Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.394 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 14.31%, while the net profit attributable to shareholders was 533 million yuan, up 3.08% year-on-year [1]. - The global smartphone market saw a shipment volume of 316 million units in Q3 2024, marking a 4.0% year-on-year growth, indicating a gradual recovery in the consumer electronics sector [2]. - The company is actively expanding its second growth curve business, enhancing product capabilities and business scale, and deepening cooperation with major clients in North America [2]. Financial Performance Summary - For Q3 2023, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 17.78%, with a net profit of 330 million yuan, up 2.06% year-on-year [1]. - The gross profit margin for Q3 2023 was 23.76%, down 4.81 percentage points year-on-year [1]. - The company plans to repurchase 15.1 million shares, accounting for 1.56% of the total share capital, with a total transaction amount of 268 million yuan [3]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 681 million yuan and 877 million yuan, respectively, reflecting a downward adjustment of 24.58% and 23.47% [4]. - The forecast for 2026's net profit is set at 1.087 billion yuan, with corresponding PE valuations of 35X, 27X, and 22X for 2024, 2025, and 2026 [4].

证券代码：300136 证券简称：信维通信 公告编号：2024-041 深圳市信维通信股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市信维通信股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含）的自有资金以 集中竞价交易方式回购公司股份，回购股份的价格不超过 25.00 元/股。具体内容详见 公司于 2024 年 8 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司 股份方案的公告暨回购报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交易日内披 露截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 一、回购股份的进展情况 截至 2024 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞 ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 29.85 RMB [3] Core Views - The company's revenue for the first three quarters of 2024 reached 6.394 billion RMB, a YoY increase of 14.31%, with a net profit attributable to the parent company of 533 million RMB, a YoY increase of 3.08% [1] - In Q3 2024, the company achieved revenue of 2.648 billion RMB, a YoY increase of 17.78%, and a net profit attributable to the parent company of 331 million RMB, a YoY increase of 2.05% [1] - AI technology is driving innovation in smart terminal devices, and the company is expanding its product portfolio and customer base, particularly in RF signal transmission, high-precision connectors, and structural components [1] - The company is diversifying into satellite communications, servers, automotive, IoT, and passive components, aiming to build a second growth curve [1] Financial Performance - The company's revenue for 2024 is projected to be 8.846 billion RMB, with a net profit attributable to the parent company of 775 million RMB [2] - The revenue growth rate for 2024 is expected to be 17.2%, with a net profit growth rate of 48.7% [2] - The company's gross margin is expected to improve to 23.3% in 2024, up from 22.1% in 2023 [6] Business Expansion - The company has made breakthroughs in commercial satellite communications and high-frequency, high-speed connectors for servers and automotive applications [1] - It has also expanded into UWB (Ultra-Wideband) technology, which is being applied in smart car keys, smart door locks, and medical devices [1] - The company is focusing on the automotive sector, securing supply qualifications from domestic and international OEMs and Tier 1 suppliers [1] Product Development - The company has developed high-end MLCC (Multi-Layer Ceramic Capacitors) products, with performance and reliability comparable to those of Japanese and Korean competitors [1] - It has introduced stainless steel battery cases that enhance battery life in smart devices, addressing the need for higher-density batteries [1] Valuation and Projections - The company's 2025 PE ratio is estimated at 30x, with a target price of 29.85 RMB [3] - The net profit for 2025 is projected to be 963 million RMB, with a growth rate of 24.2% [2] - The EPS for 2025 is expected to be 1.00 RMB, up from 0.80 RMB in 2024 [2]

会议由公司董事长彭浩先生主持，公司监事、高级管理人员列席了本次会议。 本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事就会议议案进行了审议、表决，形成了如下决议： 证券代码：300136 证券简称：信维通信 公告编号：2024-038 深圳市信维通信股份有限公司 第五届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 深圳市信维通信股份有限公司（以下简称"公司"）第五届董事会第十二次 会议于 2024 年 10 月 29 日在公司会议室以现场和通讯表决方式召开。召开本次 会议的通知及会议资料于 2024 年 10 月 25 日以电话、直接送达等方式送达各位 董事。本次会议应参加表决的董事 9 名，实际参加表决的董事 9 名。 特此公告。 深圳市信维通信股份有限公司 董事会 二零二四年十月二十九日 1、审议通过了《关于公司<2024 年第三季度报告>的议案》 公司《2024 年第三季度报告》详见巨潮资讯网（www.cninfo.com.cn）。 本议案已经公司董事会审计委员 ...

本次会议由监事会主席丁国荣先生召集和主持，应出席监事 3 人，实际出席 3 人。会议符合《中华人民共和国公司法》等法律、行政法规以及《公司章程》 的有关规定。 二、监事会会议审议情况 证券代码：300136 证券简称：信维通信 公告编号：2024-039 深圳市信维通信股份有限公司 第五届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市信维通信股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日 以电子邮件、直接送达等方式向全体监事发出公司第五届监事会第十次会议的通 知。本次会议于 2024 年 10 月 29 日在公司会议室召开。 本议案以 3 票同意，0 票弃权，0 票反对的表决结果获得通过。 特此公告。 深圳市信维通信股份有限公司 监事会 二零二四年十月二十九日 1、审议通过了《关于公司<2024 年第三季度报告>的议案》 公司监事会对董事会编制的《2024 年第三季度报告》进行了认真审核，并提 出如下书面审核意见：经审核，监事会认为董事会编制和审核《2024 年第三季度 报告》的程 ...

Financial Performance - The company reported a revenue of CNY 2,648,182,081.51 for Q3 2024, representing a 17.78% increase year-over-year[2] - The net profit attributable to shareholders for Q3 2024 was CNY 330,498,123.52, a 2.06% increase compared to the same period last year[2] - The net profit excluding non-recurring items decreased by 26.07% to CNY 257,313,165.99 in Q3 2024[2] - The company achieved a basic earnings per share of CNY 0.3416 for Q3 2024, up 2.06% year-over-year[2] - Total operating revenue for Q3 2024 reached ¥6,394,180,052.89, an increase of 14.3% compared to ¥5,593,755,992.47 in Q3 2023[17] - Operating profit for the period was ¥577,123,070.10, up from ¥553,915,224.96 in the same period last year, reflecting a growth of 4.2%[18] - Net profit attributable to shareholders of the parent company was ¥533,238,346.41, compared to ¥517,316,780.45 in Q3 2023, marking an increase of 3.9%[18] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 13,745,189,941.89, reflecting a 6.78% increase from the end of the previous year[2] - Total assets increased to ¥13,745,189,941.89 from ¥12,872,407,625.64, representing a growth of 6.8%[16] - Total liabilities rose to ¥6,535,701,766.83, compared to ¥5,781,503,220.74, reflecting an increase of 13.1%[16] - The company’s total equity attributable to shareholders increased by 2.12% to CNY 7,178,792,589.27 as of September 30, 2024[2] - The company's total equity reached ¥7,209,488,175.06, up from ¥7,090,904,404.90, showing a growth of 1.7%[16] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 744,331,310.79, down 52.00% compared to the previous year[6] - Operating cash inflow for the current period reached CNY 6,823,523,035.75, an increase of 4.98% compared to CNY 6,498,919,282.47 in the previous period[20] - Net cash flow from operating activities decreased to CNY 744,331,310.79, down 52.0% from CNY 1,550,829,097.62 in the previous period[20] - Cash outflow from investing activities totaled CNY 759,747,375.22, a decrease of 26.5% compared to CNY 1,035,237,666.14 in the previous period[21] - Net cash flow from financing activities was negative CNY 566,905,822.69, worsening from negative CNY 278,586,622.33 in the previous period[21] - The ending balance of cash and cash equivalents was CNY 1,418,802,486.79, down from CNY 1,989,580,320.25 in the previous period[21] Shareholder Information - The total number of common stock shareholders at the end of the reporting period was 94,892[9] - Major shareholder Peng Hao holds 19.48% of the shares, totaling 188,503,533 shares[9] - The second-largest shareholder, the National Social Security Fund 103 Portfolio, holds 3.51% of the shares, totaling 34,000,000 shares[9] Research and Development - The company invested CNY 537.13 million in R&D during the reporting period, an increase of 19.51% compared to the same period last year[8] - Research and development expenses amounted to ¥512,624,001.67, up from ¥422,186,210.01, indicating a year-over-year increase of 21.4%[17] - The company emphasizes continuous innovation and aims to develop more high-value products to achieve significant growth in its main business[8] - The company is committed to creating reliable innovative products and solutions through research on basic materials and technologies[8] - The company plans to solidify its technological capabilities and actively seize industry innovation opportunities in the future[8] Market and Growth Strategy - In Q3 2024, the global smartphone market shipment reached 316 million units, a year-on-year increase of 4.0%, marking the fifth consecutive quarter of growth[8] - The company aims to expand its second growth curve business, deepening cooperation with major clients in North America and introducing more new products and customers[8] - The company has multiple new RF and precision structure products currently being validated by clients, seeking more collaboration opportunities[8] Equity Incentives - The company repurchased a total of 15,100,031 shares, accounting for 1.56% of the total share capital, with a total transaction amount of approximately RMB 268 million[12] - The company plans to implement a third employee stock ownership plan, aiming to raise up to RMB 10.065 million, with a share price of RMB 9.15 per share, representing about 1.14% of the total share capital[12] - The fourth equity incentive plan was approved, granting 4.1 million restricted shares at a price of RMB 9.15 per share, which is approximately 0.42% of the total share capital[12] Current Assets and Expenditures - As of September 30, 2024, total current assets increased to RMB 7.51 billion from RMB 6.96 billion at the beginning of the period, reflecting a growth of approximately 7.9%[14] - Cash and cash equivalents decreased to RMB 1.47 billion from RMB 1.98 billion, a decline of about 26%[14] - Accounts receivable rose to RMB 2.24 billion, up from RMB 2.08 billion, indicating an increase of approximately 7.7%[14] - Inventory increased significantly to RMB 2.88 billion from RMB 2.24 billion, representing a growth of about 28.7%[14] - The company’s fixed assets grew to RMB 2.51 billion from RMB 2.43 billion, an increase of approximately 3.3%[14] - The company’s long-term equity investments decreased slightly to RMB 559 million from RMB 570 million, a decline of about 1.6%[14] - The company’s development expenditure rose to RMB 120.62 million from RMB 96.11 million, reflecting an increase of approximately 25.5%[14]

证券代码：300136 证券简称：信维通信 公告编号：2024-037 深圳市信维通信股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市信维通信股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含）的自有资金以 集中竞价交易方式回购公司股份，回购股份的价格不超过 25.00 元/股。具体内容详见 公司于 2024 年 8 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司 股份方案的公告暨回购报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交易日内披 露截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 一、回购股份的进展情况 截至 2024 年 9 月 30 日，公司通过股份回购专用证券账户以集中竞价 ...

深圳市信维通信股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含）的自有资金以 集中竞价交易方式回购公司股份，回购股份的价格不超过 25.00 元/股，本次回购股份 将用于股权激励和/或员工持股计划。具体内容详见公司于 2024 年 8 月 22 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告暨回购报告书》。 关于回购公司股份比例达到 1%暨回购进展的公告 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。 证券代码：300136 证券简称：信维通信 公告编号：2024-036 深圳市信维通信股份有限公司 公司回购股份的时间、数量、价格及集中竞价交易的委托时段符合《上市公司股 份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公司 回购股份方案的相关规定。具体情况如下： 1、公司未在下列期间回购股份： （1）自可能对本公司证 ...

关于首次回购公司股份的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳市信维通信股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含）的自有资金以 集中竞价交易方式回购公司股份，回购股份的价格不超过 25.00 元/股，本次回购股份 将用于股权激励和/或员工持股计划。具体内容详见公司于 2024 年 8 月 22 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告暨回购报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关规定，公司应当在首次回购股份事实发生的次一交易日予以披 露，现将首次回购公司股份的情况公告如下： 一、首次回购股份的具体情况 证券代码：300136 证券简称：信维通信 公告编号：2024-035 深圳市信维通信股份有限公司 1 2、公司以集中竞价交易方式回购股份，符合下列 ...

深圳市信维通信股份有限公司 监事会关于第四期股权激励计划激励对象名单（授予日）的核 查意见 深圳市信维通信股份有限公司（以下简称"公司"）监事会根据《中华人民 共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券交 易所创业板股票上市规则》（以下简称"《上市规则》"）等有关法律、法规和规范 性文件以及公司《第四期股权激励计划（草案）》（以下简称"《激励计划》"或"本 激励计划"）、《深圳市信维通信股份有限公司章程》（以下简称"《公司章程》"） 的规定，对第四期股权激励计划激励对象名单（授予日）进行审核，发表核查意 见如下： （一）本激励计划授予的激励对象均不存在《管理办法》第八条及《上市规 则》第8.4.2条规定的不得成为激励对象的下列情形： （三）本激励计划授予的激励对象人员名单与公司2024年第一次临时股东大 会批准的《激励计划》中规定的激励对象范围相符。 （四）本激励计划授予的激励对象具备《公司法》《证券法》等法律、法规 和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》 规定 ...