北京德恒律师事务所 关于 苏州春秋电子科技股份有限公司 关于苏州春秋电子科技股份有限公司 2023 年年度股东大会的 法律意见 德恒01G20240236-02号 2023 年年度股东大会的 法律意见 北京德恒律师事务所 DeHeng Law Offices 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于苏州春秋电子科技股份有限公司 2023 年年度股东大会的法律意见 北京德恒律师事务所 本所见证律师依据本法律意见出具目之前已经发生或存在的事实以及中华 人民共和国(本法律意见中,仅为区别表述之目的,不包括香港特别行政区、澳 门特别行政区及中国台湾地区）现行法律、法规、部门规章、其他规范性文件、 中国证监会及上海证券交易所的有关规定发表见证意见。 致:苏州春秋电子科技股份有限公司 根据苏州春秋电子科技股份有限公司(以下简称"春秋电子"或"公司")对北 京德恒律师事务所(以下简称"本所")的委托,本所指派律师出席了公司召开 的2023年年度股东大会(以下简称"本次股东大会"),对公司本次股东大会的 ...

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2024-026 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 会议和网络投票相结合的方式召开并表决，会议的召集、召开及表决方式符合《公 司法》、《公司章程》的规定。 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 158,764,406 | | 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份总数 | | | 的比例（%） | 36.9300 | (四) 表决方式是否符合《公司法》及《公司章程》的规定， ...

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2024-027 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 股票交易异常波动公告 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： 苏州春秋电子科技股份有限公司（以下简称"本公司"或"公司"）股 票交易于 2024 年 5 月 30 日、5 月 31 日、6 月 3 日连续三个交易日内日收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于 股票异常波动。 经公司自查并向控股股东及实际控制人发函核实，截止本公告披露日， 除本公司已披露事项外，不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公告披露日，公司及控股股东、实际控制人不存在关于公司的应披露而未披露的 重大信息，不存在处于筹划阶段的涉及公司的重大资产重组、股份发行、收购、 债务重组、业务重组、 ...

关于《苏州春秋电子科技股份有限公司 关于股票交易异常波动的问询函》的回复 苏州春秋电子科技股份有限公司: 控股股东、实际控制人(签署): 座車文 2024年 6月 3日 你公司发来的《苏州春秋电子科技股份有限公司关于股票交易异 常波动的间询函》业已收到。经本人认真自查,现回复如下: 一、作为你公司的控股股东及实际控制人,截至目前,本人不存 在涉及苏州春秋电子科技股份有限公司(以下简称"春秋电子"、"公 司")应披露而未披露的影响公司股票交易价格异常波动的重大信息, 不存在筹划涉及公司的重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项。 二、在股票异常波动期间,本人未买卖公司股票。 特此回复。 ...

苏州春秋电子科技股份有限公司 2023 年年度股东大会 会议资料 中国·苏州 2024 年 6 月 苏州春秋电子科技股份有限公司 2023 年年度股东大会会议资料 | | | | 一、会议议程 3 | | --- | | 二、会议须知 5 | | 三、会议议案 6 | | 议案一：关于《公司 2023 年度董事会工作报告》的议案 6 | | 议案二：关于《公司 2023 年度监事会工作报告》的议案 7 | | 议案三：关于《公司 2023 年年度报告》全文及摘要的议案 8 | | 议案四：关于 2023 年度利润分配预案的议案 9 | | 议案五：关于《公司 2023 年度财务决算报告》的议案 10 | | 议案六：关于续聘立信会计师事务所(特殊普通合伙)为公司 2024 年度审计机 | | 构的议案 11 | | 议案七：关于确认公司 2023 年度董事、高级管理人员薪酬的议案 12 | | 议案八：关于确认公司 2023 年度监事薪酬的议案 13 | | 附件一：苏州春秋电子科技股份有限公司 2023 年度董事会工作报告 14 | | 附件二：苏州春秋电子科技股份有限公司 2023 年度监事会工作报告 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.84 and a sector rating of "Outperform" [1]. Core Insights - The company reported a revenue of RMB 3.257 billion in 2023, a decrease of 15.28% year-on-year, and a net profit attributable to shareholders of RMB 27 million, down 82.99% year-on-year. However, in Q1 2024, the company achieved a revenue of RMB 909 million, an increase of 30.88% year-on-year, and a net profit of RMB 14 million, up 149.78% year-on-year. The company is expected to benefit from the recovery in the notebook industry driven by AI PC demand and is actively expanding into telecommunications electronics and new energy vehicles, which opens up growth opportunities [4][15]. Summary by Sections Financial Performance - In 2023, the company faced pressure from declining demand in the notebook computer industry, leading to a revenue drop to RMB 3.257 billion and a net profit of RMB 27 million. The revenue from structural components was RMB 2.789 billion, down 12.84%, while telecommunications electronics revenue was RMB 257 million, down 23.58% [4][5]. - The company's gross margin for 2023 was 15.28%, a decrease of 1.67 percentage points, and the net margin was -0.06%, down 3.55 percentage points [4][5]. Market Outlook - The notebook industry is expected to recover due to the upcoming replacement cycle and the introduction of AI PC products, with global notebook shipments in Q1 2024 reaching 46.1 million units, a year-on-year increase of 7% [4]. - The company anticipates a recovery in performance, projecting revenues of RMB 3.965 billion, RMB 4.880 billion, and RMB 5.625 billion for 2024, 2025, and 2026, respectively, with net profits expected to be RMB 157 million, RMB 265 million, and RMB 377 million [4][7]. Strategic Initiatives - The company is leveraging opportunities in the new energy vehicle sector, focusing on lightweight, intelligent, and fashionable automotive electronics, which aligns with industry trends. The successful development of semi-solid injection molding technology positions the company to enter mass production of automotive electronic components [4][15]. Valuation - The report adjusts the earnings forecast for the company, estimating an EPS of RMB 0.36, RMB 0.60, and RMB 0.86 for 2024, 2025, and 2026, respectively. The current stock price corresponds to a PE ratio of 24.8, 14.7, and 10.3 for the respective years [4][7].

关于召开 2023 年度暨 2024 年第一季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动 投资者可于 2024 年 05 月 14 日(星期二)至 05 月 20 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过苏州春秋电子科技股份 有限公司（以下简称"公司"）邮箱（zhangzj@chunqiu-group.com）进行提问。 公司将在信息披露允许的范围内，于说明会上对投资者普遍关注的问题进行回答。 公司已于 2024 年 4 月 25 日、2024 年 4 月 30 日发布公司 2023 年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入地了解公司 2023 年度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 05 月 21 日(星期二) 下午 13:00-14:30 举行 2023 年度暨 202 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 3.257 billion yuan in 2023, a decrease of 15% year-on-year, and a net profit of 27 million yuan, down 83%, slightly below expectations. In Q1 2024, revenue reached 909 million yuan, up 31% year-on-year, with a net profit of 14 million yuan, an increase of 150% [1] - The overall demand in the PC industry slowed in 2023 but is expected to rise in 2024, impacting the company's shipment volume and revenue. The global PC shipment volume in 2023 was 247 million units, a decline of 12.9% year-on-year. The company's structural components business generated 2.79 billion yuan in revenue, down 13%, while the mold business generated 170 million yuan, down 31% [1] - A new round of product upgrades is anticipated, with AI PCs expected to boost the company's structural components business in both volume and price. It is projected that 45% of new PCs shipped in 2024 will feature AI capabilities, which will increase the demand for magnesium alloy due to its superior thermal conductivity [1] - The automotive business has successfully entered mass production, with a stable growth in orders over the next five years. The company has developed semi-solid injection technology, which addresses issues in traditional magnesium alloy casting and has gained recognition from major automotive electronic manufacturers [1] - The profit forecasts for 2024 and 2025 are maintained at 198 million yuan and 339 million yuan, respectively, with a new forecast for 2026 set at 420 million yuan. The corresponding PE ratios for 2024-2026 are 20, 12, and 9 times, respectively, indicating a 12% upside potential compared to comparable companies [1] Financial Summary - The company reported total revenue of 3.257 billion yuan in 2023, with a projected increase to 3.802 billion yuan in 2024 and further growth to 4.997 billion yuan in 2025 and 6.362 billion yuan in 2026 [10] - The net profit for 2023 was 27 million yuan, with projections of 198 million yuan in 2024, 339 million yuan in 2025, and 419 million yuan in 2026 [10] - The gross margin is expected to improve from 15.3% in 2023 to 17.2% by 2026, indicating a positive trend in profitability [18]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥909,055,301.71, representing a year-on-year increase of 30.88%[6] - Net profit attributable to shareholders was ¥14,458,992.89, a significant increase of 149.78% compared to the same period last year[6] - The net profit excluding non-recurring gains and losses was ¥6,046,833.39, reflecting a growth of 120.89% year-on-year[6] - Basic earnings per share were ¥0.03, up by 147.05% from the previous year[6] - Total revenue for Q1 2024 reached CNY 909,055,301.71, a 30.9% increase from CNY 694,590,589.54 in Q1 2023[19] - Net profit for Q1 2024 was CNY 5,291,379.95, compared to a net loss of CNY 34,980,438.54 in Q1 2023[20] - Operating profit for Q1 2024 was CNY 11,673,169.81, a significant recovery from an operating loss of CNY 28,236,871.83 in the same period last year[19] - Basic earnings per share for Q1 2024 was CNY 0.03, recovering from a loss of CNY 0.07 per share in Q1 2023[20] - The company reported a total comprehensive income of CNY 6,177,362.95 for Q1 2024, compared to a loss of CNY 35,386,033.08 in Q1 2023[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,049,011,249.24, an increase of 5.21% compared to the end of the previous year[6] - Total assets as of March 31, 2024, reached CNY 6,049,011,249.24, an increase from CNY 5,749,329,385.58 as of December 31, 2023, reflecting a growth of approximately 5.22%[15] - Current assets totaled CNY 3,528,172,675.97, up from CNY 3,230,778,677.12, indicating an increase of about 9.2%[16] - Total liabilities increased to CNY 3,528,172,675.97, up from CNY 3,230,778,677.12, indicating a growth of about 9.2%[16] - Total liabilities rose to CNY 3,196,902,192.47 in Q1 2024, compared to CNY 2,903,400,517.47 in Q1 2023, indicating a 10.1% increase[19] Cash Flow - The company's net cash flow from operating activities was ¥123,401,863.85, showing a decrease of 40.91% year-on-year[6] - In Q1 2024, the net cash flow from operating activities was $123.4 million, a decrease of 40.8% compared to $208.8 million in Q1 2023[24] - Total cash inflow from operating activities was $903.0 million, down 16.2% from $1,077.3 million in the same period last year[24] - Cash outflow from operating activities totaled $779.6 million, a reduction of 10.2% compared to $868.5 million in Q1 2023[24] - The net cash flow from investing activities was -$3.7 million, an improvement from -$20.5 million in Q1 2023[25] - Cash inflow from investing activities increased significantly to $216.9 million, compared to $16.0 million in the previous year[25] - Cash outflow from investing activities rose to $220.6 million, up from $36.5 million in Q1 2023[25] - The net cash flow from financing activities was $6.6 million, a sharp decline from $446.9 million in Q1 2023[25] - Total cash inflow from financing activities was $211.2 million, down from $806.1 million in the same quarter last year[25] - The ending cash and cash equivalents balance was $853.7 million, a decrease from $1,028.9 million at the end of Q1 2023[25] - The impact of exchange rate changes on cash and cash equivalents was positive at $7.1 million, compared to a negative impact of $4.8 million in Q1 2023[25] Shareholder Information - The company reported a total of 27,086 common shareholders at the end of the reporting period[12] - The largest shareholder, Xue Gewen, holds 32.89% of the shares, with 70,540,000 shares pledged[12] Operational Insights - The company received government subsidies amounting to ¥12,667,561.75, which are closely related to its normal business operations[6] - The company reported a significant increase in contract liabilities by 90.95%, indicating a rise in pending contractual obligations[9] - The company experienced a 30.67% increase in operating costs, correlating with the growth in revenue due to the recovery in the global electronics market[9] - Research and development expenses increased to CNY 48,690,180.66 in Q1 2024, up from CNY 38,095,387.92 in Q1 2023, reflecting a 27.5% increase[19] - The company has no significant new strategies or product developments mentioned in the report[14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark in the next six months [9][11]. Core Insights - The company's revenue for 2023 was 3.26 billion yuan, a decline of 15.3% year-on-year, with a net profit of 27 million yuan, down 83% year-on-year. However, Q4 2023 showed a significant recovery with revenue of 920 million yuan, up 15.4% year-on-year, and a net profit of 16 million yuan, up 140.4% year-on-year [1][11]. - The company is expanding its automotive magnesium-aluminum structural components business, which is crucial for vehicle lightweighting and enhancing electric vehicle range. The company possesses advanced semi-solid injection molding technology, giving it a competitive edge in this sector [2][11]. - The global PC industry is showing signs of recovery, with the AIPC (AI PC) trend expected to drive demand for structural components. The penetration of AIPC in the Chinese PC market is projected to rise from 8.1% in 2023 to 54.7% in 2024, potentially reaching 85% by 2027 [10][11]. Financial Summary - The company forecasts a significant increase in revenue, projecting 4.57 billion yuan in 2024, a growth of 40.34% year-on-year, and net profits of 225.5 million yuan, a staggering increase of 743.11% year-on-year [1][11]. - The projected P/E ratios for 2024, 2025, and 2026 are 16.3, 10.4, and 8.9 respectively, indicating a favorable valuation outlook as earnings are expected to recover [1][11]. - The report highlights a recovery in profitability, with Q4 2023 showing a gross margin of 18.5%, up 7.2 percentage points year-on-year, and a significant reduction in asset impairment losses compared to previous quarters [1][11].