北京君合（杭州）律师事务所 关于浙江铖昌科技股份有限公司 2023 年年度股东大会之法律意见书 致: 浙江铖昌科技股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受浙江铖昌科技股份有 限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《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《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）、《律 师事务所从事证券法律业务管理办法》等中华人民共和国（以下简称"中国"）现 行有效的法律、行政法规、规章和规范性文件（为本法律意见书之目的，不包括 香港特别行政区、澳门特别行政区和台湾地区现行有效的法律、行政法规、规章 和规范性文件）和现行有效的《浙江铖昌科技股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师列席了公司于 2024 年 4 月 19 日召开的 2023 年年 度股东大会（以下简称"本次股东大会"），并就本次股东大会相关事项出具本法 律意见书。 为出具本法律意见书，本所律师出席了本次股东大会，审查了公司提供的与 本次股东大会有关的文件，包括但不限于： 浙江省 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2024-021 浙江铖昌科技股份有限公司 2023年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 6、会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》及《公司章程》等的有关规定。 二、会议出席情况 2、本次股东大会未涉及变更以往股东大会决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024年4月19日（星期五）下午14:30 （2）通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年4月19 日上午9:15—9:25和9:30—11:30，下午13:00—15:00；通过互联网投票系统进行网 络投票时间为：2024年4月19日9:15-15:00期间的任意时间。 2、现场会议召开地点：杭州市西湖区智强路428号云创镓谷研发中心3号楼会 议室。 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4、会议召集人：浙江铖昌科技股份有限公司董事会 5、会议主持 ...

Financial Performance - The company's revenue for Q1 2024 was ¥19,775,974.58, a decrease of 50.72% compared to ¥40,127,638.94 in the same period last year[5] - The net profit attributable to shareholders was -¥14,903,337.67, representing a decline of 222.09% from ¥12,206,646.10 in the previous year[5] - The company's operating revenue for Q1 2024 was ¥19,775,974.58, a decrease of 50.72% compared to ¥40,127,638.94 in Q1 2023, primarily due to reduced revenue recognition during the reporting period[12] - The net profit for Q1 2024 was -14,903,337.67 CNY, compared to a net profit of 12,206,646.10 CNY in the same period last year, representing a decline of 221.5%[22] - Operating profit for Q1 2024 was -18,560,705.39 CNY, while the previous year reported an operating profit of 12,479,177.67 CNY, indicating a significant decrease[22] Research and Development - The company's R&D investment increased by 41.20% to ¥15,370,341.71, reflecting a commitment to product innovation and development[10] - R&D expenses increased by 41.20% to ¥15,370,341.71 in Q1 2024 from ¥10,885,805.39 in Q1 2023, reflecting a rise in investment in research and development[12] - Research and development expenses rose to CNY 15,370,341.71, reflecting a 41.1% increase from CNY 10,885,805.39 year-over-year[21] Cash Flow and Investments - Operating cash flow net amount was -¥82,334,460.60, a decline of 25.09% compared to -¥65,818,167.17 in the previous year[5] - Cash flow from operating activities showed a net outflow of -82,334,460.60 CNY, worsening from -65,818,167.17 CNY in the prior year[23] - Cash flow from investment activities showed a decrease of 89.59%, amounting to ¥-32,685,719.50 in Q1 2024, attributed to a reduction in purchased financial products[12] - Investment activities resulted in a net cash outflow of -32,685,719.50 CNY, compared to -313,936,478.35 CNY in the previous year, showing an improvement[23] - The company did not report any cash inflows from financing activities during the quarter[24] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥1,441,320,955.08, down 2.65% from ¥1,480,571,926.51 at the end of the previous year[5] - Total assets decreased to CNY 1,441,320,955.08 from CNY 1,480,571,926.51, a reduction of 2.6%[20] - Total liabilities decreased to CNY 48,040,484.10 from CNY 72,388,117.86, a decline of 33.7%[20] - Total current liabilities decreased to CNY 26,664,926.44, down 47.9% from CNY 50,301,413.45[19] - Deferred tax assets increased to CNY 8,675,367.75 from CNY 5,091,130.28, an increase of 70.5%[19] - Total equity attributable to shareholders decreased to CNY 1,393,280,470.98 from CNY 1,408,183,808.65, a decline of 1.1%[20] Operational Highlights - The company aims to enhance its product application performance and testing levels while maintaining its leading position in key areas[10] - The company plans to actively promote project order production and delivery to meet annual operational goals[9] - The company recorded other income of ¥1,677,406.89 in Q1 2024, a 204.12% increase from ¥551,562.44 in Q1 2023, due to an increase in VAT deductions[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,440, with the largest shareholder holding 47.22% of the shares[14] - The company did not have any preferred shareholders with restored voting rights at the end of the reporting period[14] Miscellaneous - The first quarter report was not audited, indicating that the financial figures are preliminary and subject to change[25]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][10]. Core Viewpoints - The company has a stable market position in the satellite TR core market, with successful expansion into airborne and ground applications. Despite facing short-term performance pressure due to downstream price adjustments and increased costs, the company is expected to benefit from strong demand in 2024, particularly with the anticipated mass launch of low-orbit satellites [10]. Financial Performance Summary - For the fiscal year 2023, the company achieved revenue of 287 million yuan, a year-on-year increase of 3.4%. However, the net profit attributable to the parent company was 80 million yuan, reflecting a significant decline of 39.96% year-on-year [10]. - The company's gross profit margin decreased by 9 percentage points, primarily due to changes in product structure and pricing, with high-margin satellite remote sensing products' revenue share dropping from two-thirds to one-third [10]. - The company expects net profits to recover in the coming years, projecting 141 million yuan in 2024, 215 million yuan in 2025, and 286 million yuan in 2026 [10]. Revenue and Profit Forecast - Revenue is forecasted to grow significantly, with estimates of 434 million yuan in 2024, 676 million yuan in 2025, and 974 million yuan in 2026, representing year-on-year growth rates of 51.0%, 55.8%, and 44.1% respectively [4][10]. - The report highlights that the company is focusing on enhancing its product offerings in the airborne and ground sectors, which are expected to drive growth in 2024 [10]. Market Position and Product Development - The company maintains a strong position in the satellite TR chip market, with its products being widely applied in various satellite models. The ongoing collaboration with research institutions and enterprises is expected to enhance product development and market reach [10]. - The report emphasizes the company's commitment to research and development, with R&D expenses increasing by 57.18% year-on-year, indicating a focus on innovation and product improvement [10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - The company reported a revenue of 287 million, a year-on-year increase of 3.44%, while the net profit attributable to the parent company was 80 million, down 39.96% year-on-year [8][10]. - The company experienced a significant increase in production volume, with a 165.13% rise in output and a 50.83% increase in sales volume compared to the previous year [10]. - The decline in net profit is attributed to a decrease in gross margin and a substantial increase in R&D expenses [10]. - The company specializes in microwave and millimeter-wave analog phased array T/R chip design, with products being widely applied in satellite, ground, and airborne phased array radar and satellite communication fields [11]. - The company expects net profits for 2024-2026 to be 114 million, 152 million, and 201 million respectively, with growth rates of 43%, 33%, and 32% [11]. Financial Metrics - Total shares outstanding are 1.57 billion, with a circulating share count of 780 million [2]. - The total market capitalization is 8.4 billion, with a circulating market value of 4.2 billion [3]. - The asset-liability ratio stands at 4.9% [4]. - The current price-to-earnings (P/E) ratio is 105.91 [5]. - The company anticipates revenues of 402 million, 517 million, and 655 million for 2024, 2025, and 2026 respectively, with growth rates of 39.8%, 28.7%, and 26.7% [31].

2023 年公司实现归属于上市公司股东的净利润 7,970.79 万元，较上年同期下降-39.96%。 现场检查了解到公司净利润下降主要受如下因素影响：1、受公司产品结构丰富及下游行业 价格体系的影响，公司毛利率相比上年同期下降 8.95 个百分点。2、公司持续加大研发投入， 研发费用增加 2,474.77 万元，同比增长 57.18%；公司新增经营场所产生的租赁费用增加 577.97 万元。3、近年来公司销售收入增加，下游回款周期时间较长、应收账款的账龄有所 增加，计提的应收账款信用减值损失较上年同期增加 1,126.23 万元；公司非经常性损益金额 较上年同期下降 1,081.51 万元。 国信证券股份有限公司关于浙江铖昌科技股份有限公司 2023 年度持续督导定期现场检查报告 | 保荐人名称：国信证券股份有限公司 被保荐公司简称：铖昌科技 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：范金华 联系电话：0755-81981588 | | | | | 保荐代表人姓名：韩冬 联系电话：0755-81981588 | | | | | 现场检查人员姓名：韩冬、周波、陈宇 ...

3、培训方式：远程视频培训 4、培训人员：国信证券保荐代表人韩冬 5、参与培训的人员：公司董事、监事、高级管理人员、部分中层管理人员 二、培训内容 国信证券股份有限公司关于浙江铖昌科技股份有限公司 2023 年持续督导培训报告 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为浙江 铖昌科技股份有限公司（以下简称"铖昌科技"或"公司"）首次公开发行股票 并在深圳证券交易所上市及持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所股票上市规则》及《深圳证券交易所上市公司自律 监管指引第 13 号——保荐业务》等相关法律法规和规范性文件的要求，于 2024 年 3 月 28 日对铖昌科技相关人员进行了培训。现将培训具体情况汇报如下： 一、培训内容 1、培训时间：2024 年 3 月 28 日 2、培训地点：铖昌科技会议室 本次培训重点介绍了《证券法》、《上市公司监管指引第 5 号——上市公司内 幕信息知情人登记管理制度》、《上市公司股东、董监高减持股份的若干规定》等 法规中关于内幕交易；主要股东及董监高、控股股东、实际控制人买卖及减持股 份等方面的内容。 三、培训效果 本次培训得 ...

关于举行2023年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 浙江铖昌科技股份有限公司（以下简称"公司"）2023 年年度报告已于 2024 年 3 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露。为方便广大投资者更深 入、全面地了解公司发展战略、经营成果和财务状况等情况，公司将于 2024 年 4 月 10 日通过全景网举办 2023 年度网上业绩说明会，现将具体情况公告如下： 一、召开时间及方式 1、召开时间：2024 年 4 月 10 日（星期三）15:00-17:00 证券代码：001270 证券简称：铖昌科技 公告编号：2024-020 浙江铖昌科技股份有限公司 （问题征集专题页面二维码） 特此公告。 浙江铖昌科技股份有限公司董事会 2024 年 4 月 3 日 三、投资者问题征集方式 为充分尊重投资者，提升交流的针对性，现就公司 2023 年度网上业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 4 月 9 日（星期二）15：00 前访问 https:// ...

国信证券股份有限公司 关于浙江铖昌科技股份有限公司 首次公开发行股票并上市持续督导 2023 年度保荐工作报告 | 保荐人名称:国信证券股份有限公司 | 被保荐公司简称: | | --- | --- | | 保荐代表人姓名: 范金华 | 联系申话:0755-81981588 | | 保荐代表人姓名：韩冬 | 联系申话:0755-81981588 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 不适用 | | 2. 督导公司建立健全并有效执行规章制度的情况 | | | (1)是否督导公司建立健全规章制度(包 括但不限于防止关联方占用公司资源的制 | 是 | | 度、募集资金管理制度、内控制度、内部审 计制度、关联交易制度） | | | (2)公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | (1) 查询公司募集资金专户次数 | 2 次 | | (2)公司募集资金项目进展是否与信息披 | 是 | | 露文件一致 | ...

| --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|------------------|-------------------------------|------------------------------------------------|-------------------------------------------| | 2024 年 04 月 03 日 \n铖昌科技（ 001270.SZ ） \n星载产品进入量产交付，5G-A 商用发布有望受 \n益 | 投资评级 \n股价 | (2024-04-02) | 公司研究●证券研究报告 \n国防军工 \| \n增持 -B( | 公司快报 \n 其他军工Ⅲ \n维持) \n57.30 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 8,969.63 | | | | 流通市值 ...