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].

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 2024-025 | --- | --- | --- | --- | --- | --- | |----------------------------|-------|----------------------------------------------|--------|--------------|---------------------------------------------------------------------------------------------------------------| | | | | | | | | | | 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 | □ | 现场参观 □ | | 一对一沟通 | | | | | 线上会议 □ | | 其他 | | | | | | | | 中国国际金融股份有限公司、国信证券 ...

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 2024-024 | --- | --- | --- | --- | |----------------|------------------------------------------|----------------------------|------------------------------------------------------------------| | | | | | | | □ | 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 | | | | 类别 | □ 新闻发布会 □ 路演活动 | | | | | □ 现场参观 □ 一对一沟通 | | | | | R 线上会议 | R 其他 策略会 | | | | | | 华安证券股份有限公司、泰康资产管理有限责任公司、长城基 | | 参与单位名称 | | | 金管理有限公司、信达澳亚基金管理有限公司、融通基金管理 | | 时间 | 有限公司 2024 年 11 月 6 日 | | | | 接待 ...

[Table_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：29.88 元 鼎阳科技（688112）机械设备 目标价：——元（6 个月） 高端产品占比持续提升，直销品牌优势凸显 [Table_Summary] 事件：公司发布2024年三季报，单2024Q3公司实现营收1.3亿元，同比+14.3%， 环比+9.2%；实现归母净利润 0.33亿元，同比+6.8%，环比+18.3%。2024Q1-Q3 公司实现营收 3.5亿元，同比+1.5%；实现归母净利润 0.9亿元，同比-23.0%。 高端产品占比持续提升，品牌优势凸显。 高端化发展战略持续推进，公司毛利率稳中有升。2024Q1-Q3公司综合毛利率 为 62.1%，同比+0.5pp，公司深入推进产品高端化战略，高端产品放量带动公 司综合毛利率提升；净利率为 25.8%，同比-8.2pp，净利率下滑主要系公司持续 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， 报告期确认的政府补助减少所致；期间费用率为 35.6%，同比+9.4pp；其中， 销售、管理、研发和财务费用 ...

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 2024-023 | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 | R 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | 类别 | □ | 现场参观 □ 一对一沟通 | | | | R 线上会议 □ 其他 | | | | 参与单位名称 | | | 中国国际金融股份有限公司、易方达基金管理有限公司、博时 | | | | | 基金管理有限公司、工银瑞信基金管理有限公司、国信证券股 | | | | | 份有限公司、光大证券股份有限公司、上海申银万国证券研究 | | | | | 所有限公司、长江证券股份有限公司、国元证券股份 ...

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].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2] Core Views - The company's short-term performance is under pressure, but the market potential for new products is significant [2] - Revenue for the first nine months reached 355 million yuan, a year-on-year increase of 1.50%, while net profit attributable to shareholders decreased by 23.00% to 92 million yuan [4] - The company has seen a notable improvement in gross margin, which increased to 62.08%, up 0.46 percentage points year-on-year [5] - The high-end product development strategy is yielding results, with high-end products accounting for 24.16% of revenue, an increase of 3.18 percentage points year-on-year [6] - The company launched several new products in October 2024, including high-resolution digital oscilloscopes and high-speed digital multimeters, which are expected to support future growth [8] Financial Summary - For the first three quarters, the company's revenue for Q1, Q2, and Q3 was 104 million, 120 million, and 131 million yuan respectively, showing a quarter-on-quarter increase [5] - The company’s revenue projections for 2024 to 2026 are 507 million, 579 million, and 706 million yuan, with corresponding net profits of 123 million, 146 million, and 182 million yuan [7][10] - The gross margin is projected to improve gradually, reaching 62.4% by 2026 [12] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 19.66% of revenue in the first three quarters of 2024 [8] Market Position - The company is one of the few manufacturers in the market with capabilities in developing, producing, and selling four major electronic testing and measurement instruments [9] - Despite short-term pressures, the trend towards domestic substitution in electronic instruments and the emergence of new application scenarios present significant growth opportunities [9]

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-051 深圳市鼎阳科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 22 日（星期五）至 11 月 28 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@siglent.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 深圳市鼎阳科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 29 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 （二）会议 ...

Financial Performance - Revenue for Q3 2024 reached RMB 130.89 million, a year-on-year increase of 14.29%[2] - Net profit attributable to shareholders for Q3 2024 was RMB 33.21 million, a year-on-year decrease of 6.76%[2] - Gross profit margin for the first nine months of 2024 increased to 62.08%, up 0.46 percentage points year-on-year[9] - Total revenue for the first three quarters of 2024 reached RMB 354.64 million, a slight increase from RMB 349.41 million in the same period of 2023[21] - Net profit for the first three quarters of 2024 was RMB 91.65 million, down from RMB 119.02 million in the same period of 2023[22] - Revenue for the first three quarters of 2024 decreased to 300.14 million RMB, down 4.9% compared to 315.61 million RMB in the same period of 2023[29] - Net profit for the first three quarters of 2024 was 64.43 million RMB, a 43.1% decrease from 113.16 million RMB in 2023[31] - Total comprehensive income for 2024 was 64.43 million RMB, a 43.1% decrease from 113.16 million RMB in 2023[32] R&D and Innovation - R&D investment for Q3 2024 was RMB 25.80 million, a year-on-year increase of 23.97%, accounting for 19.71% of revenue[2][3] - R&D expenses increased to RMB 69.73 million in the first three quarters of 2024, up from RMB 54.47 million in the same period of 2023[21] - R&D expenses rose significantly to 69.73 million RMB in 2024, a 28% increase from 54.47 million RMB in 2023[29] Product and Sales Performance - High-end product revenue accounted for 24.16% of total revenue in the first nine months of 2024, up 3.18 percentage points year-on-year[5] - Sales of products priced above RMB 50,000 increased by 38.37% year-on-year in the first nine months of 2024[5] - Domestic revenue from high-resolution digital oscilloscopes grew by 28.00% year-on-year in the first nine months of 2024[6] - Direct sales revenue increased by 33.71% year-on-year in the first nine months of 2024[7] - Sales expenses rose to RMB 65.68 million in the first three quarters of 2024, up from RMB 53.94 million in the same period of 2023[21] - Sales expenses increased to 43.09 million RMB in 2024, up 25.6% from 34.31 million RMB in 2023[29] Cash Flow and Financial Position - Operating cash flow for the first nine months of 2024 was RMB 69.48 million, a year-on-year increase of 148.14%[4] - Operating cash flow increased to 69,484,695.98 yuan in the first three quarters of 2024, up from 28,002,098.14 yuan in the same period of 2023[24] - Operating cash flow improved to 66.09 million RMB in 2024, a 127% increase from 29.12 million RMB in 2023[33] - Cash received from sales of goods and services slightly decreased to 369,183,564.80 yuan in 2024 from 372,380,192.38 yuan in 2023[24] - Cash paid for employee compensation rose to 102,847,909.83 yuan in 2024, compared to 82,852,194.87 yuan in 2023[24] - Net cash used in investing activities increased to -26,013,699.26 yuan in 2024 from -15,630,576.29 yuan in 2023[24] - Net cash used in financing activities rose to -145,587,140.40 yuan in 2024 from -88,169,563.61 yuan in 2023[25] - Cash and cash equivalents at the end of the period decreased to 1,143,096,169.29 yuan in 2024 from 1,175,352,238.67 yuan in 2023[25] - Cash and cash equivalents at the end of Q3 2024 stood at 1.13 billion RMB, down 3.4% from 1.17 billion RMB at the end of Q3 2023[34] - Cash outflow from financing activities increased to 145.19 million RMB in 2024, up 51.8% from 95.66 million RMB in 2023[34] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 4,406[14] - Qin Ke holds 35,527,113 shares, representing 22.32% of the total shares[14] - Shao Haitao holds 30,947,554 shares, representing 19.44% of the total shares[14] - Zhao Yafeng holds 25,211,217 shares, representing 15.84% of the total shares[14] - Shenzhen Dingli Xiangyang Investment Partnership holds 10,489,600 shares, representing 6.59% of the total shares[14] - Shenzhen Zhongli Gangding Enterprise Management Consulting Partnership holds 8,344,000 shares, representing 5.24% of the total shares[14] - China Bank - E Fund Active Growth Securities Investment Fund holds 3,796,774 shares, representing 2.38% of the total shares[14] - National Social Security Fund 109 Portfolio holds 2,318,417 shares, representing 1.46% of the total shares[14] - China Merchants Bank - Huisheng Huize Flexible Allocation Hybrid Fund holds 1,200,000 shares, representing 0.75% of the total shares[14] - Industrial and Commercial Bank of China - E Fund Value Select Hybrid Fund holds 1,105,248 shares, representing 0.69% of the total shares[15] - Total equity attributable to owners of the parent company decreased to RMB 1.51 billion in Q3 2024, down from RMB 1.56 billion at the end of 2023[20] - Shareholders' equity decreased to 1,468,235,141.68 yuan in 2024 from 1,542,611,198.83 yuan in 2023[28] Assets and Liabilities - Total assets as of Q3 2024 stood at RMB 1.64 billion, slightly lower than RMB 1.66 billion at the end of 2023[19] - Total liabilities increased to RMB 120.77 million in Q3 2024, up from RMB 100.79 million at the end of 2023[19] - Total assets decreased to 1,604,426,458.90 yuan in 2024 from 1,654,036,494.52 yuan in 2023[28] - Total liabilities increased to 136,191,317.22 yuan in 2024 from 111,425,295.69 yuan in 2023[28] - Inventory increased to 215,081,757.41 yuan in 2024 from 191,365,557.42 yuan in 2023[26] Earnings and Expenses - Basic earnings per share for the first three quarters of 2024 were RMB 0.58, compared to RMB 0.75 in the same period of 2023[23] - Other comprehensive income showed a loss of RMB 568,382.96 in the first three quarters of 2024, compared to a gain of RMB 872,065.34 in the same period of 2023[22] - Interest income decreased to 28.19 million RMB in 2024, down 5.4% from 29.78 million RMB in 2023[31] Exchange and Other Impacts - Exchange losses increased by RMB 3.43 million year-on-year in the first nine months of 2024, impacting net profit[10] - Operating costs increased to 140.19 million RMB in 2024, up 9.8% from 127.67 million RMB in 2023[29]