Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry position and growth potential in new business areas [1][3]. Core Views - The company reported a revenue of 1.427 billion yuan for the first half of 2024, a year-over-year decline of 9.6%, with a net profit attributable to shareholders of 164 million yuan, down 35.2% year-over-year. The performance aligns with market expectations, influenced by fluctuations in industry demand and price adjustments to maintain market share [1]. - The company has shown a clear trend of improvement in net profit over the last two quarters, with a significant quarter-on-quarter increase of 21.1% in Q2 2024, following a 182.0% increase in Q1 2024 [1]. - The company is a leading player in the special MLCC market and is expanding its core competencies in active power devices, with ceramic-based composite materials expected to open new growth avenues [1]. Financial Summary - For 2024, the company is projected to achieve a revenue of 4.054 billion yuan, representing a growth rate of 15.7% compared to 2023. The net profit attributable to shareholders is expected to be 375 million yuan, reflecting a growth rate of 17.9% [2][4]. - The company’s gross margin for the first half of 2024 decreased by 6.4 percentage points to 32.9%, while the net margin fell by 5.4 percentage points to 11.1% [1]. - The company has increased its R&D investment, with R&D expenses amounting to 50.979 million yuan in the first half of 2024, accounting for 8.41% of its main business revenue [1]. Product and Market Performance - The company’s self-produced components business generated revenue of 540 million yuan in the first half of 2024, down 17.36% year-over-year, while its international trade business achieved revenue of 810 million yuan, a decline of 3.40% year-over-year [1]. - The company’s subsidiaries, such as Fujian Millimeter and Tianji Technology, have made significant business breakthroughs, with Fujian Millimeter's self-produced business revenue increasing by 16% year-over-year [1]. Future Outlook - The company is expected to see net profits of 3.75 billion yuan, 4.38 billion yuan, and 5.05 billion yuan from 2024 to 2026, with corresponding price-to-earnings ratios of 29x, 25x, and 22x [1][2].

Dividend Distribution - The company plans to distribute a cash dividend of 0.70 RMB per 10 shares, totaling approximately 31,883,041.61 RMB based on a total share capital of 458,339,982 shares as of July 31, 2024[4]. - The company has not disclosed any plans for stock increases or bonus shares in the current dividend distribution proposal[4]. - The company distributed cash dividends of 1.50 yuan per 10 shares, totaling 68.32 million yuan[41]. - The company plans to distribute a cash dividend of 0.70 RMB per 10 shares (including tax) to all shareholders, pending approval at the shareholders' meeting[62]. Financial Performance - The report period covers from January 1, 2024, to June 30, 2024[9]. - The company's operating revenue for the first half of 2024 was ¥1,426,720,226.31, a decrease of 9.58% compared to ¥1,577,799,821.93 in the same period last year[16]. - Net profit attributable to shareholders was ¥164,272,030.84, down 35.24% from ¥253,682,339.48 year-on-year[16]. - Basic earnings per share decreased to ¥0.36, a decline of 34.55% from ¥0.55 in the previous year[17]. - The weighted average return on equity fell to 3.00%, down 1.71 percentage points from 4.71% in the same period last year[17]. - The company's net cash flow from operating activities was ¥489,988,650.73, a decrease of 14.02% compared to ¥569,878,272.79 last year[16]. - The total assets at the end of the reporting period were ¥7,576,410,739.44, down 4.33% from ¥7,919,674,036.94 at the end of the previous year[16]. - The company achieved total operating revenue of 1,426.72 million yuan in the first half of 2024, a year-on-year decrease of 9.58%[35]. - Net profit attributable to shareholders of the listed company was 164.27 million yuan, down 35.24% year-on-year[35]. - The total comprehensive income for the first half of 2024 was CNY 160,201,602.61, down 41.0% from CNY 271,775,596.07 in the same period of 2023[113]. Risk Management - The report includes a detailed description of potential risks faced by the company, which investors should consider[6]. - The company faces risks related to fluctuations in downstream market demand, which could impact revenue from its capacitor production and sales business[55]. - The company is exposed to market competition risks in the capacitor manufacturing industry, where it competes with established international players[56]. - The company has implemented a robust customer credit management system to mitigate the risk of bad debts, although some clients may experience longer payment cycles[59]. Corporate Governance - The board of directors and management confirm the accuracy and completeness of the financial report, with no significant omissions or misleading statements[2]. - The company has established a corporate governance structure including a board of directors, supervisory board, and various functional departments[134]. - The company has fulfilled its commitments regarding the integrity of the controlling shareholders and actual controllers during the reporting period[81]. Research and Development - The company has accumulated 635 patents, including 120 invention patents, demonstrating strong R&D capabilities[31]. - The company initiated 13 key technology development projects and 12 resistance research projects during the reporting period[40]. - Research and development expenses amounted to 50.98 million yuan, representing 8.41% of the main business revenue[40]. - The company has recognized the rapid market demand for high-performance capacitors in emerging sectors such as 5G and automotive electronics[56]. Environmental Compliance - The company processed 3,049 tons of wastewater in the first half of 2024, with a total nitrogen discharge of 0.009527 tons[64]. - The wastewater discharge concentration limits were set at ≤500 mg/L for CODCr and ≤35 mg/L for ammonia nitrogen, complying with the GB8978-1996 standard[64]. - The company has established a wastewater treatment facility with a capacity of 100 tons per day, ensuring compliance with local discharge requirements[68]. - The company has implemented a real-time monitoring system for non-methane total hydrocarbons emissions from its facilities[69]. - The company has completed environmental impact assessments and obtained necessary permits for pollution control facilities[71]. - The company reported no exceedances in pollutant emissions during the reporting period[64]. - The company has achieved ISO 14001 environmental management system certification, emphasizing sustainable development and social responsibility[76]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 34,830[92]. - The largest shareholder, Cai Mingtong, holds 166,485,440 shares, representing 36.32% of total shares[93]. - The second-largest shareholder, Cai Jinjun, holds 25,259,655 shares, representing 5.51% of total shares, with 3,500,000 shares pledged[93]. - The top ten shareholders include various investment funds, with the largest fund holding 19,324,006 shares, representing 4.22%[93]. Investment Activities - The company has cumulatively invested RMB 42,186.21 thousand of the raised funds, representing 71.38% of the total net amount raised[84]. - The company has completed investments in 3 projects through its wholly-owned subsidiary, totaling 44 million RMB, and has also invested 180 million JPY in one project through its subsidiary in Japan[89]. - The company has not conducted any investment activities in the newly established investment partnerships during the reporting period[89]. Financial Instruments and Accounting - The company recognizes financial instruments when it becomes a party to the contract, with financial assets derecognized when cash flow rights are terminated[161]. - Financial liabilities are derecognized when the obligation is discharged, and new financial liabilities are recognized upon substantial modification of terms[161]. - The company classifies financial assets into three categories: amortized cost, fair value through profit or loss, and fair value through other comprehensive income[162]. - Expected credit losses are recognized for financial assets measured at amortized cost and fair value through other comprehensive income, based on the risk of default[167]. Capital Structure - The company has a registered capital of 458,339,982 yuan as of June 30, 2024[133]. - The company issued 600,000 convertible bonds with a total amount of 60,000.00 million, which can be converted into shares at an initial price of 25.33 yuan per share[133]. - As of June 30, 2024, 182,758,000 yuan of the convertible bonds have been converted into 7,215,582 shares[133]. Operational Expansion - The company is focusing on the electronic components and new materials sectors, which are expected to benefit from government policies and technological advancements[20][21]. - The company has established production bases in Quanzhou, Guangzhou, and Chengdu, with operational centers in Shanghai, Beijing, and Shenzhen[23]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[121].

福建火炬电子科技股份有限公司 第六届董事会第十六次会议决议的公告 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"）第六届董事会第十六 次会议于 2024 年 8 月 19 日在公司会议室以现场方式召开。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 议通过如下决议： 1、 审议《公司 2024 年半年度报告及摘要》； 公司 2024 年半年度财务报告已经第六届董事会审计委员会第八次会议审议 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 年半年度报告》及《火炬电子 2024 年半年度报告摘要》。 | 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-055 | | --- | --- | --- | | 转债代码：113582 ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-057 | | --- | --- | --- | | 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 2024 年半年度募集资金存放与实际使用情况专项报告 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。 根据《上市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》 《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 市公司自律监管指南第1号—公告格式》的有关规定，现将公司2024年半年度募集 资金存放与使用情况报告如下： 一、 募集资金基本情况 （一）募集资金基本情况 经中国证券监督管理委员会"证监许可［2020］587 号"文核准，公司公开发 行可转换公司债券 600 万张，每张面值为 100 元，募集资金总额为 60,000 万元， 扣除发行费用 897.25 万元（不含税）后，实际募集资金净额为人民币 59,102.75 万元。 上述募集资金已于 2020 年 6 月 2 日全 ...

证券代码： 603678 证券简称：火炬电子 公告编号：2024-059 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 关于增加闲置自有资金现金管理额度的公告 履行的审议程序：福建火炬电子科技股份有限公司（以下简称"公司"） 第六届董事会第十六次会议、第六届监事会第十一次会议审议通过了《关于增加 闲置自有资金现金管理额度的议案》，该议案无需提交股东大会审议。 特别风险提示：公司现金管理产品为安全性高、流动性好的金融机构所 发行的保本型产品，但金融市场受宏观经济影响较大，不排除现金管理受到市场 风险、政策风险、流动性风险、不可抗力风险等因素从而影响预期收益。 一、 使用闲置自有资金进行现金管理额度的调整情况 公司于 2024 年 4 月 26 日审议通过《关于公司及子公司使用部分闲置自有资 金进行现金管理的议案》，同意使用最高额不超过 6 亿元人民币或等额外币（含 本数）的闲置自有资金进行现金管理，有效期自董事会审议通过之日起不超过 12 个月。为进一步提高闲置自有资金使用效率，增加公司资金收益，本次拟增 加使用不超过 4 亿元人民币或等额外币（含本数）的自有资金进行现金管理，即 ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-060 | | --- | --- | --- | | 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 关于召开 2024 年第三次临时股东大会的通知 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： 股东大会召开日期：2024年9月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 6 日 至 2024 年 9 月 6 日 (一) 股东大会类型和届次 2024 年第三次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 6 日 14 点 30 分 召开地点：福建 ...

福建火炬电子科技股份有限公司 第六届监事会第十一次会议决议的公告 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"）第六届监事会第十一 次会议于 2024 年 8 月 19 日在公司会议室以现场方式召开，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 年半年度报告及其摘要》； 监事会认为：公司 2024 年半年度报告的编制和审核程序符合法律、法规及 上市监管机构的规定，报告的内容真实、准确、完整地反映公司的实际情况。截 至监事会决议出具之日，未发现参与报告编制和审议的人员存在违反保密规定的 行为。 | 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-056 | | --- | --- | --- | | 转债代码：113582 | 转债简称：火炬转债 | | 监事会认为：公司 2024 年 ...

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。 | 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-058 | | --- | --- | --- | | 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 2024 年半年度利润分配预案的公告 重要内容提示： 每股分配比例：每 10 股派发现金红利 0.70 元（含税）。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配金额不变，相应调整分配总额，并将在相关公告中披露。 一、2024 年半年度利润分配预案内容 根据公司2024年半年度财务报告（未经审计），截至2024年6月30日，公司母 公司报表中期末未分配利润为2,291,028,919.37元。经董事会决议，公司2024 年半年度利润分配方案如下： 以权益分派股权登记日的总股本，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0.70元（含税）。截止2024年7月31日，公司总股本 为458,339,982股，扣除回购专用证券账 ...

福建火炬电子科技股份有限公司 信息披露管理制度 第二章 信息披露的基本原则和一般规定 第四条 信息披露义务人应当根据法律、法规、部门规章、《上市规则》及 上交所发布的办法和通知等相关规定，履行信息披露义务。 第五条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当 真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重 大遗漏。 （经公司第六届董事会第十五次会议批准生效） 第一章 总 则 第一条 为了规范福建火炬电子科技股份有限公司（以下简称"公司"）及 其他信息披露义务人的信息披露行为，加强信息披露事务管理，保护投资者合法 权益，依据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交 易所股票上市规则》（以下简称"《上市规则》"）《上市公司信息披露管理办 法》《上海证券交易所上市公司自律监管指引第 2 号-信息披露事务管理》等有 关法律、法规及公司章程的规定，特制定本制度。 第二条 本制度所称信息披露，是指将已发生或拟发生的可能对公司证券及 其衍生品种交易价格产生较大影响而投资者尚未得知的重大事项（以下简称"重 大信息"），以及证券监管部门、上海证券交易所（以下简称"上交 ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2024-054 | | --- | --- | --- | | 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 第六届董事会第十五次会议决议的公告 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"）第六届董事会第十五 次会议于 2024 年 7 月 29 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，审议通过如下决议： 特此公告。 福建火炬电子科技股份有限公司董事会 二〇二四年七月三十日 1、审议《关于修订<信息披露管理制度>的议案》； 审议结果：7票赞成，0票反对，0票弃权，结果为通过。 修订后的制度全文详见上海证券交易所网站www.sse.com.cn同日披露的《火 炬电子信息披露管理制度》。 ...