Investment Rating - The report maintains a "Buy-A" rating for Dingyang Technology, with a target price of 27.9 CNY per share, representing a 30x dynamic P/E ratio for 2024 [6][10]. Core Insights - Dingyang Technology reported a revenue of 224 million CNY for the first half of 2024, a year-on-year decrease of 4.74%. The net profit attributable to shareholders was 58 million CNY, down 29.93% year-on-year [3][4]. - The company's high-end product strategy is showing positive results, with the average price of its four main products increasing by 8.3%. Products priced above 30,000 CNY grew by 15.7%, and those above 50,000 CNY increased by 36.1% [4]. - A new stock incentive plan was announced, targeting 101 key personnel, which reflects the company's confidence in future growth, particularly in high-end products [5]. Financial Performance Summary - Revenue and profit for the first half of 2024 were impacted by macroeconomic conditions, with some clients delaying or canceling orders for electronic measuring instruments. Additionally, the inventory pressure faced by distributors contributed to the revenue decline [4]. - R&D expenses increased by 30.6%, and sales expenses rose by 17.1%, negatively impacting the net profit margin by approximately 8.8 percentage points [4]. - The gross profit margin improved to 62% in the first half of 2024, up 1.04 percentage points from the same period in 2023, benefiting from the high-end product strategy [4]. Future Projections - Revenue projections for Dingyang Technology are estimated at 536 million CNY, 669 million CNY, and 818 million CNY for 2024, 2025, and 2026, respectively. Net profits are expected to be 148 million CNY, 196 million CNY, and 250 million CNY for the same years [6][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][13] Core Views - The company's revenue decreased by 4.74% year-on-year in the first half of 2024, with a net profit decline of 29.93% [1][7] - The decline in revenue is attributed to the replacement and upgrade of information systems and the relocation of production facilities [1] - The company's high-end development strategy has shown significant results, with high-end products accounting for over 20% of total sales, leading to an 8.30% increase in average selling price [1][3] - The company is focusing on strengthening direct sales channels, which saw a 26.24% increase in revenue [1] - A stock incentive plan was introduced to promote high-quality development, targeting significant revenue and profit growth over the next three years [1] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 224 million, down 4.74% year-on-year, and a net profit of 58 million, down 29.93% [1][4] - The gross margin was 62.00%, an increase of 1.04 percentage points, while the net margin decreased by 9.39 percentage points to 26.12% [1][7] - R&D and sales expenses increased by 30.55% and 17.06% respectively, reflecting the company's commitment to innovation and market expansion [1][3] - The company forecasts net profits of 166 million, 217 million, and 283 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23, 18, and 13 [1][11]

深圳市鼎阳科技股份有限公司 公司始终重视研发创新，注重将技术成果与市场需求深度融合，通过持续 高强度的研发投入，公司实现了产品与技术的持续迭代与优化升级。2024 年上 半年，公司研发费用为 4,393.12 万元，同比增长 30.55%，占营业收入的比例为 19.63%，同比提升 5.30 个百分点。2024 年上半年，公司研发人员数量为 219 人，研发人员占比提升至 46.11%，研发队伍进一步壮大。 一、深耕主业，强化核心竞争力 2024 年上半年，公司持续推进高端化发展战略，通过高强度的研发投入， 不断推出新产品，完善产品矩阵，提高公司的产品配套能力，加强渠道和品牌 的建设，不断提升公司的综合竞争力。具体措施如下： 1、坚持自主创新，不断加大研发投入 2,345.65 2,742.75 2,886.97 3,829.09 5,761.28 8,609.79 4,393.12 15.22% 14.47% 13.08% 12.60% 14.49% 17.82% 19.63% 2018 2019 2020 2021 2022 2023 2024H1 研发费用（万元） 占营业收入的比例 图 1：2018-2 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 224 million yuan, down 4.74% year-on-year, and net profit at 58 million yuan, down 29.93% year-on-year [1]. - The company continues to invest heavily in R&D, with a R&D expense ratio of 19.63%, up 5.30 percentage points year-on-year, and has launched new high-end products, indicating a strategic shift towards higher-end markets [1]. - The high-end product ratio remains above 20%, contributing to an 8.30% increase in average selling price for main products, showcasing the effectiveness of the company's high-end strategy [1]. Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 508 million, 559 million, and 664 million yuan, with year-on-year growth rates of 5.1%, 10.0%, and 19.0% respectively [2]. - The forecasted net profits for the same period are 120 million, 143 million, and 190 million yuan, with year-on-year growth rates of -22.8%, 19.3%, and 33.1% respectively [2]. - The current stock price corresponds to a 2025 P/E ratio of 27.0X [2]. Financial Metrics - The company's revenue for 2024 is projected at 508 million yuan, with a growth rate of 5.1% year-on-year [6]. - The expected net profit for 2024 is 120 million yuan, reflecting a decline of 22.8% compared to the previous year [6]. - The company's P/E ratio is projected to be 32.2 in 2024, decreasing to 27.0 in 2025 and further to 20.3 in 2026 [6][11].

Financial Performance - In the first half of 2024, the company achieved operating revenue of 223.75 million yuan and a net profit attributable to shareholders of 58.44 million yuan, with a net profit of 56.44 million yuan after deducting non-recurring gains and losses [3] - The gross profit margin increased to 62.00%, up 1.04 percentage points year-on-year, reflecting significant improvements in product structure and operational efficiency [4] Product Development - High-end products accounted for over 20% of total sales, driving an average price increase of main products year-on-year [3] - The company launched 4 new high-end products in 2024, contributing to a total of 11 new high-end products since 2020, showcasing continuous innovation [5] - R&D investment reached 43.93 million yuan, a year-on-year increase of 30.55%, representing 19.63% of operating revenue [4] Sales and Marketing - Direct sales revenue grew by 26.24% year-on-year, supported by a comprehensive product matrix and strong demand for high-end products [7] - The company has established subsidiaries in the US, Germany, and Japan, enhancing its global sales channels and reaching over 80 countries [8] Market Strategy - The company is focusing on the developed markets of Europe and North America, where demand is driven by product upgrades, while also targeting emerging markets in Asia, particularly India and Southeast Asia [9] - The competitive advantage in overseas markets is strengthened by a stable channel and brand accumulation, particularly for high-end RF and microwave products [9]

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-040 深圳市鼎阳科技股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第三次临时股东大会 召开日期时间：2024 年 9 月 18 日 16 点 00 分 召开地点：深圳市宝安区新安街道兴东社区安通达工业园 1 栋 2 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 18 日 至 2024 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2024年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-034 深圳市鼎阳科技股份有限公司 第二届董事会第十三次会议决议公告 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。 深圳市鼎阳科技股份有限公司（以下简称"公司"）第二届董事会第十三次会 议于 2024 年 8 月 29 日以现场结合通讯的方式在公司会议室召开。会议通知已于 2024 年 8 月 16 日通过邮件或电话的方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长秦轲主持。会议召开符合有关法律、法规、规章和《公司章程》 的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于公司<2024 年半年度报告>及其摘要的议案》 全体董事认为公司《2024 年半年度报告》及《2024 年半年度报告摘要》准 确、真实、完整的体现了公司 2024 年半年度的财务状况和公司经营成果。报告 具体内容详见公司同日披露于上海证券交易所网站(www.sse.com.cn)的《深圳市 鼎阳科技股份有限公司 2 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period in 2023[6]. - The company's operating revenue for the first half of 2024 was ¥223,749,809.83, a decrease of 4.74% compared to ¥234,882,936.23 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥58,442,621.35, down 29.93% from ¥83,407,045.42 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥56,440,441.58, a decrease of 34.73% compared to ¥86,473,300.36 in the same period last year[12]. - The company reported a net profit attributable to shareholders of CNY 58.44 million, a decrease of 29.93% year-on-year, impacted by increased exchange losses and reduced government subsidies[56]. - The total revenue for the reporting period was CNY 223.75 million, a decline of 4.74% compared to the previous year[62]. - The company’s total comprehensive income for the first half of 2024 was CNY 58,694,488.05, compared to CNY 84,412,103.98 in the previous year[149]. - The company’s net profit decreased by 31.12% year-over-year, with retained earnings at 180,767,759.02 CNY[66]. Profitability and Margins - The gross profit margin improved to 45%, up from 40% in the previous year, indicating better cost management and pricing strategies[6]. - The basic earnings per share decreased by 28.85% to 0.37 RMB per share[13]. - The gross profit margin improved to 62.00%, an increase of 1.04 percentage points year-on-year, due to an optimized product matrix and direct sales efforts[56]. Research and Development - The company is investing RMB 50 million in R&D for advanced technologies, focusing on enhancing product features and performance[6]. - The company increased its R&D investment as a percentage of operating revenue to 19.63%, up 5.30 percentage points year-on-year[13]. - Research and development (R&D) expenses increased by 30.55% year-on-year, totaling approximately ¥43.93 million, which represents 19.63% of the company's operating revenue, an increase of 5.30 percentage points[42][43]. - The number of R&D personnel increased to 219, representing 46.11% of the total workforce, with an average salary of ¥14.23 million, up from ¥11.69 million in the previous year[45]. Market Expansion and Product Development - The company plans to launch two new product lines in Q3 2024, aiming to capture an additional 10% market share in the digital oscilloscope segment[6]. - Market expansion plans include entering Southeast Asian markets by the end of 2024, targeting a 5% market penetration within the first year[6]. - The company launched 4 new products in 2024, laying a solid foundation for future revenue growth[51]. - The company is actively expanding its global market presence, leveraging brand building, stable product quality, and competitive pricing advantages[22]. Cash Flow and Financial Position - The company has maintained a strong cash position with RMB 200 million in cash reserves, ensuring liquidity for future investments[6]. - The net cash flow from operating activities increased significantly to ¥54,581,430.14, up 270.13% from ¥14,746,679.45 in the previous year[12]. - The company experienced a significant increase in cash flow from operating activities, reaching CNY 54.58 million, a 270.13% increase year-on-year[63]. - Total cash inflow from operating activities is CNY 295,331,013.20, an increase of 7.2% compared to CNY 275,585,708.43 in the previous year[152]. Intellectual Property and Innovation - The company holds a total of 329 patents, including 216 invention patents, reflecting its commitment to innovation and technology development in the electronic measurement industry[35]. - The company achieved a total of 34 new intellectual property rights during the reporting period, including 21 invention patents and 7 design patents, bringing the cumulative total to 370[41]. Strategic Commitments and Governance - The company has committed to maintaining transparency in related party transactions, ensuring fairness and compliance with regulations[84]. - The company has established a commitment to avoid any competition with other enterprises controlled by major shareholders, ensuring independence and stability in operations[83]. - The company has a strategic plan for future market expansion and product development, although specific figures and timelines were not disclosed in the provided content[79]. Shareholder and Stock Management - The company has a 36-month lock-up period for shares held by major shareholders, effective from the date of stock listing[78]. - The company will not transfer or delegate the management of shares held indirectly before the IPO for 36 months from the date of listing[90]. - Major shareholders and management are committed to increasing their holdings within 90 days of the stabilization plan announcement, with a limit of 2% of total shares per transaction[92]. Legal and Compliance Matters - The company is involved in multiple patent infringement lawsuits initiated by Beijing Puyuan Precision Technology Co., Ltd., with three cases withdrawn and two ongoing as of June 30, 2024[121]. - The company has committed to ensuring that the information disclosure documents related to the incentive plan do not contain false statements or significant omissions[119]. Industry Context and Support - The industry is supported by national policies aimed at promoting innovation and development in the measurement and testing instruments sector[18]. - The electronic measurement instrument industry is recognized as a strategic and foundational industry for national technology development[19].

深圳市鼎阳科技股份有限公司 证券代码：688112 证券简称：鼎阳科技 公告编号：2024-037 为规范公司募集资金管理和使用，保护投资者权益，募集资金到账后，协议 甲方公司已与协议乙方兴业银行股份有限公司深圳软件园支行及协议丙方国信 证券股份有限公司签订了《募集资金专户存储三方监管协议》（鼎阳募集专户协 议 001 号、鼎阳募集专户协议 002 号、鼎阳募集专户协议 003 号、鼎阳募集专户 协议 004 号），具体情况详见公司于 2021 年 11 月 30 日披露于上海证券交易所 （http://www.sse.com.cn/）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》。 三、《募集资金专户存储三方监管协议之补充协议》的主要内容 （一）《募集资金专户存储三方监管协议》（鼎阳募集专户协议 002 号）（以 下简称"《监管协议》"）第一条约定，甲方已在乙方开设募集资金专项账户（以 下简称"专户"），账号为 338190100100143663，该专户仅用于甲方生产线技术 升级改造项目投向项目募集资金的存储和使用，不得用作其他用途。现经协议各 1/2 深圳市鼎阳科技股份有限公司 深圳 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-033 2024 年 7 月 30 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 SPS6000X 系列宽范围可编程直流开关电源 新型号。该系列产品单台输出功率可达 1500 W，可多台并联提高功率容 量，以满足更大电流需求的应用场景。 本次新产品的发布，将有助于巩固和提升公司的综合竞争力，对公司未 来的发展将产生积极的影响。 本次发布的新产品未来要实现大规模销售，尚需通过更多客户对该产品 进行试用和评估，存在市场推广与客户开拓不及预期的风险。敬请广大 投资者注意投资风险，理性投资。 | | 额定输出功率：1500 W； | | --- | --- | | SPS6412X | 额定输出电压：40 V； | | | 额定输出电流：120 A； | | | 功率比：3.2。 | 二、新产品对公司的影响 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： ...