Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is driven by dual engines: panel and storage testing, leading to significant revenue growth [1] - The company reported a revenue of 5.66 billion yuan for the first three quarters of 2024, a year-on-year increase of 52.48%, while net profit decreased by 6.33% to 0.51 billion yuan [1] - The report highlights the company's strong market position in the semiconductor storage testing equipment sector, with a low domestic production rate and increasing demand from local manufacturers [1] Financial Summary - Revenue (million yuan): - 2022A: 505 - 2023A: 649 - 2024E: 901 - 2025E: 1,233 - 2026E: 1,584 - Year-on-year growth rates: - 2023A: 29% - 2024E: 39% - 2025E: 37% - 2026E: 28% [1] - Net Profit (million yuan): - 2022A: 66 - 2023A: 116 - 2024E: 111 - 2025E: 204 - 2026E: 269 - Year-on-year growth rates: - 2023A: 75% - 2024E: -4% - 2025E: 84% - 2026E: 32% [1] - Earnings Per Share (EPS): - 2022A: 0.70 - 2023A: 1.23 - 2024E: 1.18 - 2025E: 2.17 - 2026E: 2.86 [1] Market Position and Growth Drivers - The company is positioned to benefit from the expansion of downstream production capacity and upgrades in the semiconductor testing equipment market [1] - The report notes that the company has completed the verification of key modules for its wafer testing machines, which are now in the validation phase at customer sites [1] - The government subsidies and the increasing domestic demand for semiconductor testing equipment are expected to provide a solid foundation for order growth [1]

深圳精智达技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 证券代码：688627 证券简称：精智达 公告编号：2024-039 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： | 回购方案首次披露日 | 2024/3/7 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 3,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 100.0000 万股 | | 累计已回购股数占总股本比例 | 1.06% | | 累计已回购金额 | 4,476.4512 万元 | | 实际回购价格区间 | 元/股~64.26 元/股 37.93 | 一、 回购股份的基本情况 深圳精智达技术股份有限公司（以下简称"公司"）于 2024 年 3 月 5 日召开 第三届董事会第十七次会议，审议通过了《关于以 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥204,594,175.38, representing a year-on-year increase of 65.12%[2] - The net profit attributable to shareholders for Q3 2024 was ¥13,174,582.45, a decrease of 35.10% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥10,368,475.28, showing a slight increase of 2.10% year-on-year[2] - The basic earnings per share for Q3 2024 were ¥0.14, down 41.67% year-on-year[3] - The diluted earnings per share for Q3 2024 were also ¥0.14, reflecting the same decline of 41.67% compared to the previous year[3] - The net profit for Q3 2024 was CNY 51,740,429.93, slightly down from CNY 51,786,676.00 in Q3 2023, representing a decrease of approximately 0.09%[18] - The total profit for Q3 2024 was CNY 57,928,194.66, compared to CNY 58,446,964.48 in the same period last year, indicating a decline of about 0.89%[18] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.55, down from CNY 0.72 in Q3 2023, reflecting a decrease of approximately 23.61%[19] - The company's net profit for the first three quarters of 2024 is not explicitly stated, but the increase in revenue suggests a positive trend in profitability[17] Research and Development - The total R&D investment for Q3 2024 was ¥25,130,454.56, an increase of 16.34% compared to the same period last year, accounting for 12.28% of operating revenue[3] - The company’s R&D investment for the year-to-date period increased by 57.60%, reflecting its commitment to long-term development and new technology[8] - The company reported a significant increase in research and development expenses, which rose from ¥49,229,434.32 to ¥77,583,473.38, an increase of about 57.6%[17] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥115,253,709.83 for the year-to-date period, indicating increased cash outflows due to expanded sales activities[2] - The company's cash and cash equivalents amount to ¥158,870,473.88 as of September 30, 2024, compared to ¥740,627,391.21 at the end of 2023[13] - The cash flow from operating activities for the first three quarters of 2024 was CNY 386,340,308.24, down from CNY 418,391,270.26 in the same period of 2023, a decrease of about 7.66%[21] - The net cash flow from investing activities for Q3 2024 was CNY -377,092,870.24, compared to CNY -522,095,796.75 in Q3 2023, showing an improvement of approximately 27.73%[21] - The cash and cash equivalents at the end of Q3 2024 were CNY 156,303,791.88, down from CNY 632,888,597.44 at the end of Q3 2023, a decrease of approximately 75.30%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 3,951[9] - The largest shareholder, Zhang Bin, holds 17,474,715 shares, representing 18.59% of the total shares[10] - The second-largest shareholder, Shenzhen Guozhong Venture Capital Management Co., Ltd., holds 5,230,902 shares, accounting for 5.56%[10] - The number of shareholders with voting rights restored is not applicable[9] - There are no changes in the participation of major shareholders in margin financing and securities lending[12] Operational Insights - The company has not reported any significant operational issues during the reporting period[13] - The company indicated plans for market expansion and new product development, although specific details were not provided in the report[17] Asset and Liability Overview - The total assets at the end of Q3 2024 were ¥1,917,830,810.69, a decrease of 3.94% from the end of the previous year[3] - The total assets of the company as of the end of the third quarter of 2024 amounted to ¥1,917,830,810.69, down from ¥1,996,487,508.09 at the end of 2023, a decrease of about 3.9%[16] - The total liabilities decreased from ¥275,498,156.48 to ¥222,919,823.30, representing a reduction of approximately 19%[15] - The company's total current assets increased slightly from ¥1,760,800,531.41 to ¥1,775,320,348.96, indicating a growth of about 0.8%[14] - Long-term equity investments increased from ¥53,870,817.03 to ¥78,720,067.03, showing a growth of approximately 46.2%[14] Inventory and Receivables - Inventory decreased from ¥237,575,336.93 to ¥156,256,073.24, reflecting a reduction of approximately 34.2%[14] - Accounts receivable rose to ¥414,735,388.05 from ¥219,467,642.32[13] - The company reported a significant increase in prepayments, rising to ¥6,855,075.24 from ¥4,829,487.26[13] Foreign Exchange and Impairment - The company reported a foreign exchange loss of CNY -210,656.85 in Q3 2024, compared to a gain of CNY 501,917.09 in Q3 2023[19] - The company experienced a credit impairment loss of CNY -18,669,238.12 in Q3 2024, compared to CNY -1,094,379.47 in Q3 2023, indicating a significant increase in credit losses[18]

重要内容提示： | 回购方案首次披露日 | 2024/3/7 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 3,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 100.0000 万股 | | 累计已回购股数占总股本比例 | 1.06% | | 累计已回购金额 | 4,476.4512 万元 | | 实际回购价格区间 | 元/股~64.26 元/股 37.93 | 一、 回购股份的基本情况 深圳精智达技术股份有限公司（以下简称"公司"）于 2024 年 3 月 5 日召开 第三届董事会第十七次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司已发行的部分 人民币普通股（A 股）股票，用于股权激励或员工持股计划。本次回购资金总额不 低于人民币 3,000 万元（含），不超过人民币 5,000 万元（含），回购价格不超过 人民币 83.57 元 ...

证券代码：688627 证券简称：精智达 公告编号：2024-037 二、 说明会召开的时间、地点 (一)会议召开时间：2024 年 10 月 14 日 上午 11:00-12:00 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： 深圳精智达技术股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 14 日上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩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。 深圳精智达技术股份有限公司 关于召开 2024 年半年度业绩说明会的公告 四、 投资者参加方式 会议召开时间：2024 年 10 月 14 日（星期一）上 ...

中信建投证券股份有限公司 关于深圳精智达技术股份有限公司 2024年半年度持续督导跟踪报告 | 保荐机构名称： | 被保荐公司名称： | | --- | --- | | 中信建投证券股份有限公司 | 深圳精智达技术股份有限公司 | | 保荐代表人姓名：赵润璋 | 联系方式：021-68801554 | | | 联系地址：上海市浦东新区浦东南路 528 号上 | | | 海证券大厦北塔 2203 室 | | 保荐代表人姓名：李海龙 | 联系方式：021-68801584 | | | 联系地址：上海市浦东新区浦东南路 528 号上 | | | 海证券大厦北塔 室 2203 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2023〕1170 号"批准，深圳精智达技术股份有限公司（以下简称"公司"或"精智达"）向 社会公开发行人民币普通股（A股）2,350.2939万股，每股发行价格为人民币 46.77元，募集资金总额为人民币109,923.25万元，扣除各项发行费用（不含增值 税）人民币11,266.79万元后，募集资金净额为人民币98,656.46万元。本次公开发 行股票于2023年7月18日在上海 ...

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： | 回购方案首次披露日 | 2024/3/7 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 3,000 万元~5,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 94.5000 万股 | | 累计已回购股数占总股本比例 | 1.01% | | 累计已回购金额 | 4,189.8656 万元 | | 实际回购价格区间 | 37.93 元/股~64.26 元/股 | 证券代码：688627 证券简称：精智达 公告编号：2024-036 深圳精智达技术股份有限公司 关于以集中竞价交易方式回购公司股份比例达到总股 本 1%暨回购进展公告 一、 回购股份的基本情况 深圳精智达技术股份有限公司（以下简称"公司"）于 2024 年 3 月 5 日召开 第三届董事会第十七次会议，审议通 ...

深圳精智达技术股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 证券代码：688627 证券简称：精智达 公告编号：2024-035 回购股份价格上限由不超过人民币 83.57 元/股（含）调整为不超过人民币 83.20 元 /股（含），调整后的回购价格上限于 2024 年 7 月 1 日生效。具体内容详见公司于 2024 年 7 月 2 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 2023 年 年度权益分派实施后调整回购股份价格上限的公告》（公告编号：2024-025）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》和《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份的实施情况公告如下： 2024 年 8 月，公司通过集中竞价交易方式回购股份 41.2987 万股，占公司总 股本的比例为 0.44% ...

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a positive outlook for its future performance [2]. Core Insights - The company has established itself as a leader in the new display device testing equipment and semiconductor storage device testing equipment sectors, benefiting from the domestic production trends in OLED and DRAM [2]. - The company's revenue has shown significant growth, increasing from 157.2 million yuan in 2019 to 649 million yuan in 2023, with a compound annual growth rate (CAGR) of 32.83% over five years [20]. - The company is expanding its product offerings to include semiconductor testing systems, which are expected to drive further growth [19]. Summary by Sections 1. Company Overview - The company has been focused on new display device testing equipment for over a decade, developing a comprehensive product system that includes optical detection and calibration systems, aging systems, touch detection systems, and signal generators [1][13]. - Established in May 2011, the company went public on the STAR Market on July 18, 2023 [1]. 2. Market Trends - The AMOLED market is expanding, with production capacity shifting to domestic manufacturers, which is expected to drive growth in the new display testing equipment market [1]. - The semiconductor storage device market is also growing due to increased demand driven by AI, leading to a corresponding rise in testing equipment needs [2]. 3. Financial Performance - The company's revenue from new display device testing reached 565 million yuan in 2023, a year-on-year increase of 27.33%, while semiconductor storage testing equipment revenue reached 83 million yuan, growing by 45.52% [20][22]. - The company’s net profit for 2023 was 112 million yuan, a 74.81% increase from the previous year [20]. 4. Investment Recommendations - The report forecasts earnings per share (EPS) of 1.65 yuan, 2.31 yuan, and 3.13 yuan for the years 2024, 2025, and 2026, respectively, indicating strong future profitability [2][5].

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-08-27 | | 收盘价 ( 元 ) | 40.30 | | 流通股本 ( 亿股 ) | 0.71 | | 每股净资产 ( 元 ) | 18.15 | | 总股本 ( 亿股 ) | 0.94 | | 最近 12 月市场表现 | | -50% -33% -15% 3% 20% 38% 精智达 沪深300 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《利润大幅增长，半导体产品研发稳 步推进》 2023-11-02 2. 《存储测试打开新格局，国产检测设 备突破者》 2023-09-01 精智达(688627) / 通用设备 / 公司点评 / 2024.08.28 营收与利润稳步增长，半导体业务稳步推进 证券研究报告 ❖ 事件：精智达发布 2024 年半年报：2024H1 公司实现营收 3.62 亿元，同比增 长 46.15%；实现归母净利润 0.38 亿元，同比增长 1 ...