Investment Rating - Buy rating, first coverage [5] Core Views - The company, established in 1985, has grown into a leading enterprise in China's PCB industry, focusing on communication networks, computer/server, and automotive electronics sectors, while also catering to high-difficulty and high-demand special products [3][5] - According to Prismark's Q1 2024 PCB industry report, the company ranked 45th in global PCB industry revenue in 2023 [3][5] - The company has a strong technical capability, equipment configuration, and customer resources, positioning it well in the high-end PCB market [3][5] PCB Industry Overview - PCB is a critical interconnect component in electronic devices, widely used in communication electronics, consumer electronics, computers, automotive electronics, industrial control, medical devices, and aerospace [6] - Global PCB output value has shown a steady upward trend, with a CAGR of around 5% from 2017 to 2022 [6] - The trend towards thinner, smaller, and higher-frequency electronic products is driving the PCB industry towards higher density and performance [6] Automotive Electronics - The automotive industry is moving towards electrification, intelligence, and connectivity, increasing the demand for high-reliability PCBs in automotive electronics [6] - Automotive PCBs require rigorous testing and certification, often taking 1-3 years to pass supplier qualification [6] - With the rise of autonomous driving and new energy vehicles, automotive PCBs are evolving towards multi-layer, high-density interconnect (HDI), and high-frequency high-speed directions [6] Data Communication and AI Servers - The AI industry is experiencing rapid growth, driving demand for AI servers and high-speed network systems, which in turn increases the demand for large-size, high-speed, and multi-layer PCBs [7] - High-end servers typically require PCBs with 46 layers, high aspect ratios, high density, and high transmission speeds [7] - The company has developed AI-related products, including motherboards and accelerator cards, which have entered mass production, with key customers such as Amazon [7] Company's Technological Leadership - The company has over 30 years of R&D investment and technical accumulation, with leading technology in the PCB industry [7] - It can produce backplanes with 2-56 layers and server boards with 20-40 layers, and has the capability to produce HDI boards with 4-30 layers [7] - The company has successfully developed server customers, including Amazon, and its AI-related projects are in mass production [7] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 3.179 billion yuan, a year-on-year increase of 32.97%, and net profit of 187 million yuan, a year-on-year increase of 1156.98% [51] - The gross profit margin and net profit margin were 21.68% and 5.87%, respectively, showing significant improvement in profitability [51] Future Outlook - The company is focusing on AI and high-performance computing, with ongoing projects in advanced data communication fields [141] - With the expansion of production capacity, the company is expected to further increase its market share in AI-related products [141] - The company's AI server projects are expected to continue growing in 2024, driven by increasing demand for AI products [141]

Group 1: Company Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.179 billion CNY, a year-on-year increase of 32.97% [2] - The net profit for the same period was 187 million CNY, marking a turnaround from losses [2] - The growth in performance is attributed to the optimization of product structure and an increase in demand for high-layer, high-precision, and high-density printed circuit boards [2] Group 2: Communication Products - In the first three quarters of 2024, the global telecom capital expenditure decreased by 10% year-on-year [3] - The global telecom equipment market is expected to shrink by 0% to 5% in 2024 [3] - The market share of 400G and 800G switches is gradually increasing, with 800G switches expected to surpass 400G switches by 2025 [3] Group 3: Server Products - The global shipment of AI servers is projected to reach 1.672 million units in 2024, a year-on-year growth of 38.4% [3] - The company’s server product revenue increased significantly, with server products accounting for 42.45% of total revenue, up by 20.87 percentage points year-on-year [3] Group 4: Automotive Electronics - In the first half of 2024, global sales of new energy vehicles reached approximately 717,000 units, a year-on-year increase of 23% [4] - The automotive electronics market is expected to grow by 5.6% in 2024, reaching a market size of 1,158.5 billion CNY [4] Group 5: Low Earth Orbit Satellite Communication - By 2027, approximately 3,900 satellites are expected to be launched in China, with the total number projected to exceed 6,000 by 2030 [4] - The company is actively developing related technologies and collaborating with clients to optimize and upgrade products for low Earth orbit satellite applications [4] Group 6: Raw Material Prices - Currently, the prices of raw materials remain stable, and the company will continue to monitor market trends and adjust supply strategies accordingly [4]

Investment Rating - The investment rating for the company is "Buy" [1] - The market price is RMB 34.70, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2024, achieving revenue of RMB 3.179 billion, a year-on-year increase of 32.97%, and a net profit of RMB 187 million, marking a turnaround from losses [3] - The company's gross margin improved to 21.68%, up 5.46 percentage points year-on-year, and the net profit margin reached 5.87%, up 6.60 percentage points year-on-year [3] - The growth is driven by advancements in the telecommunications, server, and automotive sectors, with AI applications contributing to profitability [3] - The company is expected to continue its growth trajectory, with revenue projections for 2024, 2025, and 2026 set at RMB 4.414 billion, RMB 5.866 billion, and RMB 7.031 billion, respectively [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 3.179 billion, a 32.97% increase year-on-year, and a net profit of RMB 187 million, reversing previous losses [3] - The gross margin for Q3 2024 was reported at 24.93%, reflecting a year-on-year increase of 10.77 percentage points [3] - The company’s revenue for Q3 2024 was RMB 1.206 billion, a 49.27% increase year-on-year [3] Market Position and Growth Drivers - The PCB market is steadily growing, with AI and HPC being significant drivers, projected to have a compound annual growth rate of 32.5% from 2023 to 2028 [3] - The company has made early investments in R&D for 800G high-speed switch products, which have started to receive bulk orders [3] - The server product revenue has seen substantial growth, with a 42.45% share of total revenue, up 20.87 percentage points year-on-year [3] Future Projections - The company’s earnings forecasts have been adjusted upwards, with expected net profits of RMB 271 million, RMB 575 million, and RMB 758 million for 2024, 2025, and 2026, respectively [3] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 106.4, 50.2, and 38.1 times, respectively [3]

Investment Rating - The report maintains a "Recommend" rating for Shengyi Electronics (688183) [1] Core Views - Shengyi Electronics' Q3 2024 performance exceeded expectations, driven by strong growth in AI servers and 800G switches [1] - The company's revenue for the first three quarters of 2024 reached 3.179 billion yuan, a YoY increase of 32.97%, with net profit attributable to shareholders surging 1,156.98% YoY to 187 million yuan [1] - Q3 2024 revenue was 1.206 billion yuan, up 49.27% YoY and 10.81% QoQ, with net profit attributable to shareholders increasing 432.26% YoY to 90 million yuan [1] - Gross margin improved significantly, reaching 24.93% in Q3 2024, up 10.76 percentage points YoY and 4.57 percentage points QoQ [1] Product and Market Performance - AI server products accounted for 42.45% of total revenue in the first three quarters of 2024, a YoY increase of 20.87 percentage points [2] - The company has secured batch orders for 800G high-speed switches, with 1.6T products under development [2] - R&D investment reached a historical high in Q3 2024, focusing on next-generation AI servers and high-speed switches [2] Financial Forecasts - Revenue is expected to grow to 4.529 billion yuan in 2024, 5.969 billion yuan in 2025, and 6.824 billion yuan in 2026 [3] - Net profit attributable to shareholders is projected to be 352 million yuan in 2024, 804 million yuan in 2025, and 956 million yuan in 2026 [3] - Gross margin is forecasted to improve to 24.3% in 2024, 31.3% in 2025, and 31.6% in 2026 [7] Industry and Technology Development - The company is focusing on core advantages in communication networks, AI servers, and low-orbit satellite technologies [2] - In the automotive sector, the company has developed products for autonomous driving, smart cockpits, and power energy, enhancing its competitiveness in the automotive electronics PCB market [2] Valuation Metrics - The company's P/E ratio is projected to be 75x in 2024, 33x in 2025, and 27x in 2026 [3] - The P/B ratio is expected to decrease from 6.7x in 2023 to 4.3x in 2026 [3]

证券代码：688183 证券简称：生益电子 公告编号：2024-054 生益电子股份有限公司 关于召开 2024 年第三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： 投资者可于 2024 年 11 月 21 日(星期四) 至 11 月 27 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 bo@sye.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 生益电子股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季 度经营成果、财务状况，公司计划于 2024 年 11 月 28 日 上午 11:00-12:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟 ...

证券代码：688183 证券简称： 生益电子 公告编号：2024-053 生益电子股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司拟使用部分闲置募集资金临时补充流动资金不超过人民币4亿元（含 本数），期限为自公司董事会审议通过之日起12个月内。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意生益电子股份有限公司首次公开发行 股票注册的批复》（证监许可〔2021〕7号）同意，公司首次公开发行人民币普通 股股票16,636.40万股，每股发行价格为人民币12.42元，募集资金总额为人民币 206,624.0880万元，发行费用总额9,130.1959万元（不含税），扣除发行费用后 实际募集资金净额为人民币197,493.8921万元。该募集资金已经华兴会计师事务 所（特殊普通合伙）审验，并于2021年2月19日出具了《验资报告》（华兴验字【2021】 21000250047号）。 公司对募集资金进行专户管理，并与开户银行、保荐机构签署了 ...

生益电子股份有限公司 第三届监事会第十次会议决议公告 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、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 证券代码：688183 证券简称： 生益电子 公告编号：2024-052 表决结果：同意3票；反对0票；弃权0票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《生益电子股份有限公司2024年第三季度报告》。 （二）审议通过了《关于使用部分闲置募集资金临时补充流动资金的议案》 公司本次拟使用额度不超过总金额人民币4亿元（含本数）的闲置募集资金临 时补充流动资金，不存在变相改变募集资金使用投向的情形，不影响募集资金投 资项目的正常进行。公司本次拟使用部分闲置募集资金临时补充流动资金，仅限 生益电子股份有限公司（以下简称"公司"或"生益电子"）第三届监事会 第十次会议于2024年10月28日以通讯方式召开。会议通知已于2024年10月21日以 邮件和书面形式送达各位监事，会议通知中包括会议的相关资料，同时列明了会 议的召开时间、召开方式和内容。本次会议应出席监事3人 ...

东莞证券股份有限公司 关于生益电子股份有限公司 使用部分闲置募集资金临时补充流动资金之核查意见 东莞证券股份有限公司（以下简称"东莞证券"或"保荐机构"）作为生益 电子股份有限公司（以下简称"生益电子"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《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 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1号— —规范运作》等法律法规的有关规定，对公司本次使用部分闲置募集资金临时补 充流动资金的情况进行了审慎核查，并出具本核查意见。核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意生益电子股份有限公司首次公开发行 股票注册的批复》（证监许可〔2021〕7号）同意，公司首次公开发行人民币普 通股股票16,636.40万股，每股发行价格为人民币12.42元，募集资金总额为人民 币206,624.0880万元，发行费用总额9,130.1959万元（不含税），扣除发行费用 后实际募集资金净额为人民币197,493.8921万元。该募集资金已经华兴会计师事 务所 ...

证券代码：688183 证券简称：生益电子 公告编号：2024-055 生益电子股份有限公司 关于发起设立产业基金暨关联交易的进展公告 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、准确性和完整性依法承担法律责任。 一、 发起设立产业基金暨关联交易概述 生益电子股份有限公司（以下简称"公司"或"生益电子"）于 2024 年 10 月 15 日召开第三届董事会第十四次会议，审议通过了《关于发起设立产业基金暨 关联交易的议案》。公司拟与东莞科技创新金融集团有限公司及其关联企业合作 发起设立规模 1 亿元的产业基金，基金名称是东莞科创生益电子产业投资合伙企 业（有限合伙）（暂定名，最终以工商注册为准）。 生益电子拟以自有资金认缴出资 0.50 亿元，东莞市科创资本投资管理有限 公司拟认缴出资 0.01 亿元，东莞市创新创业投资母基金合伙企业（有限合伙） 拟认缴出资 0.30 亿元，东莞市国弘投资有限公司拟认缴出资 0.19 亿元。上述事 宜具体情况详见公司于 2024 年 10 月 16 日披露的《生益电子股份有限公司关于 发起设立产业基金暨关联交易的公告》（ ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,206,177,057.39, representing a year-on-year increase of 49.27%[2] - Net profit attributable to shareholders for the year-to-date period was ¥186,523,599.99, with a basic earnings per share of ¥0.23[2] - Total revenue for the first three quarters of 2024 reached CNY 3,179,337,005.16, a significant increase from CNY 2,391,094,324.06 in the same period of 2023, representing a growth of approximately 33%[19] - The company reported a net profit of CNY 199,242,078.56 for the first three quarters of 2024, compared to CNY 118,000,000.00 in the same period of 2023, representing an increase of approximately 68.8%[19] - The company reported a total profit of CNY 190,067,581.54 for the first three quarters of 2024, compared to a loss of CNY 47,962,958.56 in the same period of 2023[20] - The company's operating profit for the first three quarters of 2024 was CNY 189,779,984.48, compared to a loss of CNY 47,816,900.34 in the same period of 2023[20] - The net profit for the first three quarters of 2024 was CNY 171,479,406.39, compared to a net loss of CNY 50,078,390.82 in the first three quarters of 2023[27] Research and Development - Total R&D investment in Q3 2024 amounted to ¥82,738,192.39, reflecting a 62.91% increase compared to the same period last year[3] - Research and development expenses rose to CNY 198,919,847.08 in the first three quarters of 2024, up from CNY 140,386,198.84 in 2023, reflecting a growth of approximately 41.6%[19] - Research and development expenses for the first three quarters of 2024 were CNY 168,657,740.20, up from CNY 117,501,848.72 in the same period of 2023, representing a 43.5% increase[27] Assets and Liabilities - The total assets of the company as of the end of the reporting period were ¥6,964,864,913.85, a 10.83% increase from the end of the previous year[3] - Total assets as of September 30, 2024, amounted to CNY 6,663,362,071.15, compared to CNY 5,992,562,634.05 at the end of 2023, reflecting an increase of 11.2%[26] - Total liabilities increased to CNY 2,916,499,465.40 as of September 30, 2024, from CNY 2,357,355,934.76 at the end of 2023, representing a growth of approximately 23.7%[17] - The total liabilities increased to CNY 2,644,676,610.49 as of September 30, 2024, from CNY 2,074,696,110.63 at the end of 2023, marking a rise of 27.4%[26] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥330,737,359.16, showing a decrease of 7.83% compared to the previous year[3] - The net cash flow generated from operating activities for the first three quarters of 2024 was CNY 330,737,359.16, slightly down from CNY 358,842,918.41 in the same period of 2023[23] - Cash inflow from operating activities for the first three quarters of 2024 was CNY 2,996,307,798.77, an increase of 30.2% from CNY 2,302,040,081.02 in 2023[28] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 300,869,197.45, up from CNY 250,516,000.89 in 2023, representing a growth of 20%[28] - Cash outflow from investing activities for the first three quarters of 2024 was CNY 292,647,210.07, a decrease of 40.9% compared to CNY 494,434,885.42 in 2023[29] Market and Product Development - The company has increased its focus on optimizing product structure and expanding market presence, contributing to revenue growth[5] - The company reported a significant increase in server product revenue, achieving a year-on-year growth of 42.45%, which is an increase of 20.87 percentage points[11] - The company has actively developed AI server products, with global shipments expected to reach 1.672 million units in 2024, reflecting a year-on-year growth of 38.4%[11] - The company’s overseas sales increased by 32.08% during the reporting period, indicating successful market expansion efforts[14] - The company is focusing on high-end switch products, with 400G and 800G switches expected to dominate the market by 2027, capturing nearly 70% of the data center switch market[10] - The company is enhancing its product competitiveness in automotive electronics by collaborating with industry leaders in key technology areas such as autonomous driving and smart cockpits[13] - The company is developing new technologies for low Earth orbit satellite communications, which is expected to create significant market opportunities in the PCB industry[14] Shareholder Information - The company reported a total of 13,999 common shareholders at the end of the reporting period[6] - The largest shareholder, Guangdong Shengyi Technology Co., Ltd., holds 62.93% of the shares[6] Other Financial Metrics - Non-recurring gains and losses for the year-to-date period totaled ¥8,938,962.93[4] - The weighted average return on net assets for the year-to-date period was 4.50%[3] - The company's cash and cash equivalents amounted to approximately RMB 366.18 million at the end of the reporting period[15] - The accounts receivable decreased from approximately RMB 1.35 billion to RMB 1.05 billion, indicating improved collection efficiency[15] - The company's inventory increased significantly to CNY 843,029,568.91 as of September 30, 2024, up from CNY 517,540,886.01 at the end of 2023, indicating a 62.9% rise[26] - The company's cash and cash equivalents decreased to CNY 14,432,607.51 from CNY 43,171,378.07 at the end of 2023, indicating a decline of 66.6%[26] - The company's long-term equity investments increased to CNY 1,057,953,778.22 as of September 30, 2024, compared to CNY 964,264,622.49 at the end of 2023, showing a growth of 9.7%[26]