Investment Rating - The report maintains a "Buy" rating for the company, citing its potential for sustained profit growth and long-term development [2] Core Views - The company's revenue for H1 2024 was RMB 307 million, a year-on-year decrease of 1.24%, with net profit attributable to shareholders dropping by 83.40% [2] - Q2 2024 revenue increased by 1.09% year-on-year to RMB 156 million, but net profit attributable to shareholders fell by 94.16% [2] - The company's self-developed core technology platform supports revenue, with digital oscilloscope products accounting for 77.97% of sales in H1 2024, up 5.09 percentage points year-on-year [2] - NaiShu Electronics, a subsidiary, saw a 748.44% year-on-year increase in revenue in H1 2024, with orders worth RMB 69 million expected to be delivered within the year [2] - Gross margin improved to 56.67% in H1 2024, up 1.06 percentage points year-on-year, but net profit margin declined by 12.32 percentage points to 2.49% [2] - The company's R&D expense ratio increased to 28.74% in Q2 2024, up 6.33 percentage points year-on-year, supporting its core competitiveness [2] - New product launches, including the DS80000 series and DHO5000 series, are expected to drive future revenue growth [2] - The company's equity incentive plan sets growth targets of 15% for revenue and 10% for net profit in 2024 and 2025, with higher target values of 30% and 20% respectively [2] Financial Projections - Revenue is projected to grow from RMB 772.76 million in 2024E to RMB 1,144.26 million in 2026E, with a compound annual growth rate (CAGR) of 21.7% [3] - Net profit attributable to shareholders is expected to increase from RMB 109.07 million in 2024E to RMB 191.61 million in 2026E, with a CAGR of 32.5% [3] - Earnings per share (EPS) are forecasted to rise from RMB 0.57 in 2024E to RMB 1.00 in 2026E [3] - The company's P/E ratio is expected to decline from 43.81x in 2024E to 24.94x in 2026E, reflecting anticipated earnings growth [3] Key Financial Metrics - Gross margin is projected to remain stable at around 56.8% to 57.8% from 2024E to 2026E [6] - Net profit margin is expected to improve from 14.11% in 2024E to 16.75% in 2026E [6] - Return on equity (ROE) is forecasted to increase from 3.74% in 2024E to 6.33% in 2026E [6] - The company's debt-to-asset ratio is expected to remain low, ranging from 9.62% to 10.64% from 2024E to 2026E [6] Industry and Market Context - The company operates in the technology hardware and equipment sector, with a focus on digital oscilloscopes and related products [2] - The report highlights the company's ability to replace foreign products, particularly in the high-end market, as a key competitive advantage [2] - The company's market capitalization is RMB 5,041.99 million, with a circulating market value of RMB 1,724.22 million [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 307 million yuan in H1 2024, a decrease of 1.24% year-on-year, and a net profit attributable to shareholders of 8 million yuan, down 83.40% [3][4] - Despite short-term performance pressure due to a decline in industry demand and increased costs, the company is expected to see a positive impact from new product launches and acquisition synergies in the long term [3][4] - The company has significantly increased its R&D investment, with a 35.24% rise in R&D expenses and a 28.34% increase in R&D personnel [4] Financial Performance Summary - For H1 2024, the company experienced a net cash flow from operating activities of 41 million yuan and a weighted average return on equity of 0.26% [3] - The company anticipates revenue growth of no less than 33.81% in July 2024 compared to the previous year [3] - The company has a backlog of orders worth approximately 70 million yuan expected to be recognized in 2024 [3] R&D and Market Expansion - The company has focused on high-end market expansion, with high-end product sales accounting for 77.97% of total sales, an increase of 5.09% [4] - The DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 201.29% year-on-year [4] - New product launches in August 2024 are expected to further enhance the product line and positively impact performance [4] Investment Recommendations - The long-term outlook for the company remains positive, with revised revenue forecasts of 765 million yuan, 899 million yuan, and 1.106 billion yuan for 2024, 2025, and 2026 respectively [5] - The net profit forecasts for the same years are adjusted to 76 million yuan, 116 million yuan, and 174 million yuan [5] - The current stock price corresponds to a P/E ratio of 66, 43, and 29 for the years 2024, 2025, and 2026 respectively, maintaining a "Buy" investment rating [5]

本次权益变动后公司实际控制人王悦先生自身及其控制的苏州普源精电 投资有限公司、苏州锐进合众管理咨询合伙企业（有限合伙）、苏州锐格合众管 理咨询合伙企业（有限合伙），以及一致行动人李维森先生、王铁军先生合计持 有公司权益的股份数为 118,400,000 股，占公司总股本的比例由 63.96%被动稀释 至 61.59%，持股比例合计减少 2.37%。实际控制人及其控制的公司股份比例以及 一致行动人因公司发行股票购买资产被动稀释减少。 一、本次权益变动的基本情况 证券代码：688337 证券简称：普源精电 公告编号：2024-090 普源精电科技股份有限公司关于公司实际控制人及其一致 行动人控股比例被动稀释超过 1%的提示性公告 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： 本次权益变动为普源精电科技股份有限公司（以下简称"公司"）发行股 份购买北京耐数电子有限公司 67.7419%股权导致公司实际控制人控股比例被动 稀释减少，不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 上市公司本次发行股份购 ...

证券代码：688337 证券简称：普源精电 公告编号：2024-088 普源精电科技股份有限公司 本次发行股份购买资产新增股份已于 2024 年 8 月 30 日在中国证券登记结算 有限责任公司上海分公司办理完成登记手续。 关于发行股份购买资产并募集配套资金 之发行结果暨股份变动公告 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。 重要提示 发行股票及发行价格 股票种类：人民币普通股（A 股） 发行股票数量：7,098,837 股 发行股票价格：35.49875 元/股 预计上市时间 （一）本次发行履行的相关程序 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市交易 （预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易日），限 售期自股份发行完成之日起开始计算。 资产过户情况 本次交易标的资产的过户手续已办理完毕。 一、本次发行概况 1、本次交易已取得上市公司持股 5%以上股东的原则性意见； 2、本次交易已经上市公司第二届董事会第十三次会议、第二届监事会第十 二次会议、第二届董事会第十六次会议、第二届监 ...

股票简称：普源精电 股票代码：688337 上市地点：上海证券交易所 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 实施情况暨新增股份上市公告书 独立财务顾问 二〇二四年九月 1 特别提示 四、本次发行股份购买资产的新增股份已于 2024 年 8 月 30 日在中国证券登 记结算有限责任公司上海分公司办理完成了登记手续，并取得中国证券登记结算 有限责任公司上海分公司出具的《证券变更登记证明》。 五、本次发行完成后，上市公司股份分布仍满足《公司法》《证券法》及《科 创板上市规则》等法律、法规规定的股票上市条件。 2 上市公司声明 本公司及董事会全体成员保证本公告书内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 本公司负责人和主管会计工作的负责人、会计机构负责人保证本公告书中财 务会计资料真实、准确、完整。 本次发行股份及支付现金购买资产各参与方保证其为本次交易所提供的有 关信息真实、准确和完整，不存在虚假记载、误导性陈述或者重大遗漏，并对所 提供信息的真实性、准确性和完整性承担个别和连带的法律责任。 中国证监会及其他政府机关对本次交易所做的任何决定或 ...

1 2 3 | | | | | | | के दें दें द | 实收股本 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 认缴新增 | | | | | | 其中: | 股权出资 | | | 实物 货币 注册资本 | 上地使用权 知识产权 | 股权 | 合计 | 金额 | 与新增注册 | | 与新增注册资 | | | | | | | | 资本比例 | 金额 | 本比例 | | 吴琼之 | ,978,801.00 | | ,978,801.00 | 978,801.00 | ,978,801.00 | 27.88% | ,978,801.00 | 27.88% | | 孙林 | 277,791.00 | | 277,791.00 | 277,791.00 | 277,791.00 | 8.00% | ,277,791.00 | 8.00% | | 孙宁霄 | ,277,791.00 | | ,277,791.00 | 277,791.00 | 277,791.00 | 8.00% | ,277,791.00 | 8,0 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：（86-10） 8519-1300 传真：（86-10） 8519-1350 junhebj@junhe.com 北京市君合律师事务所 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交易实施情况的 法律意见书 普源精电科技股份有限公司： 北京市君合律师事务所（以下简称"本所"）接受普源精电科技股份有限公 司（以下简称"普源精电"或"上市公司"）委托，担任普源精电通过发行股份 方式购买北京耐数电子有限公司（以下简称"标的公司"）67.7419%股权并募集 配套资金（以下简称"本次交易"）的专项法律顾问，并已依据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司重大资产重组管理办法》等相关 中国法律法规的有关规定，就本次交易相关法律问题出具了《北京市君合律师事 务所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的法律 意见书》（以下简称"《法律意见书》"）等文件。本次交易已取得中国证监会同意 注册的批复，本所现就本次交易的实施情况出具本法律意见书（以下简称"本法 律意见书"）。 本所在《法律意见书》中发表 ...

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 实施情况之 独立财务顾问核查意见 独立财务顾问 二〇二四年九月 1 本独立财务顾问核查意见系依照《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司重大资 产重组管理办法》（以下简称"《重组管理办法》"）、《公开发行证券的公司信息披 露内容与格式准则第 26 号——上市公司重大资产重组》等法律、法规的有关规 定，按照证券行业公认的业务标准、道德规范和诚实信用、勤勉尽责精神，遵循 客观、公正的原则，在认真审阅相关资料和充分了解本次交易行为的基础上编制 而成。本独立财务顾问对本核查意见特作如下声明： 1、本独立财务顾问与本次交易各方当事人均无关联关系，就本次交易所发 表的有关意见是完全独立进行的。 2、本核查意见所依据的文件、材料由相关各方向本独立财务顾问提供。相 关各方对所提供的资料的真实性、准确性、完整性负责，相关各方保证不存在任 何虚假记载、误导性陈述或重大遗漏，并对所提供资料的合法性、真实性、完整 性承担相应的法律责任。本独立财务顾问出具的核查意见是在假设 ...

成就科技探索，助您無限可能 证券代码：688337 证券简称：普源精电 普源精电科技股份有限公司投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |--------------|---------------------------|--------------------------------------------------------| | | √特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 √业绩说明会 | | | 动类别 | □新闻发布会 √路演活动 | | | | □现场参观 | | | | √其他 （策略会） | | | | | | | | | 国信证券股份有限公司、国元证券股份有限公司、南京证券 | | | | 股份有限公司、中国国际金融股份有限公司、长江证券股份 | | | | 有限公司、国泰君安证券股份有限公司、国投证券股份有限 | | | | 公司、海通证券股份有限公司、红塔证券股份有限公司、光 | | | | 大证券股份有限公司、山西证券股份有限公司、中国银河证 | | | | 券股份有限公司、华泰证券股份有限公司、东北证 ...

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 28.8 CNY, compared to the current stock price of 25.19 CNY [5]. Core Views - The company experienced pressure on its performance in the first half of 2024, with revenue of 307 million CNY, a year-on-year decrease of 1.24%, and a net profit of 8 million CNY, down 83.4% year-on-year. The decline is attributed to macroeconomic conditions and delayed purchases from domestic clients [2][3]. - Despite short-term challenges, the long-term trend towards high-end products remains a growth driver, with high-resolution oscilloscopes showing a significant sales increase of 201.29% year-on-year [2][3]. - The company has made substantial investments in R&D, with a research expense ratio of 28.63%, up 7.72 percentage points from the same period in 2023, which has impacted short-term profitability [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 307 million CNY, a decrease of 1.24% year-on-year, and a net profit of 8 million CNY, down 83.4% year-on-year. The adjusted net profit was -18 million CNY, a decline of 177.8% [2][3]. - The gross margin for the first half of 2024 was 56.7%, an increase of 1.07 percentage points compared to the same period last year [2]. Market Trends - The company is witnessing a recovery in revenue, with July 2024 showing a year-on-year increase of at least 33.81%. This suggests an initial sign of a performance turnaround [3]. - The launch of the new flagship oscilloscope series, DS80000, is expected to drive growth starting in 2024, as it offers advanced specifications that set new performance benchmarks for domestic oscilloscopes [3]. Strategic Developments - The acquisition of a 32.25% stake in Naisou Electronics, which specializes in digital array systems, is expected to create significant synergies and enhance the company's capabilities in high-end applications [4]. - The company aims to expand its customer base by targeting high-quality clients, including research institutions, which will facilitate the introduction of high-end products in various advanced fields [8]. Future Projections - Revenue projections for 2024-2026 are estimated at 764 million CNY, 914 million CNY, and 1.12 billion CNY, respectively, with net profits expected to be 89 million CNY, 123 million CNY, and 174 million CNY [9][10].