Summary of Key Points Core Viewpoint - The company, Fujian Torch Electronic Technology Co., Ltd., has provided a guarantee of up to RMB 30 million for its wholly-owned subsidiary, Shenzhen Leidu Electronics Co., Ltd., to support its business operations [1][2]. Group 1: Guarantee Details - The maximum principal limit of the guarantee is RMB 30 million, which includes the principal, interest, and other related fees [1][3]. - The company has not provided any actual guarantee balance prior to this announcement [1]. - There are no counter-guarantees associated with this guarantee [1]. Group 2: Internal Decision-Making Process - The company held board meetings on March 20, 2025, and April 11, 2025, to approve the guarantee proposal, which is within the authorized limit of up to RMB 2.251 billion for the year 2025 [2]. - The guarantee is part of a broader plan to provide a total of RMB 0.15 billion in guarantees for subsidiary transactions with suppliers [2]. Group 3: Financial Status of the Guaranteed Entity - Shenzhen Leidu's total assets are reported at RMB 355.83 million (unaudited) and RMB 318.49 million (audited) [2]. - The total liabilities are RMB 235.63 million (unaudited) and RMB 198.83 million (audited), resulting in a net asset value of RMB 120.20 million (unaudited) and RMB 119.65 million (audited) [2]. - The company's revenue is RMB 100.07 million (unaudited) and RMB 291.07 million (audited), with net profits of RMB 0.55 million (unaudited) and RMB 4.82 million (audited) [2]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational needs of the subsidiary and aligns with the company's overall interests and development strategy [3]. - The subsidiary, Shenzhen Leidu, is in good financial standing and has the ability to repay, allowing the company to effectively manage operational risks [3]. Group 5: Cumulative External Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 1.562 billion, which represents 28.48% of the audited net assets as of December 31, 2024 [3]. - There are no overdue guarantees, and the guarantees provided to the listed company by its subsidiaries total RMB 960 million, accounting for 17.50% of the audited net assets [3].

Core Viewpoint - The company has announced a cash dividend distribution plan for the year 2024, with a total cash dividend of 28,465,125.18 yuan to be distributed to shareholders [2][3]. Dividend Distribution Plan - The cash dividend is set at 0.06 yuan per share (before tax), with a distribution ratio of 0.60 yuan for every 10 shares held [2][3]. - The total number of shares eligible for the dividend distribution is 474,418,753 shares, excluding shares held in the repurchase account [2][3]. - The remaining undistributed profits will be carried forward to future distributions [2]. Important Dates - The key dates for the dividend distribution are as follows: - Equity registration date: May 28, 2025 - Last trading day: May 29, 2025 - Ex-dividend date: May 29, 2025 - Cash dividend payment date: To be determined [3][6]. Calculation of Ex-Dividend Price - The ex-dividend reference price will be calculated using the formula: Ex-dividend reference price = (Previous closing price - Cash dividend) / (1 + Change in circulating shares ratio) - Given that there is no change in circulating shares, the formula simplifies to: Ex-dividend reference price = (Previous closing price - 0.05986) [3][6]. Tax Implications - For individual and institutional investors, the actual cash dividend received may vary based on the holding period and applicable tax regulations: - For shares held over one year, the dividend income is exempt from individual income tax [6][7]. - For shares held within one year, tax will be withheld upon transfer of shares [6][7]. - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of 0.054 yuan per share [7]. Contact Information - Shareholders can inquire about the dividend distribution details through the company's board office at the provided contact numbers [8].

(二) 本次差异化权益分派的原因 东北证券股份有限公司 关于福建火炬电子科技股份有限公司 差异化权益分派事项的核查意见 东北证券股份有限公司（以下简称"东北证券"或"保荐机构"）作为福建火 炬电子科技股份有限公司（以下简称"火炬电子"或"公司"）公开发行可转换公 司债券的保荐及持续督导机构,根据《中华人民共和国公司法》（以下简称 "公司法"）《中华人民共和国证券法》(以下简称"证券法")《上海证券 交易所上市公司自律监管指引第7号——回购股份》（以下简称"《回购指 引》")等相关法律、行政法规、部门规章及其他规范性文件的相关规定,本 保荐机构对火炬电子本次差异化权益分派相关事项进行了审慎核查,并出具核 查意见如下: 一、差异化权益分派的方案和原因 (一) 本次差异化权益分派的方案 经第六届董事会第二十次会议、2024 年年度股东大会审议通过，公司 2024 年年度利润分配方案为:以权益分派股权登记目的总股本,扣除回购专用证券账 户的股份为基数,向全体股东每 10 股派发现金红利 0.60元(含税)。截至本核 查意见出具日前一交易日,即 2025 年 5 月 20 日,公司总股本为 475,566,631 股, ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-040 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 为满足下属子公司业务经营需要，公司于 2025 年 5 月 21 日与招商银行股份 有限公司深圳分行签订《最高额不可撤销担保书》，为深圳雷度提供最高本金限 额人民币 3,000 万元及主债权的利息及其他相关费用之和的连带责任担保。 福建火炬电子科技股份有限公司 关于提供担保事宜的进展公告（五） 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： 被担保人名称：深圳雷度电子有限公司（以下简称"深圳雷度"） 本次担保金额及实际为其提供的担保余额： 本次福建火炬电子科技股份有限公司（以下简称"公司"）为深圳雷度提供 最高本金限额人民币 3,000 万元及主债权的利息及其他相关费用之和的连带责任 担保，除此之外，公司已实际为深圳雷度提供的担保余额为 0 元。 本次担保是否有反担保：无 （二）本担保事项履行的内部决策程序 公司分别于 2025 年 3 月 20 日、2025 年 4 月 1 ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-041 福建火炬电子科技股份有限公司 2024年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经福建火炬电子科技股份有限公司（以下简称"公司"）2025 年 4 月 11 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东， 但存放于回购专用证券账户的股份不参与本次利润分配。 3. 差异化分红送转方案： （1）公司 20 ...

Group 1 - Torch Electronics has experienced a decline for six consecutive trading days, with a cumulative drop of -10.57% [1] - Founded in 1989, Torch Electronics is one of the first companies in China to obtain aerospace-grade product certification, with products widely used in aviation, aerospace, shipping, telecommunications, electricity, rail transportation, and new energy sectors [1] - In the first quarter of this year, Invesco Great Wall Fund's Invesco Great Wall Quality Evergreen Mixed A Fund entered the top ten shareholders of Torch Electronics, marking a new investment [1] Group 2 - The Invesco Great Wall Quality Evergreen Mixed A Fund has achieved a year-to-date return of 9.51%, ranking 736 out of 4546 in its category [2] - The fund manager, Nong Bingli, has a background in research and analysis within the finance sector, having previously worked at various financial institutions [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - Capacitor sales are experiencing growth against the trend, with a gradual recovery in downstream demand. Despite a decline in overall performance due to a prolonged industry downturn in 2024, key products such as pulse capacitors, tantalum capacitors, and supercapacitors have shown resilient sales growth. The company's profit primarily comes from the components segment, where specialized electronic components face high entry barriers and stable competition [4]. - The company has become one of the first to pass aerospace-grade MLCC certification, establishing strong partnerships in both military and civilian markets. The multilayer ceramic capacitors (MLCC) are widely used in various fields, including aerospace, medical electronics, and industrial control [5]. - The development of specialized high-performance new materials presents significant opportunities, particularly in aerospace applications. These materials, which have high-temperature resistance and low density, are crucial for manufacturing ceramic matrix composites (CMC) used in defense and energy sectors [6][7]. Financial Summary - The company reported a revenue of 762 million yuan in Q1 2025, representing a year-on-year increase of 16.96% and a quarter-on-quarter increase of 17.19%. The net profit attributable to shareholders was 107 million yuan, up 43.60% year-on-year and 439.25% quarter-on-quarter, indicating a clear recovery in industry conditions [3][4]. - Revenue projections for 2025-2027 are estimated at 3.928 billion, 4.893 billion, and 6.201 billion yuan, respectively, with corresponding EPS of 1.01, 1.31, and 1.72 yuan. The current stock price corresponds to PE ratios of 38, 29, and 22 times for the respective years [8][10].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - Capacitor sales are experiencing growth against the trend, with a gradual recovery in downstream demand. Despite a decline in overall performance due to a prolonged industry downturn in 2024, key products such as pulse capacitors, tantalum capacitors, and supercapacitors have shown resilient sales growth. The company's profit primarily comes from the components segment, where specialized electronic components have high entry barriers and a stable competitive landscape. The first quarter of 2025 saw a year-on-year revenue increase of 16.96% and a net profit increase of 43.60% [4][3]. - The company is among the first to pass aerospace-grade MLCC certification, with applications in military and civilian sectors. The multilayer ceramic capacitors (MLCC) are widely used in various fields, including aerospace, medical electronics, and industrial control. The company has established strong partnerships with special enterprises and is actively exploring new markets in power grids, rail transportation, industrial control, and renewable energy [5][6]. - The development of special high-performance new materials presents significant opportunities, particularly in aerospace applications. These materials, which have high-temperature resistance and low density, are crucial for manufacturing ceramic matrix composites (CMC). The aerospace sector is rapidly adopting these materials, leading to expanded commercial opportunities for the company [6][7]. Financial Forecast - The company is projected to achieve revenues of 39.28 billion, 48.93 billion, and 62.01 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.01, 1.31, and 1.72 yuan for the same years. The current stock price corresponds to price-to-earnings (PE) ratios of 38, 29, and 22 times for the respective years [8][10].

Core Viewpoint - Torch Electronics has shown resilience in capacitor sales despite a downturn in overall industry demand, with significant growth in key product segments and promising prospects in high-performance materials [1][2]. Group 1: Financial Performance - In Q1 2025, Torch Electronics achieved revenue of 762 million yuan, representing a year-on-year increase of 16.96% and a quarter-on-quarter increase of 17.19% [1][2]. - The net profit attributable to shareholders reached 107 million yuan, marking a year-on-year growth of 43.60% and a remarkable quarter-on-quarter increase of 439.25% [1][2]. Group 2: Market Dynamics - Despite a general decline in orders due to low industry sentiment in 2024, sales of pulse capacitors, tantalum capacitors, and supercapacitors have increased, indicating a recovery in downstream demand [2]. - The company has established a stable competitive landscape in the special electronic components market, which has high entry barriers due to stringent requirements for confidentiality and reliability [2]. Group 3: Product Development and Applications - Torch Electronics is among the first companies in China to obtain aerospace-grade MLCC certification, actively engaging in both military and civilian markets [3]. - The company is focusing on expanding its market presence in power grids, rail transportation, industrial control, and new energy sectors [3]. Group 4: Future Growth Potential - The company’s special high-performance materials, which have advantages such as high-temperature resistance and low density, are expected to see significant growth opportunities, particularly in aerospace applications [4]. - The forecasted revenues for 2025, 2026, and 2027 are 3.928 billion yuan, 4.893 billion yuan, and 6.201 billion yuan, respectively, with corresponding EPS of 1.01 yuan, 1.31 yuan, and 1.72 yuan [5].

Investment Rating - The investment rating for the company is "Buy" with a target price set at 38 CNY, maintained for the next six months [7]. Core Views - The company reported a significant year-on-year growth in revenue and net profit for Q1 2025, with total revenue reaching 762 million CNY, up 16.96%, and net profit attributable to shareholders at 107 million CNY, up 43.6% [1]. - The company's self-produced components business generated revenue of 271 million CNY, accounting for 35.56% of total revenue, reflecting an 11.78% increase year-on-year. This growth is expected to continue due to the recovery of orders and the new equipment cycle initiated by the "14th Five-Year Plan" [2]. - The new materials segment achieved revenue of 72 million CNY, representing a remarkable growth of 176.69% year-on-year, driven by advancements in core products such as polycarbosilane and fiber materials [2]. - The company is positioned as a core supplier in the strategic ceramics materials market, which is anticipated to see accelerated penetration in new generation aerospace equipment, indicating a broad market opportunity [2]. Financial Summary - The company is projected to achieve net profits of 502 million CNY, 722 million CNY, and 905 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.98, 25.02, and 19.96 [3]. - Revenue forecasts for the years 2025 to 2027 are 3.75 billion CNY, 5.00 billion CNY, and 6.45 billion CNY, with growth rates of 33.98%, 33.24%, and 28.93% respectively [4]. - The EBITDA for the same period is expected to be 903.76 million CNY, 1,184.80 million CNY, and 1,413.77 million CNY [4].