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 ...

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 2024-029 | --- | --- | --- | |------------------------------|----------------------|-------------------------------------------------------------------------| | | | | | | | □ 分析师会议 | | 投资者关系活动 | □ | □ 业绩说明会 | | | □ | □ 路演活动 | | 类别 | □ | □ 一对一沟通 | | | □ | 其他 策略会 | | | | 国泰君安证券股份有限公司、山西证券股份有限公司、国信证 | | | | 券股份有限公司、中国农业银行股份有限公司、泰信基金管理 | | | | 有限公司、华泰保兴基金管理有限公司、厦门鲸鸿私募基金管 | | 参与单位名称 | | 理有限公司、深圳方德信基金有限公司、长城基金管理有限公 | | | | 司、景元（深圳）创业投资有限责任公司、深圳财沣投资有限 | | | | 公司、红思客 ...

证券代码：688112 证券简称：鼎阳科技 国投证券股份有限公司、易方达基金管理有限公司、长城基金管 理有限公司、鹏华资产管理有限公司、招商证券资产管理有限公 参与单位名称 司、睿新（北京）资产管理有限公司、深圳市辰禾投资有限公司、 众安在线财产保险股份有限公司 时间 2024 年 12 月 6 日 接待人员 证券事务代表：王俊颖 投资者关系活动主要内容介绍 Q1：请问通用电子测试测量仪器行业中数字示波器、频谱分析仪、矢量网络 分析仪和信号发生器等行业四大主力产品的市场空间分别是多少？ A1： 根据 Technavio 的分析数据，2022 年全球示波器、频谱分析仪、矢量网 深圳市鼎阳科技股份有限公司投资者关系活动记录表 2024-028 | --- | --- | --- | --- | |----------------|----------------|---------------|-------| | | | | 编号 | | | □ 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 ...

截至本公告披露日，秦轲先生持有公司 24.82%的股份，其中直接持有 22.32% 的股份，通过深圳市鼎力向阳投资合伙企业（有限合伙）、深圳市众力扛鼎企业 管理咨询合伙企业（有限合伙）、深圳市博时同裕投资合伙企业（有限合伙）（以 下简称"员工持股平台"）共间接持有 2.50%的股份，秦柯先生为员工持股平台的 的执行事务合伙人；邵海涛先生持有公司 19.48%的股份，其中直接持有 19.44% 的股份，通过公司员工持股平台共间接持有 0.04%的股份；赵亚锋先生持有公司 15.87%的股份，其中直接持有 15.84%的股份，通过公司员工持股平台共间接持 有 0.04%的股份。综上，秦轲先生、邵海涛先生、赵亚锋先生合计持有公司 60.17% 的股份，为公司实际控制人，合计控制公司表决权比例为 71.17%。秦轲先生为 公司董事长，邵海涛先生、赵亚锋先生为公司董事。 证券代码：688112 证券简称：鼎阳科技 公告编号：2024-054 深圳市鼎阳科技股份有限公司 关于公司实际控制人续签《一致行动协议》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 ...

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 经中国证券监督管理委员会《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）核准同意，深圳市鼎阳科 技股份有限公司（以下简称"公司"）向社会公开发行人民币普通股（A 股）股票 26,666,700 股，并于 2021 年 12 月 1 日在上海证券交易所科创板上市交易。本次 首次公开发行股票完成后，公司总股本为 106,666,700 股，其中有流通限制或限 售安排的股票数量为 83,404,800 股，无流通限制及限售安排的股票数量为 23,261,900 股。具体情况详见公司于 2021 年 11 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的《深圳市鼎阳科技股份有限公司首次公开发行股票科 创板上市公告书》。 本次上市流通的限售股为公司首次公开发行限售股，涉及限售股股东 6 名， 分别为秦轲、邵海涛、赵亚锋、深圳市鼎力向阳投资合伙企业（有限合伙）（以 下简称"鼎力向阳"）、深圳市众力扛鼎企业管理咨询合伙企业（有限合伙）（以 下简称"众力扛鼎"）、深圳市博时同裕投资合伙企业（有限 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-053 深圳市鼎阳科技股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 113,251,920 股。 本次股票上市流通总数为 113,251,920 股。 本次股票上市流通日期为 2024 年 12 月 2 日（因 2024 年 12 月 1 日为非交 易日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 经中国证券监督管理委员会《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）核准同意，深圳市鼎阳科 技股份有限公司（以下简称"公司"）向社会公开发行人民币普通股（A 股）股票 26,666,700 股，并于 2021 年 12 月 1 日在上海证券交易所科创板上市交易。本次首 次公开发行股票完成后，公司总股本为 106,666,700 股，其中有流通限制或限售安 排的股票数量为 ...

Investment Rating - The investment rating for the company is "Buy" [2][5]. Core Insights - The company, Dingyang Technology, is a leading enterprise in the domestic electronic measurement instrument industry, established in 2007, and is one of the few manufacturers capable of simultaneously developing, producing, and selling digital oscilloscopes, signal generators, spectrum analyzers, and vector network analyzers [4][18]. - The electronic measurement instrument industry has vast potential, with domestic brands benefiting from the trend of domestic substitution, supported by government policies and funding initiatives [4][5]. - The company's high-end product strategy and strengthened marketing channels are driving continuous growth in performance, with high-end product revenue increasing by 55% year-on-year in 2023 [4][5]. Summary by Sections 1. Company Overview - Dingyang Technology has deepened its presence in the electronic measurement field for over 20 years, entering a new phase of rapid development [18]. - The company has established a solid equity structure, with key shareholders holding a combined 57.6% of shares, ensuring stability [24][27]. 2. Industry Outlook - The electronic measurement instrument industry is crucial for modern scientific research, with a wide range of applications across various sectors, particularly in IT and communications, which account for 47% of the market [45][60]. - Domestic brands are increasingly recognized for their quality, with significant growth potential in high-end markets, driven by advancements in technology and government support [62][66]. 3. Product and Marketing Strategy - The company emphasizes independent research and development, with R&D expenses rising significantly, reflecting its commitment to innovation [70][71]. - Dingyang Technology has established a comprehensive global marketing network, with overseas revenue growing from 1.15 billion to 2.89 billion yuan from 2018 to 2023, indicating a compound annual growth rate of 20.24% [4][83]. 4. Financial Projections - Revenue is projected to reach 5.17 billion, 6.43 billion, and 8.14 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.49 billion, 1.91 billion, and 2.44 billion yuan [5][99]. - The company's current price-to-earnings ratio is estimated at 33, 26, and 20 times for the years 2024, 2025, and 2026, respectively [5][99].

Group 1: Market Demand and Product Overview - The main products of the company include digital oscilloscopes, spectrum analyzers, signal generators, and vector network analyzers, which are widely used in various industries such as communications, semiconductors, automotive electronics, medical electronics, consumer electronics, and education [1] - According to Technavio, the market shares of the end-user segments in the general electronic test and measurement instrument industry in 2022 were 28.14% for communications, 26.87% for industrial, and 13.38% for electronics and semiconductors [1][2] Group 2: International Market Expansion - The company has established a stable sales system globally, covering North America, Europe, Asia, Africa, and other regions, with significant sales growth in overseas markets [2][3] - In 2022, the company's overseas market revenue increased by 16.80% year-on-year, up from 14.51% in 2021, reflecting a 2.29 percentage point improvement [2] Group 3: Research and Development Growth - As of June 30, 2024, the company had 219 R&D personnel, a year-on-year increase of 10.05%, with 26.03% holding master's degrees or higher, up by 2.41 percentage points [3][4] - The company has been granted 329 patents as of June 30, 2024, an increase of 51 patents or 18.35% year-on-year [4] Group 4: Innovation and Product Development - The company has launched 12 high-end products since 2020, including a 12-bit high-resolution digital oscilloscope and a spectrum analyzer with a maximum measurement frequency of 26.5 GHz, enhancing its product advantages [4] - Continuous investment in R&D and the establishment of employee stock ownership plans have effectively motivated R&D personnel and ensured stability within the team, fostering innovation [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company reported a revenue recovery in Q3 2024, with a year-on-year increase of 14.29% to 1.31 billion yuan, while the net profit attributable to shareholders decreased by 6.76% to 332.07 million yuan [2]. - The high-end development strategy has shown significant results, with direct sales revenue increasing by 33.71% in the first three quarters of 2024 [2]. - The overall gross margin improved to 62.08%, up 0.46 percentage points year-on-year, despite a decline in net profit margin due to increased exchange losses and reduced interest income and government subsidies [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a total revenue of 3.55 billion yuan, a 1.50% increase year-on-year, and a net profit of 916.49 million yuan, down 23.00% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 62.08%, reflecting a year-on-year increase of 0.46 percentage points [2]. Product Strategy - The company's high-end product revenue accounted for 24.16% of total revenue, an increase of 3.18 percentage points year-on-year, contributing to an average price increase of 14.67% across major products [2]. - Sales of products priced above 50,000 yuan grew by 38.37% year-on-year, while those priced above 30,000 yuan increased by 24.39% [2]. Market Performance - As of November 1, 2024, the company's stock price was 29.88 yuan, with a market capitalization of 4.76 billion yuan [2]. - The company's performance relative to the CSI 300 index showed a 1.6% increase over the past month, a 22.4% increase over the past three months, but a decline of 21.3% over the past year [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.11 billion yuan, 5.54 billion yuan, and 6.33 billion yuan, respectively, with net profits projected at 1.28 billion yuan, 1.59 billion yuan, and 2.01 billion yuan [5][6].