丨证券研究报告丨 公司研究丨点评报告丨盈趣科技（002925.SZ） [Table_Title] 盈趣科技 2023A&2024Q1 点评：老业务有望稳 步修复，新业务逐步放量可期 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 全年实现营收 / 归母净利润 / 扣非净利润 38.60/4.51/3.87 亿元，同减 11%/35%/37% ； | | | 归母净利润 / 扣非净利润 9.00/1.17/1.03 亿元，同减 8%/26%/10% ； 2024Q1 归母净利润 / 扣非净利润 7.64/0.56/0.43 亿元，同比 -12%/-31%/+2% 。 | | | | | | | | 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 赵智勇 章颖佳 SAC：S0490516 ...

[Table_Profit] 业绩短期承压，静待电子烟业务放量 敬请参阅末页重要声明及评级说明 证券研究报告 | --- | --- | --- | --- | --- | --- | |---------------------|--------------|--------|-------------------------|--------------|------------------| | ⚫ \n主要财务指标 | 重要财务指标 | 2023 | 2024E | 单位 \n2025E | : 百万元 \n2026E | | 营业收入 | | | 3860 4548 5689 6909 | | | | 收入同比（ % ） | | -11.2% | 17.8% | 25.1% | 21.5% | | 归属母公司净利润 | | | 451 522 704 911 | | | | 净利润同比（ % ） | | -35.0% | 15.9% | 34.8% | 29.4% | | 毛利率（ % ） | | 30.7% | 27.7% | 28.4% | 28.9% | | ROE （ % ） | | 9.0 ...

盈趣科技（002925.SZ）2023 年年报及 2024 年一季报点评 ➢ 事件。公司发布 2023 年年报，全年实现营收/归母净利润/扣非净利润 38.60/4.51/3.87 亿元，同比-1.16%/-35.02/-37.31%；23Q4 实现营收/归母净 利润/扣非净利润 9.00/1.17/1.03 亿元，同比-7.79%/+25.51%/+9.72%。公司 发布 2024 年一季报，24Q1 实现营收/归母净利润/扣非净利润 7.64/0.56/0.43 亿元，同比-12.30%/-30.63%/+2.19%。 ➢ 下游需求疲软叠加客户去库存，公司收入承压。23 年创新消费电子/智能控 制部件/健康环境产品/汽车电子产品收入 11.6/13.3/3.8/5.1 亿元，同比-48.4% /+30.5%/+36.8%/+42.8%，分别占比 29.91%/34.47%/9.80%/13.32%，其中 雕刻机业务受客户去库存及需求疲软影响收入同比下降导致创新消费电子业务 收入下降；电子烟方面实现"零件+部件+整机"业务体系，但受客户产品切换影 响预计收入下降；汽车电子升级并开发新产品实现收入快速增长。2 ...

盈趣科技 Intretech 厦门盈趣科技股份有限公司 2024 年第一季度报告 2024 年第一季度报告 2. 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人 员)声明：保证季度报告中财务信息的真实、准确、完整。 3.公司第一季度报告未经过审计。 一、主要财务数据 （一） 主要会计数据和财务指标 （三） 主要会计数据和财务指标发生变动的情况及原因 适用 □不适用 厦门盈趣科技股份有限公司 2024年第 季度报告 打造哥,望望这! 证券代码：002925 证券简称：盈趣科技 公告编号：2024-027 厦门盈趣科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1. 董事会、监事会及董事、监事、高级管理人员保证季度报告的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 1 厦门盈趣科技股份有限公司 2024 年第一季度报告 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |------------------------------- ...

报告期内，公司大力推进全球 GMP 计划的落地，整合全球资源，国内外团队分工合作，快速响应客 户需求；主动营销，积累和沉淀经验，通过一年的不断调研、摸索和总结，明确了聚焦"4+N"市场的营 销拓展方向，并沉淀了多个新兴市场的客户，并陆续与 A 类客户建立链接，公司 UDM2.0 客户群和产品 矩阵储备进一步丰富。 （6）"四化"建设，凝心聚力提质增效 报告期内，公司持续推进"三化"制造到"四化"建设的转型升级，重点开展精益制造及数字化建 设，降本增效，持续打造国家智能制造示范工厂。在信息化建设方面，公司持续投入资源开展信息化建 设，以自主研发的 UMS 联合管理系统为公司信息化的 DNA 和纽带，根据经营管理需求，持续完善相关 信息化模块，重点建设质量在线监测系统（uSPC）及设备运行监控管理系统（uBOC）等，并积极引进外 部信息化管理工具 PLM、OA、CRM、WIKI 及云星空 ERP 系统等，公司的信息化系统贯穿价值流转的前 中后台，将产、供、销、人、财、物等高效的协调组织，不断提升生产运营及办公效率。在自动化建设 方面，完成了多条重点产品自动化生产及测试线的研制、六轴测试机器人项目的应用开发及能耗设 ...

盈趣科技（ [Table_StockNameRptType] 002925） 公司研究/公司深度 自主研发 UDM 模式，创新高端制造 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|----------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002925 证券简称：盈趣科技 厦门盈趣科技股份有限公司投资者关系活动记录表 编号：2023-005 √特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □业绩说明会 类别 □新闻发布会 □路演活动 □现场参观 √其他 线上会议 承周资管、创金合信、淳厚基金、淡水泉、方正证券、光证资 管、广发证券、国金证券、国盛证券、国泰基金、国元证券、海 通证券、合煦智远基金、和谐汇一资产、华西证券、华夏基金、 汇安基金、汇丰晋信、汇添富基金、混沌投资、嘉实基金、开源 参与单位名称及 证券、凯昇投资、宽远资产、民生基金、民生证券、平安基金、 人员姓名 平安养老、朴易资产、申万宏源、太平基金、天风电子、同犇投 资、信诚基金、信璞私募、兴业证券、兴银基金、弈辰私募、煜 德投资、圆信永丰、长江养老、长江证券、招商证券、浙江物 产、浙商证券、中加基金、中金公司、中信建投、中信证券、珠 池资产、紫欣投资等51家机构。 时间 2023年10月28日下午15:00—16:00 地点 厦门市海沧区东孚西路100号盈趣科技创新产业园 上市公司接待人 总裁杨明，董事会秘书、财务总监李金苗，证券事务代表高慧玲， 员姓名 董事会 ...

Financial Performance - Revenue for the reporting period was 1,116,557,285.84 yuan, a year-on-year increase of 3.20%[14] - Net profit attributable to shareholders of the listed company was 130,267,902.43 yuan, a year-on-year decrease of 32.46%[14] - Net profit for the period was 358,978,498.01 yuan, a decrease of 34.24% compared to the previous period's 545,894,718.35 yuan[39] - The company's total revenue for the third quarter of 2023 was RMB 2,960,254,637.89, a decrease from RMB 3,369,297,657.12 in the same period last year[61] - The company's net profit attributable to the parent company's owners for the third quarter of 2023 was RMB 327,910,158.79, down from RMB 551,426,300.45 in the same period last year[64] - The company's basic earnings per share for the third quarter of 2023 were RMB 0.43, compared to RMB 0.69 in the same period last year[64] - The company's total comprehensive income for the third quarter of 2023 was RMB 354,838,463.09, down from RMB 560,220,832.37 in the same period last year[64] Cash Flow and Liquidity - Cash flow from operating activities was 331,384,112.18 yuan, a year-on-year decrease of 58.02%[14] - Monetary funds decreased by 61.49% to 417,194,425.04 yuan, mainly due to a reduction in bank deposits[8] - The company's cash and cash equivalents at the end of the third quarter of 2023 were RMB 356,888,662.77, compared to RMB 422,654,171.17 at the end of the same period last year[68] - Sales revenue from goods and services received in cash was 2.92 billion yuan, a decrease from 3.76 billion yuan in the previous period[76] - Total cash inflows from operating activities were 3.09 billion yuan, down from 4.01 billion yuan in the previous period[76] - Total cash outflows from operating activities were 2.76 billion yuan, compared to 3.22 billion yuan in the previous period[77] - Net cash flow from operating activities was 331.38 million yuan, a significant decrease from 789.30 million yuan in the previous period[77] - Net cash flow from investing activities was 17.51 million yuan, an improvement from a negative 425.62 million yuan in the previous period[77] - Net cash flow from financing activities was negative 755.09 million yuan, an improvement from negative 1.15 billion yuan in the previous period[77] - Total cash and cash equivalents decreased by 404.86 million yuan, compared to a decrease of 731.68 million yuan in the previous period[77] - Cash received from investment returns was 74.31 million yuan, up from 37.46 million yuan in the previous period[77] - Cash paid for employee wages and benefits was 539.62 million yuan, slightly down from 554.48 million yuan in the previous period[77] - Cash paid for taxes and fees was 91.21 million yuan, down from 109.48 million yuan in the previous period[77] Assets and Liabilities - Total assets at the end of the reporting period were 7,479,609,985.15 yuan, a year-on-year decrease of 3.58%[14] - Total liabilities decreased from 2,297,890,286.92 yuan to 2,277,755,937.57 yuan, a reduction of approximately 0.88%[37] - Long-term borrowings increased significantly from 564,741,666.70 yuan to 760,400,000.00 yuan, a rise of 34.65%[37] - The company's total assets as of September 30, 2023, were RMB 7,479,609,985.15, compared to RMB 7,757,264,166.77 at the beginning of the year[60] - The company's total equity attributable to the parent company's owners as of September 30, 2023, was RMB 5,001,294,728.25, down from RMB 5,276,940,402.70 at the beginning of the year[61] Investments and Acquisitions - Investment income surged by 7673.55% to 32,051,634.95 yuan, mainly due to increased financial investment income and reduced losses from forward exchange contracts[19] - Construction in progress increased by 66.02% to 385,258,616.38 yuan, mainly due to the construction of Intretech's Hungary plant and Zhangzhou manufacturing base[8] - Goodwill increased by 33.36% to 300,621,875.99 yuan, mainly due to the acquisition of Shanghai Hengjing and Inov 3[8] - The company invested RMB 5 million in Dongguan Xinghui Hardware Technology Co., Ltd., increasing its stake to 19.6078%[29] - The company established Quqiudian (Shenzhen) Technology Co., Ltd. with a registered capital of RMB 10 million, holding 85% of the shares[31] - The company transferred 3,712,800 MYR in registered capital (2.8560% equity) of Malaysia Yingqu to ISHARE for 7,314,216 MYR and 2,787,200 MYR in registered capital (2.1440% equity) to Yingma Investment for 5,490,784 MYR, retaining 94.3814% ownership in Malaysia Yingqu[31] - The company plans to invest up to USD 50 million to establish a manufacturing base in Mexico to better serve North American customers in the automotive and consumer electronics industries[56] Share Repurchase and Equity Changes - The company repurchased 794,000 shares with a total transaction amount of RMB 13,622,100[26] - The company completed the repurchase and cancellation of 2,026,054 restricted shares due to unmet performance targets and employee departures, reducing the total share capital from 782,523,769 shares to 780,497,715 shares[28] - The company repurchased 794,000 shares, representing 0.1017% of the total shares, with a total transaction value of 13,622,100.00 yuan[53] Operating Costs and Expenses - Total operating costs for the third quarter of 2023 were RMB 2,582,578,369.72, down from RMB 2,771,064,047.35 in the previous year[61] - R&D expenses for the third quarter of 2023 amounted to RMB 266,276,017.25, a slight decrease from RMB 278,713,837.04 in the same period last year[61] - Prepaid expenses increased by 150.66% to 80,699,059.94 yuan, mainly due to an increase in prepaid purchases[8] Non-Recurring Items and Government Subsidies - Non-recurring gains and losses amounted to 49,377,726.24 yuan for the year-to-date, with government subsidies contributing 29,481,980.90 yuan[42]

证券代码：002925 证券简称：盈趣科技 厦门盈趣科技股份有限公司投资者关系活动记录表 编号：2023-004 | --- | --- | |------------------------|-------------------| | | √特定对象调研 | | 投资者关系活动 | □媒体采访 | | 类别 | □新闻发布会 | | | □现场参观 | | | | | | | | | | | 参与单位名称及人员姓名 | | | | | | | | | | 管、象屿创投等 45 | 时间 2023 年 08 月 19 日下午 15:00—16:30 地点 厦门市海沧区东孚西路 100 号盈趣科技创新产业园 上市公司接待人 总裁杨明，董事会秘书、财务总监李金苗，证券事务代表高慧玲， 员姓名 董事会办公室沈念、黄飘雪 一、董事会秘书对公司 2023 年半年度报告进行解读。 二、公司领导就以下问题与投资者进行沟通交流。 1、从公司目前的产品结构来看，雕刻机业务收入已经下降到 了比较低的点，下半年雕刻机的恢复态势如何？同时目前公司非雕 投资者关系活动 刻机业务保持了一个比较好的增长态势，对于下半年公司的营收是 主要 ...

| --- | --- | |----------------------------|-------| | | | | | | | 第七节 股份变动及股东情况- | | | 第八节 优先股相关情况 | | | 第九节 愤券相关情况 . | | （一）载有公司法定代表人、财务负责人、会计机构负责人签名并盖章的财务报表。 4 | --- | --- | --- | |-------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 释义项 | ...