Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [1][2]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 159 million yuan, down 47.81% year-on-year, and net profit at 1.7 million yuan, down 95.76% year-on-year. This decline is attributed to delayed orders and reduced deliveries due to industry conditions [1][2]. - Despite the revenue drop, the company experienced an increase in net cash flow from operating activities, primarily due to an increase in the maturity of receivables [1][2]. - The company is focusing on technological advancements to strengthen its core competitiveness, providing customized embedded modules and solutions across various key sectors, including aerospace and defense [2]. - The profit forecast for 2024-2026 has been revised downwards to 99 million, 124 million, and 150 million yuan respectively, with corresponding P/E ratios of 24, 19, and 16 [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 159 million yuan, a decrease of 47.81% year-on-year, and a net profit of 1.7 million yuan, a decrease of 95.76% year-on-year [1][2]. - The basic earnings per share decreased by 95.86% year-on-year, and diluted earnings per share decreased by 95.77% year-on-year [1][2]. Shareholder Changes - A 5.32% share transfer was completed, with no significant adverse impact on the company. The controlling shareholder and actual controller remain unchanged [2]. Technological Development - The company is committed to continuous technological updates and has established a complete production control process and product quality traceability system, focusing on innovation as its core competitive advantage [2]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted to 99 million, 124 million, and 150 million yuan, with P/E ratios of 24, 19, and 16 respectively, leading to a revised "Accumulate" rating [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 160 million yuan, down 47.8% year-on-year, and a net profit of 1.7 million yuan, down 95.8% year-on-year [1] - The decrease in performance is attributed to industry conditions, with delays in multi-model orders and lower-than-expected new orders leading to reduced deliveries [1] - Despite the revenue decline, the gross margin improved in Q2 2024, reaching 51.5%, an increase of 8.69 percentage points year-on-year [1] - The company continues to focus on technology research and development, with a 18% increase in new projects in the first half of 2024, totaling 120 projects [1] - Inventory increased by 19% compared to the beginning of the year, indicating sustained demand [1] Financial Summary - For the first half of 2024, the company achieved a revenue of 160 million yuan, with a gross margin of 50.0% and a net margin of 1.1% [1] - The company’s projected net profits for 2024 to 2026 are adjusted to 112 million yuan, 152 million yuan, and 204 million yuan respectively, with corresponding PE ratios of 23x, 17x, and 12x [1][4] - The company’s total revenue is forecasted to grow from 717 million yuan in 2024 to 1.285 billion yuan in 2026, with a net profit growth rate of 16.3% in 2024 and 35.4% in 2025 [4]

证券代码：688636 证券简称：智明达 公告编号：2024-067 成都智明达电子股份有限公司 关于调整 2022 年限制性股票激励计划授予价格和数量及 作废部分已授予但尚未归属的第二类限制性股票的公告 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。 成都智明达电子股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开 了第三届董事会第二十次会议、第三届监事会第十八次会议，分别审议了《关于 调整 2022 年限制性股票激励计划第二类限制性股票授予价格及数量的议案》《关 于作废部分已授予但尚未归属的第二类限制性股票的议案》等议案，同意公司按 照《上市公司股权激励管理办法》（以下简称《管理办法》）、《成都智明达电子股 份有限公司 2022 年限制性股票激励计划（修订稿）》（以下简称"《激励计划（修 订稿）》"、"本激励计划"）的相关规定，根据公司 2022 年第二次临时股东大会的 授权，调整公司 2022 年限制性股票激励计划授予价格和数量，并作废部分已授 予但尚未归属的第二类限制性股票。现将相关事项公告如下 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 500 million RMB, representing a 25% growth compared to the same period last year[10]. - The company's operating revenue for the first half of 2024 was ¥159,470,120.31, a decrease of 47.81% compared to ¥305,529,909.88 in the same period last year[15]. - Net profit attributable to shareholders for the first half of 2024 was ¥1,703,702.74, down 95.76% from ¥40,210,260.97 in the previous year[15]. - The basic earnings per share for the first half of 2024 was ¥0.0149, a decline of 95.86% compared to ¥0.3596 in the same period last year[16]. - The company achieved total operating revenue of CNY 159.47 million, a decrease of 47.81% compared to the same period last year[51]. - The net profit attributable to the parent company was CNY 1.70 million, a decrease of 95.76% year-on-year; the net profit after deducting non-recurring gains and losses was CNY -1.27 million, a decrease of 104.17%[51]. - The company reported a total R&D investment of ¥52,954,015.70, a decrease of 10.33% compared to ¥59,055,916.60 in the same period last year[42]. - The company reported a net cash flow from operating activities of -¥2,170,732.53, compared to -¥50,916,978.94 in the previous year, indicating an improvement in cash flow management[15]. Market and Product Development - User data indicates that the active user base has expanded to 1.2 million, marking a 15% increase year-over-year[10]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 20% to reach approximately 600 million RMB[10]. - New product development includes the launch of a next-generation smart power supply, which is expected to enhance operational efficiency by 30%[10]. - The company is actively pursuing market expansion strategies, targeting a 10% increase in market share within the next year[10]. - Research and development investments have increased by 40%, focusing on AI and edge computing technologies[10]. - The company has successfully completed a strategic acquisition of a tech startup, which is anticipated to contribute an additional 50 million RMB in annual revenue[10]. Sustainability and Environmental Commitment - The management highlighted a commitment to sustainability, with plans to reduce carbon emissions by 25% over the next three years[10]. - The company invested 1.8 million yuan in environmental protection during the reporting period[85]. - The company has established an environmental protection management office and appointed EHS engineers for environmental management[85]. - The company has no industrial wastewater discharge and has implemented effective air pollution control measures, with emissions below national limits[85]. - The company is actively seeking to adopt new processes, materials, and equipment to reduce hazardous waste emissions[85]. Risks and Challenges - The company has identified potential risks, including supply chain disruptions, but has implemented measures to mitigate these risks[10]. - The company experienced a significant decline in net profit primarily due to a decrease in operating revenue caused by delayed orders in the industry[17]. - The company faces risks related to core material procurement and potential fluctuations in order volumes, which could impact operational performance[59][60]. - The company is at risk of losing its operational qualifications if it fails to maintain necessary certifications for producing key sector products[68]. Research and Development - Research and development expenses accounted for 33.21% of operating revenue, an increase of 13.88 percentage points compared to 19.33% in the same period last year[16]. - The company has secured 120 new R&D projects during the reporting period, an increase of 17.65% compared to the previous year[51]. - The company has developed core technologies in embedded computing, including high-performance embedded systems, cache management technology, and multi-core parallel processing, enhancing data processing capabilities[34]. - The company focuses on providing customized embedded computer hardware and software products, with applications in various fields including airborne and commercial aerospace[47]. Financial Position and Equity - The company's total assets decreased by 4.35% to ¥1,466,918,157.51 from ¥1,533,626,960.36 at the end of the previous year[15]. - The company's net assets attributable to shareholders decreased by 1.00% to ¥1,075,499,639.75 from ¥1,086,349,579.85 at the end of the previous year[15]. - The company's long-term equity investment has a book value of ¥84,509,500, which poses a risk of impairment if market conditions change adversely[65]. - The company reported a capital increase of 24,744,177.00 RMB during the current period, primarily from retained earnings[145]. Shareholder and Governance Matters - The company has committed to maintaining strict compliance with stock transfer restrictions for major shareholders and executives, including a six-month extension of lock-up periods if stock prices fall below the issue price[89]. - Major shareholders have confirmed that their shares are legally held without any encumbrances or disputes[89]. - The company has established a plan to stabilize its stock price for three years post-listing, with specific conditions and procedures outlined for implementation[92]. - The company will ensure that any stock buyback does not lead to a distribution of shares that violates listing conditions[93]. Embedded Computing Market Insights - The embedded computer industry is experiencing stable prices and balanced supply-demand dynamics due to the rapid development of upstream electronic components and integrated circuits[21]. - The demand for embedded computers in the aviation sector is expected to grow significantly, driven by the modernization of China's air force and the need for advanced systems in aircraft[22]. - The overall market for embedded computers in defense applications is expected to grow significantly, supported by government initiatives and technological advancements[21][22][23]. - The company specializes in providing customized embedded modules and solutions for national key sectors, focusing on real-time operating systems and application software development[30]. Stock and Financial Management - The company will publicly explain any failure to implement stock price stabilization measures and apologize to shareholders[98]. - The company has established a transparent cash dividend policy to ensure investor interests and will strictly implement cash dividend systems and shareholder return plans[101]. - The company has implemented measures to mitigate the dilution of immediate returns for minority shareholders, including expanding existing businesses and developing new ones[99]. - The company will consider measures such as reducing expenses and limiting executive compensation to enhance performance and stabilize stock prices[94].

成都智明达电子股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开 了第三届董事会第二十次会议、第三届监事会第十八次会议，分别审议了《关于 调整 2021 年限制性股票激励计划第一类限制性股票回购数量的议案》《关于回购 注销部分限制性股票的议案》等议案。根据公司 2021 年第一次临时股东大会授 权，公司拟对 2021 年限制性股票激励计划第一类限制性股票回购数量进行调整 并回购注销部分限制性股票，现将相关事项公告如下： 一、股权激励计划已履行的相关审批程序 （一）2021 年 6 月 22 日，公司召开第二届董事会第十三次会议、第二届监 事会第八次会议，审议通过了《关于公司<2021 年限制性股票激励计划（草案）> 及其摘要的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法>的 议案》《关于提请股东大会授权董事会办理股权激励相关事宜的议案》等议案， 公司独立董事就本激励计划发表了独立意见，律师、独立财务顾问出具了相应报 告。其后，公司于 2021 年 6 月 23 日披露了《激励计划（草案）》及其摘要。 证券代码：688636 证券简称：智明达 公告编号：2024-066 ...

证券代码：688636 证券简称：智明达 公告编号：2024-068 成都智明达电子股份有限公司 关于2024年半年度募集资金存放与实际使用情况的 专项报告 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、募集资金基本情况 经中国证券监督管理委员会《关于同意成都智明达电子股份有限公司首次公开发 行股票注册的批复》（证监许可〔2021〕615 号）同意注册，成都智明达电子股份有限 公司（以下简称"公司"）向社会公开发行人民币普通股 1,250.00 万股，每股发行价 为人民币 34.50 元，合计募集资金人民币 43,125.00 万元，扣除各项发行费用（不含 税）人民币 4,942.38 万元后，募集资金净额为 38,182.62 万元。上述募集资金已于 2021 年 4 月 1 日全部到位，并由信永中和会计师事务所（特殊普通合伙）出具了验资报告 （编号"XYZH/2021BJAG10184 号"）。 截止 2024 年 6 月 30 日，募集资金存放银行产生利息收入（含理财收益）扣减手 续费共计 544.94 万元。 ...

证券简称：智明达 证券代码：688636 上海荣正企业咨询服务（集团）股份有限公司 成都智明达电子股份有限公司 2021年限制性股票激励计划回购注销及 2022年限制性股票激励计划作废 部分限制性股票相关事项 之 独立财务顾问报告 2024 年 8 月 | 一、释义 2 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本激励计划的审批程序 6 | | 五、本次回购注销及作废部分限制性股票相关事项的说明 11 | | 六、独立财务顾问结论性意见 14 | | 七、备查文件及咨询方式 15 | | （一）备查文件 15 | | （二）咨询方式 15 | | 智明达、公司、上 | 指 | 成都智明达电子股份有限公司（含合并报表分子公司） | | --- | --- | --- | | 市公司 | | | | 2021 年激励计划、 | | | | 2021 年股权激励计 | 指 | 成都智明达电子股份有限公司 2021 年限制性股票激励计划 | | 划、《2021 年激励 | | （修订稿） | | 计划》 | | | | 2022 年激励计划、 | | | | 年股权激励计 2022 ...

北京环球（成都）律师事务所 关于成都智明达电子股份有限公司 调整 2021 年限制性股票激励计划第一类限制性股 票回购数量并回购注销部分限制性股票事项 之 法律意见书 北京环球（成都）律师事务所 关于成都智明达电子股份有限公司 调整 2021 年限制性股票激励计划第一类限制性股票回购数量并回购 注销部分限制性股票事项之 法律意见书 GLO2022CD（法）字第 10176-3 号 致：成都智明达电子股份有限公司 受成都智明达电子股份有限公司（"智明达"或"公司"）的委托，北京 环球（成都）律师事务所（"本所"）担任公司 2021 年限制性股票激励计划 （"本次激励计划"）相关事宜的专项法律顾问。 根据《中华人民共和国证券法》（"《证券法》"）、《中华人民共和国 公司法》（"《公司法》"）等有关法律、法规和中国证券监督管理委员会 （"中国证监会"）发布的《上市公司股权激励管理办法》（"《管理办 法》"）以及中国证监会、司法部联合发布的《律师事务所从事证券法律业务 管理办法》《律师事务所证券法律业务执业规则（试行）》等现行法律、法规、 规范性文件和《成都智明达电子股份有限公司章程》《成都智明达电子股份有 限公司 ...

证券代码：688636 证券简称：智明达 公告编号：2024-070 成都智明达电子股份有限公司 第三届董事会第二十次会议决议公告 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 成都智明达电子股份有限公司（以下简称"公司"）第三届董事会第二十次会 议于 2024 年 8 月14 日以现场结合通讯方式召开。会议通知已于 2024 年 8 月 5 日以 通讯方式送达全体董事。本次会议应出席董事 7 名，实际出席董事 7 名。本次会议 由董事长王勇先生召集并主持。本次会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《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 经与会董事审议，逐项表决，形成如下决议： （一）审议通过《关于调整 2021 年限制性股票激励计划第一类限制性股票回购数 量的议案》 经审议，董事会认为：鉴于公司 2022 年年度权益分派、2023 年年度权益分派分别 已于 2023 年 6 月2 日、2024 年5 月 10 日实施完毕。根据《上市公司股权 ...

（一） 股东大会类型和届次 证券代码：688636 证券简称：智明达 公告编号：2024-069 成都智明达电子股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 2024 年第三次临时股东大会 召开日期时间：2024 年 8 月 30 日 15 点 00 分 召开地点：成都市敬业路 108 号 T 区 1 栋 12 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 30 日 至 2024 年 8 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2024年8月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时 ...