Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 854 million yuan for the first three quarters of 2024, representing a year-on-year increase of 8.94%, and a net profit attributable to shareholders of 152 million yuan, up 15.00% year-on-year [3][4] - The company has shown strong growth in high-end testing instruments, with a significant product iteration [4] - The company plans to grant 2.1 million restricted shares to 240 core technical personnel, reflecting confidence in long-term performance growth [4] Financial Performance - For Q3 2024, the company achieved a revenue of 290 million yuan, a year-on-year increase of 21.21% and a quarter-on-quarter increase of 3.55% [3] - The gross profit margin for Q3 2024 was 44.99%, up 0.65 percentage points year-on-year [3] - The company’s operating expenses have increased, with sales, management, and R&D expense ratios at 9.40%, 6.39%, and 9.38% respectively [4] Earnings Forecast - Revenue projections for 2024-2026 are 1.139 billion yuan, 1.268 billion yuan, and 1.399 billion yuan respectively, with net profits of 203 million yuan, 250 million yuan, and 291 million yuan [5][6] - The expected EPS for 2024, 2025, and 2026 are 1.83 yuan, 2.20 yuan, and 2.57 yuan respectively [5][6] - The company is expected to maintain a gross margin of around 44.4% to 44.7% over the forecast period [6][11] Business Segmentation - General instruments are projected to grow at 7.10% annually from 2024 to 2026, with a gross margin of approximately 45% [7][9] - Testing instruments are expected to grow at rates of 26.69%, 23.60%, and 21.54% for the same period, with a gross margin around 43% [7][9] - Temperature and environmental testing instruments are forecasted to grow at about 10% annually, with a gross margin of approximately 43% [8][9] - Professional instruments are expected to see significant growth, with a forecasted increase of 32.60% in 2024 [9]

Summary of Conference Call Company and Industry - The conference call pertains to a Chinese company in the testing and measurement instruments industry, focusing on financial performance and strategic developments for Q3 2024. Key Financial Metrics - **Revenue Growth**: Revenue for the first three quarters of 2024 increased by 8.90% to 854 million CNY [1] - **Gross Margin**: Gross margin improved from 42.44% in 2023 to 44.96% in 2024, an increase of approximately 2.5 percentage points [1] - **Operating Profit**: Operating profit rose by 15% to 152 million CNY [1] - **R&D and Sales Expenses**: R&D expenses increased by 14.09% to 80.7 million CNY, while sales expenses grew by 16.16% to 80.27 million CNY [1] - **Q3 Revenue**: Q3 revenue reached 239 million CNY, a growth of 21.21% year-over-year [2] - **Operating Cash Flow**: Operating cash flow increased by approximately 143.23% compared to Q3 2023 [2] Product Performance - **Brand Revenue**: Revenue from the company's own brand grew significantly from 119 million CNY in Q3 2023 to 213 million CNY in Q3 2024, while ODM revenue remained flat [2] - **Product Lines**: - General instruments grew by 13.77% to 170 million CNY [2] - Specialized instruments doubled from 11.89 million CNY to 23.31 million CNY [2] - Testing instruments saw a growth of 35.85% from 29.59 million CNY to 40.21 million CNY [2] - Temperature and environmental instruments increased by 14.74% from 47.59 million CNY to 54.61 million CNY [2] Market Dynamics - **Domestic vs. International Sales**: Domestic sales grew by over 30%, while international sales accounted for 60% of total revenue [2][8] - **Exchange Rate Impact**: The company has a mechanism to adjust prices based on the exchange rate, particularly if the CNY depreciates below 6.96 against the USD [3][10] Strategic Initiatives - **Product Development**: Continuous product upgrades and the introduction of high-end instruments are key strategies. New products include high-resolution servers and specialized instruments for various industries [4][5] - **Global Expansion**: The company is expanding its marketing network globally, with a focus on Europe, the US, and Asia-Pacific regions. Plans include establishing a South American headquarters [5][13] - **ODM Business Outlook**: The ODM segment is expected to see growth starting in Q4 2024, driven by new client projects [6][11] Future Projections - **Revenue Growth Expectations**: The company anticipates maintaining a growth rate of 30-40% for specialized instruments and 20% for ODM in the coming years [8][11] - **Gross Margin Outlook**: Future gross margin improvements are expected, with projections of an additional 1-2 percentage points increase [7] Risks and Considerations - **Market Conditions**: The company acknowledges potential risks from economic conditions and currency fluctuations, but remains optimistic about growth due to strong demand in both domestic and international markets [8][10] Conclusion - The company is focused on becoming a global leader in testing and measurement solutions, with a strong emphasis on product innovation, market expansion, and maintaining robust financial health. The management expresses confidence in achieving its strategic goals and delivering value to investors [16]

Group 1: Financial Performance - In Q3 2024, the company achieved a year-on-year revenue growth of 21.21% [2] - Revenue growth by segment: General instruments increased by approximately 14%, specialized instruments by about 96%, testing instruments by 36%, and temperature and environmental instruments by 15% [3] Group 2: ODM Business - In Q3 2024, overseas ODM business revenue remained stable year-on-year, showing significant recovery compared to the first half of the year [3] - The company expects rapid growth in the ODM market due to the advancement of new projects [3] Group 3: R&D Investment - The cumulative R&D expenditure for the first three quarters of this year was 80.07 million yuan, an increase of 14.09% compared to last year, accounting for 9.38% of total revenue [4] - Continuous investment in R&D is deemed necessary to ensure product line upgrades and enhance overall competitiveness [4] Group 4: Marketing Strategy - The long-term plan is to transform from a Chinese company to a global company through international marketing networks [4] - Sales offices have been established in Germany, the USA, and Latin America, with the German operations performing well and experiencing rapid growth [4] Group 5: Future Outlook - The company aims to achieve performance targets based on the completion of the equity incentive plan, maintaining a positive outlook [5] - The Vietnam factory, which started operations this year, is expected to be operational by the end of the year pending local government approvals [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company's performance in Q1-Q3 2024 met expectations, with revenue reaching 850 million yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 150 million yuan, up 15.0% year-on-year. In Q3 alone, revenue was 290 million yuan, reflecting a 21.2% year-on-year growth, and net profit was 50 million yuan, a significant increase of 37.4% year-on-year [1]. - The company's gross margin improved to 44.8% for Q1-Q3 2024, up 2.4 percentage points year-on-year, driven by enhanced market development and product line optimization. The net profit margin also increased to 17.4%, up 0.9 percentage points year-on-year [1]. - The company is expanding its product matrix and market reach, with a focus on high-end products. The establishment of an overseas production base in Vietnam is expected to contribute to growth starting in Q4 2024 [1]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 210 million, 260 million, and 310 million yuan, respectively, with a compound annual growth rate (CAGR) of 24% in net profit over the next three years. The current stock price corresponds to price-to-earnings (PE) ratios of 20, 17, and 14 for the respective years [2][6]. - The company's revenue is expected to grow from 1.02 billion yuan in 2023 to 1.60 billion yuan in 2026, with growth rates of 14.44%, 14.14%, 17.26%, and 17.10% for the respective years [3][6]. - The return on equity (ROE) is projected to increase from 13.31% in 2023 to 16.75% in 2026, indicating improved profitability and efficiency [3][6].

重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/31 | 2024/11/1 | 2024/11/1 | 一、 通过分配方案的股东大会届次和日期 证券代码：688628 证券简称：优利德 公告编号：2024-084 优利德科技(中国)股份有限公司 2024 年半年度权 益分派实施公告 本公司董事会及全体董事保证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。 二、 分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 本次利润分配方案经优利德科技（中国）股份有限公司（以下简称"公司"） 2024 年 9 月 9 日的 2024 年第二次临时股东大会审议通过。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》等相关法律、行政 ...

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优利德科技（中国）股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为进一步规范和加强优利德科技（中国）股份有限公司（以下简称 "公司"）信息披露暂缓与豁免行为，督促公司及相关信息披露义务人依法合规 履行信息披露义务，根据《中华人民共和国证券法》《上市公司信息披露管理办 法》《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）《上海 证券交易所科创板上市公司自律监管指引第1号——规范运作》等法律法规、规 范性文件及《优利德科技（中国）股份有限公司章程》（以下简称《公司章程》） 的有关规定，结合公司的实际情况，制定本制度。 第二条 公司按照《上市规则》及上海证券交易所等证券监管部门相关业务 规则的规定，办理信息披露暂缓、豁免业务的，适用本制度。 第三条 公司应审慎判断存在《上市规则》规定的暂缓、豁免情形的应披露 信息，并接受上交所对有关信息披露暂缓、豁免事项的事后监管。 第二章 暂缓、豁免披露信息的范围 第四条 公司和相关信息披露义务人拟披露的信息存在不确定性，属于临时 性商业秘密等情形，及时披露可能损害公司利益或者误导投资者的，可以暂缓披 露。 第五条 公司和相关信息披露义务人拟披 ...