Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 18.14 CNY and a target price not specified for the next six months [8][9]. Core Insights - The company experienced revenue growth of 8.3% year-on-year in 2023, achieving total revenue of 1.32 billion CNY, while the net profit attributable to shareholders decreased by 1.6% to 220 million CNY [26][27]. - The company is a global leader in PCB drilling needles, holding a 19% market share in 2020, and is expanding its production capacity in various segments, including CNC tools and functional films [27][28]. - The company anticipates a recovery in demand for consumer electronics, which is expected to improve capacity utilization rates above 85% from 2024 to 2026 [2][3]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 36.4%, a decrease of 2.3 percentage points year-on-year, primarily due to increased competition and rising raw material prices [7][8]. - The company’s net profit margin for 2023 was 16.6%, down 1.6 percentage points from the previous year, with a quarterly net profit margin of 12.8% in Q4, reflecting a significant decline [8][9]. - Revenue projections for 2024-2026 are estimated at 1.22 billion CNY, 1.39 billion CNY, and 1.51 billion CNY, respectively, with a compound annual growth rate of 22% for net profit [9][28]. Business Segment Performance - The company's tool products saw a revenue increase of 0.6% year-on-year, while functional film materials and intelligent CNC equipment experienced substantial growth of 229.8% and 278.5%, respectively [7][27]. - The report highlights the strategic focus on expanding the production of CNC tools and developing functional film products, including privacy films and automotive light control films, which are expected to drive future growth [27][31].

Investment Rating - Buy (Maintained) [2][7] Core Views - The company's 2023 annual revenue was 1.32 billion yuan, a year-on-year increase of 8.34%, while net profit attributable to the parent company was 219 million yuan, a year-on-year decrease of 1.59% [2] - The company's gross margin in 2023 was 36.42%, a year-on-year decrease of 2.3 percentage points, and the net margin was 16.62%, a year-on-year decrease of 1.64 percentage points [2] - In Q4 2023, the company achieved revenue of 393 million yuan, a year-on-year increase of 27.27%, and net profit attributable to the parent company was 50 million yuan, a year-on-year decrease of 7.32% [2] - The company's revenue is expected to reach 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with year-on-year growth rates of 29.03%/23.49%/23.43% [7] - Net profit attributable to the parent company is expected to be 332/417/505 million yuan in 2024/2025/2026, with year-on-year growth rates of 51.34%/25.60%/21.17% [7] Business Performance - The company's tooling business achieved revenue of 1.042 billion yuan in 2023, a year-on-year increase of 0.56%, with a gross margin of 34.53%, a year-on-year decrease of 2.25 percentage points [10] - The company's PCB drill bit shipments in 2023 were approximately 700 million units, with product prices under pressure due to weak downstream demand [10] - The company's functional film materials business achieved revenue of 89.78 million yuan in 2023, a year-on-year increase of 229.81%, with a gross margin of 15.87% [17] - The company's intelligent CNC equipment business achieved revenue of 47.51 million yuan in 2023, a year-on-year increase of 278.55% [18] Industry and Market - The company is a global leader in PCB drill bits, with product premiumization and capacity expansion strengthening its core competitiveness [18] - The company's CNC tooling business has expanded to 3C (including titanium alloys), automotive, aerospace, and dental fields, contributing to incremental performance [10] - The global automotive display market is expected to grow from 192 million units in 2022 to 267 million units by 2030, providing a significant market opportunity for the company's automotive film business [17] Financial Projections - The company's revenue is projected to be 1.70/2.10/2.60 billion yuan in 2024/2025/2026, with net profit attributable to the parent company of 332/417/505 million yuan [7] - The company's gross margin is expected to remain stable at around 36% from 2024 to 2026, with net margins of 19.5%/19.8%/19.5% [11] - The company's ROE is projected to increase from 9.5% in 2023 to 14.3% in 2026 [11] Valuation - The current stock price corresponds to 2024-2026 P/E ratios of 22/18/15x, and P/B ratios of 2.81/2.42/2.11x [7][11]

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-028 广东鼎泰高科技术股份有限公司 关于召开 2023 年年度股东大会通知公告的更正公告 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。 广东鼎泰高科技术股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日 在 深 圳 证 券 交 易 所 创 业 板 指 定 信 息 披 露 媒 体 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《关于召开 2023 年年度股东大会的通知》（公 告编号：2024-026）。经事后核查发现，上述公告中"附件二、授权委托书"中 多出第 8 项提案"8.00《关于 2023 年度募集资金存放与使用情况的专项报告的 议案》"，公司 2023 年年度股东大会实际无此议案。现将相关内容更正如下： | | | | 备注 该列打勾 | | | | | --- | --- | --- | --- | --- | --- | --- | | 提案编码 | | 提案名称 | 的栏目可 | 同意 | 反对 | 弃权 | | | | | 以投票 ...

证 券 研 究 报 告 鼎泰高科（301377）2023 年报点评 强推（维持） 公司发布 2023 年年报：公司 2023 年实现营收 13.20 亿元，同比增长 8.34%， 其中刀具产品营收 10.42 亿元，同比上升 0.56%；研磨抛光材料营收 1.15 亿 元，同比下降 0.03%；智能数控装备营收 0.48 亿元，同比上升 278.55%；功能 性膜材料营收 0.90 亿元，同比增长 229.81%；实现归母净利润 2.19 亿元，同 下降 1.59%；扣非净利润 1.76 亿元，同比下降 15.30%。 评论： 其他专用机械 2024 年 04 月 18 日 | --- | --- | |--------------------------|-------------| | | | | 公司基本数据 | | | 总股本 ( 万股 ) | 41,000.00 | | 已上市流通股 ( 万股 ) | 7,102.40 | | 总市值 ( 亿元 ) | 78.72 | | 流通市值 ( 亿元 ) | 13.64 | | 资产负债率 (%) | 27.05 | | 每股净资产 ( 元 ) | 5.66 ...

Product Portfolio and Applications - The company's main products include tool products (including drill bits, milling cutters, PCB special tools, and CNC tools), grinding and polishing materials (including grinding brushes, sand belts, etc.), functional film materials, and intelligent CNC equipment, primarily targeting PCB and CNC precision component manufacturing enterprises[27] - The company's products are widely used in communication, consumer electronics, automotive, medical devices, industrial control, aerospace, and other electronic information industries, with a broad market space and good development prospects[26] - The company's products are critical interconnects for assembling electronic components, providing electrical connections, digital and analog signal transmission, power supply, and RF microwave signal transmission and reception functions[26] - Functional membrane materials are widely used in electronics, photoelectric displays, new energy, and aerospace industries[108] - The company's main products include drill bits, milling cutters, and CNC tools, widely used in industries such as electronics, machinery, automotive, medical, and aerospace[135] Financial Performance - Company achieved total revenue of 1.32 billion yuan, a year-on-year increase of 8.34%, with tool product revenue reaching 1.04 billion yuan, up 0.56% year-on-year[31] - Net profit attributable to shareholders was 219 million yuan, a year-on-year decrease of 1.59%[31] - Functional film materials revenue surged to 89.78 million yuan, a year-on-year increase of 229.81%[34] - Revenue for 2023 reached 1,320,224,629.77 yuan, an increase of 8.34% compared to 2022[102] - Net profit attributable to shareholders in 2023 was 219,307,938.56 yuan, a decrease of 1.59% compared to 2022[102] - Net cash flow from operating activities in 2023 was 182,293,092.59 yuan, an increase of 16.76% compared to 2022[102] - Basic earnings per share in 2023 were 0.53 yuan, a decrease of 13.11% compared to 2022[102] - Total assets at the end of 2023 were 3,179,443,666.55 yuan, an increase of 8.27% compared to the end of 2022[102] - Total operating income in 2023 was 1.32 billion yuan, an 8.34% increase compared to 2022[119] - Revenue from tool products accounted for 78.95% of total operating income, reaching 1.04 billion yuan[119] - Revenue from intelligent CNC equipment increased by 278.55% to 47.51 million yuan[119] - Revenue from functional film materials increased by 229.81% to 89.78 million yuan[119] - Domestic sales accounted for 96.44% of total revenue, reaching 1.27 billion yuan[119] - Direct sales accounted for 92.14% of total revenue, reaching 1.22 billion yuan[119] - Net profit for the period was RMB 146.28 million, compared to RMB 128.88 million in the previous year[174] - Total comprehensive income for the period was RMB 220.41 million, with RMB 220.24 million attributable to owners of the parent company[193] - Basic earnings per share were RMB 0.53, down from RMB 0.61 in the previous year[193] - Other comprehensive income after tax was RMB 929,210.08, primarily due to foreign currency translation differences[193] - Total assets at the end of the period amounted to RMB 1.69 billion, with owner's equity of RMB 1.07 billion[172] - Investment income for the period was RMB 140.05 million, an increase from RMB 127.88 million in the previous year[174] - Fair value change income was RMB 1.68 million, compared to zero in the previous year[174] - Credit impairment loss was RMB -3.09 million, a significant decrease from RMB 93,724.29 in the previous year[174] - Asset impairment loss was RMB -1.37 million, an improvement from RMB -2.86 million in the previous year[174] - Operating profit for the period was RMB 147.60 million, up from RMB 126.45 million in the previous year[174] - Comprehensive income for 2023 was 222.85 million yuan, compared to 191.76 million yuan in 2022[200] - Total owner's equity increased by 130.04 million yuan in 2023, reaching 2.19 billion yuan[197] - Retained earnings increased by 114.48 million yuan in 2023, reaching 698.19 million yuan[197] - Capital reserve remained stable at 1.06 billion yuan in 2023[197] Subsidiaries and Global Expansion - The company's subsidiaries include Dongguan Dingtaixin Electronics Co., Ltd., Guangdong Dingtai Robot Technology Co., Ltd., and Dingtai High-Tech (Thailand) Co., Ltd., among others[18] - The company's subsidiaries and affiliates include Dingtai High-Tech (Thailand) Co., Ltd., Vietnam Dingtai Technology Co., Ltd., and Singapore Dingtai International Investment Pte. Ltd., among others[18] - Global market expansion efforts include entering markets in Taiwan, Japan, South Korea, Southeast Asia, and Europe[32] - Established subsidiaries in Hong Kong, Singapore, Thailand, and Vietnam to strengthen global presence[40] - Overseas revenue reached 47.05 million yuan, a year-on-year increase of 183.32%[116] Sales and Distribution - The company's sales model includes a distribution model where distributors purchase products from the company and sell them downstream, as well as a consignment model common in the PCB tool industry[8] - Sales volume of PCB manufacturing products increased by 9.97% to 783.34 million units[37] - Top five customers accounted for 26.93% of total annual sales, with the largest customer contributing 8.08%[41] - Sales of micro drills below 0.2mm accounted for 16.24% of total sales, while coated drill bits accounted for 24.01%[115] R&D and Technological Advancements - R&D focus on expanding production capacity for micro drills below 0.2mm and increasing the share of coated drill bits[31] - Self-developed equipment has begun to be sold to external markets, enhancing product competitiveness[33] - The development of PCB CO2 laser drilling equipment has achieved phased results, with multiple PCB samples passing tests and steadily progressing towards marketization[63] - The development of medium and large drill high-hole rough drill bits has been completed, solving issues of poor hole wall roughness and hole shape deviation, and has been put into normal batch use[63] - The development of metal processing drill bits has been successful and is being delivered in batches, solving issues of broken needles and poor hole wall finish[63] - The development of medium and low thick copper PCB board milling composite coating is in progress, with performance expected to improve by more than 3 times compared to white tools[63] - The development of fine-grained grinding products for removing dense hole plugging resin in packaging substrates has been successful and is being applied by some customers[63] - The company has developed CVD, PVD, and Ta-C coating technologies to enhance tool performance and meet diverse customer needs[111] - IC substrate micro drill design development is in the batch verification stage, aiming to address issues like needle breakage and low hole position accuracy, enhancing high-end product competitiveness and expanding product coverage[126] - 25x high aspect ratio PCB drill design is in mass verification stage, targeting to reduce breakage rate and improve chip removal performance, enhancing competitiveness in niche markets[126] - Pulse arc direct tube filtration technology development is in mass verification stage, aiming to improve coating deposition efficiency and surface quality, expanding product applications[126] - AI visual inspection technology has been successfully developed and is in mass production, achieving a first-pass yield of >85% and a rework yield of 95%[126] - Smart warehousing logistics upgrade has been successfully developed and is in mass production, aiming to save labor, improve space utilization, and achieve zero injuries and errors[126] - High toughness milling cutter for IC substrates has been completed, achieving performance at the domestic top level and extending product coverage[126] - The company's subsidiary, Dingtai Robotics, has 291 patents, including 44 invention patents, as of December 31, 2023[136] Costs and Expenses - Sales expenses increased by 78.17% to 66.35 million yuan, mainly due to increased salaries, travel, entertainment, advertising, and intermediary service fees[71] - Financial expenses decreased by 114.21% to -1.87 million yuan, mainly due to increased interest income from fundraising funds[71] - R&D expenses increased by 22.43% to 97.72 million yuan, mainly due to increased investment in R&D materials and outsourcing[71] - Manufacturing costs for PCB production increased by 23.93% to 340.81 million yuan[122] - The company's R&D expenses for 2023 were 25.87 million yuan, up from 19.42 million yuan in 2022[162] - The company's financial expenses for 2023 were -8.14 million yuan, compared to 3.17 million yuan in 2022[162] Cash Flow and Investments - Net cash flow from operating activities in 2023 was 182,293,092.59 yuan, an increase of 16.76% compared to 2022[102] - The company's net cash flow from financing activities in 2023 was -88.17 million yuan, compared to 1.01 billion yuan in 2022[164] - The company's cash and cash equivalents at the end of 2023 were 190.70 million yuan, a decrease from 855.28 million yuan at the beginning of the year[164] - The company's net cash flow from investment activities in 2023 was -758.42 million yuan, compared to -342.54 million yuan in 2022[164] - Operating cash flow from sales of goods and services decreased to 177.5 million yuan in 2023 from 242.76 million yuan in 2022, a decline of 26.9%[196] - Total operating cash inflow decreased to 197.88 million yuan in 2023 from 263.56 million yuan in 2022, a decline of 24.9%[196] - Total operating cash outflow decreased to 311.65 million yuan in 2023 from 374.39 million yuan in 2022, a decline of 16.8%[196] - Net operating cash flow was negative 113.76 million yuan in 2023, compared to negative 110.83 million yuan in 2022[196] - Investment cash inflow increased significantly to 1.07 billion yuan in 2023 from 58.43 million yuan in 2022, mainly due to 850 million yuan received from other investment-related activities[196] - Investment cash outflow increased to 1.38 billion yuan in 2023 from 110 million yuan in 2022, primarily due to 1.38 billion yuan paid for other investment-related activities[196] Industry and Market Trends - The PCB industry is expected to grow due to emerging demands in communication equipment, cloud computing, automotive electronics, and AI applications[107] - Global PCB industry output in 2023 is projected to be $69.5 billion, a 15% year-on-year decline[114] - Company ranked first in the tool-specific materials sector according to CPCA's 2023 industry ranking[28] Corporate Governance and Compliance - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[15] - The company's audit institution is Tianzhi International Certified Public Accountants (Special General Partnership), with signing accountants Wang Shoujun and Chen Caiyun[11] - The company's sponsor is CITIC Securities Co., Ltd., with sponsor representatives Wan Jun and Zeng Jinsong, and the continuous supervision period is from November 22, 2022, to December 31, 2025[12] - The company's report period is from January 1, 2023, to December 31, 2023[8] - The company has adopted the "Accounting Standards for Business Enterprises Interpretation No. 16" effective from January 1, 2023, with no impact on financial statements from the first two changes[127] Assets and Liabilities - Total assets at the end of 2023 were 3,179,443,666.55 yuan, an increase of 8.27% compared to the end of 2022[102] - The company's accounts receivable at the end of 2023 amounted to 540.78 million yuan, with a corresponding bad debt provision of 34.79 million yuan[150] - The company's total operating revenue for 2023 was 255.77 million yuan, an increase from 208.86 million yuan in 2022[162] - The company's total assets at the end of 2023 were 1.97 billion yuan, up from 1.78 billion yuan at the beginning of the year[157] - The company's total liabilities at the end of 2023 were 1.97 billion yuan, up from 1.78 billion yuan at the beginning of the year[157] Government Subsidies and Other Income - Government subsidies recognized in 2023 amounted to 43,196,798.43 yuan[105] Operational Efficiency and Cost Management - The company has implemented cost-saving and efficiency-improving measures, optimizing management processes and improving production efficiency and product yield[137]

中信证券股份有限公司 关于广东鼎泰高科技术股份有限公司 2023年度内部控制评价报告的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广东鼎泰 高科技术股份有限公司（以下简称"鼎泰高科"或"公司"）首次公开发行股票并在 创业板上市的保荐机构（主承销商），根据《证券发行上市保荐业务管理办法（2023 年修订）》《企业内部控制基本规范》《深圳证券交易所创业板股票上市规则（2023 年修订）》《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》及《深圳证券交易所上市公司保荐工作指引》等相关法律法规文件要 求，对公司2023年度内部控制评价报告进行了核查，情况如下： 一、重要声明 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容真实、准 确和完整，不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实 性、准确性和完整性承担个别及连带法律责任。 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司内 ...

广东鼎泰高科技术股份有限公司 关于使用部分超募资金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：301377 证券简称：鼎泰高科 公告编号：2024-025 广东鼎泰高科技术股份有限公司（以下简称"公司"）于 2024 年 4 月 16 日召开第二届董事会第五次会议及第二届监事会第五次会议，审议通过了《关于 使用部分超募资金永久补充流动资金的议案》，同意公司使用 4,200 万元超募资 金永久补充流动资金，上述事项尚需提交公司股东大会审议，具体内容公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广东鼎泰高科技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1972 号）同意注册，公司首次公开 发行 5,000 万股人民币普通股股票，每股面值人民币 1.00 元，每股发行价格为 22.88 元。公司募集资金总额为人民币 1,144,000,000.00 元，扣除发行费用（不含 税）人民币 97,525,972.55 元后，实际募集资金净额为人民币 1,046,474,027.45 元。 上 ...

广东鼎泰高科技术股份有限公司 2023年度独立董事年度述职报告 作为广东鼎泰高科技术股份有限公司（以下简称"公司"）的独立董事，2023 年度本人严格按照《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》"）《上市公司治理准则》等法 律法规及《公司章程》《独立董事工作制度》等规定，本着客观、公正、独立的 原则勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，积极出席会议 ，促进公司规范运作、健康发展，维护公司、全体股东特别是中小股东的利益。 现将2023年度工作情况报告如下： 一、独立董事的基本情况 本人李小菲，1987年出生，中国国籍，无境外永久居留权，本科学历。2010 年9月至2014年3月，任富德生命人寿保险股份有限公司董事长助理；2015年2月 至2019年3月，任富德生命人寿保险股份有限公司银保渠道部高级项目经理；2016 年9月至2018年3月，任沙河高尔夫球会有限公司副总经理；2017年4月至今，任 熠达控股（深圳）有限公司总经理、执行董事；2020年8月至今，任公司独立董 事。 本人任职符合中国证监会《上市公司独立董事管理办法》和深圳证券交 ...

证券代码：301377 证券简称：鼎泰高科 公告编号：2024-023 6、信息披露：公司将按照《深圳证券交易所创业板股票上市规则》《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》《深圳 证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等相关要求，对 使用闲置自有资金进行现金管理的相关情况予以披露。 广东鼎泰高科技术股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 广东鼎泰高科技术股份有限公司（以下简"公司"）于 2024 年 4 月 16 日召 开第二届董事会第五次会议及第二届监事会第五次会议，审议通过《关于使用闲 置自有资金进行现金管理的议案》，同意公司（含子公司）在不影响正常经营、 保证资金流动性及安全性前提下，使用额度不超过人民币 1 亿元（含本数）的闲 置自有资金进行现金管理。该额度自董事会审议通过之日起 12 个月内均可使用， 在上述额度及其有效期范围内，资金可循环滚动使用。现将有关事项公告如下： 一、使用闲置自有资金进行现金管理的基本情况 1、投资目的：为 ...

广东鼎泰高科技术股份有限公司 章 程 二○二四年四月 | | | | 第一章 | 总 则 | 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 3 | | 第三章 | 份 股 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | | 股份增减和回购 4 | | 第三节 | 股份转让 | 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | 股东 | 7 | | 第二节 | | 股东大会的一般规定 9 | | 第三节 | | 股东大会的召集 13 | | 第四节 | | 股东大会的提案与通知 14 | | 第五节 | | 股东大会的召开 16 | | 第六节 | | 股东大会的表决和决议 19 | | 第五章 | 董事会 | 25 | | 第一节 | 董事 | 25 | | 第二节 | 董事会 | 28 | | 第六章 | | 总经理及其他高级管理人员 33 | | 第七章 | 监事会 | 35 | | 第一节 | 监事 | 39 | | 第二节 | 监事会 | 36 | | 第八章 | | 财务、会计和审计 38 | | 第一节 | | 财务会计制度 ...