Group 1: Financial Performance - The company has distributed a total cash dividend of 10.482 billion CNY since its listing in 1998, maintaining a continuous cash dividend policy for 25 years [1] - In Q3 2024, the company achieved a revenue of 14.745 billion CNY, representing a year-on-year growth of 19.42%, with a net profit of 1.372 billion CNY, up 52.65% from the previous year [2] - In Q3 2024, the company reported a revenue of 5.115 billion CNY, a 14.52% increase year-on-year, and a net profit of 440 million CNY, reflecting a growth of 27.83% compared to the same period last year [3] Group 2: Strategic Planning - The company's strategic plan for 2021-2025 focuses on strengthening its core business in copper-clad laminates and aims to become the most competitive manufacturer in the global market [2] - The company continuously monitors market conditions and adjusts its operational strategies accordingly to respond to changes in demand and material prices [2][3] Group 3: Market Position and Product Development - The company has a full product line covering various types of copper-clad laminates, including low-loss and ultra-low-loss materials, to meet the increasing demands of electronic applications [3] - The company is currently operating at full capacity and is actively working on product certifications for its ultra-low-loss materials with several domestic and international clients [3] Group 4: Export and Tax Policy Impact - Domestic sales accounted for approximately 84% of the company's main business revenue, while exports made up about 16% [2] - The company is prepared to adapt its business strategies in response to changes in export tax policies effective from December 1, 2024 [2]

证券代码：600183 证券简称：生益科技 公告编号：2024-077 广东生益科技股份有限公司 2024 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 899 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,364,351,749 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.1600 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采用现场投票和网络投票相结合的表决方式召开，由广东生益 科技股份有限公司（以下简称"公司"或"生益科技"）董事会提议召开，并由 (一) 股东大会召开的时间：2024 年 11 月 14 日 (二) 股东大会召开的地点：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 (三) 出席会议的 ...

法律意见书 致：广东生益科技股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受广东生益科技股份有 限公司（下称"生益科技"或"公司"）委托，指派律师出席公司 2024 年第三 次临时股东大会。根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》（下称"《证券法》"）、《上市公司股东大会规则》（下 称"《股东大会规则》"）等法律、法规、规范性文件以及《广东生益科技股份 有限公司章程》（下称"生益科技《公司章程》"）的规定，本所律师对本次股 东大会的召集、召开程序、出席会议人员资格以及表决方式、表决程序、表决结 果等事项进行见证并出具本法律意见书。 为出具本法律意见书，本所律师对生益科技本次股东大会所涉事宜进行了审 查，查阅了相关会议文件，并对有关事项进行了必要的核查和验证。本所律师同 意将本法律意见书作为生益科技本次股东大会公告材料，随同其他会议文件一并 公告，并依法对本法律意见书承担相应的责任。 法律意见书 广州市天河区珠江东路 32 号利通广场 29 层 邮编：510623 29/F, Lea Top Plaza, 32#Zhujiang East Road, Tian ...

股票简称：生益科技 股票代码：600183 公告编号：2024—078 广东生益科技股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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、通知债权人的原因 广东生益科技股份有限公司（以下简称"公司"、"生益科技"）于 2024 年 10 月 28 日召 开第十一届董事会第四次会议和第十一届监事会第四次会议，审议通过了《关于回购注销 2024 年度限制性股票激励计划部分已获授但尚未解除限售的限制性股票的议案》，鉴于公司 2024 年度限制性股票激励计划有 2 名激励对象因个人原因离职，根据公司《2024 年度限制 性股票激励计划（草案）》的相关规定，上述人员已不具备激励对象资格，公司决定以自有 资金回购注销前述激励对象已获授但尚未解除限售的限制性股票合计 37,200 股。回购注销 实施完毕后，公司有限售条件股份减少 37,200 股，公司总股本由 2,429,397,730 股减少至 2,429,360,530 股，第十一届董事会第四次会议审议通过了《关于变更注册资 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady performance in Q3, with successful progress in new product development and strong growth potential [1] - The company reported a revenue of 14.745 billion yuan for the first three quarters, representing a year-on-year increase of 19.42%, and a net profit attributable to the parent company of 1.372 billion yuan, up 52.65% year-on-year [1] - The report highlights the company's focus on high-growth new products, particularly in the server and AI sectors, which are expected to drive future growth [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 18,014 million yuan - 2023A: 16,586 million yuan - 2024E: 18,840 million yuan - 2025E: 21,100 million yuan - 2026E: 23,533 million yuan - Year-on-year growth rates: -11% (2022A to 2023A), -8% (2023A to 2024E), 14% (2024E to 2025E), 12% (2025E to 2026E) [1] - **Net Profit Forecasts**: - 2022A: 1,531 million yuan - 2023A: 1,164 million yuan - 2024E: 1,820 million yuan - 2025E: 2,226 million yuan - 2026E: 2,658 million yuan - Year-on-year growth rates: -46% (2022A to 2023A), -24% (2023A to 2024E), 56% (2024E to 2025E), 22% (2025E to 2026E) [1] - **Earnings Per Share (EPS)**: - 2022A: 0.63 yuan - 2023A: 0.48 yuan - 2024E: 0.75 yuan - 2025E: 0.92 yuan - 2026E: 1.09 yuan [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 32.3 - 2023A: 42.5 - 2024E: 27.2 - 2025E: 22.2 - 2026E: 18.6 [1] Market Position and Strategy - The company is focusing on optimizing its product structure and enhancing profitability through new product development, particularly in high-demand areas such as next-generation servers and automotive electronics [1] - The report indicates that the company is well-positioned to benefit from a recovery in downstream demand, which is expected to lead to further improvements in performance and valuation [1]

Investment Rating - Maintain "Recommend" rating [2][4] Core Views - Revenue and profit both increased significantly in Q1-Q3 2024, with revenue reaching 14.745 billion yuan, up 19.42% YoY, and net profit attributable to parent company reaching 1.372 billion yuan, up 52.65% YoY [2] - Q3 2024 revenue was 5.115 billion yuan, up 14.52% YoY, and net profit attributable to parent company was 440 million yuan, up 27.83% YoY [2] - Revenue growth driven by subsidiary Shengyi Electronics, which achieved revenue of 1.206 billion yuan, up 49.27% YoY, due to increased demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2] - Gross margin for Q1-Q3 2024 reached 22.02%, up 2.49 pct YoY, and net margin reached 9.84%, up 2.65 pct YoY, driven by increased production and sales of copper-clad laminates and optimized sales structure [2] - Shengyi Electronics' gross margin for Q1-Q3 2024 was 21.68%, up 5.46 pct YoY, due to increased demand for high-margin multilayer circuit boards [2] - The company issued an equity incentive plan to 727 employees, granting 58.0588 million restricted shares at 10.04 yuan per share, with performance targets of 25%/44%/66% growth in non-GAAP net profit for 2024/2025/2026 [2] - Forecasted net profit attributable to parent company for 2024-2026 is 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with corresponding P/E ratios of 27X, 22X, and 20X [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is forecasted to be 19.358 billion yuan, 21.490 billion yuan, and 23.533 billion yuan, with growth rates of 16.71%, 11.02%, and 9.50% respectively [3][5] - Net profit attributable to parent company for 2024E, 2025E, and 2026E is forecasted to be 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with growth rates of 57.59%, 21.27%, and 13.54% respectively [3][5] - Gross margin for 2024E, 2025E, and 2026E is forecasted to be 21.99%, 22.74%, and 22.88% respectively [5] - Net margin for 2024E, 2025E, and 2026E is forecasted to be 9.66%, 10.52%, and 10.86% respectively [5] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.74%, 14.19%, and 14.81% respectively [5] Valuation Analysis - Current P/E ratios for 2024E, 2025E, and 2026E are 27X, 22X, and 20X respectively [3][5] - Current P/B ratios for 2024E, 2025E, and 2026E are 3.44X, 3.16X, and 2.90X respectively [3][5] - EV/EBITDA for 2024E, 2025E, and 2026E is forecasted to be 17.78X, 15.28X, and 13.77X respectively [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Insights - In the first three quarters of 2024, the company achieved operating revenue of 14.745 billion yuan, a year-on-year increase of 19.42%, and a net profit attributable to shareholders of 1.372 billion yuan, a year-on-year increase of 52.65% [4]. - The company’s gross margin and net margin for the first three quarters of 2024 were 22.02% and 9.84%, respectively, reflecting improvements of 2.49 percentage points and 2.65 percentage points year-on-year [4]. - The company is focusing on high-end products and optimizing its product structure, particularly in the AI sector, which is expected to drive growth in the coming years [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported operating revenue of 5.115 billion yuan, a year-on-year increase of 14.52%, but a quarter-on-quarter decrease of 1.75%. The net profit for the same period was 440 million yuan, a year-on-year increase of 27.83% and a quarter-on-quarter decrease of 18.62% [4]. - The company’s gross margin for Q3 2024 was 22.87%, an increase of 2.91 percentage points year-on-year, while the net margin was 9.24%, an increase of 1.67 percentage points year-on-year [4]. Market Position and Strategy - The company has established itself as the second-largest seller of rigid copper-clad laminates globally, maintaining a market share of approximately 12% [6]. - The company is leveraging its technological expertise to develop a full range of high-speed products and is well-positioned to benefit from the recovery in demand for high-speed copper-clad laminates, particularly in the AI server segment [6]. Future Projections - The company is projected to achieve net profits of 1.823 billion yuan, 2.241 billion yuan, and 2.643 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 26.28, 21.38, and 18.13 [6].

Investment Rating - Maintain BUY rating with an adjusted target price of RMB28.75, reflecting a 25.5x 2025E P/E, close to its 3-year historical forward P/E [1][3] Core Views - Shengyi Tech's 3Q24 revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus [1] - Gross profit margin (GPM) improved to 22.9%, up 1.1ppts from 2Q24, driven by favorable product mix and lower material costs [1] - Net profit (NP) was RMB440mn, up 27.8% YoY but down 18.6% QoQ, missing Bloomberg consensus by 26% due to SBC cost of RMB150mn (~2.9% of revenue) [1] - Revenue growth is expected at 20%/16% YoY in 2024/25E, with improved margins at 22.1%/23.6% [1] PCB Segment - PCB revenue in 3Q24 was RMB1.2bn, up 49.3% YoY and 10.8% QoQ, driven by strong AI demand, particularly in server revenue (42.5% of PCB sales) [1] - Overseas market outperformed with a 32.1% YoY sales increase [1] - GPM recovered to 24.9% from 20.4%/14.2% in 3Q23/2Q24, and NPM rose to 7.5% vs. -3.4%/6.4% in 3Q23/2Q24 [1] - PCB sales projections raised by 5%/1% for 2024/25E, with expected growth of 35%/20% in 2024/25E [1] CCL Segment - CCL revenue increased YoY but declined QoQ (est. 5-6% lower) due to weaker-than-expected demand in non-AI markets, suppressing ASP recovery [1] - Margin slid sequentially as copper prices remained high (avg. price in 3Q24: ~US$9.9k/t), though Shengyi offset some material cost impacts through pre-procurement activities [1] - Inventory increased by 8% QoQ (RMB365mn) [1] - CCL sales forecasts cut by 8%/6% for 2024/25E, with expected growth of 14%/15% in 2024/25E [1] Financial Projections - Revenue is projected to grow at 19.6%/15.6% in 2024/25E, reaching RMB19.8bn/RMB22.9bn [2][9] - Gross margin is expected to improve to 22.1%/23.6% in 2024/25E [2][9] - Net profit is forecasted to grow at 55.4%/51.4% in 2024/25E, reaching RMB1.8bn/RMB2.7bn [2][9] - EPS is projected to grow at 48.9%/51.4% in 2024/25E, reaching RMB0.74/RMB1.13 [2][9] Valuation - Current P/E stands at 26.5x for 2024E, expected to decrease to 17.5x in 2025E [2][12] - Target price of RMB28.75 implies a 45.8% upside from the current price of RMB19.72 [3] Growth and Profitability - Revenue growth is expected to rebound to 19.6% in 2024E after declines in FY22 and FY23 [12] - Gross profit margin is projected to recover to 22.1% in 2024E, up from 19.2% in FY23 [12] - Return on equity (ROE) is expected to improve to 12.6% in 2024E, rising further to 17.9% in 2025E [12]

法律意见书 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-373926826 电子邮箱/E-mail： kangda@kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 北京市康达（广州）律师事务所 关于广东生益科技股份有限公司 回购注销 2024 年度限制性股票激励计划 部分已获授但尚未解除限售的限制性股票的 1 法律意见书 北京市康达（广州）律师事务所 关于广东生益科技股份有限公司 回购注销 2024 年度限制性股票激励计划 法 律 意 见 书 康达法意字【2024】第 4990 号 二〇二四年十月 部分已获授但尚未解除限售的限制性股票的 法律意见书 康达法意字[2024]第 4990 号 致：广东生益科技股份有限公司 北京市康达（广州）律师事务所接受广东生益科技股份有限公司（以下简称 "公 司"或"生益科技"）的委托，担任公司2024年度限制性股票激励计划（以下简称"本次激 励计划"）的法律顾问，指派王学琛律师和韩思明律 ...

本公司监事会认为：公司本次回购注销部分已获授但尚未解除限售的限制性 股票，符合有关法律、法规及公司《2024 年度限制性股票激励计划（草案）》的 相关规定，不存在损害股东利益的情况，同意公司回购注销部分限制性股票。 广东生益科技股份有限公司监事会关于 第十一届监事会第四次会议事项的核查意见 广东生益科技股份有限公司（以下简称"公司"）监事会根据《公司法》《证 券法》《上市公司股权激励管理办法》等有关法律、法规及规范性文件的相关规 定和《公司章程》的规定，对第十一届监事会第四次会议事项进行审核，并发表 核查意见如下： 1、关于回购注销 2024 年度限制性股票激励计划部分已获授但尚未解除限 售的限制性股票的核查意见 监事：陈少庭、刘锦琼、唐嘉盛 广东生益科技股份有限公司 监事会 2024 年 10 月 28 日 ...