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 ...

作为普源精电科技股份有限公司（以下简称"公司"）的独立董事，报告期 内，我严格按照《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》"）等法律法规以及《普源精电科 技股份有限公司章程》（以下简称"《公司章程》"）《普源精电科技股份有限 公司独立董事工作制度》的要求，本着客观、公正、独立的原则，勤勉尽责、独 立履职，及时了解公司的生产经营及发展情况，准时出席相关会议，积极发挥独 立董事作用，有效维护了公司整体利益和全体股东的合法权益。现将2023年度履 行独立董事职责情况汇报如下： 一、独立董事的基本情况 普源精电科技股份有限公司 （一）独立董事个人情况 本人秦策，1968年6月出生，中国国籍，无境外永久居留权，中国政法大学 博士研究生学历。1986年7月至1988年7月担任江苏省如皋市新姚实验初中教师； 担任南京农业大学教育信息中心编辑；1996年9月至1999年6月就读于南京师范大 学法学理论硕士研究生；1999年7月至2021年6月，历任南京师范大学法学院讲师、 副教授、教授；2005年9月至2008年6月就读于中国政法大学诉讼法学博士研究生； （二）独立性 ...

Meeting Overview - The second meeting of the second supervisory board of Puyuan Precision Electric Technology Co., Ltd. was held on March 31, 2025, in a combination of on-site and communication methods [1] - The meeting was chaired by Ms. Qi Huizhong, with all three supervisors present, confirming compliance with relevant laws and regulations [1] Annual Report Approval - The supervisory board confirmed that the preparation and review process of the 2024 annual report complied with legal and internal regulations, accurately reflecting the company's financial status and operational results [1][2] - The board unanimously agreed to the 2024 annual report and its summary, with a voting result of 3 votes in favor, 0 against, and 0 abstentions [2] Financial Statements - The 2024 financial settlement report was prepared in accordance with the Company Law, accounting standards, and the company's articles of association, accurately reflecting the financial status as of December 31, 2024 [3] - The supervisory board unanimously approved the financial settlement report, with the same voting result of 3 votes in favor, 0 against, and 0 abstentions [3] Profit Distribution Plan - The profit distribution plan for 2024 was deemed compliant with legal regulations and the company's articles of association, considering industry development, company growth stage, R&D projects, and funding needs [4] - The supervisory board agreed to submit the profit distribution plan to the 2024 annual shareholders' meeting for approval, with a voting result of 3 votes in favor, 0 against, and 0 abstentions [4] Supervisory Responsibilities - The supervisory board adhered to regulatory guidelines and the company's articles of association, effectively exercising oversight over the company's operations, financial status, and major decisions [4] - The board's actions were aimed at protecting the interests of the company and its shareholders, promoting standardized operations [4]