河北中瓷电子科技股份有限公司 2024 年年度报告全文 河北中瓷电子科技股份有限公司 2024 年年度报告 2025-029 2025 年 4 月 1 本年度报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司 盈利预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者 注意投资风险。 2 河北中瓷电子科技股份有限公司 2024 年年度报告全文 公司请投资者认真阅读本年度报告全文，并特别注意政策风险、经营风 险、市场风险、财务风险、舆情风险等风险因素，具体内容详见"第三节 管 理层讨论与分析之 十一、公司未来发展的展望之（四）风险及应对措施。 河北中瓷电子科技股份有限公司 2024 年年度报告全文 2024 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人卜爱民、主管会计工作负责人董惠及会计机构负责人（会计 主管人员）马美艳声明：保证本年度报告中财务报告的真实、准确、完整。 所 ...

河北中瓷电子科技股份有限公司 2025 年第一季度报告 证券代码：003031 证券简称：中瓷电子 公告编号：2025-043 河北中瓷电子科技股份有限公司 2025 年第一季度报告 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。 重要内容提示： （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 613,825,226.42 | 547,989,957.54 | | 12.01% | | 归属于上市公司股东的净利 | 122,874,159.30 | 82,573,664.41 | | 48.81% | | 润（元） | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 113,604,102.24 | 67,316,429.86 | | 68.76% | | （元） | | | | | | 经营活动产生的现金流量净 | ...

Core Viewpoint - Zhongci Electronics is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on self-controlled core sectors and addressing critical supply issues, which is expected to enhance its valuation [1] Group 1: Business Overview - Zhongci Electronics has achieved mass production of precision ceramic components, addressing key supply chain challenges in the industry [1] - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, indicating strong growth potential [1] - The company completed significant asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong, which opens new market opportunities in the third-generation semiconductor sector [1][3] Group 2: Market Potential - The Chinese electronic ceramics market is projected to reach a scale of 100 billion yuan, with a current localization rate of only 23%, indicating substantial room for growth [1] - The advanced structural ceramics market in China is expected to reach approximately 28.6 billion yuan by 2025, with a localization rate of only 20% in 2021 [2] Group 3: Product Development - The company has made breakthroughs in the localization of precision semiconductor ceramic components, achieving international-level core technology in products like electrostatic chucks and ceramic heaters [2] - Zhongci Electronics has successfully mass-produced 800G optical communication device housings, comparable to foreign products, and continues to invest in production line expansion [1] Group 4: Strategic Acquisitions - The acquisition of Bowei focuses on GaN RF chips, with the domestic RF chip localization rate currently at around 30%, indicating significant growth potential in the RF electronics market, projected to be approximately 10.3 billion yuan in 2023 [3] - Guolian Wanzhong is primarily engaged in SiC automotive chips, with the power electronics market expected to reach about 15.3 billion yuan in 2023, benefiting from the rapid growth of the new energy vehicle sector [3] Group 5: Financial Projections - The company forecasts net profits of 538 million yuan, 701 million yuan, and 876 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 10%, 30%, and 25% [3] - The current market capitalization corresponds to price-to-earnings ratios of 38x, 29x, and 23x for 2024, 2025, and 2026, respectively, reflecting the company's strategic positioning in electronic ceramics and semiconductors [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - The company is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on the core track of domestic self-control. It has achieved mass supply of precision ceramic components, addressing critical supply chain issues, and its valuation is expected to improve [1][2]. - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, and it has opened new market opportunities following significant asset restructuring in 2023 [1][2]. - The electronic ceramics market in China is projected to reach nearly 100 billion, with a domestic production rate of only 23%, indicating substantial room for growth [1][44]. Summary by Sections 1. Electronic Ceramics and Third-Generation Semiconductors - The company is backed by China Electronics Technology Group and has established itself as a benchmark for self-control in the industry. It has successfully expanded into the third-generation semiconductor market through strategic acquisitions [16][25]. - The dual focus on electronic ceramics and third-generation semiconductors positions the company as a leader in domestic substitution and technological innovation [25][26]. 2. AI-Driven Upgrades in Optical Modules - The demand for high-end optical modules is expected to surge, with the company already achieving mass production of 800G optical communication device shells, comparable to international products [1][44][69]. - The company is investing in the construction of production lines for electronic ceramic shells, which will continue to release capacity and potentially lead to a performance inflection point [1][69]. 3. Precision Ceramic Components Breakthrough - The market for advanced structural ceramics in China is expected to reach approximately 28.6 billion by 2025, with the current domestic production rate at only 20% [79]. - The company has achieved breakthroughs in the domestic production of key components used in semiconductor equipment, which are expected to contribute significantly to profits and enhance valuation [1][76]. 4. Acquisition of Bowei and Guolian Wanzhong - The company completed a major asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong to deepen its involvement in the third-generation semiconductor sector [2][19]. - Bowei focuses on GaN RF chips, with a market size of approximately 10.3 billion in 2023, while Guolian Wanzhong specializes in SiC automotive chips, benefiting from the rapid growth of the electric vehicle market [2][20]. 5. Profit Forecast - The company is projected to achieve net profits of 538 million, 701 million, and 876 million for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10%, 30%, and 25% [3][10].

Core Viewpoint - Hebei Zhongci Electronic Technology Co., Ltd. has approved the use of idle raised funds for cash management, allowing for the investment of up to RMB 2.38 billion in low-risk, liquid, and principal-protected bank-issued deposits with a maximum investment period of 12 months [1][7]. Group 1: Cash Management Implementation - The company signed a sales agreement with China Bank to invest RMB 45 million and RMB 55 million in structured deposits, with maturity dates on January 24, 2025 [2]. - The company has successfully redeemed these structured deposits, receiving principal amounts of RMB 45 million and RMB 55 million, along with returns of RMB 28.86 thousand and RMB 10.63 thousand, respectively [2]. - In the past twelve months, the company has utilized idle funds for cash management, including a previous redemption of RMB 10 million with a return of RMB 17.58 thousand and another RMB 20 million with a return of RMB 66.91 thousand [3][11]. Group 2: Financial Management Strategy - The company aims to enhance fund utilization efficiency and generate investment returns without affecting the construction of fundraising projects and normal operations [9]. - The company has committed to a prudent investment approach, ensuring that idle funds are not used for high-risk investments such as stocks or unsecured bonds [11]. - The company will regularly disclose the status of cash management products in its periodic reports, ensuring transparency in fund usage [11].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-026 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上刊登的《关于使用部分闲置 现将公司使用部分闲置募集资金进行现金管理的实施进展情况公告如下： 一、本次使用部分闲置募集资金进行现金管理的进展情况 河北中瓷电子科技股份 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-025 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 河北中瓷电子科技股份有限公司与中国银行股份有限公司石家庄市合西支行 签订了《中国银行挂钩型结构性存款销售协议书》，分别使用闲置募集资金 4,500 万元、5,500 万元购买了"挂钩型结构性存款（机构客户）"。产品起息日 均为 2025 年 1 月 24 日。具体内容详见公司于 2025 年 1 月 25 日在《证券时报》 《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《关于使用部 分闲置募集资金进行现金管理的进展公告》（公告编号：2025-010）。 截至本公告日，公司已如期赎回上述理财产品，分别赎回本金 4,500 万元、 5,500 万元，获得理财收益分别为 28.86 万元、10.63 万元。本金及理财收益已全 额存入募集资金专户。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 ...

Summary of Conference Call Company Overview - The company discussed is Zhongsi Electronics, located in Shijiazhuang, which originally focused on providing electronic ceramic shells for surgical procurement. The company underwent significant asset restructuring in 2013, acquiring several businesses including Hebei Bowei, and shifting towards RF chip manufacturing and telecommunications [1][2]. Core Business Changes - The asset restructuring has transformed Zhongsi Electronics from a supplier of ceramic shells to a complete product industry chain in telecommunications, including upstream design, midstream manufacturing, and downstream packaging and testing [1][2]. - The new main business, focusing on telecommunications chips, has a gross margin of approximately 30% to 40%, compared to the previous 28% to 30% margin from ceramic shell production [2][3]. Industry Dynamics - The telecommunications chip market is relatively small, with a market size of approximately 5 to 6 billion RMB in the telecom sector, but it also has applications in defense [3][4]. - The competitive landscape shows that the top five companies in this sector are predominantly foreign, holding a combined market share of 76% [4]. Domestic Competitors - Zhongsi Electronics is highlighted as a representative domestic player, backed by state-owned assets from China Electronics Technology Group. The company has integrated multiple assets to form a full industry chain model [5]. - Huawei is noted as a significant player in the telecommunications base station sector, although it is not publicly listed, limiting available data on its products [5]. Technological Positioning - Zhongsi Electronics is positioned with a stable technology route, focusing on mainstream technologies for the next three to five years, particularly in 5G and beyond [6][7]. - The company is perceived to be lagging in cutting-edge technology compared to international competitors, but maintains a solid position in the domestic market [7]. Financial Performance - For the first three quarters of 2024, Zhongsi Electronics reported revenue of 886 million RMB, a slight decline of 1.1% year-over-year, while net profit increased by 7.4% to 369 million RMB [8]. - The company anticipates a revenue growth rate of 5% to 10% over the next two years, with stable operating income around 500 million RMB annually [9]. - The company's price-to-earnings (PE) ratios for 2024 to 2026 are projected at 32x, 30x, and 28x, respectively, indicating a relatively high valuation despite short-term growth challenges [9]. Additional Insights - The restructuring has created a robust ecosystem with high gross margins across various segments, indicating a healthy competitive environment within the industry [3]. - The company faces challenges in demand stimulation in the short term, which may affect its growth trajectory over the next one to two years [9].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-023 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上刊登的《关于使用部分闲置 募集资金进行现金管理的公告》（公告编号 2024-021）。 现将公司使用部分闲置募集资金进行现金管理的实施进展情况公告如下： 一、本次使 ...

中信证券股份有限公司 关于河北中瓷电子科技股份有限公司 二、募集资金投向的情况 根据公司《发行股份购买资产并募集配套资金暨关联交易报告书》，公司重 大资产重组募集资金在支付重组相关费用后拟投入以下项目： 核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 河北中瓷电子科技股份有限公司（以下简称"公司"、"上市公司"或"中瓷电 子"）发行股份购买资产并募集配套资金暨关联交易（以下简称"重大资产重组"） 的独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等相关法律法规的要求，对中瓷电子使用募集资金向控股子公司 提供委托贷款用于募投项目的事项进行了核查，具体情况如下： 一、募集资金的到位情况 三、本次使用募集资金向控股子公司提供委托贷款的情况 经中国证券监督管理委员会出具《关于同意河北中瓷电子科技股份有限公司 发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1519 号）， 同意公司向中国电科十三所等 7 名交易对方发行股份购买相关资产，同时发行股 份募集配套 ...