Investment Rating - The report gives a "Recommend" rating to the company, citing its strong technology, product portfolio, and customer base, which are expected to benefit from the rapid development of the AI industry [3][141] Core Viewpoints - The company is positioned to benefit from the AI-driven demand for high-end PCBs, particularly in AI servers and high-speed switches, which are expected to drive its growth in the coming years [3][9][21] - The company has a strong foothold in the communication, server, and automotive PCB markets, with a diversified product matrix and a reputation for high-quality, high-density, and high-reliability products [21][22] - The AI industry's rapid growth is expected to significantly increase demand for high-layer, high-density, and high-speed PCBs, which aligns with the company's expertise and production capabilities [48][92] Industry Analysis - The AI industry is driving a surge in demand for high-performance PCBs, particularly in AI servers and high-speed switches, with global tech giants like Microsoft, Google, and Amazon increasing their capital expenditures in AI-related infrastructure [3][48] - The automotive industry's shift towards electrification, connectivity, and intelligence is expected to steadily increase demand for automotive PCBs, with the company's automotive electronics revenue growing significantly in 2023 [3][31] - The global PCB market is entering a new growth cycle, driven by the increasing demand for high-layer, high-density, and high-speed PCBs, particularly in AI, high-speed networks, and automotive systems [3][92] Company Analysis - The company has a strong technical foundation in high-speed, high-density, and high-layer PCBs, with a product portfolio that includes communication equipment boards, network equipment boards, and server boards, serving top-tier clients like Huawei, Amazon, and IBM [21][22][116] - The company has successfully developed AI-related PCB products, including motherboards and accelerator cards, which are already in mass production, and is actively collaborating with clients on 800G switch products [21][116] - The company's capacity expansion, particularly in its Dongcheng Phase IV facility, is expected to enhance its ability to meet the growing demand for AI-related PCBs, with a focus on high-layer and high-density products [21][116] Financial Projections - The company is expected to achieve significant revenue growth from 2024 to 2026, driven by the rapid expansion of its AI server and high-speed switch businesses, with projected revenues of 4.194 billion, 5.149 billion, and 6.344 billion yuan, respectively [136][137] - The company's profitability is expected to improve, with gross margins projected to increase from 21.76% in 2024 to 29.93% in 2026, driven by the higher margins of AI-related products and improved product mix [136][137] - The company's net profit is forecasted to grow from 160 million yuan in 2024 to 776 million yuan in 2026, reflecting the strong growth potential of its AI-related businesses and the overall improvement in its financial performance [136][137]

法律意见书 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 年度限制性股票激励计划调整及首次授予事项的 法 律 意 见 书 康达法意字【2024】第 2200 号 二〇二四年六月 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-373926826 电子邮箱/E-mail： kangda@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 1 法律意见书 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 年限制性股票激励计划调整及首次授予事项的 法律意见书 康达法意字[2024]第 2200 号 致：生益电子股份有限公司 北京市康达（广州）律师事务所接受生益电子股份有限公司（以下简称 "公司" 或"生益电子"）的委托，担任公司2024年限制性股票激励计划（以下简称"本次激 励计划"）的法律顾问，指派王学琛律师和韩思明律师参与本次激励计划相关的法律 工作，并出具本法律意见书。本所律师根据《中华人民共 ...

证券代码：688183 证券简称： 生益电子 公告编号：2024-038 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2024年6月7日召开了第三届 董事会第十一次会议和第三届监事会第七次会议，审议通过了《关于调整2024年 限制性股票激励计划相关事项的议案》。现将有关事项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2024年4月25日，公司召开第三届董事会第九次会议，审议通过了《关 于公司<2024年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请公司股东大会授权 董事会办理公司2024年限制性股票激励计划有关事宜的议案》等议案。同日，公 司召开第三届监事会第六次会议，审议通过了《关于公司<2024年限制性股票激励 计划（草案）>及其摘要的议案》《关于公司<2024年限制性股票激励计划实施考 核管理办法>的议案》《关于核实公司<2024年限制性股票激励计划首次授予激励 对象名单>的议案》 ...

证券代码：688183 证券简称： 生益电子 公告编号：2024-037 生益电子股份有限公司 第三届监事会第七次会议决议公告 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 生益电子股份有限公司（以下简称"公司"）第三届监事会第七次会议于2024 年6月7日在公司会议室以现场结合通讯方式召开。会议通知已于2024年6月6日以 书面及电话形式送达各位监事，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，实际出席监事3人， 会议由监事会主席彭刚先生主持。本次会议的召开符合《中华人民共和国公司法》 《公司章程》及有关法律、法规的规定。 二、监事会会议审议情况 本次会议议案经与会监事审议，形成如下决议： （一）审议通过《关于调整 2024 年限制性股票激励计划相关事项的议案》 本次对本激励计划首次授予激励对象名单和授予数量的调整符合《上市公司 股权激励管理办法》（以下简称"《管理办法》"）、《生益电子股份有限公司 2024 年限制性股票激励计划（草案）》 ...

证券代码：688183 证券简称： 生益电子 公告编号：2024-039 生益电子股份有限公司 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 根据《生益电子股份有限公司<2024年限制性股票激励计划（草案）>》的相 关规定，公司2024年限制性股票激励计划（以下简称"本激励计划"）授予条件 已经成就，根据生益电子股份有限公司（以下简称"公司"）2024年第一次临时 股东大会授权，公司于2024年6月7日召开第三届董事会第十一次会议和第三届监 事会第七次会议，审议通过了《关于调整2024年限制性股票激励计划相关事项的 议案》《关于向激励对象首次授予2024年限制性股票的议案》，确定2024年6月7 日为首次授予日，以5.01元/股的价格向512名激励对象授予3,768.0940万股限制 性股票。现将有关事项说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2024年4月25日，公司召开第三届董事会第九次会议，审议通过了《关于 公司<2024年限制性股票激励计划（草 ...

生益电子股份有限公司 2024年限制性股票激励计划首期授予激励对象名单 （调整后） 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票累计不 超过公司股本总额的 1%。公司全部在有效期内的股权激励计划所涉及的标的股票总数累计不超过 本激励计划提交股东大会时公司股本总额的 20%。 2、本激励计划激励对象不包括独立董事、监事及单独或合计持有公司 5%以上股份的股东或实 际控制人及其配偶、父母、子女。 3、预留部分的激励对象由本激励计划经股东大会审议通过后 12 个月内确定，经董事会提出、 监事会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指定网站按要求及时准确披 露当次激励对象相关信息。 生益电子股份有限公司董事会 2024年6月8日 一、 限制性股票分配情况 | 序号 | 姓名 | 职务 | 国籍 | 获授的限制性 | 占授予第二类 | 占本激励计划 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 股票数量（股） | 限制性股票总 | 公告日公司股 | | | | | | | 数的比例 | 本总额的比例 | ...

生益电子股份有限公司监事会 5、法律法规规定不得参与上市公司股权激励的； 关于公司 2024 年限制性股票激励计划 首次授予激励对象名单（调整后）的核查意见 生益电子股份有限公司（以下简称"公司"）监事会根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上 市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《自律监管指 南》"）等相关法律、法规及规范性文件和《生益电子股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票激励计划（以 下简称"本次激励计划"）激励对象名单（调整后）进行了核查，发表核查意见 如下： （一）本激励计划首次授予的激励对象均不存在《管理办法》第八条规定的 不得成为激励对象的以下情形： 1、最近12个月内被证券交易所认定为不适当人选的； 2、最近12个月内被中国证监会及其派出机构认定为不适当人选； 3、最近12个月内因重大违法违规行为被中国证监会及 ...

证券代码：688183 证券简称： 生益电子 公告编号：2024-036 生益电子股份有限公司 第三届董事会第十一次会议决议公告 （一）审议通过《关于调整 2024 年限制性股票激励计划相关事项的议案》 鉴于 8 名因个人原因离职不再满足成为激励对象的条件，1 名因个人原因自 愿放弃参与本激励计划，根据相关法律、法规、规范性文件及《生益电子股份有 限公司 2024 年限制性股票激励计划（草案）》等相关规定和公司 2024 年第一次 临时股东大会的授权，公司董事会对本激励计划首次授予激励对象名单及授予数 量进行相应调整。本次调整后，本激励计划首次授予激励对象人数 521 人调整为 512 人，前述调减的 9 名激励对象对应的拟授予限制性股票份额由在本公司（含 子公司）任职的公司核心业务人员以及董事会认为需要激励的其他员工中重新进 行分配（不含内部董事、高级管理人员、核心技术人员）。 本次调整后的激励对象属于经公司 2024 年第一次临时股东大会审议通过的 本激励计划中规定的激励对象范围。本次调整后，公司限制性股票首次授予总量 不变。 本次调整内容在公司 2024 年第一次临时股东大会对董事会的授权范围内， 无需 ...

证券代码：688183 证券简称：生益电子 生益电子股份有限公司 投资者关系活动记录表 编号：2024-005 □特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 █其他 东北证券、银河基金、中信建投、Millennium、安信证券、兴业 证券、信诚基金、太保资产、泉果基金、嘉实基金、兴银理财、诺德基 金、财通基金、正心谷资本、国投瑞银、人保资产、东财证券、华夏未 来资本、南方基金、申万证券、鹏华基金、中银基金、中泰证券、华泰 资产、华安证券、长江证券、泰康基金、国联证券、睿亿投资、广发基 金、华夏基金、长盛基金、东方基金、诺德基金、恒越基金、淳厚基 金、汇安基金、富安达基金、朱雀基金、国联基金、东方阿尔法基金、 合远基金、东方证券自营、淡水泉、西部自营、鸿道、财通资管、敦和 资管、运舟资本、野村证券、颐和久富、喜世润、光证资管、聚鸣投 资、合众易晟、南土、招商资管、星石投资、中信资管、国君资管、招 参与单位名称或 商证券、中信证券、浙商证券、传奇资本、民生证券、开源证券、天弘 人员姓名 基金、博普资产、汇添富、华创证券、中银证券、西南证券、易方 ...

Financial Performance - The company reported a net loss of CNY 24.993632 million for the consolidated financial statements and a net loss of CNY 52.008333 million for the parent company in 2023[5]. - The company's operating revenue for 2023 was approximately ¥3.27 billion, a decrease of 7.40% compared to ¥3.53 billion in 2022[23]. - The net profit attributable to shareholders was a loss of approximately ¥24.99 million, compared to a profit of ¥312.91 million in 2022, marking a significant decline[23]. - The basic earnings per share for 2023 was -¥0.03, down from ¥0.38 in 2022, indicating a substantial drop in profitability[24]. - The company's gross profit margin decreased significantly, with gross profit for the year at approximately ¥34.90 million, down 51.77% from ¥72.36 million in 2022[26]. - The revenue for 2023 was 3.273 billion RMB, a decrease of 7.40% compared to the previous year, primarily due to reduced demand from major clients and declining prices in the communications sector[36]. - The net profit for 2023 was a loss of 24.9936 million RMB, attributed to revenue decline and underutilization of production capacity during the ramp-up phase of projects[36]. Profit Distribution - The profit distribution plan for 2023 is to not distribute cash dividends, issue bonus shares, or convert reserves into share capital, with all undistributed profits carried forward to the next period[5]. - The company distributed a total of 133.091388 million yuan in cash dividends for the fiscal year 2022, at a rate of 1.60 yuan per 10 shares[193]. Market and Sales Performance - The overall gross profit margin decreased significantly due to a decline in product prices in the communications sector and underutilization of production capacity, leading to higher unit costs[9]. - Sales in the communications sector fell by ¥55.13 million, a decrease of 26.56%, significantly impacting overall revenue[25]. - Revenue from the server segment increased by ¥15.46 million, a growth of 25.32%, while automotive electronics revenue rose by ¥15.90 million, an increase of 41.75%[26]. - The company's PCB products in the communications sector accounted for 48.60% of total sales in 2023, with an average selling price decrease of 547.37 RMB/m², representing an 18.08% decline compared to the previous year[98]. Research and Development - The company's R&D expenditure as a percentage of operating revenue increased to 5.89%, up from 5.53% in the previous year[24]. - The total R&D investment for 2023 was approximately ¥192.72 million, a decrease of 1.47% compared to the previous year[81]. - The company has ongoing projects with a total expected investment of ¥32 million for high-density smart card PCBs, with ¥17.95 million invested this period[84]. - The company has conducted research on projects such as "enterprise-level high-speed server storage SSD rigid-flex combined board manufacturing technology" and "core giant router circuit board development for smart cities," achieving international and domestic advanced levels[71]. - The company published 15 technical papers in core academic journals in 2023, reflecting its commitment to enhancing core competitiveness through research[77]. Production and Capacity - The company produced 127.85 million square meters of printed circuit boards in 2023, an increase of 11.73% compared to the previous year[27]. - The company sold 1.2642 million square meters of printed circuit boards in 2023, an increase of 12.36% year-over-year[36]. - The average selling price of products decreased by 18.08% to ¥2,480.85 per square meter, while the unit cost decreased by 7.56% to ¥2,204.75 per square meter[27]. Strategic Initiatives - The company plans to strengthen domestic and international market expansion and continue implementing cost reduction and efficiency enhancement measures to improve competitiveness[9]. - The company has established new offices in East China and hired foreign employees to enhance market penetration and respond quickly to customer needs[36]. - The company is actively collaborating with leading enterprises in the communications sector to develop PCB products for 5.5G, 6G, and satellite communications, with mass production expected to commence in 2024[57]. Governance and Management - The company has established a governance structure that includes independent directors and various committees to enhance operational efficiency[152]. - The company has re-elected its board members, including Deng Chunhua and Liu Shufeng, for another term until May 2026[156]. - The company emphasizes the importance of retaining core technical personnel to safeguard its R&D capabilities and prevent potential technology leaks[100]. Financial Position - The total assets of the company decreased by 9.73% to approximately ¥6.28 billion, down from ¥6.96 billion in 2022[23]. - Cash and cash equivalents decreased by 63.13% to approximately ¥428.90 million due to fundraising and loan repayments[130]. - The company's short-term borrowings increased by 33.55% to approximately ¥862.34 million, reflecting adjustments in loan structure[130]. Industry Trends - In 2023, the global PCB market value decreased by 15% year-on-year, reaching $69.517 billion, while the domestic PCB market value in China fell by 13.2% to $37.794 billion[52]. - The demand for PCB products in 2023 showed negative growth across all product structures, with the most significant decline in packaging substrates at -28.2%[54]. - The automotive electronics segment's revenue share increased from 11% to 17% year-on-year, driven by the growing demand for electric and smart vehicles[63]. Future Outlook - The company plans to invest approximately $100 million in establishing a new PCB production base in Thailand, including land acquisition and fixed asset construction[148]. - The company aims to enhance its market expansion and operational efficiency, focusing on multi-industry development and product structure optimization in 2024[147]. - The company anticipates that the demand for AI-related products will continue to rise, with mass production of AI server projects expected to maintain growth into 2024[60].