电子 2025 年 3 月 13 日 生益科技(600183.SH) 高端CCL国产替代主力军，新品放量助力业绩增长 推荐（首次） 股价：29.4 元 | 行业 | 电子 | | --- | --- | | 公司网址 | www.sy st.com.cn | | 大股东/持股 | 广东省广新控股集团有限公司 | | | /24.38% | | 实际控制人 | | | 总股本(百万股) | 2,429 | | 流通 A 股(百万股) | 2,371 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 714 | | 流通 A 股市值(亿元) | 697 | | 每股净资产(元) | 5.91 | | 资产负债率(%) | 39.6 | 行情走势图 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | ...

一、本期债券基本情况 1、发行人：广东生益科技股份有限公司 2、债券名称：广东生益科技股份有限公司 2022 年度第一期中期票据 3、债券简称：22 生益科技 MTN001 4、债券代码：102280478.IB 5、发行总额：人民币 5 亿元 股票简称：生益科技 股票代码：600183 公告编号：2025—006 广东生益科技股份有限公司 2022 年度第一期中期票据兑付公告 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。 为保证广东生益科技股份有限公司 2022 年度第一期中期票据（债券简称：22 生益科技 MTN001，债券代码：102280478.IB）兑付工作的顺利进行，方便投资者及时领取兑付资金， 现将有关事宜公告如下： 7、兑付日：2025 年 3 月 10 日（如遇法定节假日或休息日，则顺延至其后的第一个工 作日） 二、兑付办法 托管在银行间市场清算所股份有限公司的债券，其付息/兑付资金由银行间市场清算所 股份有限公司划付至债券持有人指定的银行账户。债券付息日或到期兑付日如遇法定节假 日，则划付资金的时间相应顺 ...

股票简称：生益科技 股票代码：600183 公告编号：2025—004 广东生益科技股份有限公司 关于 2025 年度"提质增效重回报"行动方案的公告 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。 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高上市公 司质量的意见》的要求，广东生益科技股份有限公司（以下简称"公司"）积极响应上海证 券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，结合公司自身发展战 略、经营情况及财务状况，制定了公司"提质增效重回报"行动方案。有关具体内容公告如 下： 一、深耕主营业务，提升经营质量 公司成立于 1985 年，从事的主要业务为：设计、生产和销售覆铜板和粘结片。公司立 足于终端功能需求的解决者，始终坚持高标准、高品质、高性能，高可靠性，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。产 品主要供制作单、双面线路板及高多层线路板，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 ...

二、董事会会议审议情况 （一）审议通过《关于 2025 年度"提质增效重回报"行动方案的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票，回避 0 票。 股票简称：生益科技 股票代码：600183 公告编号：2025—003 广东生益科技股份有限公司 第十一届董事会第五次会议决议公告 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。 一、董事会会议召开情况 广东生益科技股份有限公司（以下简称"公司"）第十一届董事会第五次会议于 2025 年 2 月 27 日以通讯表决方式召开。2025 年 2 月 21 日，公司以邮件方式向董事、监事及高 级管理人员发出本次董事会会议通知和会议资料。本次会议应参加董事 11 人，实际参加董 事 11 人，符合《公司法》及《公司章程》的规定。 内容详见公司于 2025 年 2 月 28 日登载于上海证券交易所网站(http://www.sse.com.cn) 以及刊登在《上海证券报》《中国证券报》及《证券时报》的《广东生益科技股份有限公司 关于 2025 年度"提质增效重回报"行动方案 ...

证券时报网讯，生益科技(600183)2月27日晚间发布业绩快报，2024年实现营业总收入203.88亿元，同比 增长22.92%；净利润17.44亿元，同比增长49.81%；基本每股收益0.74元。 报告期内，公司覆铜板产销量同比上升，覆铜板产品营收与毛利率同比上升，推动盈利增加。 ...

单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅 度（％） | | --- | --- | --- | --- | | 营业总收入 | 2,038,833.02 | 1,658,607.28 | 22.92 | | 营业利润 | 207,756.38 | 127,253.15 | 63.26 | | 利润总额 | 207,306.69 | 127,118.96 | 63.08 | | 归属于上市公司股东的净利润 | 174,380.55 | 116,399.53 | 49.81 | | 归属于上市公司股东的扣除非经常性损 | 168,023.26 | 109,182.29 | 53.89 | | 益的净利润 | | | | | 基本每股收益（元） | 0.74 | 0.50 | 48.00 | | 加权平均净资产收益率（%） | 12.20 | 8.57 | 增加 3.63 个 | | | | | 百分点 | | | 本报告期末 | 本报告期初 | 增减变动幅 | | | | | 度（％） | | 总资产 | 2,764,324.70 | 2,495,664.45 | 10.77 | | ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 93.8 billion RMB and a target price of 38.61 RMB per share based on a projected PE of 32 times for 2025 [4][12]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.7 to 1.8 billion RMB in 2024, representing a year-on-year increase of 46% to 55% [1][12]. - The report highlights the dual nature of the copper-clad laminate (CCL) industry, which offers both cyclical and growth opportunities, positioning the company as a strong alpha player capable of generating consistent profits [2][15]. - The company is well-positioned to benefit from the recovery in CCL demand and the anticipated growth in high-end products driven by AI advancements [2][15]. Summary by Sections Company Overview - The company derives 75% of its revenue from CCL and 20% from PCB, demonstrating its ability to balance cyclical and growth aspects [1][12]. - The company has shown a strong historical performance, with 80% of the years from 2014 to 2023 witnessing growth in unit gross profit [1]. Investment Logic - The CCL market is experiencing a recovery, with revenue and profit growth in the A-share market, indicating a positive industry cycle [2]. - AI advancements are expected to drive upgrades in CCL products, breaking the current monopoly held by Taiwanese and Korean manufacturers, thus providing growth opportunities for the company [2][15]. Profit Forecast and Valuation - The projected net profits for 2024 to 2026 are 1.72 billion, 2.93 billion, and 4.02 billion RMB, respectively, with corresponding PE ratios of 41, 24, and 17 [4]. - The report anticipates a compound annual growth rate of 63% in net profit over the next three years [12].

Investment Rating - The report maintains a "BUY" rating for Shengyi Tech with a target price adjusted to RMB34.50, reflecting a potential upside of 15.2% from the current price of RMB29.96 [1][3]. Core Insights - Shengyi Tech is expected to see a net profit increase of 46.0-54.6% year-on-year for FY24, with a midpoint estimate of RMB1.75 billion, which is lower than both Bloomberg consensus and the report's previous estimates [1]. - The company is well-positioned to benefit from the growing demand for AI-related products, particularly its ultra-low-loss CCL products, which are anticipated to be utilized in Nvidia's upcoming AI accelerators in 2025 [1][8]. - The report highlights a sector upcycle and the company's leading market position, being the second-largest player in the global CCL market with a 12% market share in 2023 [8]. Financial Summary - Revenue for FY24 is projected at RMB19.84 billion, representing a 19.6% year-on-year growth, with further growth expected in FY25 and FY26 [2][12]. - Net profit for FY24 is estimated at RMB1.81 billion, a significant increase of 55.4% year-on-year, with continued growth forecasted for the following years [2][12]. - The gross margin is expected to improve from 19.2% in FY23 to 22.1% in FY24, indicating better profitability [2][12]. Segment Performance - The preliminary results indicate that the CCL/Pregreg segment's net profit is estimated to be RMB1.42 billion, up 19.5% year-on-year, driven by higher production and sales volume [8]. - The PCB segment is expected to show a turnaround with an estimated net profit of RMB329 million, compared to a net loss of RMB25 million in 2023, driven by increasing demand for multilayer PCBs [8]. Market Position and Growth Potential - Shengyi Tech's products are increasingly adopted in the AI market, particularly its Ultra Low-loss and Extreme Low-loss CCL products [8]. - The company is expected to maintain a net profit growth forecast of 51% year-on-year for 2025, supported by the AI theme and sector upcycle [8].

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 1,700 million and 1,800 million CNY, an increase of 536 million to 636 million CNY compared to the previous year, representing a year-on-year growth of 46% to 55%[3] - The projected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between 1,640 million and 1,740 million CNY, an increase of 548 million to 648 million CNY compared to the previous year, reflecting a year-on-year increase of 50% to 59%[3] - In the previous year, the total profit was 1,271 million CNY, with a net profit attributable to shareholders of the parent company of 1,164 million CNY, and a net profit excluding non-recurring gains and losses of 1,091 million CNY[6] Revenue Growth Drivers - The increase in profit is primarily driven by a rise in the production and sales volume of copper-clad laminates, along with an optimized sales structure, leading to increased revenue and gross margin[7] - The subsidiary, Shengyi Electronics Co., Ltd., has improved its product structure and regional business layout, resulting in significant revenue growth and a turnaround to profitability due to rising market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards[7] Financial Data and Reporting - The financial data provided in the performance forecast has not been audited by registered accountants and is subject to change[8] - The company emphasizes that there are no significant uncertainties affecting the accuracy of the performance forecast[8] - The official financial data will be disclosed in the 2024 annual report, scheduled for release on March 29, 2025[9]

广东生益科技股份有限公司 股票简称：生益科技 股票代码：600183 公告编号：2025—001 股权激励限制性股票回购注销实施公告 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： 回购注销原因：广东生益科技股份有限公司（以下简称"公司"或"生益科技"）2024 年度限制性股票激励计划 2 名激励对象因个人原因已离职，已不符合激励条件，根据《上市 公司股权激励管理办法》《广东生益科技股份有限公司 2024 年度限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）的相关规定，公司将上述激励对象已获授但尚未解 除限售的限制性股票合计 37,200 股，按授予价 10.04 元/股加上银行同期存款利息之和进行 回购注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 37,200 | 37,200 | 年 2025 | 1 | 月 | 日 14 | 一、本次限制性股票回 ...