Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of 22.29 CNY, up from the previous target of 20.51 CNY [2][4]. Core Insights - Short-term profitability is under pressure due to increased industry competition, but the long-term growth trend remains intact. The company has set high growth targets through its equity incentive plan [2]. - The company's revenue for the first three quarters of 2024 reached 1.705 billion CNY, a year-on-year increase of 1.37%, while the net profit attributable to shareholders was 94.6591 million CNY, down 26.31% year-on-year [2]. - The report highlights a decline in gross margin by 4.53 percentage points in Q3, primarily due to a decrease in single business gross margin rather than a change in revenue structure [2]. - The company has implemented an equity incentive plan, granting 7.65 million restricted shares to 211 employees at a price of 14.98 CNY per share, reflecting management's confidence in future growth [2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 2.353 billion CNY, 2.611 billion CNY, and 2.911 billion CNY, respectively, with corresponding EPS estimates of 0.60 CNY, 0.70 CNY, and 0.87 CNY [3][10]. - The company's net profit for 2024 is expected to be 244 million CNY, a decrease of 4.0% compared to 2023, with a net profit margin of 10.4% [3][10]. - The report indicates a projected P/E ratio of 32.33 for 2024, decreasing to 22.09 by 2026, reflecting an anticipated improvement in profitability [3][10].

Investment Rating - The report maintains a "Buy" rating for SIE Information (300687 SZ) with a current PE valuation of 29 5/23 7/19 1 times for 2024/2025/2026 respectively [2] Core Views - SIE Information's Q3 2024 revenue growth remained stable at 6 34 billion yuan (+1 43% YoY) while net profit faced pressure declining 38 91% YoY to 64 95 million yuan [2] - The company's 1-3Q24 revenue reached 17 05 billion yuan (+1 37% YoY) with net profit dropping 26 31% YoY to 94 66 million yuan [2] - Gross margin for 1-3Q24 stood at 32 32% (-0 77pct YoY) and net margin was 5 55% (-2 09pcts YoY) [2] - The company launched an equity incentive plan with performance targets of 15-20% CAGR for net profit from 2025-2027 based on 2024 figures [2] Financial Performance Revenue & Profit - 3Q24 revenue: 6 34 billion yuan (+1 43% YoY) [2] - 1-3Q24 revenue: 17 05 billion yuan (+1 37% YoY) [2] - 3Q24 net profit: 64 95 million yuan (-38 91% YoY) [2] - 1-3Q24 net profit: 94 66 million yuan (-26 31% YoY) [2] Expense Ratios - R&D expense ratio: 14 46% (+0 78pct YoY) [2] - Sales expense ratio: 6 27% (-0 44pct YoY) [2] - Management expense ratio: 5 54% (-0 82pct YoY) [2] - Financial expense ratio: 0 47% (+0 02pct YoY) [2] Forecasts - 2024-2026 revenue forecasts: 23 19/27 40/32 89 billion yuan [2] - 2024-2026 net profit forecasts: 225/279/348 million yuan [2] - 2024-2026 EPS forecasts: 0 55/0 68/0 85 yuan [2] Historical Financials - 2022-2026E revenue growth: 17 37%/-0 75%/2 86%/18 17%/20 05% [4] - 2022-2026E net profit growth: 11 10%/1 98%/-11 72%/24 40%/24 54% [4] - 2022-2026E ROE: 10 34%/9 58%/7 79%/9 15%/10 67% [4] Market Sentiment - Recent market ratings show 23 "Buy" recommendations within the past six months [8] - The market average investment recommendation score is 1 00 indicating a strong "Buy" consensus [10]

特此公告 广州赛意信息科技股份有限公司 邢萌先生的简历如下： 邢萌先生，光大证券股份有限公司并购融资部资深经理，保荐代表人，注册 会计师，硕士研究生，具有 9 年投资银行业务经验，主要负责或参与江苏百宏、 镁锦股份、桂润环境 IPO 项目，东领智能、卓航股份新三板挂牌项目，新希望、 江西交投公司债项目等，具有丰富的投行理论知识和实践经验。 本次保荐代表人变更后，公司向特定对象发行 A 股股票的持续督导保荐代表 人为洪璐女士、邢萌先生。根据《证券发行上市保荐业务管理办法》等相关规定， 公司向特定对象发行 A 股股票的持续督导期已于 2023 年 12 月 31 日届满。因上 述期限结束后，募集资金尚未使用完毕，因此保荐机构将继续履行对公司向特定 对象发行 A 股股票剩余募集资金 2024 年度使用及管理情况的持续督导责任。 关于变更保荐代表人的公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-110 广州赛意信息科技股份有限公司 关于变更保荐代表人的公告 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。 广州赛意信息科技股份有限公司（以下简称" ...

关于作废部分已授予但尚未归属的 2020 年限制性股票的公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-108 广州赛意信息科技股份有限公司 关于作废部分已授予但尚未归属的 2020 年限制性股票的公告 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。 广州赛意信息科技股份有限公司（以下简称"公司"或"赛意信息"）于 2024 年 10 月 25 日召开第三届董事会第二十九次会议、第三届监事会第二十六 次会议审议通过了《关于作废部分已授予但尚未归属的 2020 年限制性股票的议 案》，根据公司《2020 年限制性股票激励计划（草案）》（以下简称"《激励 计划》"）的规定和公司 2020 年第五次临时股东大会的授权，公司董事会同意 作废部分已授予但尚未归属的 2020 年限制性股票共 33,120 股。现将相关事项公 告如下： 一、2020 年限制性股票激励计划已履行的相关审批程序 1、2020 年 9 月 21 日，公司董事会薪酬与考核委员会拟订了《2020 年限制 性股票激励计划（草案）》《2020 年限制性股票激励计划实施考核管理办法》 ...

Financial Performance - The company's revenue for Q3 2024 was ¥634,246,227.05, representing a year-on-year increase of 1.43%[3] - The net profit attributable to shareholders for Q3 2024 was ¥64,949,927.95, a decrease of 38.91% compared to the same period last year[3] - The company's basic earnings per share for Q3 2024 was ¥0.1584, a decrease of 38.89% year-on-year[3] - Total operating revenue for Q3 2024 was CNY 1,705,166,445.09, an increase from CNY 1,682,136,838.55 in Q3 2023, representing a growth of approximately 1.5%[20] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 94,659,084.59, down from CNY 128,453,632.88 in Q3 2023, reflecting a decrease of about 26.3%[21] - The company reported a net profit of CNY 93,520,503.91 for Q3 2024, down from CNY 127,477,723.64 in the same period last year, a decrease of approximately 26.6%[21] - The total comprehensive income for Q3 2024 was CNY 84,150,646.32, compared to CNY 127,477,723.64 in Q3 2023, indicating a decline of about 33.9%[21] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥109,701,607.20, reflecting a significant decline of 1,036.76%[10] - Operating cash flow for the period was -$109,701,607.20, a decrease from $11,710,727.09 in the previous period[23] - Total cash inflow from operating activities was $1,726,281,956.50, slightly down from $1,727,806,885.76 year-over-year[23] - Cash outflow from operating activities totaled $1,835,983,563.70, compared to $1,716,096,158.67 in the previous period[23] - Investment cash flow net amount was -$211,121,254.05, worsening from -$98,130,659.82 in the previous period[23] - Cash inflow from investment activities was $959,760,760.81, down from $1,502,530,454.51 year-over-year[23] - Cash outflow from financing activities was $169,828,479.32, compared to $175,253,021.15 in the previous period[23] - Net cash flow from financing activities was -$37,708,739.79, an improvement from -$96,271,753.19 in the previous period[23] - The ending cash and cash equivalents balance was $407,288,859.13, down from $788,949,043.28 year-over-year[24] - The company received $5,000,000.00 from investment during the period, a significant decrease from $26,293,206.84 in the previous period[23] - The company paid $1,166,890,973.67 to employees, an increase from $1,074,803,141.08 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,670,057,890.73, down 2.06% from the end of the previous year[3] - As of September 30, 2024, the total current assets decreased to 1,786,198,206.62 CNY from 2,057,684,658.27 CNY at the beginning of the period[18] - Accounts receivable increased to 1,017,773,196.35 CNY from 917,251,520.36 CNY, reflecting a growth of approximately 10.5%[18] - Non-current assets totaled 1,883,859,684.11 CNY, up from 1,689,399,007.81 CNY, indicating an increase of about 11.5%[18] - The total liabilities as of the end of Q3 2024 amounted to CNY 836,168,783.09, compared to CNY 911,466,689.83 at the end of Q3 2023, indicating a reduction of approximately 8.2%[20] - The company’s total non-current liabilities rose to CNY 306,690,772.36 from CNY 223,521,244.53, reflecting an increase of approximately 37.2%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,883[11] - The largest shareholder, Zhang Chengkang, holds 11.20% of the shares, totaling 45,917,439 shares[11] - The company has a total of 5,264,039 shares held in the repurchase account, accounting for 1.62% of the total share capital[11] - The top ten shareholders hold a total of 7,141,600 shares through margin trading accounts[12] - The total number of shares held by the top ten unrestricted shareholders includes significant stakes from various funds and individuals[11] - The proportion of shares held by the top ten shareholders represents a significant portion of the total share capital, indicating concentrated ownership[11] Stock Repurchase and Incentive Plans - The company plans to repurchase shares with a total fund of no less than RMB 50 million and no more than RMB 100 million, with a maximum repurchase price of RMB 20.70 per share[13] - The repurchased shares will be used for employee stock ownership plans or to reduce registered capital, with at least 40% of the repurchased shares for capital reduction[13] - The company’s stock repurchase plan is ongoing and subject to adjustments based on national policy changes[13] - The company approved a restricted stock incentive plan as of October 16, 2024[14] - The company plans to grant 7,650,000 restricted stocks under the 2024 incentive plan, accounting for 1.87% of the total share capital[15] - The initial grant consists of 6,470,000 shares, representing 1.58% of the total share capital, with 84.58% of the total restricted stocks planned for this incentive[15] - The stock price for the initial and reserved grant of restricted stocks is set at 14.98 CNY per share[15] - The company approved a partner shareholding plan, allowing for the acquisition of up to 4,993,000 shares, approximately 1.22% of the total share capital[16] - The share price for the partner shareholding plan is set at 8.48 CNY per share[16] Return on Equity - The weighted average return on equity was 2.44%, down 1.59% from the previous year[3] - The company’s total equity attributable to shareholders was ¥2,654,754,676.70, showing a slight decrease of 0.02% from the end of the previous year[3] - The company's total equity stood at CNY 2,833,889,107.64, slightly down from CNY 2,835,616,976.25 year-over-year[20]

第三届监事会第二十六次会议决议公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-105 广州赛意信息科技股份有限公司 第三届监事会第二十六次会议决议公告 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。 广州赛意信息科技股份有限公司（以下简称"公司"）第三届监事会第二 十六次会议于 2024 年 10 月 25 日下午 15:00 在公司办公地以通讯方式召开。 会议通知于 2024 年 10 月 23 日以电子邮件方式送达。会议应出席监事 3 名， 实际出席监事 3 名。会议召开符合《公司法》《公司章程》及有关法律法规的 规定。 会议主持人为监事会主席林立岳先生，公司财务总监、董事会秘书、证券 事务代表列席了会议。经与会监事认真审议和表决，形成如下决议： 二、审议通过《关于 2020 年限制性股票激励计划预留授予部分第三个归 属期归属条件成就的议案》。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为，公司 2020 年限制性股票激励计划预留授予限制性 股票第三个归属期归属条件已经成就，本次归属符合《上市公司股权激励管 ...

第三届董事会第二十九次会议决议公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-104 广州赛意信息科技股份有限公司 第三届董事会第二十九次会议决议公告 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。 广州赛意信息科技股份有限公司（以下简称"公司"）第三届董事会第二十 九次会议于 2024 年 10 月 25 日下午 14:00 在公司办公地以通讯方式召开。会议 通知于 2024 年 10 月 23 日以电子邮件方式送达。会议应出席董事 7 名，实际出 席董事 7 名。会议召开符合《公司法》《公司章程》及有关法律法规的规定。 二、审议通过《关于 2020 年限制性股票激励计划预留授予部分第三个归属 期归属条件成就的议案》。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 公司 2020 年限制性股票激励计划预留授予部分第三个归属期归属条件已经 成就，公司将按照激励计划的相关规定为符合条件的激励对象办理归属相关事宜。 本次符合归属条件的激励对象共计 5 人，可归属的限制性股票数量为 58,080 股。 具体内容详见同日刊登在巨潮资讯网（ ...

关于 2020 年限制性股票激励计划预留授予部分第三个归属期归属条件成就的公告 证券代码：300687 证券简称：赛意信息 公告编号：2024-107 广州赛意信息科技股份有限公司 关于 2020 年限制性股票激励计划预留授予部分 第三个归属期归属条件成就的公告 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。 重要内容提示： 1、本次符合第二类限制性股票归属条件的激励对象共计 5 人，可归属的第 二类限制性股票数量共计 58,080 股，占公司目前总股本扣除回购股份数的 0.0144%。 2、本次第二类限制性股票的归属价格为 12.36 元/股，归属股票来源为公司 向激励对象定向发行公司 A 股普通股股票。 3、本次第二类限制性股票在归属登记等相关手续办理完后、股票上市流通 前，公司将发布相关提示性公告，敬请投资者注意。 广州赛意信息科技股份有限公司（以下简称"公司"或"赛意信息"）于 2024 年 10 月 25 日召开第三届董事会第二十九次会议、第三届监事会第二十六 次会议审议通过了《关于 2020 年限制性股票激励计划预留授予部分第三个归属 期归属条件成 ...

地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21-23 层 电话：0755-82816698 传真：0755-82816898 邮编：518000 上海市锦天城（深圳）律师事务所 关于广州赛意信息科技股份有限公司 2020 年限制性股票激励计划预留授予部分第三个归属期 归属条件成就及作废部分已授予但尚未归属的 2020 年限制性股票相关事项的 法律意见书 1 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于广州赛意信息科技股份有限公司 2020 年限制性股票激励计划预留授予部分第三个归属期 归属条件成就及作废部分已授予但尚未归属的 2020 年限制性股票相关事项的 2 上海市锦天城（深圳）律师事务所 法律意见书 二、本所律师已经对与出具本法律意见书有关的所有文件资料及说明进行审 查判断。同时，赛意信息向本所保证：其已经提供了本所认为出具本法律意见书 所必需的、真实的原始书面材料、副本材料或书面说明，公司在向本所提供文件 时并无遗漏；所有文件上的签名、印章均是真实的，所有副本材料或复印件与原 件一致。对出具本法律意见至关重要而又无法得到独立的证据支持的事实，本所 依据政 ...

本次拟归属的激励对象符合《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》等法律、 法规和规范性文件规定的激励对象条件，符合本次激励计划规定的激励对象范围， 其作为公司本次激励计划激励对象的主体资格合法、有效，激励对象获授限制性 股票的归属条件已经成就。 第三个归属期归属名单的核查意见 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。 广州赛意信息科技股份有限公司（以下简称"公司"）监事会依据《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》"）、 《公司章程》等有关规定，对公司 2020 年限制性股票激励计划预留授予部分第 三个归属期归属名单进行审核，发表核查意见如下： 监事会关于 2020 年限制性股票激励计划预留授予部分第三个归属期归属名单的核查意见 证券代码：300687 证券简称：赛意信息 广州赛意信息科技股份有限公司 监 ...