[Table_StockInfo] 2024 年 04 月 02 日 证券研究报告•2023 年年报点评 买入 （首次） 当前价：18.07 元 康 斯 特（300445）机械设备 目标价：21.96 元（6 个月） [Table_Summary 事件：公司发布] 2023年年报，2023年公司实现营业收入 4.98亿元，同比增长 20.36%；实现归母净利润 1.02 亿元，同比增长 35.05%。2023Q4 实现营业收 入 1.67 亿元，同比增长 35.97%，环比增长 40.12%；归母净利润 0.32 亿元， 同比增长 158.21%，环比增长12.20%。 2023 年公司盈利能力提升。1）2023 年公司综合毛利率为 64.45%，同比增加 0.96pp，2023Q4 毛利率 65.71%，同比下降 2.26pp，环比下降 1.56pp。2023 年数字压力检测产品毛利率 73.19%，同比下降 0.27pp；温湿度检测产品毛利率 55.78%，同比增长 0.32pp；过程信号检测产品毛利率 71.11%，同比增长 0.33pp。 2）2023 年公司期间费用率为 43.34%，销售/管理/研 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [8][38]. Core Insights - The company is expected to benefit from the growing MEMS pressure sensor market, with projections indicating a market size increase from $1.684 billion in 2019 to $2.215 billion by 2026, representing a compound annual growth rate (CAGR) of approximately 5% [1][11]. - The company has a diversified product structure and a comprehensive sales system that can respond quickly on a global scale, which is expected to drive future growth, particularly through the expansion of its SaaS services [2][38]. - The company achieved a revenue of 498 million yuan in 2023, a year-on-year increase of 20.36%, and a net profit of 102 million yuan, reflecting a growth of 35.05% [34][72]. Financial Performance - The company's revenue is projected to grow from 613 million yuan in 2024 to 955 million yuan in 2026, with corresponding net profits expected to rise from 131 million yuan to 225 million yuan during the same period [4][38]. - The earnings per share (EPS) are forecasted to increase from 0.62 yuan in 2024 to 1.06 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 30.0 to 17.5 over the same timeframe [2][38]. - The gross margin for 2023 was reported at 64.45%, an increase of 0.96 percentage points year-on-year, driven by higher-value calibration testing products and digital platform revenue growth [35][48]. Market Position and Strategy - The company has established itself in the global market, with 90% of its products sold to developed regions such as the US, Europe, and Japan, and its main products priced 10% higher than international competitors [20][55]. - The company is actively expanding its MEMS pressure sensor project, with a production target of 300,000 sensor cores and 100,000 pressure sensors by 2023, which is expected to create a second growth curve for the company [36][88]. - The company is also focusing on enhancing its digital platform services, integrating testing technology with industrial IoT to provide comprehensive digital solutions for users [86].

2023 年公司实现营收 4.98 亿元、yoy+20.36%，实现归母净利润 1.02 亿元、 yoy+35.05%；盈利能力表现优异，销售毛利率/净利率分别同比提升 0.96 pct/2.03 pct。其中国内营收 2.84 亿元、yoy+21.8%，主要源自校准测试产 品业务重点行业客户的订单落地及数字化平台业务的快速拓展；国际营收 2.15 亿元、yoy+18.5%，主要源自校准测试产品业务在美国/美洲区域的韧 性增长、亚洲/大洋洲区域的快速增长及石化行业客户订单落地。 ①控股明德软件打造 SaaS 云平台，23 年数字化平台业务实现营收 0.25 亿 元、yoy+44.4%；公司目标打造集多参数数据采集、业务流程与实验室计量 器具管理、预测性维护、计量专家系统、区块链安全认证于一体的数字化 平台，也将助力公司检测仪器产品及传感器垂直产业体系的场景渗透，为 用户提供多层次、多样化服务。 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 04 月 01 日 | | 投资评级 | ...

公 司 研 究 康斯特（300445.SZ）：国内营收高 增，盈利能力提升 毛利率、净利率均实现提升。2023 年公司三大主营产品：数字压力检测产品 收入 36,121.76 万元，同比增长 21.8%，营业收入占比 72.49%（+0.84pct）， 毛利率 73.19%（-0.27pct）；温湿度检测产品收入 7,803.15 万元，同比增长 11.7%，营业收入占比 15.66%（-1.22pct），毛利率 55.78%（+0.32pct）；过 程信号检测产品收入 2,867.59 万元，同比增长 21.1%，营业收入占比 5.75% （+0.03pct），毛利率 71.11%（+0.33pct）。公司主要产品毛利率保持稳定，且 高毛利产品数字压力检测和过程信号产品收入高增，带动公司毛利率整体提 升。2023 年四季度（单季度）公司销售费用、管理费用、研发费用占比分别 为 23.06%、8.75%、11.15%，相比 2022 年同期下降 1.12pct、1.16pct、6.71pct。 2023 年销售净利率较 2022 年提升 2.03pct 至 20.35%。 国内市场高增长，国际市场保持韧性。国 ...

公 司 研 究 康斯特（300445.SZ） 2024 年 03 月 29 日 | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/28 | | 当前股价 ( 元 ) | 18.41 | | 一年最高最低 ( 元 ) | 21.36/12.69 | | 总市值 ( 亿元 ) | 39.11 | | 流通市值 ( 亿元 ) | 25.45 | | 总股本 ( 亿股 ) | 2.12 | | 流通股本 ( 亿股 ) | 1.38 | | 近 3 个月换手率 (%) | 459.03 | 业绩符合预期，收入结构优化带动毛利率向上 公司 2023 年实现营收 4.98 亿元，同比增长 20.4%；归母净利润 1.02 亿元，同比 增长 35.1%；扣非归母净利润 9721 万元，同比增长 7.0%。2023Q4 实现营收 1.67 亿元，同比增长 36.0%，归母净利润 3175 万元，同比增长 158%。公司综合毛利 率为 64.5%，同比增加 1.0 个百分点，主要因素系汇率波动，同时高附加值的校 准测试产品收入占比提升、数字 ...

Financial Performance - The company's operating revenue for 2023 was CNY 498,285,103.73, representing a 20.36% increase compared to CNY 413,990,997.22 in 2022 [23]. - The net profit attributable to shareholders for 2023 was CNY 101,911,515.34, a 35.05% increase from CNY 75,459,339.34 in 2022 [23]. - The net profit after deducting non-recurring gains and losses was CNY 97,214,685.05, which is a 6.99% increase from CNY 90,859,921.52 in 2022 [23]. - The net cash flow from operating activities for 2023 was CNY 108,905,966.74, up 9.35% from CNY 99,592,450.98 in 2022 [23]. - The total assets at the end of 2023 were CNY 1,222,966,978.25, reflecting a 4.45% increase from CNY 1,170,892,957.55 at the end of 2022 [23]. - The net assets attributable to shareholders at the end of 2023 were CNY 1,085,299,562.04, a 9.21% increase from CNY 993,771,106.24 at the end of 2022 [23]. - The basic earnings per share for 2023 was CNY 0.48, which is a 37.14% increase compared to CNY 0.35 in 2022 [23]. - The weighted average return on equity for 2023 was 9.75%, up from 7.84% in 2022, indicating improved profitability [23]. - The company achieved total operating revenue of 498.29 million yuan, representing a year-on-year growth of 20.4% [59]. - The net profit attributable to shareholders reached 101.91 million yuan, an increase of 35.1% compared to the same period last year [59]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 97.21 million yuan, reflecting a growth of 7.0% year-on-year [59]. Dividend Distribution - The company plans to distribute a cash dividend of 0.80 CNY per 10 shares to all shareholders, based on a total of 212,430,013 shares [4]. - The cash dividend distribution plan for 2023 proposes a cash dividend of RMB 0.80 per 10 shares, amounting to RMB 16,994,401.04, with no stock dividends or capital reserve transfers [179]. - The total cash dividend for the current period represents 20.67% of the distributable profit of RMB 82,228,235.25 [178]. - The independent directors confirmed that the proposed profit distribution plan aligns with the company's actual situation and benefits long-term shareholder interests [176]. Research and Development - The company has a strong emphasis on R&D, particularly in core components and foundational technologies [16]. - The company maintains a research and development investment target of no less than 15% of revenue annually to ensure product competitiveness [53]. - R&D investment totaled 113.35 million yuan, a 22.0% increase year-on-year, accounting for 22.8% of total revenue, focusing on new product development such as pressure sensors and digital pressure gauges [65]. - The company is committed to advancing the application of new technologies such as quantum chips, IoT, and AI in measurement instruments [42]. - The company is focusing on the development of MEMS sensors and has outlined its implementation roadmap for these projects [131]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through strategic partnerships [44]. - The company is actively involved in the development of core components and technologies to improve measurement accuracy and reliability [42]. - The company is preparing for mass production of MEMS high-precision pressure sensors in 2024 by adding technical and production personnel [129]. - The company is expanding its global presence by establishing testing assembly lines and product certification systems overseas, while also addressing trade protectionism to accelerate domestic import substitution [125]. - The company plans to launch new products and has outlined its procurement strategy for sensors, including both purchased and self-manufactured components [131]. Corporate Governance - The company has established a governance structure that includes a board of directors, supervisory board, and management team to ensure compliance and operational efficiency [136]. - The board of directors consists of 8 members, including 3 independent directors, complying with legal and regulatory requirements [137]. - The company has a stable board of directors with members serving until 2026, ensuring continuity in governance [145]. - The company is committed to transparency and governance, as evidenced by the regular updates on board and management changes [145]. - The company has established a complete decision-making process for profit distribution, ensuring the protection of all shareholders' rights [176]. Environmental and Social Responsibility - The company has implemented strict environmental protection measures, ensuring compliance with national regulations [186]. - The company has adopted energy-efficient and environmentally friendly construction solutions at its new factory, including a distributed photovoltaic power generation system, to reduce carbon emissions [188]. - The company has invested in high-efficiency FMS flexible production lines and e-operation systems to enhance energy efficiency and reduce pollution [188]. - The company has made donations to educational institutions and disaster-stricken areas, contributing to social development and poverty alleviation efforts [193]. - The company has achieved ISO certifications (ISO9001, ISO14001, ISO45001, ISO10012) to strengthen its internal control and governance mechanisms [190]. Risk Management - The company emphasizes the importance of accurate cash flow forecasting to avoid delivery risks associated with foreign exchange transactions [104]. - The company has established a foreign exchange hedging management system to mitigate risks associated with currency fluctuations, ensuring that all hedging activities are based on actual operational needs [104]. - The company is committed to enhancing supply chain resilience by diversifying supply channels and increasing the localization rate of components [126]. - The company faces risks from significant accounts receivable, which could impact cash flow and increase the risk of bad debts [127]. Employee Development - The total number of employees at the end of the reporting period is 540, with 283 in the parent company and 257 in major subsidiaries [172]. - The company emphasizes a competitive salary system based on market conditions and performance, ensuring fair compensation for all employees [173]. - Training programs are established annually to enhance employee skills, including new employee training and professional development, aligning with the company's strategic goals [174]. - The company has a structured remuneration decision process based on performance, capability, and market salary trends [159]. Product Development - The company focuses on high-end detection instruments, primarily developing, producing, and selling digital detection instruments and auxiliary digital detection platforms [43]. - Key products include digital pressure gauges, intelligent pressure calibration instruments, and automatic pressure calibration systems, serving various industries such as power generation, oil and gas, and pharmaceuticals [43]. - The company is focusing on enhancing product capabilities and expanding into new market segments, particularly in high-precision testing equipment [34]. - The company is currently in the small-batch trial production phase for the P25 project, aimed at developing a new generation of automatic pressure control products [79].

关于北京康斯特仪表科技股份有限公司 内部控制鉴证报告 目录 一、内部控制鉴证报告 二、内部控制评价报告 永拓会计师事务所（特殊普通合伙） 内部控制鉴证报告 京证专字（2024）第 310047 号 北京康斯特仪表科技股份有限公司全体股东： 我们接受委托，对北京康斯特仪表科技股份有限公司(以下简称"康斯特") 2023 年 12 月 31 日与财务报告相关的内部控制有效性的认定进行了鉴证。 一、管理层对内部控制的责任 按照国家有关法律法规的规定，设计、实施和维护有效的内部控制，并评价 其有效性是康斯特管理层的责任。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对内部控制有效性发表鉴证意见。我 们按照《中国注册会计师其他鉴证业务准则第3101号—历史财务信息审计或审阅 以外的鉴证业务》的规定执行了鉴证工作。该准则要求我们计划和实施鉴证工作， 以对鉴证对象信息是否不存在重大错报获取合理保证。在鉴证过程中，我们实施 了包括了解、测试和评价内部控制设计的合理性和执行的有效性，以及我们认为 必要的其他程序。 我们相信，我们的鉴证工作为发表意见提供了合理的基础。 三、内部控制的固有局限性 内部控制具有固有限制， ...

北京康斯特仪表科技股份有限公司 独立董事制度 北京康斯特仪表科技股份有限公司 独立董事制度 （2024 年 3 月修订） 第一章 总则 第一条 为进一步完善公司的法人治理结构，促进公司规范运作，更好地维护 公司及股东的利益，依照法律、法规、中国证监会的有关规定，结合公司实际情 况，公司制定独立董事制度。 第二条 本制度制定依据：根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《关于上市公司独立董事制度改革的意见》（以下简称"《指导意 见》"）、《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规 则》（以下简称"《创业板上市规则》"）《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》（以下简称"《运作指引》"）等法 律、行政法规、规范性文件及《北京康斯特仪表科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定。 第三条 独立董事是指不在公司担任除董事外的其他职务，并与本公司及其主 要股东、实际控制人不存在直接或间接利害关系或者其他可能影响其进行独立客 观判断的关系的董事。 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按照相关法 律法规和公司章程的要 ...

证券代码：300445 证券简称：康斯特 公告编号：2024-005 北京康斯特仪表科技股份有限公司 第六届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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 北京康斯特仪表科技股份有限公司（以下简称"公司"、"本公司"或"康斯特"） 于 2024 年 3 月 15 日以电子邮件、传真等形式通知了全体董事，召开第六届董事 会第四次会议。会议于 2024 年 3 月 26 日以现场和通讯的方式在公司会议室召开， 会议应参会的董事 8 人，其中独立董事 3 人；实际参会的董事 8 人（其中董事赵 明坚先生、独立董事李静女士、独立董事赵天庆先生以通讯方式出席会议）。会 议由董事长姜维利先生主持，本公司监事、高级管理人员列席了会议。本次董事 会的召集和召开符合《中华人民共和国公司法》和公司章程的规定。经出席会议 的全体董事表决，形成决议如下： 二、董事会会议审议情况 经出席会议的全体董事表决，形成决议如下： 1. 审议通过了《北京康斯特仪表科技股份有限公司2023年年度报告及其摘要》 经审议，董事会一致认为：公司2023年 ...

关于北京康斯特仪表科技股份有限公司 二〇二三年度募集资金存放与使用情况 鉴证报告 目 录 永拓会计师事务所(特殊普通合伙) 一、关于北京康斯特仪表科技股份有限公司 2023年度募集资金存放与使用情况鉴证报告 二、北京康斯特仪表科技股份有限公司董事会关于 2023年度募集资金存放与使用情况的专项报告 关于北京康斯特仪表科技股份有限公司 二〇二三年度募集资金存放与使用情况 鉴证报告 永证专字（2024）第310046号 北京康斯特仪表科技股份有限公司全体股东： 我们接受委托，对后附的北京康斯特仪表科技股份有限公司（以下简称"康 斯特"）管理层编制的《2023年度募集资金存放与使用情况的专项报告》进行了 鉴证。 一、管理层的责任 根据深圳证券交易所上市公司募集资金管理有关规定及相关格式指引编制 《2023年度募集资金存放与使用情况的专项报告》，提供真实、合法、完整的实 物证据、原始书面材料、副本材料、口头证言以及我们认为必要的其他证据，并 保证其内容真实、准确、完整，不存在虚假记录、误导性陈述或重大遗漏，是康 斯特管理层的责任。 二、注册会计师的责任 我们的责任是在实施审核工作的基础上对康斯特管理层编制的《2023 ...