Investment Rating - The report maintains a "Recommended" rating for Guobo Electronics (688375.SH) with a target price of 73.68 yuan [2]. Core Views - The company achieved a net profit of 606 million yuan in 2023, representing a year-on-year growth of 16.5%. The revenue for the same period was 3.567 billion yuan, with a slight increase of 3.1% [2][4]. - In Q1 2024, the company reported a net profit of 61 million yuan, with revenue of 690 million yuan, showing a year-on-year decrease of 0.6% [2]. - The company is actively expanding its T/R component applications and has made significant advancements in technology research and market development [2]. Financial Performance Summary - For 2023, the total revenue was 3,567 million yuan, with a growth rate of 3.1%. The net profit attributable to shareholders was 606 million yuan, with a growth rate of 16.5% [4]. - The projected revenues for 2024, 2025, and 2026 are 4,186 million yuan, 5,090 million yuan, and 6,054 million yuan, respectively, indicating growth rates of 17.4%, 21.6%, and 18.9% [4]. - The net profit forecasts for the same years are 717 million yuan, 879 million yuan, and 1,064 million yuan, with growth rates of 18.3%, 22.6%, and 21.0% [4]. Profitability and Efficiency - The gross margin for 2023 was 32.28%, with a projected slight decrease to 30.99% in 2025 and 30.94% in 2026 [4]. - The net profit margin for 2023 was 17.00%, expected to increase to 17.57% by 2026 [4]. - The return on assets (ROA) is projected to rise from 7.16% in 2023 to 8.29% in 2026, while the return on equity (ROE) is expected to increase from 10.11% to 13.45% over the same period [4]. Cash Flow and Debt Management - The operating cash flow for 2023 was 839 million yuan, with projections of 1,637 million yuan for 2024 [5]. - The company maintains a strong liquidity position, with a current ratio of 2.77 in 2023, expected to decrease to 2.15 by 2026 [5]. - The debt-to-asset ratio is projected to rise from 29.19% in 2023 to 38.39% in 2026, indicating a gradual increase in leverage [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.57 billion RMB in 2023, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of 606 million RMB, up 16.5% year-on-year [13][18] - The company is expanding its product applications in satellite communication, 5.5G, and low-altitude economy, with multiple products in the low-orbit satellite and commercial aerospace sectors starting to be delivered to customers [5][6] - The gross margin for 2023 was 32.3%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 17.0%, up 2.0 percentage points year-on-year [18][20] Revenue and Profitability - In Q4 2023, the company achieved a revenue of 741 million RMB, a decrease of 7.3% year-on-year and 18.1% quarter-on-quarter, while the net profit was 156 million RMB, an increase of 31.3% year-on-year [13][18] - For Q1 2024, the company reported a revenue of 693 million RMB, down 0.6% year-on-year and 6.4% quarter-on-quarter, with a net profit of 121 million RMB, up 4.2% year-on-year [13][18] - The company expects net profits for 2024-2026 to be 670 million, 820 million, and 990 million RMB respectively, with year-on-year growth rates of 10%, 23%, and 21% [6][32] Product Performance - The revenue from T/R components and RF modules in 2023 was 3.38 billion RMB, a year-on-year increase of 7.6%, while RF chip revenue was 130 million RMB, down 53.0% year-on-year [16][20] - The gross margin for T/R components and RF modules was 31.9%, an increase of 2.69 percentage points year-on-year, while the gross margin for RF chips was 33.54%, a decrease of 9.07 percentage points year-on-year [20][22] Financial Metrics - The company’s diluted earnings per share for 2023 was 1.516 RMB, with a return on equity (ROE) of 10.11% [9][10] - The price-to-earnings (P/E) ratio is projected to be 44, 36, and 30 for 2024, 2025, and 2026 respectively [6][9] Capacity and Investment - The company’s fixed assets increased by 108.4% in 2023, primarily due to the completion of the RF integrated circuit industrialization project [28][30] - The company’s capital expenditure in 2023 was 659 million RMB, a year-on-year increase of 30.3% [28][30]

Financial Performance - The company's revenue for 2023 reached approximately ¥3.57 billion, representing a 3.08% increase compared to ¥3.46 billion in 2022[19]. - Net profit attributable to shareholders was approximately ¥606.23 million, marking a 16.47% increase from ¥520.48 million in the previous year[19]. - The net cash flow from operating activities was approximately ¥838.93 million, a significant recovery from a negative cash flow of ¥183.99 million in 2022[19]. - The total assets of the company as of the end of 2023 were approximately ¥8.47 billion, reflecting a 1.45% increase from ¥8.35 billion in 2022[19]. - The net assets attributable to shareholders increased to approximately ¥5.99 billion, a 6.43% rise from ¥5.64 billion in the previous year[19]. - The basic earnings per share for 2023 was 1.52 RMB, an increase of 10.14% compared to the previous year[20]. - The weighted average return on equity decreased to 10.31%, down 2.98 percentage points from the previous year[20]. - The gross profit margin for the T/R components and RF modules was 31.90%, a decrease of 2.69 percentage points compared to the previous year[66]. Share Capital and Profit Distribution - The company plans to increase its total share capital from 400,010,000 shares to 596,014,900 shares by distributing 4.9 shares for every 10 shares held, resulting in a total increase of 196,004,900 shares[5]. - The board of directors has approved the profit distribution plan, which is subject to shareholder meeting approval[5]. - The company reported a cash dividend of 6.25 RMB per 10 shares, totaling 250,006,250.00 RMB (including tax) for the first half of 2023[126]. - The net profit attributable to ordinary shareholders in the consolidated financial statements for the year was 606,228,249.97 RMB, with a dividend payout ratio of 41.24%[128]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The financial report has been confirmed by the company's responsible persons, ensuring its authenticity and completeness[4]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making or operations[95]. - The company has established a systematic and diversified compensation management system to enhance employee motivation and engagement[123]. - The company has established a sound investor relations management system, holding three earnings briefings in 2023[151]. Research and Development - The company is committed to expanding its market presence and enhancing its product offerings in the semiconductor materials sector[19]. - Research and development expenses accounted for 9.86% of operating revenue, a slight decrease of 0.11 percentage points[20]. - The company has applied for 12 invention patents and 4 utility model patents during the reporting period, with a total of 157 intellectual property rights accumulated[41]. - The company is focused on automation and digital upgrades in its manufacturing platform, enhancing overall operational efficiency[47]. - The company aims to establish a leading position in RF micro-system design and manufacturing capabilities through its R&D initiatives[47]. Market and Product Development - The company specializes in the R&D, production, and sales of active phased array T/R components and RF integrated circuits, positioning itself as a leading domestic provider[29]. - The GaN RF module product line covers DC-10GHz, primarily used in 4G and 5G base station equipment, with plans for 6G applications[31]. - The company is actively expanding into satellite communication and commercial aerospace fields, with multiple products already delivered to customers[39]. - The ongoing evolution of 5.5G and 6G technologies is creating new opportunities for RF integrated circuit manufacturers, with increasing demands for various communication nodes[38]. Risks and Challenges - The company has disclosed potential risks in its management discussion and analysis section, urging investors to review these risks[4]. - Guobotech faces risks related to new product development, including the need for substantial investment in R&D and the potential for technological obsolescence if it fails to attract top talent[51]. - The company is at risk of core technology leakage due to employee turnover or operational errors, which could adversely affect its competitive position[52]. - Increased competition in the market is anticipated as more resources enter the sector, posing a challenge to Guobotech's market position[52]. - The company faces risks related to raw material price fluctuations, which could impact operational performance due to reliance on various components[54]. Strategic Plans and Future Outlook - The company plans to enhance product variety and increase existing production capacity through the implementation of fundraising investment projects[91]. - The company has outlined a commitment to not interfere with the management activities of its subsidiaries and to protect the interests of the company[167]. - The company aims to implement a compensation assessment system linking executive pay to the execution of shareholder return measures[166]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[103]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of $200 million allocated for this purpose[104]. Environmental and Social Responsibility - The company invested 39.23 million yuan in environmental protection during the reporting period[134]. - The company has established partnerships with several universities for talent development and training programs[124]. - The company has actively engaged in social responsibility activities, contributing 3.19 million yuan to support employees in need[143]. - The management emphasized the importance of sustainability in its new strategies, aiming for a 50% reduction in carbon emissions by 2030[103]. Internal Controls and Compliance - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, with no significant deficiencies reported during the period[130]. - The company has not faced any penalties from securities regulatory agencies in the past three years[112]. - The company strictly adheres to information disclosure regulations, ensuring transparency and protecting investor interests[153].

Financial Performance - The company's operating revenue for Q1 2024 was ¥693,204,264.14, representing a decrease of 0.62% compared to the same period last year[4] - Net profit attributable to shareholders of the listed company was ¥120,776,726.47, an increase of 4.22% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥118,396,875.27, reflecting a growth of 14.32%[4] - Total operating revenue for Q1 2024 was ¥693,204,264.14, a decrease of 0.47% from ¥697,530,230.07 in Q1 2023[19] - Net profit for Q1 2024 was ¥120,776,726.47, an increase of 4.88% compared to ¥115,885,540.26 in Q1 2023[21] - Earnings per share for Q1 2024 was ¥0.30, up from ¥0.29 in Q1 2023[22] Cash Flow - The net cash flow from operating activities was negative at ¥240,764,880.71, primarily due to increased sales collections during the reporting period[5][8] - Cash flow from operating activities increased significantly to ¥575,596,165.04 in Q1 2024, compared to ¥276,753,913.98 in Q1 2023[23] - The net cash flow from operating activities was -240,764,880.71, compared to -258,867,845.89 in the previous year, indicating a slight improvement[25] - The net increase in cash and cash equivalents was -189,934,935.44, compared to -493,154,538.03 in the previous year, showing a reduction in cash outflow[26] - The ending balance of cash and cash equivalents was 2,140,738,703.46, down from 2,337,657,558.57 at the beginning of the period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,192,885,729.52, a decrease of 3.28% from the end of the previous year[5] - The company's current assets totaled approximately CNY 6.18 billion, down from CNY 6.50 billion in the previous period[16] - The company's total liabilities were approximately CNY 2.07 billion, down from CNY 2.47 billion[17] - The total liabilities and equity amounted to ¥8,192,885,729.52, a decrease from ¥8,471,069,558.54 in the previous year[18] Shareholder Equity - Shareholders' equity attributable to shareholders of the listed company increased by 2.06% to ¥6,121,377,690.09 compared to the end of the previous year[5] - The company's total equity attributable to shareholders reached ¥6,121,377,690.09, an increase from ¥5,998,068,027.98 year-over-year[18] Research and Development - Research and development expenses totaled ¥78,792,100.04, accounting for 11.37% of operating revenue, which is an increase of 0.02 percentage points[5] - Research and development expenses for Q1 2024 were ¥78,792,100.04, slightly down from ¥79,169,749.74 in Q1 2023[19] Other Income and Expenses - The company received government subsidies amounting to ¥1,544,161.77, which are closely related to its normal business operations[6] - The company reported a decrease in tax and additional charges to ¥2,725,482.63 in Q1 2024 from ¥3,877,946.95 in Q1 2023[19] - Other income for Q1 2024 was ¥4,470,637.46, down from ¥13,778,881.71 in Q1 2023[21] Inventory and Receivables - Accounts receivable increased to approximately CNY 2.26 billion from CNY 1.74 billion, reflecting a growth of about 30%[15] - The company’s inventory decreased to approximately CNY 474 million from CNY 617 million, indicating a reduction of about 23%[16] Investment Activities - Total cash inflow from investment activities was 603,736,424.66, up from 503,766,849.32 year-over-year[25] - The net cash flow from investment activities was 50,850,288.52, a significant recovery from -233,600,781.15 in the previous year[25] - Cash paid for purchasing fixed assets and other long-term assets was 130,886,136.14, slightly down from 137,367,630.47 year-over-year[25] - Cash paid for investments was 422,000,000.00, a decrease from 600,000,000.00 in the previous year[25] Financial Strategy - The company has not reported any significant changes in its financing or investment strategies during the quarter[14]

证券代码：688375 证券简称：国博电子 公告编号：2024-015 南京国博电子股份有限公司 2024 年第一次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 14 | | --- | --- | | 普通股股东人数 | 14 | | 2、出席会议的股东所持有的表决权数量 | 271,901,970 | | 普通股股东所持有表决权数量 | 271,901,970 | | 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（%） | 67.9737 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 67.9737 | （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。 本次股东大会由公司董事会召集，董事长梅滨先生主持，会议采用现场投票 和网络投票相结合的表决方式。本次股东大会的召集和召开程序、出席会议人员 （二） 股东大会召开的地点：南京市江宁经济技术开发区正方中路 155 号 （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： 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 ...

国浩律师（南京）事务所 关于南京国博电子股份有限公司 2024 年第一次临时股东大会的 法律意见书 . 中国江苏省南京市汉中门大街 309 号 B 座 5/7/8 层邮编：210036 5/7/8/F,BlockB,309HanzhongmenStreet,Nanjing,China,210036 电话/Tel:+862589660900 传真/Fax:+862589660966 网址/Website:http://www.grandall.com.cn 2024 年 4 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于南京国博电子股份有限公司 法律意见书 致：南京国博电子股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受南京国博电子股份有限 公司（以下简称"公司"）的委托，就公司 2024 年第一次临时股东大会（以下简 称"本次股东大会"、"会议"）召开的有关事宜，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、中国证券监督管理委员会（以下简称"中国证监会"） 发布的《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律、 法规、规范性文件以及《南京国博电子股 ...

证券代码：688375 证券简称：国博电子 公告编号：2024-016 南京国博电子股份有限公司 关于董事会、监事会完成换届选举的公告 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。 南京国博电子股份有限公司（以下简称"公司"或"国博电子"）于 2024 年 4 月 19 日召开了 2024 年第一次临时股东大会，选举产生了公司第二届董事会 董事和第二届监事会非职工代表监事，非职工代表监事与公司召开的第二届职工 代表大会第二次会议选举产生的职工代表监事共同组成公司第二届监事会。现将 具体情况公告如下： 一、董事会换届选举的情况 公司于 2024 年 4 月 19 日召开了 2024 年第一次临时股东大会，通过累积投 票制的方式选举梅滨先生、吴礼群先生、林伟先生、汪满祥先生、钱志宇先生、 仲张峰先生为公司第二届董事会非独立董事；选举吴文先生、程颖女士、韩旗先 生为公司第二届董事会独立董事。 本次股东大会选举产生的六位非独立董事和三位独立董事共同组成公司第 二届董事会，自公司 2024 年第一次临时股东大会审议通过之日起就任， ...

证券代码：688375 证券简称：国博电子 南京国博电子股份有限公司 2024 年第一次临时股东大会 会议资料 二 O 二四年四月 南京国博电子股份有限公司 2024 年第一次临时股东大会会议资料 目 录 | 2024 | 年第一次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年第一次临时股东大会会议议程 | 3 | | 议案一 | 关于修订《公司章程》的议案 | 5 | | 议案二 | 关于制定和修订部分公司制度的议案 | 17 | | 议案三 | 关于董事会换届选举暨选举第二届董事会非独立董事候选人的议案 | 18 | | 议案四 | 关于董事会换届选举暨选举第二届董事会独立董事候选人的议案 | 19 | | 议案五 | 关于监事会换届选举暨选举第二届监事会非职工代表监事候选人的议案 . | 20 | 南京国博电子股份有限公司 2024 年第一次临时股东大会会议资料 南京国博电子股份有限公司 2024 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保南京国博电子股份有限公司（以下简称"国博 电子"或"公司"）股东大会顺利进行，根据《中华人民共和国公 ...

独立董事提名人声明与承诺 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 (离)休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定(如 适用): (五)中共中央组织部《关于进一步规范党政领导干部在企业兼职(任职) 问题的意见》的相关规定(如适用); (六)中共中央纪委、教育部、监察部《关于加强高等学校反腐倡廉建设的 意见》的相关规定(如适用); 提名人南京国博电子股份有限公司,现提名韩旗为南京国博电子股份有限公 司第二届董事会独立董事候选人,并已充分了解被提名人职业、学历、职称、详 细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人已书面同 意出任南京国博电子股份有限公司第二届董事会独立董事候选 ...

独立董事提名人声明与承诺 提名人南京国博电子股份有限公司,现提名吴文为南京国博电子股份有限公 司第二届董事会独立董事候选人,并已充分了解被提名人职业、学历、职称、详 细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人已书面同 意出任南京国博电子股份有限公司第二届董事会独立董事候选人(参见该独立董 事候选人声明)。提名人认为,被提名人具备独立董事任职资格,与南京国博电 子股份有限公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政法规、规 章及其他规范性文件,具有五年以上法律、经济、会计、财务、管理等履行独立 董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定: (四)中共中央纪委、中共中 ...