法律意见书 关于广东生益科技股份有限公司 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-373926826 电子邮箱/E-mail： kangda@kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 北京市康达（广州）律师事务所 回购注销 2024 年度限制性股票激励计划 部分已获授但尚未解除限售的限制性股票的 法 律 意 见 书 康达法意字【2025】第【0002】号 二〇二五年一月 关于广东生益科技股份有限公司 回购注销 2024 年度限制性股票激励计划 部分已获授但尚未解除限售的限制性股票的 法律意见书 康达法意字[2025]第【0002】号 致：广东生益科技股份有限公司 1 法律意见书 北京市康达（广州）律师事务所 北京市康达（广州）律师事务所接受广东生益科技股份有限公司（以下简称 "公 司"或"生益科技"）的委托，担任公司2024年度限制性股票激励计划（以下简称"本次激 励计划"）的法律顾问，指派王学琛律师和韩思明律 ...

股票简称：生益科技 股票代码：600183 公告编号：2024—079 广东生益科技股份有限公司 关于为下属控股公司提供担保的进展公告 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： ●被担保人名称：广东生益科技股份有限公司（以下简称"公司"或"生益科技"）的 控股孙公司湖南绿晟环保股份有限公司（以下简称"绿晟环保"）的全资子公司永兴鹏琨环 保有限公司（以下简称"永兴鹏琨"）。 ●本次担保金额：公司为永兴鹏琨向中信银行股份有限公司郴州分行（以下简称"中信 银行"）融资提供 1 亿元的担保。 ●截至 2024 年 11 月 30 日，公司对绿晟环保及其子公司的担保总额为 3.51 亿元，担保 余额为 1.75 亿元（借款余额）。截至 2024 年 11 月 30 日，公司累计对外担保总额为人民币 838,909,597.30 元，占公司最近一期（2023 年 12 月 31 日）经审计净资产的 6.00%，担保 余额为人民币 563,109,597.30 元，占公司最近一期（2023 年 12 月 31 日）经审 ...

Investment Rating - The investment rating for the company is "Buy" [5][8]. Core Views - The company is a global leader in copper-clad laminates, with a stable market share of approximately 12% from 2013 to 2022, increasing to 14% in 2023 [3]. - The company has made significant advancements in high-frequency and high-speed packaging substrate technology, overcoming foreign technology barriers and achieving mass application in various fields [4]. - The company is actively expanding its product offerings in high-speed materials, particularly benefiting from the growing demand in AI and high-performance computing sectors [4]. Summary by Sections Company Overview - The company produces a range of high-end electronic materials, including copper-clad laminates, prepregs, insulation laminates, and metal-based copper foil boards, which are widely used in AI servers, 5G antennas, and various electronic products [3]. Innovation and Technology - Since 2005, the company has focused on overcoming technical challenges in high-frequency and high-speed packaging materials, resulting in a full series of high-speed products that meet diverse dielectric loss requirements [4]. - The company’s ultra-low-loss products have passed certification from multiple domestic and international clients, indicating strong market acceptance [4]. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 198.19 billion, 226.49 billion, and 251.69 billion CNY, respectively, with year-on-year growth rates of 19.49%, 14.28%, and 11.13% [5][7]. - Projected net profits for the same years are 18.68 billion, 24.24 billion, and 29.05 billion CNY, with growth rates of 60.47%, 29.78%, and 19.85% [5][7]. - The current price-to-earnings (P/E) ratios are 28.99, 22.34, and 18.64 for the years 2024, 2025, and 2026, respectively [5][7].

Group 1: Company Overview - Guangdong Shengyi Technology Co., Ltd. ranks 1st globally in rigid copper clad laminate sales with a market share of 14% according to Prismark's 2023 statistics [1] - The company has a strategic planning period from 2021 to 2025, focusing on strengthening its core business in copper clad laminates and becoming the most competitive manufacturer in the industry [1] - In the first three quarters of 2024, the company achieved a revenue of 14.745 billion yuan, a year-on-year increase of 19.42%, and a net profit attributable to shareholders of 1.372 billion yuan, up 52.65% from the previous year [1] Group 2: Industry Trends and AI Impact - The growth of AI servers is significantly influenced by the demands of 5G communication and AI high-performance computing products, which require lower loss materials for signal transmission [2] - The rapid upgrade of hardware for AI servers and the evolving product forms necessitate timely solutions from the company, which has a strong management system and technical platform [2] - The application of AI is transitioning from large model training to practical applications, indicating promising growth potential in the future [2]

Group 1: Financial Performance - The company has distributed a total cash dividend of 10.482 billion CNY since its listing in 1998, maintaining a continuous cash dividend policy for 25 years [1] - In Q3 2024, the company achieved a revenue of 14.745 billion CNY, representing a year-on-year growth of 19.42%, with a net profit of 1.372 billion CNY, up 52.65% from the previous year [2] - In Q3 2024, the company reported a revenue of 5.115 billion CNY, a 14.52% increase year-on-year, and a net profit of 440 million CNY, reflecting a growth of 27.83% compared to the same period last year [3] Group 2: Strategic Planning - The company's strategic plan for 2021-2025 focuses on strengthening its core business in copper-clad laminates and aims to become the most competitive manufacturer in the global market [2] - The company continuously monitors market conditions and adjusts its operational strategies accordingly to respond to changes in demand and material prices [2][3] Group 3: Market Position and Product Development - The company has a full product line covering various types of copper-clad laminates, including low-loss and ultra-low-loss materials, to meet the increasing demands of electronic applications [3] - The company is currently operating at full capacity and is actively working on product certifications for its ultra-low-loss materials with several domestic and international clients [3] Group 4: Export and Tax Policy Impact - Domestic sales accounted for approximately 84% of the company's main business revenue, while exports made up about 16% [2] - The company is prepared to adapt its business strategies in response to changes in export tax policies effective from December 1, 2024 [2]

股票简称：生益科技 股票代码：600183 公告编号：2024—078 广东生益科技股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 一、通知债权人的原因 广东生益科技股份有限公司（以下简称"公司"、"生益科技"）于 2024 年 10 月 28 日召 开第十一届董事会第四次会议和第十一届监事会第四次会议，审议通过了《关于回购注销 2024 年度限制性股票激励计划部分已获授但尚未解除限售的限制性股票的议案》，鉴于公司 2024 年度限制性股票激励计划有 2 名激励对象因个人原因离职，根据公司《2024 年度限制 性股票激励计划（草案）》的相关规定，上述人员已不具备激励对象资格，公司决定以自有 资金回购注销前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。回购注销 实施完毕后，公司有限售条件股份减少 37,200 股，公司总股本由 2,429,397,730 股减少至 2,429,360,530 股，第十一届董事会第四次会议审议通过了《关于变更注册资 ...

证券代码：600183 证券简称：生益科技 公告编号：2024-077 广东生益科技股份有限公司 2024 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 899 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,364,351,749 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.1600 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采用现场投票和网络投票相结合的表决方式召开，由广东生益 科技股份有限公司（以下简称"公司"或"生益科技"）董事会提议召开，并由 (一) 股东大会召开的时间：2024 年 11 月 14 日 (二) 股东大会召开的地点：广东省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 (三) 出席会议的 ...

法律意见书 致：广东生益科技股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受广东生益科技股份有 限公司（下称"生益科技"或"公司"）委托，指派律师出席公司 2024 年第三 次临时股东大会。根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》（下称"《证券法》"）、《上市公司股东大会规则》（下 称"《股东大会规则》"）等法律、法规、规范性文件以及《广东生益科技股份 有限公司章程》（下称"生益科技《公司章程》"）的规定，本所律师对本次股 东大会的召集、召开程序、出席会议人员资格以及表决方式、表决程序、表决结 果等事项进行见证并出具本法律意见书。 为出具本法律意见书，本所律师对生益科技本次股东大会所涉事宜进行了审 查，查阅了相关会议文件，并对有关事项进行了必要的核查和验证。本所律师同 意将本法律意见书作为生益科技本次股东大会公告材料，随同其他会议文件一并 公告，并依法对本法律意见书承担相应的责任。 法律意见书 广州市天河区珠江东路 32 号利通广场 29 层 邮编：510623 29/F, Lea Top Plaza, 32#Zhujiang East Road, Tian ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady performance in Q3, with successful progress in new product development and strong growth potential [1] - The company reported a revenue of 14.745 billion yuan for the first three quarters, representing a year-on-year increase of 19.42%, and a net profit attributable to the parent company of 1.372 billion yuan, up 52.65% year-on-year [1] - The report highlights the company's focus on high-growth new products, particularly in the server and AI sectors, which are expected to drive future growth [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 18,014 million yuan - 2023A: 16,586 million yuan - 2024E: 18,840 million yuan - 2025E: 21,100 million yuan - 2026E: 23,533 million yuan - Year-on-year growth rates: -11% (2022A to 2023A), -8% (2023A to 2024E), 14% (2024E to 2025E), 12% (2025E to 2026E) [1] - **Net Profit Forecasts**: - 2022A: 1,531 million yuan - 2023A: 1,164 million yuan - 2024E: 1,820 million yuan - 2025E: 2,226 million yuan - 2026E: 2,658 million yuan - Year-on-year growth rates: -46% (2022A to 2023A), -24% (2023A to 2024E), 56% (2024E to 2025E), 22% (2025E to 2026E) [1] - **Earnings Per Share (EPS)**: - 2022A: 0.63 yuan - 2023A: 0.48 yuan - 2024E: 0.75 yuan - 2025E: 0.92 yuan - 2026E: 1.09 yuan [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 32.3 - 2023A: 42.5 - 2024E: 27.2 - 2025E: 22.2 - 2026E: 18.6 [1] Market Position and Strategy - The company is focusing on optimizing its product structure and enhancing profitability through new product development, particularly in high-demand areas such as next-generation servers and automotive electronics [1] - The report indicates that the company is well-positioned to benefit from a recovery in downstream demand, which is expected to lead to further improvements in performance and valuation [1]

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]