2024 年 09 月 02 日 评级 买入 | --- | --- | |------------------------------------|--------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n10.26 | | 52 周价格区间（元） | 10.22-47.44 | | 总市值（百万） | 5609.60 | | 流通市值（百万） | 5310.62 | | 总股本（万股） | 54674.40 | | 流通股（万股） | 51760.40 | 涨跌幅比较 | --- | --- | --- | --- | |-------------------------------------|-----------------|----------|---------| | | | | | | | | | | | 16% | 高测股份 | 光伏设备 | | | -4% -24% -44% | | | | | -64% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | % | 1M | 3M | 12M | | 高测股份 ...

证券代码：688556 证券简称：高测股份 | --- | --- | --- | |-------------------------|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 非金融公司|公司点评|高测股份（688556） 中报点评：业绩短期承压，静待行业修 复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月31日 证券研究报告 |报告要点 2024H1 公司实现营收 26.5 亿元，同比+5%；实现归母净利润 2.7 亿元，同比-62%；扣非归母 净利润为 2.4 亿元，同比-66%。我们预计公司 2024-2026 年营业收入分别为 63.6/80.0/98.8 亿元，同比增速分别为+3%/+26%/+23%；归母净利润分别为 5.5/8.6/11.6 亿元，同比增速分 别为-62%/+57%/+34%。我们认为公司高护城河且盈利稳定增长，维持"买入"评级。 |分析师及联系人 SAC：S0590524040006 刘晓旭 蒙维洒 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月31日 高测股份(688556) 中报点评：业绩短期承压，静待行业修复 | --- | --- | |----------------------------|---------------------| ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][3]. Core Views - The company reported a revenue of 2.646 billion yuan in the first half of 2024, a year-on-year increase of 4.96%, but the net profit attributable to shareholders decreased by 61.80% to 273 million yuan, primarily due to the oversupply in the photovoltaic industry and declining prices along the supply chain [1][2]. - The report anticipates a recovery in profitability as the industry undergoes capacity clearing, with the company expected to gain a larger market share post-recovery [2][3]. Financial Performance Summary - **Revenue and Profitability**: In Q2 2024, the company achieved a revenue of 1.226 billion yuan, down 2.82% year-on-year, with a net profit of 61 million yuan, reflecting an 83.91% decline [1]. - **Gross Margin**: The gross margin for Q2 2024 was 19.00%, a decrease of 31.40 percentage points year-on-year, while the net margin was 4.98%, down 25.09 percentage points year-on-year [1]. - **Order Backlog**: As of June 30, 2024, the company had a backlog of orders for photovoltaic cutting equipment amounting to 1.293 billion yuan [1]. Business Segment Performance - **Photovoltaic Cutting Equipment**: The company generated 1.349 billion yuan in revenue from this segment in the first half of 2024, a year-on-year increase of 66.95%, with a gross margin of 24.03% [2]. - **Cutting Materials**: Revenue from cutting materials was 334 million yuan, a decline of 51.67% year-on-year, with a gross margin of 24.12% [2]. - **Silicon Wafer and Cutting Services**: This segment reported revenue of 750 million yuan, down 10.79% year-on-year, with a gross margin of 20.03% [2]. Future Projections - The report forecasts the company's net profit attributable to shareholders to be 410 million yuan in 2024, 430 million yuan in 2025, and 610 million yuan in 2026, with corresponding P/E ratios of 14, 14, and 10 times [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1][21] Core Views - The company's performance has been impacted by the photovoltaic industry chain, with a revenue of 2.646 billion yuan in the first half of 2024, a year-on-year increase of 4.96%. However, the net profit attributable to shareholders decreased by 61.80% to 273 million yuan [2][10] - The company's gross margin for the first half of 2024 was 26.19%, down 20.58 percentage points year-on-year, indicating a decline in profitability [12][14] - The company is expected to benefit from increased production capacity in the slicing subcontracting segment and improved efficiency in diamond wire production, which may enhance market share and profitability in the future [3][20] Summary by Sections Financial Performance - In H1 2024, total revenue reached 2.646 billion yuan, with photovoltaic cutting equipment revenue at 1.349 billion yuan (up 67% year-on-year), slicing subcontracting revenue at 750 million yuan (down 11%), and diamond wire revenue at 334 million yuan (down 52%) [2][10] - The net profit attributable to shareholders was 273 million yuan, a decrease of 61.80% year-on-year, while the non-recurring net profit was 238 million yuan, down 65.67% [2][10] Profitability Analysis - The gross margin for H1 2024 was 26.19%, with a significant decline in the second quarter to 19.00%, reflecting the overall price decline in the photovoltaic industry [12][14] - The net profit margin for H1 2024 was 10.31%, down 18.01 percentage points year-on-year, indicating reduced profitability [12][14] Operational Metrics - As of Q2 2024, the company's contract liabilities were 357 million yuan (down 46% year-on-year), and inventory was 1.1 billion yuan (down 30%) [15][17] - The company had a backlog of orders for photovoltaic cutting equipment amounting to 1.293 billion yuan [15] Market Position and Future Outlook - The slicing subcontracting capacity exceeded 60 GW, with expectations for increased market share due to technological advantages [3][20] - The company aims to enhance the efficiency of diamond wire production, with a focus on reducing costs and increasing output [20]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,646,231,380.59, representing a 4.96% increase compared to CNY 2,521,093,517.42 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 61.80% to CNY 272,705,394.16 from CNY 713,861,015.19 year-on-year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 65.67% to CNY 237,668,909.25 compared to CNY 692,327,266.20 in the previous year[19]. - The net cash flow from operating activities was negative at CNY -485,127,931.82, a significant decline from CNY 477,148,909.67 in the same period last year, marking a 201.67% decrease[19]. - The company's revenue for the reporting period (January to June) increased by 4.96% year-on-year, while net profit attributable to shareholders decreased by 61.80%[20]. - Basic earnings per share (EPS) decreased by 64.29% to CNY 0.50, and diluted EPS decreased by 63.50% to CNY 0.50[20]. - The weighted average return on equity (ROE) dropped by 23.03 percentage points to 6.56%[20]. - The company's total assets decreased by 12.81% to CNY 8,526,227,315.54 from CNY 9,778,457,886.18 year-on-year[19]. Research and Development - Research and development (R&D) expenses accounted for 5.47% of operating revenue, a decrease of 1.11 percentage points compared to the previous year[20]. - The company achieved a total R&D investment of ¥144,653,018.70, a decrease of 12.86% compared to ¥165,996,330.29 in the same period last year[61]. - The company applied for 151 new patents during the reporting period, with 212 patents granted, bringing the cumulative totals to 1,724 applications and 973 grants[59]. - The company is focusing on expanding its R&D efforts in semiconductor, silicon carbide, sapphire, and magnetic materials, alongside its core photovoltaic silicon cutting technology[59]. - The company has established a comprehensive R&D system aimed at enhancing product value, which includes teams for product development, equipment research, and process research[66]. Market Position and Strategy - The company has become one of the major suppliers of photovoltaic cutting equipment globally, maintaining the largest market share despite increased competition in the photovoltaic industry[38]. - The company has established long-term cooperative relationships with leading photovoltaic enterprises, enhancing customer stickiness and competitive advantage[69]. - The company’s integrated service model, combining cutting equipment, consumables, and processing technology, continues to drive customer engagement and market competitiveness[68]. - The company is strategically positioned to benefit from the global shift towards silicon carbide semiconductors, driven by the demand in electric vehicles and renewable energy sectors[37]. - The company focuses on R&D of cutting equipment and consumables for the photovoltaic industry, leveraging core technology to enhance production efficiency and product quality[23]. Corporate Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report[4]. - The company has not disclosed any special arrangements for corporate governance[7]. - The semi-annual report has not been audited[4]. - The company has established mechanisms for environmental protection and is classified as a key pollutant discharge unit[110]. - The company’s governance procedures for the shareholders' meeting complied with relevant laws and regulations[103]. Environmental Responsibility - The company invested 7.6265 million CNY in environmental protection during the reporting period[110]. - The company reported a chemical oxygen demand (COD) discharge concentration of 45 mg/L, which is compliant with the B-level standards[110]. - The collection efficiency of the acid mist absorption tower exceeds 95%, ensuring that emissions meet standards through a 15-meter high exhaust stack[112]. - The company has developed an emergency response plan for environmental incidents, which has been filed and is regularly rehearsed[114]. - There were no administrative penalties due to environmental issues during the reporting period[116]. Shareholder Information - The company plans to distribute a cash dividend of 3.80 CNY per 10 shares, totaling approximately 207.76 million CNY (including tax) based on a total share capital of 546,743,918 shares as of June 30, 2024[5]. - The company’s profit distribution plan is in line with its disclosed shareholder return plan and aims to protect the rights of minority investors[106]. - The total number of shares increased to 546.74 million after the completion of the stock incentive plan and the conversion of convertible bonds[140]. - The top ten shareholders held a total of 159.24 million shares, representing 29.13% of the total shares[142]. - The company has a long-term commitment to ensure compliance with relevant laws and regulations regarding share reduction[123]. Financial Position - The company's total assets amounted to approximately 8.53 billion CNY as of June 30, 2024, down from 9.78 billion CNY at the end of 2023, reflecting a decrease of 12.8%[160]. - The company's accounts receivable increased to approximately 2.73 billion CNY as of June 30, 2024, compared to 2.09 billion CNY at the end of 2023, an increase of 30.9%[159]. - The company's inventory decreased to approximately 1.10 billion CNY as of June 30, 2024, from 1.57 billion CNY at the end of 2023, a decline of 30.0%[159]. - The company's long-term investments in debt instruments increased to approximately 172.00 million CNY as of June 30, 2024, compared to 80.06 million CNY at the end of 2023, an increase of 114.4%[159]. - The total current liabilities decreased to approximately 3.67 billion CNY as of June 30, 2024, from 5.06 billion CNY at the end of 2023, a reduction of 27.4%[160].

关于 国信证券股份有限公司 青岛高测科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务第三次临时报告 （2024 年度） 二〇二四年八月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《青 岛高测科技股份有限公司与国信证券股份有限公司签订的青岛高测科技股份有 限公司 2021 年度向不特定对象发行可转换公司债券之受托管理协议》（以下简 称"受托管理协议"）、《青岛高测科技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"）等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人国信证券 股份有限公司（以下简称"国信证券"）编制。国信证券对本报告中所包含的从 上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实 性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国信证 券不承担任何责任。 2 ...

| 证券代码：688556 | 证券简称：高测股份 公告编号：2024-052 | | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | 青岛高测科技股份有限公司 关于调整公司组织架构的公告 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。 青岛高测科技股份有限公司（以下简称"公司"）于 2024 年 7 月 31 日召开第 四届董事会第一次会议，审议通过了《关于调整组织架构的议案》。 为了更好地保障公司发展战略的顺利实施，进一步优化公司治理结构，整合 资源配置，提高公司管理水平和运营效率，根据公司实际生产经营需要，公司对 组织架构进行了调整与优化，具体如下： 1、公司新设风控与审计管理办公室，原审计部并入风控与审计管理办公室， 风控与审计管理办公室负责集团风险管理体系的建设、风险控制及内部审计，直 接向董事会汇报工作。 2、原公共事务中心更名为行政服务中心，原公共事务中心除行政服务外其 他职能划入其他部门。 3、原总经办下设部门集团运营管理部、企业发展部、智能制造部调整为一 级部门，不再隶属于 ...

北京德和衡律师事务所 关于青岛高测科技股份有限公司 2024年第一次临时股东大会的 法律意见书 德和衡证见意见（2024）第159号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于青岛高测科技股份有限公司 2024年第一次临时股东大会的 法律意见书 德和衡证见意见（2024）第159号 致：青岛高测科技股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受青岛高测科技股份有限公司（以下简称 "公司"或"贵公司"）的委托，指派本所律师出席贵公司 2024 年第一次临时股东大会。本 所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股东大会规则》 （以下简称"《股东大会规则》"）《青岛高测科技股份有限公司章程》（以下简称"《公司 章程》"）及相关法律法规以及规范性文件的规定，就本次股东大会的有关事宜出具本法律意 见书。 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会议表决程序和表决结果的合法有效性等发表意 ...

第四届监事会第一次会议决议公告 | 证券代码：688556 | 证券简称：高测股份 | 公告编号：2024-050 | | --- | --- | --- | | 转债代码：118014 | 转债简称：高测转债 | | 青岛高测科技股份有限公司 二、监事会会议审议情况 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）和《中国证券 报》《上海证券报》《证券时报》《证券日报》披露的《青岛高测科技股份有限公司 关于董事会、监事会换届完成并选举董事会各专门委员会委员及聘任高级管理人员、 证券事务代表的公告》。 本公司监事会及全体监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、监事会会议召开情况 青岛高测科技股份有限公司（以下简称"公司"）于 2024 年 7 月 31 日召开 2024 年第一次临时股东大会，选举产生了公司第四届监事会非职工代表监事，同日，公司 召开 2024 年第一次职工代表大会，选举产生第四届监事会职工代表监事。为保证监 事会工作的衔接和连贯性，公 ...