广东生益科技股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 18 日 1 广东生益科技股份有限公司 2024 年年度股东大会议程 会议召开时间：2025 年 4 月 18 日下午 14:00 会议召开地点：东莞市松山湖园区工业西路 5 号 公司研发办公大楼二楼 222 会议室 会议主持人：陈仁喜董事长 议程： 1、2024 年度财务决算报告； 2、2024 年度利润分配方案； 3、2024 年年度报告及摘要； 4、2024 年度董事会报告； 5、2024 年度监事会报告； 6、2024 年度独立董事述职报告； 6.01 2024 年度独立董事述职报告（蒋基路、卢馨） 6.02 2024 年度独立董事述职报告（赵彤、韦俊） 6.03 2024 年度独立董事述职报告（景乃权、陈宏辉） 6.04 2024 年度独立董事述职报告（杜家驹、李树华） 7、关于续聘华兴会计师事务所（特殊普通合伙）为公司 2025 年度审计机构并 议定 2025 年度审计费用的议案； 8、关于续聘华兴会计师事务所（特殊普通合伙）为公司 2025 年度内部控制审 计机构并议定内部控制审计费用的议案； 9、关于预计 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company achieved significant revenue and profit growth in 2024, with operating revenue reaching 20.388 billion yuan, a year-on-year increase of 22.92%, and net profit attributable to shareholders of 1.739 billion yuan, up 49.37% year-on-year [6][7]. - The demand for the company's products is driven by the growth in AI computing power needs, recovery in consumer electronics, and high demand in automotive electronics [7][8]. - The company is focusing on high-end product development to enhance its core competitiveness, with R&D expenses increasing by 37.57% to 1.157 billion yuan in 2024 [7][10]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 20.388 billion yuan, with a year-on-year growth of 22.92%. The revenue from copper-clad laminates and bonding sheets increased by 17.09%, accounting for 72.55% of total revenue, while the printed circuit board business saw a 43.04% increase, making up 21.99% of total revenue [6][7]. - The company sold 1.43 million square meters of copper-clad laminates, a year-on-year increase of 19.40%, and 1.88 billion meters of bonding sheets, up 11.50% year-on-year [7]. Profitability - The gross profit margin for 2024 was 22.04%, an increase of 2.80 percentage points year-on-year. The gross profit margin for copper-clad laminates and bonding sheets was 21.52%, up 1.41 percentage points, while the printed circuit board business saw a gross profit margin of 19.43%, an increase of 8.58 percentage points [7][10]. Future Outlook - The company has set ambitious sales targets for 2025, aiming to sell 12.6 million square meters of hard copper-clad laminates and 19.3 billion meters of bonding sheets, indicating a stable growth outlook [8][10]. - Revenue forecasts for 2025-2027 are projected at 22.718 billion yuan, 27.682 billion yuan, and 31.830 billion yuan, with year-on-year growth rates of 11%, 22%, and 15% respectively [9][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [22]. Core Insights - The company is projected to achieve a revenue of 20.388 billion yuan in 2024, representing a year-over-year increase of 22.92%. The net profit attributable to the parent company is expected to reach 1.739 billion yuan, reflecting a growth of 49.37% [1]. - The report highlights a potential growth cycle driven by high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) products, alongside price increases in traditional business segments [7]. - The company’s Q4 2024 revenue is expected to be 5.644 billion yuan, showing a year-over-year growth of 33% and a quarter-over-quarter increase of 10% [1]. Financial Performance Summary - The company’s total revenue for 2024 is forecasted at 20.388 billion yuan, with a projected growth rate of 22.9% for the following years, reaching 26.017 billion yuan in 2025 and 32.884 billion yuan in 2026 [3]. - The net profit attributable to the parent company is expected to grow significantly, with projections of 1.739 billion yuan in 2024, 2.882 billion yuan in 2025, and 3.918 billion yuan in 2026, reflecting growth rates of 49.4%, 65.8%, and 35.9% respectively [3]. - The report anticipates an increase in earnings per share (EPS) from 0.72 yuan in 2024 to 1.19 yuan in 2025 and 1.61 yuan in 2026 [3]. Business Segment Insights - The high-speed CCL business is expected to experience rapid growth due to increasing demand from AI servers and related fields, with the company’s ultra-low loss products already certified by multiple domestic and overseas clients [7]. - The PCB business, primarily operated by the company’s subsidiary, is projected to turn profitable in 2024, driven by improved utilization rates and the ramp-up of high-end AI server production [7]. - The report suggests that the combination of high-speed CCL and PCB businesses will create a strong growth momentum, potentially leading to a revaluation of the company's worth [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 20.388 billion yuan in 2024, representing a year-on-year growth of 22.92%. The net profit attributable to shareholders reached 1.739 billion yuan, up 49.37% year-on-year. The gross margin and net margin were 22.04% and 9.16%, respectively, with increases of 2.80 percentage points and 2.23 percentage points year-on-year [2][5]. - The company's performance is driven by significant sales structure optimization and the turnaround of its subsidiary into profitability. The sales volume of copper-clad laminates increased year-on-year, leading to higher revenue and gross margin for these products. The subsidiary, Shengyi Electronics, improved its product structure and regional business layout, resulting in substantial revenue growth and a return to profitability [11]. - The company is focusing on high-end research and development, particularly in the AI sector. It has conducted extensive research and development on low-loss resin, copper foil technology, and high-end printed circuit boards for AI servers, aiming to meet market demands for next-generation AI servers and high-speed transmission links [11]. - The company has a strong market position, ranking second globally in rigid copper-clad laminate sales with a market share of approximately 14%. It has developed a full range of high-frequency products and is well-positioned to benefit from the growing demand in the AI server segment [11]. Financial Summary - In 2024, the company is projected to achieve a net profit of 2.629 billion yuan in 2025, 3.394 billion yuan in 2026, and 4.032 billion yuan in 2027, with corresponding price-to-earnings ratios of 25.64, 19.86, and 16.72 [11][17].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1][4][10] Core Views - The company is expected to achieve significant revenue growth driven by the recovery in demand for traditional consumer electronics and high-end products related to AI servers [6][7] - The company has successfully developed and certified multiple products for advanced end customers, which are widely used in various high-tech applications [9] - The forecasted net profit for the company is projected to be 2.704 billion, 3.455 billion, and 4.120 billion yuan for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [10] Financial Summary - Total shares outstanding: 2,429.36 million [2] - Market price: 27.75 yuan [2] - Market capitalization: 67,414.75 million yuan [2] - Revenue forecast for 2023A: 16,586 million yuan, with a year-over-year growth rate of -8% [4] - Revenue forecast for 2024A: 20,388 million yuan, with a year-over-year growth rate of 23% [4] - Net profit forecast for 2024A: 1,739 million yuan, with a year-over-year growth rate of 49% [4] - Projected P/E ratios for 2025, 2026, and 2027 are 24.9, 19.5, and 16.4 respectively [4][10] Market Performance - The company reported a revenue of 20.388 billion yuan for 2024, representing a year-over-year increase of 22.92% [6] - The gross margin for 2024 was 22.04%, an increase of 2.8 percentage points year-over-year [6] - The net profit margin for 2024 was 9.16%, an increase of 2.23 percentage points year-over-year [6] Product Development and R&D - The company is actively engaged in R&D for new products, including low-loss copper-clad laminates for next-generation server platforms and high thermal conductivity copper-clad laminates for 5G communication power supplies [9] - The company’s product technology planning is forward-looking, ensuring a strong foundation for future growth [8][9]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company has become a leading core supplier of copper-clad laminates over more than 30 years, with a wide range of applications [5]. - The production capacity of copper-clad laminates has increased from 600,000 square meters at the beginning to 120 million square meters in 2023 [5]. - The company ranks second globally in terms of sales of rigid copper-clad laminates according to Prismark [5][34]. Summary by Sections 1. Company Overview - Founded in 1985, the company integrates R&D, production, sales, and service, becoming a core supplier of electronic circuit substrates globally [5]. - The company has established subsidiaries in various locations, employing over 10,000 people [18]. - The main products are used in high-performance applications such as AI servers, 5G antennas, and automotive electronics [18][19]. 2. Industry Growth Opportunities - The global PCB market is expected to grow from $69.5 billion in 2023 to $90.4 billion in 2028, driven by 5G, AI, and automotive electrification [6]. - The demand for high-speed materials is increasing due to the rapid growth of AI applications and the automotive sector [6][8]. 3. Financial Performance - The company is projected to achieve revenues of 23.216 billion yuan, 26.481 billion yuan, and 29.456 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.370 billion yuan, 2.970 billion yuan, and 3.393 billion yuan [11]. - The company has shown steady revenue growth, with a revenue increase from 7.610 billion yuan in 2015 to 20.374 billion yuan in 2024 [30]. 4. Research and Development - The company has a strong focus on R&D, with 58 domestic patents and 5 overseas patents filed in 2024 [34]. - The company is recognized as a national-level engineering technology research center, focusing on key technologies in the electronic circuit substrate industry [39][43]. 5. Market Position - The company has maintained a solid market position, with a global market share of 14% in rigid copper-clad laminates as of 2023 [34]. - The company has established partnerships with major international brands, enhancing its competitive advantage [19].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The company has become a leading core supplier of copper-clad laminates over more than 30 years, with a wide range of applications [4][17]. - The production capacity of copper-clad laminates has increased from 600,000 square meters at the beginning to 120 million square meters in 2023, maintaining the second position globally in sales of rigid copper-clad laminates since 2013 [4][17]. - The global PCB market is expected to grow from $69.5 billion in 2023 to $90.4 billion in 2028, driven by factors such as 5G, AI, and electric vehicles [5]. - The demand for AI chips and the continuous iteration of chips will drive the demand for PCB products, which need to keep pace with the generational upgrades of server chips [6]. - The penetration of electric vehicles is significantly increasing the value of PCBs used in vehicles, with the average PCB value for pure electric vehicles being 5-6 times that of traditional fuel vehicles [7][8]. - The integration of generative AI in consumer electronics is expected to drive steady growth in demand for PCBs in this sector [9]. Financial Projections - The company is projected to achieve revenues of 23.216 billion yuan, 26.481 billion yuan, and 29.456 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 2.370 billion yuan, 2.970 billion yuan, and 3.393 billion yuan [10][12]. - The expected growth rates for net profit are 36.3%, 25.3%, and 14.2% for the years 2025, 2026, and 2027, respectively [10][12]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 28.45, 22.70, and 19.87, respectively [10][12].

从上证中小国企改革指数持仓样本的行业来看，工业占比33.08%、信息技术占比11.51%、原材料占比 11.43%、可选消费占比11.34%、公用事业占比7.44%、医药卫生占比7.39%、房地产占比5.68%、主要消 费占比5.40%、金融占比2.84%、通信服务占比1.97%、能源占比1.92%。 据了解，上证中小国企改革指数优选已被中央和地方国资委列为国企改革试点、或已出台相关重大资产 重组方案、或已出台相关国企改革方案、或已完成国企改革的沪市国企上市公司证券作为指数样本，以 反映沪市中小国企改革主题上市公司证券的整体表现。该指数以2013年12月31日为基日，以1000.0点为 基点。 从指数持仓来看，上证中小国企改革指数十大权重分别为：天坛生物（3.16%）、华域汽车 （3.08%）、老白干酒（3.04%）、申能股份（3.02%）、物产中大（3.01%）、西部超导（2.98%）、扬 农化工（2.97%）、沪硅产业（2.91%）、生益科技（2.84%）、中航产融（2.84%）。 从上证中小国企改革指数持仓的市场板块来看，上海证券交易所占比100.00%。 金融界3月31日消息，上证指数下跌0.46%， ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company is positioned as a key player in the domestic substitution of high-end CCL (Copper Clad Laminate), with new product launches contributing to revenue growth [3][4]. - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][4]. - The growth is driven by the recovery in traditional consumer electronics demand and the rise of AI and high-speed networking sectors, which are expected to sustain the company's performance [6][9]. Financial Summary - Revenue projections for 2025-2027 are 24.47 billion yuan, 28.05 billion yuan, and 32.17 billion yuan, respectively, with year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][10]. - Net profit estimates for the same period are 2.743 billion yuan, 3.337 billion yuan, and 3.923 billion yuan, reflecting growth rates of 57.8%, 21.6%, and 17.6% [5][10]. - The gross margin is expected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is projected to increase from 8.5% to 12.2% over the same period [5][10]. Market Position and Innovation - The company has a comprehensive product matrix in the CCL sector, with significant R&D investments amounting to 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7]. - The company has developed a full range of high-frequency and low-loss materials, achieving certifications from major domestic and international clients [6][7]. - The focus on high-end products and continuous innovation positions the company favorably in the market, with expectations for stable growth [6][9].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3][7] Core Views - The company is positioned as a leading player in the high-end CCL (Copper Clad Laminate) market, benefiting from domestic substitution and new product launches that drive revenue growth [3][4][6] - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][6] - The growth is supported by a recovery in traditional consumer electronics demand and innovations in AI and high-speed networks, which are driving the demand for high-end CCL [6][7] Financial Summary - Revenue projections for 2025-2027 are as follows: 24.47 billion yuan in 2025, 28.05 billion yuan in 2026, and 32.17 billion yuan in 2027, with respective year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][8] - The net profit is expected to reach 2.743 billion yuan in 2025, 3.337 billion yuan in 2026, and 3.923 billion yuan in 2027, with year-on-year growth rates of 57.8%, 21.6%, and 17.6% respectively [5][8] - The gross margin is projected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is expected to increase from 8.5% to 12.2% over the same period [5][8] Market Position and Strategy - The company has a comprehensive product matrix covering various types of CCL, supported by significant R&D investments, which reached 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7] - The company is actively pursuing technological breakthroughs to overcome overseas patents and enhance its competitive edge in the high-end CCL market [6][7] - The report highlights the company's strong customer base and technological advantages, positioning it well for sustained growth in the high-end CCL sector driven by emerging fields like AI and high-speed communication [7][8]