Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue growth of 2.93% year-on-year in 2024, with a significant decline in net profit by 27.79% due to high R&D and sales expenses, increased exchange losses, and reduced government subsidies [1][4]. - The first quarter of 2025 showed a strong recovery with a revenue increase of 26.93% and a net profit increase of 33.96%, driven by the growth in high-end product sales [1][4]. - The company maintains a high gross margin of 61.07% in 2024, with a slight decrease in net margin to 22.54% [2][4]. Financial Performance Summary - In 2024, the company reported a revenue of 497 million, with a net profit of 112 million, reflecting a year-on-year decrease of 27.79% [5]. - The first quarter of 2025 saw revenues of 132 million, marking a 26.93% increase, and a net profit of 41 million, up 33.96% year-on-year [1][5]. - The gross margin for 2024 was 61.07%, with a net margin of 22.54%, while the first quarter of 2025 showed a gross margin of 61.80% and a net margin of 30.87% [2][4]. Product Development and Market Position - The company has successfully launched high-end products, including an 8GHz, 12-bit high-resolution digital oscilloscope and a 50GHz spectrum analyzer, which have significantly improved performance metrics [3][4]. - High-end product sales increased by 86.60% year-on-year in the first quarter of 2025, contributing to an average price increase of 9.51% for instrument products [3][4]. - The revenue structure has improved, with high-end products accounting for 29% of total revenue, an increase of 8.85 percentage points year-on-year [3][4]. Investment Outlook - The electronic measurement instrument industry is expected to grow steadily, with domestic brands rapidly emerging due to industrial upgrades and self-sufficiency [4]. - The company is positioned as a leader in the domestic electronic measurement instrument market, benefiting from tariff countermeasures and a successful high-end product strategy [4][5]. - Profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 167 million, 217 million, and 279 million respectively, corresponding to P/E ratios of 35, 27, and 21 [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue of 497 million yuan in 2024, representing a year-on-year growth of 2.93%, while the net profit attributable to the parent company decreased by 27.79% to 112 million yuan [1]. - The decline in performance in 2024 was primarily due to high R&D and sales expenses, increased exchange losses, and a reduction in government subsidies recognized during the reporting period. However, in the first quarter of 2025, both revenue and profit saw significant growth driven by the increase in high-end product sales [1][4]. - The gross margin for 2024 was 61.07%, with a net margin of 22.54%, indicating a slight decrease compared to the previous year. The company maintained a high level of gross margin while increasing its R&D and sales expenses to support future growth [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 143 million yuan, up 6.68% year-on-year, but the net profit decreased by 43.54% to 20 million yuan. In Q1 2025, revenue reached 132 million yuan, a growth of 26.93%, with net profit increasing by 33.96% to 41 million yuan [1][2]. - The company’s revenue forecast for 2025-2027 is adjusted to 621 million yuan, 776 million yuan, and 974 million yuan respectively, with corresponding net profits of 167 million yuan, 217 million yuan, and 279 million yuan [4][5]. Product Development - The company launched several high-end products in 2024, including an 8GHz, 12-bit high-resolution digital oscilloscope and a 50GHz spectrum analyzer, which significantly improved core performance indicators and expanded application ranges [3]. - High-end product sales saw a remarkable increase of 86.60% year-on-year in Q1 2025, contributing to a 9.51% rise in average product prices. The revenue structure shifted, with high-end products accounting for 29% of total revenue, an increase of 8.85 percentage points year-on-year [3]. Market Position and Strategy - The electronic measurement instrument industry is characterized by significant growth potential, and the company is positioned as a leading player in this sector. The ongoing strategy of product high-endization is yielding positive results, supported by domestic demand and tariff policies favoring local brands [4][5]. - The company’s focus on R&D and sales investment is expected to lay a solid foundation for future growth, despite the challenges posed by trade tensions and market competition [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is advancing its high-end strategy, with profitability expected to improve in Q1 2025. The company reported a revenue of 497 million yuan in 2024, a year-on-year increase of 2.93%, while the net profit attributable to the parent company was 112 million yuan, a decrease of 27.79% [4][5] - In Q1 2025, the company achieved a revenue of 132 million yuan, representing a year-on-year growth of 26.93%, and a net profit of 41 million yuan, up 33.96% [4][5] - The product structure is continuously optimized, with the revenue share of direct sales increasing. In 2024, the revenue shares of high-end, mid-range, and low-end products were 24%, 54%, and 22%, respectively [5] - The overall gross margin remains high, with a gross margin of 61.07% in 2024 and 61.80% in Q1 2025, driven by the rapid growth of high-end products [6] Financial Performance Summary - The company forecasts revenues of 612 million yuan, 737 million yuan, and 879 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 145 million yuan, 183 million yuan, and 228 million yuan [7][9] - The diluted EPS is projected to be 0.91 yuan, 1.15 yuan, and 1.43 yuan for 2025, 2026, and 2027, respectively [7][9] - The current P/E ratios are 40, 32, and 25 for the years 2025, 2026, and 2027, respectively [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is advancing its high-end strategy, with profitability expected to improve in Q1 2025. The company reported a steady growth in performance, with 2024 revenue reaching 497 million yuan, a year-on-year increase of 2.93%, and a net profit of 112 million yuan, a decrease of 27.79% [4][5] - The product structure is continuously optimized, with an increase in direct sales revenue proportion. In 2024, high-end products accounted for 24% of revenue, while in Q1 2025, this increased to 29%, reflecting the effectiveness of the high-end strategy [5] - The overall gross margin remains high, with 61.07% in 2024 and 61.80% in Q1 2025, driven by the rapid growth of high-end products. The net profit margin improved significantly in Q1 2025 to 30.87% [6] Financial Performance Summary - For 2024, the company achieved a revenue of 497 million yuan, with a year-on-year growth of 2.93%. The net profit was 112 million yuan, down 27.79% [4][9] - The forecast for 2025-2027 projects revenues of 612 million yuan, 737 million yuan, and 879 million yuan respectively, with net profits of 145 million yuan, 183 million yuan, and 228 million yuan [7][9] - The diluted EPS is expected to be 0.91 yuan, 1.15 yuan, and 1.43 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40, 32, and 25 [7][9]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 46.86 CNY [4]. Core Insights - The company has shown a steady increase in revenue and profit, with a notable growth in high-end product sales, which accounted for 29% of revenue in Q1 2025, up from 24% in 2024 [2][3]. - High-end products have seen significant growth in both volume and price, with Q1 2025 revenue from high-end products increasing by 86.60% year-on-year, and sales of products priced above 50,000 CNY growing by 89.93% [2][3]. - The company maintains a high level of R&D investment, with R&D expenses reaching 1.08 billion CNY in 2024, representing a 26% increase year-on-year, and a R&D expense ratio of 21.81% [3]. Financial Performance - In 2024, the company achieved a revenue of 497.4 million CNY, a year-on-year increase of 2.93%, while the net profit decreased by 27.79% to 112.1 million CNY [1][8]. - For Q1 2025, the company reported a revenue of 132 million CNY, a 26.93% increase year-on-year, and a net profit of 41 million CNY, up 33.96% [1]. - The company forecasts revenue growth to 603.7 million CNY in 2025, with a projected net profit of 149 million CNY [9]. Product Development - The company has launched 10 new products in 2024, including high-end digital oscilloscopes and signal generators, which are expected to drive further revenue growth [3]. - The continuous introduction of high-end products is a key factor supporting the company's stable performance [3]. Market Position - The company is recognized as a leading manufacturer of general electronic testing and measurement instruments in China, with a strong focus on high-end product development [3][4].

Group 1: Yingjie Electric - In 2024, Yingjie Electric's revenue is projected to be 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit is expected to decline by 25.19% due to delays in revenue recognition in the photovoltaic industry, inventory write-downs, and increased expenses [1] - The company's cash flow from operating activities increased significantly to 601.77 million yuan, up by 46.20 million yuan year-on-year [1] - New orders decreased by approximately 40%, but the backlog remains over 2.7 billion yuan, with expectations for overseas photovoltaic orders to contribute to revenue recognition by 2025 [1] Group 2: Dingyang Technology - Dingyang Technology has established a comprehensive sales system in the global market, exporting to over 80 countries and regions [2] - The company has launched 10 new products in 2024 and 6 new products in 2025, focusing on high-end electronic testing and measurement instruments [2] - Dingyang aims to enhance its international brand influence and market share through a high-end development strategy and improved marketing channels [2] Group 3: Aibo Medical - Aibo Medical achieved total revenue of 1.41 billion yuan in 2024, a year-on-year increase of 48.24%, with net profit rising by 27.77% [3] - The company is experiencing significant growth in its Dragon Crystal® PR product line, although initial production quality and costs are challenges [3] - Aibo Medical's artificial lens business is expanding, with a notable increase in market share and a focus on high-end products to counteract price drops due to industry policies [3] Group 4: Libang Instruments - In Q1 2025, Libang Instruments reported revenue of 420 million yuan, a decline of 5%, with domestic sales down by 20% but international sales up by 7% [4] - The company is optimistic about domestic sales recovery due to improved market conditions and is leveraging AI technology in ultrasound imaging and smart healthcare [4] - Libang's gross margin is expected to rise to 57.92% in 2024, driven by increased sales of high-margin products [4]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][6][11] Core Views - The company achieved a revenue of 497 million yuan in 2024, representing a year-over-year growth of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan [3][6] - The company continues to push its high-end development strategy, optimizing its product structure with a balanced development across its four main product lines [6][7] - The company has increased its R&D investment, which reached 108 million yuan in 2024, a year-over-year increase of 26.01%, accounting for 21.81% of its revenue [6][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 497 million yuan, net profit of 112 million yuan - 2025: Projected revenue of 597 million yuan, net profit of 143 million yuan - 2026: Projected revenue of 716 million yuan, net profit of 180 million yuan - 2027: Projected revenue of 860 million yuan, net profit of 223 million yuan [5][8][9] - Profitability Ratios: - Gross margin for 2024 is 61.1%, with a net margin of 22.5% - Expected gross margin for 2025-2027 is around 63% [6][9] - Earnings Per Share (EPS): - 2024: 0.70 yuan - 2025: 0.90 yuan - 2026: 1.13 yuan - 2027: 1.40 yuan [5][9] Product Development and Market Strategy - The company launched 10 new high-end products in 2024, contributing to a solid foundation for future revenue growth [6][7] - The revenue distribution among high-end, mid-range, and low-end products is 24%, 54%, and 22% respectively, with high-end product revenue increasing by 13.40% year-over-year [6][7] - Direct sales revenue reached 76 million yuan in 2024, a year-over-year increase of 15.80%, with a direct sales gross margin of 67.76% [7]

国信证券股份有限公司 二、保荐机构相关情况 关于深圳市鼎阳科技股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳 市鼎阳科技股份有限公司（以下简称"鼎阳科技"、"发行人"或"公司"）首次 公开发行股票并在科创板上市的保荐机构，持续督导期限截至 2024 年 12 月 31 日。目前，持续督导期已届满。国信证券根据《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》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》等法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 保荐总结报告书及其相关资料的内容不存在虚假记载、误导性陈述或重大遗 漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项进 行的任何质询与调查。 保荐机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 | 保荐机构名称 | 国信证券股份有限公司 | | --- | --- | | 注册地址 | ...

鼎阳科技（688112.SH）2024 年年报&2025 年一季报点评 高端突破稳盈利，研发销售双轮赋能升级 2025 年 04 月 25 日 ➢ 鼎阳科技发布 2024 年年报和 2025 年一季报。2025 年 4 月 23 日，公司 发布 2024 年年报和 2025 年一季报。2024 年实现收入 4.97 亿元，同比增长 2.93%；归母净利润 1.12 亿元，同比下降 27.79%；扣非净利润 1.10 亿元，同 比下降 28.87%，主要系公司持续增加研发投入、提高市场推广力度导致费用增 长，汇率波动导致汇兑损失增加，2024 年内确认的政府补助减少所致。1Q25 实 现收入 1.32 亿元，同比增长 26.93%；归母净利润 0.41 亿元，同比增长 33.96%； 扣非净利润 0.4 亿元，同比增长 34.00%。1Q25 公司整体毛利率为 61.80%，持 续保持较高水平，净利率为 30.87%，同比提升 1.62pct。由于公司高端产品毛 利率较高，高端产品营业收入的高速增长进一步加强了公司整体的盈利能力。 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 04 月 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 497 million yuan in 2024, a year-on-year increase of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan due to increased R&D and marketing expenses, exchange rate fluctuations, and a reduction in government subsidies [1]. - In Q1 2025, the company reported a revenue of 132 million yuan, a year-on-year increase of 26.93%, and a net profit of 41 million yuan, up 33.96% year-on-year, indicating strong growth in high-end product sales [1][2]. - The company's high-end product revenue grew by 13.40% in 2024 and 86.60% in Q1 2025, contributing to an increase in average product prices [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 497 million yuan and a net profit of 112 million yuan, with a projected revenue of 633 million yuan and a net profit of 162 million yuan for 2025 [5][10]. - The company’s gross margin for Q1 2025 was 61.80%, with a net profit margin of 30.87%, reflecting strong profitability [1]. Product Development - The company has been focusing on high-end product development, with significant improvements in product structure and sales management, leading to a 70.92% increase in domestic high-resolution digital oscilloscope revenue in 2024 [2][3]. - R&D investment reached 11 million yuan in 2024, accounting for 21.81% of revenue, indicating a commitment to innovation [3]. Market Outlook - The report anticipates revenue growth to 630 million yuan in 2025, 800 million yuan in 2026, and 1 billion yuan in 2027, with corresponding net profits of 162 million yuan, 227 million yuan, and 290 million yuan [4][5]. - The company is expected to benefit from the rapid development of downstream sectors such as commercial communication, defense, aerospace, and electronics, enhancing its competitive position in the international market [4].