Core Points - Chengdu Zhimingda Electronics Co., Ltd. held a shareholders' meeting on May 20, 2025, with no rejected proposals [1] - The meeting was chaired by Chairman Wang Yong and utilized a combination of on-site and online voting methods, complying with legal and regulatory requirements [1][4] - The voting results showed overwhelming support for all proposals, with the majority of votes in favor exceeding 99% [2][3] Meeting Attendance and Voting - A total of 38 ordinary shareholders attended the meeting, representing 43,551,893 voting rights, which accounted for 38.6916% of the company's total voting rights [1] - The voting results for various proposals indicated a high level of agreement among shareholders, with the following key votes: - Proposal for annual audit institution: 43,530,893 votes in favor (99.9517%) [2] - Proposal for profit distribution: 43,479,206 votes in favor (99.8331%) [3] - Proposal for the annual board work report: 43,477,988 votes in favor (99.8303%) [3] Legal Compliance and Documentation - The meeting's procedures were confirmed to be in compliance with the Company Law, Securities Law, and relevant regulations, as verified by legal representatives [4] - The company will maintain records of the meeting, including signed resolutions and legal opinions from the witnessing law firm [5]

证券代码：688636 证券简称：智明达 公告编号：2025-020 成都智明达电子股份有限公司 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 05 月 20 日 （二） 股东会召开的地点：成都市敬业路 108 号 T 区 1 栋 12 楼会议室 （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 | 38 | | --- | --- | | 普通股股东人数 | 38 | | 2、出席会议的股东所持有的表决权数量 | 43,551,893 | | 普通股股东所持有表决权数量 | 43,551,893 | | 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 | 38.6916 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 38.6916 | （四） 表决 ...

北京中伦（成都）律师事务所 关于成都智明达电子股份有限公司 2024 年年度股东会的 法律意见书 【2025】中伦成律（见）字第 136223-0006-052001 号 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》"）、中国证券监督管理委员会《上市公司股东会 规则》（以下简称"《股东会规则》"）及《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》（以下简称"《科创板规范运作指引》"）等法律、行 政法规和规范性文件及《成都智明达电子股份有限公司章程》（以下简称"公司 章程"）的规定，北京中伦（成都）律师事务所（以下简称"中伦"或"本所"） 接受成都智明达电子股份有限公司（以下简称"公司"）的委托，指派律师出席 了公司 2024 年年度股东会（以下简称"本次股东会"），并对本次股东会的相关 事项进行见证，依法出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．公司章程； 法律意见书 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、出席会议 人员资格、召集人资格及会议表决程序、表决结果 ...

Core Viewpoint - The embedded computer industry in key domestic sectors is experiencing significant growth, with the company Zhimingda positioned as a leading player, providing customized solutions and products to meet the demands of key national sectors [1][3][4]. Group 1: Company Overview - Zhimingda has over 20 years of experience in the embedded computer industry, ensuring its leading position through core technological advantages [4][5]. - The company has maintained stable and rapid revenue growth, with a compound annual growth rate of 13.85% from 2019 to 2024, and a gross margin exceeding 40% [11][15]. - The company’s main shareholder, Wang Yong and Zhang Yue, collectively hold over 34% of the shares, indicating strong control over the company [6]. Group 2: Industry Demand and Opportunities - The demand for embedded computers in key sectors is vast, driven by the increasing need for intelligent equipment in communications, healthcare, and defense [1][17]. - The global market for embedded systems in key sectors is projected to grow from $101.9 billion in 2020 to $238 billion by 2027, with a compound annual growth rate of 12.9% [23]. - The acceleration of national defense informationization is creating significant opportunities for embedded computers, as they are essential for modern military equipment [24][26]. Group 3: Product Applications - Zhimingda's products are widely used in various key sectors, including airborne and missile systems, with a focus on high reliability and real-time performance [1][40]. - The company has expanded its product offerings to include applications in unmanned aerial vehicles and commercial satellites, which are expected to become new growth points [13][27]. - The embedded computer modules are crucial for airborne systems, providing functionalities such as radar, communication, navigation, and electronic warfare [33][36]. Group 4: Financial Forecast and Investment Rating - The company forecasts net profits of 0.19 million, 1.13 million, and 1.54 million for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 0.17, 1.01, and 1.37 [2][11]. - The investment rating is maintained at "Buy," reflecting confidence in the company's recovery and growth potential as the industry rebounds [2][11].

成都智明达电子股份有限公司 2024 年年度股东会 会 议 材 料 2025 年 5 月 9 日 成都智明达电子股份有限公司 2024 年年度股东会会议资料 目录 会议开始后，由大会主持人宣布现场出席会议的股东人数及其所持有表决权的股份总数， 在此之后进入的股东无权参与现场投票表决。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东的合法权益，除出席会议的 股东及股东代理人、公司董事、监事、高级管理人员、见证律师及董事会邀请的人员外，公 司有权拒绝其他人员进入会场。 | 2024 | 年年度股东会会议须知 | 3 | | --- | --- | --- | | 2024 | 年年度股东会议程 | 5 | | 2024 | 年年度股东会会议议案 | 7 | | 议案一 | 关于《2024 年度董事会工作报告》的议案 8 | | | 议案二 | 关于《2024 年度监事会工作报告》的议案 9 | | | 议案三 | 关于《公司 2024 年年度报告及其摘要》的议案 | 10 | | 议案四 | 关于《公司 2024 年度利润分配及资本公积转增股本方案》的议案 | 11 | | 议案五 | 关于《公司向银行申请 ...

一、保荐机构和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司面临的风险因素主要如下： 华泰联合证券有限责任公司 关于成都智明达电子股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：智明达 | | --- | --- | | 保荐代表人姓名：陈迪 | 联系电话：021-38966905 | | 保荐代表人姓名：寇琪 | 联系电话：021-38966905 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为成都智明达电子股份有限公司（以 下简称"智明达"、"公司"或"发行人"）向不特定对象发行可转换公司债券 的保荐机构，对智明达进行持续督导，并出具本持续督导跟踪报告： （一）业绩大幅下滑或亏损的风险 公司产品主要应用于重点领域装备中，下游直接客户为国家重点领域科研生 产单位，最终用户为重点领域队伍。报告期内，受最终用户的采购计划和间歇性 大幅调整采购量等因素影响，公司多型号订单延后、新增订单不及预期，导致营 ...

首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 保荐总结报告书 华泰联合证券有限责任公司 关于成都智明达电子股份有限公司 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 上海市浦东新区东方路 18 号保利广场 E 座 20 楼 | | 法定代表人 | 江禹 ...

Financial Performance - The company reported a total revenue of 438 million yuan in 2024, representing a year-on-year decline of 33.95% [1][4] - The net profit attributable to shareholders was 19.45 million yuan, down 79.79% year-on-year, while the net profit after deducting non-recurring items was 12.12 million yuan, a decrease of 80.37% [1][4] - The decline in revenue is attributed primarily to delayed multi-model orders, despite a 6.65% increase in orders on hand compared to the previous year [4] Industry Challenges - The company faced intensified industry competition and rising raw material costs, which exerted pressure on its profitability [4] - The performance downturn in 2024 contrasts sharply with the growth seen in the previous years, where revenues increased by 38.43%, 22.58%, and 20.35% from 2021 to 2023 [4] Technological Advancements - The company made progress in AI technology applications, successfully implementing it in areas such as visual landing, guidance head image processing, and drone collaborative control [4][6] - The successful application of AI technology lays a foundation for broader applications in fields like optics, radar, communications, and data links [4] Market Expansion - The company is actively expanding into emerging sectors such as drones, low-altitude economy, and commercial aerospace [5] - It has participated in projects related to drone flight control systems, avionics networking, and commercial rocket engine control, thereby increasing its market share [5] Future Outlook - The "Embedded Computer Capacity Expansion Project" is set to reach operational status by September 2024, supporting future capacity expansion and technological upgrades [6] - With the gradual recovery of industry demand, the company is expected to experience explosive growth in orders in 2025 [6] - Despite the poor performance in 2024, the company's efforts in technological innovation and market expansion are expected to lay a foundation for future growth [6]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 438 million yuan, down 33.95% year-on-year, and a net profit attributable to shareholders of 19.45 million yuan, down 79.79% year-on-year [1][8] - The decline in performance is attributed to several factors, including a slowdown in market demand, project delays from clients, rising raw material costs, and increased R&D expenses [8] - The company continues to invest in product development and technological innovation, achieving multiple breakthroughs and expanding its product offerings [8] - Future growth is expected to be driven by advancements in embedded computer technology, ongoing national defense information construction, and increased investment in key areas by the government [8] Financial Summary - The company forecasts a net profit of 111.17 million yuan in 2025 and 141.79 million yuan in 2026, with an additional projection of 164.57 million yuan for 2027, corresponding to P/E ratios of 40, 31, and 27 respectively [1][8] - The projected revenue for 2025 is 682.44 million yuan, with a growth rate of 55.83%, followed by 913.23 million yuan in 2026 and 1,203.33 million yuan in 2027 [1][8] - The company plans to enhance its R&D capabilities and expand its market share in the embedded computer application sector [8]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the embedded computing industry and expansion into drone and AI sectors [5]. Core Viewpoints - The company reported a significant increase in orders, with a year-on-year growth of 174% in hand orders by the end of Q1 2025, driven by a surge in customer demand [3]. - The company's revenue for 2024 was 440 million yuan, a decrease of 33.9% year-on-year, while the net profit attributable to shareholders was 20 million yuan, down 79.8% year-on-year. However, Q1 2025 showed a revenue increase of 64.7% year-on-year, with a net profit of 10 million yuan, indicating a turnaround [3][4]. - The company has successfully implemented AI technology in various applications, contributing to revenue growth in 2025 [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 440 million yuan, with a gross margin of 44.8%, although the net margin decreased to 4.4% due to impacts from investment income and other non-operating items [3][5]. - For Q1 2025, the company reported a revenue of 80 million yuan, with a significant increase in new orders, particularly in the embedded and drone sectors [3][4]. Product Segmentation - In 2024, the revenue breakdown showed that the airborne segment generated 280 million yuan (64% of total revenue), while the drone segment saw an impressive growth of 88.5% year-on-year [4]. - The company has diversified its applications into drone, low-altitude economy, and commercial aerospace sectors, with AI technology expected to contribute more significantly in 2025 [5]. Future Projections - The company forecasts net profits of 120 million yuan, 179 million yuan, and 238 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36x, 24x, and 18x [7][12]. - The projected revenue growth rates for the next few years are 82.1% in 2025, 46.4% in 2026, and 24.1% in 2027, indicating a strong recovery trajectory [7][12].