instruments [2] Financial Performance - The company expects revenue growth of no less than 30% year-on-year or net profit growth of no less than 20% from 2024 to 2026 as part of its performance assessment targets [1] - The projected net profits for 2024, 2025, and 2026 are 160 million, 190 million, and 240 million respectively, with year-on-year growth rates of 2.2%, 19.6%, and 24.6% [2] - The earnings per share (EPS) for the same years are projected to be 1.0, 1.2, and 1.5 respectively, with corresponding price-to-earnings (P/E) ratios of 25, 21, and 17 based on the closing price of 24.50 [2] Product Development - The company has launched multiple new products in 2024, laying a solid foundation for future revenue growth [1] - The newly released SSG6082A-V vector signal generator enhances the company's product line in RF microwave signal generators, broadening application scenarios [1] Market Position - The company has a leading competitive edge in high-resolution digital oscilloscopes and RF microwave products, with a significant increase in market penetration expected [2] - The company’s gross profit margin improved to 62.00% in the first half of 2024, reflecting enhanced profitability [1]

Group 1: Financial Performance - The revenue from high-end products accounted for 20% of total revenue in the first half of 2024, up from 1.84% in 2017, indicating significant progress in the company's high-end development strategy [1] - The average selling price of the four main products increased by 8.30% year-on-year in the first half of 2024 [1] - Sales revenue of products priced above 30,000 increased by 15.71%, while sales revenue of products priced above 50,000 surged by 36.07%, reflecting the effectiveness of the company's high-end strategy [1] Group 2: Product Competitive Advantages - The company has a comprehensive matrix of RF microwave products, with leading performance indicators domestically, providing stronger overall solutions for customers [2] - The company offers a rich variety of RF microwave products, meeting diverse application needs, including a handheld vector network analyzer with a maximum measurement frequency of 26.5 GHz [2] - The quality of the company's products is stable, with performance indicators comparable or superior to those of leading foreign companies, demonstrating a clear cost-performance advantage [2] Group 3: Market Insights - The general electronic test and measurement instrument industry has a high technical barrier, with the company focusing on the iterative innovation of four main products: digital oscilloscopes, spectrum analyzers, signal generators, and vector network analyzers [3] - The market size of the general electronic measurement instrument industry was $6.311 billion in 2022, with the four main products accounting for 77.33% of the industry market size [3] - From 2022 to 2027, the compound annual growth rate (CAGR) for the spectrum analyzer market is projected at 6.80%, for the vector network analyzer at 6.37%, and for the signal generator at 5.89%, all exceeding the CAGR for digital oscilloscopes at 5.66% [6][7] Group 4: Future Growth Potential - The company's advantages in vector network analyzers will help provide comprehensive solutions in the general electronic testing field, supported by brand building, global sales channels, stable product quality, and significant cost-performance advantages [7] - The continuous improvement in global market penetration suggests a broad growth space for the company's revenue in the future [7]

深圳市鼎阳科技股份有限公司 证券代码：688112 证券简称：鼎阳科技 公告编号：2024-047 第二届监事会第十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 深圳市鼎阳科技股份有限公司（以下简称"公司"）第二届监事会第十三次 会议于 2024 年 9 月 18 日以现场结合通讯的方式在公司会议室召开。会议通知已 于 2024 年 9 月 18 日通过邮件或电话的方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 监事会认为：首次授予的 100 名激励对象均为公司 2024 年第三次临时股东 大会审议通过的《激励计划（草案）》中确定的激励对象，具备《中华人民共和 国公司法》《中华人民共和国证券法》等法律法规和规范性文件以及《公司章程》 规定的任职资格，符合《管理办法》规定的激励对象条件，符合本激励计划规定 的激励对象范围，其作为本激励计划激励对象的主体资格合法、有效，激励对象 获授限制性股票的条件已成就。同意以 2024 年 9 月 18 日为首次授予日，向 ...

上海市锦天城(深圳)律师事务所 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址:深圳市福田中心区福华三路卓越世纪中心 1 号楼 21-23 层 电话: 0755-82816698 传真: 0755-82816898 上海市锦天城(深圳)律师事务所 法律意见书 上海市锦天城(深圳)律师事务所 关于深圳市鼎阳科技股份有限公司 2024 年限制性股票激励计划调整及首次授予事项的 关于深圳市鼎阳科技股份有限公司 2024 年限制性股票激励计划调整及首次授予事项的 法律意见书 致:深圳市鼎阳科技股份有限公司 上海市锦天城(深圳)律师事务所(以下简称"本所")接受深圳市鼎阳科 技股份有限公司(以下简称"公司"或"上市公司")的委托,作为公司 2024年 限制性股票激励计划(以下简称"本次激励计划")的特聘专项法律顾问,根据 《中华人民共和国证券法》《中华人民共和国公司法》《上市公司股权激励管理办 法》《上海证券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号 —— 股权激励信息披露》等有关法律、法规、规章和规范性文件的规定，就本 次激励计划所涉有关事宜出具本法律意见 ...

2、本激励计划的内幕信息知情人均填报了《内幕信息知情人登记表》。 证券代码：688112 证券简称：鼎阳科技 公告编号：2024-044 深圳市鼎阳科技股份有限公司 关于 2024 年限制性股票激励计划内幕信息知情人 买卖公司股票及其衍生品种情况的自查报告 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。 深圳市鼎阳科技股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开 了第二届董事会第十三次会议，审议通过了《关于公司<2024 年限制性股票激励 计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考 核管理办法>的议案》《关于提请股东大会授权董事会办理 2024 年限制性股票激 励计划相关事宜的议案》等议案，并于 2024 年 8 月 30 日在上海证券交易所网站 （www.sse.com.cn）上披露了相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相关法 律法规及《公司章程》等规范性文件的要求，公司通过向中国证券登记结算有限 责任公司上海分公司（以下 ...