证券代码：832978 证券简称：开特股份 公告编号：2025-052 湖北开特汽车电子电器系统股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 23 日 2.会议召开地点：武汉市经开区（汉南区）兴城大道 499 号开特汽车电子 工业园二楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长郑海法先生 6.召开情况合法合规的说明： 本次股东会会议召开符合《公司法》等有关法律、行政法规、部门规章、规 范性文件和《公司章程》的相关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 11 人，持有表决权的股份总数 65,117,553 股，占公司有表决权股份总数的 36.3255%。 其中通过网络投票参与本次股东会的股东共 2 人，持有表决权的股份总数 11,299,317 股，占公司有表决权股份总数的 6.3033%。 （三） ...

会杜律师事务所 KING&WODD AIIFSONS 广东省深圳市南山区科苑南路2666号 邮编· 518052 中国华润大厦78层 T +86 755 2216 3333 F +86 755 2216 3380 www.kwm.com 北京市金杜（深圳）律师事务所 关于湖北开特汽车电子电器系统股份有限公司 2024 年年度股东会 之法律意见书 致:湖北开特汽车电子电器系统股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受湖北开特汽车电子电 器系统股份有限公司（以下简称公司）委托,根据《中华人民共和国证券法》（以 下简称《证券法》)、《中华人民共和国公司法》（以下简称《公司法》)、中国证券 监督管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股 东会规则》)等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的, 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的 法律、行政法规、规章、规范性文件和现行有效的公司章程有关规定，指派律师 出席了公司于 2025 年 5 月 23 日召开的 2024 年年度股东会（以下简称本次股东 会）,并就本次股东会相关事 ...

Group 1: New Product Launches - Huawei launched nova 14 series and MateBook Fold, featuring the world's largest dual-layer OLED display[1] - Xiaomi introduced the new flagship Xiaomi 15S Pro and the 3nm flagship chip,玄戒 O1, with a transistor count of 19 billion[1][17] Group 2: Market Capitalization - Total market capitalization of 24 consumer electronics companies on the North Exchange reached 76.078 billion yuan as of May 23, 2025[21] - Total market capitalization of 16 semiconductor-related companies on the North Exchange reached 60.768 billion yuan as of May 23, 2025[24] Group 3: Industry Performance - Average decline in five major industries: high-end equipment (-4.32%), information technology (-5.02%), chemical new materials (-3.88%), consumer services (-4.27%), and pharmaceutical biology (-2.37%) for the week[2][27] - The median P/E ratio for the electronic industry increased to 64.9X, while the median P/E for the smart manufacturing industry decreased to 45.3X[41][48] Group 4: Investment Announcements - Haitai New Energy plans to invest approximately 600 million yuan in a new 2GW solar cell and 1GW module project in Indonesia[4][63]

Summary of Key Points Core Viewpoint - The announcement details the lifting of restrictions on 112,500 shares of Hubei Kait Automotive Electronics Co., Ltd., which represents 0.0628% of the company's total share capital, effective from May 30, 2025 [1]. Details of Restricted Stock Release - The total number of shares to be released from restrictions is 112,500, which constitutes 0.0628% of the total share capital of the company [1]. - The release of restrictions is attributed to the annual unlocking of shares for directors, supervisors, and senior management personnel [2]. - The total number of shares that remain restricted after this release is 2,286,000 [2]. Share Capital Situation Post-Release - After the release of restrictions, the total number of unrestricted shares will be 100,279,448, accounting for 55.9403% of the total share capital [3]. - The total share capital of the company is 179,261,468 [3]. Compliance and Disclosure - The shareholders applying for the release of restrictions have no outstanding commitments and there are no non-operational fund occupations by these shareholders [6]. - The company will fulfill its information disclosure obligations if any of the shareholders decide to reduce their holdings in the future [5].

一、本次股票解除限售数量总额为 112,500 股，占公司总股本 0.0628%，可交易 时间为 2025 年 5 月 30 日。 二、本次股票解除限售的明细情况及原因 单位：股 证券代码：832978 证券简称：开特股份 公告编号：2025-051 湖北开特汽车电子电器系统股份有限公司 2022 年限制性股票激励计划 限制性股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 | | | 是否为 | | 本 | | | | 本次解 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 控股股 | 董事、监 | 次 | | 本次变 | | | | | | 股东姓 | 东、实 | 事、高级 | 解 | 本次解 | 更限售 | 变更后 | 除限售 | 尚未解除 | | 序 | 名或名 | 际控制 | 管理人 | 限 | 除限售 | 类型登 | 限售类 | 股数占 | 限售的股 | | | 称 | 人或其 | ...

Group 1: Investor Relations Activities - The investor relations activity included a site visit and discussion on May 20, 2025, at the company's location in Wuhan [3] - Attendees included representatives from various securities firms and asset management companies [3] Group 2: Company Projects and Financials - The construction of the vehicle actuator project is ongoing, with the fifth floor of the main building under construction [3] - In 2024, sales revenue from actuator products reached ¥327.21 million, accounting for 39.60% of total revenue; sensor products contributed 35.65%, and controllers accounted for 24.04% [4] Group 3: Orders and Competitiveness - The company supplies air outlet actuators to a globally renowned electric vehicle manufacturer and has increased the supply of air conditioning actuators through secondary supply channels [5] - The company has established a strong customer resource advantage over 29 years in the automotive parts industry, with long-term relationships with major domestic and international automotive manufacturers [6] Group 4: Competitors - Major competitors for sensor products include companies such as Xiaogan Huagong Gaoli Electronics Co., Ltd. and Jiangsu Riying Electronics Co., Ltd. [7] - Competitors for controller products include Wuhan Xianjie Electronics Co., Ltd. and for actuator products include Delta Electronics Holdings Limited [7]

Core Insights - Kaite Co., Ltd. reported a significant growth in Q1 2025, with revenue reaching 240 million yuan, a year-on-year increase of 48.05%, and a net profit attributable to shareholders of 40.13 million yuan, up 41.60% [1] - The growth in the new energy vehicle (NEV) market has directly contributed to the company's performance, with NEV production and sales in China increasing by 50.4% and 47.1% respectively [1] Financial Performance - The company's operating income for Q1 2025 was 240 million yuan, with a year-on-year growth of 48.05% [1] - Net profit attributable to shareholders was 40.13 million yuan, reflecting a 41.60% increase year-on-year [1] - The non-recurring net profit reached 39.93 million yuan, with a growth rate of 61.87% [1] - Operating costs increased by 44.30% year-on-year, but the gross margin remained stable due to the release of scale effects [1] Market Dynamics - The NEV market in China saw production and sales growth of 14.5% and 11.2% respectively, with NEVs accounting for 41.2% of total new car sales [1] - The penetration of NEVs and smart chassis is accelerating, benefiting companies like Kaite Co., Ltd. in the automotive electronics sector [1] Technological Advancements - Kaite Co., Ltd. has strengthened its technological barriers in the core component localization process, holding a total of 340 patents, including 34 invention patents [2] - R&D expenses increased by 16.02% to 11.09 million yuan, representing 4.63% of revenue [2] Capacity Expansion - The construction of the subsidiary Kaite Electronics Yunmeng Co., Ltd.'s capacity expansion and fundraising projects is progressing steadily, with construction projects increasing by 43.76% compared to the end of the previous year [2] Strategic Focus - The company aims to deepen its focus on the automotive thermal system sector, leveraging customer and product resource potential to convert into sales and profits [2] - Kaite Co., Ltd. is actively advancing the full process of R&D, design, trial production, and mass production for new generation sensors and actuators to ensure smooth market entry and sustainable delivery [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expectation that the stock will outperform the market index by 5%-15% over the next six months [4][6]. Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 826 million yuan, a year-on-year growth of 26.5%, and a net profit of 138 million yuan, up 21.24% [4]. - In Q1 2025, the company continued to show strong growth, achieving revenue of 240 million yuan, a 48.05% increase year-on-year, and a net profit of 40 million yuan, up 41.6% [4]. - The company's actuator business experienced substantial growth, with sales increasing by 55.40% in 2024, contributing to 39.6% of total revenue [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 826 million yuan and a net profit of 138 million yuan, with a gross margin of 32.87% in Q1 2025 [4][5]. - The company forecasts earnings per share of 1.11 yuan and 1.34 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 22 and 18 [4][5]. Product Segments - The sales revenue for sensor products was 295 million yuan in 2024, with a gross margin of 49.64%, while controller products generated 199 million yuan with a gross margin of 18.22% [4]. - The actuator segment's revenue reached 327 million yuan in 2024, with a gross margin improvement of 2.3 percentage points to 25.61% [4]. Cost Structure - The total operating costs for 2024 were 669 million yuan, with a breakdown of operating expenses including sales, management, and R&D costs [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 is driven by steady growth in the production and sales of new energy vehicles, along with the ramp-up of new products, resulting in a year-on-year increase of 23% in net profit excluding non-recurring items [2] - The company achieved total revenue of 826.36 million yuan in 2024, representing a year-on-year growth of 26.5%, and a net profit attributable to the parent company of 137.85 million yuan, up 21.24% year-on-year [2] - The decline in profit margins is attributed to changes in product sales structure and increased costs from machinery purchases and wage adjustments [2] Revenue Breakdown - Revenue from the sensor segment increased by 14.30% to 295 million yuan, accounting for 35.65% of total revenue, with a gross margin decrease of 1.89 percentage points to 49.64% [3] - Revenue from the controller segment grew by 11.25% to 199 million yuan, representing 24.04% of total revenue, with a gross margin decrease of 0.37 percentage points to 18.22% [3] - The actuator segment saw a significant revenue increase of 55.40% to 327 million yuan, now accounting for 39.60% of total revenue, with a gross margin increase of 2.30 percentage points to 25.61% [3] Business Strengths - The company has a strong research and development capability, focusing on platform-based products that meet vehicle needs, and holds a leading position in manufacturing processes for sensor products [4] - The customer base includes major automotive manufacturers such as Volkswagen, BYD, SAIC, and Geely, as well as new energy vehicle companies like NIO, Li Auto, and Xpeng [4] - The company benefits from the trends of vehicle electrification, intelligence, and connectivity, which increase the demand for semiconductors, sensors, and automotive electronic systems [4] - Capacity expansion projects are underway, expected to significantly enhance production capabilities by adding millions of units of temperature sensors and actuators by 2025 [4] Financial Forecasts - The company has revised its net profit forecasts for 2025 and 2026 to 177.96 million yuan and 239.16 million yuan, respectively, with a new forecast for 2027 at 309.34 million yuan [4] - Corresponding dynamic P/E ratios are projected at 24.55, 18.27, and 14.12 for 2025, 2026, and 2027, respectively, indicating long-term growth potential [4]

Group 1 - The report highlights that as of Q1 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 6.743 billion, a quarter-on-quarter increase of 24.5% [3][4] - The allocation scale and ratio of public funds continue to grow, driven by the spring technology theme, with a notable increase in the importance of stock selection [3][8] - The active equity public funds have shown increased attention towards BSE stocks, with the allocation coefficient reaching 0.43, up by 0.05 from the previous quarter [3][9] Group 2 - The report indicates that the BSE 50 index fund experienced slight redemptions, but future inflows are still anticipated, with the total scale reaching 9.258 billion, an increase of 1.479 billion [3][16] - The average net value growth rate of thematic funds in 2025 is 39.1%, outperforming the BSE 50 index's growth of 30.6% [3][19] - The report emphasizes a focus on active equity public funds, with new additions to the top ten heavy stocks including Kaitai Co., Minsida, and Norsland, further concentrating on Jinbo Biological [3][20] Group 3 - The report notes that active public funds are increasing their holdings in consumer sectors and companies with strong earnings reports, with six of the top ten stocks showing a profit growth rate exceeding 20% in 2024 [3][24] - The report identifies a shift towards consumer sectors, with an emphasis on "consumption + technology" as highlighted in the 2025 Two Sessions, leading to increased allocations in companies like Jinbo Biological and Kangnong Seed [3][26] - The report also mentions a decrease in heavy allocations in sectors such as electric equipment, machinery, and automobiles, while increasing in beauty care, light manufacturing, and agriculture [3][26]