中信建投证券股份有限公司 关于深圳市三旺通信股份有限公司 2023 年度持续督导跟踪报告 | 保荐机构名称：中信建投证券股份有 | 被保荐公司名称：深圳市三旺通信股份 | | --- | --- | | 限公司 | 有限公司 | | 保荐代表人姓名：刘能清 | 联系方式：0755-23953842 联系地址：广东省深圳市福田区鹏程一 | | | 路广电金融中心大厦 35 层 | | 保荐代表人姓名：林建山 | 联系方式：0755-23931335 | | | 联系地址：广东省深圳市福田区鹏程一 | | | 路广电金融中心大厦 35 层 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2020〕 3216 号文"批准，深圳市三旺通信股份有限公司（简称"公司"或"三旺通 信"）于上海证券交易所向社会公众公开发行人民币普通股（A 股）1,263.20 万 股。本次公司发行新股的发行价为 34.08 元/股，募集资金总额为 43,049.86 万元， 扣除发行费用 4,609.77 万元后，实际募集资金净额为 38,440.08 万元。本次公开 发行股票于 2020 年 12 月 30 日在上海证券交易 ...

证券代码：688618 证券简称：三旺通信 深圳市三旺通信股份有限公司 2023 年年度股东大会会议资料 二零二四年四月 | 深圳市三旺通信股份有限公司 2023 | | 年年度股东大会会议须知 2 | | --- | --- | --- | | 深圳市三旺通信股份有限公司 2023 | | 年年度股东大会会议议程 4 | | 议案一：关于公司 年度董事会工作报告的议案 | 2023 | 7 | | 议案二：关于公司 年度监事会工作报告的议案 | 2023 | 8 | | 议案三：关于公司 年度财务决算报告的议案 | 2023 | 9 | | 议案四：关于公司 年度财务预算报告的议案 | 2024 | 10 | | 议案五：关于公司 年年度报告及其摘要的议案 | 2023 | 11 | | 议案六：关于公司 | 2023 | 年度利润分配及资本公积金转增股本方案的议案 12 | | 议案七：关于公司董事薪酬方案的议案 | | 13 | | 议案八：关于公司监事薪酬方案的议案 | | 14 | | 议案九：关于调整公司 2022 | | 年限制性股票激励计划回购价格并回购注销部分限制 | | 性股票的议案 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.32, 1.59, and 1.96 billion for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 27, 22, and 18 times [8][23]. Core Insights - The company has shown steady growth in performance, with revenue for 2023 reaching 439 million, a year-on-year increase of 30.9%, and a net profit of 109 million, up 13.77% year-on-year [24][23]. - The company is transitioning from a product-based enterprise to a full-stack product solution provider, enhancing its order acquisition capabilities and market competitiveness [24]. - The company is focusing on the industrial communication market, with significant revenue growth in sectors such as industrial internet, smart cities, and smart transportation, achieving year-on-year growth rates of 79.48%, 69.57%, and 49.25% respectively [25]. - The company is expanding its overseas market presence, with international sales reaching 47 million, a 20.51% increase year-on-year, and establishing a foothold in various countries [26]. Financial Summary - Revenue and net profit forecasts for 2024, 2025, and 2026 are projected to be 577 million, 742 million, and 933 million, and 132 million, 159 million, and 196 million respectively [8][11]. - The company's gross margin for 2023 was 56.94%, with a slight decrease of 1.26 percentage points year-on-year, while the operating expense ratio was 34.25%, down 2.63 percentage points year-on-year [24]. - The return on equity (ROE) is expected to improve from 12.1% in 2022 to 15.7% by 2026 [23].

深圳市三旺通信股份有限公司 投资者关系活动记录表 （2024 年 4 月） 证券简称：三旺通信 证券代码：688618 编号：2024-010 □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 □新闻发布会 ■路演活动 动类别 □现场参观 ■其他（电话会议、券商策略会） 平安基金 翟森 汇添富基金 夏正安、左剑 富国基金 王佳晨、肖晶 国泰基金 王茜、王宗凯 国联基金 陈祖睿 参与单位名称 圆信永丰基金 汪萍 及人员姓名 摩根士丹利基金 雷志勇 华商基金 龙天怡、张晓、童力、高兵 招商资管 吴彤 西南证券 曾庆亮 国信证券 袁文翀 浙商证券 黄王琥 时间 2024年4月1日-3日 地点 上海、深圳 公司接待人员 董事会秘书：熊莹莹 姓名 证券事务代表：邹榕容 投资者关系活 问题1：公司解决方案在储能领域的应用情况以及主要解决什么问 ...

深圳市三旺通信股份有限公司 投资者关系活动记录表 （2024 年 3 月） 证券简称：三旺通信 证券代码：688618 编号：2024-009 ■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 □新闻发布会 ■路演活动 动类别 ■现场参观 ■其他（电话会议） 参与单位名称 西部利得基金管理有限公司 吴畏、王邵哲 及人员姓名 中庚基金管理有限公司 谢钊懿、陆伟成 汇丰晋信基金管理有限公司 李凡、豆怡凡 长盛基金管理有限公司 侯智中 国投瑞银基金管理有限公司 马柯 国泰基金管理有限公司 智健 诺德基金管理有限公司 孙小明 兴合基金管理有限公司 侯吉冉 华商基金管理有限公司 王毅文 国联安基金管理有限公司 苗瑜 诺安基金管理有限公司 刘晓飞 汇添富基金管理股份有限公司 夏正安 江苏养正投资基金管理有限公司 刘鹏 山东薏宸私募投资基金管理有限公司 朱华烽 上海远海私募基金管理有限公司 邵万琦 上海勤辰私募基金管理合伙企业(有限合伙) 钱玥 深圳市君子乾乾私募证券投资基金管理有限 张艺 ...

[Table_StockInfo] 2024 年 03 月 26 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：40.60 元 三旺通信（688618）通信 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，23年全年公司实现营收 4.4亿元，yoy+30.9%； 归母净利润 1.1亿元，yoy+13.8%。23Q4单季度实现收入 1.3亿元，yoy+12.1%； 归母净利润 0.3 亿元，yoy-5.5%。业绩基本符合预期。 业绩符合预期，利润受股份支付影响。公司全年业绩基本符合预期，增速与 22 年基本持平。利润增速有所下滑主要受股份支付费用影响，加回 1 千万左右的 股份支付费用后的利润增速恢复到 24.5%，与收入增幅匹配。展望 24年，公司 在 23年煤炭智能化投入低于预期的背景下，下游多点开花依旧保持了较高的业 绩增速，随着 24年煤炭逐步复苏和新质生产力设备更新，业绩有望再上台阶。 细分行业多点开花，毛利费用维持稳定。从细分行业来看，各细分子行业均保 持了较高增速。23 年公司在智慧能源领域实现营收 1.8 亿元，yoy+20.9%；工 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has experienced rapid revenue growth, driven by the expanding industrial internet sector and increasing demand in downstream terminal application markets. Revenue from smart energy, industrial internet, smart transportation, and smart city segments reached 1.77, 0.97, 0.77, and 0.51 billion yuan, respectively, with year-on-year growth rates of 20.99%, 82.90%, 51.20%, and 75.40% [2]. - The company is transitioning from a product-based model to an end-to-end full-stack product solution provider, with new solution revenue reaching 0.65 billion yuan, accounting for 14.73% of total revenue. The gross margin for solutions is lower than that of traditional products, leading to a slight decrease in overall gross margin to 56.94% [18]. Financial Performance - In 2023, the company achieved total revenue of 4.39 billion yuan, a year-on-year increase of 30.90%, and a net profit of 1.09 billion yuan, up 13.77% year-on-year. The net profit margin was 24.88% [7][12]. - The company forecasts net profits of 1.52, 1.87, and 2.28 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE multiples of 20, 17, and 14 [3][9]. - The company’s operating expenses are aligned with revenue growth, with sales, management, R&D, and financial expense ratios at 12.82%, 7.15%, 13.99%, and 0.30%, respectively [18]. Market Position - The company is recognized as a rare provider of end-to-end industrial communication solutions and is actively expanding into emerging and overseas markets [3].

Dividend and Share Capital - The company plans to distribute a cash dividend of 5.2 RMB per 10 shares, totaling approximately 38.71 million RMB, which represents 35.40% of the net profit attributable to shareholders for 2023[6]. - The company intends to increase its share capital by 4.8 shares for every 10 shares held, resulting in an increase of approximately 35.73 million shares, raising the total share capital to about 110.17 million shares[6]. Financial Performance - The company's operating revenue for 2023 reached CNY 439,425,959.66, representing a year-on-year increase of 30.90%[23]. - Net profit attributable to shareholders was CNY 109,346,143.17, up 13.77% compared to the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 94,570,156.56, reflecting a growth of 25.90% year-on-year[23]. - The net cash flow from operating activities was CNY 51,549,560.89, an increase of 32.78% from the previous year[29]. - Total assets at the end of 2023 amounted to CNY 1,080,068,468.07, a 7.89% increase compared to the end of the previous year[29]. - Basic earnings per share for 2023 were CNY 1.46, a rise of 13.18% from 2022[25]. Research and Development - The R&D expenditure as a percentage of operating revenue was 13.99%, down from 17.18% in the previous year[25]. - The company invested 61.46 million in R&D, accounting for approximately 13.99% of its operating revenue[48]. - The company holds a total of 35 invention patents, 55 utility model patents, 8 design patents, and 144 software copyrights as of the end of 2023[48]. - The company has established a structured approach to R&D management, including product market departments and strict adherence to IPD process management[140]. - The R&D team consists of 1 PhD, 13 Master's degree holders, and 156 Bachelor's degree holders, indicating a diverse educational background[139]. Market Expansion and Strategy - The company is actively expanding into emerging markets and overseas markets, leveraging its strengths in market, research and development, procurement, and services[38]. - The company is transitioning from a product supplier to a full-stack product solution provider, focusing on digital transformation and intelligent upgrades in various industries[39]. - The company achieved an overseas market revenue of 46.67 million, representing a year-on-year growth of 20.51%[51]. - The company is focused on integrating IT, CT, OT, and DT technologies to meet the common needs of industrial enterprises for rapid and low-cost digitalization[72]. Operational Efficiency and Management - The company has established a supply chain management committee to synchronize various business processes, improving operational efficiency and decision-making accuracy[59]. - The company has implemented a digital management system (PAS) to improve process efficiency and ensure product design quality, adhering to a customer-centric approach[57]. - The company has implemented a management mechanism to support innovation and ensure alignment with industry development trends[140]. Risks and Challenges - The company faces risks related to core technology leakage, which could adversely affect its competitive edge and operational performance[147]. - Continuous R&D investment is crucial for maintaining technological advancement, with risks associated with failing to keep pace with industry trends[148]. - The company is vulnerable to talent loss, which could limit its competitive capacity if it fails to retain key personnel[150]. - Fluctuations in the supply of critical raw materials, particularly chips, pose a risk to timely product delivery and business expansion[151]. Product Development and Innovation - The company has launched numerous new digital solutions in various industrial scenarios, enhancing its market share in high-end segments[73]. - The company has completed the development and mass production of the new IES5200/5100/2100SL series products, addressing supply chain issues related to imported chips[120]. - The company has developed multiple patented technologies, including electromagnetic compatibility technology, which meets national standards and enhances product performance in harsh environments[110]. Customer and Market Position - The company has built a strong customer base with a focus on high-quality clients, optimizing its customer structure to enhance brand influence and market share[143]. - The company operates 21 service offices across major cities in China, ensuring a 24-hour response principle to meet customer needs promptly[144]. - The company has maintained a leading position in next-generation industrial communication technologies such as TSN, industrial 5G RedCap, and WiFi6[72]. Financial Overview - The company reported a total revenue of 5,895.00 million RMB for the year, an increase from 4,871.35 million RMB in the previous year, representing a growth of approximately 20.98%[136]. - The gross profit margin for the year was 56.94%, a decrease of 1.26% from the previous year[166]. - The company's inventory at the end of the reporting period was valued at CNY 97.83 million, with a provision for inventory impairment of CNY 8.06 million, representing 7.61% of the total inventory[154].

证券代码：688618 证券简称：三旺通信 公告编号：2024-013 深圳市三旺通信股份有限公司 第二届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 深圳市三旺通信股份有限公司（以下简称"公司"）第二届董事会第十八次会议于 2024 年 3 月 15 日以电话和电子邮件方式发出会议通知，并于 2024 年 3 月 25 日以现 场结合通讯表决方式在公司会议室召开。本次会议由董事长熊伟先生召集和主持，会 议应出席董事 5 名，实际出席董事 5 名，公司监事和高级管理人员列席了会议。本次 会议的召集、召开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 等相关法律法规及《深圳市三旺通信股份有限公司章程》（以下简称"《公司章程》"） 的规定，会议决议合法、有效。 二、董事会会议审议情况 全体董事对本次董事会会议议案进行了审议，经表决形成如下决议： (一) 审议通过了《关于公司 2023 年度总经理工作报告的议案》。 经审议，董事会认为：2023 年度公司总经 ...

证券代码：688618 证券简称：三旺通信 深圳市三旺通信股份有限公司 2023年度社会责任报告 二〇二四年三月 目录 | 报告说明 | 01 | 董事长致辞 | 03 | | --- | --- | --- | --- | | 走进三旺通信 | 07 | 聚焦2023 | 13 | | 笃行治理·稳步发展 | 23 | 兢兢业业·创新发展 | 27 | | （一）三会运作情况 | 23 | （一）钻研技术创新 | 27 | | （二）内控合规管理 | 24 | （二）核心技术突破 | 27 | | （三）规范信息披露 | 25 | （三）产学研发展 | 36 | | （四）投资者关系管理 | 26 | | | | （五）股东权益保护 | 26 | | | | 携手前行·共建生态 | 37 | 赋能增效·绿色经营 | 41 | | （一）产品质量体系 | 37 | （一）赋能工业互联网 | 41 | | （二）优质客户服务 | 38 | （二）能源可持续发展 | 41 | | （三）供应链管理 | 39 | （三）促进交通网络智能化 | 42 | | | | （四）助力城市高效管理 | 43 | | | | ...