Key Points Industry/Company Involved * **Semiconductor Industry**: Focus on domestic semiconductor companies benefiting from the US-China trade tensions and the rise of AI. * **Automotive Industry**: Emphasis on the potential for domestic substitution in the automotive seating market. * **Technology Companies**: Mention of specific companies like **Sai Cheng**, **Shanghai Yanpu**, and **Zhejiang Longtai**. Core Views and Arguments * **US-China Trade Tensions**: The election of Trump as the new president of the United States is expected to exacerbate US-China trade tensions, benefiting domestic semiconductor companies and automotive seating manufacturers. * **Sai Cheng**: The company's HBM testing equipment is crucial for domestic semiconductor production and is likely to benefit from potential US sanctions. * **Shanghai Yanpu**: The company is a leading domestic automotive seating manufacturer and is well-positioned to benefit from the increasing demand for domestic substitution in the automotive seating market. * **Zhejiang Longtai**: The company's revenue and profit have grown consistently over the past eight years, and it is expected to continue growing in the future. Other Important Content * **Sai Cheng's Financial Performance**: The company's revenue has grown by 20% in the third quarter, and its profit has reached a historical high. * **Shanghai Yanpu's Growth Opportunities**: The company has successfully launched a seating platform and is expected to benefit from increased cooperation with automakers. * **Zhejiang Longtai's Acquisition Strategy**: The company is actively seeking acquisition targets and is expected to continue growing in the future. References * [1] * [2] * [3] * [4] * [5] * [6] * [7] * [8] * [9] * [10] * [11]

Summary of Conference Call Company and Industry Involved - The conference call discusses the performance and outlook of a company involved in the consumer electronics sector, particularly focusing on its relationship with Apple and the optical components industry. Key Points and Arguments Financial Performance - The company reported a revenue growth of 39% over the past eight years, marking it as one of the fastest-growing in the sector [1] - The company achieved a 28% year-over-year revenue growth in Q3, despite a high base from the previous year, indicating strong performance in a year considered a "small year" for Apple [1] - The reported profit for the company was 321 million, which did not match the revenue growth rate, primarily due to increased financial expenses and stock incentive plan amortization [2][3] - The financial expenses increased by 5 million due to foreign exchange losses, contrasting with the previous year's gains [2] - The actual operational profit growth is believed to be significantly higher than reported, considering the impact of foreign exchange and stock incentive costs [3] Industry Trends - The optical components industry is experiencing a shift, with Chinese companies gaining market share in the international camera supply chain, creating new opportunities for domestic equipment manufacturers [4] - The introduction of AI features by Apple is expected to drive further growth and innovation in the sector, with high expectations for future product launches [4][5] Future Outlook - The company is optimistic about the upcoming year, which is anticipated to be a "big year" for Apple with new product launches and upgrades [2][5] - The office equipment segment has shown growth, with revenue reaching 240 million, indicating potential for further valuation recovery [5][6] - The company is actively seeking semiconductor acquisition targets, leveraging past successful acquisitions to enhance growth [6][7] - The forecast for next year's profit is projected at 1.05 billion, with a current valuation of approximately 13 times earnings, suggesting potential for significant growth [7] Additional Insights - The company has a strong history of successful acquisitions, which positions it well for future growth opportunities in the semiconductor space [6] - There is a positive sentiment regarding government policies that support the industry, indicating a favorable environment for growth [7] Conclusion - The company is positioned for continued growth, with strong financial performance, industry trends favoring domestic players, and a proactive approach to acquisitions and product development. The outlook remains optimistic for the upcoming year, with expectations of exceeding previous performance metrics.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.194 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 21.76%. The net profit attributable to the parent company was 475 million yuan, up 18.99% year-on-year [2] - In Q3 alone, the revenue was 1.563 billion yuan, showing a year-on-year growth of 28.15% and a quarter-on-quarter increase of 82.32%. The net profit for Q3 was 321 million yuan, reflecting a year-on-year increase of 8.53% and a significant quarter-on-quarter rise of 438% [2] - The company has a strong order backlog, with profit forecasts for 2024-2026 set at 840 million, 970 million, and 1.07 billion yuan respectively, corresponding to dynamic P/E ratios of 17, 15, and 14 times [5] Summary by Sections Financial Performance - The company reported a gross margin of 44.69% for the first three quarters of 2024, a slight decrease of 0.12 percentage points year-on-year. The net profit margin was 15.22%, up 0.01 percentage points year-on-year [3] - In Q3, the gross margin was 44.38%, down 5.53 percentage points year-on-year, while the net profit margin was 20.71%, down 3.31 percentage points year-on-year but up 13.50 percentage points quarter-on-quarter due to a significant reduction in the expense ratio [3] Cash Flow and Working Capital - As of the end of Q3 2024, the company's inventory was 1.457 billion yuan, down 8.78% year-on-year, and contract liabilities were 510 million yuan, down 65.31% year-on-year. However, accounts receivable increased by 117% year-on-year to 2.062 billion yuan [4] - The net cash flow from operating activities for Q3 was -256 million yuan, indicating pressure on sales collections, but Q4 is expected to see an acceleration in sales receipts [4] Market Position and Growth Potential - The company is a leader in consumer electronics equipment and is expanding into semiconductor and new energy sectors. The demand for equipment related to periscope cameras and smart glasses is expected to drive growth [5] - The acquisition of Japanese Optima has allowed the company to enter the semiconductor measurement equipment market, enhancing its competitiveness and benefiting from the domestic substitution trend [5]

华福证券 赛腾股份（603283.SH） 业绩持续高增，关注 AI 大潮下的 3C+半导体设备机会 投资要点： 事件：公司发布 2024 年三季报，2024 年前三季度实现营业收入 31.94 亿元， 同比增长 21.76%；实现归母净利润 4.75 亿元，同比增长 18.99%。 业绩维持高速增长，财务费用有所提升 分季度来看，2024 年第三季度公司实现营业收入 15.63 亿元 （YoY+28.15%），归母净利润 3.21 亿元（YoY+8.53%），在上年同期业 绩的高基数下，公司 2024Q3 实现了业绩的稳定增长。前三季度公司销 售费用率、管理费用率、研发费用率分别为 10.04%、7.71%、8.55%， 较上年同期分别下降 0.38pct、0.75pct、0.05pct；财务费用由上年同期 的-3206 万元提升至 1815 万元，对公司净利润造成一定影响。 一年内股价相对走势 3C 设备：AI 终端等新产品将带来结构性机会 2023 年以来，AI 技术在消费电子终端设备中的应用加速落地， 推动了行业从弱复苏向成长的转变。2024 年，端侧 AI 技术将在手机、 PC、XR、可穿戴设备和物联 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-069 苏州赛腾精密电子股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 会议召开时间：2024年11月07日(星期四) 下午 14:00-15:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2024年10月31日(星期四) 至11月06日(星期三)16:00前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb@secote.com进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 苏州赛腾精密电子股份有限公司（以下简称"公司"）将于2024年10月 31日披露公司2024年第三季度报告，为便于广大投资者更全面深入地了解公 司2024年前三季度经营成果、财务状况，公司计划于2 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-067 苏州赛腾精密电子股份有限公司 第四届监事会第二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1、 审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：3人赞成， 0人反对， 0人弃权，本议案获得通过。 该 议 案 具 体 内 容 详 见 公 司 于 同 日 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的公告。 特此公告。 苏州赛腾精密电子股份有限公司监事会 2024 年 10 月 30 日 一、 监事会会议召开情况 苏州赛腾精密电子股份有限公司(以下简称"公司")第四届监事会第二次会 议（以下简称"本次会议"）于 2024 年 10 月 30 日在公司会议室召开。本次会 议的通知于 2024 年 10 月 27 日通过电子邮件方式送达全体监事。本次会议应参 加监事 3 名，实际参加监事 3 名。本次会议的召集、召开方式符合《公司法》及 《苏州赛腾精密电子股份有限公司章程》的规定。 二、监事会 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-066 苏州赛腾精密电子股份有限公司 第四届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 苏州赛腾精密电子股份有限公司（以下简称"公司"）第四届董事会第二次 会议（以下简称"本次会议"）于 2024 年 10 月 30 日在公司会议室召开。本次 会议的通知于 2024 年 10 月 27 日通过电子邮件方式送达全体董事。本次会议应 参加董事 5 名，实际参加表决董事 5 名。本次会议的召集、召开方式符合《公司 法》及《苏州赛腾精密电子股份有限公司章程》的规定。 二、董事会会议审议情况 本次会议由董事长孙丰先生主持，以记名投票方式审议通过了以下议案： 1、审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：5 票同意，0 票反对，0 票弃权，本议案获得通过。 该议案已经董事会审计委员会审议通过，并同意将此项议案提交公司董事会 审议。 该 议 案 具 体 内 容 详 见 公 司 于 同 日 刊 登 在 上 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,562,682,839.48, representing a year-on-year increase of 28.15%[2] - The net profit attributable to shareholders of the listed company was ¥321,003,217.85, with a year-to-date increase of 8.53%[2] - The diluted earnings per share for the current period was ¥1.63, reflecting a 5.16% increase compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 3,193,838,844.30, a 21.7% increase from CNY 2,623,035,304.24 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 486,215,977.09, up from CNY 399,631,127.16 in 2023, reflecting a growth of 21.7%[17] - The company achieved an operating profit of CNY 551,055,920.66 for the first three quarters of 2024, compared to CNY 454,128,022.52 in 2023, indicating a growth of 21.4%[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥6,170,724,170.03, marking a 33.52% increase from the previous year[4] - The company's total assets reached approximately CNY 6.17 billion, an increase from CNY 4.62 billion at the end of 2023, representing a growth of about 33.5%[11] - The company's total liabilities increased to CNY 3,210,464,826.53 as of September 30, 2024, compared to CNY 2,378,547,226.88 at the end of 2023, marking a rise of 34.9%[15] - The total equity attributable to shareholders of the parent company reached CNY 2,882,178,834.63, up from CNY 2,177,965,164.57, reflecting a growth of 32.3%[15] Cash Flow - The cash flow from operating activities was reported as not applicable for the current period, with a year-to-date figure of -¥621,925,249.49[2] - The net cash flow from operating activities for the first three quarters of 2024 was -¥621.93 million, a significant decline from ¥934.07 million in the same period of 2023[20] - The company received cash from sales of goods and services amounting to ¥2.03 billion, down from ¥3.37 billion in the previous year, indicating a 39.7% decrease[19] - The net cash flow from investing activities was -¥129.17 million, an improvement compared to -¥453.83 million in the same period of 2023[21] - Cash inflow from financing activities totaled approximately ¥1.12 billion, slightly up from ¥1.09 billion in the previous year[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,301[8] - The top two shareholders, Sun Feng and Zeng Hui, hold 20.22% and 20.09% of shares, respectively[8] - The company held 3,213,710 shares in its repurchase account, accounting for 1.60% of the total share capital[11] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 272,987,527.59, compared to CNY 225,549,543.86 in 2023, representing a 21% increase[16] Other Financial Metrics - The company's cash and cash equivalents decreased to CNY 588 million from CNY 619 million, a decline of approximately 5%[11] - The company reported a basic earnings per share of ¥2.44 for the first three quarters of 2024, compared to ¥2.09 in the same period of 2023, reflecting a 16.8% increase[20] - The total comprehensive income attributable to the parent company was approximately ¥473 million, compared to ¥394.69 million in the same period of 2023, marking a 19.9% increase[20] - The company received tax refunds of ¥111.76 million, an increase from ¥74.29 million in the previous year, representing a 50.5% growth[20] - The cash and cash equivalents at the end of the period were ¥517.16 million, down from ¥663.93 million at the end of the same period in 2023, indicating a decrease of 22.0%[21] - The company reported a net increase in cash and cash equivalents of -¥9.89 million for the first three quarters of 2024, contrasting with an increase of ¥209.43 million in the same period of 2023[21]

证券代码：603283 证券简称：赛腾股份 公告编号：2024-063 苏州赛腾精密电子股份有限公司 第四届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 10 月 25 日 二、监事会会议审议情况 全体监事共同推选监事孙瑶女士主持本次会议，以记名投票方式审议通过了 以下议案： 1、 审议通过《关于选举公司第四届监事会主席的议案》 同意选举孙瑶女士为公司第四届监事会主席，任期自本次监事会会议通过之 日起至本届监事会届满之日止。 表决结果：3人赞成， 0人反对， 0人弃权，本议案获得通过。 特此公告。 苏州赛腾精密电子股份有限公司监事会 一、 监事会会议召开情况 苏州赛腾精密电子股份有限公司(以下简称"公司")第四届监事会第一次会 议（以下简称"本次会议"）于 2024 年 10 月 25 日在公司会议室召开。本次会 议的通知于 2024 年 10 月 25 日通过书面方式送达全体监事，全体监事一致同意 豁免本次监事会的通知时限。本次会议应参加监事 3 名，实际参加监事 3 名，本 次会议 ...

证券代码：603283 证券简称：赛腾股份 公告编号：2024-061 苏州赛腾精密电子股份有限公司关于 回购注销部分激励对象限制性股票并减少注册资本通 知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 通知债权人的原由 苏州赛腾精密电子股份有限公司（以下简称 "公司"）于 2024 年 10 月 9 日召开第三届董事会第二十九次会议和第三届监事会第二十七次会议，审议通过 了《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票的议案》、 《关于变更公司注册资本及修订<公司章程>并办理变更登记的议案》。2024 年 10 月 25 日，公司召开 2024 年第二次临时股东大会审议通过了上述议案，根据《苏 州赛腾精密电子股份有限公司 2022 年限制性股票股权激励计划（草案）》、《苏 州赛腾精密电子股份有限公司 2022 年限制性股票股权激励计划实施考核管理办 法》等相关规定，限制性股票激励对象中 12 人离职、6 人因 2023 年度个人绩效 不合格的原因不再具备限制性股票激励对象资格，公司拟回购注销其 ...