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 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Insights - In the first three quarters of 2024, the company achieved operating 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, a year-on-year increase of 52.65% [4]. - The company’s gross margin and net margin for the first three quarters of 2024 were 22.02% and 9.84%, respectively, reflecting improvements of 2.49 percentage points and 2.65 percentage points year-on-year [4]. - The company is focusing on high-end products and optimizing its product structure, particularly in the AI sector, which is expected to drive growth in the coming years [5][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported operating revenue of 5.115 billion yuan, a year-on-year increase of 14.52%, but a quarter-on-quarter decrease of 1.75%. The net profit for the same period was 440 million yuan, a year-on-year increase of 27.83% and a quarter-on-quarter decrease of 18.62% [4]. - The company’s gross margin for Q3 2024 was 22.87%, an increase of 2.91 percentage points year-on-year, while the net margin was 9.24%, an increase of 1.67 percentage points year-on-year [4]. Market Position and Strategy - The company has established itself as the second-largest seller of rigid copper-clad laminates globally, maintaining a market share of approximately 12% [6]. - The company is leveraging its technological expertise to develop a full range of high-speed products and is well-positioned to benefit from the recovery in demand for high-speed copper-clad laminates, particularly in the AI server segment [6]. Future Projections - The company is projected to achieve net profits of 1.823 billion yuan, 2.241 billion yuan, and 2.643 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 26.28, 21.38, and 18.13 [6].

Investment Rating - Maintain BUY rating with an adjusted target price of RMB28.75, reflecting a 25.5x 2025E P/E, close to its 3-year historical forward P/E [1][3] Core Views - Shengyi Tech's 3Q24 revenue was RMB5.1bn, up 14.5% YoY but down 1.7% QoQ, in-line with Bloomberg consensus [1] - Gross profit margin (GPM) improved to 22.9%, up 1.1ppts from 2Q24, driven by favorable product mix and lower material costs [1] - Net profit (NP) was RMB440mn, up 27.8% YoY but down 18.6% QoQ, missing Bloomberg consensus by 26% due to SBC cost of RMB150mn (~2.9% of revenue) [1] - Revenue growth is expected at 20%/16% YoY in 2024/25E, with improved margins at 22.1%/23.6% [1] PCB Segment - PCB revenue in 3Q24 was RMB1.2bn, up 49.3% YoY and 10.8% QoQ, driven by strong AI demand, particularly in server revenue (42.5% of PCB sales) [1] - Overseas market outperformed with a 32.1% YoY sales increase [1] - GPM recovered to 24.9% from 20.4%/14.2% in 3Q23/2Q24, and NPM rose to 7.5% vs. -3.4%/6.4% in 3Q23/2Q24 [1] - PCB sales projections raised by 5%/1% for 2024/25E, with expected growth of 35%/20% in 2024/25E [1] CCL Segment - CCL revenue increased YoY but declined QoQ (est. 5-6% lower) due to weaker-than-expected demand in non-AI markets, suppressing ASP recovery [1] - Margin slid sequentially as copper prices remained high (avg. price in 3Q24: ~US$9.9k/t), though Shengyi offset some material cost impacts through pre-procurement activities [1] - Inventory increased by 8% QoQ (RMB365mn) [1] - CCL sales forecasts cut by 8%/6% for 2024/25E, with expected growth of 14%/15% in 2024/25E [1] Financial Projections - Revenue is projected to grow at 19.6%/15.6% in 2024/25E, reaching RMB19.8bn/RMB22.9bn [2][9] - Gross margin is expected to improve to 22.1%/23.6% in 2024/25E [2][9] - Net profit is forecasted to grow at 55.4%/51.4% in 2024/25E, reaching RMB1.8bn/RMB2.7bn [2][9] - EPS is projected to grow at 48.9%/51.4% in 2024/25E, reaching RMB0.74/RMB1.13 [2][9] Valuation - Current P/E stands at 26.5x for 2024E, expected to decrease to 17.5x in 2025E [2][12] - Target price of RMB28.75 implies a 45.8% upside from the current price of RMB19.72 [3] Growth and Profitability - Revenue growth is expected to rebound to 19.6% in 2024E after declines in FY22 and FY23 [12] - Gross profit margin is projected to recover to 22.1% in 2024E, up from 19.2% in FY23 [12] - Return on equity (ROE) is expected to improve to 12.6% in 2024E, rising further to 17.9% in 2025E [12]

法律意见书 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 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 1 法律意见书 北京市康达（广州）律师事务所 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 法 律 意 见 书 康达法意字【2024】第 4990 号 二〇二四年十月 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[2024]第 4990 号 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 ...

本公司监事会认为：公司本次回购注销部分已获授但尚未解除限售的限制性 股票，符合有关法律、法规及公司《2024 年度限制性股票激励计划（草案）》的 相关规定，不存在损害股东利益的情况，同意公司回购注销部分限制性股票。 广东生益科技股份有限公司监事会关于 第十一届监事会第四次会议事项的核查意见 广东生益科技股份有限公司（以下简称"公司"）监事会根据《公司法》《证 券法》《上市公司股权激励管理办法》等有关法律、法规及规范性文件的相关规 定和《公司章程》的规定，对第十一届监事会第四次会议事项进行审核，并发表 核查意见如下： 1、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 售的限制性股票的核查意见 监事：陈少庭、刘锦琼、唐嘉盛 广东生益科技股份有限公司 监事会 2024 年 10 月 28 日 ...

广东生益科技股份有限公司 2024 年第三次临时股东大会会议资料 2024 年 11 月 14 日 1 广东生益科技股份有限公司 2024 年第三次临时股东大会议程 会议召开时间：2024 年 11 月 14 日下午 14:30 会议召开地点：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 会议主持人：陈仁喜董事长 议程： 1、关于下属控股公司提供担保的议案 2、关于变更注册资本并修改《公司章程》的议案 1、绿晟环保的全资子公司汨罗固废及永兴鹏琨因生产经营需要，汨罗固废 作为承租人通过融资租赁方式（售后回租）向北银金租融资 2,800 万元（融资租 赁合同编号：北银金租【2024】回字 0127 号），永兴鹏琨作为承租人通过融资租 赁方式（售后回租）向北银金租融资 5,200 万元（融资租赁合同编号：北银金租 【2024】回字 0126 号），融资期限均为 4 年，绿晟环保就前述两方承租人与北银 金租的融资分别提供连带责任保证，绿晟环保提供的担保在生益科技股东大会批 准的额度范围内，且已签署相关担保合同并披露,具体详见于 2024 年 6 月 29 日 披露的《广东生益科技股份有限公司 ...

一、说明会类型 股票简称：生益科技 股票代码：600183 公告编号：2024—076 广东生益科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2024年11月20日(星期三)至11月26日(星期二)16:00前登录上证路演中 心网站首页点击"提问预征集"栏目或通过广东生益科技股份有限公司（以下简称"公司"） 投资者关系邮箱：tzzgx@syst.com.cn进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 公司于 2024 年 10 月 29 日发布公司 2024 年第三季度报告。为便于广大投资者更全面深 入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 27 日上午 09:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 本次投资者说明会以网络互动形式 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥5,115,287,085.82, representing a year-on-year increase of 14.52%[2] - Net profit attributable to shareholders was ¥439,782,279.14, up 27.83% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥404,281,049.84, reflecting a 24.14% increase year-on-year[2] - Basic earnings per share for the current period was ¥0.18, an increase of 28.57% year-on-year[4] - Diluted earnings per share for the current period was ¥0.19, up 35.71% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 reached ¥14,744,796,525.21, an increase of 19.4% compared to ¥12,347,510,596.81 in the same period of 2023[16] - Total operating costs amounted to ¥13,292,724,316.91, up 16.6% from ¥11,397,724,342.10 year-on-year[16] - Operating profit for the first three quarters of 2024 was ¥1,618,653,897.71, representing a significant increase of 66.5% compared to ¥971,831,291.93 in the previous year[16] - The total profit for Q3 2024 reached CNY 1,616,712,805.32, compared to CNY 970,931,656.39 in Q3 2023, representing a year-over-year increase of approximately 66.5%[17] - Net profit attributable to shareholders of the parent company was CNY 1,372,245,845.97, up from CNY 898,926,318.01 in the same period last year, marking a growth of about 52.7%[17] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.58, compared to CNY 0.38 in Q3 2023, reflecting a 52.6% increase[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥26,273,279,118.64, a 5.28% increase from the end of the previous year[4] - The company's total assets reached ¥26,273,279,118.64, up from ¥24,956,644,491.86, reflecting a growth of 5.3%[14] - Total liabilities increased to ¥10,403,215,420.87, compared to ¥9,256,451,786.53, marking a rise of 12.4%[14] - The equity attributable to shareholders of the parent company was ¥14,349,594,168.50, an increase from ¥13,983,415,852.98, showing a growth of 2.6%[14] - The company's total assets of the company as of the end of Q3 2024 amounted to ¥16,748,805,274.46, compared to ¥15,992,033,825.60 at the end of Q3 2023, reflecting a growth of 4.7%[24] - The company's total liabilities increased to ¥4,814,693,973.15, up from ¥4,422,217,675.99 in the previous year, marking a rise of 8.9%[24] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,129,116,516.22, down 48.08% year-on-year[6] - Cash flow from operating activities for the first nine months of 2024 was CNY 1,129,116,516.22, down from CNY 2,174,812,631.34 in the same period of 2023, indicating a decline of approximately 48%[20] - Total cash inflow from operating activities was CNY 11,676,541,296.55, compared to CNY 10,262,750,673.95 in the previous year, showing an increase of about 13.9%[20] - Cash outflow from operating activities totaled CNY 10,547,424,780.33, up from CNY 8,087,938,042.61 in the same period last year, which is an increase of approximately 30.4%[20] - The company reported a net cash outflow from investing activities of CNY -1,107,698,535.82, compared to CNY -865,308,882.84 in the previous year, indicating a worsening of investment cash flow[21] - Cash inflow from financing activities was CNY 3,017,990,466.44, compared to CNY 2,525,205,136.25 in the same period last year, representing an increase of about 19.5%[21] - The ending balance of cash and cash equivalents was CNY 1,857,724,922.17, down from CNY 3,051,176,721.52 at the end of 2023, reflecting a decrease of approximately 39%[21] - The company experienced a net decrease in cash and cash equivalents of CNY 573.28 million in Q3 2024, contrasting with an increase of CNY 438.69 million in Q3 2023[28] Shareholder Information - The company reported a total of 96,084 common shareholders at the end of the reporting period[8] - There were no significant changes in the shareholder structure or major strategic shifts reported during the quarter[12] Research and Development - Research and development expenses increased to ¥794,617,107.76, a rise of 30.3% from ¥609,614,575.00 in the same period last year[16] - Research and development expenses increased to ¥356,830,076.90, representing a rise of 31.7% from ¥271,016,726.05 in the same period last year[25] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16] - The report did not provide specific future guidance or outlook for the upcoming quarters[12] Inventory and Receivables - Accounts receivable increased significantly to approximately RMB 6.50 billion, up from RMB 5.52 billion, reflecting a growth of around 17.7%[12] - Inventory levels rose to approximately RMB 4.95 billion, compared to RMB 4.27 billion, indicating an increase of about 16.0%[12] - The accounts receivable rose to ¥3,453,970,503.42, compared to ¥3,009,599,903.81 in the same period last year, indicating an increase of 14.7%[23] - The inventory level increased to ¥1,206,226,663.97, up from ¥1,126,062,673.52, which is a growth of 7.1% year-over-year[23]