Investment Rating - The investment rating for the company is "Buy" with a 12-month target price of Rmb 41.00, while the current stock price is Rmb 37.80 [2]. Core Insights - The company expects a revenue growth of approximately 10% year-on-year for 2024, with traditional lithium battery equipment underperforming due to demand-side issues, contributing around Rmb 200 million in revenue [5]. - For 2025, the company projects a revenue growth of 20% year-on-year, driven by a 20%-30% increase in lithium battery equipment revenue and a 50% increase in consumables [5]. - The company anticipates the landing of approximately 10GWh project orders in 2025, with a projected order value of Rmb 300-400 million per GWh [5]. Summary by Sections Financial Performance - Revenue is projected to grow from Rmb 525 million in 2023 to Rmb 1.871 billion by 2028, with a significant increase in net profit from Rmb 66 million in 2023 to Rmb 622 million in 2028 [4]. - The company expects an improvement in gross margin in 2025, primarily driven by a better revenue mix [5]. Market Position - The company has been steadily increasing its market share in the lithium battery sector, despite facing challenges in traditional equipment sales [5]. - Consumables are expected to contribute Rmb 1.5 billion in revenue, reflecting a 50% year-on-year growth [5]. Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2025 is estimated at 32.7x, decreasing to 7.1x by 2028, indicating a potential for significant valuation improvement [4]. - The company’s market capitalization is currently Rmb 4.43 billion (approximately US$0.60 billion) [2]. Analyst Insights - Analysts have rated the industry structure as stable, with a score of 3 out of 5, indicating no significant changes expected in the regulatory environment [11]. - The company is viewed as having positive catalysts in the near term, with expected project orders and revenue growth [11].

证券代码：688392 证券简称：骄成超声 公告编号：2024-089 上海骄成超声波技术股份有限公司 关于全资子公司竞得土地使用权暨项目投资 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。 出让人：上海市闵行区规划和自然资源局 受让人：上海骄成科技开发有限公司 2、土地位置：闵行区 MHPO-1101 单元 11-17 地块 3、宗地坐落：江川街道 一、 项目投资概述 上海骄成超声波技术股份有限公司（以下简称"公司"）分别于 2024 年 10 月 25 日、2024 年 11 月 12 日召开第二届董事会第五次会议、2024 年第三次临时 股东大会，审议通过了《关于使用部分超募资金向全资子公司增资暨投资建设新 项目的议案》，同意公司使用募集资金人民币 25,000 万元向全资子公司上海骄成 科技开发有限公司（以下简称"骄成开发"）进行增资，用于实施建设"骄成超 声总部基地及先进超声装备产业化项目"。该项目总投资额预计为人民币 8 亿元 （最终项目投资总额以实际投资为准），主要用于土地购置、建设投资和设备投 资 ...

证券代码：688392 证券简称：骄成超声 公告编号：2024-088 上海骄成超声波技术股份有限公司 关于全资子公司设立募集资金专项账户并签署四方 监管协议的公告 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。 一、 募集资金基本情况 根据中国证券监督管理委员会《关于同意上海骄成超声波技术股份有限公司 首次公开发行股票注册的批复》（证监许可[2022]1547 号），公司首次向社会公开 发行人民币普通股(A 股)股票 2,050 万股，每股面值 1.00 元，发行价为每股人民 币 71.18 元。本次公开发行募集资金总额为人民币 1,459,190,000.00 元，扣除与 发行相关的费用人民币 162,827,815.69 元（不含增值税），实际募集资金净额为 人民币 1,296,362,184.31 元。上述募集资金到位情况已经容诚会计师事务所（特 殊普通合伙）审验，并出具了《验资报告》（容诚验字[2022]200Z0060 号）。公司 对募集资金采取了专户存储制度，设立了相关募集资金专项账户。募集资金到账 后，已全 ...

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：2024-018 | --- | --- | --- | |----------------|-------------------------------|-----------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投资者关系活动 | □ | 媒体采访 √业绩说明会 | | | □ 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 | 通过线上方式参与" | 2024 年上海辖区上市公司三季报集体业 | | 人员姓名 | 绩说明会"活动的广大投资者 | | | 会议时间 | 2024 年 11 月 13 日 | 15:00-16:30 | | 会议地点 | roadshow.sseinfo.com | 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： ...

上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会决议公告 证券代码：688392 证券简称：骄成超声 公告编号：2024-087 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 12 日 （二） 股东大会召开的地点：公司会议室（上海市闵行区沧源路 1488 号） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股 东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 77 | | --- | --- | | 普通股股东人数 | 77 | | 2、出席会议的股东所持有的表决权数量 | 70,742,163 | | 普通股股东所持有表决权数量 | 70,742,163 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 63.2241 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 63.2241 | （四 ...

骄成超声 法律意见书 江苏世纪同仁律师事务所关于 上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会的法律意见书 致：上海骄成超声波技术股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师出席贵公司 2024 年第三次临时股东大会，并就本次股东大会的召集、 召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效 性等事项出具法律意见。 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2024 年 10 月 25 日，贵公司召开第二届董 事会第五次会议，决定于 2024 年 11 月 12 日 14 时 30 分召开 2024 年第三次临时 股东大会。 2024 年 10 月 26 日，贵公司分别在《证券时报》《中国证券报》《证券日报》 《上海证券报》及上海证券交易所网站上刊登了《关于召开 2024 年第三次临时 股东大会的通知》的公告。 2024 年 11 月 5 日，贵公司在上海证券交易所网站刊登了公司 2024 年第三 1 骄成超声 法律意见书 次 ...

上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会会议材料 目 录 证券代码：688392 证券简称：骄成超声 | 2024 | 年第三次临时股东大会会议须知 1 | | --- | --- | | 2024 | 年第三次临时股东大会会议议程 3 | | 2024 | 年第三次临时股东大会会议议案 5 | | | 议案一：关于公司与关联方共同投资设立控股子公司暨关联交易的议案 5 | | | 议案二：关于使用部分超募资金向全资子公司增资暨投资建设新项目的议案 6 | 上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会会议资料 二〇二四年十一月 上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会会议材料 上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会会议材料 上海骄成超声波技术股份有限公司 2024 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》以 及《上海骄成超声波技术股份有限公司章程》《上海骄成超声波技术股份有限公 司股东大会议事规则》等 ...

Investment Rating - The investment rating for the company is "Accumulate" [4][17]. Core Views - The company has experienced a performance inflection point, with initial success in product switching leading to anticipated growth in performance [2][3]. - The company has faced challenges due to a significant decline in sales revenue from ultrasonic equipment used in power batteries, resulting in a downward revision of EPS forecasts for 2024-2025 [3][11]. - The company is transitioning to ultrasonic equipment for wire harness connectors and semiconductor applications, with expected gradual performance improvement [3][11]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of 20 million yuan, a year-on-year decline of 73.0% [3]. - The third quarter of 2024 saw a net profit of 15 million yuan, a year-on-year increase of 16.6% and a quarter-on-quarter increase of 261.9% [3]. - Revenue for the third quarter of 2024 reached 165 million yuan, reflecting a year-on-year increase of 52.7% and a quarter-on-quarter increase of 33.77% [3]. Product Development and Market Strategy - The company is actively capturing market opportunities in the high and low voltage wire harness, charging pile, and energy storage sectors, enhancing its market share in ultrasonic equipment for wire harness connectors [3]. - Continuous market expansion efforts are leading to bulk shipments of semiconductor ultrasonic equipment and a recovery in orders for non-metal ultrasonic equipment and accessories [3]. Research and Development - The company maintains a high level of R&D investment, with the R&D expense ratio at 20.9% in the third quarter of 2024, showing a year-on-year decrease of 8.9 percentage points [3]. - The company anticipates improvements in expense ratios as new products are launched and gain traction in the market [3]. Valuation and Price Target - The target price for the company is set at 46.50 yuan, based on a 50 times PE ratio for 2025, reflecting confidence in the company's growth potential [3][11]. - The previous target price was 104.54 yuan, indicating a significant downward adjustment due to current market conditions [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q3 performance met market expectations, with a revenue of 410 million yuan for the first three quarters of 2024, a decrease of 10% year-on-year, and a net profit attributable to shareholders of 20 million yuan, down 73% year-on-year [2] - The share of non-metal welding business has increased, while the share of ear welding business has decreased, with non-metal welding and consumables accounting for approximately 50% of total revenue in Q3 [2] - The company is expanding into new business areas, including high-voltage harnesses and IGBT, which are expected to have higher profit margins and significant growth potential [2][3] Financial Performance Summary - Total revenue for 2024 is projected to be 591.54 million yuan, with a year-on-year growth of 12.63% [1] - The net profit attributable to shareholders is forecasted to be 37.12 million yuan in 2024, reflecting a year-on-year decline of 44.22% [1] - The company's EPS is expected to be 0.32 yuan per share in 2024, with a P/E ratio of 142.36 [1] Revenue and Profit Forecast - The company anticipates a revenue growth of over 10% for the full year, reaching nearly 600 million yuan, with specific revenue contributions from various segments [2] - The overall gross margin is expected to maintain between 50% and 55% for the year [2] Research and Development - The company has continued to invest in R&D, with operating expenses increasing by 21% year-on-year during the first three quarters of 2024 [3] - The operating cash flow has turned negative, indicating challenges in cash generation [3] Market Data - The closing price of the company's stock is 46.03 yuan, with a market capitalization of approximately 5.28 billion yuan [5] - The company has a P/B ratio of 3.18 and a total asset-liability ratio of 19.16% [6]

上海骄成超声波技术股份有限公司 表决结果：2 票同意，0 票反对，0 票弃权。 第二届董事会独立董事专门会议第二次会议决议 独立董事：王少劼、杨晓伟 上海骄成超声波技术股份有限公司（以下简称"公司"）第二届董事会独立 董事专门会议第二次会议于 2024 年 10 月 25 日在公司会议室以通讯方式召开。 本次会议应出席独立董事 2 名，实际出席独立董事 2 名。本次会议由独立董事王 少劼先生主持。本次会议的召集和召开程序符合《上市公司独立董事管理办法》 《上海证券交易所科创板股票上市规则》的相关规定，会议决议合法有效。经与 会独立董事审议，并以投票表决方式通过以下议案： 2024 年 10 月 26 日 1、 审议通过《关于公司与关联方共同投资设立控股子公司暨关联交易的议 案》 经审议，我们认为：本次与关联方共同投资设立控股子公司暨关联交易事项 系基于公司战略规划和业务发展需要，有利于完善公司在半导体领域的业务布局。 公司与关联方骄璞企管、周宏建共同出资可以绑定和激励核心人员，同时降低新 产品开发的投资风险和资金压力，各方均以货币出资，同股同价，定价公允合理， 遵循了公平、公正、自愿、平等互利的原则。本次共同 ...