民生证券股份有限公司 关于成都坤恒顺维科技股份有限公司 2024 年持续督导工作现场检查报告 上海证券交易所： 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》等有关 规定，民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为正在履 行成都坤恒顺维科技股份有限公司（以下简称"坤恒顺维"或"公司"）持续督导工 作的保荐机构，对公司 2024 年度持续督导期间（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现报告如下： 一、本次现场检查的基本情况 （一）保荐机构 民生证券股份有限公司 （二）保荐代表人 白英才、朱炳辉 （三）现场检查时间 2024 年 12 月 12 日 （四）现场检查人员 白英才、孙颖 （五）现场检查内容 2、察看公司主要生产经营场所； 3、查阅公司信息披露文件、公司治理文件、内部控制文件等相关文件； 4、查阅公司募集资金使用情况； 5、核查公司关联交易、对外担保、重大对外投资等情况； 6、核查公司及董事、监事、高级管理人员承诺履行情况。 二、本次现场检查主要事项及意见 （一）公司治理 ...

Investment Rating - The report downgrades the investment rating to "Overweight" (previously higher) due to challenges in some downstream application areas and revised profit forecasts [2] Core Views - KSW-VSA01 spectrum analyzer won the 2024 Global Electronics Achievement Award, showcasing its advanced capabilities with a frequency range of 2Hz to 50GHz, maximum analysis bandwidth of 2GHz, and real-time analysis bandwidth of 2GHz [2] - The company is expanding its product portfolio and downstream applications, particularly in satellite and communication-sensing integration fields, with the release of KSW-WN504 wireless channel emulator [2] - Satellite internet technology development is expected to expand ground communication coverage and integrate with terrestrial communication, creating a broad market for testing and simulation technologies [2] - Communication-sensing integration is a key evolution direction for 5G-A and 6G networks, with applications in smart transportation, low-altitude intelligence, and smart living, driving demand for testing and simulation instruments [2] Financial Summary - Revenue for 2024E is projected at 199 million yuan, a 21.6% YoY decline, with a recovery to 266 million yuan in 2025E and 360 million yuan in 2026E [3][9] - Net profit attributable to the parent company is forecasted at 48 million yuan for 2024E, 78 million yuan for 2025E, and 115 million yuan for 2026E, reflecting a significant decline in 2024E but strong growth in subsequent years [3][9] - Gross margin remains stable at around 67-68% from 2024E to 2026E, indicating strong pricing power and cost control [3][9] - ROE is expected to improve from 4.8% in 2024E to 9.7% in 2026E, reflecting enhanced profitability and efficiency [3][9] Market Data - The stock's closing price on December 2, 2024, was 27.98 yuan, with a one-year high/low of 69.17 yuan and 16.69 yuan, respectively [4] - The P/E ratio for 2024E is 71x, decreasing to 44x in 2025E and 30x in 2026E, indicating a high valuation in the near term but improving attractiveness over time [3][4] - The company's market capitalization is 2,392 million yuan, with a P/B ratio of 3.6 and a dividend yield of 0.78% [4]

证券代码：688283 证券简称：坤恒顺维 公告编号：2024-049 成都坤恒顺维科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/7/8，由控股股东、实际控制人、董事长兼 | | --- | --- | | | 总经理张吉林先生提议 | | 回购方案实施期限 | 回购用于员工持股计划或股权激励的期限为第 | | | 三届董事会第十七次审议通过后 12 个月内；回 | | | 购用于维护公司价值及股东权益的期限为第三 | | | 届董事会第十七次审议通过后 3 个月内 | | 预计回购金额 | 万元~3,000 万元 1,500 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 股 851,910 | | 累计已回购股数占总股本比例 | 0.70% | | 累计已回购金额 | ...

| --- | --- | --- | --- | --- | |-----------------|-----------------------|------------------------------------------------------------|----------------------------------------------|---------------------------------------| | 证券代码： | 688283 | 成都坤恒顺维科技股份有限公司 \n投资者关系活动记录表 | | 证券简称：坤恒顺维 \n编号： 2024-010 | | | 特定对象调研 | 分析师会议 | | | | 投资者关 | 媒体采访 | 业绩说明会 | | | | 系活动类 | 新闻发布会 | 路演活动 | | | | 别 | 现场参观 | 线上会议 | | | | | 策略会 | | 其他（请文字说明其他活动内容） | | | 参与单位 名称 | 本、国泰君安证券 | 鹏华基金、鹏扬基金、中金证券、国投证券、中信证券、优势资 | | | | | 2024 年 11 月 ...

证券代码：688283 证券简称：坤恒顺维 公告编号：2024-048 成都坤恒顺维科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 7 日（星期四）至 11 月 13 日（星期三）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 public@ksw- tech.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。 成都坤恒顺维科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 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 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 14 日上午 10:00- 11:00 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、 说明会召开的时间、地点 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三 ...

关于以集中竞价交易方式回购公司股份的进展公告 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。 | 回购方案首次披露日 | 2024/7/8，由控股股东、实际控制人、董事长兼 | | --- | --- | | | 总经理张吉林先生提议 | | 回购方案实施期限 | 回购用于员工持股计划或股权激励的期限为第 | | | 三届董事会第十七次审议通过后 12 个月内；回 | | | 购用于维护公司价值及股东权益的期限为第三 | | | 届董事会第十七次审议通过后 3 个月内 | | 预计回购金额 | 万元~3,000 万元 1,500 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 股 851,910 | | 累计已回购股数占总股本比例 | 0.70% | | 累计已回购金额 | 16,304,697.63 元 | | 实际回购价格区间 | 元/股~23.15 元/股 16.71 | 一、 回购股 ...

| --- | --- | --- | --- | --- | |------------|--------------------------|------------------------------------------------------------|--------------------------------|--------------------------------| | 证券代码： | 688283 | 成都坤恒顺维科技股份有限公司 \n投资者关系活动记录表 | 编号： | 证券简称：坤恒顺维 \n2024-008 | | | 特定对象调研 | 分析师会议 | | | | 投资者关 | 媒体采访 | 业绩说明会 | | | | 系活动类 | 新闻发布会 | 路演活动 | | | | 别 | 现场参观 | 线上会议 | | | | | 策略会 | | 其他（请文字说明其他活动内容） | | | | | 国元证券股份有限公司、华西证券股份有限公司、中航证券有限公 | | | | | | 司、国投证券股份有限公司、长江证券股份有限公司、海通证券股 | | | | | | 份有限公司、 ...

2024 年 10 月 30 日 坤恒顺维(688283.SH) 公司快报 24Q3 业绩持续承压，合同负债显示积 极信号 事件概述 10 月 29 日，坤恒顺维发布 2024 年第三季度报告。2024 年前三季度 公司实现营业收入 1.21 亿元，同比下降 27.23%；实现归母净利润 1659.11 万元，同比下降 68.91%；扣非归母净利润盈利 978.41 万元， 同比下降 79.71%。 24Q3 业绩持续承压，合同负债显示积极信号 24Q3 公司业绩持续承压，单三季度收入为 4053 万元（yoy-49%），归 母净利润为 259 万元（yoy-92%）。对于收入端的下滑，我们认为主要 系：1）移动通信等行业的投资节奏和需求依旧处于周期底部；2）对 于部分有效需求，从需求到订单再到收入的转化出现不畅。利润端， 受益于产品聚焦高端的特性，公司 24Q3 毛利率维持在较高水平 （66.53%），但较 2023 年同期有所下滑（-2.40pcts），我们认为主要 系信号源等新产品占收入比重提升所致。另一方面，由于公司仍处 于产品矩阵和销售渠道的完善阶段，各项费用率有所上升，其中研发 投入延续增长趋势， ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 40,528,657.76, a decrease of 49.23% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was CNY 2,590,141.45, down 91.89% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was CNY 911,443.10, a decline of 96.94% compared to the previous year[3]. - The basic earnings per share for Q3 2024 was CNY 0.02, a decrease of 92.31% year-on-year[3]. - Basic earnings per share for the current reporting period was -92.31 CNY, a decrease attributed to a year-on-year decline in net profit attributable to shareholders[9]. - The net profit for Q3 2024 was ¥16,591,067.99, a decrease of 68.9% compared to ¥53,368,252.38 in Q3 2023[19]. - Operating profit for Q3 2024 was ¥12,561,532.12, down from ¥56,558,864.40 in the same period last year, indicating a decline of 77.7%[18]. - The total comprehensive income for Q3 2024 was ¥16,591,067.99, a decrease of 68.9% compared to ¥53,368,252.38 in Q3 2023[19]. Research and Development - The total R&D investment for Q3 2024 was CNY 20,926,945.12, an increase of 46.50% year-on-year, representing 51.63% of operating revenue[4]. - The company plans to continue increasing R&D investment to enhance its competitive edge in the market[4]. - Total R&D investment for the current reporting period was 46.50 million CNY, with R&D expenses accounting for an increase of 33.73 percentage points of operating income[9]. - R&D expenses as a percentage of operating income increased by 16.71 percentage points for the year-to-date period[9]. - R&D expenses for Q3 2024 amounted to ¥50,879,897.54, an increase from ¥42,073,298.92 in Q3 2023, reflecting a growth of approximately 20.5%[18]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 19,807,918.11, compared to a negative cash flow of CNY -6,321,861.56 in the same period last year[3]. - Net cash flow from operating activities increased year-on-year due to higher sales collections and government subsidies[9]. - Cash and cash equivalents as of September 30, 2024, amounted to 591,126,270.09 CNY, an increase from 533,019,655.74 CNY as of December 31, 2023[12]. - Cash flow from operating activities for the first three quarters of 2024 was ¥19,807,918.11, a significant recovery from a negative cash flow of -¥6,321,861.56 in the same period of 2023[21]. - The company reported a net cash outflow from investing activities of -¥130,196,803.79 in the first three quarters of 2024, compared to -¥273,960,566.01 in the same period of 2023, indicating a reduction in cash outflow[21]. - The cash and cash equivalents at the end of Q3 2024 stood at ¥172,357,596.76, down from ¥259,434,121.13 at the end of Q3 2023, a decrease of 33.5%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 2,138[10]. - The largest shareholder, Zhang Jilin, holds 36,308,429 shares, representing 29.81% of the total shares[10]. - The second-largest shareholder, Wu Jiangnian, holds 24,339,106 shares, representing 19.98% of the total shares[10]. - The company has not disclosed any significant changes in shareholder relationships or actions during the reporting period[13]. Operating Costs and Revenue Trends - Total operating revenue for the first three quarters of 2024 was CNY 121,327,185.07, a decrease of 27.2% compared to CNY 166,728,141.79 in the same period of 2023[17]. - Total operating costs for the first three quarters of 2024 were CNY 112,604,610.39, slightly down from CNY 113,762,318.78 in 2023[17]. - Operating costs included CNY 42,992,632.19 for the first three quarters of 2024, down 22.4% from CNY 55,433,923.22 in 2023[17]. Asset and Liability Overview - The total assets at the end of the reporting period were CNY 1,091,126,695.84, reflecting a slight increase of 0.53% compared to the end of the previous year[4]. - The company's total assets increased to CNY 1,096,876,398.44 in Q3 2024 from CNY 1,091,126,695.84 in Q3 2023[15]. - Current liabilities rose to CNY 104,701,976.34 in Q3 2024, compared to CNY 99,790,537.62 in Q3 2023, reflecting an increase of 4.5%[15]. - Non-current liabilities increased to CNY 41,458,298.32 in Q3 2024 from CNY 24,479,843.43 in Q3 2023, marking a significant rise of 69.2%[15]. - The total equity attributable to shareholders decreased to CNY 950,716,123.78 in Q3 2024 from CNY 966,856,314.79 in Q3 2023[16]. - Inventory increased to CNY 111,926,246.18 in Q3 2024, up from CNY 86,287,975.38 in Q3 2023, indicating a growth of 29.7%[14]. - The company reported a decrease in accounts receivable to CNY 203,251,468.66 in Q3 2024 from CNY 207,895,542.41 in Q3 2023[14]. - Deferred income tax assets rose to CNY 12,835,141.37 in Q3 2024, compared to CNY 9,138,450.00 in Q3 2023, an increase of 40.5%[14].

证券代码：688283 证券简称：坤恒顺维 公告编号：2024-046 成都坤恒顺维科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/7/8，由控股股东、实际控制人、董事长兼 | | --- | --- | | | 总经理张吉林先生提议 | | 回购方案实施期限 | 回购用于员工持股计划或股权激励的期限为第 | | | 三届董事会第十七次审议通过后 12 个月内；回 | | | 购用于维护公司价值及股东权益的期限为第三 | | | 届董事会第十七次审议通过后 3 个月内 | | 预计回购金额 | 万元~3,000 万元 1,500 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 股 851,910 | | 累计已回购股数占总股本比例 | 0.70% | | 累计已回购金额 | ...