证券代码：688337 证券简称：普源精电 公告编号：2024-046 普源精电科技股份有限公司 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： 截至 2024 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 460,820 股，占公司总股本的比例为 0.25%，回购成交的 最高价为 36.80 元/股,最低价为 27.45 元/股，支付的资金总额为人民币 14,998,726.13 元（含印花税、交易佣金等交易费用）。 本次回购符合相关法律法规规定及公司回购方案的要求。 三、 其他事项 一、 回购股份的基本情况 2024 年 2 月 4 日，公司召开第二届董事会第十四次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，公司董事会同意公司使用自有资 金通过上海证券交易所系统以集中竞价交易方式回购公司已发行的部分人民币普 通股（A 股），在未来适宜时机用于股权激励计划。回购股份的资金总额不低于人 民币 3 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][11]. Core Views - The company reported a revenue of 151 million yuan in Q1 2024, a year-on-year decrease of 3.54%, and a net profit attributable to the parent company of 6 million yuan, down 72.75% year-on-year [1]. - The gross margin improved year-on-year, while R&D and management expenses increased significantly. R&D expenses grew by 41.57% to 43 million yuan, with an R&D expense ratio increase of 9.09 percentage points to 28.52%. Management expenses rose by 46.15% to 22 million yuan, leading to a net profit margin decline of 8.48 percentage points to 6.31% [2]. - The company plans to acquire a 67.74% stake in Naisou Electronics to enhance its comprehensive solution capabilities. This acquisition will allow the company to integrate Naisou's technology and solutions, facilitating its transition from a hardware-focused supplier to a comprehensive solution provider [2][11]. - The company expects cumulative net profit attributable to the parent company from Naisou Electronics to be no less than 87 million yuan over three years, with annual profits not less than 15 million yuan [2]. Financial Summary - The company forecasts revenues of 791 million yuan, 931 million yuan, and 1.114 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 137 million yuan, 178 million yuan, and 240 million yuan for the same years [11]. - The projected P/E ratios for 2024, 2025, and 2026 are 47, 37, and 27, respectively [11]. - The company’s gross margin is expected to increase from 56% in 2023 to 67% by 2026, while the net profit margin is projected to rise from 16% to 22% over the same period [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is increasing its R&D investment, focusing on high-end and differentiated products to support long-term development [2][6] - The first quarter of 2024 saw the company achieve revenue of 151 million yuan, a decrease of 3.54%, and a net profit attributable to shareholders of 6 million yuan, down 72.75% [5] - The company is actively pursuing acquisitions, such as the planned acquisition of 100% of Nais Electronics, to enhance its capabilities in quantum computing and other advanced fields [5][6] Financial Performance - The company reported a gross margin of 54.81% and a net margin of 6.31% for Q1 2024 [5] - R&D expenses reached 43 million yuan, an increase of 41.57%, with an R&D expense ratio of 28.52% [5] - The company forecasts revenues of 880 million yuan, 1.095 billion yuan, and 1.337 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 31%, 24%, and 22% [6] Earnings Forecast - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is 149 million yuan, 198 million yuan, and 258 million yuan, respectively, with growth rates of 38%, 33%, and 30% [6] - The earnings per share (EPS) is expected to be 0.81 yuan, 1.07 yuan, and 1.39 yuan for the same years [6] Market Position - The company is positioned to benefit from domestic brand growth in the high-end instrument market, driven by equipment upgrade policies [6] - The overall market for electronic measurement instruments is expected to experience significant growth, with the company well-placed to capitalize on this trend [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In Q1 2024, the company achieved operating revenue of 150 million yuan, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 6.31 million yuan, down 73% year-on-year [1] - The gross profit margin for Q1 2024 was 54.8%, an increase of 0.58 percentage points year-on-year, while the net profit margin was 6.3%, a decrease of 8.48 percentage points year-on-year [1] - The increase in the expense ratio to 61.9% in Q1 2024, up 16.68 percentage points year-on-year, was driven by significant increases in management and R&D expenses [1] - The decline in net profit and net profit margin is attributed to increased R&D investment, which rose by 42% year-on-year, and the depreciation impact from the underutilization of new facilities in Shanghai and Malaysia [1] - The company announced a new modular technology at a technology conference in April 2024, aiming to enhance its offerings in various fields including remote sensing and communication [1] - A stock incentive plan was introduced, granting 2.8 million shares to 80 core employees, reflecting the company's confidence in future growth [1] - The company is transitioning from a leader in electronic measurement instruments to a comprehensive solution provider, with new capacities and projects in Malaysia, Xi'an, and Shanghai [1] - The acquisition of Beijing Naishu Electronics is expected to enhance the company's ability to provide integrated solutions, with projected contributions to net profit from the acquisition [1] Financial Forecasts - The company forecasts net profits attributable to shareholders of 160 million, 210 million, and 260 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 41, 31, and 25 times [1][4]

来源:公司年报、国金证券研究所 2024年04月29日 普源精电 (688337.SH) 买入(维持评级) 证券研究报告 4 月 29 日,公司发布 24 年一季报, 2401 公司实现收入 1.51 亿元 (同比-3.54%)、归母净利润 0.06 亿元（同比-72.75%); 扣非后 归母净利润为-0.07 亿元。 盈利预测、估值与评级 风险提示 机械组 利率为 54.81%, 同比+0.58pcts, 高端仪器推动公司整体盈利水平 保持较高水平。随着新品持续放量,整体毛利率水平有望进一步 提升，我们预计 24-26 年公司毛利率为 57. 8%/59. 2%/60. 3%。 拟收购耐数电子,多维度实现协同效应。根据公告,公司拟发行 股份购买北京耐数电子 67.7%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,根据公告,23 年耐数电子实现收入、归母净利润为 0.49、0.20 亿元，我们认为 本次收购有望强化公司解决方案能力。 公司点评 业绩简评 经营分析 根据公告，我们调整盈利预测，预计 2024-2026 年公 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥150,984,688.88, representing a decrease of 3.54% compared to the same period last year[5] - The net profit attributable to shareholders was ¥6,307,156.02, down 72.75% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥6,693,831.80, a decline of 151.38% compared to the previous year[5] - The basic earnings per share were ¥0.03, a decrease of 76.92% compared to the same period last year[6] - Net profit for Q1 2024 was ¥9,524,673.19, down 58.8% from ¥23,146,706.58 in Q1 2023[21] - The total equity attributable to shareholders was ¥2,885,641,917.13, slightly down from ¥2,889,231,057.28 in Q1 2023[21] - The company recorded a total comprehensive income of ¥8,900,132.26 for Q1 2024, down from ¥23,943,381.66 in Q1 2023[22] Research and Development - Research and development (R&D) expenses totaled ¥43,058,588.28, an increase of 41.57% year-on-year, accounting for 28.52% of operating revenue, up 9.09 percentage points[6] - Research and development expenses rose to ¥43,058,588.28, an increase of 41.5% compared to ¥30,414,533.34 in Q1 2023[21] Cash Flow and Investments - The cash flow from operating activities was -¥26,425,022.51, indicating a significant cash outflow[6] - Cash flow from operating activities showed a net outflow of ¥26,425,022.51 in Q1 2024, compared to a net inflow of ¥876,647.46 in Q1 2023[25] - Cash inflow from investment activities was ¥52,123,682.65 in Q1 2024, significantly lower than ¥924,643,477.32 in Q1 2023[25] - The company raised $247,366,908.34 from financing activities, significantly higher than $130,000,000.00 in the previous year, showing strong financing capabilities[27] - Cash outflows from financing activities totaled $70,490,352.11, compared to $774,352.27 in the same quarter last year, indicating a reduction in cash outflows[27] - The net cash flow from financing activities was $176,876,556.23, an increase from $129,225,647.73 year-over-year, highlighting improved financial management[27] - The company invested $44,670,833.33 in cash payments for investments, a significant decrease from $1,068,000,000.00 in the previous year, suggesting a strategic shift in investment focus[27] - The total cash outflow from investment activities was $212,163,561.85, down from $1,161,238,825.01, indicating a more conservative investment approach[27] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥3,411,760,816.30, an increase of 4.47% from the end of the previous year[6] - The company's cash and cash equivalents decreased to RMB 260,862,425.68 from RMB 271,003,800.90, a decline of about 3.93%[17] - The total current assets increased to RMB 2,451,422,398.13 from RMB 2,427,447,165.09, representing a growth of approximately 0.99%[17] - The company's short-term borrowings rose significantly to RMB 257,152,571.56 from RMB 68,734,515.28, indicating an increase of approximately 273.36%[18] - The total non-current assets increased to RMB 960,338,418.17 from RMB 838,235,294.47, reflecting a growth of about 14.56%[18] - The company's total liabilities increased to RMB 422,331,290.94 from RMB 331,276,838.93, representing a rise of approximately 27.48%[18] - The company reported a significant increase in long-term receivables, rising to RMB 2,336,067.53 from RMB 2,145,468.25, an increase of about 8.87%[17] - The company's inventory increased to RMB 211,175,977.41 from RMB 204,686,887.04, reflecting a growth of approximately 3.61%[17] - The goodwill reported as of March 31, 2024, was RMB 103,947,720.56, indicating the company's ongoing investment in intangible assets[18] Accounting and Reporting - The company did not apply new accounting standards or interpretations for the first time in 2024, maintaining consistency in financial reporting[27]

证券代码：688337 证券简称：普源精电 公告编号：2024-042 普源精电科技股份有限公司 关于诉讼进展的公告 2023 年 4 月，公司收到广东省深圳市中级人民法院送达的原告深圳市鼎阳 科技股份有限公司与被告普源精电科技股份有限公司商业诋毁纠纷一案的相关 材料，案号为(2023)粤 03 民初 3224 号。 鼎阳科技在起诉状中请求法院：1.判令被告立即停止侵害原告合法权益的行 为，包括被告及其员工删除、更正其微信朋友圈、新浪微博、公司网站中的被诉 侵权文章及评论信息。2.判令被告在《中国知识产权报》及被告官方网站 (htps://www.rigol.com)首页、被告微信公众号(微信公众号名称"普源精电 RIGOL， 微信号 RIGOL_Technologies)首页置顶的显著位置刊登向原告赔礼道款的声明， 声明的内容需经过原告或法庭确认，刊登持续时间不少于三十日，刊登期间不得 1 自行删除。3．判令被告赔偿原告经济损失及合理维权费用，共计人民币 1000 万 元。4.判令被告承担本案诉讼费用。具体内容参见公司于 2023 年 4 月 26 日在上 海证券交易所网站（www.sse.com.cn）披 ...

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 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 内幕信息知情人买卖股票情况的自查报告的 专项核查意见 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"、"公司"或"上市公司"）委托，担任普源精电拟通过发 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 关法律、法规及规范性文件的有关规定，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》"）。 根据中国证券监督管理委员会（以下简称"中国证监会"）发布的《监管规则 适用指引——上市类第 1 号 ...

上海市石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于普源精电科技股份有限公司 2023 年年度股东大会的法律意见书 致：普源精电科技股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受普源精电科技股份有限 公司（以下简称"公司"）的委托，根据《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》、中国证券监督管理委员会颁布实施 的《上市公司股东大会规则》（以下简称"《股东大会规则》"）等中国现行法律、 行政法规和规范性文件（以下简称"中国法律、法规"，为本法律意见书法律适 用之目的，不包括中国香港特别行政区、中国澳门特别行政区及台湾地区法律、 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》"）的有 关规定，就公司 2023 年年度股东大会（以下简称"本次股东大会"）有关事宜出 具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会 ...

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 内幕信息知情人买卖股票情况的自查报告的核查意见 普源精电科技股份有限公司（以下简称"公司""上市公司"或"普源精电"） 拟通过发行股份方式购买北京耐数电子有限公司（以下简称"耐数电子"或"标 的公司"）67.7419%股权并募集配套资金（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《上市公司监管指引第 7 号——上 市公司重大资产重组相关股票异常交易监管》《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》《监管规则适用指引——上市 类第 1 号》等法律、法规的要求，国泰君安证券股份有限公司（以下简称"本独 立财务顾问"）作为上市公司本次交易的独立财务顾问，对上市公司本次交易相 关内幕信息知情人买卖上市公司股票的情况进行了核查，具体如下： 一、本次交易内幕信息知情人自查期间 本次自查期间自上市公司就本次交易申请停牌之日（2023 年 12 月 22 日） 起前六个月至《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报 告书（草案）》披露之前一日止，即为 2023 年 ...