证券代码：688533 证券简称：上声电子 公告编号：2024-088 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于作废部分 2023 年限制性股票激励计划已授予 但尚未归属的限制性股票的公告 1 / 5 （2）2023 年 4 月 27 日，公司召开第二届监事会第十五次会议， 审议通过《关于公司 2023 年限制性股票激励计划（草案）及摘要的 议案》《关于公司 2023 年限制性股票激励计划实施考核管理办法的议 案》《关于核查公司 2023 年限制性股票激励计划激励对象名单的议 案》，公司监事会对本激励计划的相关事项进行核实并出具了相关核 查意见。 公司于 2023 年 4 月 28 日 在 上 海 证 券 交 易 所 网 站 (www.sse.com.cn)披露了相关公告。 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： 苏州上声电子股份有限公司（以下简称"公司"）于 2024 年 11 月 12 日召开的第三届董事会第十次会议、第三届监事会第七次会议， 审议通过了《关于 ...

证券代码：688533 证券简称：上声电子 公告编号：2024-090 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 第三届监事会第七次会议决议公告 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、准确性和完整性依 法承担法律责任。 一、监事会会议召开情况 苏州上声电子股份有限公司（以下简称"上声电子"或"公司"） 第三届监事会第七次会议通知于 2024 年 11 月 7 日以书面文件的方 式送达全体监事，会议于 2024 年 11 月 12 日在公司三楼视频会议室 以现场会议方式召开，本次会议由李蔚女士主持，会议应参加监事 3 人，实际出席监事 3 人。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》（以下简称"《公司法》"）等法律、法规和《苏 州上声电子股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，会议所作的决议合法、有效。 二、监事会会议的审议情况 本次会议审议的议案以书面、记名的投票方式进行表决，经与会 监事认真审议，通过以下决议： 案)》的相关规定,本事项审议程序合法、合规，不存在损害公司及全 体 ...

苏州上声电子股份有限公司监事会 关于公司 2023 年限制性股票激励计划 首次授予部分第一个归属期归属名单的核查意见 苏州上声电子股份有限公司（以下简称"公司"）监事会依据《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》")、《上市公司股权激励管理办法》(以 下简称"《管理办法》")、《上海证券交易所科创板股票上市规则》(以 下简称"《上市规则》")、《科创板上市公司自律监管指南第４ 号—— 股权激励信息披露》等相关法律、法规及规范性文件和《苏州上声申 子股份有限公司章程》(以下简称"《公司章程》")的有关规定,对 2023 年限制性股票激励计划（以下简称"本激励计划"）第一个归属期归 属名单进行审核,发表核查意见如下: 公司本激励计划首次授予的激励对象共 181 名,除 2 名激励对象 因个人原因离职不符合归属条件、2 名激励对象自愿放弃本激励计划 外,本次拟归属的 177 名激励对象对应考核年度的个人绩效考核结果 达标。拟归属的激励对象符合《公司法》、《证券法》等法律法规、规 则及规范性文件以及《公司章程》规定的任职资格,符合《管理办法》、 《上市规则 ...

SSDZ-TMP-26 苏州上声电子股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高苏州上声电子股份有限公司（以下简 称"公司"）应对各类舆情的能力，建立快速反应和应急处 置机制，及时、妥善处理各类舆情对公司股价、公司商业信 誉及正常生产经营活动造成的影响，切实保护投资者合法权 益，根据《上海证券交易所科创板股票上市规则》等相关法 律法规的和《苏州上声电子股份有限公司章程》（以下简称 "《公司章程》"）制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传 言或信息； （三）可能或者已经影响社会公众投资者投资取向，造 成股价异常波动的信息； （一）决定启动和终止各类舆情处理工作的相关事宜； （二）决定对应舆情的具体处理方案； （三）协调和组织各类舆情处理过程中对外宣传报道工 作； （四）负责做好对外的宣传工作，根据相关规定向中国 证券监督管理委员会、上海证券交易所沟通上报； （四）其他涉及公司信息披露且可能对公司股票及其衍 生品交易价格产生较大影响的事件信息。 1 / 6 第二章 舆情管理的组织体系及其工作职责 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue and profitability have shown significant growth in Q3 2024, with revenue reaching 7.56 billion yuan, up 20.1% YoY and 18% QoQ, and net profit reaching 0.78 billion yuan, up 117% YoY and 47.1% QoQ [1] - The gross margin in Q3 2024 was 28.8%, up 4 percentage points YoY and 3.9 percentage points QoQ, while the net margin was 10.1%, up 4.5 percentage points YoY and 2 percentage points QoQ [1] - The company's strong performance is attributed to the growth in major customer sales, improved product competitiveness, and optimized customer and product structure [1] Business Performance - The company's automotive speaker business achieved revenue of 9.42 billion yuan in H1 2024, up 20.3% YoY, driven by increasing demand for higher-quality audio systems in vehicles [2] - The automotive amplifier business saw revenue of 2.07 billion yuan, up 58.2% YoY, while the AVAS (Acoustic Vehicle Alerting System) business generated 0.59 billion yuan, up 62.4% YoY [2] - The combined revenue from amplifiers and AVAS accounted for 21.5% of total revenue, up 4.2 percentage points YoY, indicating a diversification in product offerings [2] Customer and Capacity Expansion - The company has secured new projects from several well-known automotive manufacturers, with mass production expected within the next 1-2 years [2] - The company is expanding its production capacity, with ongoing automation upgrades at its Czech and Mexico factories, and the new Hefei factory is nearing completion, with trial production expected within the year [2] Financial Forecasts - The company is expected to achieve EPS of 1.62/1.91/2.23 yuan for 2024-2026, with a CAGR of 32% for net profit attributable to shareholders [3] - Revenue is projected to grow to 29.09/34.38/39.54 billion yuan in 2024-2026, with a CAGR of 18.19% [4] - The gross margin is expected to remain stable at around 26.8% from 2024 to 2026, while the net margin is forecasted to increase to 9.01% by 2026 [8] Key Assumptions - The company's speaker shipments are expected to grow to 9000/9500/10000 million units in 2024-2026, with a 10% annual increase in unit price and a gross margin of 28% [7] - Automotive amplifier shipments are projected to reach 62/78/91 million units in 2024-2026, with a gross margin of 24% [7] - AVAS shipments are expected to grow to 284/381/457 million units in 2024-2026, with a gross margin of 21% [7]

1、截止目前,本公司不存在涉及贵司的应当披露而未披露的重 大事宜; 2、本公司不存在处于筹划阶段的涉及贵司的重大事项,包括但 不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产 剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等可能对贵司股票交易价格产生较大影响的重大事 项;不存在可能导致贵司股权发生变化的事项; 关于苏州上声电子股份有限公司 股票交易异常波动问询函的回函 苏州上声电子股份有限公司: 本公司收到贵司发来的《苏州上声电子股份有限公司股票交易异 常波动问询函》,本公司为苏州上声电子股份有限公司的第一大股东, 经认真自查确认,现回复如下: 特此回复。 第一大股东:苏州上声投资 高草) 11 月 4 日 3、在贵司股票交易异常波动期间,本公司不存在买卖贵司股票 的行为。 ...

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： 证券代码：688533 证券简称：上声电子 公告编号：2024-086 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 股票交易异常波动公告 1 苏州上声电子股份有限公司（以下简称"公司"）股票交易连 续三个交易日内（2024 年 10 月 31 日、11 月 1 日和 11 月 4 日） 收盘价格涨幅偏离值累计达到 30%，根据《上海证券交易所科 创板股票上市规则》（以下简称"《科创板上市规则》"）《上 海证券交易所交易规则》《上海证券交易所科创板股票异常交 易实时监控细则》等有关规定，属于股票交易异常波动情形。 经公司自查，并向公司第一大股东苏州上声投资管理有限公司 发函确认，截至本公告披露日，公司和第一大股东不存在影响 公司股票交易异常波动的重大事项；不存在其他应披露而未披 露的重大信息，包括但不限于正在筹划涉及公司的并购重组、 股份发行、债务重组、业务重组、资产剥离和资产注入等重大 事项。公司目前日常经营情况正常，未发生重大变化 ...

Investment Rating - Maintains an "Overweight" rating with a target price increase to 43.75 RMB [5][13] Core Views - The company's Q3 2024 performance exceeded expectations, driven by new project ramp-ups and the digestion of high-cost inventory materials, leading to rapid revenue growth and improving profitability [3][5] - Revenue for the first nine months of 2024 reached 1.99 billion RMB, a 25.2% YoY increase, with net profit attributable to shareholders at 190 million RMB, up 76.9% YoY [5] - Q3 2024 revenue was 760 million RMB, a 20.1% YoY increase, with net profit attributable to shareholders at 80 million RMB, up 117% YoY [5] - Gross margin improved significantly to 28.8% in Q3 2024, up 3.97 pct YoY and 3.89 pct QoQ, while net margin reached 10.14%, up 4.5 pct YoY and 2.05 pct QoQ [5] - The company benefits from the automotive acoustics upgrade trend, with key clients like Huawei, Li Auto, and Xiaomi driving new vehicle deliveries and new product releases [5] Financial Summary - Revenue for 2024E is projected at 2.85 billion RMB, a 22.5% increase from 2023A, with net profit attributable to shareholders expected to reach 282 million RMB, up 77.3% YoY [6] - EPS for 2024E is forecasted at 1.76 RMB, up 0.18 RMB from previous estimates, with 2025E and 2026E EPS projected at 2.22 RMB and 2.88 RMB, respectively [5][6] - ROE is expected to rise from 12.2% in 2023A to 22.2% in 2026E, reflecting improving profitability [6] - The company's P/E ratio is projected to decrease from 34.03 in 2023A to 11.74 in 2026E, indicating potential undervaluation [6] Industry and Market Position - The company is a domestic leader in automotive acoustics, benefiting from the trend of increased speaker and amplifier configurations in electric and intelligent vehicles [5] - Key clients include Huawei, Li Auto, and Xiaomi, with new vehicle deliveries and orders driving growth [5] - The company is expected to expand its customer base and order book, leveraging its advantages in production capacity, manufacturing, and R&D [5] Valuation and Target Price - The target price is raised to 43.75 RMB, based on a 20x PE multiple for 2025E, up from the previous target of 31.60 RMB [5][13] - The current price is 33.81 RMB, with a 52-week price range of 20.45-48.70 RMB [7][8] - The company's market capitalization is 5.41 billion RMB, with a total of 160 million shares outstanding [8]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **46.48 CNY** [2][5] Core Views - The company's Q3 performance exceeded market expectations, with revenue reaching **7.56 billion CNY**, a year-on-year increase of **20.1%**, and net profit attributable to the parent company of **0.78 billion CNY**, a year-on-year increase of **116.9%** [1] - Gross margin improved significantly in Q3, reaching **28.8%**, up **4.0 percentage points** year-on-year and **3.9 percentage points** quarter-on-quarter, driven by stable raw material prices such as rare earths [1] - The company has expanded its customer base in the new energy vehicle sector, securing projects with major clients like Tesla (T client) and Mercedes-Benz (M client), which are expected to drive future revenue growth [1] - The company is advancing the construction of its Hefei factory, which is expected to add significant production capacity, including **12 million low-frequency speakers**, **6 million mid-frequency speakers**, and **1.8 million electronic products** annually [1] Financial Performance - Revenue for the first three quarters of 2023 was **19.94 billion CNY**, a year-on-year increase of **25.2%**, with net profit attributable to the parent company of **1.90 billion CNY**, up **76.9%** year-on-year [1] - Operating cash flow for the first three quarters was **1.96 billion CNY**, a year-on-year decrease of **6.2%** [1] - The company's EPS for 2024-2026 is forecasted to be **1.66 CNY**, **2.14 CNY**, and **2.77 CNY**, respectively, with a target price of **46.48 CNY** based on a 28x PE ratio for 2024 [2] Industry and Market Performance - The company's stock price as of November 1, 2024, was **33.81 CNY**, with a 52-week high/low of **49.76 CNY** and **20.18 CNY**, respectively [5] - The company's market capitalization is **5.41 billion CNY**, with a total of **160 million shares** outstanding [5] - The company's stock has shown strong performance over the past three months, with a **42.9%** increase in absolute terms and **29.13%** relative to the CSI 300 index [6] Future Outlook - The company is expected to benefit from the growth of new energy vehicle clients, with revenue projected to grow from **2.33 billion CNY** in 2023 to **4.57 billion CNY** in 2026 [4] - Gross margin is expected to remain stable at around **26.5%** from 2024 to 2026, with net profit margin increasing from **6.8%** in 2023 to **9.7%** in 2026 [4] - The company's ROE is forecasted to improve from **13.2%** in 2023 to **21.7%** in 2026, driven by increased profitability and operational efficiency [4]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 42.3 CNY, compared to the current price of 34.35 CNY [1]. Core Insights - The company reported a revenue of 1.99 billion CNY for Q3 2024, representing a year-on-year increase of 25%. The net profit attributable to shareholders reached 190 million CNY, up 77% year-on-year, while the non-recurring net profit was 148 million CNY, reflecting a 38% increase year-on-year [1]. - The growth in major clients and significant contributions from new clients led to record-high revenue. The company achieved a revenue of 760 million CNY in Q3 2024, with a quarter-on-quarter increase of 20% and a year-on-year increase of 18% [1]. - The net profit margin exceeded 10%, with a historical high net profit of 78 million CNY in Q3 2024, marking a quarter-on-quarter increase of 120% and a year-on-year increase of 47% [1]. Summary by Sections Financial Performance - The company achieved a gross margin of 28.8% in Q3 2024, a quarter-on-quarter increase of 4.0 percentage points, attributed to an optimized customer structure and reduced pressure from raw material costs [1]. - The operating expense ratio was 16.2%, with a decrease in management fees and an increase in R&D expenses, indicating a focus on future projects [1]. - Government subsidies contributed 22 million CNY in Q3 2024, a significant increase from the previous quarter [1]. Market Expansion and Business Model - The automotive speaker market is expanding due to consumer upgrades, with the company holding a global market share of approximately 13% and being the leading player in the domestic market [2]. - The company is positioned as a pioneer in domestic substitution for high-end acoustic systems, having secured contracts with major automotive brands such as NIO and Li Auto [2]. - The business model is evolving from manufacturing individual components to system-level manufacturing and tuning services, enhancing barriers to entry and expected returns on investment [2]. Future Projections - The company's net profit forecasts for 2024-2026 have been adjusted to 274 million CNY, 339 million CNY, and 418 million CNY, respectively, with growth rates of 72%, 24%, and 24% [2]. - The target price for 2025 is set at 42.3 CNY, based on a price-to-earnings ratio of 20 times [2].