深圳市景旺电子股份有限公司 2024 年年度股东大会 深圳市景旺电子股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 一、会议期间，出席会议人员应以维护股东合法权益、确保会议正常进行、 提高议事效率为原则，认真履行法定职责。 一、会议须知 二、会议议程 三、会议议案 四、现场表决结果计票监票办法 五、股东现场投票注意事项 六、现场表决票 深圳市景旺电子股份有限公司 2024 年年度股东大会 深圳市景旺电子股份有限公司 2024 年年度股东大会会议须知 为维护深圳市景旺电子股份有限公司（以下简称"公司"）全体股东的合法 权益，确保公司 2024 年年度股东大会（以下简称"会议"）的顺利召开，根据《中 华人民共和国公司法》《上市公司股东会规则》《深圳市景旺电子股份有限公司章 程》及《深圳市景旺电子股份有限公司股东大会议事规则》制定本须知，出席会 议的全体人员应当认真阅读并一致遵守： 深圳市景旺电子股份有限公司 2024 年年度股东大会会议资料目录 2 2、自然人股东出席会议的，应出示本人身份证、持股凭证；委托代理人出 席会议的，代理人还应出示本人身份证，授权委托书。 五、出席会议的股东或授权代表依 ...

Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]

Core Points - The company has completed the registration of stock options under the 2024 stock option and restricted stock incentive plan, with a total of 785,700 stock options reserved for 90 individuals [1][2] - The stock options have a maximum validity period of 60 months, with a waiting period of 12 and 24 months for different tranches [2] - The estimated total expense for the stock options is approximately 14.86 million yuan, with annual amortization affecting net profit over the years 2025 to 2027 [3][4] Group 1: Stock Option Details - The stock option grant date is set for March 28, 2025, with the number of options adjusted from 827,700 to 785,700 due to three individuals voluntarily forfeiting their options [1] - The first exercise period allows for 50% of the options to be exercised after 12 months, while the second exercise period allows for the remaining 50% after 24 months [2] Group 2: Financial Impact - The company will recognize the cost of the stock options in its financial statements, with the fair value calculated using the Black-Scholes model [3] - The estimated accounting cost will impact net profit, but the incentive plan is expected to enhance employee motivation and operational efficiency, positively influencing company performance [4]

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： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司有关规则的规定、《深圳市景 旺电子股份有限公司 2024 年股票期权与限制性股票激励计划（草案）》（以下 简称"本激励计划"）以及深圳市景旺电子股份有限公司（以下简称"公司"） 2023 年年度股东大会的授权，公司完成了股票期权授予登记工作，具体情况如 下： 一、预留授予股票期权的具体情况 根据公司 2023 年度股东大会的授权，公司于 2025 年 3 月 28 日分别召开了 第四届董事会第二十七次会议和第四届监事会第十七次会议，审议通过了《关于 向激励对象授予预留部分股票期权与限制性股票的议案》，认为本次激励计划预 留部分授予条件已经成就，决定以 2025 年 3 月 28 日为授予日，向符合条件的 93 名激励对象授予股票期权 82.77 万份，行权价格为 15.32 元/份。 股票期权预留授予登记完成日：2025 年 5 月 8 日 股票期权预留 ...

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2025-042 | | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 | 23 | | 深圳市景旺电子股份有限公司 关于 2024 年股票期权与限制性股票激励计划 限制性股票预留授予登记完成的公告 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： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司有关规则的规定、《深圳市景 旺电子股份有限公司 2024 年股票期权与限制性股票激励计划（草案）》（以下 简称"本激励计划"）以及深圳市景旺电子股份有限公司（以下简称"公司"） 2023 年年度股东大会的授权，公司董事会已完成限制性股票预留授予的登记工 作，具体情况如下： 一、预留授予限制性股票的基本情况 根据公司 2023 年度股东大会的授权，公司于 2025 年 3 月 28 日分别召开第 四届董事会第二十七次会议和第四届监事会第十 ...

Core Points - The company has approved the use of up to RMB 300 million of idle raised funds for cash management, with specific allocations for "Jing 20 Convertible Bonds" and "Jing 23 Convertible Bonds" [1][16] - The purpose of this cash management is to enhance the efficiency of fund usage while ensuring the safety of the raised funds and not affecting the implementation of investment projects [1][14] - The funds for this investment are entirely sourced from temporarily idle raised funds [2] Summary by Sections 1. Overview of the Financial Management - The company and its subsidiary, Zhuhai Jingwang, will use up to RMB 30 million of idle raised funds for cash management, with a maximum of RMB 5 million from "Jing 20 Convertible Bonds" and RMB 25 million from "Jing 23 Convertible Bonds" [1][16] - The usage period is valid for 12 months from the date of board approval, allowing for rolling use of funds within the specified limits [1][16] 2. Source of Funds - The funds for the financial management are entirely from temporarily idle raised funds [2] 3. Basic Information on Raised Funds - The company issued "Jing 20 Convertible Bonds" on August 24, 2020, raising a total of RMB 178 million, with a net amount of RMB 176.02 million after expenses [2] - The company also issued "Jing 23 Convertible Bonds" on April 4, 2023, raising a total of RMB 115.4 million, with a net amount of RMB 113.96 million after expenses [3] 4. Details of the Financial Products - The company has subscribed to structured deposit products from Bank of China, with a total investment of RMB 160 million [5] - The structured deposits have varying terms of 35 days and 37 days, with expected annualized returns ranging from 0.84% to 2.08% depending on market conditions [8][12] 5. Risk Control Measures - The company adheres to prudent investment principles, selecting reputable and capable institutions for investment products [6] - An internal audit department will oversee the use and custody of funds, ensuring compliance and timely reporting to the board [6][7] 6. Impact on Investment Projects - The cash management of idle raised funds will not affect the normal operation of investment projects or the use of raised funds, ensuring compliance with regulations [14][17] 7. Trustee Information - Bank of China, a publicly listed company, serves as the trustee for the structured deposits, with no related party relationships with the company [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to the parent company was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth was primarily driven by increased orders and improved capacity utilization [5][11]. Summary by Sections Company Overview - The company is embracing the new AI trend and is expanding into high-end markets, particularly in the data center and automotive electronics sectors. It has made significant progress in AI server products and has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers [6][10]. Financial Performance - The company expects to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The projected PE ratios for 2025, 2026, and 2027 are 17.22, 14.12, and 11.75 respectively [11][13]. Market Position and Strategy - The company is focusing on R&D investments to maintain its technological advantages across various sectors, including high-speed communication, automotive electronics, and consumer electronics. It aims to enhance its product offerings and expand its market share in high-end consumer products [7][8][9]. Future Outlook - The company anticipates continued growth in its automotive business due to the increasing penetration of AI applications in vehicles. It has strategically positioned its production capacity across multiple bases to meet future demand [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan for 2024, representing a year-on-year growth of 17.68%. The net profit attributable to shareholders was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth is attributed to increased orders and improved capacity utilization [5][11]. Summary by Sections Business Performance - The company has made significant progress in the AI server sector, with some products already in mass production. In the high-speed communication field, it has achieved mass production of 800G optical modules and has the capacity for 1.6T optical modules, supplying multiple leading optical module clients [6]. - In the automotive electronics sector, the company has accumulated a large number of quality automotive clients, covering top global Tier 1 manufacturers and leading domestic OEMs. The growth of high-end products in intelligent driving and smart cockpit applications is notable, with an expected broad growth space in the automotive business [6][7]. R&D and Technological Advancements - The company is increasing its R&D investment to expand its technological lead, with capabilities in various advanced manufacturing processes for high-speed communication and automotive applications. This includes the production of high-frequency and high-speed PCB products, which have achieved significant technological breakthroughs [8][9][10]. Financial Projections - The company is expected to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The PE ratios for 2025, 2026, and 2027 are projected to be 17.22, 14.12, and 11.75 respectively [11][13].

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号:2025-041 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 转债 | | 深圳市景旺电子股份有限公司 关于使用部分闲置募集资金进行现金管理的 进展公告 委托理财受托方：中国银行深圳西丽支行 本次委托理财金额：合计 16,000.00 万元 委托理财产品名称：结构性存款 委托理财期限：35 天、37 天 履行的审议程序：经公司 2025 年 4 月 28 日召开的第四届董事会第二十 八次会议、第四届监事会第十八次会议审议通过，同意公司及子公司景 旺电子科技（珠海）有限公司（以下简称"珠海景旺"）使用不超过人 民币 30,000 万元闲置募集资金进行现金管理，其中使用"景 20 转债" 闲置募集资金不超过 5,000 万元，使用"景 23 转债"闲置募集资金不 超过 25,000 万元。使用期限自董事会审议通过之日起 12 个月内有效。 在上述额度及期限内，资金可循环滚动使用。 （三）募集资金的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准深圳市 景旺电子股份有限公司公开 ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with a focus on R&D investment and advancements in various business segments, particularly in automotive electronics and AI-related products [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 12.659 billion, a year-on-year increase of 17.68%, and a net profit attributable to shareholders of 1.169 billion, up 24.86% year-on-year [1]. - For Q1 2025, revenue was 3.343 billion, reflecting a year-on-year growth of 21.90%, while net profit was 0.325 billion, up 2.18% year-on-year [1]. - The gross margin for 2024 was 22.73%, a slight decrease of 0.44 percentage points year-on-year, while the net margin improved by 0.70 percentage points to 9.16% [1]. R&D Investment and Business Highlights - The company increased R&D expenditure to 0.758 billion in 2024, a rise of 26.12%, with an R&D expense ratio of 5.98% [2]. - Significant advancements were made in the data center sector, with AI server products achieving mass production and breakthroughs in high-speed PCB products [2]. - In the automotive electronics sector, the company established a strong customer base, achieving a revenue of 5.8 billion, a year-on-year increase of 33%, accounting for 48% of total revenue [2]. Profitability Analysis - Q1 2025 showed steady growth, but profitability faced pressure due to rising raw material costs and increased competition in the automotive electronics sector [3]. - The company is experiencing a high utilization rate, with strong visibility in downstream orders, although price pressures remain in the automotive sector [3]. Future Outlook - The company is expected to make significant progress in the AI computing sector, particularly in high-layer boards and HDI products, with a focus on high-end capacity [4]. - The Zhuhai factory is positioned as a lighthouse factory for high-value products, with a production capacity of 1.2 million square meters for high-layer boards and 300,000 square meters for HDI/SLP products [4]. Long-term Growth Potential - The company's management and strategic focus on high-end automotive and data communication products are expected to unlock new growth opportunities [5]. - The ongoing upgrades in high-end production capacity are anticipated to enhance performance and valuation in the medium to long term [5].