Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has maintained stable performance despite fluctuations in demand and operational challenges, with a gradual stabilization observed in the military electronic components sector. The demand for silicon carbide composite materials in the aviation sector is expected to increase in the second half of the year as the aviation industry progresses [1][3] - The company reported a revenue of 2.15 billion yuan for the first three quarters of 2024, a decrease of 20.7% year-on-year, and a net profit attributable to shareholders of 230 million yuan, down 22.6% year-on-year. The earnings per share (EPS) is 0.50 yuan [1][3] - The revenue for Q3 2024 was 720 million yuan, a year-on-year decrease of 36.2% and a quarter-on-quarter decrease of 6.5%. The net profit for Q3 2024 was 62 million yuan, an increase of 60.8% year-on-year but a decrease of 31.5% quarter-on-quarter [1][3] Financial Summary - The company achieved a gross margin of 32.4% for the first three quarters of 2024, an increase of 0.86 percentage points, attributed to an optimized revenue structure with a higher proportion of high-margin businesses. The gross margin for Q3 2024 was 31.5%, a decrease of 1.8 percentage points quarter-on-quarter [1][3] - The net cash flow from operating activities increased by 41.4% year-on-year, mainly due to a decrease in cash payments for procurement as the business scale declined [1][3] - The company has ongoing construction projects, including the Zihua Garden factory and various ceramic capacitor projects, with the medium-layer ceramic capacitor industrialization project expected to be operational by December 2024 [1][3] Financial Data - For 2024E, the projected revenue is 2.945 billion yuan, with a year-on-year growth rate of -15.93%. The projected net profit attributable to shareholders is 299 million yuan, with a growth rate of -5.98% [3][6] - The company’s total assets are projected to be 7.919 billion yuan in 2024E, with total liabilities of 2.251 billion yuan [7][8] - The company’s earnings per share (EPS) for 2024E is projected to be 0.65 yuan, with a price-to-earnings (P/E) ratio of 41.63 [3][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance shows a trend of improvement quarter by quarter, with a significant year-on-year increase of 60.84% in net profit for Q3 2024, despite a decline in overall revenue due to market demand slowdown [1] - The balance sheet is relatively lightweight, with a notable decrease in accounts receivable and payable, leading to a significant improvement in operating cash flow, which increased by 41.44% year-on-year [2] - The company has engaged in several capital operations to enhance operational efficiency and market competitiveness, including a capital increase in its subsidiary and acquiring a 40% stake in Fujian Millimeter Electronics [3] - The forecast for net profit from 2024 to 2026 has been slightly adjusted, with expected figures of 367 million, 518 million, and 666 million yuan respectively, corresponding to P/E ratios of 35, 25, and 20 times [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 2.151 billion yuan, a year-on-year decrease of 20.73%, and a net profit of 226 million yuan, down 22.63% year-on-year [1] - The third quarter saw a revenue of 725 million yuan, a decline of 36.23% year-on-year, but the net profit increased significantly due to higher sales of value-added products [1] Balance Sheet and Cash Flow - As of Q3 2024, accounts receivable and accounts payable decreased by 29.67% and 26.81% respectively, while inventory saw a slight decline of 0.15% [2] - The net cash flow from operating activities reached 568 million yuan, marking a 41.44% increase year-on-year [2] Capital Operations - The company announced three significant capital operations in 2024, including a 100 million yuan capital increase in its subsidiary and a 120 million yuan investment in Fujian Millimeter Electronics to enhance its capital strength [3] Profit Forecast - The company expects strong demand in the defense sector to drive revenue growth in its component business, with a slight downward adjustment in profit forecasts for 2024-2026 [4]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its industry position and growth potential in new business areas [1][3]. Core Insights - The company reported a 61% year-on-year increase in net profit for Q3 2024, despite a 20.7% decline in revenue year-to-date [1]. - The overall market demand has slowed, leading to a decrease in revenue and profit, but the decline rate has significantly narrowed [1]. - The company has fully acquired Fujian Millimeter, enhancing its core competitiveness in self-produced components [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.151 billion yuan, down 20.7% year-on-year, and a net profit of 226 million yuan, down 22.6% year-on-year [1]. - In Q3 2024, the company recorded revenue of 725 million yuan, a decrease of 36.2% year-on-year, but net profit increased by 60.8% to 62 million yuan [1]. - The gross margin for the first three quarters of 2024 improved by 0.9 percentage points to 32.4%, while the net margin decreased by 0.7 percentage points to 9.9% [1]. Future Earnings Forecast - The company expects net profits for 2024, 2025, and 2026 to be 318 million yuan, 454 million yuan, and 603 million yuan respectively, with corresponding PE ratios of 41x, 29x, and 22x [1][4].

证券代码： 603678 证券简称：火炬电子 公告编号：2024-071 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 关于向控股子公司提供财务资助暨关联交易的公告 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： 交易简要内容：为支持广州天极电子科技股份有限公司（以下简称"天 极科技"）业务发展，满足其资金周转及生产经营需求，福建火炬电子科技股份 有限公司（以下简称"公司"）在不影响自身正常经营的前提下，以自有或自筹 资金为其提供总额不超过人民币 18,000 万元（含本数）的财务资助，约占公司 最近一期经审计归属于上市公司股东净资产的 3.32%。期限自董事会审议通过之 日起不超过 3 年，借款年利率不低于公司同类业务同期银行贷款利率，具体以实 际签订的协议为准。 特别风险提示：本次提供财务资助的对象为公司的控股子公司，公司对 其具有实质的控制与影响，能够对其实施有效的业务、资金管理和风险控制，确 保公司资金安全。本次财务资助事项整体风险可控，借款利率公平合理，不存在 损害公司及 ...

证券代码： 603678 证券简称：火炬电子 公告编号：2024-072 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 关于计提资产减值准备的公告 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。 福建火炬电子科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第六届董事会第十七次会议、第六届监事会第十二次会议审议通过《关于 计提资产减值准备的议案》，具体情况如下： 一、 计提减值准备情况概述 根据《企业会计准则》及公司会计政策的相关规定，为真实反映本公司财务 状况和经营情况，基于谨慎性原则，公司对截止至 2024 年 9 月 30 日合并财务报 表范围内的各项资产进行了减值测试，对存在减值迹象的资产计提减值准备，根 据减值测试结果，相应计提信用减值损失 1,359.59 万元和资产减值损失 2,854.00 万元，具体情况如下（损失以"-"号填列）： | | 项目 | 本期金额（万元） | | --- | --- | --- | | 信用减值损失 | 应收票据坏账损失 | ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-070 | | --- | --- | --- | | 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 第六届监事会第十二次会议决议的公告 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法律责任。 福建火炬电子科技股份有限公司（以下简称"公司"）第六届监事会第十二 次会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯方式召开，本次会议 由监事会主席曾小力先生召集并主持，应出席监事 3 人，实际出席监事 3 人，公 司董事会秘书列席会议，会议的召集、召开符合《公司法》及《公司章程》的规 定，本次会议审议通过如下决议： 1、审议《公司 2024 年第三季度报告》； 2、审议《关于向控股子公司提供财务资助暨关联交易的议案》； 监事会认为：在不影响公司自身正常经营的前提下，公司为广州天极电子科 技股份有限公司（以下简称"天极科技"）提供总额不超过人民币 18,000 万元 （含本数）的财务资助，有利于其主营业务的正常 ...

Revenue and Profitability - Revenue for Q3 2024 was CNY 724,522,424.67, a decrease of 36.23% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 61,688,638.25, an increase of 60.84% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 0.14, up 55.56% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 2,151,242,650.98, a decrease of 20.7% compared to CNY 2,713,974,813.58 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 213,928,464.47, a decline of 25.7% compared to CNY 288,049,228.60 in the same period of 2023[17] - The net profit attributable to the parent company shareholders for the third quarter was ¥225,960,669.09, a decrease of 22.6% compared to ¥292,036,208.69 in the same period last year[18] - The total comprehensive income for the third quarter was ¥211,898,902.54, down from ¥297,111,782.99 year-over-year, reflecting a decline of 28.6%[18] - The basic earnings per share for the third quarter was ¥0.50, compared to ¥0.64 in the same period last year, representing a decrease of 21.9%[18] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 7,613,300,084.22, a decrease of 3.87% from the end of the previous year[3] - As of September 30, 2024, the company's total current assets amounted to RMB 4,386,647,755.31, a decrease of 7.36% from RMB 4,735,376,944.28 at the end of 2023[14] - The company's total assets were CNY 7,613,300,084.22, down from CNY 7,919,674,036.94, indicating a decrease of 3.9%[16] - Total liabilities decreased to CNY 1,867,546,686.57 from CNY 2,251,305,128.23, reflecting a reduction of 16.9%[16] - The company's long-term equity investments decreased to RMB 20,954,419.78 from RMB 23,154,201.29, a decline of 9.49%[14] - The company's goodwill remained relatively stable at CNY 132,162,835.87, compared to CNY 132,314,812.73 in the previous year[16] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was CNY 567,917,052.88, an increase of 41.44% year-on-year[2] - Cash flow from operating activities for the first three quarters was ¥567,917,052.88, an increase of 41.3% from ¥401,530,296.49 in the previous year[20] - Cash inflow from investment activities for the first three quarters was ¥2,312,738,895.58, significantly up from ¥495,799,155.19 year-over-year[21] - The net cash flow from investment activities was -¥598,298,289.16, worsening from -¥329,513,114.79 in the previous year[21] - The company received cash from the recovery of investments amounting to ¥2,049,000,000.00, a substantial increase from ¥209,032,952.62 in the previous year[20] - The company paid cash for investments totaling ¥2,256,426,500.00, compared to ¥251,053,971.35 in the same period last year, indicating a significant increase in investment activity[21] - The net cash flow from financing activities was -¥391,765,990.69, compared to -¥99,205,017.13 in the previous year, reflecting increased cash outflows[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 34,802[8] - Major shareholder Cai Mingtong held 36.32% of the shares, totaling 166,485,440 shares[8] Operational Changes - The company experienced a significant decline in revenue due to a slowdown in market demand, particularly in the trade sector[7] - The company completed a capital increase of RMB 10 million to its wholly-owned subsidiary, Torch Group Holdings, raising its registered capital from HKD 148 million to HKD 244.4 million[11] - The company acquired an additional 40% stake in its subsidiary, Fujian Millimeter Electronics, for RMB 9.4265 million, increasing its ownership from 60% to 100%[12] - A capital increase of RMB 12 million was approved for Fujian Millimeter Electronics, with RMB 10 million converted from debt and RMB 2 million from cash, raising its registered capital to RMB 10 million[12] Expenses - Total operating costs for the first three quarters of 2024 were CNY 1,886,144,828.94, down 17.9% from CNY 2,297,121,180.82 in the previous year[17] - Research and development expenses for the first three quarters of 2024 amounted to CNY 74,794,534.68, a decrease of 20.9% from CNY 94,580,913.28 in the previous year[17] - The company reported a financial expense of CNY 14,804,533.72, down from CNY 23,637,796.92, representing a decrease of 37.5%[17] Asset Composition - The company's cash and cash equivalents decreased to RMB 570,619,150.13 from RMB 998,867,762.25, representing a decline of 42.91%[14] - The accounts receivable stood at RMB 1,522,871,191.25, showing a slight decrease of 0.31% compared to RMB 1,527,568,282.73 in the previous year[14] - The inventory increased to RMB 1,312,802,752.58, up by 0.34% from RMB 1,305,758,812.67[14] - The fixed assets increased to RMB 2,280,706,910.64 from RMB 2,046,130,969.45, reflecting a growth of 11.43%[14] - The company reported a total of RMB 348,327,510.66 in trading financial assets, significantly up from RMB 150,707,100.23, marking an increase of 130.73%[14] - Non-current assets totaled CNY 3,226,652,328.91, an increase of 1.3% from CNY 3,184,297,092.66 in the previous year[16] - The total equity attributable to shareholders increased to CNY 5,508,292,495.28 from CNY 5,415,731,622.69, reflecting a growth of 1.7%[16]

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-069 | | --- | --- | --- | | 转债代码：113582 | 转债简称：火炬转债 | | 公司 2024 年第三季度财务报表已经第六届董事会审计委员会第九次会议审 议通过。 审议结果：7 票赞成，0 票反对，0 票弃权，结果为通过。 内容详见上海证券交易所网站 www.sse.com.cn 同日披露的《火炬电子 2024 年第三季度报告》。 2、 审议《关于向控股子公司提供财务资助暨关联交易的议案》； 福建火炬电子科技股份有限公司 第六届董事会第十七次会议决议的公告 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。 福建火炬电子科技股份有限公司（以下简称"公司"）第六届董事会第十七次 会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯方式召开。本次会议由 董事长蔡劲军先生召集并主持，应出席董事 7 人，实际出席董事 7 人，公司监事 及高级管理人员列席会议。会议的召集、召开符合《公司法》及《公司章程》的 规定，审议通 ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-068 | | --- | --- | --- | | 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 关于提供担保事宜的进展公告（四） 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。 本次福建火炬电子科技股份有限公司（以下简称"公司"）为苏州雷度提供 最高限额人民币 10,000 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，公司已实际为苏州雷度提供的担保余额为 3.60 亿元； 本次担保是否有反担保：无 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 鉴于公司为苏州雷度提供的部分担保已到期，2024 年 10 月 21 日，公司与中 信银行股份有限公司苏州分行重新签订《最高额保证合同》，为苏州雷度提供最 高限额人民币 10,000 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。 （二）本担保事项履行的内部决策程序 公司分别于 2024 年 3 月 15 日、2024 年 ...

鉴于原保荐代表人牟悦佳女士因个人原因已申请从东北证券离职，在完成相 关交接工作后，将不再继续从事对公司的持续督导工作，为保障督导工作的连续 性，东北证券已委派王丹丹女士（简历附后）接替牟悦佳女士担任公司持续督导 之保荐代表人，继续履行持续督导职责。本次变更后，公司持续督导期间的保荐 代表人为贾奇、王丹丹，持续督导期至中国证券监督管理委员会和上海证券交易 所规定的持续督导义务结束为止。 公司董事会对原保荐代表人牟悦佳女士在持续督导期间所做出的贡献表示 衷心感谢！ 特此公告。 福建火炬电子科技股份有限公司董事会 | 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-067 | | --- | --- | --- | | 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 关于变更持续督导保荐代表人的公告 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。 福建火炬电子科技股份有限公司（以下简称"公司"）近日收到东北证券股 份有限公司（以下简称"东北证券"）《关于变更福建火炬电子科 ...