Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [16]. Core Views - The company achieved a revenue of 61.84 billion yuan in 2023, representing a growth of 73%, and a net profit attributable to the parent company of 14.61 billion yuan, up 85%, exceeding expectations [11]. - The main revenue source remains photovoltaic cutting equipment, generating 28.77 billion yuan in 2023, with a stable gross margin of 32% [11]. - The company plans to expand its production capacity significantly, with a target of over 100GW in cutting capacity by 2026 [11]. Financial Summary - **Revenue Growth**: Projected revenues for 2024, 2025, and 2026 are 75.47 billion yuan, 93.72 billion yuan, and 111.61 billion yuan, respectively, with growth rates of 22.05%, 24.17%, and 19.09% [3][8]. - **Net Profit**: Expected net profits for the same years are 10.13 billion yuan, 13.11 billion yuan, and 16.09 billion yuan, with corresponding growth rates of -30.65%, 29.34%, and 22.81% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 2.99 yuan, 3.87 yuan, and 4.75 yuan for 2024, 2025, and 2026, respectively [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 10.14x, 7.84x, and 6.39x [3][8]. Business Highlights - **Cutting Services**: The company has established long-term partnerships with major clients and has achieved a cutting capacity of 38GW by the end of 2023, with plans to increase this to 63GW by the end of 2024 [11]. - **Wire Production**: The company has significantly increased its wire output, reaching 5,600 million km in 2023, a 66% year-on-year growth, and plans to enhance its tungsten wire production [11].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [28] Core Views - The company reported a significant increase in revenue and profit for 2023, with operating income reaching 61.84 billion yuan, a year-on-year growth of 73.19%, and net profit attributable to the parent company at 14.61 billion yuan, up 85.28% [28][29] - The company has demonstrated resilience in its platform layout, with strong growth in its equipment, consumables, slicing, and innovative business segments [28] - The company has a robust order backlog, with a total order amount of 1.00 billion yuan for innovative business equipment, reflecting a year-on-year increase of 36.99% [22] Financial Summary - **Revenue Forecasts**: Projected operating income for 2024, 2025, and 2026 is 80.98 billion yuan, 102.86 billion yuan, and 124.31 billion yuan respectively [29] - **Net Profit Forecasts**: Expected net profit for the same years is 13.96 billion yuan, 16.72 billion yuan, and 19.72 billion yuan respectively [29] - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to be 4.12 yuan, 4.93 yuan, and 5.82 yuan for 2024, 2025, and 2026 respectively [29] - **Key Financial Ratios**: The company’s gross margin is projected to decline from 42.49% in 2023 to 32.28% in 2026, while the net profit margin is expected to decrease from 23.63% to 15.86% over the same period [30] Business Segments Performance - **Photovoltaic Cutting Equipment**: Achieved operating income of 28.77 billion yuan in 2023, a year-on-year increase of 95.16%, accounting for 46.5% of total revenue [28] - **Diamond Wire**: Revenue from diamond wire reached 11.62 billion yuan, up 38.36% year-on-year, with a gross margin of 58.55% [28] - **Slicing Processing Services**: Generated 17.19 billion yuan in revenue, reflecting an 84.99% year-on-year growth [28] - **Innovative Business**: Contributed 2.52 billion yuan in revenue, a 60.71% increase year-on-year, with a gross margin of 56.63% [28] Market Position and Strategy - The company maintains a leading market share in cutting equipment, with a strong order backlog of 22.60 billion yuan for photovoltaic cutting equipment, up 53.32% year-on-year [28] - Continuous cost reduction and efficiency improvements have significantly enhanced the gross margin of diamond wire products [28] - The company is expanding its cutting scenarios and has launched new products to capture additional market opportunities [28]

青岛高测科技股份有限公司 2023 年年度股东大会会议资料 | 证券代码：688556 | 证券简称：高测股份 | | --- | --- | | 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 2023 年年度股东大会会议资料 2024 年 4 月 1 / 48 青岛高测科技股份有限公司 2023 年年度股东大会会议资料 青岛高测科技股份有限公司 2023 年年度股东大会会议资料目录 | 2023 | 年年度股东大会会议须知 3 | | --- | --- | | 2023 | 年年度股东大会会议议程 5 | | 2023 | 年年度股东大会会议议案 7 | | | 议案 1：《关于公司 2023 年年度报告及摘要的议案》 8 | | | 议案 2：《关于公司 2023 年年度财务决算报告的议案》 9 | | | 议案 3：《关于公司 2023 年年度利润分配及资本公积转增股本暨高送转方案 | | | 的议案》 10 | | | 议案 4：《关于公司 2023 年度董事会工作报告的议案》 12 | | | 议案 5：《关于公司 2023 年度监事会工作报告的议案》 13 | | ...

可转债转股结果暨股份变动公告 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。 | 证券代码：688556 | 证券简称：高测股份 | 公告编号：2024-017 | | --- | --- | --- | | 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 重要内容提示： 累计转股情况：截至 2024 年 3 月 31 日，"高测转债"累计有人民币 51,000 元已转换为公司股票，转股数量为 839 股，占"高测转债"转股前公司已 发行股份总额的 0.000263%。 未转股可转债情况：截至 2024 年 3 月 31 日，"高测转债"尚未转股的 可转债金额为人民币 483,249,000 元，占"高测转债"发行总量的 99.9894%。 本季度转股情况："高测转债"自 2023 年 1 月 30 日起可转换为公司股 份，自 2024 年 1 月 1 日至 2024 年 3 月 31 日期间，"高测转债"未发生转股。 因 2022 年年度利润分配及资本公积转增股本方案已实施完成，上述有 ...

[Table_Main] 证券研究报告 | 公司点评 高测股份(688556.SH) 2024 年 04 月 01 日 证券分析师 市场表现 -71% -57% -43% -29% -14% 0% 14% 2023-03 2023-07 2023-11 高测股份 沪深300 1.《高测股份（688556.SH）：预计业 绩高速增长，产能持续扩张业绩逐步 兑现》，2024.1.24 2.《高测股份（688556.SH）：业绩贴 近预告上限，设备+耗材+服务业绩持 续兑现》，2023.10.29 3.《高测股份（688556.SH）：Q3 业绩 持续高速增长》，2023.10.16 事件：公司发布 2023 年年报，2023 年公司实现营业收入 61.84 亿元，同比增长 73.19%；实现归母净利润 14.61 亿元，同比增长 85.28%。 盈利预测：考虑到 2024 年光伏行业需求或有所波动，预计公司 2024-2026 年归 母净利润分别为 12.57、15.76、19.04 亿元，维持"增持"评级。 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | --- | ...

证券代码：688556 证券简称：高测股份 青岛高测科技股份有限公司投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 动类别 □新闻发布会 √路演活动 □现场参观 √电话会议 参与单位名称 睿远基金、博时基金、东吴基金、易方达基金、东海基金、国寿安保基金、浙商基 及人员姓名 金、泉果基金、景顺长城基金、永赢基金、国联安基金、诺安基金、安信基金、红 土创新基金、南方基金、前海开源基金、长信基金、招商基金、兴证全球基金、申 万宏源证券、华福证券、国新证券、上海证券、国联证券、长城证券、开源证券、 东方证券、国盛证券、华泰证券、东北证券、华安证券、西部证券、西南证券、东 方财富证券、东吴证券、财通证券、国信证券、东海证券、华西证券、财信证券、 浙商证券、摩根大通证券（中国）、中金公司、国泰君安证券、长江证券、海通证 券、兴业证券、光大证券、德邦证券、高盛（中国）证券、方正证券、中信证券、 山西证券、中银国际证券、中国银河证券、国都证券、瑞银证券、中邮证券、天风 证券、平安证券、国金证券、恒泰证券、民生证券、广发证券、太平洋证券、甬兴 证券、汇泉基金、泰信基金、光大保德信基金 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [12]. Core Insights - The company has significantly increased its R&D investment, with expenses reaching 389 million yuan in 2023, a year-on-year increase of 73%. The number of R&D personnel has also doubled to 584, with an average salary of 392,800 yuan [2]. - The company is focusing on technological innovation in high-capacity, automated cutting equipment and has established a joint research lab with partners to advance n-type silicon wafer technology [2]. - The company is expected to experience substantial revenue growth, with projections of 7.52 billion yuan in 2024, 8.86 billion yuan in 2025, and 10.29 billion yuan in 2026, alongside net profits of 1.20 billion yuan, 1.49 billion yuan, and 1.78 billion yuan respectively [15]. Financial Performance - The company's total revenue for 2023 was 6.18 billion yuan, reflecting a 73.19% increase year-on-year. The net profit attributable to shareholders reached 1.46 billion yuan, an 85.28% increase [17]. - The gross margin for 2023 was 42.49%, while the net margin was 23.63%, indicating a slight improvement in profitability metrics compared to the previous year [17]. - The company reported a significant increase in cash flow from operating activities, amounting to 1.19 billion yuan, a 433% increase year-on-year [17]. Capacity Expansion and Market Position - The company is expanding its production capacity, with ongoing projects expected to enhance total capacity significantly. The anticipated completion of new facilities will further solidify its market position [14]. - The company has established long-term partnerships with major clients, which is expected to drive growth in its cutting and processing services [15].

高测股份（688556.SH） 公司发布 2023 年年度报告。2023 年公司实现营收 61.84 亿元，同比+73.19%；归母净利润 14.61 亿元，同比+85.28%；扣非归母净利润 14.35 亿元，同比+91.32%。2023 年 Q4 公司实 现营收 19.73 亿元，同比+42.97%，归母净利润 2.88 亿元，同比-19.99%，扣非归母净利润 2.95 亿元，同比-11.68%。2023 年单 4 季度毛利率为 35.0%（同比-9.2pct、环比-9.8pct）， 净利率为 14.6%（同比-11.5pct、环比-12.5pct）。公司单 4 季度利润下滑、盈利能力承压， 我们认为主要原因是光伏行业阶段性产能过剩、产业链价格下行，导致硅片行业开工率不足、 行业盈利承压。看未来，在行业产能出清的背景下，具备强阿尔法能力的公司将率先触底反弹、 获取更大的份额，盈利也将同步回升。 光伏切割设备：技术实力领先，龙头地位稳固。2023 年公司光伏切割设备实现营业收入 28.77 亿元，同比增长 95.16%，毛利率为 32.19%，同比-1.01pct。截至 2023 年 12 月 31 日， ...

2023 年报点评：业绩为预告中枢，看好切片 代工长期趋势 2024 年 03 月 27 日 ◼ 业绩持续高增，为预告中枢：2023 年公司实现营业收入 61.8 亿元，同比 +73%，其中光伏切割设备营收 28.8 亿元，同比+95%，占比 47%，光伏切 割耗材收入 11.6 亿元，同比+38%，占比 19%，切片代工业务收入 17.2 亿 元，同比+85%，占比 28%，创新业务收入 2.5 亿元，同比+61%，占比 4%； 归母净利润 14.6 亿元，同比+85%；扣非归母净利润 14.4 亿元，同比+91%。 ◼ 盈利预测与投资评级：考虑到下游需求影响,我们维持公司 2024-2025 年归 母净利润为 9.9/13.8 亿元，预计 2026 年归母净利润为 16.8 亿元，对应 PE 为 11/8/7 倍，维持"买入"评级。 市场数据 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|----------|---------|----------|----------| | 盈利预测与估值 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 | --- | --- | |---------------------------------|------------------------| | | | | 基础数据 : | 年 12 月 31 日 | | 每股净资产（元） | 11.98 | | 资产负债率 % | 58.46 | | 总股本/ 流通 A 股（百万） | 339/321 | | 流通 B 股 /H 股（百万） | -/- | 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 苏萌 A0230122080001 sumeng@swsresearch.com 联系人 苏萌 (8621)23297818× sumeng@swsresearch.com ——收入稳健增长，看好未来盈利改善 请务必仔细阅读正文之后的各项信息披露与声明 【投资收益及其他】包括投资收益、其他收益、净敞 ...