Summary of Key Points Core Viewpoint - The 2024 cash dividend plans of 63 listed companies in Dongguan have been announced, with a total of 11 companies planning to distribute over 100 million yuan in cash dividends, highlighting the importance of cash returns to investors and the impact of policies on dividend distribution [1][2]. Group 1: Dividend Distribution - 11 listed companies in Dongguan plan to distribute cash dividends exceeding 100 million yuan in 2024, with Shengyi Technology leading at 1.457 billion yuan [1][2]. - Other notable companies include Mousse Co. and Dongguan Holdings, each planning cash dividends over 300 million yuan [1][2]. - A total of 19 companies announced they would not distribute cash dividends, indicating a significant portion of the market is not returning cash to shareholders [1][4]. Group 2: Company Performance - Shengyi Technology reported a substantial increase in performance, achieving revenue of 20.389 billion yuan, a year-on-year growth of 22.92%, and a net profit of 1.744 billion yuan, up 49.81% [2]. - Mousse Co. plans to distribute 393.7 million yuan in cash dividends, ranking second among Dongguan listed companies [2]. - Ding Tai High-Tech, a new entrant in the over 100 million yuan cash dividend category, plans to distribute 114.8 million yuan, with a total cash dividend of 196.8 million yuan for 2024 [3]. Group 3: Companies Not Distributing Dividends - 19 companies, including Jilin Long Co. and Yian Technology, announced they would not distribute cash dividends due to negative net profits and the need for capital to support ongoing projects [4][5][6]. - Yian Technology reported a revenue decline of 3.19% and a net profit of 100.55 million yuan, down 70.49% [5]. - Jierong Technology's revenue fell by 23.25%, with a net profit of -298 million yuan, leading to its decision not to distribute dividends [6].

Event Overview - The company reported Q1 2025 revenue of 5.611 billion yuan, a year-over-year increase of 26.86% and a quarter-over-quarter decrease of 0.57% [1] - The net profit attributable to shareholders was 564 million yuan, up 43.76% year-over-year and up 53.82% quarter-over-quarter [1] - The non-recurring net profit was 560 million yuan, reflecting a year-over-year increase of 44.97% and a quarter-over-quarter increase of 54.46% [1] - The gross margin was 24.6%, an increase of 3.3 percentage points year-over-year and 2.51 percentage points quarter-over-quarter [1] - The net profit margin was 11.31%, up 2.18 percentage points year-over-year and 3.92 percentage points quarter-over-quarter [1] - The significant growth in Q1 performance was driven by increased sales volume and optimized sales structure in the copper-clad laminate segment, as well as growth in the circuit board sector due to rising demand for high-layer, high-precision, and high-density multi-layer printed circuit boards [1] Product Technology Planning - The company is proactively planning product technology and has received certifications from advanced end customers for various self-developed products, which are widely used in high-performance computing, AI servers, 5G antennas, and other electronic products [2] - Continuous R&D investment is being made in products such as halogen-free low-loss copper-clad laminates for next-generation server platforms and high thermal conductivity copper-clad laminates for 5G communication power supplies [2] - The company is well-positioned for future growth as downstream demand is expected to recover, leading to potential price increases in copper-clad laminates, which could enhance both performance and valuation [2] Investment Recommendations - The company is projected to achieve net profits attributable to shareholders of 2.704 billion yuan, 3.455 billion yuan, and 4.12 billion yuan for the years 2025, 2026, and 2027 respectively [3] - Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are estimated to be 21.8, 17.1, and 14.3 times respectively [3] - The recommendation to maintain a "buy" rating reflects confidence in the company's growth trajectory [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 20.388 billion yuan for 2024, representing a year-on-year growth of 22.92% compared to 2023, and a net profit of 1.739 billion yuan, which is a 49.37% increase from 2023's net profit of 1.164 billion yuan [5] - In Q1 2025, the company achieved a revenue of 5.611 billion yuan, a 26.86% increase year-on-year from Q1 2024, and a net profit of 564 million yuan, up 43.76% from the same period in 2024 [5] - The company has established itself as a leading supplier of copper-clad laminates, benefiting from the demand in the computing power era, with applications in various high-tech fields [5][6] Financial Performance - The company is expected to achieve revenues of 23.887 billion yuan, 27.552 billion yuan, and 30.972 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.617 billion yuan, 3.359 billion yuan, and 3.869 billion yuan for the same years [9] - The projected P/E ratios for 2025, 2026, and 2027 are 22.55, 17.57, and 15.25 respectively [9] - The company’s gross margin is expected to improve from 22.0% in 2024 to 25.0% by 2026 [11] Market Position - According to Prismark, the company ranked second globally in rigid copper-clad laminate sales from 2013 to 2023, achieving a market share of 14% in 2023 [6] - The company has made significant advancements in high-frequency and high-speed packaging substrate technologies, overcoming foreign technology barriers [6] Research and Development - The company has invested in the development of halogen-free low-loss copper-clad laminates for next-generation server platforms, addressing market demands for AI servers and high-speed transmission links [7][8] - The company has established a national-level engineering technology research center, focusing on key technological issues in the industry and continuously developing high-value-added new products [6]

-30% -10% 10% 30% 50% 70% 90% 4/24 7/24 10/24 1/25 4/25 生益科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 [Table_StockNameRptType] 生益科技（600183） 公司点评 生益科技：业绩高速成长，充分受益于算力时代 [Table_Rank] 投资评级：买入（维持） 报告日期：2025-05-05 | [Table_BaseData] 收盘价（元） | 24.29 | | --- | --- | | 近 12 个月最高/最低（元） | 35.38/16.47 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2371 | | 流通股比例（%） | 97.61 | | 总市值（亿元） | 590.1 | | 流通市值（亿元） | 576.0 | [Table_Chart] 公司价格与沪深 300 走势比较 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 生 ...

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 2025 年一季报点评：AI 赋能成长，业 绩步入高增 报告要点 [Table_Summary] 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 26.86%；实现归母净利润 5.64 亿元，同比增长 43.76%。从盈利能力来看，2025 年一季度， 公司分别实现毛利率和净利率 24.60%和 11.31%，分别同比+3.30pct 和+2.18pct。 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 %% %% %% %% research.95579.com 1 生益科技（600183.SH） cjzqdt11111 [Table_Title 生益科技 2025 2] 年一季报点评：AI 赋能成长，业 绩步入高增 [Table_Summary2] 事件描述 生益科技发布 2025 年一季报：2025 年一季度，公司实现营业收入 56.11 亿元，同比增长 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 周期类产品淡季不淡，成长类产品加速放量 [Table_Title2] 生益科技(600183) [Table_Summary] 事件概述 公司发布 24 年年报和 25 年一季报： 24 年全年实现营业收入 203.88 亿元，同比增长 22.92%；实现 归母净利润 17.39 亿元，同比增长 49.37%；实现扣非后归母净 利润 16.75 亿元，同比增长 53.42%。 25 年 Q1 实现营业收入 56.11 亿元，同比增长 26.86%；实现归 母净利润 5.64 亿元，同比增长 43.76%；实现扣非后归母净利 润 5.60 亿元，同比增长 44.97%。 24 年业绩表现亮眼，25Q1 淡季需求不淡 公司 24 年业绩增长主要原因系： （1）周期产品：传统消费电子产品如智能手机、家电、可穿 戴设备等在政策支持下成为市场热点，需求持续回暖。 （2）成长产品：受 AI 服务器及相关领域创新驱动，带动高速 材料及高端产品的需求。为满足市场对下一代通用 OKS 服务 器、AI 服务器以及 ...

Core Viewpoint - The company plans to issue non-public exchangeable bonds to raise funds, with a total issuance scale not exceeding RMB 2 billion, subject to shareholder approval and market conditions [11][16][108]. Financial Data - The first quarter financial report for 2025 has been prepared and reviewed, confirming compliance with relevant laws and regulations [54][55]. - The financial statements for the first quarter are unaudited [3][6]. Shareholder Information - As of March 31, 2025, Wei Hua Electronics Co., Ltd. holds 19,001,400 shares, representing 0.78% of the company, and a total of 314,011,753 shares, accounting for 12.92% [4]. Bond Issuance Details - The bonds will be exchangeable for shares of Shengyi Electronics Co., Ltd. (688183.SH) [14][106]. - The bonds will have a face value of RMB 100 and will be issued at par [19][109]. - The bonds will have a fixed interest rate and a term of up to 5 years [20][110]. - The issuance will be targeted at professional investors, with a maximum of 200 participants [23][111]. Use of Proceeds - The funds raised will be used for working capital, debt repayment, project construction, equity investment, and other purposes permitted by law [33][117]. Meeting and Voting Information - The first extraordinary general meeting of 2025 is scheduled for May 16, 2025, with both on-site and online voting options available [90][91].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Views - The company is expected to experience a new round of high-quality growth driven by the ramp-up of high-speed boards in 2025, supported by its technological leadership and strong management capabilities [1][6]. - Q1 2025 revenue reached 5.61 billion, a year-on-year increase of 26.9%, while net profit grew by 43.8% year-on-year, indicating a strong performance driven by the increase in high-speed board production and improved product mix [1][6]. - The company is well-positioned to capture more market share in high-speed materials due to its leading technology and sufficient production capacity, particularly in the context of tight supply and demand for high-grade CCL [6][7]. Financial Performance - Q1 2025 revenue composition includes approximately 4.02 billion from CCL-related business and 1.58 billion from PCB business, with net profit margins of 10.9% for CCL, reflecting improved profitability [1][6]. - The company forecasts revenues of 23.88 billion, 27.47 billion, and 31.59 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.61 billion, 3.32 billion, and 4.06 billion [6][7]. - The projected PE ratios for 2025, 2026, and 2027 are 22.5, 17.7, and 14.4 respectively, indicating a favorable valuation outlook [6][7]. Market Position and Strategy - The company is expanding its high-end CCL production capacity and has made significant R&D investments to enhance its product offerings, particularly in AI computing and other high-demand sectors [6][7]. - The report highlights the company's ability to maintain stable supply chains for critical materials, ensuring consistent production despite market fluctuations [6][7]. - The company is expected to benefit from rising CCL prices due to increased demand and industry-wide price adjustments, enhancing its revenue potential [6][7].

覆铜板&PCB 毛利率环比改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 电子元件 | 生益科技公布 1Q25 财报：实现营收 56 亿元，同增 27%（主因国补推动消 费需求回暖以及 AI 创新驱动高速材料需求增加）；毛利率 24.6%，同增 3.3pp，环增 2.5pp；归母净利 5.6 亿元，同增 44%。展望 2025 年，我们 预期公司高速覆铜板将加速放量，并有望拓展更多 AI 客户；PCB 业务也有 望加速业绩兑现。给予目标价 33.50 元，维持"买入"。 1Q25 回顾：覆铜板&PCB 毛利率环比改善 证券研究报告 生益科技 (600183 CH) 公司 1Q25 实现归母净利润 5.6 亿元（yoy：+44%，qoq：+54%）。我们判 断盈利环比改善主要受益于毛利率的提升：1）覆铜板业务：受益于公司主 动进行产品结构调整（不接低价单）以及成本管控，我们测算公司覆铜板业 务 1Q 毛利率 22.3%，环增 1.6pp；2）PCB 业务：主要受益于高毛利的 AI 类 PCB 产品的加速释 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company achieved a revenue of 5.611 billion yuan in Q1 2025, representing a year-on-year increase of 26.86% and a quarter-on-quarter decrease of 0.57%. The net profit attributable to the parent company was 564 million yuan, up 43.76% year-on-year and up 53.82% quarter-on-quarter [1]. - The report highlights the dual growth drivers of high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) businesses, which are expected to resonate with cyclical growth opportunities [1][7]. - The company is positioned to benefit from the AI industry's growth, with its high-speed CCL products already certified by domestic and international clients, indicating strong future growth potential [7]. Financial Summary - The total revenue forecast for 2024 is 20.388 billion yuan, with a projected growth rate of 22.9%. By 2025, revenue is expected to reach 26.017 billion yuan, reflecting a growth rate of 27.6% [3][8]. - The net profit attributable to the parent company is projected to grow from 1.739 billion yuan in 2024 to 2.882 billion yuan in 2025, with a year-on-year growth rate of 65.8% [3][8]. - The earnings per share (EPS) is expected to increase from 0.72 yuan in 2024 to 1.19 yuan in 2025, indicating strong profitability growth [3][8]. Business Performance Insights - The company's CCL business showed resilience in Q1 2025, with a slight decline in revenue but an increase in gross profit margin, reaching 23%, up 1.5 percentage points from the previous quarter [7]. - The PCB business, primarily operated by the subsidiary, is expected to see significant growth driven by demand from AI servers and high-end products, with inventory levels indicating preparation for increased production [7]. - The report anticipates that the combination of high-speed CCL and high-end PCB will replicate the growth opportunities seen during the 5G cycle, leading to a potential revaluation of the company's worth [7].