深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于深圳市三旺通信股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]C0060 号 致：深圳市三旺通信股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》）、《上市公司股东会规则》（以下简称《股东会 规则》）、《律师事务所从事证券法律业务管理办法》（以下简称《证券法律业务管理办法》）、 《律师事务所证券法律业务执业规则（试行）》（以下简称《证券法律业务执业规则》） 等相关法律、行政法规、规章、规范性文件及《深圳市三旺通信股份有限公司章程》（以 下简称《公司章程》）的规定，就本次会议的召集与召开程序、召集人资格、出席会议 人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][8]. Core Views - The company experienced a decline in performance due to slower implementation of downstream solution projects, increased upfront expenses, and depreciation from new bases [4][5]. - Despite short-term pressures in various sectors, the company is expected to benefit from its leading position in smart energy and the potential growth in intelligent manufacturing and smart transportation [6][8]. Financial Performance Summary - In 2024, the company achieved revenue of 357 million, a year-on-year decrease of 18.79%, and a net profit of 33 million, down 69.98% [3][9]. - For Q1 2025, revenue was 81 million, showing a year-on-year increase of 7.01%, while net profit was 8 million, down 48.44% [3][9]. - Revenue projections for 2025-2027 are 411 million, 535 million, and 660 million respectively, with expected growth rates of 15.2%, 30.2%, and 23.4% [9][12]. Business Segment Analysis - The company’s revenue from various application scenarios in 2024 included smart energy (191.27 million, +8.1%), smart transportation (61.30 million, -20.6%), industrial internet (36.60 million, -62.2%), and smart city (27.05 million, -47.4%) [4][5]. - The industrial internet segment faced challenges due to a slowdown in digital transformation orders from the manufacturing sector [4][5]. Strategic Focus - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D for advanced technologies such as TSN, edge computing, and AI [5][6]. - The company aims to leverage opportunities in AI, robotics, and low-altitude industries to open new growth points [7][8]. Profitability and Valuation - The projected net profit for 2025 is 44 million, with a year-on-year growth of 35.3%, and EPS is expected to be 0.40 [9][12]. - The report indicates a PE ratio of 53.9 for 2025, decreasing to 16.8 by 2027, reflecting an improving valuation outlook [9][12].

Investment Rating - The report maintains an "Add-A" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year. However, Q1 2025 showed a revenue increase of 7.01% year-on-year [3][4]. - The company is transitioning from a single communication equipment provider to a customized solution provider, with significant investments in R&D and market expansion [5][6]. - Despite short-term pressures in various sectors, the company is expected to benefit from long-term growth opportunities in smart energy, smart cities, and intelligent manufacturing [7][8]. Financial Performance Summary - In 2024, the company reported a revenue of 357 million yuan, with a year-on-year decline of 18.8%. The net profit was 33 million yuan, reflecting a significant drop of 70.0% [9]. - The projected revenue for 2025 is 411 million yuan, with an expected growth of 15.2% year-on-year, and net profit is forecasted to rise to 44 million yuan, a growth of 35.3% [9]. - The company's gross margin is expected to be 58.0% in 2025, with a net margin of 10.8% [9]. Market Position and Strategy - The company maintains a leading position in the smart energy sector, benefiting from digitalization initiatives in the power grid and various demonstration projects [6][7]. - The company is focusing on high-end markets and aims to leverage opportunities in AI, robotics, and low-altitude industries to drive growth [7][8]. - The report highlights the company's commitment to R&D, with significant investments aimed at developing cutting-edge technologies such as TSN, edge computing, and AI [5][6].

证券代码：688618 证券简称：三旺通信 | 深圳市三旺通信股份有限公司 2024 年年度股东大会会议须知 | | 2 | | --- | --- | --- | | 深圳市三旺通信股份有限公司 2024 年年度股东大会会议议程 | | 4 | | 议案一：关于公司 2024 年度董事会工作报告的议案 | | 7 | | 议案二：关于公司 2024 年度监事会工作报告的议案 | | 8 | | 议案三：关于公司 2024 年度财务决算报告的议案 | | 9 | | 议案四：关于公司 2025 年度财务预算报告的议案 | | 10 | | 议案五：关于公司 2024 年年度报告及其摘要的议案 | | 11 | | 议案六：关于公司 2024 年度利润分配方案的议案 | | 12 | | 议案七：关于公司董事薪酬方案的议案 | | 13 | | 议案八：关于公司监事薪酬方案的议案 | | 14 | | 议案九：关于作废 2022 年限制性股票激励计划部分已授予尚未归属的限制性股票的议案 | | .. 15 | | 议案十：关于回购注销 2022 年限制性股票激励计划部分已获授尚未解除限售的限制性股票的议 | | ...

Core Viewpoint - Sanwang Communication (688618.SH) reported a significant decline in revenue and net profit for the fiscal year 2024, indicating potential challenges in its business operations and market conditions [1][2]. Financial Performance Summary - For the fiscal year 2024, the company achieved operating revenue of 357 million yuan, a decrease of 18.79% compared to 439 million yuan in 2023 [2]. - The net profit attributable to shareholders was 32.82 million yuan, down 69.98% from 109.35 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was 20.62 million yuan, reflecting a decline of 78.20% from 94.57 million yuan in 2023 [2]. - The net cash flow from operating activities increased by 26.91% to 65.42 million yuan, compared to 51.55 million yuan in the previous year [2]. Quarterly Performance Summary - In the first quarter of 2025, the company reported operating revenue of 80.79 million yuan, a year-on-year increase of 7.01% [3]. - The net profit attributable to shareholders for the first quarter was 797,270 yuan, a decrease of 48.44% from 1.55 million yuan in the same period last year [3]. - The net profit after excluding non-recurring items was 324,750 yuan, down 72.70% from 1.19 million yuan in the previous year [3]. - The net cash flow from operating activities for the first quarter was 11.29 million yuan, a decrease of 29.17% compared to 15.94 million yuan in the previous year [3]. Fundraising and Stock Issuance - Sanwang Communication was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 30, 2020, raising a total of 430 million yuan, with a net amount of 384 million yuan after deducting issuance costs [3]. - The company planned to raise 449 million yuan, with allocations for industrial internet equipment expansion, R&D center construction, and working capital [4]. - The company announced a stock dividend of 4.8 shares for every 10 shares held, along with a pre-tax dividend of 5.2 yuan, effective from June 4, 2024 [4].

Core Viewpoint - The company is actively engaging in research and development, focusing on integrating advanced technologies such as DeepSeek into its products, while also navigating challenges such as rising costs and international trade issues. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 80.79 million yuan, an increase of 7.01% year-on-year, while the net profit attributable to shareholders decreased by 48.44% to 7.97 million yuan [7] - The company's gross profit margin stands at 60.18%, with a debt ratio of 15.37% [7] Group 2: Cost Management - The increase in expenses for 2024 is attributed to enhanced R&D, sales team development, and market expansion, leading to higher personnel costs, business entertainment, and travel expenses [2] - The company has implemented a comprehensive budget management mechanism to align resources with strategic goals and performance targets [2] Group 3: Technological Integration - The company has successfully integrated its edge gateway with the DeepSeek model, enabling real-time semantic understanding and inference of heterogeneous data [3] - This integration allows for automatic identification of equipment anomalies and enhances operational efficiency in industrial scenarios [3] Group 4: Industry Outlook - The coal mining industry is expected to see stable growth, driven by national policies aimed at achieving full automation and smart systems by 2035 [4] - The company anticipates significant opportunities in the coal mining sector as the government pushes for intelligent mining solutions [4] Group 5: International Trade Impact - The company assesses that the impact of the US-China tariff situation is manageable, as overseas revenue is not significantly high, and strategic reserves for chips have been established [5] - Potential indirect effects on clients due to tariffs are acknowledged, but overall, the impact is considered controllable [5] Group 6: Market Expansion - The company plans to strengthen its presence in emerging markets like Southeast Asia and the Middle East while also increasing efforts in mature markets such as Europe and the US [6] - Localized sales and service teams will be established to better understand and meet local market demands [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year [1][3] - In Q1 2025, the company reported a revenue increase of 7.01% year-on-year, reaching 81 million yuan, but net profit decreased by 48.44% year-on-year to 8 million yuan [1] - The TSN solution is expected to empower various smart applications across multiple fields, including smart manufacturing and smart mining [8] Financial Data and Valuation - The company’s total revenue is projected to recover to 457 million yuan in 2025, with a growth rate of 28% [3] - The estimated net profit for 2025 is 52 million yuan, with a corresponding PE ratio of 43.7 [3][8] - The company’s total assets are expected to grow from 1,004 million yuan in 2024 to 1,191 million yuan by 2027 [13] Revenue Breakdown - In 2024, the company’s revenue by sector included smart energy at 191.27 million yuan (up 8.10% year-on-year), smart transportation at 61.30 million yuan, and industrial internet at 36.60 million yuan [8] - The revenue from industrial switching products was 281.17 million yuan, with industrial gateways and wireless products contributing 57.21 million yuan [8] Profitability Metrics - The company’s gross margin is projected to be around 59.8% in 2025, with a net profit margin of 11.3% [15] - The return on equity (ROE) is expected to improve from 3.7% in 2024 to 11.7% by 2027 [15] Shareholder Information - The major shareholder is Shenzhen Qiling Era Holdings Co., Ltd., holding 39.69% of the shares [4]

Core Viewpoint - The company reported a revenue increase of 7.01% year-on-year for Q1 2025, but net profit decreased by 48.44%, indicating potential challenges in profitability despite revenue growth [3][4][5]. Financial Data - The company achieved an operating income of 80.79 million yuan in Q1 2025, with significant contributions from various sectors: Smart Energy (43.02 million yuan, up 12.36%), Smart Transportation (15.95 million yuan), Industrial Internet (9.33 million yuan, up 42.87%), and Smart City (3.69 million yuan) [3]. - The revenue from product segments included: Industrial Switch Products (63.73 million yuan, up 6.64%), Industrial Gateways and Wireless Products (13.06 million yuan), and Other Products (4.00 million yuan) [3]. - The net profit attributable to shareholders was 7.97 million yuan, a decline of 48.44% year-on-year, while the net profit excluding non-recurring gains and losses was 3.25 million yuan, down 72.70% [3]. Investment Activities - The company approved the use of up to 450 million yuan of idle funds for purchasing financial products, ensuring safety and liquidity, with a validity period of 12 months from the board's approval [4]. Corporate Governance - The company completed the election of its third board of directors and supervisory board on January 23, 2025, with new appointments including both independent and non-independent directors [5][6]. - Changes in core technical personnel were noted, with adjustments made to the roles of key staff members [7].

（一）个人工作履历、专业背景以及兼职情况 金江滨，1965 年出生，中国国籍，无境外永久居留权，本科学历。2000 年 3 月 至 2018 年 2 月任东南大学驻深圳虚拟大学园驻园代表；2018 年 3 月至今任东南大学 深圳研究院常务副院长，2019 年 1 月至 2025 年 1 月任公司独立董事。 深圳市三旺通信股份有限公司 2024 年度独立董事述职报告 本人作为深圳市三旺通信股份有限公司（以下简称"公司"）的独立董事，严格 按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理 办法》等法律、法规、规范性文件及《深圳市三旺通信股份有限公司章程》（以下简 称"《公司章程》"）《深圳市三旺通信股份有限公司独立董事工作制度》的相关规 定，诚信、勤勉、独立地履行职责，积极参加相关会议，认真审议各项议案，充分发 挥自身专业优势和独立作用，为公司经营发展提出合理化建议，有效提升了公司规范 运作水平。现将本人在 2024 年度的履职情况汇报如下： 一、独立董事基本情况 （一）出席董事会、股东大会情况 2024 年度，公司共组织召开了 6 次董事会和 2 次股东大会，本人作为公司独立 董事参加 ...

2024 年度独立董事述职报告 深圳市三旺通信股份有限公司 本人作为深圳市三旺通信股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》 等法律、法规、规范性文件及《深圳市三旺通信股份有限公司章程》（以下简称"《公 司章程》"）《深圳市三旺通信股份有限公司独立董事工作制度》的相关规定，诚信、 勤勉、独立地履行职责，积极参加相关会议，认真审议各项议案，充分发挥自身专业优 势和独立作用，为公司经营发展提出合理化建议，有效提升了公司规范运作水平。现将 本人在 2024 年度的履职情况汇报如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 赖其寿，1972 年出生，中国国籍，无境外永久居留权，会计学专业，本科学历。1997 年 9 月至 2000 年 11 月任广东大华德律会计师事务所（特殊普通合伙人）项目经理；2000 年 12 月至 2001 年 1 月任深圳市零动电子商务有限公司财务经理；2001 年 2 月至 2004 年 3 月任综广电子商务发展（深圳）有限公司财务经理；2004 年 4 月至 2010 年 3 ...