Group 1 - The company will hold its 2024 Annual General Meeting (AGM) on April 21, 2025, to ensure the rights of all shareholders and maintain order during the meeting [1][5] - Shareholders and their proxies must register to attend the AGM and will have the right to speak, inquire, and vote [2][4] - The meeting will include a combination of on-site and online voting, with specific time slots for each [5][8] Group 2 - The company reported a significant increase in total revenue for 2024, reaching RMB 468,663.08 million, a 43.19% increase from 2023 [14] - The net profit for 2024 was RMB 33,197.32 million, compared to a loss of RMB 2,499.36 million in 2023, indicating a strong recovery [14][20] - The company’s total assets increased by 22.30% to RMB 768,554.97 million by the end of 2024 [9][12] Group 3 - The company’s cash flow from operating activities showed a net inflow of RMB 35,072.87 million, although this was a decrease of 18.70% compared to the previous year [18][19] - The company’s total liabilities increased by 44.75% to RMB 341,236.29 million, reflecting higher short-term borrowings and accounts payable [10][11] - The company plans to distribute a total cash dividend of RMB 35,404.78 million, which is 106.65% of the net profit attributable to shareholders [21][22] Group 4 - The company has implemented a share repurchase plan, with a total of 15,518,757 shares repurchased, representing 1.87% of the total share capital [27][26] - The board of directors has emphasized the importance of corporate governance and has established various committees to oversee different aspects of the company’s operations [29][30] - The company has increased its investment in research and development, with a focus on high-end products and technology [25][26]

生益电子股份有限公司 2024 年年度股东大会资料 （二 O 二五年四月二十一日） 生益电子股份有限公司 2024 年年度股东大会会议资料 生益电子股份有限公司 2024年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股 东大会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》以及《生益电子股份有限公司章程》《生益电子股份 有限公司股东大会议事规则》等相关规定，特制定生益电子股份有限公司（以下 简称"公司"）2024年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格。在 会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数 之前，会议登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权 利。股东及股 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In 2024, the company achieved operating revenue of 4.687 billion yuan, a year-on-year increase of 43.19%, and a net profit attributable to shareholders of 332 million yuan, a staggering year-on-year growth of 1428.23% [2][4]. - The company's gross margin and net margin for 2024 were 22.73% and 7.08%, respectively, reflecting increases of 8.17 percentage points and 7.84 percentage points year-on-year [2][4]. - The company has successfully developed AI-related products, with server product orders accounting for 48.96% of total orders in 2024, contributing significantly to its profitability [10]. Summary by Sections Financial Performance - The company reported total operating revenue of 4.687 billion yuan for 2024, with a gross profit of 1.065 billion yuan, resulting in a gross margin of 22.73% [16]. - The net profit attributable to shareholders reached 332 million yuan, with an EPS of 0.40 yuan [16]. Business Strategy - The company focuses on high-end markets, achieving significant breakthroughs in the communications sector, particularly in 800G high-end switches, and expanding its presence in the AI server market [10]. - The company is also advancing in the automotive electronics sector, with steady progress in core product lines related to intelligent driving and energy management [10]. Future Outlook - The company plans to implement a high-density interconnect circuit board project, with an expected annual production capacity of 250,000 square meters, to meet the growing demand for AI products [10]. - Forecasts indicate that the company will achieve net profits of 997 million yuan, 1.414 billion yuan, and 1.858 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25.16, 17.74, and 13.51 [6][10].

南方财经全媒体记者程浩 东莞报道 本期看点：东莞前2月贷款增量居全省地级市首位；东莞科创金融集团累计参设41只基金，总规模超170 亿元；宏川智慧携手惠州国企加速化工仓储产业布局；快意电梯2024年净利1.32亿元，同比减少 8.46%；生益电子2024年净利润为3.32亿元，同比扭亏为盈；生益科技2024年净利润17.39亿元，同比增 长49.37%。 1、金融要闻东莞前2月贷款增量居全省地级市首位 近日，记者从中国人民银行东莞市分行获悉，截至2月末，东莞市本外币各项贷款余额1.96万亿元，同 比增长2.5%，比年初增加370亿元，增量居广东省地级市首位。其中，人民币贷款余额1.87万亿元，同 比增长4.4%。 近年来，东莞信贷资源持续流向重大战略、重点领域和薄弱环节。截至2月末，东莞全市科技型中小企 业贷款余额127亿元，同比增长33.6%，专精特新"小巨人"企业贷款余额196亿元，同比增长35.7%。今 年2月份，东莞战略性新兴产业新发放贷款248亿元，同比增长52.2%；小微企业贷款余额4122亿元，同 比增长16.0%，普惠口径小微贷款余额4109亿元，居广东省地级市首位。 2、上市公司动态宏川智慧 ...

Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, with a revenue increase of 43.2% year-on-year, driven by high demand for advanced multi-layer printed circuit boards, particularly in AI-related orders [1][2]. Financial Performance Summary - In 2024, the company achieved a total revenue of 4.69 billion, with a net profit of 0.332 billion, compared to a loss of 0.025 billion in the previous year. The gross margin improved to 22.7%, up by 8.2 percentage points, and the net margin reached 7.1%, an increase of 7.9 percentage points [1]. - In Q4 2024, revenue reached 1.51 billion, marking a year-on-year increase of 70.9% and a quarter-on-quarter increase of 25.0%. The net profit for this quarter was 0.145 billion, compared to a loss of 0.007 billion in the same period last year [1]. Product Application Areas - **Telecommunications**: The company made significant progress in high-speed network infrastructure, achieving breakthroughs in 800G switches and completing preliminary R&D for satellite communications, with mass production expected in 2025 [2]. - **Server Sector**: AI server products saw substantial growth, with revenue share rising to 49.0%. The company plans to increase R&D investment and expand production capacity to meet high-end product demand [2]. - **Automotive Electronics**: The company is steadily advancing in smart driving, power energy, and intelligent cockpit products, with expectations for continued rapid growth [2]. Future Growth Prospects - The company is positioned for multi-faceted growth in AI servers, 800G switches, satellite communications, and automotive electronics from 2025 to 2026. It is optimizing its product structure in the server sector and has developed several key clients, including Amazon [3]. - In the telecommunications sector, the company is actively collaborating with leading clients to develop products for 5.5G, 6G, satellite communications, and optical modules, with expectations for increased product pricing [3]. - In automotive electronics, the company is enhancing partnerships with global leaders in the electric vehicle sector, aiming for rapid growth in new customer orders [3]. Investment Outlook - The company has a strong competitive edge due to its deep engagement in telecommunications, high-performance computing (HPC), and automotive electronics, with a focus on core technologies and mainstream client resources. The ongoing release of new production capacity is expected to benefit its three main business lines, initiating a new growth cycle [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to benefit from the rapid growth of AI-related orders, with a significant increase in revenue and profitability anticipated in 2024 and beyond [5] - The company has optimized its product structure, leading to a substantial increase in revenue and a turnaround from losses to profits [5] - The company is positioned well in three major application areas: communications, servers, and automotive electronics, with positive developments in each sector [5] Financial Performance - In 2024, the company reported total revenue of 4.69 billion, a year-on-year increase of 43.2%, and a net profit of 332 million, compared to a loss of 25 million in the previous year [1][5] - The gross margin improved to 22.7%, up by 8.2 percentage points year-on-year, while the net margin reached 7.1%, an increase of 7.9 percentage points [1] - The company plans to distribute a cash dividend of 2.50 per 10 shares (before tax) [1] Revenue Growth Projections - Revenue is projected to grow to 7.77 billion in 2025, representing a 66% increase, and further to 10.51 billion in 2026 and 13.29 billion in 2027 [6] - The company expects to achieve a net profit of 1 billion in 2025, with a growth rate of 201% [6] Product Development and Market Position - The company has made significant advancements in the communications sector, achieving breakthroughs in 800G switches and satellite communications [5] - In the server sector, AI server products have seen a substantial increase in revenue, now accounting for 49% of total revenue [5] - The automotive electronics segment is also experiencing steady growth, with ongoing orders in smart driving and energy management [5] Order and Capacity Utilization - The company reports strong order intake and high capacity utilization rates at the beginning of 2025, indicating robust demand for AI servers and related products [5] - The company is well-positioned to capitalize on the growing demand in the AI and communications markets, with ongoing expansion of high-end production capacity [5] Long-term Growth Potential - The company is expected to benefit from its established presence in the communications, high-performance computing (HPC), and automotive electronics sectors, with a strong competitive edge due to its core technologies [5] - The anticipated release of new production capacity is expected to drive sustained growth in the coming years [5]

3月27日晚，生益电子(688183.SH)披露2024年度业绩，实现营业收入 46.87亿元，同比增长43.19%；归 母净利润为3.32亿元，成功扭亏为盈；PCB产品毛利率提升至19.42%，同比增加8.58个百分点。这一业 绩反转，折射出PCB行业在AI算力黄金周期下的结构性机遇。 与年度业绩报告一同披露的还有2024年度利润分配预案，公司拟向全体股东每10股派发现金红利人民币 2.50元，合计派发现金红利人民币2.04亿元，占2024年度合并报表下归属于上市公司股东的净利润比例 为61.47%。 AI算力需求激增，服务器产品销售占比升至48.96% 作为"电子产品之母"，PCB行业的发展与下游需求深度绑定。生益电子在去年持续动态分析行业发展趋 势，深化产品结构和产品区域布局，把握AI算力等高增长下游终端领域需求大幅上升的机遇。 2024年，全球AI服务器市场迎来爆发式增长，TrendForce数据显示，AI服务器占服务器行业总价值的比 例已从2023年的32%跃升至2024年的58%，预计2025年将突破70%，成为服务器行业的核心驱动力。根 据Prismark的预估，AI/HPC服务器使用的PCB， ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating expected stock price growth exceeding 15% over the next six months [5]. Core Insights - The company achieved significant revenue growth of 43.19% year-on-year in 2024, reaching 4.687 billion yuan, and returned to profitability with a net profit of 332 million yuan [1][2]. - The fourth quarter of 2024 saw a remarkable revenue increase of 70.91% year-on-year, with a net profit of 145 million yuan, marking the highest quarterly performance since Q2 2020 [1][2]. - The company is experiencing strong growth across multiple sectors, particularly in AI servers, communications, and automotive electronics, with AI server revenue now accounting for 48.96% of total revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.687 billion yuan, a 43.19% increase from the previous year, and a net profit of 332 million yuan, recovering from a loss in 2023 [1][4]. - The projected net profits for 2025, 2026, and 2027 are 890 million yuan, 1.222 billion yuan, and 1.472 billion yuan, respectively, with corresponding P/E ratios of 28, 20, and 17 [3][4]. Business Expansion - The company is actively expanding its production capacity, with a sales area of 1.4569 million square meters in 2024, a 15.24% increase year-on-year [3]. - The ongoing expansion projects include a high-density interconnect circuit board project and a production base in Thailand, with investments increasing from 100 million USD to 170 million USD [3]. Market Position and Growth Drivers - The company has established strong partnerships in the AI server market, leading to a significant increase in market share and revenue from high-margin computing orders [2][3]. - In the communications sector, the company has achieved breakthroughs in 800G switches and is expected to begin mass production in the satellite communications field by 2025 [2]. - The automotive electronics segment is also showing promising growth, particularly in smart driving and energy management systems [2].

一、募集资金基本情况 （一）实际募集资金金额及资金到账情况 2024 年度募集资金存放与实际使用情况的专项核查意见 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》《上海证券交 易所科创板股票上市规则》《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上市公司自律监管指引第 1 号— —规范运作》等有关规定，对生益电子 2024 年度募集资金存放与实际使用情况 进行了核查，具体核查情况如下： 东莞证券股份有限公司 关于生益电子股份有限公司 截至 2024 年 12 月 31 日，本次募集资金的使用情况如下： 单位：人民币元 | | 项目 | 金额 | | --- | --- | --- | | 募集资金净额 | | 1,974,938,921.10 | 1 | 减：募投项目累计使用金额 | 1,513,523,968.13 | | --- | --- | | 其中：本期募投项目使用金额 | 64,674,170.53 ...