北京市嘉源律师事务所（以下简称"本所"）接受华工科技产业股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行 有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及 《华工科技产业股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 指派本所律师对公司2025年第一次临时股东大会（以下简称"本次股东大会"）进 行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行了必要的审查和验证。在前述 审查和验证的过程中，本所律师得到公司的如下承诺和保证：就本所认为出具本 法律意见书所必需审查的事项而言，公司已经提供了全部相关的原始书面材料、 副本材料或口头证言，该等资料均属真实、准确、完整及有效，有关复印件与原 件一致、副本与正本一致。 北京市嘉源律师事务所 关于华工科技产业股份有限公司 2025 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BE ...

证券代码：000988 证券简称：华工科技 公告编号：2025-28 华工科技产业股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次股东大会召开期间不存在否决议案和变更前次股东大会决 议事项。 一、会议召开和出席情况 1、会议召开情况 （1）召开时间： 现场会议时间：2025年6月3日（星期二）下午14:30 网络投票时间：通过深圳证券交易所交易系统投票的时间为：2025年6月3日 上午9:15－9:25，9:30－11:30和下午13:00－15:00；通过深圳证券交易所互联网投 票系统投票的时间为：2025年6月3日9:15－15:00期间的任意时间。 （2）召开地点：武汉市东湖高新技术开发区华中科技大学科技园六路1号， 华工科技本部大楼四楼多媒体会议厅。 （3）表决方式：现场投票与网络投票相结合的方式 （4）会议召集人：华工科技产业股份有限公司第九届董事会 （5）会议主持人：公司董事长马新强先生 股份总数的24.2066％。 通过网络投票的股东855人，代表股份86,959,778股，占公 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company focuses on three core businesses: "Perception, Connection, and Intelligent Manufacturing," targeting the new energy vehicle and digital empowerment sectors. It aims to innovate continuously based on customer needs and integrate into national strategies and industry developments [4]. - For 2024, the company is projected to achieve revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit attributable to shareholders of 1.221 billion yuan, up 21.17% year-on-year. The growth is driven by the demand for intelligent manufacturing and connection services, particularly in the AIGC application field [4][5]. - The company maintains a global leadership position in thermal management for new energy vehicles and multifunctional sensor technology, with significant revenue contributions from its sensor business [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.275 billion yuan, 20.012 billion yuan, and 23.577 billion yuan, respectively. Corresponding net profits are expected to be 1.701 billion yuan, 2.179 billion yuan, and 2.716 billion yuan [9][11]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 times for 2025, 19 times for 2026, and 16 times for 2027 [9]. Business Developments - The company plans to establish a joint venture with Lika Precision to enhance its capabilities in 3D printing, focusing on SLM manufacturing technology for various applications [6][8]. - The connection business is experiencing explosive growth, particularly in domestic and overseas markets, with significant demand for optical modules [5][6]. Market Performance - The company's stock has shown a positive trend, with a notable increase in performance over the past year, reflecting strong market confidence [7].

Investment Rating - The report assigns a "Buy" rating to HG Tech with a 12-month price target of Rmb53, indicating an upside potential of 26.6% from the current price of Rmb41.86 [16][18]. Core Insights - HG Tech is expected to benefit from multiple growth drivers, including AI infrastructure demand for optical transceivers, overseas expansion in the sensors segment, and new product introductions in laser tools [1]. - The company anticipates robust revenue and profit growth across all three business segments in 2025-26, addressing investor concerns regarding non-AI business growth [1]. Segment Summaries Sensors Segment - The sensors segment contributed over 60% of the company's net profit in 2024, with key growth drivers identified as overseas expansion and new sensor product development [2]. - HG Tech has secured a US$100 million order from a European luxury car maker, marking a significant milestone in its overseas business [2]. - A production plant in Thailand has been established with an annual capacity of 2 million units for PTC heaters, complementing the 9 million units capacity in mainland China [2]. Laser Tools Segment - The laser tools segment includes high-power tools for various industries such as automotive, metal processing, and shipbuilding [3]. - Orders from shipbuilding customers have more than quadrupled, with current orders standing at Rmb700 million, compared to Rmb3.5 billion in total revenue for the laser tool segment in 2024 [6]. Optical Transceivers Segment - HG Tech primarily supplies optical transceivers to Chinese cloud companies, benefiting from increased AI spending [8]. - The company plans to ramp up production capacity to 1 million units per month by the end of 2025, up from 500,000 units in early 2025 [8]. 3D Printing Segment - The company has initiated a joint venture in 3D printing, which is seen as a long-term growth driver across various sectors including consumer electronics and automotive [7]. - HG Tech currently offers six 3D printing products capable of producing parts ranging from 100mm to 400mm in size [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company focuses on three core businesses: "Perception, Connection, and Intelligent Manufacturing," targeting the new energy vehicle and digital empowerment sectors. It aims to innovate continuously based on customer needs and align with national strategies [4]. - For 2024, the company is projected to achieve revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit attributable to shareholders of 1.221 billion yuan, up 21.17% year-on-year [4]. - The company maintains a leading position in global thermal management for new energy vehicles and multifunctional sensor technology, with significant revenue contributions from its sensor business [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.275 billion yuan, 20.012 billion yuan, and 23.577 billion yuan, respectively. Corresponding net profits are expected to be 1.701 billion yuan, 2.179 billion yuan, and 2.716 billion yuan [9]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 times for 2025, 19 times for 2026, and 16 times for 2027 [9]. Business Segments - The intelligent manufacturing segment is expected to generate revenue of 3.492 billion yuan in 2024, reflecting a year-on-year growth of 9.45%. The connection business is projected to achieve 3.975 billion yuan, with a significant increase of 23.75% driven by AIGC applications [4]. - The company is also expanding its 3D printing capabilities through a joint venture with a precision company, aiming to enhance its market competitiveness in additive manufacturing [6][8]. Market Outlook - The perception and laser + intelligent manufacturing businesses are anticipated to grow rapidly, with the connection business expected to experience explosive growth due to high demand for computing optical modules [5]. - The company has commenced production at its Thailand factory, aiming for a monthly capacity of 250,000 units of 800G modules, which will support future overseas business growth [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is forming a joint venture with Luxshare Precision to enhance its capabilities in 3D printing technology, specifically in the SLM manufacturing sector [5][8] - The joint venture aims to leverage both companies' strengths in technology and innovation to meet the growing demand for high-precision, complex metal components in various industries, including consumer electronics and automotive [8] - The global manufacturing industry is increasingly shifting towards high-end and intelligent manufacturing, with 3D printing technology being a key driver of this transformation [8] - The establishment of the joint venture is expected to improve production efficiency, shorten product development cycles, and meet market demands for customized products [8] - The company maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 1.721 billion, 2.297 billion, and 2.959 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 41.0%, 33.5%, and 28.8% [7][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 11.709 billion yuan in 2024 to 28.156 billion yuan in 2027, with a compound annual growth rate of approximately 27.8% [7][10] - The company's gross profit margin is expected to remain stable around 22% over the forecast period [7] - The return on equity (ROE) is projected to increase from 12.0% in 2024 to 18.1% in 2027, indicating improved profitability [7]

Core Viewpoint - Huagong Technology is expanding its business layout in high-end and intelligent manufacturing by establishing a joint venture with Lika Precision Technology to enhance its capabilities in the 3D additive manufacturing sector [2][4]. Group 1: Joint Venture and Investment - Huagong Technology's wholly-owned subsidiary, Wuhan Huagong Laser Engineering Co., plans to establish a joint venture named Suzhou Lihua Technology with Lika Precision, with a registered capital of 200 million yuan, where Huagong Laser will contribute 140 million yuan (70%) and Lika Precision will contribute 60 million yuan (30%) [2]. - The collaboration aims to leverage technological resources and complementary advantages to shorten product development cycles and accelerate the commercialization of cutting-edge technologies [2][4]. Group 2: 3D Printing Business Development - Huagong Technology has a long history in 3D printing, originating from Huazhong University of Science and Technology, and has developed a comprehensive technology industrialization system from R&D to mass production [3]. - The company aims to enhance its technical innovation capabilities in the 3D additive SLM manufacturing field to meet the market demand for high-precision, complex metal components [4]. Group 3: Market Potential and Growth Strategy - The total market space for 3D printing is projected to reach approximately 110 billion yuan by 2025, with expectations to grow to around 500 billion yuan by 2030, driven by sectors such as aerospace, consumer electronics, and automotive electronics [4]. - Huagong Technology plans to expand its 3D printing applications in the 3C electronics sector, focusing on precision components for smartphones and wearable devices, as well as communication components for 5G/6G base stations [4]. Group 4: Material and Process Innovation - The company intends to focus on core materials such as titanium, aluminum, and magnesium alloys, while gradually expanding to nickel-based alloys and metal matrix composites to enhance the strength, corrosion resistance, and thermal stability of printed components [5]. - Innovations will include optimizing light paths for printing efficiency and developing multi-material composite printing to integrate various performance characteristics into a single component [5]. Group 5: Global Expansion and Financial Performance - The global additive manufacturing industry is entering a phase of rapid growth, with projections indicating a market size of 74.6 billion USD by 2030 [6]. - In 2024, Huagong Technology's smart manufacturing business achieved revenue of 3.49 billion yuan, a year-on-year increase of 9.45%, while its connectivity business generated 3.975 billion yuan, up 23.75% [6]. - The company is establishing a global layout with six domestic industrial bases and four overseas R&D centers, aiming to increase its overseas sales proportion from under 15% to over 30% [7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next 12-18 months [6][11]. Core Insights - The establishment of a joint venture between the company's subsidiary and Luxshare Precision aims to enhance the company's 3D printing strategy and boost its laser business performance. This partnership is expected to leverage strong expertise in Selective Laser Melting (SLM) technology, which is widely used in metal additive manufacturing [6][11]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 1.67 billion RMB, 2.01 billion RMB, and 2.42 billion RMB, respectively, with corresponding EPS of 1.66 RMB, 1.99 RMB, and 2.41 RMB [6][11]. - The target price for the company's stock is set at 49.95 RMB, reflecting a 3% increase from the previous target price of 48.70 RMB, based on a 30x PE ratio for 2025 [6][11]. Financial Summary - The company's revenue is projected to grow from 10.31 billion RMB in 2023 to 20.12 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 12.4% [4][7]. - Net profit attributable to shareholders is expected to increase from 1.01 billion RMB in 2023 to 2.42 billion RMB in 2027, representing a CAGR of around 20.7% [4][7]. - The company's earnings per share (EPS) is forecasted to rise from 1.00 RMB in 2023 to 2.41 RMB in 2027 [4][7]. Joint Venture Details - The joint venture, named Suzhou Lihua Technology Co., Ltd., will have a registered capital of 200 million RMB, with the company's subsidiary contributing 140 million RMB (70%) and Luxshare contributing 60 million RMB (30%) [6][11]. - This partnership is expected to focus on the deep application of SLM manufacturing technology across various industries, enhancing the company's competitive edge in the 3D printing market [6][11]. Market Context - The report highlights a rapid growth in demand for 3D printing, particularly from major clients like Apple, which serves as a catalyst for the company's growth in this sector [3][11]. - The company's strong foundation in SLM technology positions it well to capitalize on the increasing applications of 3D printing in sectors such as electronics, aerospace, and medical implants [6][11].

Investment Rating - The report maintains an "Outperform" rating for HGTECH, indicating an expected relative performance exceeding the benchmark index by over 10% in the next 12-18 months [6][11]. Core Insights - HGTECH's subsidiary, HG Laser, has formed a joint venture with Luxshare Precision's subsidiary to enhance its 3D printing strategy, which is expected to boost the performance of its laser business [6][11]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 1.67 billion, 2.01 billion, and 2.42 billion RMB, respectively, with corresponding EPS of 1.66, 1.99, and 2.41 RMB [6][11]. - The target price is set at 49.95 RMB, reflecting a 3% increase from the previous target price of 48.70 RMB, based on a 30x PE valuation for 2025 [6][11]. Financial Summary - Revenue projections for 2023A to 2027E are as follows: 10,310 million RMB, 11,709 million RMB, 15,301 million RMB, 17,897 million RMB, and 20,124 million RMB, with growth rates of -14.2%, 13.6%, 30.7%, 17.0%, and 12.4% respectively [4][7]. - Net profit attributable to shareholders is forecasted to be 1,007 million RMB in 2023A, increasing to 2,419 million RMB by 2027E, with growth rates of 11.2%, 21.2%, 37.1%, 19.8%, and 20.7% [4][7]. - The report highlights a strong return on equity (ROE) trajectory, projected to rise from 11.0% in 2023A to 16.3% in 2027E [4][7]. Strategic Developments - The joint venture, Suzhou Lihua Technology Co., Ltd., will focus on the deep application of SLM (Selective Laser Melting) technology across various industries, enhancing HGTECH's competitive edge in the 3D printing market [6][11]. - HG Laser's expertise in SLM technology positions it well for growth in sectors such as electronics, aerospace, medical implants, and mold manufacturing, indicating a promising outlook for the 3D printing business [6][11].

Core Viewpoint - The focus of the recent investor relations activity by Huagong Technology is on the application of 3D printing technology, particularly in the context of a joint venture aimed at enhancing SLM (Selective Laser Melting) manufacturing technology [2][4]. Group 1: Company Developments - Huagong Technology announced the establishment of a joint venture, Suzhou Lihua Technology Co., Ltd., with a capital contribution of 140 million yuan, where Huagong Laser holds a 70% stake [4]. - The company has a long history in 3D printing technology, originating from Huazhong University of Science and Technology, with significant advancements made since the 1990s [3][4]. - The joint venture aims to leverage SLM technology to drive innovation and meet the growing demand for customized products across various industries [5]. Group 2: Market Opportunities - The global 3D printing market is projected to exceed $21.9 billion in 2024 and may reach a trillion-dollar scale by 2030, with China's market expected to surpass 63 billion yuan by 2025, reflecting a 30-fold growth over the past decade [8][9]. - The consumer electronics sector is identified as a primary application market for 3D printing, with a focus on providing cost-effective solutions [6][7]. - The advantages of 3D printing, such as higher material utilization rates and environmental benefits, position it as a promising alternative to traditional manufacturing methods [7][8]. Group 3: Technological Advancements - Huagong Technology is committed to expanding its core competencies by diversifying into various industries, including 3C electronics, automotive electronics, and medical applications [9]. - The company is also focused on deepening its research in material processes, particularly with titanium, aluminum, and magnesium alloys, to innovate and reduce costs [9].