国泰海通证券股份有限公司 关于普源精电科技股份有限公司 2024 年度持续督导跟踪报告 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》等有关法律法规的规定，国泰海通证券股份有限公司（以下简称"保荐机 构"）作为普源精电科技股份有限公司（以下简称"普源精电"、"公司"、"上市 公司"）持续督导工作的保荐机构，负责普源精电上市后的持续督导工作，并出 具本持续督导跟踪报告。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 | 保荐机构已建立健全并有效 | | | 的持续督导工作制定相应的工作计划 | 执行了持续督导制度，并制 | | | | 定了相应的工作计划 保荐机构已与上市公司签订 | | | 根据中国证监会相关规定，在持续督导工作开始前， 与上市公司或相关当事人签署持续督导协议，明确双 | | | | | 持续督导协议，该协议明确 | | 2 | | 了双方在持续督导期间的权 | | | 方在持续督导期间的权利义务，并报上海证券交易所 | 利和义务，并报上海证券交 | ...

欢迎大家来参加魁宁年2020年度的议题说明会那下面呢我们会用大概十分钟时间快速的去回顾一下魁宁年的2020年年报的相关的一些亮点和对2025年的一些展望之后呢我们会有充裕的交流时间对待投资者 OK 首先我们来看一下整个2024年度我们业绩的情况在2024年我们整个的收入呢同比增长了15.7%达到了7.758亿元那从这个整个的经营情况来说呢是符合公司在2024年初设定的一个基础的增长目标 毛利的情况呢普遍晶片应该在上市以后呢保持着毛利率的稳健的提升这个还是得益于两个方面一方面呢是普遍晶片资源核心技术平台带来的高毛利的这种提升第二个呢是高端产品的结构性变化带来的毛利率提升 所以在2024年我们整个毛利率呢依然有比较明显的一个牺牲同比于2023年我们提升了有这个三个百分点金利润的情况在去年呢由于普遍经验呢在研发端的投入比较大众所周知我们在西安在上海包括马来西亚都在同步的建设我们的新的研发中心 那这个呢整个资本开支会进一步加大但受益于普恩金链整个的毛利率提升以及在整个我们从并购策略带来了一个比较好的一个收益结果我们的净利润呢还是保持了比较好的一个水平但同比下降14.5%其中扣非的净利润呢是5713万这个略微下降 从费 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company's 2024 annual report shows performance slightly above preliminary values, meeting expectations with a revenue of 780 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 92.3 million yuan, a decrease of 15% year-on-year [2] - The revenue growth is primarily driven by high-end product sales and the acquisition of a solutions provider, with significant contributions from new product launches and increased overseas brand recognition [2][3] - The gross margin improved significantly to 59.77%, up 3.5 percentage points year-on-year, while the net profit margin decreased to 11.9%, down 4.2 percentage points year-on-year due to increased R&D and management expenses [3] - A stock incentive plan was introduced to bind core employees, reflecting long-term growth confidence, with performance targets set for revenue and net profit growth [3] - The profit forecast for 2025-2026 remains unchanged, with a new forecast for 2027's net profit at 240 million yuan, corresponding to a P/E ratio of 49/36/27 times [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 780 million yuan, a 16% increase year-on-year, while the net profit attributable to shareholders was 92.3 million yuan, a 15% decrease year-on-year [2] - The Q4 revenue reached 240 million yuan, a 22% year-on-year increase, with net profit at 32 million yuan, down 19% year-on-year [2] Product and Market Development - High-end digital oscilloscopes saw a 15% increase in sales, accounting for 33% of the oscilloscope segment's revenue [2] - The acquisition of a solutions provider led to a 126% increase in solutions sales, contributing approximately 130 million yuan in revenue [2] Margin Analysis - The gross margin for the main business was 59.77%, with a notable increase in the solutions segment's gross margin to 75.0% [3] - The net profit margin was impacted by rising R&D and management costs, with a total expense ratio of 54.8%, up 8.5 percentage points year-on-year [3] Incentive Plans - A stock incentive plan was launched for 76 core employees, covering 1.8 million shares, aimed at aligning employee interests with company performance [3] Valuation and Forecast - The profit forecast for 2025-2026 remains at 134 million and 184 million yuan respectively, with a new forecast for 2027 at 240 million yuan [3]

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company's 2024 annual report shows performance slightly above preliminary values, meeting expectations with a revenue of 780 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 92 million yuan, a decrease of 15% year-on-year [2] - The revenue growth is primarily driven by high-end product sales and the acquisition of a solutions provider, with significant contributions from new product launches and increased overseas brand recognition [2][3] - The gross margin improved significantly to 59.77%, up 3.5 percentage points year-on-year, while the net profit margin decreased to 11.9%, down 4.2 percentage points year-on-year due to increased R&D and management expenses [3] - The company has implemented a stock incentive plan for core employees, reflecting confidence in long-term growth [3] - Profit forecasts for 2025-2026 remain unchanged, with a new forecast for 2027's net profit at 240 million yuan, corresponding to a P/E ratio of 49/36/27 times [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 780 million yuan, a 16% increase year-on-year, while the net profit attributable to shareholders was 92 million yuan, a 15% decrease year-on-year [2] - The Q4 revenue reached 240 million yuan, a 22% year-on-year increase, with net profit of 32 million yuan, down 19% year-on-year [2] Product and Market Development - High-end digital oscilloscopes saw a 15% increase in sales, accounting for 33% of the oscilloscope segment's revenue [2] - The acquisition of a solutions provider led to a 126% increase in solutions sales, contributing approximately 130 million yuan in revenue [2] Margin Analysis - The gross margin for the main business was 59.77%, with a notable increase in the solutions segment's gross margin to 75.0% [3] - The net profit margin was impacted by rising R&D and management costs, with a total expense ratio of 54.8%, up 8.5 percentage points year-on-year [3] Employee Incentives - A stock incentive plan was introduced for 76 core employees, covering 1.8 million shares, aimed at aligning employee interests with company performance [3] Future Outlook - The company anticipates continued growth in the electronic measurement instrument industry, driven by equipment upgrades and domestic replacements, with several new products set to launch in 2025 [2][3]

国泰君安证券股份有限公司 关于普源精电科技股份有限公司发行股份购买资产并募集配套 资金之部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"独立财务顾问"或"国泰君安"） 作为普源精电科技股份有限公司（以下简称"普源精电"、"上市公司"或者"公 司"）发行股份购买资产并募集配套资金（以下简称"本次交易"）的独立财务顾 问，根据《公司法》《证券法》《上市公司重大资产重组管理办法》《上市公司并 购重组财务顾问业务管理办法》《上海证券交易所科创板股票上市规则》等相关 法律、法规和规范性文件的规定，对本次交易形成的部分限售股上市流通情况进 行了核查，核查情况如下： 一、本次上市流通的限售股类型 2024 年 7 月 16 日，普源精电科技股份有限公司收到中国证监会《关于同意 普源精电科技股份有限公司发行股份购买资产并募集配套资金注册的批复》（证 监许可【2024】1049 号），同意公司向特定对象发行股票的注册申请。 公司向特定对象发行人民币普通股（A 股）股票新增 2,166,377 股股份已于 2024 年 10 月 14 日在中国证券登记结算有限责任公司上海分公司办理完毕股份 登记手续。本次发行之 ...

普源精电科技股份有限公司 发行股份购买资产并募集配套资金之 证券代码：688337 证券简称：普源精电 公告编号：2025-014 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向特定对象发行股份；股票认购方式为网下，上市股 数为 2,166,377 股。 本次股票上市流通总数为 2,166,377 股。 本次股票上市流通日期为 2025 年 4 月 14 日。 一、本次上市流通的限售股类型 2024 年 7 月 16 日，普源精电科技股份有限公司（以下简称"普源精电"或 "公司"）收到中国证监会《关于同意普源精电科技股份有限公司发行股份购买资 产并募集配套资金注册的批复》（证监许可【2024】1049 号），同意公司向特定对 象发行股票的注册申请。 公司向特定对象发行人民币普通股（A 股）股票新增 2,166,377 股股份已于 2024 年 10 月 14 日在中国证券登记结算有限责任公司上海分公司办理完毕股份登 记手续。本次发行之前，公司股本为 192,222, ...

2025年4月1日，普源精电(688337.SH)发布2024年年度报告。截至2025年3月31日，共有257个机构投资 者披露持有普源精电A股股份，合计持股量达1.21亿股，占普源精电总股本的62.41%。其中，前十大机 构投资者包括苏州普源精电投资有限公司、苏州锐格合众管理咨询合伙企业(有限合伙)、苏州锐进合众 管理咨询合伙企业(有限合伙)、苏州工业园区元禾重元股权投资基金管理有限公司-苏州工业园区元禾重 元贰号股权投资基金合伙企业(有限合伙)、瑞众人寿保险有限责任公司-自有资金、景顺长城基金-中国 人寿保险股份有限公司-分红险-景顺长城基金国寿股份成长股票型组合单一资产管理计划(可供出售)、 景顺长城基金-中国人寿保险股份有限公司-分红险-景顺长城基金国寿股份成长股票型组合单一资产管理 计划(可供出售)、中国银行-易方达积极成长证券投资基金、苏州汇琪创业投资合伙企业(有限合伙)、易 方达基金管理有限公司-社保基金17042组合，前十大机构投资者合计持股比例达47.83%。相较于上一季 度，前十大机构持股比例合计下跌了2.08个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即易方达积极成 ...

2024年，公司高端产品销售收入同比提升19.69%，其中高端数字示波器产品（带宽≥2GHz）销售情况良好，其销售收入占整体数字示波器销售收入的比例 为32.92%，同比提升2.55个百分点，销售收入同比提升14.85%。 2024年，公司解决方案及其他销售收入为13,001.97万元，同比增长125.84%，对整体经营业绩的提升起到重要拉动作用。 2024年，公司直销销售收入为25,966.37万元,同比提升47.89%，直销业务销售收入占比为33.47%，同比提升7.28个百分点。 2024年，公司毛利率为59.14%，同比增加3.1个百分点，其中解决方案类产品/服务的毛利率为75.02%，同比提升8.86个百分点，毛利率水平持续改善。 3月31日，普源精电发布2024年度业绩报告称，该年度公司营业收入7.76亿元，同比增长15..7%；归属于上市公司股东的净利润9230.31万元，同比下降 14.5%；归属于上市公司股东的扣除非经常性损益的净利润5830.2万元，同比下降2.75%。经营活动产生的现金流量净额1.17亿元，同比由负转正。 | | | | | 单位:元 币种:人民币 | | --- | - ...

证券代码：688337 证券简称：普源精电 公告编号：2025-011 普源精电科技股份有限公司 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： 增股本，不送红股。 的股份数为基数，具体日期将在权益分派实施公告中明确。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股 本发生变动的，拟维持分配总额不变，相应调整每股分配比例。如后续总股本发 生变化，将另行公告具体调整情况。 本次利润分配方案需经公司 2024 年年度股东大会审议批准通过后实施。 （二）是否可能触及其他风险警示情形 公司 2024 年度利润分配方案未涉及可能被实施其他风险警示的情形，公司 最近三个会计年度的相关现金分红指标如下表所示。 "公司"）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例， 并将另行公告具体调整情况。 板股票上市规则》"）第 12.9.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、利润分配方案内容 （一 ...