上海信公轶禾企业管理咨询有限公司 关于 苏州瑞可达连接系统股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 独立财务顾问： 二〇二五年一月 | 第一章 声 明 3 | | --- | | 义 5 第二章 释 | | 第三章 基本假设 6 | | 本激励计划的主要内容 7 第四章 | | 一、本激励计划拟授出的权益形式及涉及的标的股票来源及种类 7 | | 二、本激励计划授予权益的总额 7 | | 三、本激励计划的相关时间安排 8 | | 四、限制性股票的授予价格及确定方法 10 | | 五、限制性股票的授予与归属条件 11 | | 六、本激励计划的其他内容 16 | | 第五章 本次独立财务顾问意见 17 | | 一、关于本激励计划是否符合政策法规规定的核查意见 17 | | 二、关于瑞可达实行本激励计划可行性的核查意见 17 | | 三、关于激励对象范围和资格的核查意见 18 | | 四、关于本激励计划的权益授出额度的核查意见 19 | | 五、关于公司实施本激励计划的财务意见 19 | | 六、关于本激励计划对瑞可达持续经营能力、股东权益的影响的核查意见 20 | | 七、关于瑞 ...

东吴证券股份有限公司 关于苏州瑞可达连接系统股份有限公司 为合并报表范围内子公司提供担保的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为关于 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"或"公司"）持续督导 工作的保荐机构，根据《上海证券交易所科创板股票上市规则》、《证券发行上市 保荐业务管理办法》等相关规定，对瑞可达为合并报表范围内子公司提供担保进 行了核查，具体情况如下： 一、担保的基本情况 为满足合并报表范围内子公司日常经营和业务发展资金需要，结合公司 2025 年度发展计划，保证公司业务顺利开展。公司拟对合并报表范围内子公司 向金融机构申请贷款提供担保，担保总额不超过 3,000 万美元（或等值人民币）。 具体担保金额、担保期限、担保费率、担保方式等内容以正式签署的担保文件为 准。此担保额度可在合并报表范围内子公司之间进行调剂。 二、被担保人基本情况 本次预计担保额度的被担保人为公司合并报表范围内的子公司（包含但不限 于下列公司，具体根据届时业务需要确定）。 （一）Recodeal Energy Inc（以下简称美国瑞可达） 注册资本：500 万美元 注册地点：1222 ...

公司基本情况 资产负债率(%) 42.2% 个股表现 瑞可达(688800) | --- | --- | --- | --- | --- | |------------------------------------|--------|--------|--------|--------| | [项ta目ble_FinchinaSimple] \年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1555 | 2239 | 2998 | 3696 | | 增长率(%) | -4.32 | 44.02 | 33.87 | 23.28 | | EBITDA（百万元） | 183.38 | 255.64 | 377.42 | 501.40 | | 归属母公司净利润（百万元） | 136.81 | 156.38 | 239.90 | 326.42 | | 增长率(%) | -45.86 | 14.31 | 53.41 | 36.06 | | EPS(元/股) | 0.86 | 0.99 | 1.51 | 2.06 | | 市盈率（P/E） | 56.30 | 49.2 ...

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 64.35 [2][4]. Core Insights - The company reported a revenue of RMB 1.589 billion for the first three quarters of 2024, representing a year-on-year increase of 52.75%. The net profit attributable to shareholders was RMB 106 million, up 10.60% year-on-year, with a gross profit margin of 22.01% [2][16]. - In Q3 2024, the company achieved a revenue of RMB 631 million, a 60.90% increase year-on-year and a 27.36% increase quarter-on-quarter. The net profit attributable to shareholders for the same quarter was RMB 41 million, up 40.67% year-on-year [2][16]. - The company focuses on the design, development, and manufacturing of connection system products, which are widely used in various sectors including data communication, new energy vehicles, and industrial control [3][18]. Financial Performance - The company’s R&D expenses for the first three quarters of 2024 were RMB 111 million, a 29.91% increase year-on-year, with an R&D expense ratio of 7.00% [3][17]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 185 million, RMB 241 million, and RMB 291 million, with corresponding EPS of RMB 1.17, RMB 1.52, and RMB 1.84 [4][19]. - The company is expected to benefit from the growing demand in the AI sector, particularly in high-speed cable solutions, which positions it favorably in the market [4][19]. Business Segmentation - The company’s product offerings include connectors, cable assemblies, and system modules, which are essential for various applications such as AI data centers and high-speed transmission solutions [3][18]. - The revenue forecast for the company's segments shows significant growth potential, particularly in the new energy vehicle sector, which is expected to grow at a rate of 50% in 2024 [9].

Industry Overview - The copper cable connection concept saw a significant surge in the market, with companies like **Bochuang Technology** hitting a 20% increase limit, **Ruikeda** and **Zhaolong Interconnect** rising over 17%, and others like **Xinke Materials**, **Wolke Materials**, and **Luxiao Technology** also hitting the increase limit [1] - The market's attention to active copper cables has increased due to the performance disclosures of **Credo** and **Marvell**, as well as the release of Amazon's **Trn2** server [1] - Traditional high-speed copper cables, such as **DAC** passive copper cables, face issues like excessive loss and limited transmission distance as transmission rates increase, leading to the gradual adoption of **ACC** and **AEC** active copper cables [1] - **ACC** active copper cables incorporate a linear Redriver chip at the RX end to extend transmission distance, while **AEC** active cables use **CDR** chips at both ends to re-time and re-drive signals, offering better loss compensation and longer connection support compared to **ACC** [1] Market Growth and Projections - The application of active copper cables is expected to grow driven by **AI/ML** workloads, with the market size for active copper cable chips projected to grow from **$100 million** in 2023 to over **$1 billion** by 2027, at a compound annual growth rate (**CAGR**) of over 70% [2] - The corresponding copper cable market size is also expected to grow at a similar CAGR, reaching over **$3 billion** by 2027 [2] Key Suppliers and Players - Major **ACC** suppliers include **MACOM**, **Semtech**, and **Spectra7**, while **AEC** suppliers include **Asteralabs**, **Broadcom**, **Credo**, **Marvell**, **Maxliner**, and **Point2** [2] - In China, **Xinsheng** has made strides in high-speed **AEC** cable modules, **Ruikeda** is advancing related projects for its **AEC** series products, and **Zhaolong Interconnect** offers both passive and active copper cable solutions [2] Industry Impact - The rapid growth of active copper cables is expected to benefit related companies in the supply chain, with close attention recommended on marginal changes in the industry chain [2]

编号：2024-018 证券代码：688800 证券简称：瑞可达 苏州瑞可达连接系统股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系 | 新闻发布会 | 路演活动 | | 活动类别 | 现场参观 | | | | 其他 | __________________________________ | | | 汇添富基金 卞正；广发证券 | 韩东 戎志强；恒越基金 吴海 | | 参与单位 ...

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编号：2024-016 证券代码：688800 证券简称：瑞可达 | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------| | | ■特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系 | 新闻发布会 | 路演活动 | | 活动类别 | 现场参观 | | | | 其他 | __________________________________ | | | 万家基金 武玉迪；东方基金 | 蒋英杰；中庚基金 谢钊懿； | | | 交银基金 白家乐；信达澳亚基金 | 童昌希；健顺投资 罗庆； | ...

证券代码：688800 证券简称：瑞可达 公告编号：2024-044 苏州瑞可达连接系统股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 13 日（星期三）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 06 日（星期三）至 11 月 12 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@recodeal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州瑞可达连接系统股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 ...