丨证券研究报告丨 公司研究丨点评报告丨生益科技（600183.SH） [Table_Title] 生益科技 2025 年一季报点评：AI 赋能成长，业 绩步入高增 报告要点 [Table_Summary] 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 26.86%；实现归母净利润 5.64 亿元，同比增长 43.76%。从盈利能力来看，2025 年一季度， 公司分别实现毛利率和净利率 24.60%和 11.31%，分别同比+3.30pct 和+2.18pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 生益科技（600183.SH） cjzqdt11111 [Table_Title 生益科技 2025 2] 年一季报点评：AI 赋能成长，业 绩步入高增 [Table_Summary2] 事件描述 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 周期类产品淡季不淡，成长类产品加速放量 [Table_Title2] 生益科技(600183) [Table_Summary] 事件概述 公司发布 24 年年报和 25 年一季报： 24 年全年实现营业收入 203.88 亿元，同比增长 22.92%；实现 归母净利润 17.39 亿元，同比增长 49.37%；实现扣非后归母净 利润 16.75 亿元，同比增长 53.42%。 25 年 Q1 实现营业收入 56.11 亿元，同比增长 26.86%；实现归 母净利润 5.64 亿元，同比增长 43.76%；实现扣非后归母净利 润 5.60 亿元，同比增长 44.97%。 24 年业绩表现亮眼，25Q1 淡季需求不淡 公司 24 年业绩增长主要原因系： （1）周期产品：传统消费电子产品如智能手机、家电、可穿 戴设备等在政策支持下成为市场热点，需求持续回暖。 （2）成长产品：受 AI 服务器及相关领域创新驱动，带动高速 材料及高端产品的需求。为满足市场对下一代通用 OKS 服务 器、AI 服务器以及 ...

Core Viewpoint - The company plans to issue non-public exchangeable bonds to raise funds, with a total issuance scale not exceeding RMB 2 billion, subject to shareholder approval and market conditions [11][16][108]. Financial Data - The first quarter financial report for 2025 has been prepared and reviewed, confirming compliance with relevant laws and regulations [54][55]. - The financial statements for the first quarter are unaudited [3][6]. Shareholder Information - As of March 31, 2025, Wei Hua Electronics Co., Ltd. holds 19,001,400 shares, representing 0.78% of the company, and a total of 314,011,753 shares, accounting for 12.92% [4]. Bond Issuance Details - The bonds will be exchangeable for shares of Shengyi Electronics Co., Ltd. (688183.SH) [14][106]. - The bonds will have a face value of RMB 100 and will be issued at par [19][109]. - The bonds will have a fixed interest rate and a term of up to 5 years [20][110]. - The issuance will be targeted at professional investors, with a maximum of 200 participants [23][111]. Use of Proceeds - The funds raised will be used for working capital, debt repayment, project construction, equity investment, and other purposes permitted by law [33][117]. Meeting and Voting Information - The first extraordinary general meeting of 2025 is scheduled for May 16, 2025, with both on-site and online voting options available [90][91].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to experience a new round of high-quality growth driven by the ramp-up of high-speed boards in 2025, supported by its technological leadership and strong management capabilities [1][6]. - Q1 2025 revenue reached 5.61 billion, a year-on-year increase of 26.9%, while net profit grew by 43.8% year-on-year, indicating a strong performance driven by the increase in high-speed board production and improved product mix [1][6]. - The company is well-positioned to capture more market share in high-speed materials due to its leading technology and sufficient production capacity, particularly in the context of tight supply and demand for high-grade CCL [6][7]. Financial Performance - Q1 2025 revenue composition includes approximately 4.02 billion from CCL-related business and 1.58 billion from PCB business, with net profit margins of 10.9% for CCL, reflecting improved profitability [1][6]. - The company forecasts revenues of 23.88 billion, 27.47 billion, and 31.59 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.61 billion, 3.32 billion, and 4.06 billion [6][7]. - The projected PE ratios for 2025, 2026, and 2027 are 22.5, 17.7, and 14.4 respectively, indicating a favorable valuation outlook [6][7]. Market Position and Strategy - The company is expanding its high-end CCL production capacity and has made significant R&D investments to enhance its product offerings, particularly in AI computing and other high-demand sectors [6][7]. - The report highlights the company's ability to maintain stable supply chains for critical materials, ensuring consistent production despite market fluctuations [6][7]. - The company is expected to benefit from rising CCL prices due to increased demand and industry-wide price adjustments, enhancing its revenue potential [6][7].

覆铜板&PCB 毛利率环比改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 电子元件 | 生益科技公布 1Q25 财报：实现营收 56 亿元，同增 27%（主因国补推动消 费需求回暖以及 AI 创新驱动高速材料需求增加）；毛利率 24.6%，同增 3.3pp，环增 2.5pp；归母净利 5.6 亿元，同增 44%。展望 2025 年，我们 预期公司高速覆铜板将加速放量，并有望拓展更多 AI 客户；PCB 业务也有 望加速业绩兑现。给予目标价 33.50 元，维持"买入"。 1Q25 回顾：覆铜板&PCB 毛利率环比改善 证券研究报告 生益科技 (600183 CH) 公司 1Q25 实现归母净利润 5.6 亿元（yoy：+44%，qoq：+54%）。我们判 断盈利环比改善主要受益于毛利率的提升：1）覆铜板业务：受益于公司主 动进行产品结构调整（不接低价单）以及成本管控，我们测算公司覆铜板业 务 1Q 毛利率 22.3%，环增 1.6pp；2）PCB 业务：主要受益于高毛利的 AI 类 PCB 产品的加速释 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company achieved a revenue of 5.611 billion yuan in Q1 2025, representing a year-on-year increase of 26.86% and a quarter-on-quarter decrease of 0.57%. The net profit attributable to the parent company was 564 million yuan, up 43.76% year-on-year and up 53.82% quarter-on-quarter [1]. - The report highlights the dual growth drivers of high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) businesses, which are expected to resonate with cyclical growth opportunities [1][7]. - The company is positioned to benefit from the AI industry's growth, with its high-speed CCL products already certified by domestic and international clients, indicating strong future growth potential [7]. Financial Summary - The total revenue forecast for 2024 is 20.388 billion yuan, with a projected growth rate of 22.9%. By 2025, revenue is expected to reach 26.017 billion yuan, reflecting a growth rate of 27.6% [3][8]. - The net profit attributable to the parent company is projected to grow from 1.739 billion yuan in 2024 to 2.882 billion yuan in 2025, with a year-on-year growth rate of 65.8% [3][8]. - The earnings per share (EPS) is expected to increase from 0.72 yuan in 2024 to 1.19 yuan in 2025, indicating strong profitability growth [3][8]. Business Performance Insights - The company's CCL business showed resilience in Q1 2025, with a slight decline in revenue but an increase in gross profit margin, reaching 23%, up 1.5 percentage points from the previous quarter [7]. - The PCB business, primarily operated by the subsidiary, is expected to see significant growth driven by demand from AI servers and high-end products, with inventory levels indicating preparation for increased production [7]. - The report anticipates that the combination of high-speed CCL and high-end PCB will replicate the growth opportunities seen during the 5G cycle, leading to a potential revaluation of the company's worth [7].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.611 billion RMB, a year-on-year growth of 26.86%, and net profit of 564 million RMB, up 43.76% year-on-year [2]. - The company's strong performance is attributed to robust demand in the electronics sector, with leading manufacturers maintaining full production capacity and stable pricing despite pressure on copper prices [3]. - Innovations in terminal products are expected to drive upgrades in copper-clad laminates, breaking existing monopolies and fostering growth opportunities for the company [4]. - The company is positioned to capitalize on the growing ASIC market, leveraging its technical strengths in high-layer products to achieve rapid growth alongside the overseas ASIC supply chain [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a gross margin of 24.60%, an increase of 3.3 percentage points year-on-year, and a net profit margin of 11.31%, up 2.2 percentage points year-on-year [2]. Operational Analysis - The company is expected to maintain strong performance in H1 2025, with Q2 likely to continue the positive trend seen in Q1, although the outlook for H2 depends on the overall electronics industry climate [3]. Market Position and Growth Opportunities - The company is set to disrupt the current market by entering high-end product segments dominated by South Korean and Taiwanese manufacturers, driven by advancements in AI server and switch technologies [4]. - The company is anticipated to benefit from the increasing demand for ASIC products, particularly in collaboration with major tech firms [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 2.8 billion RMB, 3.84 billion RMB, and 4.36 billion RMB, respectively, with corresponding P/E ratios of 21x, 15x, and 13x [5].

广东生益科技股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 5 月 16 日 1 广东生益科技股份有限公司 2025 年第一次临时股东大会议程 会议召开时间：2025 年 5 月 16 日下午 14:30 会议召开地点：东莞市松山湖园区工业西路 5 号 公司研发办公大楼二楼 222 会议室 会议主持人：陈仁喜董事长 议程： 1、关于公司符合非公开发行可交换公司债券条件的议案 2、关于非公开发行可交换公司债券方案的议案 根据《公司法》《证券法》《公司债券发行与交易管理办法》等法律、法规及 规范性文件的规定，对照上市公司非公开发行可交换公司债券的资格和条件，对 公司实际经营情况及相关事项进行了自查，认为公司符合上述法律、法规及规范 性文件规定的条件与要求，具备非公开发行可交换公司债券的条件。 以上请各股东审议。 广东生益科技股份有限公司 3、关于提请股东大会授权董事会及董事会授权对象全权办理有关本次非公开 发行可交换公司债券相关事宜的议案 广东生益科技股份有限公司 董事会 2025 年 5 月 16 日 2 议案 1 广东生益科技股份有限公司 关于公司符合非公开发行可交换公司债券条件的议案 各 ...

广东生益科技股份有限公司 证券代码：600183 证券简称：生益科技 公告编号：2025-027 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 16 日 14 点 30 分 召开地点：广东省东莞市松山湖园区工业西路 5 号 公司研发办公大楼二楼 222 会议室 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 ...

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。 股票简称：生益科技 股票代码：600183 公告编号：2025—025 广东生益科技股份有限公司 第十一届监事会第六次会议决议公告 一、监事会会议召开情况 广东生益科技股份有限公司（以下简称"公司"）第十一届监事会第六次会议于 2025 年 4 月 28 日以通讯表决的方式召开。2025 年 4 月 23 日，公司以邮件方式向监事及董事会 秘书发出本次会议通知和会议资料。本次会议应参加的监事 3 名，实际参加会议的监事 3 名，符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《2025 年第一季度报告》 监事会一致认为： （1）公司 2025 年第一季度报告的编制和审议程序符合《公司法》《公司章程》等相关 法律法规的有关规定。 （2）公司 2025 年第一季度报告的内容与格式符合上海证券交易所的有关规定，公司 2025 年第一季度报告公允、全面、真实地反映了公司 2025 年第一季度的财务状况和经营成 果等事项。 （3）季报编制过程中，未发现公司参 ...