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]

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 ...

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 ...

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]

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 ...