苏州上声电子股份有限公司 投资者关系活动记录表 证券简称：上声电子 证券代码：688533 编号：2024-006 | --- | --- | --- | |----------------|------------------------|--------------------------| | | | 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 | | | 类别 | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | □ 其他（需文字说明） | __ | --- | --- | |------------------|------------------------------------------------------| | | | | 参与单位名称 | 宝盈基金 侯嘉敏；博时基金 王冠桥 | | （排名不分先后） | 大成基金 孔祥；德邦基金 史彬、汪宇 | | | 方正富邦基金 巩显峰；工银瑞信基金 杨柯 | | | 光大保德信基金 詹佳；光大资管 郭冲冲 | | | 广银理财 朱际冬；国联安基金 张一健 | | | 国信证券 杨钐；海金(大连 ...

东吴证券股份有限公司 关于苏州上声电子股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《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》等有关法律 法规的规定，东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"） 作为苏州上声电子股份有限公司（以下简称"上声电子"或"公司"）持续督 导工作的保荐机构，负责上声电子的持续督导工作，并出具 2024 年半年度持续 督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立并有效执行了持续督 | | | 针对具体的持续督导工作制定相应的工作计 | | | | 划 | 导制度，并制定了相应的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与上声电子签订《保荐协 | | | 开始前，与上市公司或相关当事人签署持续 | 议》，该协议明确了双方在持续督导期 | | | ...

Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 31.6 RMB, down from 46.9 RMB, based on a 2024 PE multiple of 20x [5][12] Core Views - The company benefits from the trend of automotive acoustic upgrades, driven by increased demand from downstream customers, leading to revenue and profit growth [3][5] - Revenue for H1 2024 reached 1.24 billion RMB, a 28.5% YoY increase, with net profit attributable to shareholders at 110 million RMB, up 56.6% YoY [5] - Key products such as speakers, amplifiers, and AVAS saw significant growth, with revenues of 940 million RMB, 210 million RMB, and 60 million RMB, respectively, representing YoY increases of 20.2%, 58.2%, and 62.4% [5] - Profitability improved due to enhanced automation, economies of scale, and better internal management, with Q2 2024 gross margin at 24.9%, up 0.14pct YoY [5] - The company is well-positioned to capitalize on the automotive electrification and intelligence trends, which are driving increased demand for car audio systems [5] Financial Performance - Q2 2024 revenue was 640 million RMB, a 25.4% YoY increase, with net profit attributable to shareholders at 50 million RMB, up 28.5% YoY [5] - Sales, management, R&D, and financial expense ratios for Q2 2024 were 0.6%, 7.5%, 5.7%, and 0.3%, respectively, showing improved cost control [5] - The company's 2024-2026 EPS forecasts remain unchanged at 1.58 RMB, 2.14 RMB, and 2.63 RMB, respectively [5] Industry Trends - The automotive acoustic upgrade trend is driven by the increasing number of speakers and amplifiers in vehicles, benefiting the company as a leading domestic player [5] - Key clients such as Huawei, Li Auto, and Xiaomi are experiencing rising new vehicle deliveries, contributing to the company's growth [5] Valuation and Market Data - The company's current market capitalization is 3.464 billion RMB, with a 52-week stock price range of 20.45-48.70 RMB [6] - The stock has underperformed recently, with a 12-month decline of 47% in absolute terms and 37% relative to the index [9] - The company's 2024E PE ratio is 13.69x, with a target price of 31.6 RMB based on a 20x PE multiple [5][12]

⚫ 收入和 客户 汽车电子产品收入增长，持续开拓新能源 核心观点 ⚫ 业绩符合预期。公司上半年营业收入 12.38 亿元，同比增长 28.5%；归母净利润 1.12 亿元，同比增长 56.6%；扣非归母净利润 0.89 亿元，同比增长 22.4%。2 季度 营业收入 6.41 亿元，同比增长 25.3%，环比增长 7.2%；归母净利润 0.53 亿元，同 比增长 28.5%，环比下降 9.3%；扣非归母净利润 0.47 亿元，同比增长 4.7%，环比 增长 11.3%。 ⚫ 2 季度毛利率微升，现金流大幅改善。上半年毛利率 24.8%，同比提升 0.7 个百分 点；2 季度毛利率 24.9%，同比提升 0.1 个百分点，环比提升 0.2 个百分点。上半年 期间费用率 15.5%，同比提升 1.0 个百分点，其中销售费用率/管理费用率/研发费用 率分别同比降低 0.8/0.2/0.8 个百分点；财务费用率同比提升 2.8 个百分点，主要系 可转债利息计提以及汇兑损失所致（上半年汇兑损失 114 万元，去年同期汇兑收益 为 2309 万元）。上半年经营活动现金流净额 2.68 亿元，同比增长 75.7%，主要系销 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.07 [1][4]. Core Insights - The company reported a robust revenue growth of 28.46% year-on-year in 1H24, with total revenue reaching RMB 1.238 billion. The gross profit margin remained stable at 24.79%, reflecting a slight increase of 0.66 percentage points year-on-year. The net profit attributable to the parent company was RMB 112 million, up 56.63% year-on-year [1][2]. - The growth was primarily driven by the speaker and amplifier segments, which saw revenue increases of 20.24% and 58.22% respectively. In Q2 2024, revenue was RMB 641 million, representing a year-on-year growth of 25.35% [1][2]. - The company is expected to benefit from the upgrade of cabin acoustic configurations and the expansion of new customer relationships, particularly with emerging players in the automotive sector [1][3]. Summary by Sections Financial Performance - In 1H24, the company achieved revenue of RMB 1.238 billion, a year-on-year increase of 28.46%. The gross profit margin was 24.79%, up 0.66 percentage points year-on-year. The net profit attributable to the parent company was RMB 112 million, reflecting a year-on-year growth of 56.63% [1][2]. - The breakdown of revenue by segments includes: - Automotive speakers: RMB 942 million, up 20.24% year-on-year - Automotive amplifiers: RMB 207 million, up 58.22% year-on-year - AVAS: RMB 59 million, up 62.43% year-on-year [2]. Future Outlook - For 2024, the company is expected to see continued growth driven by the implementation of new production capacities and improved material control. The anticipated growth from new customers such as Li Auto, NIO, Xiaomi, and Zeekr is expected to contribute positively to revenue [3]. - The company is also enhancing its production capabilities in Europe and Mexico, which is expected to improve its ability to secure contracts in the European and American markets [3]. Valuation Metrics - The projected revenues for 2024, 2025, and 2026 are RMB 2.91 billion, RMB 3.60 billion, and RMB 4.26 billion respectively. The net profit attributable to the parent company is expected to be RMB 249 million, RMB 322 million, and RMB 403 million for the same years [1][4]. - The company is assigned a 20X PE for 2024, reflecting a 25% discount due to its classification as an acoustic component manufacturer [1][4].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a year-on-year growth of 15%[2]. - The company's revenue for the first half of 2024 reached ¥1,238,428,534.19, representing a 28.46% increase compared to ¥964,021,295.08 in the same period last year[12]. - Net profit attributable to shareholders increased by 56.63% to ¥111,541,247.24 from ¥71,212,589.63 year-on-year[12]. - The net cash flow from operating activities rose by 75.70% to ¥268,051,360.75, up from ¥152,565,057.88 in the previous year[12]. - Basic earnings per share increased by 55.56% to ¥0.70, compared to ¥0.45 in the same period last year[13]. - The company reported a total revenue of 25,950.00 million, with a net profit of 7,682.66 million for the first half of 2024[41]. - The company achieved operating revenue of 1,238.43 million yuan in the first half of 2024, representing a year-on-year growth of 28.46%[52]. - Net profit attributable to shareholders reached 111.54 million yuan, an increase of 56.63% compared to the same period last year[60]. - The total profit for the first half of 2024 was ¥133,670,724.28, up from ¥79,944,651.32 in the same period last year, which is an increase of approximately 67%[156]. User Growth and Market Expansion - User data indicates a 20% increase in active users compared to the same period last year, reaching a total of 1.2 million users[2]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2025[2]. - The company attributed revenue growth to the development of the automotive market and its comprehensive competitive advantages[14]. - The company is focusing on expanding its market presence with advanced product features that meet high-end automotive audio standards[34]. Research and Development - Research and development investments have increased by 30% in 2024, focusing on innovative technologies and product enhancements[2]. - Research and development expenses accounted for 6.20% of revenue, a decrease of 0.8 percentage points compared to the previous year[13]. - The company achieved a total R&D investment of ¥76,826,618, representing a 13.91% increase compared to the previous year, with R&D investment accounting for 6.20% of operating revenue, down from 7.00%[31]. - The company applied for 18 new intellectual property rights and obtained 28 new rights during the reporting period, bringing the total to 355 applications and 231 obtained rights[30]. - The company has developed core technologies in the acoustic field, including acoustic product simulation and design, vehicle audio design, and acoustic signal processing technology, which enhance product value and competitiveness[26]. Product Development and Innovation - New product launches are expected to contribute an additional 5% to revenue growth in the upcoming quarters[2]. - The company has established a "technology + product" dual-driven R&D model, focusing on both technological development and product R&D to enhance its technological capabilities[24]. - The company is in the development phase for a new type of ultra-low frequency speaker, with a projected output of 600.00 million and a current performance of 371.98 million[35]. - A new high-performance multi-core DSP power amplifier is under development, with a target output of 1,000.00 million and current performance at 75.66 million[38]. - The company is enhancing its product line with a new multi-magnetic system speaker, targeting high-end vehicle audio systems, with a projected output of 800.00 million[36]. Financial Position and Assets - The company's total assets at the end of the reporting period were ¥2,947,178,452.98, a 2.18% increase from ¥2,884,165,557.57 at the end of the previous year[12]. - The net assets attributable to shareholders increased by 5.47% to ¥1,372,065,795.09 from ¥1,300,952,088.38 year-on-year[12]. - The company’s cash and cash equivalents as of June 30, 2024, were CNY 495,606,932.80, an increase from CNY 472,200,588.17 at the end of 2023[149]. - The total liabilities at the end of the first half of 2024 amount to RMB 1,372,065,795.09, indicating a stable financial position[168]. Sustainability and Environmental Commitment - The management highlighted a strong commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2030[2]. - The company has established an environmental management system and obtained ISO14001 certification[78]. - The company has implemented air pollution control measures with a total design air volume of 194,800 m³/h for its filtration and treatment systems[76]. - The company has committed to a share lock-up period of 36 months from the date of listing for major shareholders and related parties[81]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions but has implemented strategies to mitigate these risks[2]. - The company is exposed to risks from the cyclical nature of the automotive industry, which is closely tied to macroeconomic conditions[59]. - The company plans to expand its customer base in the new energy vehicle sector to mitigate risks associated with high customer concentration[56]. Corporate Governance and Shareholder Relations - The board of directors has approved a plan for a share buyback program, aiming to enhance shareholder value[2]. - The company did not distribute profits or increase capital reserves in the first half of 2024, with no stock dividends or bonus shares issued[71]. - Changes in the board included the resignation of three independent directors and the election of three new independent directors[70]. - The company has established commitments regarding social insurance and housing provident fund for its employees[85]. Financial Management and Cash Flow - The company reported a decrease in cash flow from investing activities, amounting to CNY -119.66 million, a 40.36% improvement from the previous year[61]. - The company’s cash flow from operating activities is expected to be the primary source for repaying the principal and interest of the convertible bonds issued[148]. - The company reported a significant increase in cash received from sales of goods and services, totaling RMB 1,385,416,379.93, compared to RMB 1,056,598,179.02 in the previous year, marking a growth of 31.0%[160].

东吴证券股份有限公司 截至本核查意见出具日，柴国强先生未直接持有公司股票，通过公司员工持 股平台苏州上声投资管理有限公司间接持有公司股份 3,599,988 股；柴国强先生 持有公司 2023 年股权激励计划授予的 3.5 万股、公司 2024 年股权激励计划授予 1 关于苏州上声电子股份有限公司 核心技术人员变动的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为苏州 上声电子股份有限公司（以下简称"上声电子"、"公司"）持续督导的保荐机 构履行持续督导职责，根据《证券发行上市保荐业务管理办法》《上海证券交易 所科创板股票上市规则》《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》等有关规定，对上声电子核心技术人员变动的事项进行了审慎核 查，核查情况及核查意见如下： 一、核心技术人员变动的具体情况 公司核心技术人员柴国强先生退休返聘协议于近期到期，根据公司内部聘用 管理制度对人员年龄上限的规定，公司决定不再与柴国强先生续签返聘协议，不 再认定其为核心技术人员。 （一）核心技术人员的具体情况 柴国强先生，中国国籍，无永久境外居留权，1954 年 8 月出生，专科学历， ...

证券代码：688533 证券简称：上声电子 公告编号：2024-078 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于核心技术人员变动的公告 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。 重要内容提示 苏州上声电子股份有限公司（以下简称"公司"）核心技术人 员柴国强先生退休返聘协议到期，根据公司内部聘用管理制度对年龄 上限的规定，公司决定不再与柴国强先生续签返聘协议、不再认定其 为核心技术人员，柴国强先生不再担任公司任何职务。 柴国强先生与公司签有相关协议，其在任职期间形成的相关知 识产权所有权均属于公司或子公司，不存在涉及专利纠纷或潜在纠纷， 不存在影响公司知识产权完整性的情况。 柴国强先生返聘期满退出后，其负责的工作已完成交接，公司 的生产经营、技术研发等工作均有序推进。柴国强先生的退出不会对 公司持续经营能力、研发实力、核心竞争力产生重大不利影响。 公司核心技术人员柴国强先生退休返聘协议于近期到期，根据公 司内部聘用管理制度对年龄上限的规定，公司决定不再与柴国强先生 续签返聘协议、不再 ...

证券代码：688533 证券简称：上声电子 公告编号：2024-077 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于持股 5%以上股东减持股份计划的公告 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。 1 一、减持主体的基本情况 （一）大胨东名称：苏州上声投资管理有限公司。 重要内容提示： 5%以上股东持股的基本情况 截至本公告披露日，苏州上声电子股份有限公司(以下简称"公 司")5%以上第一大股东苏州上声投资管理有限公司(以下简称"上声 投资")持有公司股份 42,000,000 股，占公司总股本的 26.25%。上述 股份为公司首次公开发行前取得的股份，并已于 2024 年 4 月 19 日起 上市流通。 减持计划的主要内容 上声投资系公司首次公开发行上市前设立的员工持股平台，因截 至本公告日，上声投资部分股东已离职且根据上声投资内部管理规定, 上声投资计划通过集中竞价及大宗交易方式合计减持不超过 600,012 股，自本公告之日起 15 个交易日后的 3 个月内实施。其中以集中竞 价方 ...

2、转股时间：2024 年 1 月 12 日至 2029 年 7 月 5 日 3、2024 年 7 月 8 日至 2024 年 7 月 31 日期间，苏州上声电子股 份有限公司（以下简称"公司"）股票已有 10 个交易日的收盘价低 于当期转股价格的 85%（即 25.14 元/股），存在触发《苏州上声电子 股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下 简称《募集说明书》）中规定的转股价格向下修正条件的可能性。若 触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股 价格，并及时履行信息披露义务。 根据《上海证券交易所上市公司自律监管指引第 12 号——可转 换公司债券》的有关规定，公司可能触发可转换公司债券转股价格向 下修正条件的相关情况公告如下： 证券代码：688533 证券简称：上声电子 公告编号：2024-074 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于"上声转债"预计触发转股价格向下修正条件的 提示性公告 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 ...