董监高持股的基本情况 证券代码：688283 证券简称：坤恒顺维 公告编号：2024-050 成都坤恒顺维科技股份有限公司 董监高减持股份计划公告 本公司董事会、全体董事及相关股东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： 截至本公告披露日，本次拟减持成都坤恒顺维科技股份有限公司（以下简称"公 司"或"坤恒顺维"）股份的股东持股情况如下： 1、公司董事、副总经理、持股 5%以上股东黄永刚先生持有公司股份 7,379,966 股，占公司总股本的比例为 6.0591%; 2、公司董事、副总经理、核心技术人员李文军先生持有公司股份 2,078,024 股， 占公司总股本的比例为 1.7061%； 3、公司董事、核心技术人员王川先生持有公司股份 335,861 股，占公司总股本 的比例为 0.2757%。 上述股份来源为公司首次公开发行前取得以及公司实施资本公积金转增股本 取得的股份，涉及首次公开发行前取得的股份已于 2023 年 8 月 15 日解除限售并上 市流通，具体内容详见公司于 2023 年 8 月 5 日于上海证券交易所 ...

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、 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 31.6 CNY, compared to the current stock price of 24.80 CNY [4]. Core Insights - The company's performance in Q3 2024 continues to be under pressure, with a revenue of 40.53 million CNY, representing a year-over-year decline of 49%. The net profit attributable to the parent company was 2.59 million CNY, down 92% year-over-year [2]. - Despite the revenue decline, the gross profit margin remained high at 66.53%, although it decreased by 2.40 percentage points compared to the same period in 2023. This decline is attributed to the increased revenue contribution from new products such as signal sources [2]. - The company's contract liabilities reached 10.09 million CNY, a significant increase of 678% year-over-year, indicating a positive signal of demand recovery in the downstream market [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 121 million CNY, down 27.23% year-over-year, and a net profit of 16.59 million CNY, down 68.91% year-over-year. The net profit after deducting non-recurring items was 9.78 million CNY, down 79.71% year-over-year [1]. - The R&D expenses for the first three quarters of 2024 were 50.88 million CNY, an increase of 20.93% year-over-year, with an R&D expense ratio of 41.94%, up 16.71 percentage points from the same period in 2023 [2]. Market Outlook - The advancement of 5G-A commercialization and the pre-research of 6G technology are expected to reveal new applications, particularly in low-orbit satellites and integrated sensing [4]. - The company is experiencing growth in the satellite field, with its wireless channel simulation products being increasingly applied in the satellite communication sector [4]. Valuation Metrics - The company is projected to generate revenues of 244 million CNY, 356 million CNY, and 479 million CNY for the years 2024, 2025, and 2026, respectively. The net profits for the same years are expected to be 61 million CNY, 96 million CNY, and 132 million CNY [9].

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].