证券代码：603228 证券简称：景旺电子 （记录表编号：2024-1001） 深圳市景旺电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | |-----------------------|-------------|------------------------------------|--------------------------------------------------------------------|---------|--------------------------------| | 投资者关系 \n活动类别 | √ \n \n | 业绩说明会 \n路演活动 \n现场参观 | 特定对象调研 \n 分析师会议 \n 一对一沟通 | \n \n | 媒体采访 \n新闻发布会 \n其他 | | 时间 | 2024 | 年 10 月 9 日 | | | | | | | 地点/方式 上证路演中心网络文字互动 | | | | | 参与单位 （或人员） | | 线上参与公司 2024 | 年半年度业绩说明会的投资者 | | | ...

| 证券代码：603228 | 证券简称：景旺电子 公告编号：2024-097 | | --- | --- | | 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 关于可转债转股结果暨股份变动公告 1、因公司股票存在连续三十个交易日中至少有十五个交易日的收盘价低于 初始转股价格80%（28.23元/股）的情形，公司于2021年2月25日召开了第三届董 事会第十八次会议、2021年3月15日召开了2021年第一次临时股东大会、第三届 董事会第十九次（临时）会议，同意向下修正"景20转债"的转股价格，修正后 的转股价格为27.70元/股，自2021年3月17日起执行。具体内容请详见公司2021年 3月16日披露于上海证券交易所网站（http://www.sse.com.cn/）及指定信息披露媒 体上的《景旺电子关于向下修正"景20转债"转股价格的公告》（公告编码：2021- 021）。 2、公司于2021年5月12日实施完毕2020年度权益分派，根据《深圳市景旺电 子股份有限公司公开发行可转换公司债券募集说明书》（以下简称《募集说明书》） 相关条款规定，自2021年5月12日 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [2][7]. Core Views - The company is a global leader in automotive PCB supply, with a comprehensive product range and rich customer resources. It ranks tenth globally in the PCB industry and third among domestic companies in China. It has become one of the top three automotive PCB suppliers worldwide [5][14]. - The company has achieved steady revenue growth and continuous improvement in profit margins, with a focus on expanding into emerging markets such as automotive and AI [5][21]. - The company is well-positioned to benefit from the accelerating penetration of new energy vehicles and the rapid development of AI technology, which are driving demand for automotive electronics and high-end products [5][6]. Summary by Sections Company Overview - The company, established in 1993 and listed in 2017, is one of the few manufacturers covering rigid, flexible, and metal-based circuit boards. Its products are widely used in various sectors, including servers, communications, consumer electronics, automotive, and industrial medical [14][17]. - The company has a stable shareholding structure, with major shareholders holding a combined 76.33% of shares. The largest shareholder is Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., with a 34.32% stake [19]. Financial Performance - In 2023, the company achieved revenue of 107.6 billion yuan, a 2.3% increase from 2022, while net profit decreased by 12.2% to 9.4 billion yuan due to intensified competition and weak downstream demand. However, in the first half of 2024, revenue reached 58.7 billion yuan, up 18.3% year-on-year, and net profit increased by 62.6% to 6.6 billion yuan [21][22]. - The company's gross margin and net margin for 2023 were 23.17% and 8.47%, respectively. In the first half of 2024, gross margin increased to 24% and net margin to 11.11% [21][23]. Market Opportunities - The PCB market is expected to grow significantly, driven by emerging industries. The global PCB market is projected to reach $72.97 billion in 2024, with a compound annual growth rate (CAGR) of 5% from 2024 to 2028 [26][27]. - The automotive electronics sector is experiencing rapid growth, with the proportion of electronic costs in vehicles expected to rise significantly by 2030. The demand for automotive PCBs is anticipated to increase as new energy vehicles gain market share [32][33]. Product Development and Innovation - The company has been focusing on high-end product development and has made significant breakthroughs in various business segments, including automotive electronics and AI servers. It has established a strong technological innovation capability and continues to expand its product offerings [5][6][7]. - The company has increased its R&D investment, with R&D expenses reaching 6.01 billion yuan in 2023, a 10.03% increase from 2022. The company aims to maintain its leading position in R&D technology [25].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2] Core Views - The company has maintained strong demand in automotive products and achieved breakthroughs in high-end data communication products, with a 63% year-on-year growth in net profit for the first half of 2024 [1] - The company reported a revenue of 5.867 billion yuan in 1H24, representing an 18.26% year-on-year increase, and a net profit of 657 million yuan, reflecting a 62.56% year-on-year increase [1] - The company has made significant technological advancements in various product categories, including high-speed PCBs for general servers and AI servers, which are expected to drive future growth [1] - The company is progressing with key project constructions, and the release of high-end production capacity is anticipated to enhance profitability [1] Financial Performance Summary - In 1H24, the company's revenue was 5.867 billion yuan, with a net profit of 657 million yuan, and a gross margin of 23.48% [1] - The company expects net profits for 2024-2026 to be 1.254 billion yuan, 1.509 billion yuan, and 1.766 billion yuan, respectively, with year-on-year growth rates of 33.9%, 20.3%, and 17.1% [1][3] - The company's earnings per share (EPS) for 2024E is projected to be 1.34 yuan, with a price-to-earnings (P/E) ratio of 18.1x [3][8]

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：24.28 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10,514 10,757 12,654 14,707 17,467 增长率 yoy% 10% 2% 18% 16% 19% 净利润（百万元） 1,066 936 1,355 1,574 1,903 增长率 yoy% 14% -12% 45% 16% 21% 每股收益（元） 1.14 1.00 1.45 1.69 2.04 每股现金流量 1.67 2.51 2.32 2.47 2.74 净资产收益率 13% 10% 13% 14% 14% P/E 21.2 24.2 16.7 14.4 11.9 P/B 2.8 2.6 2.3 2.0 1.7 备注：股价更新于 2024 年 8 月 30 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 933 流通股本(百万股) 921 市价(元) 24.28 市值(百万元) 22 ...

江 证券研究报告 PCB 景旺电子（603228.SH） 买入-A(首次) 业绩环比稳定增长，高端产能释放进一步打开成长空间 | --- | --- | --- | |-------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号:2024-096 | | --- | --- | --- | | 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到期赎回 并继续进行现金管理的公告 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： 一、前次使用闲置募集资金进行现金管理到期赎回的情况 近日，深圳市景旺电子股份有限公司（以下简称"公司"）及子公司如期赎 回前次使用闲置募集资金购买的已到期理财产品，赎回本金合计人民币 36,000.00 万元，获得收益合计人民币 49.98 万元。前述本金及收益已全部归还至 募集资金专户，具体赎回情况如下： 单位：万元 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 36,000.00 万元 委托理财产品名称：结构性存款 委托理财期限：39 天、41 天 履行的审议程序：经公司 2024 年 4 月 25 日召开的第四届董事会第十九 次会议、第四届监事会第十一次 ...

Financial Performance - In the first half of 2024, the company achieved revenue of 5.867 billion CNY, a year-on-year increase of 18.26% [3] - The net profit attributable to shareholders reached 657 million CNY, up 62.56% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 591 million CNY, reflecting a growth of 46.62% year-on-year [3] Business Growth Drivers - The growth is attributed to the deepening of the company's competitive advantages, expansion of high-end products, and increased efforts in overseas market development [3] - The automotive and consumer electronics sectors experienced significant growth, driven by trends such as electrification and intelligence in the automotive industry, as well as advancements in AI technology [3] - The company anticipates continued demand for high-performance PCBs, HDI, and high-speed FPCs due to emerging technologies like AI, low-altitude flight, satellite communication, humanoid robots, and autonomous driving [3] Market Position and Strategy - The company has successfully increased its market share in various segments, maintaining a high capacity utilization rate [3] - It has established strong relationships with major international automotive suppliers, covering over 90% of Tier 1 suppliers [4] - The company is focusing on high-margin and high-value-added products, with plans to enhance its product structure and expand production capacity [4] Future Outlook - The company is currently ramping up production capacity at its Zhuhai Jinwan factory and is increasing equipment to facilitate capacity release, expecting to enter a harvest period in the next two years [5] - The Thai factory is under construction to meet new overseas customer orders, with specific production plans to be determined based on progress and market demand [5]

关于回购注销部分限制性股票及注销部分股票期权 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。 | 证券代码：603228 | 证券简称：景旺电子 公告编号：2024-092 | | --- | --- | | 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 深圳市景旺电子股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召 开了第四届董事会第二十三次会议、第四届监事会第十四次会议，审议通过了《关 于回购注销部分限制性股票及注销部分股票期权的议案》，同意公司对触发回购 情形的 92,600 股限制性股票回购注销和 114,400 份股票期权进行注销。现将相关 事项公告如下： 一、公司 2024 年股票期权与限制性股票激励计划已履行的决策程序和信息 披露情况 （一）公司 2024 年股票期权与限制性股票激励计划批准及实施情况 重要内容提示： 1、2024 年 4 月 19 日，公司召开第四届董事会第十八次会议，会议审议通 过了《2024 年股票期权与限制性股票激励计划（ ...

| 证券代码：603228 | 证券简称：景旺电子 公告编号:2024-088 | | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | （1）《公司 2024 年半年度报告》及其摘要的编制和审议程序符合相关法律、 法规及《公司章程》的规定。 （2）报告内容和格式符合中国证券监督管理委员会和上海证券交易所的规 定，报告真实地反映了公司的经营业绩、财务状况等事项。 （3）报告编制过程中，未发现公司参与报告编制的人员存在违反保密规定 的违法违规行为。 深圳市景旺电子股份有限公司 第四届董事会第二十三次会议决议公告 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 深圳市景旺电子股份有限公司（以下简称"公司"）第四届董事会第二十三 次会议之通知、议案内容于 2024 年 8 月 19 日通过书面、电话及电子邮件的方式 告知了公司全体董事。本次会议于 2024 年 8 月 29 日以现场结合通讯表决的方式 召开，会议由董事长刘绍柏先生主持。会议应出席董事 9 名，实际出席董事 ...