Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

国信证券股份有限公司 关于深圳市鼎阳科技股份有限公司 使用部分闲置募集资金进行现金管理 之专项核查意见 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"或"公司"）首次公开发行股票并在科 创板上市及进行持续督导的保荐机构，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》《科创板上市公司持续监管办法（试行）》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法 律法规和规范性文件的要求，经审慎核查，就鼎阳科技拟使用部分闲置募集资金 进行现金管理的事项，发表专项核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 9 月 22 日出具的《关于同意深圳市 鼎阳科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3099 号），公司首次公开发行人民币普通股（A）股 2,666.67 万股，每股发行价格为 46.60 元，募集资金总额为人民币 124,266.82 万元；扣除发行费用后实际募集资 金净额为人民币 115,071.72 万元。上述募集资金已于 2021 ...

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。 深圳市鼎阳科技股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召 开第二届董事会第十七次会议、第二届监事会第十五次会议，审议通过了《关于 使用部分自有资金进行现金管理的议案》，同意公司拟使用额度不超过 82,000.00 万元人民币的自有资金适时购买安全性高、流动性好的银行理财产品或存款类产 品（包括但不限于保本型理财产品、协定性存款、结构性存款、定期存款、通知 存款、大额可转让存单等）。上述额度使用期限自公司董事会审议通过之日起 12 个月内有效，在上述额度及决议有效期内，可循环滚动使用。公司授权董事长或 董事长授权的人员在额度范围内行使该项投资决策权并签署相关合同文件，包括 但不限于：选择现金管理机构、明确具体金额、期间、产品品种、签署相关合同 等。 一、使用部分自有资金进行现金管理的基本情况 （一）现金管理目的 为实现公司利益最大化原则，提高公司自有资金使用效率，合理利用自有资 金，增加公司收益和股东回报。在确保不影响公司经营的情况下，公司拟使用部 分 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-004 深圳市鼎阳科技股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 深圳市鼎阳科技股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召 开第二届董事会第十七次会议、第二届监事会第十五次会议，审议通过了《关于 使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募投项目 使用建设的情况下，使用部分闲置募集资金进行现金管理，使用额度不超过 26,000.00 万元人民币的闲置募集资金适时购买安全性高、流动性好的保本型银 行理财产品或存款类产品（包括但不限于保本型理财产品、协定性存款、结构性 存款、定期存款、通知存款、大额可转让存单等），且该等现金管理产品不得用 于质押，不用于以证券投资为目的的投资行为。上述额度使用期限自公司董事会 审议通过之日起 12 个月内有效，在上述额度及决议有效期内，可循环滚动使用。 公司授权董事长或董事长授权的人员在额度范围内行使该项投资决策权并签署 相 ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 497.78 million, a year-on-year increase of 3.01%[5] - The net profit attributable to the parent company was RMB 111.48 million, a decrease of 28.20% compared to the previous year[5] - The company experienced a foreign exchange loss increase of RMB 6.01 million and a decrease in government subsidies by RMB 6.67 million, impacting net profit[11] - The company’s weighted average return on equity decreased by 3.04 percentage points to 7.20%[3] Research and Development - The company's R&D expenses reached RMB 107.83 million, an increase of 25.24%, accounting for 21.66% of operating revenue[11] - The company launched 10 new products in 2024, supporting its high-end development strategy[7] Sales and Revenue - The sales revenue from direct sales was RMB 75.67 million, a year-on-year increase of 15.80%, with a gross margin of 67.89%[10] - The revenue from high-end products increased by 13.79%, with their proportion rising by 2.36 percentage points[8] - The average selling price of products priced above RMB 30,000 increased by 16.89%, indicating strong demand for high-end products[10] Assets - Total assets at the end of the reporting period were RMB 1,679.66 million, a growth of 1.01% from the beginning of the period[6]

证券代码：688112 证券简称：鼎阳科技 公告编号：2025-002 深圳市鼎阳科技股份有限公司 2025 年 2 月 18 日，深圳市鼎阳科技股份有限公司（以下简称"鼎阳科 技"、"公司"）正式公开发布全新一代 SMM3000X 系列精密源表和 SDG3000X 系列任意波形发生器。 SMM3000X 系列精密源表具备 6½位显示位数，支持高精度脉冲模拟、 线性/对数扫描、灵活自定义序列、数据可视化分析等功能，既可作为恒 压源、恒流源、电压表、电流表、欧姆表以及电子负载，也可作为脉冲 发生器、波形发生器，可广泛应用于半导体、新能源、先进光电器件及 高密度集成电路等精密测试领域。 SDG3000X 系列任意波形发生器最高输出频率为 200 MHz，采用了创新 的 EasyPulse 和 TrueArb 技术，可显著降低波形抖动，具备生成序列波、 噪声、谐波、IQ 信号等各类复杂信号的能力，支持多脉冲输出，可广泛 应用于通信、半导体、新能源及科研教育等领域。 本次新产品的发布，体现了公司的技术创新能力、市场应变能力和产品 开发能力，进一步丰富了公司的产品线，拓宽了公司产品的应用场景和 使用范围，将有助于巩固和 ...

国信证券股份有限公司 关于深圳市鼎阳科技股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 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"或"公司"）首次公开发行股票并在科创板 上市的保荐机构，根据《公司法》《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 11 号—— 持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上市 公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》等法律、法规和规范 性文件的要求，对鼎阳科技 2024 年度规范运作情况进行了现场检查，就现场检查的有 关情况报告如下： 一、本次现场检查的基本情况 2024 年 12 月 25 日至 2025 年 1 月 8 日，国信证券现场检查人员陈进、蔡莹珊通过查 阅资料、实地调研等方式对鼎阳科技 2024 年度（以下简称"检查期"）的有关情况进行 了现场检查，检查的内容包括：（一）公司治理和内部控制情况；（二）信息披露情况； （三）公司的独立性以及与控股 ...

Core Viewpoint - Dingyang Technology has launched three high-end measurement instruments, marking a significant milestone in its innovation journey and opening new market opportunities [1][2]. Group 1: Product Launch - The newly launched products include the SSG6000A series high-end RF microwave signal generator with a maximum output frequency of 67GHz, the SSA6000A series high-end spectrum analyzer with a maximum measurement frequency of 50GHz, and the SNA6000A series high-end vector network analyzer with a maximum measurement frequency of 50GHz [2][3]. Group 2: Market Position and Growth - Dingyang Technology is one of the few domestic manufacturers capable of simultaneously researching, producing, and selling four major general electronic testing and measurement instruments, all of which have entered the high-end market [2]. - The global market for spectrum analyzers, signal generators, and vector network analyzers was valued at $3.092 billion in 2022, accounting for 48.99% of the total market size in the general electronic testing and measurement industry, with projected CAGRs of 6.80%, 5.89%, and 6.37% from 2022 to 2027 respectively [3]. Group 3: Technological Achievements - Dingyang Technology has made significant achievements in the RF microwave instrument field, having released a 40GHz RF microwave signal generator in 2022 and a 26.5GHz spectrum analyzer and vector network analyzer in 2021 and 2022, respectively [4]. - The company has demonstrated deep technical accumulation and continuous innovation in the high-end RF microwave instrument sector through rapid product iteration over the past two years [4].

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-055 深圳市鼎阳科技股份有限公司 关于自愿披露公司发布新产品的公告 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。 重要内容提示： 2024 年 12 月 26 日，深圳市鼎阳科技股份有限公司（以下简称"鼎阳科 技"、"公司"）正式公开发布最高输出频率达 67 GHz 的 SSG6000A 系列 高端射频微波信号发生器、最高测量频率达 50 GHz 的 SSA6000A 系列高 端频谱分析仪和最高测量频率达 50 GHz 的 SNA6000A 系列高端矢量网络 分析仪。 SSG6000A 系列高端射频微波信号发生器最高输出频率达 67 GHz，输出 信号稳定，频谱纯度高，具备了多种调制功能，支持功率计控制，配置 了丰富的接口，可广泛应用于半导体、通信等行业。 SSA6000A 系列高端频谱分析仪最高测量频率达 50 GHz，具有优良的动 态范围，支持各类移动通信和无线连接的调制分析、多角度多视图时频 域混合分析等功能，可广泛应用于通信、汽车等行业。 SNA ...