Summary of Company and Industry Insights Company Overview - The company reported a revenue of 13.49 billion yuan in Q1 2024, representing a year-over-year increase of 3.8% [1][2] - Gross margin improved to 9.5%, up 0.4 percentage points year-over-year, primarily due to product mix optimization, especially in cloud and storage segments [1][4] - Net profit margin was 2.4%, down 0.4 percentage points year-over-year [1] Revenue Breakdown by Product Category 1. **Communication Products**: Revenue of 4.64 billion yuan, up 1.5% year-over-year, driven by inventory replenishment [1][2] 2. **Consumer Electronics**: Revenue of 3.67 billion yuan, down 2.2% year-over-year [1][2] 3. **Industrial Products**: Revenue of 1.70 billion yuan, down 22.0% year-over-year, affected by global economic conditions [1][2] 4. **Cloud and Storage Products**: Revenue of 1.55 billion yuan, up 41.3% year-over-year, benefiting from increased demand related to AI and HPC [1][2] 5. **Automotive Electronics**: Revenue of 1.63 billion yuan, up 37.7% year-over-year, with a contribution from the acquisition of Hirschmann [1][2][14] 6. **Medical Products**: Revenue of 0.09 billion yuan, down 51.3% year-over-year [1][2] Financial Performance - Operating profit for Q1 2024 was 0.38 billion yuan, a 26.8% increase year-over-year [4] - Net profit for Q1 2024 was 0.33 billion yuan, up 19.0% year-over-year [4] - The effective tax rate increased to 15.3%, with tax expenses rising by 110.8% due to profit growth [4] Guidance and Future Outlook - Q2 2024 revenue is expected to remain flat compared to Q1 2024, with slight pressure on operating profit margins due to increased operational costs [1][8] - Capital expenditures for 2024 are planned at 2 billion yuan, with significant investments in production equipment and building-related expenses [1][6] Operational Efficiency - Inventory levels decreased significantly, with inventory down 17.6% year-over-year and cash turnover days reduced by 21 days [1][6] - The company is focusing on optimizing costs and improving operational efficiency through collaboration with USI [1][5] Strategic Focus Areas - The company is prioritizing growth in the automotive sector, with revenue from this segment expected to increase from 17% in 2023 to 22% in 2024 and 29% by 2026 [1][12] - The industrial market is expected to maintain a revenue share of around 50% [1][12] - The company is also investing in a startup focused on optical modules for communication, enhancing its capabilities in AI and HPC [1][15] Market Trends and Challenges - The automotive electronics market is experiencing stable growth driven by electrification and smart technology [14] - The industrial sector is facing challenges due to global economic conditions, impacting investment levels [3][16] - The company is adapting to market changes by focusing on high-margin segments like cloud and storage, which are expected to grow significantly due to AI demand [15][17] Conclusion - The company is navigating a complex market landscape with a focus on optimizing product mix, enhancing operational efficiency, and targeting high-growth sectors like automotive and cloud storage. The strategic investments and operational improvements are expected to support continued revenue growth and profitability in the coming years.

总结：  业绩：24Q1实现营业收入134.9亿元，yoy+3.8%。毛利率9.5%，同比+0.4pct，主要 因为产品结构优化，特别是云端及存储类占比提升。归母净利率2.4%，同比-0.4pct。 按照业务拆分： （1） 通讯类产品实现营收46.4亿元，yoy+1.5%。好于终端销量，原因是补库 （2） 消费电子类产品实现营收36.7亿元，yoy-2.2% （3） 工业类产品实现营收17.0亿元，yoy-22.0% （4） 云端及存储类产品营收15.5亿元，yoy+41.3%。最近也对深圳的一家光模块通 讯的创业公司进行了产业投资。长期来看AI、HPC带动业务增长， （5） 汽车电子类产品营收16.3亿元，yoy+37.7%。赫思曼带来的并表增量大概在 9%-10%之间。车电未来的结构会从域控为主，开始提高 Powertrain、 PowerModule业务，包括智能座舱业务、汽车天线业务等新产品比重，预计 24年汽车天线业务占车电的10% （6） 医疗类产品营收0.9亿元，yoy-51.3%  指引： （1） 24Q2与Q1收入持平。终端面临较大压力，营业利润率小幅下降（合并报表 营运成本增加） （2 ...

| 证券代码：601231 | 证券简称：环旭电子 公告编号：2024-047 | | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | 环旭电子股份有限公司 1 Closing Date Financials（最终交割日财务数据），经安永财务管理咨询服务股份有限公 司审阅及交易双方确认，交割日标的业务的基准购买价格为 4,800 万美元，标的业务 实际净负债、营运资金的合计调整金额为 23,452,379 美元，扣除交割日 HMH 已支付 的收购价款 4,140 万美元后，HMH 需另行向卖方支付 30,052,379 美元。 根据环强电子、HMH 账面资金及未来运营安排，环鸿电子与 Ample Trading 拟按 照持股比例向环强电子增资 2,200 万美元，由环强电子向 HMH 增资 2,360 万美元， HMH 使用增资款及其账面资金向卖方补充支付剩余收购价款和调整金额合计 30,052,379 美元。 关于购买泰科电子有限公司汽车无线业务的进展公告 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 ...

证券代码：601231 证券简称：环旭电子转债代码：113045 转债简称：环旭转债 电子类产品仍实现同比持续健康成长，汽车电子类产品营收规模已与云端及存储类产品及 工业类产品相当，工业类产品受全球景气影响企业投资减缓使得同比下降。 第一季度不同产品类别营收占比：通讯类产品占比为 34%，消费电子类产品占比为 27 %，工业类产品占比为 13%，云端及存储类产品占比 12%，汽车电子类产品 12%，医疗电 子类产品占比较小。 【获利分析】 2024 年第一季度营业收入同比小幅增加，虽有工资上涨的不利因素及新增产能造成制 造费用上升的压力下，产品结构优化使 2024 年第一季度实现营业毛利 12.9 亿元，较去年同 期的 11.8 亿元同比增幅 9.1%。 第一季度营业毛利率为 9.5%，较去年同期的 9.1%有所改善。 环旭电子股份有限公司 2024 年第一季度投资人线上说明会活动记录 | 投资者关系活动类别 | □分析师会议 特定对象调研 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 时间 | 2 ...

特别声明 根据《上海证券交易所股票上市规则》及自律监管指引的要求，上市公司开展投资者关系 活动，应当严格审查向外界传达的信息，遵守法律法规及交易所相关规定，体现公平、公 正、公开原则，不得通过投资者说明会、分析师会议、路演、投资者调研、媒体采访等形 式，向任何单位和个人提供公司尚未披露的重大信息，不得从事歧视、轻视等不公平对待 中小股东的行为或其他违反信息披露规则或者涉嫌操纵证券市场、内幕交易等违法违规行 为。因此，敬请投资者于本次说明会中不得打探公司未公开重大信息或其他股价敏感信息， 不得擅自录音录像，不得从事其他违法违规行为。 本次说明会中可能涉及的公司经营目标及相关数据系公司根据发展策略、经营计划及市场 和业务发展状况做出的规划和展望，计划实施和经营目标实现以国际贸易局势稳定、电子 制造服务行业健康发展、市场开拓及订单执行符合预期为前提。 本次说明会涉及的交流内容不构成对任何人的投资建议，提醒投资者关注投资风险。 1 © USI, All rights reserved. 环旭电子2024年第一季度 投资人线上说明会 2024年4月24日 2 © USI, All rights reserved. 3 ...

| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2024-046 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 环旭电子股份有限公司 关于调整 2023 年股票期权激励计划行权价格的公告 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。 环旭电子股份有限公司（以下简称"公司"）于 2024 年 4 月 23 日召开第六届董 事会第十一次会议，审议通过了《关于年度权益分派后调整 2023 年股票期权激励计 划行权价格的议案》，现将有关事项说明如下： 一、本次股票期权已履行的决策程序 1、公司于 2023 年 8 月 25 日召开第六届董事会第四次会议、第六届监事会第二 次会议，审议通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议 案》等相关议案。公司独立董事就本激励计划相关议案发表了独立意见，监事会对本 激励计划出具了核查意见。 2、2023 年 8 月 29 日，公司在上海证券交易所网站（www.sse.com.cn)及公司官网 对激 ...

第一章 总 则 第二章 人员组成 第三章 职责权限 第七条 战略与可持续发展委员会的主要职责权限： 1 环旭电子股份有限公司 董事会战略与可持续发展委员会工作细则 环旭电子股份有限公司 董事会战略与可持续发展委员会工作细则 须遵循有关法律、行政法规、规章、公司章程及本细则的规定。 第一条 为适应环旭电子股份有限公司(以下简称"公司")战略规划与可持续发展需 要，增强公司核心竞争力，确定公司发展策略，健全投资决策程序，加强 决策科学性，提高重大投资与可持续发展的决策效益和质量，完善公司治 理结构，根据《上海证券交易所股票上市规则》《上市公司独立董事管理办 法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《环旭 电子股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公 司特设立董事会战略与可持续发展委员会，并制定本工作细则。 第二条 战略与可持续发展委员会是董事会下设的专门委员会，主要负责对公司长 期发展战略相关事项，包括重大投融资决策，环境、社会和治理（以下简 称"ESG"）等方面可持续发展能力的提升等进行研究并提出建议。战略与 可持续发展委员会对董事会负责。 第三条 战略与可持续发 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 13,491,928,720.52, representing a year-on-year increase of 3.80%[6] - The net profit attributable to shareholders for the same period was CNY 334,683,660.30, reflecting a significant increase of 20.63% compared to the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 286,600,179.96, which is an increase of 30.46% year-on-year[6] - The basic earnings per share for Q1 2024 were CNY 0.15, up by 15.38% year-on-year[6] - Operating profit for Q1 2024 was ¥383.44 million, up 27% from ¥302.39 million in Q1 2023[25] - Net profit attributable to shareholders for Q1 2024 was ¥334.68 million, compared to ¥277.46 million in Q1 2023, representing a 20.6% increase[26] - The company reported a total comprehensive income of ¥215.26 million for Q1 2024, slightly down from ¥221.05 million in Q1 2023[26] Cash Flow and Assets - The net cash flow from operating activities decreased by 54.98%, amounting to CNY 1,146,121,777.94, primarily due to increased procurement payments[6][8] - Cash flow from operating activities for Q1 2024 was ¥1.15 billion, down 55% from ¥2.55 billion in Q1 2023[29] - The company's cash and cash equivalents increased to RMB 12,733,346,091.77 as of March 31, 2024, from RMB 11,218,698,389.32 at the end of 2023[21] - Cash and cash equivalents at the end of Q1 2024 totaled ¥12.60 billion, an increase from ¥9.97 billion at the end of Q1 2023[29] - Total assets at the end of Q1 2024 were CNY 39,067,529,759.79, a decrease of 0.61% from the end of the previous year[7] - As of March 31, 2024, total assets amounted to RMB 39,067,529,759.79, a slight decrease from RMB 39,306,382,898.66 as of December 31, 2023[21] - Total liabilities as of March 31, 2024, were RMB 21,755,503,676.16, compared to RMB 22,216,553,711.45 at the end of 2023[22] Revenue by Segment - The communication product segment generated RMB 464,293.99 million in Q1 2024, up 1.47% from RMB 457,556.33 million in Q1 2023[16] - The cloud and storage product category saw significant growth, with revenue increasing by 41.26% to RMB 155,169.34 million in Q1 2024 from RMB 109,843.81 million in Q1 2023[16] - The automotive electronics segment also performed well, with a revenue increase of 37.73% to RMB 162,868.19 million in Q1 2024 compared to RMB 118,250.11 million in Q1 2023[16] Government Support and R&D - The company received government subsidies amounting to CNY 5,710,588.57, which are closely related to its normal business operations[8] - R&D expenses increased to ¥429.38 million in Q1 2024, up from ¥399.12 million in Q1 2023, reflecting a focus on innovation[25] Other Financial Metrics - The weighted average return on equity increased by 0.21 percentage points to 1.96%[6] - The impact of Purchase Price Allocation (PPA) on gross profit for Q1 2024 was RMB 700.42 million, down from RMB 952.28 million in Q1 2023[18] - The company reported a net profit impact from PPA of RMB 740.72 million in Q1 2024, compared to RMB 954.01 million in Q1 2023[18] - The company experienced a foreign exchange loss of ¥154.95 million in Q1 2024, compared to a loss of ¥26.17 million in Q1 2023[26] - Investment activities resulted in a net cash outflow of ¥330.16 million in Q1 2024, compared to a net outflow of ¥226.99 million in Q1 2023[29] Future Outlook - The company expects Q2 2024 revenue to remain stable compared to Q1 2024, but anticipates a slight decrease in operating profit margin due to increased consolidated operating costs[18]

北京市竞天公诚律师事务所上海分所 关于 2019 年股票期权激励计划 调整首次授予部分和预留授予部分 行权价格相关事项 环旭电子股份有限公司 之 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二四年四月 本所律师依据《公司法》《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定以及在本法律意见书出 具日之前已经发生或存在的事实出具法律意见。本所已经严格履行了法定职责， 遵循了勤勉尽责和诚实信用原则，对与本次调整有关的事项进行了充分的核查验 证，保证本法律意见书认定的事实真实、准确、完整，所发表的结论性意见合法、 准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 ...

环旭电子股份有限公司 | 证券代码：601231 | 证券简称：环旭电子 公告编号：2024-044 | | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | 第六届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 （一）环旭电子股份有限公司（以下简称"公司"）第六届董事会第十一次会议 的召开符合《公司法》《公司章程》和《董事会议事规则》的有关规定，会议合法有 效。 （二）会议通知和材料于 2024 年 4 月 18 日以邮件方式发出。 （三）会议于 2024 年 4 月 23 日以现场会议（含视频参会）的方式召开。 （四）公司董事会会议应出席董事 11 人，实际出席董事 11 人。 （五）本次会议由董事长陈昌益先生主持召开，全体监事、董事会秘书史金鹏先 生、财务总监刘丹阳先生列席会议。 二、董事会会议审议情况 （一）审议通过关于《2024 年第一季度报告》的议案 表决结果：同意 11 票，反对 0 票，弃权 0 票。 由于董事会战略与可持续发展委 ...