Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a significant year-on-year growth in revenue and net profit in Q3 2024, with revenue reaching 228 million yuan, up 40.80%, and net profit attributable to shareholders reaching 52.49 million yuan, up 138.42% [2] - The company's high-end products, particularly the DHO series high-resolution digital oscilloscopes, showed strong sales growth, with a 71.21% increase in revenue, and high-end digital oscilloscopes (bandwidth ≥2GHz) saw a 144.93% increase in revenue, accounting for 41.83% of total digital oscilloscope sales [2] - The company's gross margin improved to 60.84% in Q3 2024, up 2.60 percentage points year-on-year, driven by the high-end and self-developed core technology platform products [3] Financial Performance - For the first three quarters of 2024, the company reported revenue of 535 million yuan, up 13.14% year-on-year, but net profit attributable to shareholders decreased by 11.65% to 60.13 million yuan [1] - The company's R&D expenses in Q3 2024 were 60.77 million yuan, with increased investment in R&D personnel salaries, material consumption, and equipment depreciation [3] - The company's operating efficiency improved, with a combined decrease of 4.06 percentage points in R&D, sales, and management expense ratios [3] Market Performance - The company's stock price increased by 25.1% over the past month and 64.8% over the past three months, outperforming the CSI 300 index, which decreased by 3.2% and increased by 13.0% respectively [4] - The company's current stock price is 43.53 yuan, with a 52-week price range of 22.04-50.68 yuan, and a total market capitalization of 8.45 billion yuan [4] Future Projections - The company is expected to achieve revenues of 792 million yuan, 848 million yuan, and 997 million yuan in 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 117 million yuan, 153 million yuan, and 203 million yuan [3][7] - The company's gross margin is projected to increase from 61% in 2024 to 66% in 2026, with ROE improving from 4% in 2024 to 6% in 2026 [9] Product and Technology - The sales proportion of digital oscilloscopes equipped with the company's self-developed core technology platform reached 89.00% in Q3 2024, up 13.50 percentage points year-on-year [2] - The company has established R&D centers in Xi'an and Shanghai, accelerating product development and enhancing its technological capabilities [3]

公司近一年市场表现 普源精电 -上证指数 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 杨晶晶 执业登记编码：S0760519120001 邮箱：yangjingjing@sxzq.com Q3 期间费用率显著下降，公司整体运营效率得到提升。研发投入持续 加大，推行高端电子测量测试仪器发展战略，国产替代逻辑有望持续兑现。 报告期内，公司净利率同比下降 3.15pct 至 11.24%，主要受管理费用与研发 投入增加、汇兑损失增加拖累所致，期间费用率同比提升 7.93pct 至 57.47%， 其中，销售费用率 13.94%（-3.27pct），管理费用率 14.12%（+3.91pct），财 务费用率 1.60%（+1.71pct），研发费用率 27.80%（+5.57pct），主要系 2024 年以来，公司在西安和上海建设研发中心，加大技术研发投入，加速产品开 发进度，对公司未来的业绩有望产生积极影响。Q3 单季度，公司费用率边 际改善显著，研发、销售、管理费用合计同比下降 4.06pct，拉动 Q3 净利率 同比提升 6.18pct 至 19.79%，环比提升 ...

[Table_StockInfo] 2024 年 10 月 29 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：40.40 元 普源精电（688337）机械设备 目标价：——元（6 个月） 24Q3 归母净利润同比+138%，业绩超预期 [Table_Summary 事件：公司发布]2024年三季报，单2024Q3公司实现营收2.3亿元，同比+40.8%， 环比+45.9%；实现归母净利润 0.52 亿元，同比+138.4%，环比大幅增长； 2024Q1-Q3 公司实现营收 5.4亿元，同比+13.1%；实现归母净利润 0.6亿元， 同比-11.7%。24Q3 业绩高增长超预期，盈利能力持续提升。 高端产品拉动毛利率持续提升。2024Q1-Q3 公司综合毛利率为 58.4%，同比 +1.9pp，毛利率提升主要系公司高端产品、搭载自研产品占比提升，其中，高 端及自研核心技术平台对数字示波器产品的毛利率拉动显著，数字示波器产品 同比+1.12pp 至 61.28%；净利率为 11.2%，同比-3.2pp；期间费用率为 57.5%， 同比+7.9pp；其中，销售、管理、研发和财务费用率分别为 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 40.40 yuan [3]. Core Insights - The company achieved revenue of approximately 535 million yuan in the first three quarters of 2024, representing a year-on-year increase of 13.14%. The net profit attributable to shareholders was about 60 million yuan, down 11.65% year-on-year. In Q3 2024, revenue reached 228 million yuan, up 40.8% year-on-year, with a net profit of 52.49 million yuan, a significant increase of 138.42% year-on-year [1]. - The gross margin improved significantly due to the increased proportion of high-end digital oscilloscope products, with Q3 2024 gross margin at 60.8%, up 2.59 percentage points year-on-year, and net margin at 19.79%, up 6.18 percentage points year-on-year [1]. - The sales of digital oscilloscopes, particularly those equipped with the company's self-developed core technology platform, accounted for 89.0% of total sales in Q3 2024, marking a 13.50 percentage point increase year-on-year. The sales revenue of digital oscilloscopes with a vertical resolution of 12 bits grew by 71.21% year-on-year [1]. - The company plans to invest 40 million yuan in a capital increase for a partnership with Nais Electronics, enhancing its capabilities in quantum information, radio astronomy, and remote sensing solutions [1]. - The demand for scientific instruments is expected to rise due to large-scale equipment updates in universities, with a total budget of 10.6 billion yuan for procurement plans announced by 57 universities in September and October [1]. Financial Forecasts - Revenue projections for 2024-2026 are 783 million, 981 million, and 1.226 billion yuan, respectively, with net profits of 114 million, 153 million, and 225 million yuan. The corresponding PE ratios are 69, 51, and 35 times [2][4].

Financial Performance - In Q3 2024, the company's revenue reached 227.75 million CNY, a year-on-year increase of 40.80% and a quarter-on-quarter increase of 45.85% [4] - The net profit attributable to shareholders was 52.49 million CNY, up 141.25% year-on-year, while the net profit after deducting non-recurring gains and losses was 40.46 million CNY, reflecting a 482.30% increase [4] - The gross margin for Q3 2024 was 60.84%, an increase of 2.60 percentage points year-on-year [4] Research and Development - R&D expenses for 2024 amounted to 60.77 million CNY, with increases in employee compensation, material consumption, and equipment depreciation compared to the previous year [4] - The company has established R&D centers in Xi'an and Shanghai to enhance technological development and accelerate product development [5] Product Performance - Sales of self-developed core technology platform digital oscilloscopes accounted for 89.00% of total sales in Q3 2024, up 13.50 percentage points year-on-year [4] - The DHO series high-resolution digital oscilloscopes saw a sales revenue increase of 71.21% year-on-year [4] - High-end digital oscilloscopes (bandwidth ≥ 2GHz) contributed 41.83% to overall sales revenue, with a year-on-year increase of 144.93% [4] Strategic Developments - The Shanghai R&D center opened on October 18, 2024, enhancing the company's R&D capabilities in modular instruments and high-power products [5] - The company plans to launch modular instrument products by the end of 2024, further enriching its product line [5] Market Outlook - The company anticipates continued improvement in Q4 2024 performance, supported by a favorable market environment and strategic initiatives [5] - The expected order amount for the acquired company, Nais Electronics, is 69.32 million CNY for 2024, indicating strong order acquisition capabilities [7] Conclusion - The company's strong performance in Q3 2024 is attributed to strategic execution, continuous innovation, and the establishment of original innovation capabilities [8] - The focus on enhancing product competitiveness and expanding market reach is expected to drive future growth [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company achieved a significant increase in Q3 net profit attributable to shareholders, with a year-on-year growth of 138%, driven by high-end new products and effective solutions [2][3] - The company reported a total revenue of 530 million yuan for the first three quarters of 2024, representing a 13% year-on-year increase, while Q3 alone saw a revenue of 230 million yuan, up 41% year-on-year [2][3] - The gross profit margin for Q3 was 60.8%, reflecting a year-on-year increase of 2.6 percentage points, and the net profit margin was 19.8%, up 6.2 percentage points year-on-year [3] Financial Performance Summary - For 2024, the company forecasts total revenue of 758.22 million yuan, with a year-on-year growth of 13.08%, and a net profit of 111.49 million yuan, reflecting a growth of 3.27% [1][4] - The company's earnings per share (EPS) for 2024 is projected to be 0.57 yuan, with a price-to-earnings (P/E) ratio of 70.34 based on the current market price [1][4] - The company has implemented a stock incentive plan for 76 core employees, which is expected to enhance growth confidence [4]

Summary of Conference Call Company Overview - The conference call discusses the performance of 普原金面公司 (Puyuan Jinmian Company) in the third quarter, highlighting significant revenue growth and improvements in profit margins [1][2][3]. Key Financial Metrics - **Revenue**: The company's revenue for Q3 reached 227 million yuan, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 45.85% [1]. - **Gross Margin**: The gross margin improved to 60.84%, up 2.6 percentage points year-on-year and 2.37 percentage points quarter-on-quarter [1][7]. - **Net Profit**: The net profit was 52.49 million yuan, a year-on-year increase of 141.25%. The net profit after tax was 40.46 million yuan, up 482.3% year-on-year [1]. Product Performance - **Core Product Line**: The digital oscilloscope's gross margin reached 61.28%, with a year-on-year increase of 1.12 percentage points [1]. - **High-Resolution Oscilloscope**: The DHL series saw a remarkable year-on-year increase of 71.21% in sales [4]. - **High-End Oscilloscope**: The sales of high-end oscilloscopes accounted for 41.83% of total oscilloscope revenue, with a year-on-year increase of 144.93% [5]. R&D and Operational Efficiency - The company has increased its R&D investment, with new centers established in Xi'an and Shanghai, leading to higher personnel costs and material expenses [2][8]. - The overall operating efficiency improved, with a decrease in the sales expense ratio by 4.06% year-on-year, attributed to lower marketing expenses and the acquisition of a new entity, 耐数 (Nai Shu) [2][3]. Strategic Initiatives - The company is transitioning from product-focused to solution-oriented offerings, with sales from solutions exceeding 30 million yuan in the reporting period [6]. - The acquisition of 耐数 is expected to enhance the company's solution capabilities and contribute positively to future revenue growth [9][10]. Market Outlook - The company anticipates continued growth in the fourth quarter, driven by high-end product sales and the introduction of modular instruments [11][12]. - The management expressed confidence in the long-term potential of the solutions business, which is expected to have a lower marketing expense ratio and higher gross margins compared to traditional product sales [33]. Industry Context - The overall market demand remains mixed, with domestic growth beginning to align with international trends. The company believes that its strategic positioning and product differentiation will allow it to thrive despite broader market challenges [20][28]. Additional Insights - The management emphasized the importance of self-research and development to maintain competitive advantages and avoid price wars [7][24]. - The company is focused on building a strong sales network to support its transition to solution-based offerings, which require different sales strategies compared to traditional product sales [30][31]. This summary encapsulates the key points discussed during the conference call, providing insights into the company's financial performance, product developments, strategic initiatives, and market outlook.

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a significant increase in quarterly profits, exceeding expectations, with a revenue of 535 million yuan for Q3 2024, representing a year-on-year growth of 13.14% [2] - The company's high-end and high-resolution oscilloscope products saw substantial revenue growth, with increases of 71.21% and 144.93% respectively in Q3 2024 [3] - The gross margin reached a historical high of 60.84% in Q3 2024, driven by self-developed chips and an optimized product structure [3] - The acquisition of Nais Electronics is expected to enhance the company's capabilities in the solutions sector, contributing to diversified growth [3] - Revenue forecasts for 2024-2026 are adjusted to 783 million, 936 million, and 1.15 billion yuan, with corresponding net profits of 112 million, 182 million, and 248 million yuan [3] Summary by Sections Performance Overview - Q3 2024 revenue was 535 million yuan, a 13.14% increase year-on-year, while net profit was 60 million yuan, down 11.65% year-on-year [2] - The DHO series and high-end oscilloscopes contributed significantly to revenue growth [3] Gross Margin and Profitability - The gross margin for Q3 2024 was 60.84%, up 2.59 percentage points year-on-year [3] - The proportion of revenue from self-developed digital oscilloscopes reached 89% in Q3 2024, aiding in cost reduction [3] Strategic Developments - The acquisition of Nais Electronics is expected to strengthen the company's solution capabilities, with Nais contributing 30.56 million yuan in revenue [3] - The company anticipates continued improvement in profitability, with projected gross margins of 57.8%, 59.3%, and 60.5% for 2024-2026 [3] Financial Projections - Adjusted revenue forecasts for 2024-2026 are 783 million, 936 million, and 1.15 billion yuan, with net profits of 112 million, 182 million, and 248 million yuan respectively [3] - The company is projected to have a P/E ratio of 54, 33, and 24 for the years 2024, 2025, and 2026 [3]

2024 年 10 月 29 日 普源精电(688337.SH) 公司快报 事件概述 10 月 28 日，普源精电发布 2024 年第三季度报告。2024 年前三季度， 公司实现营业收入 5.35 亿元，同比增长 13.14%；实现归母净利润 0.60 亿元，同比下降 11.65%；实现扣非归母净利润 0.22 亿元，同比 下降 26.96%。 内生外延齐头并进，24Q3 收入增速大幅回升 公司 2024 年第三季度收入增速大幅回升，单 Q3 实现营业收入 2.28 亿元，同比增长 40.80%，为公司上市以来最高水平；实现归母净利润 0.52 亿元，同比增长 138.42%。我们认为主要系内生和外延两方面因 素。内生方面，公司上市后陆续发布的一系列高分辨率、高端示波器 开始放量。24Q3 公司高分辨率示波器（分辨率≥12bits）销售收入同 比增长 71.21%，高端示波器（带宽≥2GHz）销售收入同比提升 144.93%， 两者均实现高速增长。外延方面，单三季度公司来自于解决方案的销 售收入为 3056.45 万元，我们判断其中大部分来自于对于耐数电子的 并购，其也对整体收入的提升起到了重要拉动作用。 高 ...

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及全资子公司 使用发行股份购买资产并募集配套资金的部分闲置募集资金进行现 金管理及以协定存款方式存放募集资金的核查意见 国泰君安证券股份有限公司（以下简称"独立财务顾问"）作为普源精电科 技股份有限公司（以下简称"公司"、"普源精电"或"发行人"）发行股份购买 资产并募集配套资金项目的独立财务顾问，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上市公司自律监管规则适用指引 第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关法律法规 和规范性文件的要求，对普源精电科技股份有限公司及全资子公司北京耐数电子 有限公司（以下简称"耐数电子"）拟使用部分暂时闲置募集资金进行现金管理 及以协定存款方式存放募集资金等事项进行了认真、审慎的核查，发表如下意见： 一、募集资金基本情况 根据中国证券监督管理委员会于 2024 年 7 月 15 日出具的《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），公司向特定对象发行人民币普通股（A 股）股票 2,166,377 ...