Investment Rating - Maintains an "Overweight" rating [8] Core Views - Domestic traditional LED demand is under pressure, leading to a downward revision of profit forecasts [5] - MLED sector is expanding rapidly, with 15 Mini/Micro LED projects signed nationwide this year, totaling an investment of 68.895 billion yuan [6] - The company's MLED progress is smooth, expected to lead the MLED era [8] Financial Performance - Q3 2024 revenue was 808 million yuan, a year-on-year decrease of 0.76%, with net profit attributable to the parent company at 136 million yuan, a year-on-year decrease of 25.56% [5] - Q3 2024 gross margin was 54.99%, a year-on-year increase of 0.91 percentage points [6] - Q3 2024 operating cash flow was -102 million yuan, a year-on-year decrease of 150.29%, mainly due to inventory and accounts receivable impacts [7] Revenue and Profit Forecasts - 2024-2026 revenue forecasts are 3.588 billion yuan, 4.356 billion yuan, and 5.326 billion yuan, with year-on-year growth rates of 17%, 21%, and 22% respectively [8] - 2024-2026 net profit attributable to the parent company forecasts are 680 million yuan, 916 million yuan, and 1.319 billion yuan, with year-on-year growth rates of 12%, 35%, and 44% respectively [8] Market and Industry Analysis - Domestic traditional LED market demand is flat, reflecting changes in terminal psychology [5] - The company's MLED sector is benefiting from the rapid increase in COB penetration rate, with innovative products like Nova intelligent equipment expected to rapidly expand [6] - The company's gross margin remains stable, driven by overseas expansion and new product launches [6] Financial Metrics - Q3 2024 sales/management/R&D expense ratios were 13.80%, 5.83%, and 17.22%, respectively, with year-on-year increases of 1.32, 1.45, and 2.87 percentage points [6] - As of Q3 2024, the company's inventory was 1.481 billion yuan, a year-on-year increase of 38.18%, and accounts receivable were 807 million yuan, a year-on-year increase of 18.50% [7] Valuation - 2024-2026 PE ratios are forecasted at 27x, 20x, and 14x, respectively [8]

Group 1: Company Performance and Growth - The company experienced external macroeconomic pressures, but overseas growth remained strong, with MLED-related revenue rapidly increasing due to early investments in relevant technologies and products [2] - The company is actively exploring high-value downstream application scenarios and conducting technology research and market expansion [2] Group 2: Future Expense Trends - The company is focused on cost control and optimization, with R&D and sales expenses aligned with operational needs, expecting expense ratios to normalize as revenue increases [3] Group 3: Dividend Plans - The company emphasizes shareholder returns and plans to develop a prudent profit distribution scheme to share development results with shareholders while ensuring normal operations and long-term growth [3] Group 4: Supply Chain Risk Management - The company has implemented several measures to ensure supply chain security, including strategic investments in domestic chip manufacturers, strategic reserves of high-end chip materials, and establishing overseas production bases in Thailand [3] Group 5: Future Development Trends - MLED industry is experiencing rapid growth, with the company launching core detection equipment and integrated circuit products, leading to fast revenue growth in this area [3] - The company has increased efforts in overseas markets, significantly expanding its international workforce and distribution network, resulting in stable high-speed growth in overseas performance [3] - Recent government policies aimed at stimulating domestic demand are expected to improve domestic market conditions [3]

2、回购股份方案审议程序 证券代码：301589 证券简称：诺瓦星云 公告编号：2024-054 西安诺瓦星云科技股份有限公司 回购报告书 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、回购股份方案主要内容 西安诺瓦星云科技股份有限公司（以下简称"公司"）将使用部分超募资金 及自有资金以集中竞价交易方式回购公司股份（以下简称"本次回购"），本次 回购股份是为了维护公司价值及股东权益所必需，回购后的股份将在披露回购结 果暨股份变动公告 12 个月后采用集中竞价交易方式出售，并在三年内全部转让。 本次回购股份的种类为公司已发行的人民币普通股（A 股）。本次回购的资金总 额不低于人民币 7,500 万元（含）且不超过人民币 15,000 万元（含），具体回购 资金总额以实际使用的资金总额为准。本次用于回购股份的资金来源为公司部分 超募资金及自有资金，其中超募资金使用不超过 5,000 万元（不含本数）。回购 股份的价格不超过人民币 280.00 元/股（含）。按回购资金总额上限人民币 15,000 万元、回购价格上限 280.00 元/股进行测 ...

一、前十名股东持股情况 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数量。 证券代码：301589 证券简称：诺瓦星云 公告编号：2024-053 西安诺瓦星云科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 西安诺瓦星云科技股份有限公司（以下简称"公司"）于 2024 年 10 月 27 日召开第二届董事会第二十二次会议，审议通过了《关于回购公司股份方案的议 案》。具体内容详见公司于 2024 年 10 月 28 日在中国证监会指定信息披露网站 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》 （公告编号：2024-052）。 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》等法律法规有关规定，现将公司董事会公告回购股份决议前 一个交易日（即 2024 年 10 月 25 日）登记在册的前十名股东和前十名无限售条 件股东的名称、持股数量及持股比例的情况公告如下： | 序 ...

民生证券股份有限公司 关于西安诺瓦星云科技股份有限公司 使用部分超募资金回购公司股份的核查意见 民生证券股份有限公司（以下简称"保荐机构"）作为西安诺瓦星云科技股 份有限公司（以下简称"诺瓦星云""公司"）首次公开发行 A 股股票并在创业 板上市的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《上市公司监管指引第 2 号—上市公司 募集资金管理和使用的监管要求》《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》《上市公司股份回购规则》及《深圳证券交易 所上市公司自律监管指引第 9 号——回购股份》等相关法律、法规和规范性文 件的规定，对诺瓦星云拟使用部分超募资金回购公司股份的事项进行了审慎核 查，具体内容如下： 一、募集资金基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会《关于同意西安诺瓦星云科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2023〕624号），诺瓦星云获准向社 会公众公开发行人民币普通股（A股）1,284.00万股，每股面值 1.00元，每股发 行价格为人民币 126.89 元，募集资金总额为 ...

证券代码：301589 证券简称：诺瓦星云 公告编号：2024-051 西安诺瓦星云科技股份有限公司 第二届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 西安诺瓦星云科技股份有限公司（以下简称"公司"）第二届董事会第二十 二次会议通知于 2024 年 10 月 26 日以邮件的形式送达全体董事，会议于 2024 年 10 月 27 日以现场和通讯的方式召开。根据《西安诺瓦星云科技股份有限公司章 程》（以下简称"《公司章程》"）第 5.2.16 条规定，审议事项较为紧急，经全 体董事一致同意，本次会议豁免通知时限要求。会议由董事长袁胜春先生主持， 应出席的董事 7 人，实际出席的董事 7 人，董事袁胜春先生、独立董事毛志宏先 生以通讯方式参加会议并表决。公司监事及高级管理人员列席了本次会议。 为保证本次回购股份方案的顺利实施，根据《公司章程》等有关规定，公司 董事会授权公司管理层及其授权人士全权办理回购股份具体事宜，本次授权自公 司董事会审议通过股份回购方案之日起至上述授权事项办理完毕之日止。 根据《公司章 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 2.371 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 10.60%, and a net profit attributable to shareholders of 461 million yuan, up 10.03% year-on-year [2] - The company's Q3 revenue declined by 0.76%, and the net profit attributable to shareholders fell by 25.56%, primarily due to weak domestic demand in the LED display sector [2] - The gross margin for Q3 remained high at 54.10%, benefiting from the development of MiniLED technology [2] - The company continues to upgrade its products, enhancing capabilities for major global events such as the Paris Olympics [3] - The maturity of COB technology is accelerating the implementation of MLED projects, with signed investments reaching 68.895 billion yuan in 2024 [3] - The company is positioned to leverage high-margin video equipment products and is making forward-looking investments in MLED detection equipment and chips [3] Financial Summary - For 2024, the company is projected to achieve revenues of 3.805 billion yuan, with net profits of 752 million yuan, corresponding to a PE ratio of 25x [3] - Revenue growth rates are forecasted at 24.59% for 2024, 27.07% for 2025, and 28.11% for 2026 [4] - The company’s net profit growth rates are expected to be 23.82% for 2024, 48.48% for 2025, and 31.22% for 2026 [4] - The gross margin is projected to improve gradually, reaching 56.0% by 2026 [4]

证券代码：301589 证券简称：诺瓦星云 公告编号：2024-046 西安诺瓦星云科技股份有限公司 第二届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 西安诺瓦星云科技股份有限公司（以下简称"公司"）第二届董事会第二十 一次会议通知于 2024 年 10 月 12 日以邮件的形式送达全体董事，会议于 2024 年 10 月 24 日以现场的方式召开。会议由董事长袁胜春先生主持，应出席的董事 7 人，实际出席的董事 7 人。公司监事及高级管理人员列席了本次会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等相关法 律、法规以及《西安诺瓦星云科技股份有限公司章程》的规定。 二、董事会会议审议情况 1. 审议通过《关于公司 2024 年第三季度报告的议案》 经审议，董事会认为：公司《2024 年第三季度报告》的编制符合法律、行政 法规、中国证券监督管理委员会（以下简称"中国证监会"）和深圳证券交易所 的相关规定，全面、真实、准确地反映了公司 2024 年第三季度的财务状况及经 营成果等事项，所 ...