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"）原证券事务代表朱宝玲女士因 工作内部调整，不再担任公司证券事务代表职务，调整后仍在公司担任其他职务。 朱宝玲女士在担任证券事务代表期间，勤勉尽责、恪尽职守，认真履行职责，为 公司发展做出了积极贡献，公司及董事会对其在任职期间为公司所做出的贡献表 示衷心的感谢！ 公司于2024年12月23日召开了第三届董事会第十八次会议，审议通过了《关 于变更证券事务代表的议案》，同意杭海梅女士（简历详见附件）为公司证券事务 代表，协助董事会秘书开展工作，任期自本次董事会审议通过之日起至公司第三 届董事会届满之日止。 杭海梅女士具备担任证券事务代表所需的专业知识、工作经验和相关素养， 其任职资格符合《中华人民共和国公司法》《上海证券交易所科创板股票上市规 则》等相关法律法规和规范性文件的规定。 证券事务代表联系方式如下： 联系地址：广东省东莞市东城区（同沙）科技工业园同振路33号 电子邮箱：bo@sye.com.cn 生益电子股份有限公司 关于变更证券事 ...

Group 1 - Dongguan Kechuang Shengyi Industrial Investment Partnership (Limited Partnership) has been established with a capital contribution of 100 million RMB, focusing on private equity investment, investment management, and asset management activities [1] - The enterprise is co-held by Shengyi Electronics (688183) and other stakeholders [2]

Group 1: Company Overview - The company, Shengyi Electronics, reported a revenue of 3.179 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 32.97% [2] - The net profit for the same period was 187 million yuan, marking a turnaround from a loss to profitability [2] Group 2: Performance Drivers - The increase in revenue and profit is attributed to the optimization of product structure and the expansion of business areas, driven by rising market demand for high-layer, high-precision, high-density, and high-reliability printed circuit boards [2] - The company's gross profit growth significantly contributed to the improvement in net profit [2] Group 3: R&D Investment - Shengyi Electronics increased its R&D investment to 199 million yuan in the first three quarters of 2024, a year-on-year increase of 41.69% [2] - R&D expenditure accounted for 6.26% of revenue, an increase of 0.39 percentage points compared to the previous year [2] - The main focus areas for R&D include communication networks, computers/servers, and automotive electronics [2]

Investment Project - The company plans to invest approximately 1.4 billion yuan in the construction of a high-density interconnect circuit board project for smart computing power at its Dongguan manufacturing base [1] - The project will be implemented in two phases with a total construction period of 6 years, with the first phase expected to start trial production in 2025 and the second phase in 2027 [1] - The project aims to produce 250,000 square meters of high-density interconnect printed circuit boards annually, with 150,000 square meters in the first phase and 100,000 square meters in the second phase [1] - The dynamic investment payback period is 7 years after tax for the first phase and 5 years after tax for the second phase [1] Strategic Positioning and Market Prospects - The investment aligns with the company's focus on high-end printed circuit boards and will enhance its technological innovation capabilities in the smart computing power field [2] - The project is expected to expand the company's operational scale, improve specialized production lines, optimize product structure, and enhance core competitiveness [2] - The company believes the project has good market development prospects and will meet the medium- and long-term demand for high-end printed circuit boards in emerging fields [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.179 billion yuan, a year-on-year increase of 32.97%, and a net profit of 187 million yuan, turning a loss into a profit [2] - The growth in performance is attributed to the optimization of product structure, improvement in regional business layout, and increased demand for high-layer, high-precision, high-density, and high-reliability multilayer printed circuit boards [2] Market Adaptation and Product Development - The company has actively responded to fluctuations in the communications industry by optimizing product structure and increasing efforts to develop new customers [3] - In the network sector, the company has secured batch orders for 800G high-speed switch products and is cooperating with customers on the development of next-generation products [3] - The company is leveraging opportunities brought by AI technology, with multiple AI server product projects achieving batch production and ongoing development of next-generation products [3] - Server products accounted for 42.45% of revenue in the first three quarters of 2024, a year-on-year increase of 20.87 percentage points [3]

证券代码：688183 证券简称： 生益电子 公告编号：2024-056 生益电子股份有限公司 关于投资智能算力中心高多层高密互连电路板项目的公告 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： 敬请广大投资者理性投资，注意投资风险。 项目名称：智能算力中心高多层高密互连电路板项目。 投资金额：约14亿元人民币。 资金来源：公司自有资金或自筹资金。 建设周期：本项目计划分两阶段实施，本项目总建设期计划为6年。 相关风险提示： 1. 本项目投资总额较高，且资金来源为公司自有资金或自筹资金，因此本 项目的资金保障可能会受到公司经营情况的影响。 2. 本项目实施尚需政府立项核准及报备等工作，如因有关政策调整、项目 核准等实施条件因素发生变化，本项目的实施可能存在变更、延期、中 止或终止的风险。 3. 本项目建设期长，由于市场本身具有不确定因素，如果未来市场需求增 长不及预期，或业务推广进度、产品价格波动等与公司预期产生较大偏 差，本项目的实施也可能存在变更、延期、中止或终止的风险，同时也 有可能存在本项目全部实施 ...

Company and Industry Summary Company Overview - The company specializes in high-speed PCB manufacturing and was established in 1985, transitioning from a construction phase (1985-1989) to a development and expansion phase (1990-2007), and currently is in a high-quality development phase with production capacity increasing from 35,000 square meters to 350,000 square meters annually [1] Product Positioning - The company focuses on mid-to-high-end applications, with key products used in communication base stations, signal transmission devices, routers, switches, and servers [2] - The product structure includes various types of PCBs such as multi-layer boards, backplanes, and HDI boards, with applications in telecommunications, computing, consumer electronics, and automotive sectors [4][5] Financial Performance - In the first three quarters, the company reported a revenue growth of 33% year-over-year, with profits increasing significantly, achieving a gross margin of 11.7% and a net margin of 5.9% [3] Industry Insights - The PCB industry serves as a critical connector for electronic circuits, with a market size of approximately $9.9 billion [8] - The demand for PCBs is driven by sectors such as AI, big data, and the automotive industry, particularly with the rise of electric and smart vehicles [6][11] Market Trends - The AI server market is projected to exceed $11 billion by 2026, indicating a robust growth trend in the sector [8] - The telecommunications sector accounts for over 30% of PCB applications, with significant contributions from computing and consumer electronics [5] Competitive Landscape - The company has a competitive edge due to its 30 years of R&D experience, with over 200 patents and 19 industry standards established [13] - Key clients include major players like Huawei, ZTE, and Nokia, indicating strong market positioning [14] Future Outlook - The company anticipates continued growth in AI server demand and is well-positioned to expand its production capabilities, particularly with the upcoming launch of new facilities [15] - The automotive sector is expected to see increased demand for high-end PCBs, driven by advancements in electronic systems [12] Additional Considerations - The company has a strong focus on high-layer count PCBs, with capabilities to produce boards with up to 46 layers for high-end servers [7] - The market for switches is expected to reach $91.5 billion by 2025, with Cisco and Huawei being dominant players [10]

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]