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。 ...

Financial Performance - The company achieved total operating revenue of RMB 2,038,833.02 million, a year-on-year increase of 22.92%[4] - Operating profit reached RMB 207,756.38 million, reflecting a growth of 63.26% compared to the previous year[4] - Net profit attributable to shareholders was RMB 174,380.55 million, representing a 49.81% increase year-on-year[4] - The basic earnings per share increased to RMB 0.74, up 48.00% from RMB 0.50 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were RMB 2,764,324.70 million, a 10.77% increase from the beginning of the period[4] - The company’s return on equity rose to 12.20%, an increase of 3.63 percentage points from the previous year[4] Revenue Growth Drivers - The growth in revenue was driven by increased sales volume and improved sales structure of copper-clad laminates[6] - The subsidiary, Shengyi Electronics, optimized its product structure and expanded its market presence, leading to significant revenue growth[6] - The company implemented cost reduction and efficiency improvement measures, contributing to the turnaround in net profit for the subsidiary[6] Financial Data Disclaimer - Investors are advised that the financial data is preliminary and subject to change upon the release of the audited annual report on March 29, 2025[7]

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 ...

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]