上 市 公 司 证 券 研 究 报 告 机械设备 2024 年 12 月 02 日 普源精电 (688337) ——上海研发中心开业，高端产品逐步放量 报告原因：有信息公布需要点评 增持（下调）投资要点： ⚫ 事件：公司公众号发布上海研发中心开业，全球化战略布局再添新版图。 ⚫ 硬核科技的全球化布局逐步完善。上海研发中心聚焦自研核心技术产品及解决方案三大研 发方向，在模块化仪器产品以及高性能测试电源类产品重点投入。台式仪器提供便捷高效 体验，模块化平台赋予用户灵活性与可扩展性，而综合解决方案则融合行业经验与技术积 累，全面支持客户需求，通过借助高校的创新思维与渠道的广泛覆盖，三者紧密合作，共 同探索并推进科技发展前沿。 ⚫ 回溯业绩，受益于高端产品放量、规模效应显现，公司业绩逐步提速。收入端：自研核心 基数平台、高带宽、高分辨率及解决方案产品持续突破，收入稳健增长。（1）2024 年第 三季度，搭载公司核心自研核心技术平台产品占比为 89.00%，同比+13.5pct，对公司营 业收入增长起到重要支撑作用。（2）2024Q3，公司 DHO 系列高分辨率数字示波器（垂 直分辨率 12bit）销售收入同比增长 7 ...

证券代码：688337 证券简称：普源精电 公告编号：2024-110 普源精电科技股份有限公司 关于召开 2024 年第三季度 业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 2 日(星期一) 下午 15:00-16:00 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 11 月 25 日(星期一)至 11 月 29 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过普源精电科技股份有限 公司（以下简称"公司"）邮箱 ir@rigol.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。 公司已于 2024 年 10 月 29 日发布公司 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 年第三季度的经营成果、财务状况，公司计划 于 ...

证券代码：688337 证券简称：普源精电 公告编号：2024-109 公司上述进项税金转出、补缴税费及滞纳金事项不属于《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》规定的前期会计差错。上述进 项税金转出、补缴增值税产生的滞纳金将计入公司 2024 年当期损益，预计将影 响公司 2024 年度归属于上市公司股东的净利润约 1,361.80 万元，最终以 2024 年度经审计的财务报表为准。敬请广大投资者注意投资风险。 普源精电科技股份有限公司 特此公告。 关于控股子公司进项税转出的公告 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、准确性和完整性依法承担法律责任。 普源精电科技股份有限公司（以下简称"公司"）控股子公司北京普源科技 有限公司（以下简称"北京普源"）近期对涉税业务开展了自查，现将有关事项 公告如下： 一、 进项税金转出及补缴税款情况 经公司自查，北京普源需转出 2021 年 1 月 1 日至 2024 年 5 月 31 日一般项 目下分摊的增值税进项税金 1,600.46 万元，补缴增值税 9.41 万元及滞纳金 1.41 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.35 CNY per share, compared to the current price of 48.50 CNY [6]. Core Insights - The company reported significant profit growth, with Q3 2024 revenue reaching 530 million CNY, a year-over-year increase of 13.1%. The net profit attributable to shareholders was 60 million CNY, down 11.6% year-over-year, while the adjusted net profit was 20 million CNY, down 27.0% year-over-year. In Q3 alone, revenue was 230 million CNY, up 40.8% year-over-year, and net profit was 50 million CNY, up 138.4% year-over-year, with a gross margin of 60.8% [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 530 million CNY, with a year-over-year growth of 13.1%. The Q3 revenue alone was 230 million CNY, reflecting a 40.8% increase year-over-year. The gross margin improved to 60.8%, up 2.6 percentage points year-over-year, while the net profit margin reached 23.0%, an increase of 9.4 percentage points year-over-year [4][5]. Product Development - High-end oscilloscope products have seen significant sales growth, with the sales of the DHO series high-resolution digital oscilloscopes increasing by 71% year-over-year. The revenue from high-end digital oscilloscopes (bandwidth ≥ 2GHz) surged by 145% year-over-year, accounting for 42% of total oscilloscope sales, an increase of 18 percentage points year-over-year [4]. Strategic Initiatives - The company has realized synergies with the acquisition of Naisou Electronics, enhancing its market, product, and technology capabilities. In Q3 2024, the sales revenue from solutions reached 30.56 million CNY [4]. Profit Forecast - The company is expected to achieve net profits of 109 million CNY, 156 million CNY, and 205 million CNY for the years 2024, 2025, and 2026, respectively. The report anticipates a continued increase in gross margin and a reduction in expenses due to the ramp-up of high-end product sales [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10] Core Views - The company reported a significant increase in net profit for the third quarter, with a year-on-year growth of 138% driven by the strong performance of high-end products [1] - Despite a year-to-date decline in net profit of 11.65%, the company achieved a revenue growth of 5.35% in the first three quarters of 2024, indicating resilience in a challenging market [1] - The company is positioned as a leader in the domestic general electronic measurement instrument sector, benefiting from the trend of domestic substitution and a high-end product strategy that enhances profitability [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 535 million yuan, a year-on-year increase of 13.14%, while net profit was 60 million yuan, down 11.65% [1] - In Q3 2024, the company reported revenue of 228 million yuan, up 40.80% year-on-year, and net profit of 52 million yuan, reflecting a 138.42% increase [1] - The gross margin for the first three quarters of 2024 was 58.44%, with a net margin of 11.24%, showing improvements in profitability metrics [1] - The R&D expense ratio for the first three quarters was 27.80%, indicating a continued commitment to innovation and product development [1] Product and Market Insights - The sales of self-developed products significantly increased, with the proportion of sales from self-developed high-end digital oscilloscopes reaching 89% in Q3 2024, up 13.5 percentage points year-on-year [1] - The DHO series high-resolution digital oscilloscopes saw a revenue increase of 71.21% year-on-year, contributing to the overall growth in high-end product sales [1] - The company’s strategy to enhance product performance and expand its high-end offerings is expected to drive future growth despite current industry pressures [1][3]

[Table_StockNameRptType] 普源精电（688337） 公司点评 普源精电：业绩超市场预期，高端化战略成效显著 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-05 | | | 570 收盘价（元） | 45.89 | | 近 12 个月最高 / 最低（元） | 49.82/22.04 | | 总股本（百万股） | 194.10 | | 流通股本（百万股） | 65.73 | | 流通股比例（ %） | 33.87 | | 总市值（亿元） | 89.07 | | 流通市值（亿元） | 30.17 | [公司价格与沪深 Table_Chart] 300 走势比较 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 普源精电 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a significant year-on-year growth in revenue and net profit in Q3 2024, with revenue reaching 228 million yuan, up 40.80%, and net profit attributable to shareholders reaching 52.49 million yuan, up 138.42% [2] - The company's high-end products, particularly the DHO series high-resolution digital oscilloscopes, showed strong sales growth, with a 71.21% increase in revenue, and high-end digital oscilloscopes (bandwidth ≥2GHz) saw a 144.93% increase in revenue, accounting for 41.83% of total digital oscilloscope sales [2] - The company's gross margin improved to 60.84% in Q3 2024, up 2.60 percentage points year-on-year, driven by the high-end and self-developed core technology platform products [3] Financial Performance - For the first three quarters of 2024, the company reported revenue of 535 million yuan, up 13.14% year-on-year, but net profit attributable to shareholders decreased by 11.65% to 60.13 million yuan [1] - The company's R&D expenses in Q3 2024 were 60.77 million yuan, with increased investment in R&D personnel salaries, material consumption, and equipment depreciation [3] - The company's operating efficiency improved, with a combined decrease of 4.06 percentage points in R&D, sales, and management expense ratios [3] Market Performance - The company's stock price increased by 25.1% over the past month and 64.8% over the past three months, outperforming the CSI 300 index, which decreased by 3.2% and increased by 13.0% respectively [4] - The company's current stock price is 43.53 yuan, with a 52-week price range of 22.04-50.68 yuan, and a total market capitalization of 8.45 billion yuan [4] Future Projections - The company is expected to achieve revenues of 792 million yuan, 848 million yuan, and 997 million yuan in 2024, 2025, and 2026 respectively, with net profits attributable to shareholders of 117 million yuan, 153 million yuan, and 203 million yuan [3][7] - The company's gross margin is projected to increase from 61% in 2024 to 66% in 2026, with ROE improving from 4% in 2024 to 6% in 2026 [9] Product and Technology - The sales proportion of digital oscilloscopes equipped with the company's self-developed core technology platform reached 89.00% in Q3 2024, up 13.50 percentage points year-on-year [2] - The company has established R&D centers in Xi'an and Shanghai, accelerating product development and enhancing its technological capabilities [3]

公司近一年市场表现 普源精电 -上证指数 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 杨晶晶 执业登记编码：S0760519120001 邮箱：yangjingjing@sxzq.com Q3 期间费用率显著下降，公司整体运营效率得到提升。研发投入持续 加大，推行高端电子测量测试仪器发展战略，国产替代逻辑有望持续兑现。 报告期内，公司净利率同比下降 3.15pct 至 11.24%，主要受管理费用与研发 投入增加、汇兑损失增加拖累所致，期间费用率同比提升 7.93pct 至 57.47%， 其中，销售费用率 13.94%（-3.27pct），管理费用率 14.12%（+3.91pct），财 务费用率 1.60%（+1.71pct），研发费用率 27.80%（+5.57pct），主要系 2024 年以来，公司在西安和上海建设研发中心，加大技术研发投入，加速产品开 发进度，对公司未来的业绩有望产生积极影响。Q3 单季度，公司费用率边 际改善显著，研发、销售、管理费用合计同比下降 4.06pct，拉动 Q3 净利率 同比提升 6.18pct 至 19.79%，环比提升 ...