1月7日，雷电微力回应被美国商务部列入实体清单的相关影响。 公司表示，关注到美国商务部官方网站1月3日公布信息，雷电微力等实体被美国商务部列入"实体清 单"，进行出口管制。 据披露，雷电微力是国内领先的毫米波微系统整体解决方案及产品制造服务提供商。自成立以来，公司 就秉持自主创新、自主可控的发展战略，经过十数载沉淀，公司已建立了独立、完整的科研、生产、供 应链及知识产权体系，具备高质量、可持续发展能力。 公司认为，本次被列入"实体清单"不会对公司经营产生任何实质性影响。未来，雷电微力将坚持自身发 展战略，继续走自力更生的科技创新道路，为客户提供更优质、更可靠的产品及服务。 "公司将持续关注并跟进后续事件的发展情况，积极与各相关方进行沟通协调。同时，公司将严格遵守 相关规则，并及时履行信息披露义务。"雷电微力表示。 财报显示，2024年前三季度，雷电微力营收约11.72亿元，同比增加61.61%；归母净利润约3.74亿元， 同比增加41.44%；营收增长主要系产品交付和验收量增加所致。 据了解，1月3日，美国商务部工业和安全局（BIS）修订了《出口管理条例》（EAR），在实体清单中 增加了13个实体，其中中国1 ...

2024年10月21日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | --- | |---------------------------------------------------------------------|-------------------------------|-----------------------------|------------------| | | | | | | 雷电微力（301050） | 投资评级 | | 买入 | | 2024 年报三季报点评: 营收与归母净利润创历史新 | | | 维持评级 | | | | 2024年 10月 18 日 | | | 高，下游应用拓展有望构筑新增长点 | 收盘价(元): | | 54.17 | | | 目标价(元): | | | | 报告摘要 | 公司基本数据 | | | | ◆ 事件：公司 10 月 15 日公告, 2024 年 Q1-Q3 公司营收（11.72 亿元, | 总股本(百万股) | | 243.56 | | +61.61%),归母净利润(3.74亿元,+41.44%),扣非归母净 ...

①低空经济大会将接踵而至，行业政策落地有望提速，这家公司主要为低空飞行器整机企业提供结构类 零组件； ②我国刷新全钙钛矿光伏电池光电转化效率世界纪录，机构称钙钛矿产业化前景广阔可行性 高，这家公司子公司钙钛矿/TOPCon叠层电池已实现29.03%的转换效率； ③这家公司前三季度净利润 预计6.2亿元，同比增长237.08%。公司与华为合作产品计划于25H1上市。 【大头条】 一、低空经济|低空经济大会将接踵而至，行业政策落地有望提速，这家公司主要为低空飞行器整机企 业提供结构类零组件 据媒体报道，第二届全国低空经济（苏州）产业创新博览会将于10月18日至20日在阳澄国际电竞馆举 办，旨在构建一个集理论研讨与创新展示于一体的低空经济产业交流协作平台，推动领军企业、优质项 目对接落地，构建携手共进、合作共赢的低空经济生态圈。据介绍，本次博览会共规划"会、展、赛、 研"四大主要板块，并举办精彩纷呈的互动活动，将全面展示低空经济最新成果。此外，2024中国航空 产业大会暨南昌飞行大会将于11月2日至4日在南昌举行，全球低空经济论坛2024年年会将于11月27- 28日在京举行。 点评：开源证券发布研报称，促就业政策 ...

Revenue and Profit Growth - Revenue for the third quarter reached 470.96 million yuan, a year-on-year increase of 101.38%[3] - Net profit attributable to shareholders of the company for the third quarter was 165.43 million yuan, up 138.95% year-on-year[3] - Revenue for the first nine months of 2024 increased by 61.61% to 1,171,842,517.04 yuan compared to the same period in 2023, driven by increased product deliveries and acceptance[8] - Net profit grew by 41.44% to 373,800,096.54 yuan, primarily due to increased revenue recognition[9] - Total operating revenue increased to 1,171,842,517.04, up 61.6% compared to the previous period's 725,113,999.73[18] - Net profit reached 373,800,096.54, up 41.4% from the previous period's 264,281,075.87[19] - Basic earnings per share (EPS) stood at 1.55, up 42.2% from the previous period's 1.09[20] Asset and Liability Changes - Total assets as of the end of the third quarter were 3.63 billion yuan, a decrease of 20.35% compared to the end of the previous year[3] - Accounts receivable increased by 280.93% to 325.62 million yuan, mainly due to the completion of product acceptance and revenue recognition[6] - Inventory decreased by 30.21% to 1.28 billion yuan, as previously shipped goods were gradually accepted[6] - Contract liabilities decreased by 71.42% to 266.32 million yuan, primarily due to revenue recognition[7] - Retained earnings rose by 30.00% to 1.09 billion yuan, driven by increased profits[7] - The company's monetary funds decreased from RMB 1,056,969,687.65 to RMB 754,379,787.55, a decline of approximately 28.6%[15] - Trade receivables increased significantly from RMB 85,480,092.36 to RMB 325,617,778.15, a growth of approximately 280.9%[15] - Inventory decreased from RMB 1,839,812,854.38 to RMB 1,283,965,947.15, a reduction of approximately 30.2%[15] - Total current assets decreased from RMB 4,292,985,919.87 to RMB 3,357,100,854.10, a decline of approximately 21.8%[15] - Contract liabilities decreased from RMB 931,960,765.03 to RMB 266,319,302.55, a reduction of approximately 71.4%[16] - Total current liabilities decreased from RMB 1,872,647,568.62 to RMB 724,465,045.49, a decline of approximately 61.3%[16] - The company's total assets decreased from RMB 4,562,891,429.80 to RMB 3,634,186,581.45, a reduction of approximately 20.4%[17] - The company's total liabilities decreased from RMB 1,897,278,755.09 to RMB 756,557,705.55, a decline of approximately 60.1%[17] - Share capital increased from RMB 174,967,506.00 to RMB 243,561,828.00, a growth of approximately 39.2%[17] - Retained earnings increased from RMB 841,280,512.70 to RMB 1,093,668,658.60, a growth of approximately 30.0%[17] Cash Flow and Financial Activities - Cash flow from operating activities decreased by 163.24% to -201,167,936.37 yuan, mainly due to fewer sales contracts meeting payment conditions and lower sales collections compared to procurement payments[9] - Cash flow from investing activities increased by 627.73% to 153,378,247.27 yuan, driven by higher returns from cash management funds[9] - Cash flow from financing activities decreased by 813.73% to -250,481,260.61 yuan, primarily due to increased stock repurchases and dividend distributions[9] - Cash received from sales of goods and services was 356,908,328.35, a significant decrease from the previous period's 1,067,757,700.00[21] - Tax refunds received amounted to 55,482,986.15, down 17.1% from the previous period's 66,918,798.50[21] - Other income related to operating activities increased to 25,991,260.73, up 20.6% from the previous period's 21,556,061.69[21] - Operating cash flow for the quarter was -201.17 million RMB, compared to 318.10 million RMB in the same period last year[22] - Investment cash inflow totaled 1.89 billion RMB, a significant increase from 1.33 billion RMB in the previous year[22] - The company's cash and cash equivalents decreased by 298.27 million RMB, ending the quarter with 740.41 million RMB[22] - Employee compensation and benefits payments amounted to 79.95 million RMB, down from 88.67 million RMB year-over-year[22] - Tax payments increased to 49.34 million RMB, up from 41.45 million RMB in the same period last year[22] - The company's investment cash outflow was 1.74 billion RMB, compared to 1.32 billion RMB in the previous year[22] - Financing activities resulted in a net cash outflow of 250.48 million RMB, significantly higher than the 27.41 million RMB outflow in the same period last year[22] - Dividend payments and interest expenses totaled 122.20 million RMB, a substantial increase from 26.95 million RMB year-over-year[22] - The company's total cash and cash equivalents at the beginning of the quarter were 1.04 billion RMB[22] Operating Costs and Expenses - Operating costs rose by 89.66% to 655,889,083.29 yuan, outpacing revenue growth and resulting in lower gross margins compared to the previous year[8] - R&D expenses increased by 42.99% to 64,881,149.21 yuan, reflecting higher R&D investments and the impact of the 2023 restricted stock incentive plan[8] - Operating costs rose to 798,245,384.01, a 82.2% increase from the previous period's 438,067,994.11[18] - R&D expenses increased to 64,881,149.21, a 43% rise compared to the previous period's 45,373,243.53[19] Non-Recurring Items and Other Income - Non-recurring gains and losses for the quarter amounted to 6.32 million yuan, including gains from financial asset transactions[5] - Other income surged by 349.02% to 58,148,747.24 yuan, mainly due to VAT refunds received during the period[8] Shareholder Information - The company's largest shareholder, Deng Jieru, holds 19.43% of the shares, with 35,490,719 shares under restricted conditions[10] - The top 10 shareholders collectively hold a significant portion of the company's shares, with notable holdings by Chen Fashu (9.00%) and Chongqing Yida Enterprise Management Partnership (3.70%)[10] Tax and Financial Obligations - Income tax payable increased by 255.65% to 43.48 million yuan, mainly due to an increase in corporate income tax[7] Financial Ratios and Performance Metrics - The company's weighted average return on equity for the quarter was 5.81%, an increase of 3.12 percentage points year-on-year[3] Audit and Reporting - The third quarter financial report was not audited[23]

雷电微力（301050.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 深耕毫米波微系统；1H24 营收同比增长 43% 2024 年 08 月 24 日 ➢ 事件：8 月 23 日，公司发布 2024 年中报，1H24 实现营收 7.01 亿元，YOY +42.7%；归母净利润 2.08 亿元，YOY +6.8%；扣非净利润 1.93 亿元，YOY +11.8%。业绩表现符合市场预期。扣除股份支付影响后公司 1H24 净利润为 2.68 亿元，YOY +23.5%。公司产品交付和验收量稳步增加，我们综合点评如下： ➢ 2Q24 营收同比增长 38%；利润率有波动。1）单季度看：公司 2Q24 实现 营收 3.39 亿元，YOY +38.1%；归母净利润 1.10 亿元，YOY +4.0%；扣非净利 润 1.03 亿元，YOY +8.9%。2）盈利能力：公司 1H24 毛利率同比下滑 12.9ppt 至 40.8%；净利率同比下滑 10.0ppt 至 29.7%。2Q24 毛利率同比下滑 14.4ppt 至 39.7%；净利率同比下滑 10.6ppt 至 32.4%。 ➢ 深 ...

成都雷电微力科技股份有限公司 2024 年半年度报告全文 成都雷电微力科技股份有限公司 2024 年半年度报告 2024.08 1 成都雷电微力科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人桂峻、主管会计工作负责人刘潇寒及会计机构负责人(会计主 管人员)樊曾声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经本次董事会审议通过的利润分配及资本公积转增股本预案为：以 171,485,806 股（总股本扣除回购专用证券账户上已回购股份数）为基数，向 全体股东每 10 股派发现金红利 3 元（含税），送红股 0 股，以资本公积金向全 体股东每 10 股转增 4 股。 2 成都雷电微力科技股份有限公司 2024 年半年度报告全文 目录 | --- | --- | --- | |--------------------------------|-------|------ ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|-------|-------|-------|-------|-------|--------------------------------|-------|-------|-------|-------| | 雷电微力三大财务预测表 \n[ 资产负债表（百万元） Table_Finance] | 2023A | 2024E | 2025E | 2026E | | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 4,293 | 4,611 | 5,425 | 6,217 | | 营业总收入 | 886 | 1,028 | 1,198 | 1,403 | | 货币资金及交易性金融资产 | 2,145 | 2,221 | 2,266 | 3,088 | | 营业成本 ( 含金融类 ) | ...

➢ 事件：4 月 21 日，公司发布 2023 年年报，全年实现营收 8.9 亿元，YOY +3.0%；归母净利润 3.1 亿元，YOY +10.1%。同时发布 2024 年一季报，1Q24 实现营收 3.6 亿元，YOY +47.3%；归母净利润 0.99 亿元，YOY +10.1%。业绩 表现符合市场预期。公司坚持聚焦毫米波微系统，促进产品低成本、大规模应用。 ➢ 4Q23 净利润增长 37%；盈利能力保持在较高水平。1）单季度看：公司 4Q23 实现营收 1.6 亿元，YOY -19.5%；归母净利润 0.41 亿元，YOY +37.2%； 扣非净利润 0.30 亿元，YOY +44.0%。2）盈利能力：公司 2023 年毛利率同比 增加 7.4ppt 至 52.2%；净利率同比增加 2.2ppt 至 34.5%。公司持续聚焦精确 制导业务，毛利率提升；毛利率和净利率持续保持在较高水平。 ➢ 通信数据链快速增长；多款核心芯片实现量产。2023 年，分产品看：1） 精确制导：实现营收 8.5 亿元，YOY -0.4%，占总营收 96%；毛利率同比增加 7.2ppt 至 51.9%；2）通信数据链：实现营收 ...

成都雷电微力科技股份有限公司 2024 年第一季度报告 1 证券代码：301050 证券简称：雷电微力 公告编号：2024-027 成都雷电微力科技股份有限公司 2024 年第一季度报告 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。 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。 3.第一季度报告是否经过审计 成都雷电微力科技股份有限公司 2024 年第一季度报告 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | |------------------------------------------------------|------------------|------------------|--------------------------------| | | | | 单位：元 | | | 本报告期 | 上年同期 | 本报告期比上年同期增减 （ % ） | | 营业收入（元） | 361,771,625.68 | 24 ...

单位：元 8 其他符合非经常性损益定义的损益项目的具体情况： □适用 不适用 根据《上市公司行业分类指引》和《国民经济行业分类》，公司所在行业为 "C39 计算机、通信和其他电子设备制造 业"。从产品相关器件分类，属于半导体行业；从公司所面向的市场角度分析，公司产品为专用、定制化产品，主要为各 工业集团下属科研院所和总体单位配套专用电子产品，由其总成为具有独立功能的各类信息化系统。 十四五时期是我国快速换装并追赶国际先进水平及前沿技术的加速突破时期，电子信息技术是信息化进程的决定性因 素之一，也是各国重点发展的领域，信息化建设将带动电子元器件、组件及微系统等的总体需求。在《第十四个五年规划 和 2035 年远景目标纲要》中提到，十四五期间将加快机械化、信息化、智能化融合发展，聚力自主创新、原始创新，加速 战略性、前沿性、颠覆性技术发展，加速升级换代和智能化发展。在《关于扩大战略性新兴产业投资培育壮大新增长点增 长极的指导意见》重点提出支持高端装备制造产业补短板，充分发挥产业集群要素资源集聚、产业协同高效、产业生态完 备等优势，打造集聚发展高地。在《电子信息制造业 2023-2024 年稳增长行动方案》提出支持 ...