信维通信：已为Meta提供天线、精密结构件等产品 有投资者在互动平台向信维通信提问，公司跟Meta的AI眼镜有合作吗？信维通信回复称，上述客户是 公司重要客户，公司已为其提供天线、精密结构件等产品。 恒星科技：公司研发储备了钨丝冷拉技术 恒星科技在接受机构调研时表示，公司持续关注钨丝的市场情况，得益于公司多年来积累的金属制品加 工技术，公司研发储备了钨丝冷拉技术。至于未来碳钢线和钨丝线谁更被市场看好，取决于两者的经济 性。 博深股份：目前没有应用于机器人相关的产品 校对：吕久彪 博深股份在互动平台表示，公司的主营业务包括金刚石工具、涂附磨具和轨交装备部件等三个板块。目 前没有应用于机器人相关的产品。 斯迪克：与北美客户共同开发的光路控制核心材料已在多种机型中量产 斯迪克在互动平台回复投资者称，AR/VR/MR头戴显示设备作为元宇宙与现实世界交互的关键接口，持 续朝着轻薄化的设计方向发展。从早期非球面透镜、菲涅尔透镜到折叠光路Pancake技术的出现，轻量 化和高清显示要求，驱动着光学材料的不断深化创新。斯迪克在该领域率先取得突破，凭借自主研发 OCA，由单层交付转变为多层贴合交付，为客户提供综合解决方案。与北 ...

一、回购股份的进展情况 截至 2024 年 12 月 31 日，公司通过股份回购专用证券账户以集中竞价交易方式 累计回购公司股份数量为 15,100,031 股，占公司总股本的 1.56%，最高成交价为 18.26 元/股，最低成交价为 17.16 元/股，成交总金额为 268,017,757.36 元（不含交易费用）。 公司回购股份的实施符合既定的回购方案及相关法律法规的要求。 二、其他说明 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。 证券代码：300136 证券简称：信维通信 公告编号：2025-001 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） ...

去供应客户的单一产品但是其实信维这边伴随着客户从一开始一直发展到现在的话其实跟大客户这边还是形成了一个比较深度的合作相当于共同成长了所以公司这一块对于客户的服务这一块也是做了比较充分比较多的一个准备 那像包括像这个之前包括今年吧我们其实整个对于这个SpaceX这一块产品的出货还是从深圳从国内和越南这两个地方共同去供应的但其实从明年开始的话也是为了更好的满足客户的一个需求提供更好的服务然后我们已经做已经从明年开始比较确定的就是 应该会全部都从越南这个地方去供货给这个大客户同时越南这边的场地的话也已经从我们越南的生产工厂大概是在18年建立的然后已经从一开始的几千坪差不多已经有了到今年的话完成第二期的一个投入之后已经有接近十倍的一个扩张就是一个使用面积的一个扩张了 所以其实从整个公司的一个投入还有以及对于未来的一个预期来讲的话也是充分的做好了跟大客户长期深度合作的这样子的一些准备那除了越南这边产能的一个已经开始为客户供产能并且也已经做好了明年产能供应的一个准备以外还有另外一个公司在海外的一个重要的产能基地就是在墨西哥 那这一块也是今年新庄投入的一个子公司这个子公司最开始投的时候呢也是为了服务这个T客户所以其实从产能 ...

证券代码：300136 证券简称：信维通信 公告编号：2024-042 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》。 （2）中国证监会及深圳证券交易所规定的其他情形。 1 2、公司以集中竞价交易方式回购股份，符合下列要求： （1）申报价格不得为公司股票当日交易涨幅限制的价格； 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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is positioned in multiple business sectors including consumer electronics, satellite communications, and smart vehicles, indicating a diversified growth strategy [4] - The rapid advancement of AI technology is reshaping smart terminal devices, leading to increased hardware requirements and new demands for connectivity, battery life, and audio-visual components [4] - The company has established long-term collaborations with major global clients, leveraging its expertise in RF signal transmission and precision connectors [4] - The company is actively expanding its smart vehicle business and has gained supplier qualifications from domestic and international manufacturers [4] - The company aims to enhance its high-end passive components segment, successfully developing various high-performance resistors and MLCC products [4] Financial Projections - The company is projected to achieve net profits of 0.68 billion, 0.85 billion, and 1.00 billion yuan for the years 2024, 2025, and 2026 respectively [4] - Revenue is expected to grow from 7.55 billion yuan in 2023 to 8.70 billion yuan in 2024, reflecting a growth rate of 15.27% [6] - The company's EBITDA is forecasted to increase from 1.38 billion yuan in 2023 to 1.68 billion yuan in 2026 [6] - The earnings per share (EPS) is anticipated to rise from 0.54 yuan in 2023 to 1.04 yuan in 2026 [6] Financial Metrics - The company has a total market capitalization of 24.5 billion yuan and a circulating market capitalization of 20.9 billion yuan [3] - The price-to-earnings (P/E) ratio is projected to decrease from 46.99 in 2023 to 24.43 in 2026, indicating improving valuation [6] - The company maintains a debt-to-asset ratio of 44.9%, which is expected to decrease to 39.4% by 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company benefits from the accelerated penetration of overseas satellites, with a focus on antenna and module manufacturing, wireless charging, EMI/EMC devices, high-precision connectors, automotive interconnect products, and passive components [4][5] - The company achieved revenue of 6.394 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.31%, and a net profit attributable to shareholders of 533 million yuan, up 3.08% year-on-year [4] - The global smartphone market saw a shipment volume of 316 million units in Q3 2024, reflecting a 4.0% year-on-year growth, indicating a recovering market environment [4] Summary by Sections Company Overview - The company collaborates with major global technology firms across various sectors, including consumer electronics, IoT/smart home, commercial satellite communications, and smart automotive applications [4] - The company is expanding its second growth curve business, focusing on new product opportunities and deepening relationships with key clients in North America [5] Satellite Communication Market - Starlink, operated by SpaceX, has surpassed 4 million users globally, achieving breakeven [8][10] - The report highlights the significant advantages of Starlink, including technological innovation, large-scale deployment, global coverage, and high-speed low-latency internet services [12][13][14] Financial Forecasts - The company is projected to achieve net profits of 681 million yuan in 2024, 877 million yuan in 2025, and 1.087 billion yuan in 2026, with corresponding P/E ratios of 37X, 29X, and 23X [15][19] - The report emphasizes the company's competitive edge in mature businesses like antennas and its growth potential in satellite communications and advanced materials [15]

[Table_Stock] 信维通信（300136） 证 券 研 究 报 告 [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_BaseInfo] 基本数据 最新收盘价（元） 22.89 12mth A 股价格区间（元） 14.83-27.60 总股本（百万股） 967.57 无限售 A 股/总股本 85.22% 流通市值（亿元） 188.74 公 司 点 评 [行业Table_Industry] : 通信 日期: shzqdatemark 2024年11月01日 [Table_QuotePic] 最近一年股票与沪深 300 比较 -44% -36% -28% -20% -13% -5% 3% 11% 19% 11/23 01/24 03/24 06/24 08/24 10/24 信维通信 沪深300 [Table_ReportInfo] 相关报告： Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 [Table_Rating] 买入（维持） [◼Table_Summa ...

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]