重要内容提示： 一、 本次股份解除质押情况 公司于 2025 年 4 月 22 日接到王明先生正式通知，王明先生为其质押给南京 证券股份有限公司的部分公司股份办理了解除质押手续，现将具体情况公告如下： | 股东名称 | 王明 | | --- | --- | | 本次解除质押股份 | 6,410,000 | | 占其所持股份比例 | 31.26% | | 占公司总股本比例 | 4.00% | | 解除质押时间 | 2025 年 4 月 21 日 | | 持股数量 | 20,507,160 | | 持股比例 | 12.78% | | 剩余被质押股份数量 | 10,580,000 | | 剩余被质押股份数量占其所持股份比例 | 51.59% | | 剩余被质押股份数量占公司总股本比例 | 6.59% | 2、王明先生近期有股份质押计划，公司将在收到王明先生的通知后按规定 及时履行信息披露义务。 王明先生持有苏州易德龙科技股份有限公司（以下简称"公司"）无限售流 通股 20,507,160 股,占公司总股本的比例为 12.78%。 本次股份解除质押后，王明先生持有的本公司股份累计质押 10,580,000 股， 占其 ...

Summary of the Conference Call Company and Industry - The conference call discusses **易德龙 (Yidelong)**, a company involved in manufacturing and supply chain management, particularly in response to U.S.-China trade tensions and global supply chain risks. Key Points and Arguments 1. **Strategic Shift to Vietnam**: 易德龙 established production lines in Vietnam to avoid U.S. tariffs on Chinese exports, effectively lowering costs and gradually shifting operations to Vietnam in response to U.S.-China trade friction [2][3][4] 2. **Global Production Network**: The company has set up production bases in Mexico and Romania to serve North American and European markets, creating a global layout with three overseas bases (Vietnam, Mexico, Romania) and two domestic bases (Suzhou, Wuhan) [2][4] 3. **Origin Rules Compliance**: 易德龙 utilizes origin rules such as tariff classification change (KCTC) and local value content (LVC) to obtain Vietnamese origin certificates, thus avoiding tariffs [2][8] 4. **Impact of Tariff Policies**: Changes in tariff policies significantly affect export and import operations. The company has adapted by sourcing materials through Singapore to avoid high import tariffs [2][12] 5. **Cost Comparison**: Manufacturing costs in China are benchmarked at 100, with Vietnam at 102-105, Romania at 110-120, and Mexico at 115-125, indicating that Vietnam is the most efficient location [3][19] 6. **Response to Trade Policies**: The company advises manufacturers to adopt cautious strategies in global layouts, establishing bases in North America, Europe, and Southeast Asia to mitigate risks [3][24] 7. **Logistics and Procurement Strategies**: The company has optimized logistics by using Singapore as a logistics hub, enhancing efficiency and reducing costs associated with tariffs [13] 8. **Future Competitiveness**: 易德龙 plans to continue optimizing production bases, improving operational efficiency, and innovating technology to meet diverse global market demands [6][7] 9. **Challenges of U.S. Manufacturing Reshoring**: The return of manufacturing to the U.S. faces challenges due to reliance on global supply chains and high import tariffs on components [16] 10. **European Market Considerations**: European clients prioritize quality, delivery, and cost, with some still favoring Chinese production due to cost advantages despite tariffs [17][18] Other Important but Possibly Overlooked Content 1. **Third-Party Country Benefits**: Countries like Singapore benefit from the U.S.-China trade situation by acting as procurement hubs, while China faces job losses and economic impacts [23] 2. **Capital Expenditure and Capacity Planning**: Companies are advised to be cautious in capital expenditures and capacity planning, establishing bases in multiple regions to mitigate risks [24] 3. **Current Performance and Future Outlook**: 易德龙's performance in 2024 is strong, with growth potential in 2025 driven by new R&D initiatives and customer engagement [25]

一、 本次股份解除质押情况 公司于 2025 年 2 月 12 日接到钱新栋先生正式通知，钱新栋先生为其质押予 中信银行股份有限公司苏州分行的无限售流通股共计 6,500,000 股办理了解除 质押手续，具体情况如下： 证券代码：603380 证券简称：易德龙 公告编号：2025-003 苏州易德龙科技股份有限公司 关于控股股东、实际控制人所持有的部分股份解除质押的 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个别及连带责任。 重要内容提示： | | | | | | | | | 已质押股份情 | 未质押股份情 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 况 | 况 | | | 股东名称 | 持股数量 | 持股比 | 本次解除质 押前累计质 | 本次解除质 押后累计质 | 占其 | 占公 | 已质 | 已质 | 未质 | 未质 押股 | | | | | | | 所持 | 司总 | 押股 | 押股 ...

重要内容提示： 一、 本次股份解除质押情况 证券代码：603380 证券简称：易德龙 公告编号：2025-002 苏州易德龙科技股份有限公司 关于 5%以上股东所持有的部分股份解除质押的公告 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个别及连带责任。 截至本公告日，上述股东累计质押股份情况如下： 注：上述股东无一致行动人。 三、 其他说明 公司将持续关注上述股东及所持公司股票的质押情况及质押风险情况，并按 规定及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 苏州易德龙科技股份有限公司董事会 公司于 2025 年 2 月 11 日接到王明先生正式通知，王明先生为其质押给南京 证券股份有限公司的部分公司股份办理了解除质押手续，现将具体情况公告如下： | 股东名称 | 王明 | | --- | --- | | 本次解除质押股份 | 2,400,000 股 | | 占其所持股份比例 | 11.70% | | 占公司总股本比例 | 1.50% | | 解除质押时间 | 2025 年 2 月 10 日 | | 持股数量 | 20,5 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong position as a leading flexible EMS (Electronics Manufacturing Services) provider and its effective implementation of refined management and overseas capacity expansion [2][9] Core Views - The company is a leader in the flexible EMS industry with over 20 years of experience, offering high-quality, diverse, fast, and flexible manufacturing capabilities [1] - It has established a strong market reputation and long-term stable customer base across industries such as industrial control, medical, communication equipment, automotive electronics, and high-end consumer electronics [1] - The company is enhancing its manufacturing service capabilities through the application of smart manufacturing technologies, including the integration of Dassault's MOM system to improve production efficiency and data management [1] - The company is actively expanding its global footprint with manufacturing bases in Mexico, Vietnam, and Romania, aiming to meet customer demands for overseas support and improve service response times [18] Financial Performance and Forecasts - Revenue is expected to grow from 1,917 million RMB in 2023 to 2,850 million RMB in 2026, with a CAGR of 13.53% from 2024 to 2026 [1][6] - Net profit attributable to shareholders is projected to increase from 133.28 million RMB in 2023 to 270.85 million RMB in 2026, with a significant growth of 43.53% in 2024 [1][6] - EPS is forecasted to rise from 0.83 RMB in 2023 to 1.69 RMB in 2026, with a P/E ratio decreasing from 30.08 in 2023 to 14.80 in 2026 [1][6] - The company achieved a revenue of 1.552 billion RMB in the first three quarters of 2024, a YoY increase of 13.87%, with a net profit of 139 million RMB, up 34.38% YoY [10] Operational Highlights - The company has implemented an employee stock ownership plan to incentivize core talent, with performance targets set for 2024-2026, including revenue goals of 2.11 billion RMB, 2.32 billion RMB, and 2.55 billion RMB, respectively [10] - Overseas manufacturing bases are being rapidly developed, with Mexico, Vietnam, and Romania facilities either in production or nearing completion, enhancing the company's global service capabilities [18] Valuation Metrics - The company's P/E ratio is expected to decline from 30.08 in 2023 to 14.80 in 2026, reflecting improved profitability and growth prospects [1][6] - The P/B ratio is projected to decrease from 2.98 in 2023 to 2.01 in 2026, indicating a more attractive valuation relative to book value [22] - ROE is forecasted to increase from 9.87% in 2023 to 13.56% in 2026, driven by higher profitability and efficient capital utilization [22]

重要内容提示： 大股东持股的基本情况 本次减持计划实施前，苏州易德龙科技股份有限公司（以下简称"公司"） 持股 5%以上股东王明先生持有公司股票 23,707,160 股，占公司总股本 14.78%， 上述股份来源于公司首次公开发行前持有的股份，均为无限售流通股。 减持计划的实施结果情况 2024 年 9 月 25 日至 2024 年 12 月 20 日，王明先生通过大宗交易方式减持 公司股份共计 3,200,000 股，占公司总股本的 1.99%。 证券代码：603380 证券简称：易德龙 公告编号：2024-065 苏州易德龙科技股份有限公司 5%以上股东 减持股份结果暨权益变动提示性公告 信息披露义务人王明先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会、全体董事及相关股东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。 权益变动基本情况 本次权益变动属于王明先生按照计划实施减持，截至本公告披露日，王明先 生持有公司无限售条件流通股 20,507,160 股，占公司总股本的 12.78%；本次 ...

Investment Rating - Buy (First Coverage) [1] Core Views - The company's revenue has shown stable growth, with cost control and efficiency improvements boosting profits In the first three quarters of 2024, the company achieved revenue of 1 552 billion yuan, a year-on-year increase of 13 87%, with Q3 revenue reaching 539 million yuan, up 5 89% year-on-year Net profit attributable to the parent company was 51 million yuan, a 39 49% increase year-on-year [1] - The company is deeply rooted in the industrial control sector, and the recovery of the power tool industry is driving a new wave of growth The global power tool market size is expected to grow from 28 52 billion USD in 2024 to 40 2 billion USD by 2032, with a CAGR of 4 4% The company's industrial control business accounts for over 40% of its total business, and it has established long-term partnerships with leading clients in related industries [1] - The company's manufacturing equipment and process technology are dual advantages, showcasing its core competitiveness as an EMS company It possesses advanced manufacturing equipment and process technologies, such as Panasonic NPM high-speed mounting equipment, Siemens high-speed mounting equipment, BTU reflow soldering equipment, and ERSA nitrogen-filled wave soldering equipment [1] Financial Forecasts - Revenue is projected to be 2 207 billion yuan, 2 561 billion yuan, and 2 826 billion yuan for 2024, 2025, and 2026, respectively EPS is forecasted to be 1 11 yuan, 1 39 yuan, and 1 64 yuan for the same periods, with corresponding P/E ratios of 22x, 18x, and 15x [4] - Net profit attributable to the parent company is expected to grow by 34 1%, 24 4%, and 18 5% in 2024, 2025, and 2026, respectively [6] - ROE is projected to increase from 9 8% in 2023 to 14 0% in 2026 [6] Industry Analysis - The power tool industry is recovering, with downstream inventory reduction showing results and demand rebounding The company's products are expected to benefit from this recovery, further enhancing its market share and industry position [1] - The company's industrial control business is well-positioned to capitalize on the growth in the power tool and new energy sectors, particularly in applications such as professional power tools and high-power inverters for new energy [1] Manufacturing and Technology - The company has a significant technological advantage in manufacturing equipment and process technology, which is a core competency for EMS companies It has a wide range of advanced equipment and processes, including high-precision mounting and soldering technologies, which enable it to handle small components with high accuracy [1]

Investment Rating - The report maintains an "Outperform" rating for Yidelong (603380 SH) [2][4] Core Views - Yidelong's revenue grew 14% YoY in 1-3Q24, with net profit attributable to shareholders increasing 34% YoY [2] - The company achieved a gross margin of 26 59% in 1-3Q24, up 3 44 percentage points YoY [2] - Industrial control and communication sectors contributed significantly to growth, with industrial control revenue up 29% YoY and communication equipment revenue up 76% YoY in 1H24 [2] - The global EMS market is projected to grow from $638 2 billion in 2023 to $799 billion by 2028, with a CAGR of 4 6% [2] Financial Performance - 1-3Q24 revenue reached 1 552 billion yuan, with net profit of 139 million yuan [2] - 3Q24 revenue was 539 million yuan, with net profit of 51 million yuan [2] - The company's ROE is expected to improve from 9 9% in 2023 to 14 3% by 2026 [3] Business Segments - Industrial control business accounted for over 40% of total revenue in 1H24 [2] - Communication business is expected to grow 51% in 2024, reaching 400 million yuan [18] - Industrial control revenue is projected to increase 16% in 2024 to 901 79 million yuan [18] Valuation and Projections - The company's PE ratio is expected to decrease from 20 7 in 2024 to 13 8 by 2026 [3] - Revenue is projected to grow from 2 186 billion yuan in 2024 to 2 800 billion yuan in 2026 [3] - Net profit is forecasted to increase from 177 million yuan in 2024 to 266 million yuan in 2026 [3] Industry Comparison - The EMS industry average PE for 2025 is 33x, with Yidelong's PE estimated at 30-32x [27] - Comparable companies include Universal Scientific Industrial, Kaifa Technology, and Wingtech Technology [27]

Investment Rating - The report maintains an "Outperform" rating for Yidelong (603380 SH) [2][4] Core Views - Yidelong's revenue grew 14% YoY in 1-3Q24, with net profit attributable to shareholders increasing 34% YoY [2] - The company achieved a gross margin of 26 59% in 1-3Q24, up 3 44 percentage points YoY [2] - Industrial control and communication sectors contributed significantly to growth, with industrial control revenue up 29% YoY and communication equipment revenue up 76% YoY in 1H24 [2] - The global EMS market is projected to grow from $638 2 billion in 2023 to $799 billion by 2028, with a CAGR of 4 6% [2] Financial Performance - 1-3Q24 revenue reached 1 552 billion yuan, with net profit of 139 million yuan [2] - 3Q24 revenue was 539 million yuan, with net profit of 51 million yuan [2] - The company's net profit margin improved to 9 12% in 1-3Q24, up 1 28 percentage points YoY [2] Business Segments - Industrial control accounted for over 40% of total revenue in 1H24 [2] - Communication equipment revenue is expected to grow 51% in 2024, reaching 400 million yuan [19] - Industrial control revenue is projected to increase 16% in 2024 to 901 79 million yuan [19] Valuation and Projections - The company's 2024-2026 net profit is forecasted at 177/227/266 million yuan, with YoY growth of 32 8%/28 4%/16 8% [2] - The target price range is 30 59-32 63 yuan, representing a 31 81%-40 60% upside potential [27][29] - The 2025E PE ratio is estimated at 30-32x [29] Industry Comparison - The EMS industry average PE for 2025 is 33x, with Yidelong trading at a discount [27] - Comparable companies include Universal Scientific Industrial, Kaifa Technology, and Wingtech Technology [27]

2024 年第三次临时股东大会决议公告 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。 重要内容提示： 证券代码：603380 证券简称：易德龙 公告编号：2024-064 苏州易德龙科技股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 137 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 95,733,600 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 59.6689 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长钱新栋先生主持，本次 会议以现场投票与网络投票相结合的方式进行表决，会议的召集、召开和表决方 式符合《公司法》及《公司章程》的有关规定。 (一) 股东大会召开的时间：2024 年 11 月 19 日 (二) 股东大会召开的地点：江苏省苏州相城经济开发区春兴路 50 号苏州易德 龙科技股份 ...