证券代码：870357 证券简称：雅葆轩 公告编号：2025-016 芜湖雅葆轩电子科技股份有限公司 关于取得发明专利证书的公告 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。 授权公告日：2025 年 3 月 28 日 授权公告号：CN 119327686 B 二、对公司的影响 上述专利证书的取得体现了公司的科技创新及自主研发能力，有利于提升公 司产品的自主知识产权优势，加强对知识产权的保护力度，增强公司的核心竞争 力，对公司未来的经营发展具有积极意义。 三、风险提示 公司通过对研发的技术和成果申请专利，有助于保护公司自主知识产权，专 利成果能否为公司未来带来直接经济效益存在一定的不确定性，敬请广大投资者 注意投资风险。 一、基本情况 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日收到由国家知识产权局颁发的一项《发明专利证书》。具体情况如下： 发明专利名称：一种多喷枪可切换式 PCB 板光固化胶涂布装置 专利号：ZL 2024 1 1887160.2 专利权人：芜 ...

证券代码：870357 证券简称：雅葆轩 公告编号：2025-012 芜湖雅葆轩电子科技股份有限公司 关于取得发明专利证书的公告 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、基本情况 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）于近日收到由国家 知识产权局颁发的一项《发明专利证书》。具体情况如下： 发明专利名称：一种涂布区域可控调节的 PCB 板涂布装置及涂布系统 专利号：ZL 2024 1 1887137.3 专利权人：芜湖雅葆轩电子科技股份有限公司 授权公告日：2025 年 3 月 7 日 授权公告号：CN 119327684 B 二、对公司的影响 上述专利证书的取得体现了公司的科技创新及自主研发能力，有利于提升公 司产品的自主知识产权优势，加强对知识产权的保护力度，增强公司的核心竞争 力，对公司未来的经营发展具有积极意义。 三、风险提示 公司通过对研发的技术和成果申请专利，有助于保护公司自主知识产权，专 利成果能否为公司未来带来直接经济效益存在一定的不确定性，敬请广大投资者 注意投资 ...

北京市天元律师事务所 关于芜湖雅葆轩电子科技股份有限公司 2025 年第一次临时股东大会的法律意见 京天股字（2025）第 069 号 致：芜湖雅葆轩电子科技股份有限公司 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）2025 年第一次临时 股东大会（以下简称"本次股东大会"）采取现场与网络投票相结合的方式召开， 其中现场会议于 2025 年 3 月 13 日 14:30 在安徽省芜湖市南陵县经济开发区二期 大屋路 8 号公司会议室召开。北京市天元律师事务所（以下简称"本所"）接受公 司聘任，指派本所律师出席公司本次股东大会，对本次股东大会进行见证，并根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）以及《芜湖雅葆轩电子科技股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、 出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本 法律意见。 为出具本法律意见，本所律师审查了《芜湖雅葆轩电子科技股份有限公司第 四届董事会第二次会议决议公告》《芜湖雅葆轩电子科技股份有限公司第四届监 事会第二次 ...

证券代码：870357 证券简称：雅葆轩 公告编号：2025-013 芜湖雅葆轩电子科技股份有限公司 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 3 月 13 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：董事长 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开时间和召开方式符合《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》的规定，会议合法有效。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 4 人，持有表决权的股份总数 56,078,510 股，占公司有表决权股份总数的 70.0281%。 其中通过网络投票参与本次股东大会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公 ...

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 yuan [6]. Core Viewpoints - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, targeting sectors such as consumer electronics, automotive electronics, and industrial control [9][10]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million yuan in 2018 to 354 million yuan in 2023, representing a 5-year CAGR of 39.09% [6][18]. - The global electronic manufacturing services (EMS) market is projected to grow from 573.75 billion USD in 2024 to 1,017.85 billion USD by 2032, with a CAGR of 7.4% from 2024 to 2032 [6][38]. Financial Performance - The company's total revenue for 2022 was 236.77 million yuan, with forecasts of 353.68 million yuan for 2023 and 377.22 million yuan for 2024, reflecting growth rates of 49.38% and 6.66% respectively [5][59]. - The net profit attributable to the parent company is expected to reach 47.46 million yuan in 2024, with a growth rate of 10.23% [5][59]. - The company's overall gross margin has fluctuated, with a significant drop in 2023 due to price reductions passed from downstream clients and rising raw material costs [19][21]. Business Segments - The company has a diverse product application in consumer electronics, automotive electronics, and industrial control, with consumer electronics accounting for the largest revenue share [23][41]. - The automotive electronics segment is expected to benefit from the growth of the smart cockpit market, with a projected CAGR of 11.7% from 2022 to 2025 [49]. - The industrial control segment includes products used in various applications, such as medical devices and banking ATMs, indicating a broad market reach [53]. Market Position and Competitive Advantage - The company has a concentrated ownership structure, with the largest shareholder holding 32.17% of the shares, contributing to a strong governance framework [12]. - The company faces high barriers to entry in the EMS industry, including technological, supply chain management, and customer recognition barriers [58]. - The company has established long-term relationships with major clients, which enhances customer loyalty and reduces the risk of client turnover [58].

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, with a current price of 26.37 CNY [6]. Core Insights - The company, Wuhu Yabo Xuan Electronics Technology Co., Ltd., specializes in providing PCBA (Printed Circuit Board Assembly) electronic manufacturing services, focusing on high-quality embedded hardware innovation [9]. - The company's revenue and net profit have shown consistent growth, with total revenue increasing from 68 million CNY in 2018 to 354 million CNY in 2023, representing a 5-year CAGR of 39.09% [6][16]. - The global electronic manufacturing services (EMS) market is projected to grow from 573.75 billion USD in 2024 to 1,017.85 billion USD by 2032, with a CAGR of 7.4% from 2024 to 2032 [6][38]. - The company has a diverse customer base across consumer electronics, automotive electronics, and industrial control sectors, with significant applications in home appliances, industrial control displays, and automotive electronics [6][9]. Financial Summary - The company's total revenue forecast for 2024-2026 is 377.22 million CNY, 418.89 million CNY, and 465.69 million CNY, with year-on-year growth rates of 6.66%, 10.78%, and 11.44% respectively [5][59]. - The net profit for the same period is expected to be 47.46 million CNY, 53.37 million CNY, and 55.97 million CNY, with growth rates of 10.23%, 12.44%, and 4.89% respectively [5][59]. - The company's return on equity (ROE) is projected to be 12.60%, 13.68%, and 13.65% for 2024-2026 [5]. Business Model and Market Position - The company operates in the EMS industry, providing a full range of services including product design, research and development, supply chain management, manufacturing, testing, and after-sales support [6][37]. - The EMS market is driven by increasing demand for consumer electronics, with the company benefiting from the growing complexity and rapid turnover of electronic products [38]. - The company has established strong relationships with major clients, with a significant portion of revenue coming from a few large customers, indicating a high customer concentration risk [6][57]. Growth Opportunities - The consumer electronics segment is expected to see a revenue increase, driven by the anticipated growth in PC shipments, with a projected 6% growth in the domestic PC market by 2025 [46]. - The automotive electronics sector is also poised for growth, particularly in smart cockpit applications, with the market expected to expand significantly [49]. - The industrial control segment remains stable, with the company positioned to capitalize on the increasing automation in various industries [55].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [4] Core Views - The company is expected to achieve a revenue of 377 million yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 48 million yuan, reflecting a growth of 10.35% [4] - The consumer electronics market is gradually recovering, and the automotive electronics sector is experiencing rapid growth driven by increasing sales of new energy vehicles [4] - The earnings forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 48 million, 64 million, and 80 million yuan respectively [4] Financial Summary - Revenue for 2024 is projected at 377 million yuan, with a year-on-year growth of 6.5% [7] - Net profit for 2024 is expected to be 48 million yuan, with a year-on-year increase of 10.4% [7] - The company's gross margin is expected to improve from 19.8% in 2024 to 20.5% in 2026 [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.59 yuan, 0.80 yuan, and 0.99 yuan respectively [7] Market Outlook - The global EMS market is expected to exceed 584.69 billion USD in 2024 and surpass 1.42 trillion USD by 2037, with a compound annual growth rate of over 7.1% from 2025 to 2037 [5] - The demand for PCBA in consumer electronics, automotive electronics, and industrial control is anticipated to increase significantly due to rapid product updates and advancements in technology [5]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a revenue of 377 million yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 48 million yuan, which is a 10.35% increase year-on-year [4] - The automotive electronics market is experiencing rapid growth driven by the increase in new energy vehicle sales, and the company is actively capturing market share and securing new orders [4] - The earnings forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 48 million, 64 million, and 80 million yuan respectively, and corresponding EPS of 0.59, 0.80, and 0.99 yuan [4] Financial Summary - The total revenue for 2022 was 237 million yuan, which increased to 354 million yuan in 2023, and is projected to reach 377 million yuan in 2024, 502 million yuan in 2025, and 623 million yuan in 2026 [12] - The net profit attributable to shareholders was 58 million yuan in 2022, decreased to 43 million yuan in 2023, and is expected to recover to 48 million yuan in 2024, with further growth to 64 million yuan in 2025 and 80 million yuan in 2026 [12] - The company’s gross margin is projected to improve from 33.8% in 2022 to 20.5% in 2026, while the net margin is expected to rise from 24.7% in 2022 to 12.8% in 2026 [12] Market Outlook - The global EMS market is expected to exceed 584.69 billion USD in 2024 and surpass 1.42 trillion USD by 2037, with a compound annual growth rate of over 7.1% from 2025 to 2037 [5] - The demand for PCBA in consumer electronics, automotive electronics, and industrial control is anticipated to grow significantly due to the rapid renewal of consumer electronics and the increasing penetration of new energy vehicles [5]

Financial Performance - The company achieved operating revenue of ¥376,769,926.80, representing a year-on-year growth of 6.53%[4] - Net profit attributable to shareholders of the listed company was ¥47,513,795.02, an increase of 10.35% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥41,540,653.79, showing a significant growth of 47.02% year-on-year[4] - Basic earnings per share were estimated at ¥0.59, reflecting a 10.35% increase from the previous year[6] - Total assets at the end of the reporting period reached ¥523,410,593.64, up 12.68% year-on-year[5] - Shareholders' equity attributable to the listed company was ¥376,750,424.57, marking a 4.29% increase compared to the previous year[5] - The weighted average return on net assets (excluding non-recurring items) was 12.78%, up from 12.12% in the previous year[4] Market Drivers - The company's net profit growth was driven by a recovering consumer electronics market and increased orders in the automotive electronics sector due to rising sales of new energy vehicles[7] - The company maintained stable performance in its industrial control electronics business, contributing to overall revenue growth[7] Cautionary Notes - The financial data presented is preliminary and has not been audited, cautioning investors to be aware of investment risks[8]

证券代码：870357 证券简称：雅葆轩 公告编号：2025-010 芜湖雅葆轩电子科技股份有限公司 持股 5%以上股东减持公司股份的预披露公告（再次披露） 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、 减持主体的基本情况 | 股东名称 | 股东身份 | | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | 孙昌来 | 持股 | 5%以上 | 9,962,310 | 12.4404% | 北交所上市前取得（含权益分 | | | 股东 | | | | 派转增股） | 二、 减持计划的主要内容 | 股 东 | | 计划减 | 减持 | 减持 | 减持 | 拟减持股 | 拟减 持 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 计划减持数量（股） | | | | 价格 | | | | 名 | | 持比例 | 方式 | 期间 | 区间 | 份来源 | 原因 ...