昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688103 证券简称：国力股份 二零二五年五月 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料 昆山国力电子科技股份有限公司 2024 年年度股东大会会议资料目录 | 2024 年年度股东大会会议须知 2 | | | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 4 | | | 2024 | 年年度股东大会会议议案 6 | | | 议案一：《关于公司 | 年度董事会工作报告的议案》 6 | 2024 | | 议案二：《关于公司 | 年度监事会工作报告的议案》 7 | 2024 | | 议案三：《关于公司 2024 | 年度财务决算报告的议案》 8 | | | 议案四：《关于公司 2025 | 年度财务预算报告的议案》 9 | | | 议案五：《关于公司 2024 | 年年度报告及摘要的议案》 10 | | | 议案六：《关于公司 2024 | 年度利润分配方案的议案》 11 | | | 议案七：《关于公司 2025 | ...

Core Insights - The behavior of margin traders has attracted significant market attention, with investors hoping to capture investment opportunities from their activities [1] Group 1: Margin Trading Data - On May 8, a total of 3,663 stocks received margin buying funds, with the top three stocks being Xinyi Technology (¥1.425 billion), Zhongji Xuchuang (¥1.053 billion), and Shenghong Technology (¥807 million) [1] - The table lists stocks with the highest margin buying amounts, including Tiancheng Technology (¥15.75 million), Xingqiu Graphite (¥8.83 million), and Lianyu Co. (¥15.27 million), showing their respective transaction amounts and margin buying ratios [1] - Margin buying accounted for significant percentages of total transaction amounts for various stocks, with Tiancheng Technology at 28.65%, Xingqiu Graphite at 28.51%, and Lianyu Co. at 28.15% [1] Group 2: Stock Performance - The price changes of stocks with high margin buying varied, with some stocks experiencing gains, such as Tiancheng Technology (1.47%) and Xingqiu Graphite (2.39%), while others like Fuliwang saw a decline (-3.29%) [1][2] - The data indicates that margin buying can correlate with stock performance, as seen in the fluctuations of the stocks listed [1][2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is experiencing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is advancing the development of a new generation of high-power control boxes [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays has led to small-batch production, and high-performance vacuum capacitors have gained recognition from high-end domestic semiconductor clients [7] New Energy Segment - The new energy segment is expected to benefit from both domestic and international demand, with the company developing new high-voltage DC contactors for electric vehicles and energy storage systems [8] - The company has received project notifications from a well-known foreign automotive manufacturer for supplying modular lightweight distribution devices, with a total contract value of approximately 160 million euros [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] - The company has achieved import substitution for key components in large scientific devices, with its TWTs meeting international advanced standards [9] Financial Forecast and Valuation - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027, respectively [11] - The net profit attributable to shareholders is expected to be 125 million yuan, 207 million yuan, and 302 million yuan for the same years [11] - The earnings per share (EPS) are forecasted to be 1.32 yuan, 2.17 yuan, and 3.17 yuan for 2025, 2026, and 2027, respectively [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to reach an inflection point in performance in 2025, with significant growth anticipated in its high-margin military and semiconductor businesses [3] - The company reported a revenue of 792 million yuan in 2024, a year-on-year increase of 14.46%, while the net profit attributable to shareholders decreased by 52.89% to 30 million yuan [2] - For Q1 2025, the company achieved a revenue of 230 million yuan, representing a year-on-year growth of 59.41%, and a net profit of 12 million yuan, up 183.46% year-on-year [2] Business Segment Summaries Military Segment - The military segment is showing a clear recovery in demand, with the company being an early entrant in the domestic military vacuum relay market and expanding into military DC contactors [4] - The company has completed the wireless integrated high-voltage control box project and is progressing well with the high-power DC intelligent distribution system project [4] - The delivery of special control box products began in June 2024, with optimistic customer demand across major business segments [4] Semiconductor Segment - The company is one of the early suppliers of semiconductor equipment electronic components in China, with products used in plasma etching and other equipment [5] - The successful development of high-voltage RF fast relays and high-performance vacuum capacitors has led to batch deliveries to high-end domestic semiconductor customers [7] New Energy Segment - The company has developed a new generation of high-voltage DC contactors and has begun mass delivery in the new energy sector [8] - The company is actively expanding into the eVTOL market, which is expected to grow significantly, and has received project notifications from well-known foreign automotive manufacturers [8] Large Scientific Devices Segment - The company has signed a new order worth 566 million yuan for the procurement of high-power TWTs for large scientific devices, indicating a growing demand in this area [9][10] Financial Forecasts - The company is projected to achieve revenues of 1.173 billion yuan, 1.529 billion yuan, and 1.916 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 125 million yuan, 207 million yuan, and 302 million yuan [11][14] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.32 yuan, 2.17 yuan, and 3.17 yuan respectively [11][14]

根据《证券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市 规则》等有关法律、法规和规范性文件的规定，招商证券股份有限公司（以下简 称"招商证券"、"保荐机构"）作为昆山国力电子科技股份有限公司（以下简称 "国力股份"、"公司"）的保荐机构，负责国力股份持续督导工作，并出具 2024 年度（以下简称"报告期"）持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导工作情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 | 保荐机构已建立健全并有效执行了 | | | 具体的持续督导工作制定相应的工作计划 | 持续督导制度，已根据公司的具体 | | | | 情况制定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 前，与上市公司或相关当事人签署持续督导协 | 保荐机构已与公司签署了保荐协 | | | | 议，协议明确了双方在持续督导期 | | | 议，明确双方在持续督导期间的权利义务，并报 | 间的权利和义务 | | | 上海证券交易所备案 | | | 3 | 通过日常沟通、定期回访、现场检查、尽职调查 | 在持续督导期 ...

| 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-026 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | 昆山国力电子科技股份有限公司 关于股份回购进展公告 本次回购股份符合相关法律法规及公司既定的股份回购方案之规定。 重要内容提示： 三、其他事项 | 回购方案首次披露日 | 2025/3/26 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 3,000万元~5,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3.3143万股 | | 累计已回购股数占总股本比例 | 0.0348% | | 累计已回购金额 | 159.9294万元 | | 实际回购价格区间 | 47.80元/股~49.59元/股 | 一、回购股份的基本情况 2025 年 3 月 24 日，昆山国力电子科技股份有限公司（以下简称"公司"）召 开第三届董事会第十七次会 ...

Financial Performance - In 2024, the company achieved a revenue of 792 million yuan, representing a year-on-year growth of 14.46%, marking a historical high [2] - In Q1 2025, the company reported a revenue of 230 million yuan, a significant year-on-year increase of 59.41%, with a net profit attributable to shareholders of 11.79 million yuan, up 183.46% year-on-year [2] Industry Positioning - The company focuses on electronic vacuum manufacturing technology and product design, with a strong emphasis on R&D and core technology across all key production stages of electronic vacuum devices [3] - The company has established partnerships with leading firms in the new energy vehicle and charging infrastructure sectors, leveraging its ceramic material technology to develop high-voltage direct current contactors [3] - As an early entrant in the military aerospace and defense sectors, the company has developed a stable market position, particularly in military vacuum relays and direct current contactors [3] Market Trends - The domestic semiconductor equipment manufacturing sector is characterized by low localization rates and a scarcity of electronic component suppliers, with the company positioned as a pioneer in the market [4] - The company’s vacuum capacitors and relays are competitive with international brands in terms of performance, while benefiting from lower production costs [4] Innovation and Development - The company is committed to driving innovation in high-end equipment manufacturing, focusing on the miniaturization and localization of electronic vacuum devices to meet the demands of national defense and high-end manufacturing [5][6] - The company continuously enhances its core manufacturing technologies, including ceramic vacuum sealing and electromagnetic control, to produce high-performance, reliable electronic vacuum devices [6] Future Outlook - The company aims to expand its market share in high-end manufacturing sectors such as new energy, semiconductors, and aerospace, while participating in international competition [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of Guokui Co., Ltd. in Q1 2025, with a revenue of 230 million yuan, representing a year-on-year increase of 59.4%, and a net profit attributable to shareholders of 11.79 million yuan, up 183.5% year-on-year [1] - The significant growth in performance is driven by the robust sales of differentiated product matrices, particularly in core products like control boxes and relays, which have shown substantial revenue increases [1] - Guokui has over 20 years of experience in the electronic vacuum device sector, with a comprehensive R&D capability covering the entire production chain, holding hundreds of patents and core technologies, especially in vacuum capacitors, breaking international monopolies [1] Group 2 - The company is seizing opportunities in strategic emerging fields such as new energy, semiconductors, and aerospace, establishing a diversified business structure [1] - Guokui's modular lightweight distribution devices have received orders from international automotive companies, with plans for mass delivery in 2025, benefiting from the high demand in the new energy vehicle sector [1] - The establishment of an AI research team in 2025 aims to enhance operational efficiency and accelerate product iteration and customization capabilities, supporting the company's strategy to capture high-end markets [2] Group 3 - Guokui occupies a critical position in the trillion-yuan markets of new energy and semiconductors, leveraging technological barriers and diversified layouts [2] - The company plans to expand its overseas market presence in 2025, enhancing its global share through a dual-driven strategy of "technology + market" [2] - The rapid increase in orders for vacuum capacitors is a key engine for the company's performance growth [1]

| 证券代码：688103 | 证券简称：国力股份 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：118035 | 转债简称：国力转债 | | | 非经常性损益 | | | | | | --- | --- | --- | --- | --- | | 的净利润 | | | | | | 基本每股收益 | 0.34 | 0.32 | 0.67 | -52.24 | | （元） | | | | | | 加权平均净资 | 2.90% | 2.66% | 5.97% | 减少 3.31 个百 | | 产收益率 | | | | 分点 | | 项目 | | 本报告期末 | 本报告期初 | 修正后的增减 | | | 修正前 | 修正后 | | 变动幅度（％） | | 总 资 产 | 223,428.15 | 221,385.01 | 205,882.69 | 7.53 | | 归属于母公司 | 114,146.41 | 113,863.32 | 112,523.36 | 1.19 | | 的所有者权益 | | | | | | 股 本 | 9,531.55 | 9,531.55 | 9 ...