Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue and profitability have shown significant growth in Q3 2024, with revenue reaching 7.56 billion yuan, up 20.1% YoY and 18% QoQ, and net profit reaching 0.78 billion yuan, up 117% YoY and 47.1% QoQ [1] - The gross margin in Q3 2024 was 28.8%, up 4 percentage points YoY and 3.9 percentage points QoQ, while the net margin was 10.1%, up 4.5 percentage points YoY and 2 percentage points QoQ [1] - The company's strong performance is attributed to the growth in major customer sales, improved product competitiveness, and optimized customer and product structure [1] Business Performance - The company's automotive speaker business achieved revenue of 9.42 billion yuan in H1 2024, up 20.3% YoY, driven by increasing demand for higher-quality audio systems in vehicles [2] - The automotive amplifier business saw revenue of 2.07 billion yuan, up 58.2% YoY, while the AVAS (Acoustic Vehicle Alerting System) business generated 0.59 billion yuan, up 62.4% YoY [2] - The combined revenue from amplifiers and AVAS accounted for 21.5% of total revenue, up 4.2 percentage points YoY, indicating a diversification in product offerings [2] Customer and Capacity Expansion - The company has secured new projects from several well-known automotive manufacturers, with mass production expected within the next 1-2 years [2] - The company is expanding its production capacity, with ongoing automation upgrades at its Czech and Mexico factories, and the new Hefei factory is nearing completion, with trial production expected within the year [2] Financial Forecasts - The company is expected to achieve EPS of 1.62/1.91/2.23 yuan for 2024-2026, with a CAGR of 32% for net profit attributable to shareholders [3] - Revenue is projected to grow to 29.09/34.38/39.54 billion yuan in 2024-2026, with a CAGR of 18.19% [4] - The gross margin is expected to remain stable at around 26.8% from 2024 to 2026, while the net margin is forecasted to increase to 9.01% by 2026 [8] Key Assumptions - The company's speaker shipments are expected to grow to 9000/9500/10000 million units in 2024-2026, with a 10% annual increase in unit price and a gross margin of 28% [7] - Automotive amplifier shipments are projected to reach 62/78/91 million units in 2024-2026, with a gross margin of 24% [7] - AVAS shipments are expected to grow to 284/381/457 million units in 2024-2026, with a gross margin of 21% [7]

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： 证券代码：688533 证券简称：上声电子 公告编号：2024-086 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 股票交易异常波动公告 1 苏州上声电子股份有限公司（以下简称"公司"）股票交易连 续三个交易日内（2024 年 10 月 31 日、11 月 1 日和 11 月 4 日） 收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所科 创板股票上市规则》（以下简称"《科创板上市规则》"）《上 海证券交易所交易规则》《上海证券交易所科创板股票异常交 易实时监控细则》等有关规定，属于股票交易异常波动情形。 经公司自查，并向公司第一大股东苏州上声投资管理有限公司 发函确认，截至本公告披露日，公司和第一大股东不存在影响 公司股票交易异常波动的重大事项；不存在其他应披露而未披 露的重大信息，包括但不限于正在筹划涉及公司的并购重组、 股份发行、债务重组、业务重组、资产剥离和资产注入等重大 事项。公司目前日常经营情况正常，未发生重大变化 ...

1、截止目前,本公司不存在涉及贵司的应当披露而未披露的重 大事宜; 2、本公司不存在处于筹划阶段的涉及贵司的重大事项,包括但 不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产 剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等可能对贵司股票交易价格产生较大影响的重大事 项;不存在可能导致贵司股权发生变化的事项; 关于苏州上声电子股份有限公司 股票交易异常波动问询函的回函 苏州上声电子股份有限公司: 本公司收到贵司发来的《苏州上声电子股份有限公司股票交易异 常波动问询函》,本公司为苏州上声电子股份有限公司的第一大股东, 经认真自查确认,现回复如下: 特此回复。 第一大股东:苏州上声投资 高草) 11 月 4 日 3、在贵司股票交易异常波动期间,本公司不存在买卖贵司股票 的行为。 ...

Investment Rating - Maintains an "Overweight" rating with a target price increase to 43.75 RMB [5][13] Core Views - The company's Q3 2024 performance exceeded expectations, driven by new project ramp-ups and the digestion of high-cost inventory materials, leading to rapid revenue growth and improving profitability [3][5] - Revenue for the first nine months of 2024 reached 1.99 billion RMB, a 25.2% YoY increase, with net profit attributable to shareholders at 190 million RMB, up 76.9% YoY [5] - Q3 2024 revenue was 760 million RMB, a 20.1% YoY increase, with net profit attributable to shareholders at 80 million RMB, up 117% YoY [5] - Gross margin improved significantly to 28.8% in Q3 2024, up 3.97 pct YoY and 3.89 pct QoQ, while net margin reached 10.14%, up 4.5 pct YoY and 2.05 pct QoQ [5] - The company benefits from the automotive acoustics upgrade trend, with key clients like Huawei, Li Auto, and Xiaomi driving new vehicle deliveries and new product releases [5] Financial Summary - Revenue for 2024E is projected at 2.85 billion RMB, a 22.5% increase from 2023A, with net profit attributable to shareholders expected to reach 282 million RMB, up 77.3% YoY [6] - EPS for 2024E is forecasted at 1.76 RMB, up 0.18 RMB from previous estimates, with 2025E and 2026E EPS projected at 2.22 RMB and 2.88 RMB, respectively [5][6] - ROE is expected to rise from 12.2% in 2023A to 22.2% in 2026E, reflecting improving profitability [6] - The company's P/E ratio is projected to decrease from 34.03 in 2023A to 11.74 in 2026E, indicating potential undervaluation [6] Industry and Market Position - The company is a domestic leader in automotive acoustics, benefiting from the trend of increased speaker and amplifier configurations in electric and intelligent vehicles [5] - Key clients include Huawei, Li Auto, and Xiaomi, with new vehicle deliveries and orders driving growth [5] - The company is expected to expand its customer base and order book, leveraging its advantages in production capacity, manufacturing, and R&D [5] Valuation and Target Price - The target price is raised to 43.75 RMB, based on a 20x PE multiple for 2025E, up from the previous target of 31.60 RMB [5][13] - The current price is 33.81 RMB, with a 52-week price range of 20.45-48.70 RMB [7][8] - The company's market capitalization is 5.41 billion RMB, with a total of 160 million shares outstanding [8]

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 ...