Investment Rating - The report maintains a **Buy** rating for the company with a target price of **46.48 CNY** [2][5] Core Views - The company's Q3 performance exceeded market expectations, with revenue reaching **7.56 billion CNY**, a year-on-year increase of **20.1%**, and net profit attributable to the parent company of **0.78 billion CNY**, a year-on-year increase of **116.9%** [1] - Gross margin improved significantly in Q3, reaching **28.8%**, up **4.0 percentage points** year-on-year and **3.9 percentage points** quarter-on-quarter, driven by stable raw material prices such as rare earths [1] - The company has expanded its customer base in the new energy vehicle sector, securing projects with major clients like Tesla (T client) and Mercedes-Benz (M client), which are expected to drive future revenue growth [1] - The company is advancing the construction of its Hefei factory, which is expected to add significant production capacity, including **12 million low-frequency speakers**, **6 million mid-frequency speakers**, and **1.8 million electronic products** annually [1] Financial Performance - Revenue for the first three quarters of 2023 was **19.94 billion CNY**, a year-on-year increase of **25.2%**, with net profit attributable to the parent company of **1.90 billion CNY**, up **76.9%** year-on-year [1] - Operating cash flow for the first three quarters was **1.96 billion CNY**, a year-on-year decrease of **6.2%** [1] - The company's EPS for 2024-2026 is forecasted to be **1.66 CNY**, **2.14 CNY**, and **2.77 CNY**, respectively, with a target price of **46.48 CNY** based on a 28x PE ratio for 2024 [2] Industry and Market Performance - The company's stock price as of November 1, 2024, was **33.81 CNY**, with a 52-week high/low of **49.76 CNY** and **20.18 CNY**, respectively [5] - The company's market capitalization is **5.41 billion CNY**, with a total of **160 million shares** outstanding [5] - The company's stock has shown strong performance over the past three months, with a **42.9%** increase in absolute terms and **29.13%** relative to the CSI 300 index [6] Future Outlook - The company is expected to benefit from the growth of new energy vehicle clients, with revenue projected to grow from **2.33 billion CNY** in 2023 to **4.57 billion CNY** in 2026 [4] - Gross margin is expected to remain stable at around **26.5%** from 2024 to 2026, with net profit margin increasing from **6.8%** in 2023 to **9.7%** in 2026 [4] - The company's ROE is forecasted to improve from **13.2%** in 2023 to **21.7%** in 2026, driven by increased profitability and operational efficiency [4]

证券代码：688533 证券简称：上声电子 公告编号：2024-085 债券代码：118037 债券简称：上声转债 ●未转股可转债情况：截至 2024 年 9 月 30 日，"上声转债"尚 未转股的可转债金额为人民币 519,948,000 元，占"上声转债"发行 总量的 99.9900%。 ●本季度转股情况：自 2024 年 7 月 1 日起至 2024 年 9 月 30 日， "上声转债"转股的金额为人民币 0 元，因转股形成的股份数量为 0 股，占"上声转债"转股前公司已发行股份总额的 0.0000%。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2023〕1093 号文核准，公 司于 2023 年 7 月 6 日向不特定对象发行可转换公司债券 520 万张， 每张面值 100.00 元，发行总额 52,000 万元，扣除不含税发行费用人 民币 1,232.92 万元，实际募集资金净额为人民币 50,767.08 万元。 本次发行的可转债的期限为自发行之日起六年，即自 2023 年 7 月 6 日至 2029 年 7 月 5 日。 苏州上声电子股份有限公司 可转债转股结果暨股份变动公告 本 ...

特此公告。 一、获取补助的基本情况 苏州上声电子股份有限公司（以下简称"公司"）自 2024 年 3 月 30 日至 2024 年 9 月 30 日期间，累计获得政府补助为人民币 3，269.99 万元，均为与收益相关的政府补助，其中已收到大额政府补助为研发 及产业化项目财政补助资金 630 万元，收到其他政府补助合计 639.99 万元，尚未收到市级先进技术研究院建设财政补助资金 2,000 万元。 二、补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号——政府补助》有关规定，公司已 确认补助事项并划分补助类型，上述获得的政府补助预计将对公司利 润产生一定的积极影响，具体的会计处理以及对公司损益的影响情况 仍须以审计机构年度审计确认后的结果为准，敬请广大投资者注意投 资风险。 证券代码：688533 证券简称：上声电子 公告编号：2024-084 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 关于获得政府补助的公告 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。 苏州上声电子股份有限 ...

证券代码：688533 证券简称：上声电子 公告编号：2024-083 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%以上股东集中竞价减持计划完成 暨股份减持结果公告 本公司董事会、全体董事及相关股东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。 本次股份减持计划实施前，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。 集中竞价减持计划的实施结果情况 一、集中竞价减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 苏州上声 投资管理 有限公司 5% 以上第一 大股东 42,000,000 26.25% IPO 前取得： 42,000,000 股 公司于 2024 年 8 月 9 日披露了《苏州上声电子股份有限公司关于 持股 5%以上股东减持股 ...

证券代码：688533 证券简称：上声电子 公告编号：2024-082 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 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 09 月 25 日(星期三)下午 14:00-15:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 09 月 25 日下午 14:00-15:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 18 日(星期三) ...

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]

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].