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]

北京市中伦(上海)律师事务所 关于苏州易德龙科技股份有限公司 2024 年第三次临时股东大会的 法律意见书 法律意见书 致：苏州易德龙科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管 理委员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）等相关法 律、法规及规范性文件和《苏州易德龙科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，北京市中伦(上海)律师事务所（以下简称"本所"）接受苏州 易德龙科技股份有限公司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年第三次临时股东大会（以下简称"本次股东大会"）并出具本法律意见书。 二〇二四年十一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haiko ...

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 ...

股东大会会议资料 易德龙：603380 易德龙：603380 目录 | 2024 年第三次临时股东大会议程 | 3 | | --- | --- | | 2024 | 年第三次临时股东大会会议须知 4 | | 2024 | 年第三次临时股东大会议案表决办法 5 | | 议案一、关于聘任容诚会计师事务所（特殊普通合伙）为公司 | 2024 年度财务、 | | 内控审计机构的议案 6 | | 2 苏州易德龙科技股份有限公司 2024 年第三次临时股东大会会议资料 1 股东大会会议资料 2024 年第三次临时股东大会议程 一、介绍出席会议的股东人数及其代表的股份总数。 股东大会会议资料 易德龙：603380 现场会议召开时间：2024 年 11 月 19 日 11 时 00 分 现场会议地点：江苏省苏州市相城经济开发区春兴路 50 号苏州易德龙科技 股份有限公司会议室 出席人员： 1、2024 年 11 月 12 日下午交易结束后登记在册的本公司股东及其授权委托 人； 2、公司董事、监事、高管人员及聘任的股东大会见证律师。 会议议程： 苏州易德龙科技股份有限公司 股东大会会议资料 易德龙：603380 二、审议本次股 ...

证券代码：603380 证券简称：易德龙 公告编号：2024-063 苏州易德龙科技股份有限公司 关于 2024 年员工持股计划非交易过户完成的公告 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个别及连带责任。 苏州易德龙科技股份有限公司（以下简称"公司"或"易德龙"）分别于 2024 年 9 月 20 日召开第四届董事会第二次会议、2024 年 10 月 8 日召开 2024 年第二 次临时股东大会，审议通过了《关于公司 2024 年员工持股计划（草案）及其摘 要的议案》等相关议案，同意公司实施 2024 年员工持股计划。具体内容详见公 司披露在上海证券交易所（www.sse.com.cn）的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易 所上市公司自律监管指引第 1 号--规范运作》等相关规定，现将 2024 年员工持 股计划实施的相关情况公告如下： 根据本员工持股计划参与对象实际认购情况和最终缴款的审验结果，公司第 一期员工持股计划实际参与认购的员工总数为 116 人，最终认购份额总数为 23,5 ...

Revenue and Profit - Revenue for Q3 2024 reached ¥538,988,374.12, an increase of 5.89% year-over-year, while year-to-date revenue totaled ¥1,552,052,751.06, up 13.87% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥51,430,731.11, reflecting a significant increase of 39.49% year-over-year, with a year-to-date net profit of ¥138,804,826.01, up 34.38%[2]. - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥52,362,454.61, an increase of 83.93% year-over-year, while year-to-date it was ¥134,273,396.99, up 80.33%[2]. - Basic and diluted earnings per share for Q3 2024 were both ¥0.32, representing a 39.13% increase compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥1,552,052,751.06, an increase of 13.9% compared to ¥1,363,012,292.42 in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was ¥141,527,243.75, compared to ¥106,864,366.58 in 2023, representing a growth of 32.4%[18]. - The total comprehensive income for the third quarter of 2024 was CNY 145,822,274.09, compared to CNY 107,475,496.42 in the same period of 2023, representing an increase of approximately 35.6%[19]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥2,304,869,475.59, showing a slight decrease of 0.09% from the end of the previous year[3]. - The company's total assets amounted to ¥2,304,869,475.59, slightly down from ¥2,306,986,005.45 in the previous year[15]. - Total liabilities decreased to ¥837,563,730.34 from ¥942,502,830.74, indicating a reduction of approximately 11.1%[15]. - Shareholders' equity attributable to the parent company increased to ¥1,452,581,626.99, a rise of 7.55% compared to the end of the previous year[3]. - The equity attributable to shareholders of the parent company increased to ¥1,452,581,626.99, up from ¥1,350,656,475.19, marking a rise of 7.6%[15]. Cash Flow - Cash flow from operating activities for the year-to-date period was negative at -¥57,393,151.80, a decrease of 75.62% compared to the same period last year[2]. - Cash inflows from operating activities totaled CNY 1,671,211,062.82 for the first three quarters of 2024, down from CNY 1,864,025,031.37 in the same period of 2023, indicating a decrease of about 10.3%[20]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 44,141,239.93, significantly lower than CNY 181,027,933.85 in the same period of 2023, a decline of approximately 75.6%[20]. - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was CNY 233,133,008.80, down from CNY 307,158,759.73 at the end of the same period in 2023, a decrease of approximately 24.1%[21]. - The company received CNY 20,326,365.76 in tax refunds related to operating activities in the first three quarters of 2024, compared to CNY 52,105,305.22 in the same period of 2023, a decline of about 61.0%[20]. - The company reported cash inflows from investment activities of CNY 15,026,916.67 in the first three quarters of 2024, compared to CNY 10,455,968.01 in the same period of 2023, an increase of approximately 43.5%[20]. - The company’s cash outflows for employee payments increased to CNY 252,567,992.48 in the first three quarters of 2024, compared to CNY 221,478,263.16 in the same period of 2023, reflecting an increase of about 14.1%[20]. Expenses - Total operating costs for the first three quarters of 2024 were ¥1,366,720,139.59, up from ¥1,245,562,103.47 in 2023, reflecting a year-over-year increase of 9.7%[16]. - Research and development expenses for the first three quarters were ¥84,487,726.17, nearly unchanged from ¥84,751,297.40 in the previous year[18]. - The company reported a significant increase in sales expenses, which rose to ¥22,691,670.77 from ¥19,273,290.06, reflecting a year-over-year increase of 12.5%[18]. - The company’s financial expenses increased to ¥9,256,768.23 from ¥1,819,204.59, indicating a substantial rise in financial costs[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,672[8]. - The largest shareholder, Qian Xindong, holds 59,560,680 shares, representing 37.12% of total shares[10]. - The company has no significant changes in the top ten shareholders' participation in margin trading[11]. - There are no significant related party transactions among the top ten shareholders[11]. Other Information - The company attributed the increase in net profit to a slight growth in revenue, normalization of raw material procurement costs, and improved management efficiency[6]. - Non-recurring gains for the year-to-date period included government subsidies totaling ¥6,967,420.73, contributing positively to the financial results[4]. - The company has not reported any significant new strategies or product developments in the current quarter[12]. - Deferred income tax assets stood at ¥14,631,498.60, slightly up from ¥14,620,341.75[14]. - Non-current assets include fixed assets valued at ¥657,021,955.62, down from ¥672,774,122.98[13]. - The company has a total current asset of ¥1,499,788,501.10, compared to ¥1,468,863,846.31 in the previous year[13].

证券代码：603380 证券简称：易德龙 公告编号：2024-060 苏州易德龙科技股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 苏州易德龙科技股份有限公司（以下简称"公司"）第四届监事会第三次会 议的通知已于 2024 年 10 月 23 日以邮件形式发送，会议于 2024 年 10 月 29 日上 午以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人，其中监事林其 旭、李楠先生以通讯形式参加会议，会议由监事会主席林其旭主持。本次会议召 集、召开符合《中华人民共和国公司法》及有关法律、法规和《公司章程》的规 定。 二、监事会会议审议情况 特此公告。 苏州易德龙科技股份有限公司监事会 （一）审议通过《关于审议<2024年第三季度报告>的议案》 表决结果：会议以 3 票赞成，0 票弃权，0 票反对，审议通过了《关于审议 <2024 年第三季度报告>的议案》。 经审议，监事会认为：公司《2024 年第三季度报告》的内容真实、准确、 完整地反映 ...

证券代码：603380 证券简称：易德龙 公告编号：2024-059 经与会董事认真讨论，审议通过了以下决议： （一）审议通过《关于审议<2024 年第三季度报告>的议案》 表决结果：会议以 5 票赞成，0 票弃权，0 票反对，审议通过了《关于审议 <2024 年第三季度报告>的议案》。 经审议，董事会认为：公司《2024 年第三季度报告》的内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏； 报告编制和审核的程序符合法律、行政法规的要求，符合中国证券监督管理委员 会及上海证券交易所的相关规定，同意对外报出。 苏州易德龙科技股份有限公司 第四届董事会第三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 苏州易德龙科技股份有限公司（以下简称"公司"）第四届董事会第三次会 议的通知已于 2024 年 10 月 23 日以邮件方式发出，会议于 2024 年 10 月 29 日上 午以现场结合通讯方式召开。会议应到董事 5 人，实到董事 5 人，其中独立 ...