Group 1: Industry Outlook - The global LED lighting market is projected to reach $82.042 billion by 2026, with a penetration rate expected to rise from 46.50% in 2019 to 87.40% by 2030 [1] - China, as the largest producer and exporter of LED lighting products, has significant growth opportunities in the industry [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of ¥1,640,959,181.80, representing a year-on-year growth of 7.35% [3] - The net profit attributable to shareholders was ¥230,590,202.57, reflecting a slight increase of 0.17% compared to the previous year [3] Group 3: Shareholder Returns - The company has implemented a profit distribution policy, committing to distribute at least 50% of the annual distributable profits in cash [2] - As of 2023, the company has distributed a total of ¥249 million in cash dividends and repurchased 1,483,309 shares, accounting for 1.4171% of the total share capital [2] - The 2024 profit distribution plan includes a cash dividend of ¥18.95 per 10 shares, totaling approximately ¥195,538,779.45 [2] Group 4: Strategic Initiatives - The company plans to enhance operational quality through increased R&D investment and market expansion, particularly in Europe, Oceania, Asia-Pacific, and the Middle East [4] - The establishment of a production base in Vietnam aims to diversify the industrial layout and reduce operational costs, leveraging local labor and tax incentives [5][6][7][8] - The company anticipates that the investment in Vietnam will not negatively impact its performance and will improve market responsiveness and risk resilience [8] Group 5: Market Challenges - Approximately 7.3% of the company's total revenue comes from exports to the U.S., indicating that the impact of U.S. tariffs is minimal [9] - The company acknowledges the complexities and unpredictability of stock price fluctuations in the secondary market, emphasizing the importance of rational investment [12]

Core Insights - The company achieved a revenue of 1.641 billion RMB in 2024, representing a year-on-year increase of 7.35%, and a net profit attributable to shareholders of 231 million RMB, with a slight increase of 0.17% [1] - In Q4 2024, the company reported a revenue of 410 million RMB, showing a year-on-year growth of 5.16%, while the net profit attributable to shareholders was 43 million RMB, reflecting a decline of 1.1% [1] - The company declared a cash dividend of 18.95 RMB per 10 shares (including tax), with a payout ratio of 85% and a dividend yield of 4.6% [1] Business Performance - The core lighting business showed steady growth, with commercial, industrial, and special lighting revenues increasing by 8.2%, 7.8%, and decreasing by 4.6% respectively; plant lighting revenue saw a significant decline of 47.1% [2] - The gross margin for the company in 2024 was 30.16%, down by 2.72 percentage points year-on-year, while the net margin was 13.86%, down by 1.07 percentage points [2] - In Q4 2024, the gross margin was 27.57%, a decrease of 2.94 percentage points year-on-year, and the net margin was 10.4%, down by 0.69 percentage points [2] Expense Management - The company's sales, management, R&D, and financial expense ratios for 2024 were 6.01%, 4.02%, 7.29%, and -1.83% respectively, with year-on-year changes of 0, -0.87, +0.77, and -0.66 percentage points [3] - In Q4 2024, the expense ratios were 7.73%, 4.47%, 8.09%, and -2.78%, with year-on-year changes of +0.26, -2.2, -0.34, and -1.76 percentage points [3] - The decrease in management expense ratio was attributed to reduced share-based payment expenses and intermediary fees, while the financial expense ratio decreased due to increased interest income and exchange gains [3] Investment Outlook - The company is focused on the overseas LED commercial and industrial lighting sector, with strong profitability and expected benefits from increased penetration rates in these markets [3] - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of 250 million, 280 million, and 300 million RMB respectively, with corresponding dynamic P/E ratios of 16.3x, 14.9x, and 13.6x [3]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company's core lighting business is steadily growing, with a projected revenue of 1.641 billion RMB in 2024, representing a year-on-year increase of 7.35%. The net profit attributable to the parent company is expected to be 231 million RMB, a slight increase of 0.17% year-on-year [1][4] - The company maintains a high dividend payout ratio of 85%, with a cash dividend of 18.95 RMB per 10 shares, resulting in a dividend yield of 4.6% [1] - The company is expected to benefit from the increasing penetration of LED in commercial and industrial scenarios in overseas markets, particularly in the U.S. post-pandemic [4] Financial Performance Summary - In 2024, the company's gross margin is projected to be 30.16%, down by 2.72 percentage points year-on-year, while the net margin is expected to be 13.86%, down by 1.07 percentage points year-on-year [3] - The revenue growth rates for different segments in 2024 are as follows: commercial lighting +8.2%, industrial lighting +7.8%, and special lighting -4.6%. Plant lighting revenue is expected to decline significantly by 47.1% [2] - The company’s financial expenses are expected to decrease due to increased interest income and foreign exchange gains [3] Financial Data and Valuation - The projected revenue for the company from 2023 to 2027 is as follows: 1.529 billion RMB (2023), 1.641 billion RMB (2024), 1.809 billion RMB (2025E), 1.988 billion RMB (2026E), and 2.177 billion RMB (2027E) [5] - The net profit attributable to the parent company is expected to grow from 230 million RMB in 2024 to 303 million RMB in 2027, with corresponding EPS increasing from 2.20 RMB to 2.90 RMB [5] - The dynamic PE ratios for 2025 to 2027 are projected to be 16.3x, 14.9x, and 13.6x respectively [4]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.641 billion yuan for 2024, representing a year-on-year increase of 7%. The net profit attributable to shareholders was 231 million yuan, remaining stable year-on-year, while the net profit after deducting non-recurring items decreased by 5% to 195 million yuan [4][7] - The company plans to distribute a cash dividend of 18.95 yuan per 10 shares, resulting in a high dividend payout ratio of 84.8%. When considering share buybacks, the total cash distribution and buyback amount exceeds 106.26% of the net profit attributable to shareholders [7] - The company's revenue growth outperformed the industry, with the commercial lighting segment achieving a revenue of 939 million yuan, up 8.18% year-on-year, and the industrial lighting segment reaching 623 million yuan, up 7.80% year-on-year [7] - The gross margin slightly decreased to 27.57% in Q4 2024, down 2.94 percentage points year-on-year, primarily due to price reductions at the beginning of 2024. However, the overall expense ratio improved slightly [7] Financial Data and Profit Forecast - The company is expected to achieve total revenue of 1.786 billion yuan in 2025, with a year-on-year growth rate of 8.9%. The net profit attributable to shareholders is projected to be 251 million yuan, reflecting a growth of 9.0% [6][9] - The earnings per share are forecasted to be 2.40 yuan in 2025, with a projected price-to-earnings ratio of 17 [6][9] - The company has been expanding into new markets such as street lighting, sports venues, and emergency lighting, which opens up long-term growth opportunities [7]

公募基金方面本期较上一季度持股减少的公募基金共计4个，包括平安低碳经济混合A、南方专精特新 混合A、平安价值领航混合A、平安价值远见混合A，持股减少占比达0.30%。本期较上一季度新披露的 公募基金共计40个，主要包括南方兴盛先锋灵活配置混合A、华夏智胜新锐股票A、博道成长智航股票 A、南华瑞盈混合发起A、南方智锐混合A等。本期较上一季未再披露的公募基金共计3个，包括景顺长 城泰保三个月定开混合、鑫元数字经济混合发起式A、鑫元鑫选稳健养老目标一年持有偏债混合 (FOF)A。 2025年4月1日，民爆光电(301362.SZ)发布2024年年度报告。截至2025年3月31日，共有51个机构投资者 披露持有民爆光电A股股份，合计持股量达4354.05万股，占民爆光电总股本的41.60%。其中，前十大 机构投资者包括深圳立勤投资合伙企业(有限合伙)、中国农业银行股份有限公司-平安低碳经济混合型证 券投资基金、深圳睿赣企业管理合伙企业(有限合伙)、深圳立鸿企业管理合伙企业(有限合伙)、深圳市 红土智能股权投资管理有限公司-深圳市红土智能股权投资基金合伙企业(有限合伙)、深圳市红土智能股 权投资管理有限公司-深圳市红土 ...

深 圳 民 爆光 电 股份 有 限 公司 内 部 控 制审 计 报告 天职业字[2025]11265 号 目 录 内部控制审计报告 1 内部控制审计报告 天职业字[2025]11265 号 深圳民爆光电股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了深 圳民爆光电股份有限公司（以下简称民爆光电）2024 年 12 月 31 日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，民爆光电于 2024 年 12 月 31 日按照《企业内部控制基本规范》和相关规定 在所有重大方面保持了有效的财务报告内部控制。 内部控制审计报告（续） 天职业字[2025]11265 号 ...

深圳民爆光电股份有限公司 控股股东及其他关联方资金占用情况的专 项说明 天职业字[2025]10505-2 号 目 录 控股股东及其他关联方资金占用情况的专项说明 1 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 2 1 控股股东及其他关联方资金占用情况的专项说明 天职业字[2025]10505-2 号 深圳民爆光电股份有限公司董事会： 中国·北京 二○二五年三月三十一日 中国注册会计师： 2 我们审计了深圳民爆光电股份有限公司（以下简称"民爆光电"）财务报表，包括2024年12 月31日的合并及母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司股东权益变动表以及财务报表附注，并于2025年3月31日签署了标准无保留意见的 审计报告。 根据中国证监会、公安部、国资委、中国银保监会《上市公司监管指引第8号——上市公司 资金往来、对外担保的监管要求》和证券交易所相关文件要求，民爆光电编制了后附的2024年度 非经营性资金占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制和对外披露汇总表，并确保其真实性、合法性及完整性是民爆光电管理层的责任。我们 的 ...

国信证券股份有限公司关于深圳民爆光电股份有限公司开展远 期结售汇业务的核查意见 国信证券股份有限公司（以下简称"保荐机构"或"国信证券"）作为深圳民爆 光电股份有限公司（以下简称"民爆光电"或"公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市 公司自律监管指引第 13 号—保荐业务》《深圳证券交易所创业板股票上市规则》及 《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等相 关规定，对民爆光电开展远期结售汇业务进行了审慎核查，具体情况如下： 一、交易的背景与目的 由于公司部分业务主要采用美元等外币进行结算，为减少外汇汇率波动带来的 风险，公司拟开展远期结售汇业务。公司开展远期结售汇业务，将遵循稳健原则，不 进行以投机和盈利为目的的外汇交易，所有远期结售汇业务均以正常生产经营为基 础，以规避和防范汇率风险为目的，不影响公司主营业务的发展。 二、交易的基本情况 远期结售汇是指银行与客户签订远期结售汇合约，约定将来办理结汇或售汇的 外汇币种、金额、汇率和期限，在到期日外汇收入或支出发生时，再按照该远期结售 汇合同约定的币种、金额、汇 ...

国信证券股份有限公司 关于深圳民爆光电股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：民爆光电 | | --- | --- | | 保荐代表人：程久君 | 联系电话：0755-82130833 | | 保荐代表人：张敏 | 联系电话：0755-82130833 | | | | | | | 因及解决措施 | | --- | --- | --- | | 1、股份锁定的承诺 | 是 | 不适用 | | 2、稳定股价的承诺 | 是 | 不适用 | | 3、5%以上股东的持股意向及减持意向承诺 | 是 | 不适用 | | 4、关于对欺诈发行上市的股份回购和股份 | 是 | 不适用 | | 买回承诺 | | | | 5、关于填补被摊薄即期回报的措施及承诺 | 是 | 不适用 | | 6、利润分配政策的承诺 | 是 | 不适用 | | 7、依法承担赔偿责任的承诺 | 是 | 不适用 | | 8、关于承诺事项的约束措施 | 是 | 不适用 | | 9、关于避免同业竞争的承诺 | 是 | 不适用 | | 10、关于规范和减少关联交易的承诺 | 是 | 不适用 | | 11 ...

国信证券股份有限公司关于深圳民爆光电股份有限公司使用部 分闲置募集资金和闲置自有资金进行现金管理的核查意见 国信证券股份有限公司（以下简称"保荐机构"或"国信证券"）作为深圳民爆 光电股份有限公司（以下简称"民爆光电"或"公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》《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》等相关规定，对民爆光电授权使用部分闲置募集资金和闲置自有资金进行现 金管理及理财的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳民爆光电股份有限公司首次公开发 行股票注册的批复》（证监许可［2023］1107 号）同意注册，公司首次公开发行新 股 2,617 万股，发行价格为 51.05 元/股，募集资金总额为人民币 133,597.85 万元， 扣除本次发行预计发行费用 9,299.08 万元（不含税）后，实际募集资金净额为人民 币 124,298.77 万元。上述募集资 ...