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].

Core Viewpoint - Dingyang Technology (688112) reported a strong performance in Q1 2025, with significant growth in both revenue and profit, driven by high-end product sales and continuous R&D investment [1][2] Financial Performance - The company achieved a revenue growth of 26.93% year-on-year in Q1 2025, with a net profit growth of 34.00% for the same period [1] - The overall gross margin stood at 61.80%, while the net profit margin increased to 30.87%, up by 1.62 percentage points year-on-year [2] - Gross profit increased by 15.93 million, representing a year-on-year growth of 24.31% [2] Product Performance - High-end products showed exceptional performance, with revenue growth of 86.60% year-on-year, contributing significantly to the company's overall growth [1] - The proportion of high-end products in total revenue rose to 29%, an increase of nearly 9 percentage points year-on-year [1] - Sales of products priced above 50,000 increased by 89.93% year-on-year, indicating strong market demand and recognition for high-end offerings [1] R&D and Investment - R&D investment reached 26.12 million, a year-on-year increase of 25.37%, accounting for 19.82% of total revenue [2] - The continuous investment in R&D and sales has led to an optimized product structure and enhanced profitability [2] Market Position - Dingyang Technology is one of the few domestic manufacturers with capabilities in developing, producing, and globally selling four major electronic testing and measurement instruments [1] - The company is positioned strongly in the high-end segment of the electronic testing and measurement instrument market, showcasing its competitive edge [2]

Summary of Dingyang Technology Conference Call Company Overview - Dingyang Technology has launched a total of 40 new products since 2020, with 19 being high-end products, benefiting from a high-end strategy that has penetrated key product lines into the high-end market, including the first domestic 8G 12-bit digital oscilloscope and a 67GHz RF signal source [1][4] Key Financial Performance - In Q1 2025, Dingyang Technology achieved significant revenue growth, with total revenue reaching 132 million yuan, a year-on-year increase of 26.93%. The net profit attributable to the parent company was 39.77 million yuan, up 34% year-on-year, and net cash flow from operating activities was 49.77 million yuan, a remarkable increase of 188.1% [3] High-End Product Impact - High-end products significantly contributed to revenue growth, with their revenue share rising to 29% in Q1 2025, an increase of 8.85 percentage points year-on-year. Sales of products priced above 50,000 yuan grew by 89.93%, while those priced above 30,000 yuan increased by 73.22% [5] Direct Sales Optimization - Dingyang Technology optimized its direct sales team, resulting in a 15.8% year-on-year increase in direct sales revenue, which accounted for 15.2% of total revenue. The gross margin for direct sales remained high at 67.76%, reinforcing overall profitability [6] R&D Investment - The company increased its R&D investment, with expenses reaching 108 million yuan in 2024, a year-on-year increase of 26.01%, accounting for 21.66% of total revenue. This investment supports continuous innovation and the introduction of new features [7][8] Market Dynamics - Tariff disruptions have heightened demand for Dingyang's high-end products among downstream customers. The domestic market began to rebound in Q3 2024, with increasing momentum [1][10] Future Growth Strategy - Dingyang Technology plans to continue focusing on the general electronic measurement field, pursuing technological breakthroughs and rapid iterations of new products to open new market opportunities. The company will also enhance brand awareness through global exhibitions and actively expand market channels [9] Competitive Landscape - The company faces competition from established players in the RF and microwave product market. However, Dingyang's rapid product development and strong customer relationships position it well for future growth [23][25] Production and Supply Chain Strategy - To mitigate risks from trade wars, Dingyang has established a production base in Malaysia, which is expected to lower costs and ensure global procurement and production capabilities [2][13] Domestic vs. International Market Performance - The domestic market has shown robust growth, with a 15% increase in revenue in 2024, while international revenue declined by 5%. The company anticipates continued strong growth in the domestic market in 2025, with signs of recovery in the international market [31] Customer Base and Sales Strategy - Dingyang has developed a strategy targeting key customers (K1 clients), which have become a significant source of revenue. The company has identified hundreds of potential large customers across the country [16] Conclusion - Dingyang Technology is well-positioned for future growth, driven by its high-end product strategy, strong R&D investment, and effective market expansion efforts. The company is adapting to market dynamics and competitive pressures while maintaining a focus on innovation and customer satisfaction [19][28]

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派5.1元（含税） | 0.81 | 1.65 | | 2023.12.31 | 10派8.8元（含税） | 1.40 | 1.49 | | 2022.12.31 | 10转增4.9派8.5元（含税） | 0.91 | 1.12 | | 2021.12.31 | 10派4.6875元（含税） | 0.50 | 0.44 | 证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入4.97亿元，同比增长2.93%，实 现净利润1.12亿元，同比下降27.79%，基本每股收益为0.7元。 资金面上看，该股今日主力资金净流入136.72万元，近5日主力资金净流出960.43万元。 两融数据显示，该股最新融资余额为6934.90万元，近5日减少136.48万元，降幅为1.93%。 按申万行业统计，鼎阳科技所属的机械设备行业共有219家公司公布了2024年度分配方案，派现金额最 多的是中国中车，派现金额为60.27亿元，其 ...

深圳市鼎阳科技股份有限公司 2024 年年度股东大会 会 议 资 料 二〇二五年四月 1 深圳市鼎阳科技股份有限公司 2024 年年度股东大会会议须知 为维护广大投资者的合法权益，确保股东在本次股东大会期间依法行使权利， 根据《中华人民共和国公司法》、中国证券监督管理委员会《上市公司股东大会 规则》和公司《股东大会议事规则》等有关规定，特制定本会议须知： 一、公司负责本次股东大会的议程安排和会务工作，为确认出席大会的股东 或其代理人或其他出席者的出席资格，会议工作人员将对出席会议者的身份进行 必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议现场办理签 到手续，并按规定出示证券账户卡、身份证明文件或营业执照/注册证书复印件 （加盖公章）、授权委托书等，上述登记材料均需提供复印件一份，个人登记材 料复印件须个人签字，法定代表人/执行事务合伙人证明文件复印件须加盖公司/ 合伙企业公章，经验证后方可出席会议。会议开始后，由会议主持人宣布现场出 席会议的股东人数及其所持有表决权的股份总数，在此之后进场的股东无权参与 现场投票表决。 三、会议按照会议通知上所列顺序审议、表决议 ...