截至本公告披露日，秦轲先生持有公司 24.82%的股份，其中直接持有 22.32% 的股份，通过深圳市鼎力向阳投资合伙企业（有限合伙）、深圳市众力扛鼎企业 管理咨询合伙企业（有限合伙）、深圳市博时同裕投资合伙企业（有限合伙）（以 下简称"员工持股平台"）共间接持有 2.50%的股份，秦柯先生为员工持股平台的 的执行事务合伙人；邵海涛先生持有公司 19.48%的股份，其中直接持有 19.44% 的股份，通过公司员工持股平台共间接持有 0.04%的股份；赵亚锋先生持有公司 15.87%的股份，其中直接持有 15.84%的股份，通过公司员工持股平台共间接持 有 0.04%的股份。综上，秦轲先生、邵海涛先生、赵亚锋先生合计持有公司 60.17% 的股份，为公司实际控制人，合计控制公司表决权比例为 71.17%。秦轲先生为 公司董事长，邵海涛先生、赵亚锋先生为公司董事。 证券代码：688112 证券简称：鼎阳科技 公告编号：2024-054 深圳市鼎阳科技股份有限公司 关于公司实际控制人续签《一致行动协议》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 ...

国信证券股份有限公司 关于深圳市鼎阳科技股份有限公司 经中国证券监督管理委员会《关于同意深圳市鼎阳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〔2021〕3099 号）核准同意，深圳市鼎阳科 技股份有限公司（以下简称"公司"）向社会公开发行人民币普通股（A 股）股票 26,666,700 股，并于 2021 年 12 月 1 日在上海证券交易所科创板上市交易。本次 首次公开发行股票完成后，公司总股本为 106,666,700 股，其中有流通限制或限 售安排的股票数量为 83,404,800 股，无流通限制及限售安排的股票数量为 23,261,900 股。具体情况详见公司于 2021 年 11 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的《深圳市鼎阳科技股份有限公司首次公开发行股票科 创板上市公告书》。 本次上市流通的限售股为公司首次公开发行限售股，涉及限售股股东 6 名， 分别为秦轲、邵海涛、赵亚锋、深圳市鼎力向阳投资合伙企业（有限合伙）（以 下简称"鼎力向阳"）、深圳市众力扛鼎企业管理咨询合伙企业（有限合伙）（以 下简称"众力扛鼎"）、深圳市博时同裕投资合伙企业（有限 ...

证券代码：688112 证券简称：鼎阳科技 公告编号：2024-053 深圳市鼎阳科技股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 113,251,920 股。 本次股票上市流通总数为 113,251,920 股。 本次股票上市流通日期为 2024 年 12 月 2 日（因 2024 年 12 月 1 日为非交 易日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意深圳市鼎阳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〔2021〕3099 号）核准同意，深圳市鼎阳科 技股份有限公司（以下简称"公司"）向社会公开发行人民币普通股（A 股）股票 26,666,700 股，并于 2021 年 12 月 1 日在上海证券交易所科创板上市交易。本次首 次公开发行股票完成后，公司总股本为 106,666,700 股，其中有流通限制或限售安 排的股票数量为 ...

Investment Rating - The investment rating for the company is "Buy" [2][5]. Core Insights - The company, Dingyang Technology, is a leading enterprise in the domestic electronic measurement instrument industry, established in 2007, and is one of the few manufacturers capable of simultaneously developing, producing, and selling digital oscilloscopes, signal generators, spectrum analyzers, and vector network analyzers [4][18]. - The electronic measurement instrument industry has vast potential, with domestic brands benefiting from the trend of domestic substitution, supported by government policies and funding initiatives [4][5]. - The company's high-end product strategy and strengthened marketing channels are driving continuous growth in performance, with high-end product revenue increasing by 55% year-on-year in 2023 [4][5]. Summary by Sections 1. Company Overview - Dingyang Technology has deepened its presence in the electronic measurement field for over 20 years, entering a new phase of rapid development [18]. - The company has established a solid equity structure, with key shareholders holding a combined 57.6% of shares, ensuring stability [24][27]. 2. Industry Outlook - The electronic measurement instrument industry is crucial for modern scientific research, with a wide range of applications across various sectors, particularly in IT and communications, which account for 47% of the market [45][60]. - Domestic brands are increasingly recognized for their quality, with significant growth potential in high-end markets, driven by advancements in technology and government support [62][66]. 3. Product and Marketing Strategy - The company emphasizes independent research and development, with R&D expenses rising significantly, reflecting its commitment to innovation [70][71]. - Dingyang Technology has established a comprehensive global marketing network, with overseas revenue growing from 1.15 billion to 2.89 billion yuan from 2018 to 2023, indicating a compound annual growth rate of 20.24% [4][83]. 4. Financial Projections - Revenue is projected to reach 5.17 billion, 6.43 billion, and 8.14 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.49 billion, 1.91 billion, and 2.44 billion yuan [5][99]. - The company's current price-to-earnings ratio is estimated at 33, 26, and 20 times for the years 2024, 2025, and 2026, respectively [5][99].

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 编号 2024-025 | --- | --- | --- | --- | --- | --- | |----------------------------|-------|----------------------------------------------|--------|--------------|---------------------------------------------------------------------------------------------------------------| | | | | | | | | | | 特定对象调研 | □ | 分析师会议 | | | 投资者关系活动 | □ | 媒体采访 □ | | 业绩说明会 | | | | □ | 新闻发布会 □ | | 路演活动 | | | 类别 | □ | 现场参观 □ | | 一对一沟通 | | | | | 线上会议 □ | | 其他 | | | | | | | | 中国国际金融股份有限公司、国信证券 ...

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 编号 2024-024 | --- | --- | --- | --- | |----------------|------------------------------------------|----------------------------|------------------------------------------------------------------| | | | | | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 □ 业绩说明会 | | | | 类别 | □ 新闻发布会 □ 路演活动 | | | | | □ 现场参观 □ 一对一沟通 | | | | | R 线上会议 | R 其他 策略会 | | | | | | 华安证券股份有限公司、泰康资产管理有限责任公司、长城基 | | 参与单位名称 | | | 金管理有限公司、信达澳亚基金管理有限公司、融通基金管理 | | 时间 | 有限公司 2024 年 11 月 6 日 | | | | 接待 ...

[Table_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：29.88 元 鼎阳科技（688112）机械设备 目标价：——元（6 个月） 高端产品占比持续提升，直销品牌优势凸显 [Table_Summary] 事件：公司发布2024年三季报，单2024Q3公司实现营收1.3亿元，同比+14.3%， 环比+9.2%；实现归母净利润 0.33亿元，同比+6.8%，环比+18.3%。2024Q1-Q3 公司实现营收 3.5亿元，同比+1.5%；实现归母净利润 0.9亿元，同比-23.0%。 高端产品占比持续提升，品牌优势凸显。 高端化发展战略持续推进，公司毛利率稳中有升。2024Q1-Q3公司综合毛利率 为 62.1%，同比+0.5pp，公司深入推进产品高端化战略，高端产品放量带动公 司综合毛利率提升；净利率为 25.8%，同比-8.2pp，净利率下滑主要系公司持续 增加研发投入、提高市场推广力度导致费用增长，汇率波动导致汇兑损失增加， 报告期确认的政府补助减少所致；期间费用率为 35.6%，同比+9.4pp；其中， 销售、管理、研发和财务费用 ...

证券代码：688112 证券简称：鼎阳科技 深圳市鼎阳科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |----------------|--------------------------|---------------------------|--------------------------------------------------------| | | | | 编号 2024-023 | | | □ | 特定对象调研 □ 分析师会议 | | | 投资者关系活动 | □ 媒体采访 | R 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | 类别 | □ | 现场参观 □ 一对一沟通 | | | | R 线上会议 □ 其他 | | | | 参与单位名称 | | | 中国国际金融股份有限公司、易方达基金管理有限公司、博时 | | | | | 基金管理有限公司、工银瑞信基金管理有限公司、国信证券股 | | | | | 份有限公司、光大证券股份有限公司、上海申银万国证券研究 | | | | | 所有限公司、长江证券股份有限公司、国元证券股份 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company reported a revenue recovery in Q3 2024, with a year-on-year increase of 14.29% to 1.31 billion yuan, while the net profit attributable to shareholders decreased by 6.76% to 332.07 million yuan [2]. - The high-end development strategy has shown significant results, with direct sales revenue increasing by 33.71% in the first three quarters of 2024 [2]. - The overall gross margin improved to 62.08%, up 0.46 percentage points year-on-year, despite a decline in net profit margin due to increased exchange losses and reduced interest income and government subsidies [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a total revenue of 3.55 billion yuan, a 1.50% increase year-on-year, and a net profit of 916.49 million yuan, down 23.00% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 62.08%, reflecting a year-on-year increase of 0.46 percentage points [2]. Product Strategy - The company's high-end product revenue accounted for 24.16% of total revenue, an increase of 3.18 percentage points year-on-year, contributing to an average price increase of 14.67% across major products [2]. - Sales of products priced above 50,000 yuan grew by 38.37% year-on-year, while those priced above 30,000 yuan increased by 24.39% [2]. Market Performance - As of November 1, 2024, the company's stock price was 29.88 yuan, with a market capitalization of 4.76 billion yuan [2]. - The company's performance relative to the CSI 300 index showed a 1.6% increase over the past month, a 22.4% increase over the past three months, but a decline of 21.3% over the past year [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.11 billion yuan, 5.54 billion yuan, and 6.33 billion yuan, respectively, with net profits projected at 1.28 billion yuan, 1.59 billion yuan, and 2.01 billion yuan [5][6].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2] Core Views - The company's short-term performance is under pressure, but the market potential for new products is significant [2] - Revenue for the first nine months reached 355 million yuan, a year-on-year increase of 1.50%, while net profit attributable to shareholders decreased by 23.00% to 92 million yuan [4] - The company has seen a notable improvement in gross margin, which increased to 62.08%, up 0.46 percentage points year-on-year [5] - The high-end product development strategy is yielding results, with high-end products accounting for 24.16% of revenue, an increase of 3.18 percentage points year-on-year [6] - The company launched several new products in October 2024, including high-resolution digital oscilloscopes and high-speed digital multimeters, which are expected to support future growth [8] Financial Summary - For the first three quarters, the company's revenue for Q1, Q2, and Q3 was 104 million, 120 million, and 131 million yuan respectively, showing a quarter-on-quarter increase [5] - The company’s revenue projections for 2024 to 2026 are 507 million, 579 million, and 706 million yuan, with corresponding net profits of 123 million, 146 million, and 182 million yuan [7][10] - The gross margin is projected to improve gradually, reaching 62.4% by 2026 [12] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 19.66% of revenue in the first three quarters of 2024 [8] Market Position - The company is one of the few manufacturers in the market with capabilities in developing, producing, and selling four major electronic testing and measurement instruments [9] - Despite short-term pressures, the trend towards domestic substitution in electronic instruments and the emergence of new application scenarios present significant growth opportunities [9]