[Table_StockInfo] 2024 年 03 月 21 日 证券研究报告•2023 年年报点评 持有 （维持） 当前价：37.95 元 普源精电（688337）机械设备 目标价：——元（6 个月） 1 [Table_QuotePic] 相对指数表现 数据来源：Wind the station of the sub 普源精电（688337）2023 年年报点评 盈利预测 公司业务主要为电子测试测量仪器，包括数字示波器、频谱分析仪、射频/微波信号发生 器、万用表、数据采集器、电源及电子负载等通用电子测量仪器，其中核心拳头产品位数字 示波器和频谱类仪器。 假设 2：公司近年加大募投项目高端微波射频仪器的研发，微波射频类仪器芯片已完成 高端新品预研，2023 年发布了"便携家族系列产品"函数/波形信号发生器等，目前该系列 产品销售收入大幅增长；随着新产品放量，预计 2024-2026 年公司微波射频类仪器订单增速 分为 45%、35%、30%；随着高端产品占比持续提升、且公司自研芯片带来成本优势，该产 品毛利率有望稳中有升。 | --- | --- | --- | --- | --- | --- | |-- ...

请务必阅读正文之后的免责声明及其项下所有内容 3 证券研究报告 财务预测与估值 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|-------|-------|-------|-------|-------------------------|--------|-------|-------|-------|-------| | 资产负债表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | 利润表（百万元） | 2022 | 2023 | 2024E | 2025E | 2026E | | 现金及现金等价物 | 302 | 271 | 267 | 310 | 303 | 营业收入 | 631 | 671 | 845 | 1080 | 1339 | | 应收款项 | 98 | 144 | 142 | 194 | 252 | 营业成本 | 300 | 292 | 362 | 458 | 568 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [21][25]. Core Views - The company's performance in 2023 aligns with market expectations, with total revenue of 670.54 million yuan, a year-on-year increase of 6.34%, and a net profit attributable to shareholders of 107.95 million yuan, up 16.72% year-on-year [1][21]. - The company is benefiting from the high-end product strategy, with a gross margin of 56.5%, an increase of 4.1 percentage points year-on-year, and a net profit margin of 16.1%, up 1.4 percentage points year-on-year [1][21]. - The company is transitioning from a leader in electronic measurement instruments to a comprehensive solution provider, with new production capacities and business layouts both domestically and internationally [1][21]. Financial Performance Summary - Total revenue for 2023 is projected at 670.54 million yuan, with a year-on-year growth of 6.34% [1][5]. - Net profit attributable to shareholders for 2023 is expected to be 107.95 million yuan, reflecting a year-on-year increase of 16.72% [1][5]. - The company anticipates a net profit of 157.77 million yuan in 2024, 206.69 million yuan in 2025, and 257.51 million yuan in 2026, with corresponding P/E ratios of 43, 32.90, and 26.41 [1][5]. Product and Market Development - High-end products and new product sales have shown significant growth, with high-end and high-resolution digital oscilloscopes accounting for 54% of total oscilloscope sales, an increase of 13 percentage points year-on-year [1][21]. - The DHO series product sales revenue increased by 194% year-on-year, and RF instrument sales revenue grew by 14% year-on-year, outpacing overall revenue growth [1][21]. - The company is set to benefit from the large-scale equipment update policies in the electronic measurement instrument industry, alongside the launch of new products and new production capacity in Malaysia [1][21].

买入(维持评级) 2024年03月20日 公司点评 盈利能力提升，关注 24 年新品放量 3月20日,公司发布 23年年报,23年公司实现收入 6.71 亿元(同 比+6%)、归母净利润 1.08 亿元（同比+17%)；其中 Q4 单季度实现 收入 1.98 亿元(同比-9%),实现归母净利润 0.40 亿元(同比-6%)。 经营分析 多因素影响,全年收入增速有所下滑。根据公告,23年公司营业收 入同比增长 6%,增速相比 22 年下滑主要系中高端仪器验证周期 长、汇率波动影响。23年9月公司正式发布 13GHz 带宽示波器, 随着公司该产品订单逐渐落地,公司收入增速有望在 24年恢复高 增长。 行股份及支付现金的方式购买北京耐数电子 100%的股权。耐数电 子专注于数字阵列系统的研发与应用,为遥感探测、量子信息、 射电天文、微波通信等领域提供专业的电子测量设备及系统解决 方案，我们认为本次收购有望强化公司解决方案能力。 盈利预测、估值与评级 风险提示 原材料短缺风险、募投项目进展不及预期、高端产品拓展不及预 期、限售股解禁风险、汇率波动风险。 分析师： 满在朋 (执业S1130522030002) manz ...

自研技术产品带动毛利率上行，新品放量可期 2024 年 03 月 21 日 [盈利预测与财务指标 Table_Forcast] | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|------------------|---------------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | | 671 909 1,255 1,759 | | | 增长率（ %） | | | 6.3 35.6 38.0 40.1 | | | 归属母公司股东净利润（百万元） | | | 108 155 190 267 | | | 增长率（%） | | | 16.7 43.8 22.1 40.7 | | | 每股收益（元） | | | 0.58 0.84 1.02 1.44 | | | PE | | | 65 45 37 26 | | | PB | | | 2.4 2.4 2.3 2.1 | | ...

Financial Performance - The company's operating revenue for 2023 was CNY 670,537,671.32, representing a year-on-year increase of 6.34% compared to CNY 630,571,047.37 in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 107,953,107.31, which is a 16.72% increase from CNY 92,488,402.42 in 2022[18]. - The net cash flow from operating activities for 2023 was negative CNY 18,355,136.55, a decrease of 117.71% compared to CNY 103,619,194.48 in 2022[18]. - The company's total assets increased by 17.09% to CNY 3,265,682,459.56 at the end of 2023, up from CNY 2,788,982,047.08 at the end of 2022[18]. - The basic earnings per share for 2023 was CNY 0.60, reflecting a 7.14% increase from CNY 0.56 in 2022[19]. - The gross profit margin improved to 56.45%, an increase of 4.06 percentage points compared to the previous year[36]. - The company's total revenue for the reporting period reached ¥661,525,338.02, representing a year-on-year increase of 6.79%[117]. - The gross profit margin improved to 56.68%, an increase of 4.01 percentage points compared to the previous year[117]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5.00 CNY per 10 shares, totaling approximately 92.56 million CNY, which represents 85.74% of the net profit attributable to shareholders for the year 2023[4]. - The total cash dividend amount (including tax) is CNY 92,561,708.00, which accounts for 85.74% of the net profit attributable to ordinary shareholders in the consolidated financial statements[188]. - The company has established a three-year dividend return plan for 2023-2025, which was approved in the recent shareholder meeting[155]. Research and Development - Research and development expenses accounted for 21.30% of operating revenue in 2023, up from 19.92% in 2022[20]. - The total R&D investment for the year reached ¥142,851,047.09, an increase of 13.70% compared to the previous year, with R&D expenses accounting for 21.30% of total revenue, up by 1.38 percentage points[88]. - The company has filed 62 new invention patent applications during the reporting period, with 16 granted, bringing the total to 672 applications and 397 granted[87]. - The company has developed key core technologies, including high bandwidth low noise analog front-end technology and high sampling oscilloscope data acquisition technology, achieving a bandwidth of 5GHz and a sampling rate of 20GSa/s[97]. Market Position and Growth - The company ranks fifth globally in the oscilloscope market, being the only Chinese company in the top five, with significant advantages in digital oscilloscope sales and technology[77]. - The global electronic measurement instrument market is projected to reach 112.48 billion RMB by 2025, driven by the commercialization of 5G and the growth of the electric vehicle market[32]. - The company aims to become an outstanding international brand in the testing and measurement industry, focusing on customer success and continuous innovation[41]. - The company is focusing on modular functionality and platform-based systems to meet diverse customer measurement needs, allowing for multiple measurement functions on a single hardware platform[80]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated any decision-making procedures regarding external guarantees[6]. - The company has maintained a stable governance structure, with all decision-making bodies operating within the legal framework and company bylaws[152]. - The company has complied with all relevant laws and regulations regarding corporate governance, with no violations or major defects reported[152]. Talent and Workforce - The number of R&D personnel increased to 214, up from 184, representing 35.55% of the total workforce[91]. - The R&D team has an average of over 15 years of industry experience, contributing to the company's competitive edge[92]. - The company has implemented a competitive compensation policy to attract and retain talent, aligning with market standards[179]. - The company has established partnerships with three leading universities to foster innovation and talent development in the tech sector[166]. Strategic Initiatives - The company has established international marketing offices in India, Brazil, and Vietnam, creating value for over 100,000 global customers through localized market and technical services[37]. - The company is actively pursuing market expansion and technological advancements to align with international trends and policies, thereby accelerating the domestic substitution process[81]. - The company plans to enhance its customer support services, aiming for a 90% satisfaction rate by the end of the next fiscal year[165]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[165]. Awards and Recognition - The company has received over 60 awards, including the "National Intellectual Property Advantage Enterprise" and "China Patent Gold Award," highlighting its innovation and technological achievements[38]. - The company was recognized as a "National Specialized and Innovative 'Little Giant' Enterprise" in 2023, highlighting its strong innovation capabilities[85]. - The company was awarded the "Social Responsibility Pioneer Enterprise Award" by Caixin Media in 2023[200].

Stock Code：688337 Corporate Value and Return Enhancement Action Plan RIGOL TECHNOLOGIES CO., LTD. | 1 | Focus on the main business to | 1 | | --- | --- | --- | | | achieve high-quality development | | | 2 | Enhance scientific and technological | 6 | | | innovation and develop new quality | | | | productive forces | | | 3 | Optimize financial management and improve management effectiveness | 8 | | | Improve corporate governance and | | | 4 | strengthen core functions | 9 | | 5 | Improve the level of informat ...

普源精电科技股份有限公司 2023 年度会计师事务所履职情况评估报告 普源精电科技股份有限公司（以下简称"公司"）聘请德勤华永会计师事务所(特 殊普通合伙)(以下简称"德勤华永")作为公司 2023 年度财务报告及内部控制的审计 机构，根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管 理办法》（财会〔2023〕4 号），公司对德勤华永在 2023 年年度报告审计过程中的履 职情况进行了评估。经评估，公司认为，德勤华永在资质等方面合规有效，其内部质量 管理体系能够确保其在履职过程中保持独立性，勤勉尽责，出具适合具体情况的业务 报告，公允表达意见。具体情况如下： 一、资质条件 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门批准转制成 为特殊普通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永持有财政部批准的会计师事务所执业证书，并经财政部、中国证监会批 准，获准从事 H 股企业审计业务。德勤华永已根据财政部和中国证监会《会计师事务 所从事证券 ...

普源精电科技股份有限公司 2023 年度独立董事述职报告 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，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票 上市规则》等法律法规及《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》等规定，本人 在2023年度工作中诚实、勤勉、独立地履行职责，积极出席相关会议，认真审议 董事会各项议案，对公司重要事项发表了独立意见，切实维护了公司和股东的利 益，较好地发挥了独立董事的作用。现将履职情况汇报如下： 一、独立董事的基本情况 （一）独立董事个人情况 本人刘军，1977年9月出生，中国国籍，无境外永久居留权，杭州电子科技 大学电路与系统专业博士学历。2001年6月本科于杭州电子工业学院（2003年更 名为杭州电子科技大学）电子工程系毕业后留校任教至今，在集成电路设计及其 EDA技术领域先后从事助教、讲师、副研究员、研究员等岗位工作；2017年9月至 今任杭州电子科技大学"射频电路与系统"教育部重点实验室副主任，2020年9 月至今任浙江省"大规模集成电路设计"重点实验室主 ...

普源精电科技股份有限公司 Deloitte. 审核报告 德师报(核)字(24)第 E00085 号 普源精电科技股份有限公司董事会: 我们审核了后附的普源精电科技股份有限公司(以下简称"普源精电")截至 2023年 12 月 31 日止募集资金存放与实际使用情况的专项报告(以下简称"募集资金存放与实际使用情况报 告")。 一、董事会对募集资金存放与实际使用情况报告的责任 按照中国证券监督管理委员会《上市公司监管指引第2号 -- 上市公司募集资金管理和使 用的监管要求》及《上海证券交易所科创板上市公司自律监管指引第 1 号 -- 规范运作》的规 定编制募集资金存放与实际使用情况报告,并保证募集资金存放与实际使用情况报告的内容 真实、准确、完整,且不存在虚假记载、误导性陈述或重大遗漏是普源精电董事会的责任。 二、注册会计师的责任 募集资金存放与实际使用情况审核报告 截至二零二三年十二月三十一日止 四、本报告的使用范围 本报告仅供普源精电本次向相关监管部门报告募集资金的存放与实际使用情况时使用, 不得用作任何其他目的。 matsu Certif 德勤华永会计师 角合伙) 中国注册会计师 中国注册会计师 我们的责任是 ...