证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-014 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □电话会议 √其他（策略会、线上会议） 中信证券、中信资管、贝莱德、广发基金、盘京投资、诺德 基金、惠升基金、上海保银投资、招商基金、华宝基金、誉 参与单位名称及 ...

证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-013 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 √电话会议 □其他（请文字说明其他活动内容） 中金公司、相聚资本、东方红资管、君和资本、悦溪投资、 参与单位名称及 景顺长城、大家资产、筌笠资产、易米基金、汇升投资、华 人员姓名 ...

证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-012 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □电话会议 □其他（请文字说明其他活动内容） 参与单位名称及 东方财富证券、华福证券、上海朴言投资、信达澳亚基金、 人员姓名 徳旭资本 会议时间 2024年5月27日 ...

证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-011 √特定对象调研 □分析师会议 □媒体采访 √业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 √电话会议 □其他（请文字说明其他活动内容） 长江证券、华福证券、太平养老、国投瑞银基金，通过线上 参与单位名称及 方式参与公司2023年度暨2024年第一季度业绩说明会活动的 人员姓名 ...

证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-010 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □电话会议 □其他（请文字说明其他活动内容） 参与单位名称及 宁远资本、华威慧创投资、恩舍家办、华夏基金 人员姓名 会议时间 2024年5月14日、5月15日、5月16日 ...

证券代码：688392 证券简称：骄成超声 上海骄成超声波技术股份有限公司 投资者关系活动记录表 编号：2024-009 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □电话会议 √其他（策略会） 汇丰晋信基金、Capital Group、Octorivers、富国基金、望正 资产、涌乐投资、东方基金管理有限公司、中银基金管理有 限公司、兴证资管、恒越基金管理有限公司、泾溪投资、淳 ...

增持 原评级：增持 市场价格:人民币 53.64 板块评级:强于大市 | --- | --- | --- | |----------------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 114.80 | | 流通股 ( 百万 ) | | 58.82 | | 总市值 ( 人民币 百万 ) | | 6,157.87 | | 3 个月日均交易额 ( 人民币 百万 ) | | 45.93 | | 主要股东 | | | | 江苏阳泰企业管理有限公司 | | 19.02 | | 资料来源：公司公告， Wind | ，中银证券 | | 公司公布 2023 年年报及 2024 年一季报，2023 年公司实现营收 5.25 亿元，同比+0.52%，实现归 母净利润 0.67 亿元，同比-39.97%；2024 年一季度实现营收 1.21 亿元，同比-25.75%，实现归母 净利润 0.01 亿元，同比-96.59%。尽管由于受到下游锂电池厂商资本开支水平显著下降的影响， 公司业绩有所承压，但是公司作为国 ...

证券研究报告·公司点评报告·电池 骄成超声（688392） 2023 年年报&2024 年一季报点评：极耳焊业 务大幅放缓，业绩低于市场预期 2024 年 04 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 522.49 | 525.19 | 572.52 | 767.01 | 1,128.61 | | 同比（ % ） | 40.97 | 0.52 | 9.01 | 33.97 | 47.14 | | 归母净利润（百万元） | 110.85 | 66.54 | 64.96 | 124.82 | 225.35 | | 同比（ % ） | 60.06 | (39.97) | (2.38) | 92.15 | 80.54 | | EPS- 最新 ...

证券代码：688392 证券简称：骄成超声 公告编号：2024-033 上海骄成超声波技术股份有限公司 2023 年度业绩快报更正公告 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。 上海骄成超声波技术股份有限公司（以下简称"公司"）董事会于 2024 年 2 月 27 日在上海证券交易所网站披露了公司 2023 年度业绩快报。现对相关内容修 正如下，具体以公司披露的 2023 年年度报告为准，提请投资者注意投资风险。 一、 修正前后的主要财务数据和指标 单位：万元 二、 业绩快报修正原因说明 (一) 业绩快报差异情况 公司本次修正后的业绩快报与公司已披露的《2023 年度业绩快报公告》中 主要财务数据的差异：修正后的归属于母公司所有者的扣除非经常性损益的净利 润为 3,547.09 万元，比修正前减少 683.45 万元，降幅为 16.16%。本次修正后的 业绩快报其他财务数据和指标与前期披露的业绩快报数据不存在重大差异。 (二) 造成上述差异的具体原因 公司控股子公司青岛奥博智能科技有限公司（以下简称"青岛奥博"）因与 ...

Financial Performance - Revenue for 2023 was RMB 525.19 million, a slight increase of 0.52% compared to RMB 522.49 million in 2022[26] - Net profit attributable to shareholders decreased by 39.97% to RMB 110.77 million in 2023 from RMB 69.25 million in 2022[26] - Net profit after deducting non-recurring gains and losses dropped by 57.71% to RMB 61.51 million in 2023 from RMB 35.47 million in 2022[26] - Basic earnings per share decreased by 47.75% to RMB 0.58 in 2023 from RMB 1.11 in 2022[26] - Weighted average return on equity (ROE) decreased by 11.55 percentage points to 3.83% in 2023[26] - Cash flow from operating activities increased by 141.38% to RMB 9.76 million in 2023[27] - Revenue for Q1 2023 was RMB 162.43 million, Q2 was RMB 185.23 million, Q3 was RMB 107.75 million, and Q4 was RMB 69.78 million[29] - Net profit attributable to shareholders in Q1 2023 was RMB 30.76 million, Q2 was RMB 32.04 million, Q3 was RMB 13.04 million, and Q4 was a loss of RMB 9.29 million[29] - Net cash flow from operating activities in Q1 2023 was a negative RMB 31.64 million, Q2 was RMB 23.79 million, Q3 was RMB 12.81 million, and Q4 was RMB 4.80 million[29] - The company achieved a total operating revenue of 525.1888 million yuan in 2023, a year-on-year increase of 0.52%[54] - Net profit attributable to shareholders of the listed company was 66.5444 million yuan, a year-on-year decrease of 39.97%[54] - Operating cash flow for the reporting period was RMB 97.56 million, compared to RMB 40.417 million in the same period last year, indicating a significant increase in accounts receivable and potential cash flow pressure[85] Dividend Distribution - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 22,713,395.60 yuan, which accounts for 34.13% of the net profit attributable to the parent company in 2023[14] - 2023 annual profit distribution plan: cash dividend of 2 yuan per 10 shares, totaling 22,713,395.60 yuan, accounting for 34.13% of the net profit attributable to the parent company[198] - The company's cash dividend policy complies with the articles of association and shareholder meeting resolutions, with clear standards and proportions, and complete decision-making procedures[200] R&D and Innovation - The company has developed a welding monitoring system and ultrasonic dust removal equipment for the power battery sector, addressing higher quality requirements from leading customers[11] - In the wire harness and semiconductor sectors, the company has optimized and standardized welding equipment, with batch supply already established for wire harness and power semiconductor welding equipment[11] - The company has introduced ultrasonic bonding machines and ultrasonic scanning microscopes, forming a comprehensive ultrasonic application solution for the semiconductor sector[11] - The company has launched 15kHz~40kHz plastic welding ultrasonic equipment for various industries including 3C, home appliances, medical devices, and automotive[11] - The company has engaged in extensive industry-academia collaboration with institutions like Shanghai Jiao Tong University and Harbin Engineering University to accelerate the industrialization of technological achievements[11] - R&D expenditure as a percentage of revenue increased by 8.10 percentage points to 22.36% in 2023[26] - The company's R&D model is driven by market demand and customer needs, with a focus on ultrasonic technology and its industrial applications[39] - The company launched several new products in the semiconductor field, including ultrasonic aluminum wire bonders and ultrasonic copper wire bonders[55] - The company added 97 new R&D personnel, a year-on-year increase of 48.99%[55] - The company's R&D projects, such as the double-wedge rod welder and high-speed welder, have been completed and accepted, with significant technological advancements[52] - The company's R&D investment increased by 57.55% year-on-year, reaching 117.43 million yuan, with R&D expenses accounting for 22.36% of total revenue, an increase of 8.1 percentage points[60] - The company's ultrasonic wedge welding technology, ultrasonic metal welding quality monitoring technology, and ultrasonic high-speed roll welding system technology have reached international advanced levels[59] - The company's ultrasonic welding monitoring integrated machine can monitor welding quality in real-time while completing welding, with a maximum welding speed exceeding 80m/min[56] - The company's ultrasonic welding equipment for power battery tabs can weld up to 200 layers, with an acoustic system no-load loss of less than 5%[56] - The company's ultrasonic cutting equipment for tires has a low cutting temperature, good cutting surface finish, and is environmentally friendly, suitable for cutting thick all-steel tire rubber and semi-steel rubber[56] - The company's ultrasonic welding equipment for semiconductor power module terminals and Pin pins features high welding strength and reliability, with automatic needle feeding, positioning, and welding[57] - The company's ultrasonic wire bonding machine is equipped with an advanced welding quality monitoring system, enabling real-time monitoring of welding quality[57] - The company's ultrasonic scanning microscope can detect internal structures and defects of materials without damaging samples, with high sensitivity and detection accuracy[57] - The company is actively developing new products such as ultrasonic explosion dispersers for nanomaterials to address industry pain points[58] - The company focuses on technological innovation, increasing R&D investment and team building, and maintaining a leading position in the ultrasonic equipment manufacturing industry[58] - The company completed the development of a dual-channel synchronous ultrasonic generator with a project cost of 300 million, achieving a domestic leading level in lithium battery multi-layer tab welding and large-diameter wire harness welding[61] - The control circuit board development project, with a cost of 350 million, was completed and accepted, achieving a domestic advanced level in ultrasonic welding systems[61] - The laser 3D vision detection project, with a cost of 162 million, was completed and accepted, achieving a domestic advanced level in rubber tire inspection[61] - The transducer R&D project, with a cost of 1.15 billion, was completed and accepted, achieving a domestic leading level in ultrasonic system basic technology R&D[61] - The micro-seam continuous welding machine project, with a cost of 182 million, was completed and accepted, achieving a domestic advanced level in hygiene product welding[61] - The lithium battery industry ultrasonic equipment development project, with a cost of 1.351 billion, is in prototype testing, aiming for a domestic advanced level in lithium battery tab welding[62] - The non-metal industry ultrasonic equipment development project, with a cost of 1 billion, is in prototype testing, aiming for a domestic advanced level in plastic welding or non-woven fabric welding[62] - The semiconductor ultrasonic equipment development project, with a cost of 2.95 billion, is in prototype testing, aiming for a domestic advanced level in semiconductor welding and inspection[62] - The wire harness ultrasonic equipment development project, with a cost of 1.8 billion, is in prototype testing, aiming for a domestic advanced level in wire harness welding[62] - The tire cutting and inspection equipment development project, with a cost of 1 billion, is in prototype testing, aiming for a domestic leading level in tire inspection and cutting[62] - Total R&D investment increased by 57.55% year-over-year, driven by higher personnel and equipment costs, including employee compensation, stock-based payments, and depreciation[64] - The company developed a 40K metal welding generator with an 800W rated power, primarily used for lithium battery tab welding and cylindrical battery case welding[65] - A new AGV intelligent transport vehicle was developed, featuring high stability, material lifting and rotation capabilities, and an independent control system, mainly used in production logistics[63] - The company launched a new air spring bag forming machine, aimed at improving product performance, fatigue resistance, burst strength, and lifespan, primarily used in high-end automotive air suspension systems[63] - A non-crystalline transformer automatic forming device was developed to address low efficiency, complex operations, and inconsistent product performance in production processes[63] - The company introduced a welding test platform for semi-automatic aging tests of standard welding machines, primarily used for pre-shipment welding tests[65] - A wire harness terminal machine was developed for ultrasonic metal welding of electric vehicle high-voltage harnesses, capable of welding terminals up to 120 square millimeters[65] - The company expanded its semiconductor field applications and advanced packaging equipment R&D, targeting the low domestic market share in semiconductor testing core equipment[66] - A metal welding roller welding system was developed for multi-layer tab welding, supporting dual-push dual-roll and ultrasonic additive manufacturing research[65] - The company transitioned from product-centric to user-centric, offering integrated equipment that combines pre- and post-process technologies, and launched monitoring systems for various production stages[66] - The company's ultrasonic metal welding technology can increase the number of weldable layers from 80 to 150 (up to 200 with a dual ultrasonic system), with power fluctuation reduced from ±10% to ±5%, improving welding quality[68] - The welding quality monitoring system achieves a detection accuracy rate of over 95%, ensuring high-quality welding and preventing batch defects in lithium battery production lines[68] - The ultrasonic high-speed rolling welding system can achieve high-speed rolling welding of lithium battery composite current collectors, with real-time monitoring of power, amplitude, temperature, and pressure waveforms[68] - The dual-channel ultrasonic power supply technology can handle a maximum power of 16KW, significantly enhancing welding capabilities[68] - The ultrasonic dust removal technology achieves a dust particle removal rate of over 98% for particles larger than 6μm[68] - The company's R&D personnel increased by 97 people, a 48.99% year-on-year growth, with 30 additional personnel holding master's degrees or higher[72] - R&D investment in 2023 reached 117.43 million yuan, accounting for 22.36% of the company's operating revenue[73] - The company has obtained 343 authorized patents and 64 software copyrights, demonstrating strong R&D capabilities[73] - The R&D team consists of 295 personnel, accounting for 38.31% of the company's total workforce[73] - The company has established a comprehensive technical chain covering the entire process of ultrasonic industrial applications, providing integrated solutions for various industries[73] - The company has a dedicated non-standard design team to quickly respond to customer needs, providing advantages in non-standard design, welding stations, and automation applications[76] - The company has accumulated strong customer resources and brand advantages through its R&D capabilities, high-end talent, and sales network, gaining recognition from well-known clients in industries such as new energy batteries, automotive wiring harnesses, and semiconductors[76] - The company will continue to focus on technological innovation to drive business development, leveraging its ultrasonic technology platform to expand applications in semiconductor and medical fields[124] - The company plans to deepen the application of ultrasonic technology in the new energy sector and expand its use in semiconductor and medical industries[125] - The company will increase R&D investment, improve the R&D environment, and optimize R&D processes to maintain a leading technological advantage[125] Market Expansion and Sales - The company focused on expanding its market in the automotive wiring harness and semiconductor sectors, leveraging its ultrasonic technology platform[34] - New products such as ultrasonic welding equipment for large-diameter wiring harnesses and ultrasonic cleaning devices have received small batch orders[35] - The company strengthened its sales team and enhanced technical and after-sales service capabilities to improve market share[35] - The company primarily uses direct sales for product distribution, with a dedicated marketing team responsible for market maintenance and expansion[42] - The company operates in the "C35 Special Equipment Manufacturing" industry, focusing on ultrasonic welding, cutting, and inspection equipment, with increasing market share in China[43] - The company has a strong presence in the power battery, automotive wiring harness, and tire cutting markets, with partnerships with major industry players like CATL, BYD, and Goodyear[47] - The company has developed a comprehensive ultrasonic application solution for the semiconductor industry, with a customer base including CRRC Times, BYD, and Nexperia[48] - The company aims to strengthen its marketing team and enhance technical and after-sales service capabilities to improve market share[127] - The company will expand its overseas ultrasonic equipment market and focus on brand building through academic lectures and industry exhibitions[127] Internal Management and Operational Efficiency - The company has strengthened internal management, improved operational efficiency, and promoted digital transformation through the enhancement of CRM, ERP, WMS, and HR systems[12] - The company has expanded its supply chain management by fostering strategic partnerships and centralized procurement, achieving cost reduction through material control and classification management[12] - The company has enhanced quality management by integrating preventive control and quality improvement throughout the process, optimizing product quality management[12] - The company will improve its human resource management system to maximize the potential of its workforce and support sustainable development[128] - The company will strengthen internal control construction to enhance corporate governance and operational management levels[128] Risks and Challenges - The company faces risks from rapid technological changes in downstream industries, requiring continuous R&D investment to meet evolving customer demands, particularly in the power battery and semiconductor sectors[78] - There is a risk of technology leakage due to the loss or disclosure of core technical personnel, which could negatively impact the company's business development[78] - The company's power battery ultrasonic welding equipment is primarily used in the tab welding process, with a relatively small market size estimated at 1-2 billion RMB annually from 2022 to 2025[80] - The company has a high customer concentration and relies heavily on major clients in the power battery industry, which poses risks if competitors offer more competitive products[81] - The company's accounts receivable increased significantly to 194.38 million RMB, accounting for 9.48% of current assets, raising concerns about potential bad debt risks[82] - The company's inventory value reached 226.52 million RMB, representing 11.04% of current assets, with risks of inventory impairment if downstream clients face operational difficulties[83] - The company faces potential gross margin decline in its power battery welding equipment business due to pricing pressures from major clients and competition from international players like Branson[84] - The company's rubber tire cutting equipment business is also at risk of gross margin decline if downstream clients increase cost control or if raw material and labor costs rise significantly[84] - The company's business revenue is closely tied to downstream industry performance. A slowdown or decline in downstream industries could adversely affect the company's performance[86] - The company's fundraising projects include the construction of an intelligent ultrasonic equipment manufacturing base and a technology R&D center, with potential risks from economic and policy changes[87] - The fundraising projects will result in an annual increase in depreciation and amortization expenses of RMB 14.7687 million, accounting for 3.29% of the expected annual new sales revenue[87] - The company faces risks from uncontrollable factors such as policy changes, economic conditions, natural disasters, and unforeseen events[88] Corporate Governance and Shareholder Meetings - The company held 2 shareholder meetings and 6 board meetings in the reporting period, ensuring compliance with legal and regulatory requirements[130] - The company's board of directors consists of 5 members, including 2 independent directors, and has established four specialized committees[130] - The company's supervisory board, consisting of 3 members, held 5 meetings to oversee financial status and executive performance[131] - The company held a total of 2 shareholders' meetings during the reporting period, including 1 annual general meeting and 1 extraordinary general meeting[135] - All proposals at the shareholders' meetings were approved without any rejections[136] - The company's Chairman and General Manager, Zhou Hongjian, holds 16,225,303 shares, an increase of 4,635,801 shares due to capital reserve conversion[138] - The total number of shares held by directors, supervisors, and senior management increased by 5,587,326 shares to 19,555,642 shares[138] - The total pre-tax compensation for directors, supervisors, and senior management in the reporting period was 4.8675 million yuan[138] - Yangtai Enterprise Management holds 21,834,053 shares of the company, with Zhou Hongjian owning 100% of Yangtai Enterprise Management[142] - Jianlin Enterprise Management holds 9,716,364 shares of the company, with Duan Zhongfu owning 11.53%, Lu Jun owning 1.44%, Yin Wanwu owning 1.73%, Sun Kai owning 4.32%, Zhao Jiewei owning 3.60%, Shi Xinhua owning 9.21%, and Sun Wen owning 1.44% of Jianlin Enterprise Management[142] - Shi Xinhua also holds 9.21% of Nengru Enterprise Management, and Sun Wen holds 3.54% of Nengru Enterprise Management[142] - Zhou Hongjian, Duan Zhongfu, Sun Kai, Zhao Jiewei, and Shi Xinhua indirectly hold company shares through the Fucheng Haifutong Jiaocheng Shares Employee Participation in the Science and Technology Innovation Board Strategic Placement Collective Asset Management Plan[142] - Zhou Hongjian serves as the executive director of Yangtai Enterprise Management since September 2016[143] - Duan Sifu serves as the executive managing partner of Jianlin Enterprise Management since November 2016[143] - Shi Xinhua serves as the executive managing partner of Nengru Enterprise Management since December 2020[143] - Zhou Hongjian is the executive managing partner of Shanghai Ruiputai Enterprise Management Partnership since August 2023[144] - Sui Hongyan serves as the executive director of Shanghai Yajin Technology Co., Ltd. since October 2022[144] - Yang Xiaowei is a researcher at the School of Chemistry and Chemical Engineering, Shanghai Jiao Tong University since June 2020[144] - The company held 18 board meetings in 2023, with key resolutions including the approval of the 2023 Restricted Stock Incentive Plan and adjustments to the plan[183][184] - The company's Audit Committee held 4 meetings in 2023, reviewing key financial reports, asset impairment provisions, and amendments to internal governance documents[188] - The company adjusted the composition of the Audit Committee, with Chairman and General Manager Zhou Hongjian stepping down and Sui Hongyan being elected as a new member[187] - The company approved the use of excess raised funds to repay bank loans and permanently supplement working capital[183] - The company revised its Articles of Association and internal governance systems multiple times throughout the year[183][184] - The company implemented a cash management strategy using temporarily idle raised funds and idle own funds[183