Core Viewpoint - Fujian Torch Electronics Technology Co., Ltd. has decided to exercise its early redemption rights for the "Torch Convertible Bonds" due to the stock price meeting the required conditions, which may lead to significant investment losses for bondholders who do not act in time [2][3]. Group 1: Early Redemption Announcement - The company held its 21st meeting of the 6th Board of Directors on March 24, 2025, and approved the proposal for early redemption of the "Torch Convertible Bonds" [2][3]. - The bonds will be redeemed at face value plus accrued interest for those registered on the redemption date [2][3]. - The company will disclose further details regarding the redemption process, price, and timing in subsequent announcements [2][3]. Group 2: Conditions for Redemption - The early redemption was triggered as the stock price closed above 130% of the conversion price of 23.89 CNY per share for fifteen trading days from March 4 to March 24, 2025 [3]. - The company has communicated that bondholders can either trade in the secondary market or convert their bonds at the specified conversion price before the redemption [2][3]. Group 3: Investor Advisory - Bondholders are advised to convert or sell their bonds within the stipulated time frame to avoid forced redemption at 100 CNY per bond plus accrued interest, which could result in substantial losses [2][5]. - It is recommended that investors check for any pledges or freezes on their bonds and resolve these issues to prevent forced redemption [4].

福建火炬电子科技股份有限公司 关于提前赎回"火炬转债"的提示性公告 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： 福建火炬电子科技股份有限公司（以下简称"公司"）于2025年3月 24日召开第六届董事会第二十一次会议，审议通过了《关于提前赎回"火炬 转债"的议案》，决定行使"火炬转债"的提前赎回权利，对赎回登记日登 记在册的"火炬转债"按照债券面值加当期应计利息的价格全部赎回。公司 于2025年3月25日披露了《火炬电子关于提前赎回"火炬转债"的公告》（公 告编号：2025-020）。公司将尽快披露相关公告明确有关赎回程序、价格、 时间等具体事宜。 | 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2025-021 | | --- | --- | --- | | 转债代码：113582 | 转债简称：火炬转债 | | 炬转债"的有条件赎回条款。 公司于 2025 年 3 月 24 日召开第六届董事会第二十一次会议，全票审议通过 了《关于提前赎回"火炬转债"的议案》，决定行使"火炬转债"的提前赎 ...

Investment Rating - The report maintains a "Recommended" rating for Torch Electronics, indicating a positive outlook for the company's performance in the coming months [2][10]. Core Insights - The company reported a total revenue of 2.80 billion yuan for 2024, a decrease of 20.04% year-on-year, and a net profit attributable to shareholders of 194.52 million yuan, down 38.90% year-on-year [3][4]. - Despite the overall revenue decline, the active components segment saw a revenue increase of 25.53%, driven by growth in semiconductor chips across various applications [4]. - The military MLCC market is expected to recover, supported by national defense spending and modernization efforts, positioning the company as a key supplier in this sector [5][6]. - The fourth employee stock ownership plan aims to enhance management efficiency and align employee interests with company performance, with performance targets set for 2025 [6][10]. Financial Performance Summary - In 2024, passive components revenue decreased by 16.36% to 840 million yuan, while active components revenue increased to 150 million yuan [4]. - The company forecasts significant revenue growth in the coming years, with projected earnings per share (EPS) of 1.10 yuan in 2025, 1.40 yuan in 2026, and 1.74 yuan in 2027 [10][11]. - The total revenue is expected to rebound to 4.09 billion yuan in 2025, reflecting a growth rate of 45.91% [11]. Market Position and Strategy - Torch Electronics is recognized as a core supplier of military MLCCs, which is anticipated to drive a recovery in its business performance [5][6]. - The company has established a strong competitive advantage through its extensive experience and proprietary technologies in the electronic components and new materials sectors [6][12].

Investment Rating - The report maintains a "Recommended" rating for Torch Electronics, indicating a positive outlook for the company's performance in the coming months [2][10]. Core Insights - The company reported a total revenue of 280.15 million yuan for 2024, a year-on-year decline of 20.04%, and a net profit attributable to shareholders of 19.45 million yuan, down 38.90% year-on-year [3][4]. - Despite the overall pressure on performance, the active components segment showed growth, with revenue increasing by 25.53% year-on-year [4]. - The company is positioned as a core supplier of military MLCCs in China, with expectations for a recovery in this market segment due to increased defense spending and modernization efforts [5][6]. Summary by Sections Financial Performance - In 2024, passive components revenue decreased by 16.36% to 84 million yuan, with a gross margin of 65.00%, down 9.2 percentage points [4]. - Active components revenue reached 15 million yuan, reflecting a growth of 25.53%, with a gross margin of 7.68%, up 0.8 percentage points [4]. - Ceramic materials revenue fell by 16.18% to 13.4 million yuan, with a gross margin of 51.73%, down 3.87 percentage points [4]. - International trade revenue decreased by 24.60% to 165.4 million yuan, with a gross margin of 14.55%, up 4.1 percentage points [4]. Employee Stock Ownership Plan - The company launched its fourth employee stock ownership plan, covering up to 178 employees, with performance targets set for 2025 [6]. - The plan aims to enhance management efficiency and align employee interests with company performance, reflecting confidence in future growth [6]. Future Outlook - The company forecasts earnings per share (EPS) of 1.10 yuan, 1.40 yuan, and 1.74 yuan for 2025, 2026, and 2027 respectively, indicating a recovery trajectory [10][11]. - The expected revenue growth rates for the next few years are projected at 45.91% for 2025, 23.25% for 2026, and 16.53% for 2027 [11].

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2025-020 | | --- | --- | --- | | 转债代码：113582 | 转债简称：火炬转债 | | 福建火炬电子科技股份有限公司 关于提前赎回"火炬转债"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： 福建火炬电子科技股份有限公司（以下简称"公司"）股票自2025 年3月4日至2025年3月24日期间，满足连续三十个交易日中有十五个交易日 的收盘价格不低于"火炬转债"当期转股价23.89元/股的130%，已触发"火 炬转债"的有条件赎回条款。公司董事会决定行使"火炬转债"的提前赎回 权利，提前赎回"火炬转债"。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 23.89元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当期 应计利息被强制赎回。若被强制赎回，可能面临较大投资损失。 一、"火炬转债"发行上市情况 经中国证券监督管理委员会"证监许可[2020]587 号"文核准，公司于 2020 年 ...

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 行使"火炬转债"提前赎回权利的核查意见 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《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》《可转换公司债券管理办法》《上海证券交易所上市公司 自律监管指引第1号——规范运作》《上海证券交易所上市公司自律监管指引第 12号——可转换公司债券》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行使"火炬转债"提前赎回权利的事项 进行了审慎核查，并出具核查意见如下： 一、"火炬转债"发行上市情况 经中国证券监督管理委员会"证监许可[2020]587 号"文核准，公司于 2020 年 5 月 27 日公开发行了 60 万手可转换公司债券，每张面值 100 元，发行总额 60,000.00 万元，期限 6 年，票面利率为第一年 0.40%、第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 经上 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [4][6]. Core Views - The company reported a revenue of 2.802 billion yuan for 2024, a year-over-year decrease of 20.0%, and a net profit attributable to shareholders of 195 million yuan, down 38.9% year-over-year. The performance aligns with market expectations, influenced by macroeconomic conditions and industry cyclicality [1]. - The company is expected to experience a recovery in demand, with a projected revenue of no less than 4 billion yuan in 2025, representing a growth rate of at least 42.8% [3][4]. - The company is focusing on three strategic areas: electronic components, new materials, and international trade, with a particular emphasis on the recovery of its main business in MLCC (Multi-Layer Ceramic Capacitors) [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 650 million yuan, a decline of 17.6% year-over-year, resulting in a net loss of 31 million yuan, marking its first historical loss due to insufficient demand [1]. - The gross margin for 2024 improved by 0.6 percentage points to 31.2%, while the net margin decreased by 2.7 percentage points to 6.3% [1]. - The company recorded impairment losses totaling 6.594 million yuan, impacting its profit for the year [1]. Product Segmentation - Revenue from passive components decreased by 16.4% to 840 million yuan, with a gross margin decline of 9.20 percentage points to 65.0% [2]. - Revenue from active components increased by 25.5% to 150 million yuan, with a gross margin improvement of 0.82 percentage points to 7.7% [2]. - Revenue from international trade fell by 24.6% to 1.65 billion yuan, although the gross margin increased by 4.10 percentage points to 14.6% [2]. Cost and Expenses - The company's expense ratio increased by 4.0 percentage points to 22.2%, with sales expenses rising by 1.0 percentage point to 6.1% and management expenses increasing by 3.3 percentage points to 11.1% [3]. - Accounts receivable decreased by 14.6% to 1.7 billion yuan, while inventory increased by 0.3% to 1.31 billion yuan [3]. Future Projections - The company forecasts net profits of 492 million yuan, 618 million yuan, and 744 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36x, 28x, and 24x [4][5]. - The employee stock ownership plan sets ambitious performance targets for 2025, aiming for a revenue of at least 4 billion yuan and a net profit of no less than 500 million yuan [3].

rsm 容诚 容诚审字[2025]361Z0230 福建火炬电子科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了福建火炬电子科技股份有限公司（以下简称"火炬电子公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制审计报告 福建火炬电子科技股份有限公司 容诚审字[2025]361Z0230 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进在整 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查查 。 内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是火炬 电子公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制 ...

福建火炬电子科技股份有限公司 2024 年度独立董事述职报告 （林涛） 本人林涛作为福建火炬电子科技股份有限公司（下称"公司"）的独立董事， 在任期间严格按照《公司法》《上市公司治理准则》《上市公司独立董事管理办法》 等法律法规以及《公司章程》的规定，认真履行职责，充分发挥独立董事作用， 全面关注公司发展，积极了解公司生产经营状况，切实维护公司和全体股东的共 同利益，现就本人在 2024 年度的工作情况报告如下： 一、独立董事基本情况 （一）个人履历 林涛先生：中国国籍，无境外永久居留权，1972 年 3 月出生，博士、教授。 1999 年起在厦门大学会计系任教至今。现任厦门建发股份有限公司独立董事、浙 江开创电气股份有限公司独立董事、本公司独立董事。 （二）独立性自查情况说明 作为公司独立董事，本人对自身独立性进行了自查，本人未在公司担任除独 立董事及董事会专门委员会委员以外的任何职务，能够独立履行职责，不受公司 主要股东、实际控制人或者其他与公司存在利害关系的单位或个人的影响，符合 《上市公司独立董事管理办法》第六条规定的独立性要求，并在履职中保持客观、 独立的专业判断，不存在影响独立性的情况。 二、独立 ...