Investment Rating - The report adjusts the investment rating of the company to "Accumulate-A" [4][10]. Core Views - The company reported a slight increase in revenue and profit for 2024, achieving revenue of 840 million yuan, a year-on-year growth of 2.8%. The transmission product line saw a revenue decline of 3.5% to 720 million yuan, primarily due to a slowdown in domestic transmission network investments. In contrast, the data and access product line revenue surged by 70% to 100 million yuan, driven by strong demand for DCI subsystem products since the second half of 2024 [4][5]. - The first quarter of 2025 showed a slight revenue increase to 200 million yuan, but net profit decreased by 36.8% year-on-year to 20 million yuan, reflecting challenges in performance expectations [4][5]. - The DCI market in North America is experiencing strong demand, with the company holding competitive advantages in DCI optical and electrical layers. The company has completed the development of a full range of DCI equipment and is actively expanding production capacity [6][10]. Financial Data Summary - The company’s projected revenue for 2025 is 1.25 billion yuan, with net profit expected to reach 139 million yuan, reflecting a year-on-year growth of 38% [10][12]. - The gross margin is expected to improve gradually, with projections of 31.7% in 2025 and 33.3% in 2026 [12][14]. - The company’s earnings per share (EPS) is forecasted to be 1.15 yuan in 2025, increasing to 2.38 yuan by 2027 [12][14].

Investment Rating - The report adjusts the investment rating for the company to "Accumulate-A" [7] Core Views - The demand for DCI (Data Center Interconnect) is strong, and the capacity bottleneck is expected to gradually ease [4] - The company's revenue for 2024 is reported at 840 million, a slight increase of 2.8% year-on-year, with a notable growth in the data and access product line [1] - The company is experiencing a significant increase in demand for DCI subsystem products, with a revenue growth of 70% year-on-year in this segment [1] Financial Performance Summary - For Q1 2025, the company reported a revenue of 200 million, with a year-on-year decrease in net profit of 36.8% [2] - The gross margin for the company has declined to 27.2%, down 5.4 percentage points from the previous year, primarily due to changes in product mix and increased costs [3] - The company’s inventory value as of Q1 2025 is 420 million, reflecting a 21.6% year-on-year increase, indicating a strong order backlog [3] Market and Industry Insights - The North American DCI market is experiencing robust demand, driven by trends in localized deployment for large model distributed training and inference [4] - The company has competitive advantages in the DCI optical layer and subsystem electrical layer ODM, with a full range of DCI equipment developed and ready for commercial deployment [4] - Domestic investments in computing power are expected to support resilience in backbone network investments, with ongoing demand for 400G and 800G equipment [5][6] Revenue and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 1.25 billion, 1.81 billion, and 2.27 billion respectively, with net profits expected to be 140 million, 220 million, and 290 million [7][9] - The gross margin is anticipated to improve gradually, reaching 31.7% in 2025 and stabilizing around 33.2% by 2027 [9][11]

无锡市德科立光电子技术股份有限公司2024年年度权益分派 实施公告 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： | 股权登记日 | 除权（息）日 | 新增无限售条件流通 | 现金红利发放日 | | --- | --- | --- | --- | | | | 股份上市日 | | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 2025/5/29 | 证券代码：688205 证券简称：德科立 公告编号：2025-017 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 15 日的2024年年度股东会审 议通过。 二、 分配、转增股本方案 | 股权登记日 | 除权（息）日 | 新增无限售条件流通 | 现金红利发放日 | | --- | --- | --- | --- | | | | 股份上市日 | | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 2025/5/29 | 四、 分配、转增股本实施办法 ...

证券代码：688205 证券简称：德科立 公告编号：2025-016 无锡市德科立光电子技术股份有限公司 2024年年度股东会决议公告 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）股东会召开的时间：2025年5月15日 （二）股东会召开的地点：无锡市德科立光电子技术股份有限公司会议室 （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： ■ （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东会由公司董事会召集，公司董事长桂桑先生因公出差线上参与本次会议，经过半数董事推举， 由公司董事渠建平先生现场主持会议，会议采用现场投票和网络投票相结合的表决方式。本次股东会的 召集、召开程序、召集资格和表决程序符合《公司法》及《公司章程》的规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事3人，出席3人； 3、董事会秘书张劭先生出席了本次 ...

致：无锡市德科立光电子技术股份有限公司 德科立 2024 年年度股东会 法律意见书 关于无锡市德科立光电子技术股份有限公司 根据《中华人民共和国公司法》、 《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东会规则》等法律、法规和规范性文件以及《无锡市德 科立光电子技术股份有限公司章程》（以下简称"《公司章程》"）的规定，江 苏世纪同仁律师事务所（以下简称"本所"）受贵公司董事会的委托，指派本所 律师出席贵公司 2024 年年度股东会，并就本次股东会的召集、召开程序、出席 会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出具法 律意见。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序和召集人资格 事会第十一次会议，决定于 2025 年 5 月 15 日召 ...

证券代码：688205 证券简称：德科立 公告编号：2025-016 无锡市德科立光电子技术股份有限公司 2024年年度股东会决议公告 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） 股东会召开的时间：2025 年 5 月 15 日 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 （二） 股东会召开的地点：无锡市德科立光电子技术股份有限公司会议室 （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 | 52 | | --- | --- | | 普通股股东人数 | 52 | | 2、出席会议的股东所持有的表决权数量 | 55,934,365 | | 普通股股东所持有表决权数量 | 55,934,365 | | 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（%） | 46.2677 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 46.2677 | （四） 表决方式是否符合《公司法》及 ...

德科立 2024 年年度股东会 法律意见书 江苏世纪同仁律师事务所 关于无锡市德科立光电子技术股份有限公司 2024 年年度股东会的法律意见书 致：无锡市德科立光电子技术股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东会规则》等法律、法规和规范性文件以及《无锡市德 科立光电子技术股份有限公司章程》（以下简称"《公司章程》"）的规定，江 苏世纪同仁律师事务所（以下简称"本所"）受贵公司董事会的委托，指派本所 律师出席贵公司 2024 年年度股东会，并就本次股东会的召集、召开程序、出席 会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出具法 律意见。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序和召集人资格 ...

无锡市德科立光电子技术股份有限公司 2024 年年度股东会会议资料 公司代码：688205 公司简称：德科立 无锡市德科立光电子技术股份有限公司 2024 年年度股东会会议资料 二〇二五年五月 1 无锡市德科立光电子技术股份有限公司 2024 年年度股东会会议资料 目录 | 年年度股东会会议须知 3 | 2024 | | --- | --- | | 年年度股东会会议议程 5 | 2024 | | 议案一：关于公司 2024 年年度报告及其摘要的议案 7 | | | 议案二：关于公司 2024 年度利润分配预案的议案 8 | | | 议案三：关于 2024 年度董事会工作报告的议案 9 | | | 议案四：关于 2024 年度监事会工作报告的议案 16 | | | 议案五：关于续聘会计师事务所的议案 21 | | | 议案六：关于公司 2025 年度申请银行综合授信额度的议案 23 | | | 议案七：关于公司董事、监事及高级管理人员 2025 年度薪酬方案的议案 24 | | | 议案八：关于提请股东会授权董事会制定 年中期分红方案的议案 2025 26 | | | 议案九：关于预计公司 2025 年度日常关 ...

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

4月30日，上证指数下跌0.23%，深证成指上涨0.51%，创业板指上涨0.83%。盘后龙虎榜数据显示，共 有61只个股因当日异动登上龙虎榜，资金净流入最多的是常山北明（000158.SZ），达4.31亿元。 据21投资通智能监测，34只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及11只。 4.31亿资金抢筹常山北明，1.56亿资金出逃海兴电力 61只上榜的龙虎榜个股中，36只个股被净买入，25只个股被净卖出。其中，资金净买入最多的是常山北 明，达4.31亿元，占总成交金额的20.4%。常山北明当日收盘上涨10%，换手率为6%。 | 名称 | 涨跌幅 | 戊席榜净买 额(万元 | 净买额占 总成交比 | | 解读 | | --- | --- | --- | --- | --- | --- | | | 10% | 43053 | 20.4% | 6% | 普通席位买入,成功 | | 常山北明 | | | | | 率48.34% | | 南方精工 | 10% | 16059 | 9.48% | 31.93% | 2家机构买入,成功 | | | | | | | 率41.70% | | 德科立 | 1 ...