本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2024 年 4 月 11 日、2024 年 5 月 9 日召开第六届董事会第十一次会议、2023 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司为下属子公司向银 行/金融机构等申请综合授信提供担保，担保金额为不超过人民币 782,000.00 万元， 具体担保金额、方式、范围、期限等以相关合同约定为准，担保额度可在子公司之 间按照实际情况调剂使用，担保额度有效期限自公司 2023 年年度股东大会审议通 过之日起至 2024 年年度股东大会召开之日止。具体内容详见公司于 2024 年 4 月 13 日、2024 年 5 月 10 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于为下属 子公司申请综合授信提供担保的公告》《2023 年年度股东大会决议公告》等相关公 告。 二、担保进展情况 证券代码：002429 证券简称：兆驰股份 公告编号：2024-047 深圳市兆驰股份有限公司 关于为下 ...

关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2024 年 4 月 11 日、2024 年 5 月 9 日召开第六届董事会第十一次会议、2023 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司为下属子公司向银 行/金融机构等申请综合授信提供担保，担保金额为不超过人民币 782,000.00 万元， 具体担保金额、方式、范围、期限等以相关合同约定为准，担保额度可在子公司之 间按照实际情况调剂使用，担保额度有效期限自公司 2023 年年度股东大会审议通 过之日起至 2024 年年度股东大会召开之日止。具体内容详见公司于 2024 年 4 月 13 日、2024 年 5 月 10 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于为下属 子公司申请综合授信提供担保的公告》《2023 年年度股东大会决议公告》等相关公 告。 二、担保进展情况 公司于2024年6月19日在巨潮资讯网（www.cnin ...

编号：2024-006 证券代码：002429 证券简称：兆驰股份 深圳市兆驰股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------------|-----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | □ 特定对象调研 □ \n□ 媒体采访 □ \n□ 新闻发布会 □ □ 现场参观 ■ 其他 （电话会议） | 分析师会议 \n 业绩说明会 \n路演活动 | | 参与单位名 称及人员 姓名 | 56 家机构 74 | 人次（详见 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [3][11]. Core Views - The company reported a revenue of 16.16 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.39%. The net profit attributable to shareholders was 1.37 billion yuan, up 7.93% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.64 billion yuan, a year-on-year increase of 34.15%, but the net profit decreased by 14.08% year-on-year [1]. - The company is focusing on its core business while expanding into new areas such as optical communication devices, which is expected to enhance its long-term competitiveness and sustainable growth [1]. Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 21.52 billion yuan, with a growth rate of 25.34% [2]. - The net profit attributable to shareholders is expected to reach 1.85 billion yuan in 2024E, reflecting a growth rate of 16.29% [2]. - The company's gross margin for Q3 2024 was 14.4%, down 4.3 percentage points year-on-year, primarily due to increased costs from integrating new businesses [1]. Business Segments - The multimedia audio-visual products and services segment saw the company rank second in smart display terminal shipments, with approximately 4.4 million units shipped in Q3 2024, a 40% increase year-on-year [1]. - The LED industry chain reported steady revenue growth, particularly in Mini/Micro COB displays [1]. - The company has successfully acquired new businesses in the optical communication sector, establishing a vertical industry chain that includes optical communication devices, modules, and chips [1]. Valuation Metrics - The projected P/E ratios for the company are 13.0x for 2024E, 10.3x for 2025E, and 8.9x for 2026E [1][2]. - The company’s market capitalization is approximately 23.95 billion yuan, with a total A-share capital of 4,526.94 million shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 16.162 billion yuan in Q1-Q3 2024, a year-on-year increase of 27.39% [1] - Net profit attributable to the parent company was 1.373 billion yuan, up 7.93% year-on-year [1] - In Q3 2024, the company's revenue was 6.642 billion yuan, a year-on-year increase of 34.15%, but net profit attributable to the parent company decreased by 14.08% to 462 million yuan [1] - The company's TV ODM shipments increased by 40% year-on-year to 4.4 million units in July-September 2024, ranking second in the industry [1] - The LED sector continues to grow steadily, with Mini/Micro COB shipments increasing [1] - The company has expanded into the optical communication device sector, forming a vertical industry chain [1] Financial Performance - Gross profit margin for Q1-Q3 2024 was 16.32%, down 1.89 percentage points year-on-year [2] - In Q3 2024, the gross profit margin was 14.38%, down 4.32 percentage points year-on-year [2] - Net profit margin for Q1-Q3 2024 was 9.01%, down 1.41 percentage points year-on-year [2] - In Q3 2024, the net profit margin was 7.04%, down 4.12 percentage points year-on-year [2] - The company's sales/management/R&D/financial expense ratios in Q3 2024 were 0.94%/0.84%/3.45%/0.47%, respectively, remaining relatively stable [2] Forecast and Valuation - The company is expected to achieve net profit attributable to the parent company of 1.83/2.23/2.70 billion yuan in 2024-2026, with year-on-year growth of 15.3%/22.0%/20.8% [2] - The company's EPS is expected to be 0.40/0.49/0.60 yuan per share in 2024-2026 [3] - The company's P/E ratio is expected to be 13.1/10.7/8.9 times in 2024-2026 [3] - The company's P/B ratio is expected to be 1.5/1.4/1.2 times in 2024-2026 [3] Industry and Business Development - The company's TV ODM business is driven by increased demand from North American customers and market expansion [1] - The LED sector is growing steadily, with Mini/Micro COB shipments increasing [1] - The company has expanded into the optical communication device sector, forming a vertical industry chain [1]

Investment Rating - Strong Buy (Maintained) with a target price of 6.5 RMB, representing a 23% upside from the current price of 5.29 RMB [1] Core Views - Revenue growth remains strong, driven by TV ODM shipments and LED industry growth [1] - Non-core business adjustments and exchange rate fluctuations have impacted profitability [1] - Mini LED cost reduction and volume expansion are expected to drive future profit growth [1] Financial Performance - 24Q1-Q3 revenue reached 16.16 billion RMB, up 27.4% YoY, with net profit of 1.37 billion RMB, up 7.9% YoY [1] - 24Q3 revenue was 6.64 billion RMB, up 34.2% YoY, but net profit declined 14.1% YoY to 460 million RMB [1] - 24Q3 gross margin was 14.4%, down 4.3 percentage points YoY, while operating expense ratio improved to 5.7%, down 1.05 percentage points YoY [1] Business Highlights - TV ODM shipments in 24Q3 reached 4.4 million units, up over 40% YoY, significantly outperforming the industry growth of 6% [1] - LED business, particularly Mini/Micro LED, continues to grow, with increasing shipments of backlight modules and COB displays [1] - The company is a top-tier global TV ODM manufacturer with a vertically integrated LED industry chain, providing a competitive moat [1] Future Outlook - Mini LED cost reduction and volume expansion are expected to drive the company's second growth curve [1] - LED chip and packaging business structure optimization, along with vertical industry chain synergy, will support future growth [1] Valuation and Forecast - Adjusted 24-26 EPS forecasts to 0.42/0.53/0.63 RMB (previously 0.48/0.59/0.70 RMB), with corresponding PE ratios of 13/10/8x [1] - DCF valuation supports the target price of 6.5 RMB, implying a 24 PE of 15x [1]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company reported a revenue of 16.162 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.39%. The net profit attributable to shareholders was 1.373 billion yuan, up 7.93% year-on-year, while the net profit excluding non-recurring items was 1.311 billion yuan, an increase of 17.28% year-on-year [3] - The smart terminal segment continues to grow steadily, driven by the ODM business in the television sector, particularly benefiting from the North American market's seasonal demand [3][4] - The LED chip business maintains its industry-leading position, with a monthly output of 1.1 million chips, while the packaging segment is actively seeking new growth paths amid weak industry demand [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.642 billion yuan, a year-on-year increase of 34.15%, primarily due to the growth in television ODM shipments, which reached 4.4 million units, a 42% increase year-on-year [3] - The gross margin decreased by 3.3 percentage points to 14.38% in Q3, with asset impairment losses rising to 75.8 million yuan compared to 47.05 million yuan in Q3 2023 [8] Business Segments - The smart terminal segment is the most solid growth foundation, with the company expanding its product offerings to include displays and other terminal businesses [3] - The LED chip segment remains a significant cash flow contributor, with a strong market position and cost advantages, while the packaging segment is exploring high-tech, high-margin products [4][5] Market Outlook - Revenue forecasts for 2024-2026 are projected at 21.8 billion, 26.2 billion, and 31.2 billion yuan, respectively, with net profits of 1.825 billion, 2.301 billion, and 2.848 billion yuan, indicating a positive growth trajectory [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in TV ODM shipments, with Q3 2024 revenue reaching 6.64 billion yuan, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 460 million yuan, a year-on-year decrease of 14.1% [1] - The revenue for the first three quarters of 2024 was 16.16 billion yuan, up 27.4% year-on-year, with a net profit attributable to shareholders of 1.37 billion yuan, an increase of 7.9% year-on-year [1] - The report indicates that the fluctuation in quarterly profits was primarily due to internal business adjustments [1] Revenue Analysis - The multimedia audio-visual segment is expected to see Q3 revenue increase by over 35% year-on-year, driven by a peak season for a major North American client [1] - The LED industry chain is projected to have Q3 revenue growth of approximately 30% year-on-year, benefiting from improved internal supply ratios and increased demand for MiniLED backlighting [1] Profit Analysis - The gross margin for Q3 decreased by 4.3 percentage points year-on-year and 3.2 percentage points quarter-on-quarter, while the net profit margin decreased by 3.9 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] - The report highlights that the cost of TV panels remains high but has shown improvement quarter-on-quarter, and the chip segment contributed approximately 150 million yuan to profits, a slight year-on-year increase [1] Investment Recommendations - The report maintains a "Buy" recommendation, emphasizing the stability of the TV ODM business linked to major North American clients and the integrated layout of the LED industry chain, which is expected to continue contributing to performance [1] - The earnings forecast has been adjusted, with projected revenues for 2024-2026 at 21.7 billion, 25.1 billion, and 28.5 billion yuan, respectively, reflecting year-on-year growth of 26%, 16%, and 13% [2][3]

Financial Performance - The company's revenue for Q3 2024 reached ¥6,642,487,868.83, an increase of 34.15% year-on-year, while the revenue for the year-to-date period was ¥16,162,431,171.52, up 27.39% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥461,907,613.45, a decrease of 14.08% year-on-year, with a year-to-date net profit of ¥1,372,694,231.78, reflecting a 7.93% increase[2] - The company's basic earnings per share for Q3 2024 was ¥0.1032, down 14.71% year-on-year, while the year-to-date figure was ¥0.3032, up 7.90%[2] - Total operating revenue for Q3 2024 reached CNY 16,162,431,171.52, an increase of 27.0% compared to CNY 12,687,145,382.06 in the same period last year[15] - Net profit attributable to shareholders increased to CNY 1,551,317,241.97, up from CNY 1,355,108,196.66, representing a growth of 14.5% year-over-year[15] - The net profit for Q3 2024 reached CNY 1,456,747,151.65, an increase of 10.1% compared to CNY 1,322,331,280.01 in Q3 2023[16] - The operating profit for Q3 2024 was CNY 1,683,707,494.45, up from CNY 1,352,871,060.58 in the same period last year, reflecting a growth of 24.4%[16] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 1,372,694,231.78, up from CNY 1,271,857,986.18 in Q3 2023, reflecting an increase of 7.9%[16] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥30,265,127,949.41, representing a 13.25% increase from the end of the previous year[2] - The total assets of the company reached CNY 30,265,127,949.41, compared to CNY 26,723,545,986.88 in the previous year, marking an increase of 13.5%[14] - The total liabilities increased to CNY 14,143,615,470.78 from CNY 11,496,569,155.52, reflecting a rise of 23.0%[14] - The company's equity attributable to shareholders rose to CNY 15,703,277,645.82, compared to CNY 14,801,657,466.36, an increase of 6.1%[14] Cash Flow - The net cash flow from operating activities decreased by ¥589,740,200.00, or 70.87%, mainly due to payments to suppliers[7] - The net cash flow from operating activities for Q3 2024 was CNY 242,384,055.74, a decrease of 70.8% from CNY 832,124,240.09 in Q3 2023[19] - The net cash flow from investing activities for Q3 2024 was -CNY 1,271,002,850.24, an improvement from -CNY 1,811,429,911.29 in the same period last year[19] - The net cash flow from financing activities for Q3 2024 was CNY 1,434,643,237.08, compared to CNY 691,077,314.76 in Q3 2023, showing an increase of 107.2%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,014, with the largest shareholder, Nanchang Zhaochi Investment Partnership, holding 19.64% (889,084,227 shares) of the total shares[8] - The largest shareholder, Shenzhen Capital Operation Group, holds 14.73% (666,818,300 shares) of the total shares[9] - The company reported a total of 4,526,940,607 shares as of December 31, 2023, which serves as the basis for the dividend distribution[10] - The company's cash dividend distribution plan for 2023 is to distribute a total of RMB 479,855,704, with a cash dividend of RMB 1.06 per 10 shares[11] Operational Highlights - The company reported a significant increase in accounts receivable, which grew by ¥2,173,160,400.00, or 46.85%, due to increased sales during the reporting period[6] - The company is actively expanding into the optical communication device sector, building a vertical industry chain to broaden its business scope[5] - The company has established a leading position in the Mini LED and Micro LED sectors, focusing on innovation and technology upgrades to enhance profitability and competitiveness[5] - Research and development expenses for the quarter were CNY 660,425,713.85, compared to CNY 524,997,051.47 in the previous year, indicating a growth of 25.8%[15] Inventory and Current Assets - The total current assets increased to RMB 19,143,826,531.45 from RMB 15,484,026,964.75, reflecting a growth of approximately 23.5%[12] - Accounts receivable rose significantly to RMB 6,811,367,305.75 from RMB 4,638,206,893.87, indicating an increase of about 46.9%[12] - Inventory increased to RMB 3,323,186,660.05 from RMB 2,678,354,450.59, representing a growth of approximately 24.1%[12] - The total non-current assets include fixed assets valued at RMB 7,319,832,466.25, which increased from RMB 7,229,460,251.26[12] - The company has a total of 1,081,246,955.57 in accounts receivable financing, up from 385,295,746.29, marking an increase of approximately 180.5%[12] Taxation - The company experienced a 120.44% increase in taxes payable compared to the beginning of the year, attributed to rising tax liabilities during the reporting period[7]

证券代码：002429 证券简称：兆驰股份 公告编号：2024-044 深圳市兆驰股份有限公司 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 4、保证最高本金余额：人民币1,530.00万元 5、保证范围：主合同项下的主债权、利息、复利、罚息、违约金、损害赔偿金、 实现债权的费用(包括但不限于诉讼费用、律师费用、公证费用、执行费用等)、因债 务人违约而给债权人造成的损失和其他所有应付费用等。 6、保证方式：连带责任保证。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2024 年 4 月 11 日、2024 年 5 月 9 日召开第六届董事会第十一次会议、2023 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司为下属子公司向银 行/金融机构等申请综合授信提供担保，担保金额为不超过人民币 782,000.00 万元， 具体担保金额、方式、范围、期限等以相关合同约定为准，担保额度可在子公司之 间按照实际情况调剂使用，担保额度有效期限自公司 2023 年年 ...