2024 年 11 月 03 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 2024Q3 营收恢复增长，高端化战略见成效 ——鼎阳科技（688112）2024 年三季报点评 最近一年走势 事件: 10 月 30 日，鼎阳科技发布 2024 年三季报：2024 年前三季度，公司实 现营业收入 3.55 亿元，同比增长 1.50%，实现归母净利润 9164.91 万元， 同比下降 23.00%。 投资要点: 2024Q3 营收同比增长、归母净利润同比下降。2024Q3，公司实现 营业收入 1.31 亿元，同比增长 14.29%，实现归母净利润 3320.65 万元，同比下降 6.76%，实现扣非归母净利润 3274.56 万元，同比 下降 0.77%。 相对沪深 300 表现 2024/11/01 表现 1M 3M 12M 鼎阳科技 1.6% 22.4% -21.3% 沪深 300 -3.2% 13.8% 8 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年11月01日 电子 鼎阳科技(688112.SH) 公司短期业绩承压，但新品市场潜力较大 推荐 ( 维持) 事项： 股价:31.9元 主要数据 | --- | --- | |-----------------------------|------------------------| | 行业 | 电子 | | 公司网址 | www.siglent.com | | 大股东 / 持股 | 秦轲 /22.32% | | 实际控制人 | 秦轲 , 邵海涛 , 赵亚锋 | | 总股本 ( 百万股 ) | 159 | | 流通 A 股 ( 百万股 ) | 46 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 51 | | 流通 A 股市值 ( 亿元 ) | 15 | | 每股净资产 ( 元 ) | 9.51 | | 资产负债率 (%) 行情走势图 | 7.4 | -- 沪深300指数 证券分析师 付强 徐勇 徐碧云 | --- | --- | |----------------------------- ...

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 深圳市鼎阳科技股份有限公司投资者关系活动记录表 编号 2024-022 | --- | --- | --- | --- | |------------------------------|-------------------------------|----------------------------|--------------------------------------| | | | | | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 | R 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | 类别 | □ 现场参观 □ 一对一沟通 | | | | | □ 线上会议 □ 其他 | | | | 参与单位名称 | 线上参会的投资者 | | | | 时间 | 2024 年 10 月 16 日 | | | | | 董事长、总裁：秦轲 | | | | | 董事会秘书、财务总监：刘厚军 | | | | 接待人员 | 独立董事：习友宝 | | | | | 证券事务代表：王俊颖 | | | | | ...

ST 证券研究报告 仪器仪表Ⅲ 鼎阳科技（688112.SH） 买入-A(维持) 新一轮股权激励彰显发展信心，高端化发展战略成效显著 | --- | --- | --- | |-------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 2024 年 9 月 30 日 | | 公司研究 / 公司快报 | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布公告，公司审议通过了《关于向激励对象首次授予限制性股票 的议案》，确定以 2024 年 9 月 18 日为授予日，向符合授予条件的 100 名激 励对象授予 140.4881 万股限制性股票，授予价格 ...

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 编号 2024-021 | --- | --- | --- | --- | |----------------------------|------------------------------|--------------------------------------------|----------------------------------------------------------| | | | | | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 □ 业绩说明会 | | | | | □ 新闻发布会 □ 路演活动 | | | | 类别 | □ 现场参观 □ 一对一沟通 | | | | | R 线上会议 □ 其他 | | | | 参与单位名称 | | | 仁桥（北京）资产管理有限公司、中国国际金融股份有限公 | | | 司、易方达基金管理有限公司 | | | | 时间 | 2024 年 9 月 20 日 | | | | 接待人员 | 证券事务代表：王俊颖 ...

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------|------------------------------|----------------------------------------------------|------------------------------------------------------------------------| | | | | 编号 2024-020 | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ | 媒体采访 □ 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | 类别 | □ | 现场参观 □ 一对一沟通 | | | | □ 线上会议 | R 其他 策略会 | | | | | | 宝盈基金管理有限公司、中科沃土基金管理有限公司、高腾国 | | 参与单位名称 | | | 际资产管理有限公司、上海泾溪投资管理合伙企业（有限合 | | | 伙）、深圳添信投资有 ...

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 编号 2024-019 | --- | --- | --- | --- | |----------------|-----------------------------|----------------------------|--------------------------------------------------------| | | | | | | | R | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ | 媒体采访 □ 业绩说明会 | | | | □ | 新闻发布会 □ 路演活动 | | | 类别 | □ | 现场参观 □ 一对一沟通 | | | | □ 线上会议 | R 其他 策略会 | | | | | | 国投证券股份有限公司、博时基金管理有限公司、景顺长城基 | | | | | 金管理有限公司、浙商证券股份有限公司、中欧基金管理有限 | | 参与单位名称 | | | 公司、深圳前海娜嬛资本管理有限公司、深圳市新思哲投资管 | | | | | 理有限公司、中天国富证券有限公 ...

证券研究报告 仪器仪表Ⅲ 公司快报 2024 年 09 月 02 日 鼎阳科技(688112.SH) 增长信心 事件概述 8 月 30 日，鼎阳科技发布 2024 年半年报。2024 上半年公司实现营业 收入 2.24 亿元，同比下降 4.74%；实现归母净利润 0.58 亿元，同比 下降 29.93%，扣非归母净利润 0.56 亿元，同比下降 34.73%。 24H1 业绩承压，高端产品占比持续提升 24H1 公司业绩出现波动，实现收入 2.24 亿元，同比下降 4.7%；实现 归母净利润 0.58，同比下降 29.9%，我们认为系多方面因素叠加。收 入端，主要受制于宏观环境，部分客户推迟或取消了对于电子测量仪 器的采购，加之经销商的库存压力消化需要时间，导致增速承压。但 从产品结构看，公司高端化发展战略成效显著，四大主力产品平均 单价同比提升 8.30%，售价 3 万元以上产品同比增长 15.7%，售价 5 万以上产品同比增长 36.1%。利润端，营收增速下降和费用高强度投 入形成负向剪刀差，24H1 公司研发费用同增 30.6%，销售费用同增 17.1%，两者合计对净利率产生了约-8.8pcts 的影响 ...

证券研究报告 | 2024年08月31日 鼎阳科技（688112.SH） 优于大市 半年报业绩点评：收入同比下降 5%，高端化发展战略成效显 著 2024 年上半年营业收入同比下降 4.74%，归母净利润同比下降 29.93%。公 司 2024 年上半年实现营业收入2.24 亿元，同比下降4.74%，归母净利润0.58 亿元，同比下降 29.93%。上半年收入下滑主要系受信息化系统更换、升级及 生产车间搬迁影响发货所致；业绩下滑，主要系研发、销售投入增加，同时 汇兑损失同比增加 719 万元，政府补助同比减少 418 万元，共计 1136 万元。 同期毛利率/净利率分别为 62.00%/26.12%，同比变动+1.04/-9.39 个百分 点，毛利率提升主要系公司产品矩阵不断完善、产品结构持续优化以及直销 工作持续推进，而净利率下降主要系公司持续加大研发及营销投入，研发/ 销售费用分别为 4393/4151 万元，同比增长 30.55%/17.06%，费用率分别为 19.63%/18.55%，同比提升 5.30/3.45 个百分点。 高端化发展战略成效显著，推动直销渠道建设，盈利能力持续加强。分产品 档次看， ...