本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可，任何机构或 个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容，否则，由 此造成的一切后果及法律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 然后第三跟第四部分的话，主要介绍的是公司核心两块下游这块一个是汽车，一块是疏通这块 的一个增量。这就是我们讲的整个一个报告比较内。然后我们可以看到第一部分就说第一部分 的话，这里主要是介绍了关于景旺的他的一个所从事的一个业务的一个情况。这里我们可以看 到它的一个下游，其实是包括像汽车电子，像风控和消费电子数通，就包括去中心跟中信。 电子这块的话，不管是硬盘还是软板，其实用的主要还是一些像手机，像穿戴耳机的相关的一 发言人 03:22 这一页是我们关于公司的一个营收跟利润的一个近几年这样一个情况的一个梳理。我们可以看 到公司在每一年这样一个收路上，其实还是比较稳健的。除了在 2023 年的话，可能在收入上 这个是我们关于公司的一个业务率的一个情况。我们这边可以关注到的是因为确实是在那个市 场开拓这块儿有销售费用也增加，包括在这个发行转债的时候，有一笔财务费用跟你不一 ...

景旺电子 20240706_原文 2024年07月07日 21:27 发言人 00:00 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可，任何机构或个人不得以 任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容，否则，由此造成的一切后果及法 律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:32 各位投资者大家下午好，我是长江电子分析师蔡晓东。然后今天下午的话是我们汇报我们关于这一期的这 个下午茶的这样一个深度报告。这边主要是汇报的是我们讲的景光电子的一个行业深度。因为这个公司的 话，我们觉得从我们标题上所看到的这个公司当前来看的话，还是在做一些这种成长性的这样一个 PCP的 这样下游板块。包括像汽车以及包括像我们讲的顺丰。所以我们在整个报告的话，其实会主要是围绕着我 们讲。一方面是介绍一下公司自身的这样一个发展。第二部分的话会去再去介绍一下关于 PCB整个的行业 的一个情况。 发言人 01:15 然后第三跟第四部分的话，主要介绍的是公司核心两块下游这块一个是汽车，一块是疏通这块的一个增量 这就是我们讲的整个一个报告比较内。然后我们可以看到第一部分 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][40]. Core Views - The company has continuously improved its product technology, particularly in high-end HDI, multi-layer PCB, and multi-layer FPC products, establishing strong technical capabilities [2]. - The company is actively advancing its layout in the automotive and data communication sectors, focusing on the actual needs of smart connected vehicles and autonomous driving scenarios [2]. - The dual drivers of data communication and automotive sectors are expected to open a second growth engine for the company, leading to significant performance growth [2]. - The projected net profits for 2024-2026 are estimated at 1.249 billion, 1.557 billion, and 1.868 billion yuan, corresponding to current price-to-earnings ratios of 20.03, 16.06, and 13.39 respectively [2]. Summary of Financial Performance - The company expects to achieve a net profit attributable to shareholders of 638-702 million yuan in the first half of 2024, representing a year-on-year growth of 57.9% to 73.7% [12]. - For Q2 2024, the expected net profit is projected to be 320-384 million yuan, with a year-on-year growth of 51.6% to 81.8% and a quarter-on-quarter growth of 0.6% to 20.7% [12]. - The company has reported a continuous increase in production capacity utilization, maintaining a high level of operational efficiency [22]. Market Position and Competitive Advantage - The company has made significant progress in high-end product development and key customer acquisition, enhancing its market share among major domestic and international clients [22]. - The company is one of the few manufacturers in China that covers rigid, flexible, and metal-based circuit boards, with advanced production capabilities in high-layer PCBs and HDI [40].

| --- | --- | --- | --- | |------------------------------------|----------------------------------|----------------------------------------------------------|---------------------------------------------------------------------------------| | 16 ：终端应用轻薄短小 + \n产业趋势 | 高频高速化推动 PCB \n产业 趋势 | 趋于高密度化 + 高性能化 | 技术变化 | | 终端应用 轻薄短小 | 高密度化 | 精确设置盲、埋孔 | 电路板孔径更小、布线宽度更窄、层数更高、 布线面积更小 | | | ➢ | 高密度互联通过精确设置盲、埋孔的方式来减少通孔数量，节约 | PCB 可布线面积，大幅度提高元器件密度 | | 终端产品 高速高频 | 高性能化 | 提高可靠性 | 层数更高、配线更短、电路阻抗更低，可高频高速工作、 性能稳定、可承担更复杂的功能 | | | ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of the parent company between 637.89 million and 701.68 million yuan for the first half of 2024, representing a year-on-year increase of 57.94% to 73.74% [8][9] - The company has seen a continuous increase in capacity utilization, driven by improved demand and successful client acquisition [9][10] - The company has made significant progress in developing high-end products and has successfully onboarded key clients, enhancing its competitive position [10][13] Financial Data and Valuation - The total market capitalization of the company is approximately 26,010.96 million yuan [2][6] - The total share capital is 855.91 million shares [3][7] - The company forecasts revenues of 12,397 million yuan, 14,287 million yuan, and 16,467 million yuan for the years 2024, 2025, and 2026 respectively, with net profits of 1,232 million yuan, 1,497 million yuan, and 1,806 million yuan for the same years [11][12] - The projected P/E ratios for 2024, 2025, and 2026 are 21.1, 17.4, and 14.4 respectively [11][12]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be between 63,789 million and 70,168 million CNY, an increase of 23,401 million to 29,780 million CNY compared to the same period last year, representing a year-on-year increase of 57.94% to 73.74%[11] - The net profit for the first half of 2023 was 40,387.91 million CNY, with a net profit excluding non-recurring gains and losses of 40,284.57 million CNY[6] - The expected net profit for the first half of 2024 represents an increase of 17,842 million to 23,655 million CNY compared to the previous year, indicating a strong growth trajectory[5] Operational Efficiency - The company achieved a significant increase in operational efficiency and cost control, leading to a substantial rise in revenue and profit[16] - The production capacity utilization rate has continued to grow, maintaining a high level of operational performance[7] Market Development - The company has made breakthroughs in the development of high-end products and the introduction of key customers, enhancing its market share among major clients[7] - The company is actively expanding its business in high-technology and high-value-added sectors, particularly in its Zhuhai Jinwan HLC factory and HDI (including SLP) factory[7] - The company continues to deepen cooperation with numerous well-known domestic and international enterprises, further enhancing its competitive edge[7] Earnings Information - The company reported a basic earnings per share of 0.48 CNY for the first half of 2023[7] Cautionary Note - The company emphasizes that the profit forecast is based on preliminary calculations and has not yet been audited by an accounting firm, urging investors to exercise caution[8]

Group 1: Company Performance - The company achieved a revenue of 2.743 billion yuan in Q1 2024, representing a year-on-year growth of 17.16% [3] - The net profit attributable to shareholders reached 318 million yuan, with a year-on-year increase of 50.30% [3] - The company maintains a reasonable operating rate and has sufficient order reserves, with some production lines experiencing tight scheduling [4] Group 2: Product Development and Market Expansion - The Zhuhai Jinwan production base, launched in July 2021, focuses on high-tech, high-value-added products, with significant progress in new customer acquisition and high-end product development in 2023 [4] - The company has made rapid advancements in optical module business, achieving mass production of 10G, 25G, 100G, 200G, 400G, and 800G optical modules [5] - The company is actively developing products for the "vehicle-road-cloud integration" concept, which includes applications in advanced driving assistance systems and intelligent infrastructure [4][5] Group 3: Industry Outlook and Strategic Direction - The PCB industry is expected to continue evolving towards high density, high reliability, and low loss, with a focus on flexible production and differentiated innovation [6] - The demand for high-frequency, high-speed, and miniaturized PCB products is anticipated to rise due to the growth of AI applications and the automotive industry's shift towards electrification and connectivity [6][7] - The server/storage market is projected to be the strongest growth driver in the electronics industry over the next five years, with automotive electronics following closely [7] Group 4: Financial Management and Talent Development - The company maintains a healthy cash flow and reasonable debt-to-asset ratio, with no immediate plans for refinancing [7] - In 2024, the company will focus on talent development and optimizing professional training to enhance the overall quality and competitiveness of its workforce [8]

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2024-061 | | --- | --- | --- | --- | | 债券代码：113602 | 债券简称：景 20 | 转债 | | | 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 关于可转债转股结果暨股份变动公告 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： ● 累计转股情况：截至 2024 年 6 月 30 日，累计已有人民币 316,917,000 元 "景 20 转债"转换为公司 A 股股票，累计转股数量为 14,033,775 股，占"景 20 转债"转股前公司已发行股份总额 853,483,694 股的 1.6442933%；截至 2024 年 6 月 30 日，累计已有人民币 96,000 元"景 23 转债"转换为公司 A 股股票，累 计转股数量为 3,844 股，占"景 23 转债"转股前公司已发行股份总额 841,872,422 股的 0.0004566%。 ● ...

2023年深圳市景旺电子股份有限公司公开 发行可转换公司债券2024年跟踪评级报告 CSCI Pengyuan Credit Rating Report 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人 员与评级对象不存在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告 遵循了真实、客观、公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的 合法性、真实性、准确性和完整性作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组 织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、 持有任何证券的建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导 致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时， 本评级机构已对受评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变 更信用评级。本评级机构提醒报告使用者应及时登陆本公司网站关注被评证券信用评级的 ...

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2024-060 | | --- | --- | --- | --- | | 债券代码：113602 | 债券简称：景 20 | 转债 | | | 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"景 20 转债"、"景 23 转债"2024 年跟踪评级 结果的公告 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承担法律责任。 重要内容提示： 根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理办法》 和《上海证券交易所股票上市规则》等有关规定，深圳市景旺电子股份有限公司 （以下简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公司（以下 简称"中证鹏元"）对公司 2020 年度公开发行的可转换公司债券（债券代码： 113602，转债简称"景 20 转债"）及 2023 年度公开发行的可转换公司债券（债 券代码：113669，债券简称："景 23 转债"）进行了跟踪信用评级。 公司前次主体信用等级为"AA" ...