证券代码：688183 证券简称：生益电子 公告编号：2026-002 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： | 回购方案首次披露日 | 2025/4/19 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 4 | 12 | 日~2026 | 年 | 月 | 17 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | 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 | 20.64万股 | | | | | | | 累计已回购股数占总股本比例 | 0.0248% | | | | | | | 累计已回购金额 | 1,999.98万元 | | | | | | | 实际回购价格区间 | 95.33元/股~99.74元/股 | | ...

Core Viewpoint - The company has initiated its first share buyback program, indicating a commitment to returning value to shareholders and potentially signaling confidence in its financial health [1] Group 1: Share Buyback Details - The company repurchased a total of 206,400 shares, which represents 0.0248% of its total share capital [1] - The highest transaction price for the buyback was 99.74 yuan per share, while the lowest was 95.33 yuan per share [1] - The total amount spent on the buyback was approximately 19.9998 million yuan, excluding transaction commissions and other fees [1]

生益电子股份有限公司 关于股份回购进展公告 证券代码：688183 证券简称：生益电子 公告编号：2026-001 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： | 回购方案首次披露日 | 2025/4/19 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 12 4 | 日~2026 | 年 | 月 | 17 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | 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 | 0万股 | | | | | | 累计已回购股数占总股本比例 | 0% | | | | | | 累计已回购金额 | 0万元 | | | | | | 实际回购价格区间 | 0元/股~0元/股 | | | | | 二、回购股份的进展情况 根据《上市公 ...

Core Insights - Shengyi Electronics has been focused on the research, production, and sales of various printed circuit boards (PCBs) since its establishment in 1985, targeting the mid-to-high-end application market with products characterized by high precision, density, and reliability [1] - The rapid development of artificial intelligence (AI) technology is increasing the performance requirements for PCBs, driving accelerated technological upgrades in the industry. The company is actively innovating by forming specialized teams to ensure the smooth progress of core projects and strategic initiatives [1] - The company is advancing the industrialization of key projects such as AI servers, 800G switches, and satellite communication PCBs, while also establishing a professional technical service team to enhance the alignment of technological research with market demands [1] Project Developments - In the first half of 2025, the company has initiated several new projects, including the development of next-generation high-end optical communication core components, intelligent cockpit modules, and general computing architecture platforms, which are widely applied in fields such as networking, satellite communication, consumer electronics, high-end servers, smart automotive electronics, and new energy [2] - The demand for AI chips is strong, and the continuous iteration of chips is driving demand in the PCB sector. According to Omdia, the rapid growth of GPUs and other acceleration chips for cloud computing and data centers will eventually slow down, but not before significantly impacting the industry [2] - Server PCB products must keep pace with the generational updates of server chips, with product lifecycles typically ranging from 3-5 years and maturity periods of 2-3 years. The requirements for signal transmission rates, data transmission loss, and wiring density are increasing with each generation of chip platforms, necessitating corresponding upgrades in server PCBs [2] Financial Projections - The company is projected to achieve revenues of 9.46 billion yuan, 13.08 billion yuan, and 17.27 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 1.514 billion yuan, 2.340 billion yuan, and 3.145 billion yuan, reflecting year-on-year growth rates of 356.0%, 54.6%, and 34.4% [3] - Corresponding price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated to be 55 times, 36 times, and 27 times, respectively, with an initial coverage rating of "Buy" [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][4]. Core Insights - The company is positioned to benefit from the structural expansion of PCB demand driven by AI infrastructure investments, particularly in server and switch applications [6][39]. - Revenue forecasts for 2025-2027 are projected at 98 billion, 154 billion, and 203 billion yuan respectively, with a compound annual growth rate (CAGR) of 55% for net profit during the same period [7][5]. - The current valuation does not reflect the growth potential, with a PEG ratio of 0.5 compared to an average of 0.8 for comparable companies, indicating a potential upside of 50% [7][6]. Financial Data and Profit Forecast - Total revenue (in million yuan) is expected to grow from 4,687 in 2024 to 9,842 in 2025, with a year-on-year growth rate of 110% [5]. - Net profit attributable to the parent company is forecasted to increase from 332 million in 2024 to 1,721 million in 2025, reflecting a growth rate of 418.3% [5]. - Earnings per share are projected to rise from 0.40 yuan in 2024 to 2.07 yuan in 2025 [5]. Market Position and Growth Drivers - The company has established itself as a key player in the PCB industry, ranking 35th globally in 2024 according to Prismark [6][24]. - The demand for high-end PCBs is expected to surge due to the increasing capital expenditure on AI infrastructure, with the data center PCB market projected to grow from 12.5 billion USD in 2024 to 21 billion USD by 2029 [6][39]. - The company has successfully developed products for major clients, including Amazon, and anticipates that server orders will increase from 24% in 2023 to 49% in 2024 [6][53]. Supply Chain and Production Capacity - The company's production capacity is expected to increase from 2 million square meters per year to 3 million square meters per year between 2025 and 2027 [8]. - New facilities in Ji'an and Thailand are projected to commence production in the coming year, contributing to capacity expansion [8][6]. Key Assumptions - PCB shipment volume is expected to maintain a saturation rate of 90-100% during the expansion period, with shipment growth rates of 40%, 20%, and 10% from 2025 to 2027 [8]. - The average selling price (ASP) of PCBs is anticipated to increase by 50%, 30%, and 20% over the same period, reaching 4,609, 5,992, and 7,190 yuan per square meter respectively [8]. - Gross margins for PCBs are projected to improve from 30% in 2025 to 32% in 2027, reflecting the demand for high-end AI-related PCB products [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][7]. Core Insights - The company is expected to benefit significantly from the growth in AI ASIC and the upgrade of switch rates, particularly in the context of AI hardware [4][6]. - The revenue forecast for the company from 2025 to 2027 is projected to be 98 billion, 154 billion, and 203 billion yuan respectively, with a compound annual growth rate (CAGR) of 55% for net profit during the same period [7][8]. - The report highlights that the current valuation does not reflect the growth potential, with a PEG ratio of 0.5 compared to an average of 0.8 for comparable companies, indicating a potential upside of 50% [7][8]. Financial Data and Profit Forecast - Total revenue (in million yuan) is forecasted as follows: - 2024: 4,687 - 2025: 6,829 - 2025E: 9,842 - 2026E: 15,353 - 2027E: 20,266 - Year-on-year growth rates for total revenue are projected at 43.2%, 114.8%, 110.0%, 56.0%, and 32.0% respectively [5]. - Net profit attributable to the parent company (in million yuan) is forecasted as follows: - 2024: 332 - 2025: 1,115 - 2025E: 1,721 - 2026E: 2,887 - 2027E: 4,119 - Year-on-year growth rates for net profit are projected at 497.6%, 418.3%, 67.8%, and 42.7% respectively [5]. Company Overview - The company has been focused on PCB (Printed Circuit Board) business since its establishment in 1985, with applications in various fields including communication devices, network equipment, computers/servers, automotive electronics, consumer electronics, and industrial control [6][19]. - The company ranks 35th among the top 100 PCB manufacturers globally as of 2024 [6][29]. Market Dynamics - The data center PCB market is expected to grow from 12.5 billion USD in 2024 to 21 billion USD in 2029, with a CAGR of 10.9% [6][45]. - The demand for high-end PCB products is driven by the acceleration of AI capital expenditures, which enhances the infrastructure for servers and switches [6][45]. Production Capacity and Supply Chain - The company's production capacity is expected to increase from 2 million square meters per year in 2025 to 3 million square meters per year by 2027 [8]. - The company is expanding its production facilities in Dongguan, Ji'an, and Thailand, with new plants expected to come online in the near future [8][19]. Customer Base and Market Position - The company has established relationships with major clients such as Amazon, IBM, and Huawei, with server orders expected to account for 49% of total orders by 2024 [6][62]. - The company has a high customer concentration, with the top five customers accounting for a significant portion of revenue [37][38].

Core Viewpoint - Shengyi Electronics' stock price has experienced significant fluctuations, with a year-to-date increase of 154.58% but a recent decline of 3.49% over the past five trading days [2]. Group 1: Stock Performance - As of December 30, Shengyi Electronics' stock price was 98.57 CNY per share, with a market capitalization of 81.993 billion CNY [1]. - The stock has seen a trading volume of 6.29 billion CNY and a turnover rate of 0.76% [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) five times this year, with the latest appearance on October 28 [2]. Group 2: Financial Performance - For the period from January to September 2025, Shengyi Electronics reported a revenue of 6.829 billion CNY, representing a year-on-year growth of 114.79% [2]. - The net profit attributable to shareholders for the same period was 1.115 billion CNY, showing a remarkable increase of 497.61% [2]. - The company has distributed a total of 9.92 billion CNY in dividends since its A-share listing, with 5.84 billion CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Shengyi Electronics was 27,800, an increase of 58.45% compared to the previous period [2]. - The average number of circulating shares per shareholder was 29,955, which decreased by 36.89% from the previous period [2]. - Notable institutional shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 Component ETF, both of which are new shareholders [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term stock index may fluctuate, but the trend remains unchanged, and it is expected to attack the previous high. The shock digestion since November has entered the end, and from December to January of the next year, it is likely to enter the window period of cross - year layout. The market is expected to show a shock climb again. The mid - term view of being bullish on the stock index remains unchanged. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] Summary by Directory 1. Weekly Views and Strategies Fundamental Views - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [8][36] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [8][47] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market; the State Council issued the new Nine - Article Guidelines to strongly support investor returns; the central bank created two new types of monetary policy tools; the implementation plan for promoting the entry of medium - and long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually. [8][55] - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [8][73][77] - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%. As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. The net inflow of index funds in 2025 was 104.9 billion yuan, while the net outflow of active equity funds was 444.9 billion yuan. From April 7 to December 19, 2025, the ETF scale increased by 176.3 billion yuan, and last week it increased by 47.3 billion yuan. As of December 19, the net inflow of ETF funds this year was 79.3 billion yuan. [11][97][101] Strategy Views and Outlook - The broader market fluctuated and rose for eight consecutive days last Friday, with a dive during the session and the trading volume increased to more than 2 trillion yuan, remaining above the 60 - day moving average. The market sentiment declined, and there may be short - term fluctuations, but the trend remains unchanged, and it is expected to attack the previous high. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] 2. Index Industry Trend Review - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] 3. Main Contract and Basis Trend - The four major indexes continued to rebound. In terms of the basis, it started from the quarterly main contract and is at a relatively high level. In terms of the arbitrage of each main contract, IC/IF and IC/IH fluctuated and stabilized, IH/IF stabilized; IM/IF and IM/IH fluctuated weakly; IM/IC fluctuated and declined. [25][30] 4. Policy and Economy Economy - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [36] - Generally, PPI leads the inventory cycle. PPI bottomed out and rebounded in June 2023, weakened after two months, and the decline has been narrowing continuously since March 2024. The decline of PPI has been narrowing again since November 2025. In October, the operating revenue of industrial enterprises fell to 1.8%, the inventory continued to rise to 3.7%, demand declined, and there was passive inventory replenishment. [39] - China's social financing scale in November was 2488.5 billion yuan, an increase of 152.8 billion yuan compared with the same period last year. Among them, new RMB loans were 405.3 billion yuan, a decrease of 117 billion yuan compared with the same period last year, mainly due to a decrease of 206.3 billion yuan in household loans. Government bonds were 1204.1 billion yuan, a decrease of 106 billion yuan compared with the same period last year. [42] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [47] Policy - New Nine - Article Guidelines: It aims to improve the overall quality of listed companies from the source and promote listed companies to pay more attention to rewarding shareholders. [51] - Implementation Plan for Promoting the Entry of Medium - and Long - Term Funds into the Market: It includes measures such as increasing the actual investment ratio, extending the assessment period, and forming a joint force to implement incremental policies, which is expected to bring a large amount of long - term funds into the A - share market. [54] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market, including measures to boost the capital market, promote the entry of medium - and long - term funds, support mergers and acquisitions of listed companies, and promote the stable development of the real estate market. [55] - The central bank created new monetary policy tools, including a swap facility for securities, funds, and insurance companies and a stock repurchase and increase re - loan, and carried out MLF operations and reverse repurchase operations, and adjusted relevant interest rates. [58] - A large - scale debt - resolution measure was announced, which will directly increase 10 trillion yuan of local debt - resolution funds and significantly reduce the local debt - resolution pressure. [59] - Accelerate the construction of first - class investment banks and investment institutions to better promote the high - quality development of the capital market, including implementing differentiated supervision for different types of securities companies. [60] - The 14th Five - Year Plan: It is a crucial five - year period with multiple strategic goals to be achieved. It involves aspects such as the international trade pattern, Sino - US relations, supply - chain reconstruction, and domestic economic development. [63] - The US mid - term elections: The policy environment in the next year will be more favorable for risk assets. The mid - term election schedule and expected fiscal support are also mentioned. [64][66] 5. Revenue and Net Profit of Each Index - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [73][77] 6. Valuation - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] 7. Federal Reserve Interest Rate - Not provided in the given content 8. Capital Flow - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. [97] - The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. [101] - The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%, and the market value of A - shares held by insurance funds increased by 1.193 trillion yuan in the first three quarters of 2025, with an increase of 758.4 billion yuan after deducting the scale growth. [103][104] - The market value of the national team increased by 4 billion in the third quarter, with little change, while the CSI 300 index rose by 17.9%. The mid - and long - term A - share market value increased by nearly 90 billion in the third quarter, and the market value of A - shares held by mid - and long - term A - share investment entities increased by 1.8145 trillion in the first three quarters of 2025. [106][108] - From April 7 to December 19, 2025, the ETF scale increased by 204 billion yuan; last week, the ETF scale continued to increase by 27.7 billion yuan. As of December 26, the net inflow of ETF funds this year was 107 billion yuan. [111] - As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. [117] - In October 2025, the deposits of non - bank financial institutions increased by 1.8574 trillion yuan again, and the total deposits of non - bank financial institutions increased by 6.6688 trillion yuan this year. Overall, funds are flowing from the banking system to non - bank channels such as the capital market and wealth management products. [121] - As of last weekend, the IPO financing in 2023 was 356.5 billion yuan; in 2024, it was 67.3 billion yuan; in 2025, it was 125.3 billion yuan. [129] - Last week, the net reduction of major shareholders in the secondary market was 14.2 billion yuan, at a relatively high level. [134] - The unlocking volume in the first half of 2026 is relatively small. [138] 9. Technical Analysis - The daily - line trend charts of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are provided, showing the price trends of these indexes from December 26, 2024, to December 23, 2025. [142][144][146][148]

Group 1 - Zhuolang Intelligent's subsidiary plans to increase capital by 900 million yuan to its wholly-owned subsidiary in Xinjiang [1] - Zhenhua Heavy Industry signed a contract worth 1.149 billion yuan with Guangzhou Salvage Bureau for a deep-water crane ship construction project [2] - Ugreen Technology intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy [3] Group 2 - Guangsheng Nonferrous Metals will change its stock name to Zhongxi Rare Metals starting December 31, 2025 [4] - China Electric Research proposed a cash dividend of 2.5 yuan per 10 shares for the first three quarters of 2025 [5] - Chaoyan Co. is establishing a fund with professional investment institutions, aiming to raise 1 billion yuan [6] Group 3 - Silk Road Vision's subsidiary plans to sell 8.5% of Ruijun Technology for 52.7 million yuan [7] - Longgao Co.'s actual controller is transferring 4.37% of the investment development group's equity for 398 million yuan [8] - Weiteou signed a strategic cooperation agreement with Huaruixin Energy to develop new materials and applications [9][10] Group 4 - Annuoqi decided to terminate the investment in a 50,000-ton dye intermediate project due to market changes, with a total investment of 421 million yuan [12] - Akoli's subsidiary has entered trial production for a project with an annual capacity of 20,000 tons of polyether amine [13] - Ningbo Construction's subsidiary signed a construction contract worth 451 million yuan for a comprehensive utility tunnel project [14] Group 5 - Zhejiang Rongtai and Weichuang Electric plan to establish a joint venture in Thailand for R&D and production of mechatronic components [15] - Jiuzhoutong's subsidiary received a drug registration certificate for isopropazine injection [16] - Huaqin Technology's subsidiary signed a daily operation contract worth 392 million yuan [17] Group 6 - ST Meichen completed the sale of 100% equity in Hainan Meichen Ecological Development Co., Ltd. [18] - Pulite's LCP film products have begun mass production for a leading customer in the consumer electronics industry [19][20] - Nanjing Public Utility's major shareholder transferred 7.61% of the company's shares for 300 million yuan [21] Group 7 - Solar Energy terminated the investment in a 150 MW distributed photovoltaic project due to increased investment risks [22] - Yuntian Lifa won a 122 million yuan project for AI development in Longgang [23] - Changchun High-tech's subsidiary received acceptance for a clinical trial application for GenSci141 ointment [24] Group 8 - Changfei Optical Fiber's major shareholder completed a share reduction plan, selling 1.1 million shares for approximately 104.5 million yuan [25] - Sandam Membrane plans to apply for a comprehensive credit limit of up to 100 million yuan for 2026 [26] - Aisecurity received a government subsidy of 3.4611 million yuan [27] Group 9 - Stone Technology's H-share issuance has received approval from the China Securities Regulatory Commission [28] - Hongxing Development's subsidiary plans to suspend production to comply with national hazardous chemical relocation policies [29] - Guodian Nanzi's vice president and chief engineer resigned [30] Group 10 - Jianghe Group's subsidiary won a bid for a city renovation project in Haikou worth approximately 112 million yuan [31] - Gaotie Electric's subsidiary won a bid for a railway project worth 59.0317 million yuan [32] - Huicheng Co. plans to introduce a new partner to its major shareholder [33] Group 11 - Pumen Technology's folic acid testing kit received a medical device registration certificate [34] - Hai Xin Co.'s vitamin B6 injection passed the consistency evaluation for generic drugs [35] - Taiji Group's shareholder plans to merge with its subsidiary [36] Group 12 - Shengyi Electronics adjusted the maximum repurchase price to no more than 144.36 yuan per share [37]

（文章来源：证券日报） 证券日报网讯 12月26日，生益电子发布公告称，公司将回购价格上限由42.47元/股（含）调整为144.36 元/股（含），调整自2025年12月26日董事会审议通过之日起生效，其余回购方案内容不变。 ...