股票简称：生益科技 股票代码：600183 公告编号：2025—002 广东生益科技股份有限公司 2024 年年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 1、本次业绩预告适用于其他情形：实现盈利，且预计归属于母公司所有者的净利润与 上年同期相比上升 46%到 55%。 2、广东生益科技股份有限公司（以下简称"公司"）预计 2024 年度实现归属于母公司 所有者的净利润 170,000 万元到 180,000 万元，与上年同期（法定披露数据）相比，将增加 53,600 万元到 63,600 万元，同比增加 46%到 55%。 3、预计 2024 年度实现归属于母公司所有者的扣除非经常性损益的净利润 164,000 万元 到 174,000 万元，与上年同期（法定披露数据）相比，将增加 54,818 万元到 64,818 万元， 同比增加 50%到 59%。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 12 月 31 日。 （二）业绩预告情况 1、经 ...

证券研究报告 | 公司点评 | 元件 | --- | --- | |-----------------------------|------------------------------------------| | 生益科技 (600183) | 报告日期： 2024 年 12 月 16 日 | | 坚持自主创新，积极拥抱 AI | | | —— 生益科技点评报告 | | 投资要点 全球覆铜板龙头，立足于终端需求解决 据 Prismark 统计，从 2013 年至 2022 年，生益科技在全球刚性覆铜板销售总额已 跃升全球第二，全球市场占有率稳定在 12%左右，2023 年达 14%。公司自主生 产覆铜板、半固化片、绝缘层压板、金属基覆铜箔板、涂树脂铜箔、覆盖膜类等 高端电子材料，广泛应用于高算力、AI 服务器、5G 天线、新一代通讯基站、 大 型计算机、高端服务器、航空航天工业、芯片封装、汽车电子、智能家居、工控 医疗设备、家电、消费类终端及各类中高档电子产品中。 国产化中坚力量，大力开展自主创新 自 2005 年以来，公司长期着手攻关高频高速封装基材技术难题，面临国外技术 封锁的情况下，凭借深厚的技术 ...

证券代码：600183 证券简称：生益科技 编号：202412 广东生益科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------| | 投资者关系活 | □特定对象调研 | □分析师会议 | | 动类别 | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | ■其他（投资者集体交流会） | | 参与单位 | 300 景网进行直播。 | 余家（位）机构投资者、分析师及媒体代表等，同时通过全 | | | | | | 会议召开方式 | 现场和视频直播 | | | 时间 | 2024 年 12 月 12 日 | | | 地点 | "全景•路演天下"网站 ...

证券代码：600183 证券简称：生益科技 广东生益科技股份有限公司投资者关系活动记录表 编号：202411 | --- | --- | --- | --- | --- | --- | |--------------|----------------------------------------------------------|--------------------------------------------------|-----------|-------|----------------| | | | | | | | | 投资者关系活 | □特定对象调研 | □分析师会议 | | | | | 动类别 | □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 | | | | | | | □现场参观 | | | | | | | □其他 | | | | | | 会议召开方式 | 上证路演中心网络互动 | | | | | | 时间 | 2024 年 11 月 27 日上午 | 9:00-10:00 | | | | | 地点 | 上海证券交易所上证路演中心 | | | | | | 上市公司接待 | 董事 ...

生益科技（600183.SH） 元件 证券研究报告/公司点评报告 2024 年 10 月 30 日 生益科技：三季度业绩稳健，新品进展顺利成长性强 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------- ...

Investment Rating - Maintain "Recommend" rating [2][4] Core Views - Revenue and profit both increased significantly in Q1-Q3 2024, with revenue reaching 14.745 billion yuan, up 19.42% YoY, and net profit attributable to parent company reaching 1.372 billion yuan, up 52.65% YoY [2] - Q3 2024 revenue was 5.115 billion yuan, up 14.52% YoY, and net profit attributable to parent company was 440 million yuan, up 27.83% YoY [2] - Revenue growth driven by subsidiary Shengyi Electronics, which achieved revenue of 1.206 billion yuan, up 49.27% YoY, due to increased demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2] - Gross margin for Q1-Q3 2024 reached 22.02%, up 2.49 pct YoY, and net margin reached 9.84%, up 2.65 pct YoY, driven by increased production and sales of copper-clad laminates and optimized sales structure [2] - Shengyi Electronics' gross margin for Q1-Q3 2024 was 21.68%, up 5.46 pct YoY, due to increased demand for high-margin multilayer circuit boards [2] - The company issued an equity incentive plan to 727 employees, granting 58.0588 million restricted shares at 10.04 yuan per share, with performance targets of 25%/44%/66% growth in non-GAAP net profit for 2024/2025/2026 [2] - Forecasted net profit attributable to parent company for 2024-2026 is 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with corresponding P/E ratios of 27X, 22X, and 20X [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is forecasted to be 19.358 billion yuan, 21.490 billion yuan, and 23.533 billion yuan, with growth rates of 16.71%, 11.02%, and 9.50% respectively [3][5] - Net profit attributable to parent company for 2024E, 2025E, and 2026E is forecasted to be 1.834 billion yuan, 2.225 billion yuan, and 2.526 billion yuan, with growth rates of 57.59%, 21.27%, and 13.54% respectively [3][5] - Gross margin for 2024E, 2025E, and 2026E is forecasted to be 21.99%, 22.74%, and 22.88% respectively [5] - Net margin for 2024E, 2025E, and 2026E is forecasted to be 9.66%, 10.52%, and 10.86% respectively [5] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.74%, 14.19%, and 14.81% respectively [5] Valuation Analysis - Current P/E ratios for 2024E, 2025E, and 2026E are 27X, 22X, and 20X respectively [3][5] - Current P/B ratios for 2024E, 2025E, and 2026E are 3.44X, 3.16X, and 2.90X respectively [3][5] - EV/EBITDA for 2024E, 2025E, and 2026E is forecasted to be 17.78X, 15.28X, and 13.77X respectively [6]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨生益科技（600183.SH） [Table_Title] 生益科技 2024 年三季报点评：产销同比增长， 布局高端产品 | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 生益科技发布 2024 年三季报： 2024 年前三季度，公司实现营业收入 147.45 亿元，同比 | | 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 生益科技（600183.SH） cjzqdt11111 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 相关研究 [Table_Title 生益科技 2024 2] 年三季报点评：产销同比增长， 布局高端产品 [Table_Summary2 ...

Investment Rating - Maintain BUY rating with an adjusted target price of RMB28.75, reflecting a 25.5x 2025E P/E, close to its 3-year historical forward P/E [1][3] Core Views - Shengyi Tech's 3Q24 revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus [1] - Gross profit margin (GPM) improved to 22.9%, up 1.1ppts from 2Q24, driven by favorable product mix and lower material costs [1] - Net profit (NP) was RMB440mn, up 27.8% YoY but down 18.6% QoQ, missing Bloomberg consensus by 26% due to SBC cost of RMB150mn (~2.9% of revenue) [1] - Revenue growth is expected at 20%/16% YoY in 2024/25E, with improved margins at 22.1%/23.6% [1] PCB Segment - PCB revenue in 3Q24 was RMB1.2bn, up 49.3% YoY and 10.8% QoQ, driven by strong AI demand, particularly in server revenue (42.5% of PCB sales) [1] - Overseas market outperformed with a 32.1% YoY sales increase [1] - GPM recovered to 24.9% from 20.4%/14.2% in 3Q23/2Q24, and NPM rose to 7.5% vs. -3.4%/6.4% in 3Q23/2Q24 [1] - PCB sales projections raised by 5%/1% for 2024/25E, with expected growth of 35%/20% in 2024/25E [1] CCL Segment - CCL revenue increased YoY but declined QoQ (est. 5-6% lower) due to weaker-than-expected demand in non-AI markets, suppressing ASP recovery [1] - Margin slid sequentially as copper prices remained high (avg. price in 3Q24: ~US$9.9k/t), though Shengyi offset some material cost impacts through pre-procurement activities [1] - Inventory increased by 8% QoQ (RMB365mn) [1] - CCL sales forecasts cut by 8%/6% for 2024/25E, with expected growth of 14%/15% in 2024/25E [1] Financial Projections - Revenue is projected to grow at 19.6%/15.6% in 2024/25E, reaching RMB19.8bn/RMB22.9bn [2][9] - Gross margin is expected to improve to 22.1%/23.6% in 2024/25E [2][9] - Net profit is forecasted to grow at 55.4%/51.4% in 2024/25E, reaching RMB1.8bn/RMB2.7bn [2][9] - EPS is projected to grow at 48.9%/51.4% in 2024/25E, reaching RMB0.74/RMB1.13 [2][9] Valuation - Current P/E stands at 26.5x for 2024E, expected to decrease to 17.5x in 2025E [2][12] - Target price of RMB28.75 implies a 45.8% upside from the current price of RMB19.72 [3] Growth and Profitability - Revenue growth is expected to rebound to 19.6% in 2024E after declines in FY22 and FY23 [12] - Gross profit margin is projected to recover to 22.1% in 2024E, up from 19.2% in FY23 [12] - Return on equity (ROE) is expected to improve to 12.6% in 2024E, rising further to 17.9% in 2025E [12]

广东生益科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600183 证券简称：生益科技 广东生益科技股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、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、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|-------------------|---------------- ...

证券代码：600183 证券简称：生益科技 广东生益科技股份有限公司投资者关系活动记录表 编号：202409 | --- | --- | --- | --- | --- | |---------------------|---------------------------------------|----------------------------------------------------------|-------|--------------------| | | | | | | | 投资者关系活 动类别 | □特定对象调研 □媒体采访 ■业绩说明会 | □分析师会议 | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | | | | | 会议召开方式 | 上证路演中心网络互动 | | | | | 时间 | 2024 年 09 月 27 日上午 | 10:00-11:00 | | | | 地点 | 上海证券交易所上证路演中心 | | | | | 上市公司接待 | 董事长：陈仁喜先生 | | | | | 人员姓名 | 总经理：曾红慧女 ...