法律意见书 广州市天河区珠江东路 32 号利通广场 29 层 邮编：510623 29/F, Lea Top Plaza, 32#Zhujiang East Road, Tianhe District, Guangzhou, 510623 电话/TEL：（8620) 37392666 传真/FAX：（8620) 37392826 网址/WEB：www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 北京市康达（广州）律师事务所 关于生益电子股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0009 号 致：生益电子股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受生益电子股份有限公 司（下称"生益电子"或"公司"）委托，指派律师出席公司 2024 年年度股东 大会。根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共 和国证券法》（下称"《证券法》"）、《上市公司股东会规则》（下称"《股 东会规则》"）等法律、法规、规范性文件以及《生益 ...

证券代码：688183 证券简称：生益电子 公告编号：2025-029 生益电子股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 12 日 （二） 股东大会召开的地点：广东省东莞市东城区同沙科技工业园同振路 33 号生益电子股份有限公司研发中心会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 137 | | --- | --- | | 普通股股东人数 | 137 | | 2、出席会议的股东所持有的表决权数量 | 655,857,157 | | 普通股股东所持有表决权数量 | 655,857,157 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 80.3449 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

证券代码：688183 证券简称： 生益电子 公告编号：2025-028 生益电子股份有限公司 关于回购股份事项股东大会股权登记日前十大股东 生益电子股份有限公司董事会 生益电子股份有限公司（以下简称"公司"）于2025年4月18日召开第三届董 事会第二十三会议，会议审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司人民币普通股 （A股）股份用于实施股权激励或员工持股计划。具体内容详见公司于2025年4月 19日披露的《生益电子股份有限公司关于以集中竞价交易方式回购公司股份方案 的公告》（公告编号：2025-023）。本次回购股份方案尚待将于2025年5月12日召 开的公司2024年年度股东大会审议。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等相关规定，现将公司2024年年度股东大会股权登记日（即2025 年4月30日）登记在册的前十大股东和前十大无限售条件股东的名称、持股数量及 持股比例公告如下： 序号 股东名称 持股数量 占总股本比例（%） 1 广东生益科技股份有限公司 523,482,175 62.9 ...

Core Viewpoint - The company reported strong Q1 2025 results, with revenue of 1.579 billion, a year-on-year increase of 78.55% and a quarter-on-quarter increase of 4.79, driven by the growth in AI computing power business and improved profitability [1] Group 1: Q1 Performance - Q1 2025 revenue reached 1.579 billion, with a year-on-year growth of 78.55% and a quarter-on-quarter growth of 4.79% [1] - Net profit attributable to the parent company was 200 million, showing a year-on-year increase of 656.87% and a quarter-on-quarter increase of 37.63% [1] - The gross profit margin improved to 29.84%, up 10.96 percentage points year-on-year and 4.89 percentage points quarter-on-quarter [1] Group 2: Business Outlook - The company has a strong order intake and high capacity utilization in Q2 2025, with ongoing demand for AI servers and 800G switches [2] - The company is expanding high-end capacity in AI servers and 800G switches, with expected revenue growth in these areas [3] - The company is also developing products for 5.5G, 6G, satellite communications, and automotive electronics, which are anticipated to contribute to long-term growth [3] Group 3: Investment Recommendations - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of ***/***/*** billion and net profits of ***/***/*** million [4]

Core Viewpoint - The company Shengyi Electronics (688183.SH) has experienced significant growth in its operating performance due to the increasing demand for multilayer printed circuit boards, with substantial year-on-year increases in revenue and net profit reported for the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, Shengyi Electronics achieved revenue of 1.579 billion yuan, a year-on-year increase of 78.55%, and a net profit of 200 million yuan, up 656.87% [1]. - For the full year 2024, the company reported revenue of 4.687 billion yuan, a 43.19% increase, and a net profit of 332 million yuan, recovering from a loss of 24.99 million yuan in the same period of 2023 [1]. - The net profit has shown exponential growth over the quarters in 2024, with figures of 26.45 million, 69.64 million, 90.43 million, and 145 million yuan for Q1 to Q4 respectively, reflecting year-on-year increases of 759.89%, 412.84%, 432.26%, and 2079.78% [1]. Business Strategy and R&D - Shengyi Electronics has been optimizing its product structure and enhancing its business layout in response to the growing market demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2]. - The company has consistently invested in R&D, with expenditures of 196 million, 193 million, and 284 million yuan from 2022 to 2024, totaling 673 million yuan over three years, and Q1 2025 R&D expenses were 91.13 million yuan, an increase of 87.08% year-on-year [2]. - As of the end of 2024, the company holds 276 invention patents and has participated in the formulation of 20 industry standards and specifications [2]. Market Performance - As of April 28, the stock price of Shengyi Electronics was 25.62 yuan per share, with an overall increase of 158.78% over the past 12 months [3]. - The company has been generous in cash dividends, having distributed a total of 745 million yuan since its listing in 2021, which accounts for approximately 68.7% of the total net profit since then [3].

Core Insights - A-share listed companies demonstrated strong resilience in 2024, with total operating revenue reaching 62.33 trillion yuan, a year-on-year increase of 0.57%, and net profit attributable to shareholders of 5.06 trillion yuan, up 1.05% [1][2] - The growth was primarily driven by advancements in artificial intelligence (AI) technology, which significantly boosted demand in sectors such as GPU, PCB, and storage chips [2][3] - Despite overall growth, non-financial companies faced challenges, with a slight decline in revenue and a notable drop in net profit [1][3] Financial Performance - Among the 5402 listed companies, 4029 reported positive earnings, with 548 companies achieving over 100% growth in net profit [2] - The chemical company Zhengdan achieved a remarkable 119-fold increase in net profit, driven by soaring TMA prices due to supply-demand imbalances [2][3] - The semiconductor sector saw significant profit increases, with companies like Zhaoyi Innovation and Weir Shares reporting net profit growth of 584.21% and 498.11%, respectively [3] Sector Analysis - The AI sector is identified as a key growth driver, with companies in the GPU, PCB, and optical module industries experiencing substantial performance improvements [2][3] - The consumer electronics market is also rebounding, with a reported 5.6% year-on-year increase in smartphone shipments in China [3][4] International Expansion - A total of 3653 listed companies reported overseas revenue of 9.43 trillion yuan, accounting for approximately 20% of their total revenue [6][7] - Companies like Luxshare Precision and BYD achieved over 100 billion yuan in overseas revenue, with notable growth in emerging markets [6][7] - The internationalization strategies include local market investments and partnerships, particularly in Africa and the Middle East [7][8] Challenges and Losses - Despite overall positive performance, 124 companies reported net losses exceeding 1 billion yuan, with the real estate sector being particularly affected [9][10] - Vanke A led the loss rankings with a staggering 494.78 billion yuan loss, highlighting the difficulties faced in the real estate market [9][10] - The energy sector, including solar and lithium companies, also reported significant losses due to overcapacity and intensified competition [10] Regulatory Environment - The introduction of stricter delisting regulations is expected to normalize the delisting process, with 52 companies delisted in 2024 [11][12] - New rules include higher thresholds for financial delisting criteria, aiming to enhance market stability and protect investor interests [11][12]

公司最新毛利率为29.84%，在已披露的同业公司中排名第12，较上季度毛利率增加7.11个百分点，实现5个季度连续上涨，较去年同期毛利率增加11.12个百 分点，实现2年连续上涨。最新ROE为4.43%，在已披露的同业公司中排名第5，较去年同期ROE增加3.76个百分点。 2025年4月29日，生益电子(688183.SH)发布2025年一季报。 公司营业总收入为15.79亿元，在已披露的同业公司中排名第13，较去年同报告期营业总收入增加6.95亿元，实现2年连续上涨，同比较去年同期上涨 78.55%。归母净利润为2.00亿元，在已披露的同业公司中排名第12，较去年同报告期归母净利润增加1.74亿元，实现2年连续上涨，同比较去年同期上涨 656.87%。经营活动现金净流入为1.83亿元，在已披露的同业公司中排名第14，较去年同报告期经营活动现金净流入增加1.37亿元，同比较去年同期上涨 299.90%。 公司最新资产负债率为45.00%。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 广东生益科技股份有限公司 | 62.9. | | 2 | 东莞市国弘投资有限公司 ...

证券代码：688183 证券简称： 生益电子 公告编号：2025-027 生益电子股份有限公司 关于回购股份事项前十大股东 和前十大无限售条件股东持股情况的公告 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。 生益电子股份有限公司（以下简称"公司"）于2025年4月18日召开第三届董 事会第二十三会议，会议审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司人民币普通股 （A股）股份用于实施股权激励或员工持股计划。具体内容详见公司于2025年4月 19日披露的《生益电子股份有限公司关于以集中竞价交易方式回购公司股份方案 的公告》（公告编号：2025-023）。 根据《上海证券交易所上市公司自律监管指引第7号——回购股份》等相关规 定，现将公司董事会公告回购股份决议的前一个交易日（即2025年4月18日）登记 在册的前十大股东和前十大无限售条件股东的名称、持股数量及持股比例公告如 下： 序号 股东名称 持股数量 占总股本比例（%） 1 广东生益科技股份有限公司 523, ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company's Q1 2025 revenue reached 1.579 billion yuan, representing a year-over-year increase of 78.55% and a quarter-over-quarter increase of 4.79%. The net profit attributable to shareholders was 200 million yuan, showing a year-over-year increase of 656.87% and a quarter-over-quarter increase of 37.63% [1]. - The report highlights strong growth driven by AI server demand, with expectations for new capacity and customers to continue contributing to revenue growth in the second half of the year [1][7]. - The company is experiencing significant improvements in product structure and profitability, with a gross margin of 29.84% and a net margin of 12.67% in Q1 2025, reflecting a substantial increase from previous periods [7]. Financial Performance Summary - Total revenue projections for the company are as follows: 2024A at 4.687 billion yuan, 2025E at 7.549 billion yuan, 2026E at 10.024 billion yuan, and 2027E at 11.654 billion yuan, with respective year-over-year growth rates of 43.2%, 61.1%, 32.8%, and 16.3% [3]. - The net profit attributable to shareholders is projected to grow from 332 million yuan in 2024A to 1.988 billion yuan in 2027E, with year-over-year growth rates of 1,428.2%, 206.5%, 55.8%, and 25.4% [3]. - The report indicates a significant increase in R&D investment, reaching 91 million yuan in Q1 2025, up 87.08% year-over-year, aimed at supporting the development of next-generation AI servers and high-speed switches [7]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth of the AI industry, with expectations for continued demand for AI servers and high-speed switches, particularly as major clients like Amazon ramp up production of AI-related products [7]. - The report anticipates that the company's capacity expansion and successful project progress in high-speed switches will drive sustained revenue growth, with profit forecasts for 2025-2027 set at 1.017 billion yuan, 1.585 billion yuan, and 1.988 billion yuan respectively [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][5]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company has successfully implemented key projects in the server field, enhancing its market share in high-end PCB products. The introduction of the intelligent computing center project aims to meet the growing demand for high-layer, high-density interconnect PCBs, with an expected annual production capacity of 250,000 square meters by 2027 [7][9]. - The company is also expanding its production capabilities in high-precision HDI and soft-hard combination boards, which are crucial for meeting the demands of AI server applications [9][10]. Future Outlook - Revenue forecasts for 2025 to 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips, which may drive demand for its high-end PCB products [11].