证券代码：001389 证券简称：广合科技 公告编号：2025-031 广州广合科技股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、广州广合科技股份有限公司（以下简称"公司"）本次回购注销 2024 年 股票期权与限制性股票激励计划已授予但尚未解除限售的限制性股票数量为 30,000 股，占回购注销前公司总股本的 0.0071%。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 限制性股票注销事宜已办理完成。 3、注销完成后，公司股份总数由 425,265,000 股减少至 425,235,000 股。 公司于 2025 年 3 月 31 日召开第二届董事会第十二次会议和第二届监事会 第十次会议，并于 2025 年 4 月 21 日召开 2024 年年度股东会，审议通过了《关 于注销部分股票期权与回购注销部分限制性股票的议案》。根据《上市公司股权 激励管理办法》（以下简称"《管理办法》"），公司《2024 年股票期权与限制 性股票激励计划》（以下简称"本次激励计划"或"本激 ...

广州广合科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召开 第二届董事会第十二次会议和第二届监事会第十次会议，并于 2025 年 4 月 21 日 召开 2024 年年度股东会，审议通过了《关于注销部分股票期权与回购注销部分 限制性股票的议案》。因 2 名激励对象主动辞职，已不符合激励对象资格，其已 获授但尚未行权的股票期权合计 30,000 份由公司予以注销。具体内容详见披露 于《证券时报》《中国证券报》《上海证券报》《证券日报》《经济参考网》和 巨潮资讯网（http://www.cninfo.com.cn）的《关于注销部分股票期权与回购注 销部分限制性股票的公告》（公告编号：2025-012）。 近日，经中国证券登记结算有限责任公司深圳分公司审核确认，公司已完成 上述 30,000 份股票期权注销事宜。 证券代码：001389 证券简称：广合科技 公告编号：2025-030 广州广合科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 公司本次注销部分股票期权事宜符合《上市公司股权激励管理办法》，公司 《2024 年股票 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州广合科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召开 第二届董事会第十二次会议和第二届监事会第十次会议，并于 2025 年 4 月 21 日 召开 2024 年年度股东会，审议通过了《关于注销部分股票期权与回购注销部分 限制性股票的议案》。因 2 名激励对象主动辞职，已不符合激励对象资格，其已 获授但尚未行权的股票期权合计 30,000 份由公司予以注销。具体内容详见披露 于《证券时报》《中国证券报》《上海证券报》《证券日报》《经济参考网》和 巨潮资讯网（http://www.cninfo.com.cn）的《关于注销部分股票期权与回购注 销部分限制性股票的公告》（公告编号：2025-012）。 证券代码：001389 证券简称：广合科技 公告编号：2025-030 广州广合科技股份有限公司 关于部分股票期权注销完成的公告 广州广合科技股份有限公司 董事会 2025 年 5 月 20 日 1 / 1 近日，经中国证券登记结算有限责任公司深圳分公司审核确认，公司已完成 上述 30,000 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-029 广州广合科技股份有限公司 2025年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、本次股东会不存在否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、召开会议的基本情况 1、会议召开时间： （1）现场会议时间：2025 年 5 月 16 日 15:00 （2）网络投票时间：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：2025 年 5 月 16 日上午 9:15－9:25、9:30-11:30 和下午 13:00－15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 16 日上午 9:15 至下午 15:00 期间的任意时间。 （3）会议召开和表决方式： 本次股东会采用现场表决与网络投票相结合的方式召开。 2、召集人：公司董事会 3、会议地点：广州保税区保盈南路 22 号广州广合科技股份有限公司会议室。 4、现场会议主持人：董事长肖红星先生 5、本次股东会的召开符合《中华人民共和国公司法》 ...

上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于广州广合科技股份有限公司 2025 年第一次临时股东会的 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21-23 层 电话：0755-82816698 传真：0755-82816898 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于广州广合科技股份有限公司 2025 年第一次临时股东会的 法律意见书 致：广州广合科技股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受广州广合科技股 份有限公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第一次临 时股东会（以下简称"本次股东会"），并根据《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》"）等法律、法规和规范 性文件以及现行有效的《广州广合科技股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，对本次股东会相关法律事项进行见证并出具本法律意见 书。公司已向本所提供了本所律师为出具本法律 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-028 广州广合科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州广合科技股份有限公司（以下简称"公司"）2025 年 3 月 31 日召开第 二届董事会第十二次会议，并于 2025 年 4 月 21 日召开 2024 年年度股东会，审 议通过了《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》， 具体内容详见公司于 2025 年 4 月 1 日披露在巨潮资讯网（www.cninfo.com.cn） 上的《关于变更公司注册资本、修订<公司章程>并办理工商变更登记的公告》（公 告编号：2025-013）。 统一社会信用代码：91440116739749431N 名称：广州广合科技股份有限公司 类型：股份有限公司（上市、自然人投资或控股） 住所：广州保税区保盈南路 22 号 法定代表人：肖红星 注册资本：肆亿贰仟伍佰贰拾陆万伍仟元人民币 成立日期：2002 年 6 月 17 日 经营范围：电力电子技术服务;智能机器系统技术服 ...

Group 1: Company Performance - In 2024, the company achieved an operating revenue of CNY 3.734 billion, a year-on-year increase of 39.43% [1] - Net profit for 2024 reached CNY 676 million, reflecting a growth of 63.04% compared to the previous year [1] - In Q1 2025, the company reported an operating revenue of CNY 1.117 billion, up 42.41% year-on-year, with a net profit of CNY 240 million, a 65.68% increase [2] Group 2: Product Development and Innovation - The company has applied for a total of 418 patents, with 210 granted, focusing on continuous R&D in materials, processes, and product methods [1] - AI products accounted for over 20% of the server business revenue in 2024, which totaled CNY 2.705 billion [3] Group 3: Production Capacity and Facilities - The production capacity utilization rate for the Guangzhou factories remained around 90% in 2024, with an expected annual capacity of CNY 4 billion for 2025 [3] - The Huangshi factory's utilization rate exceeded 80%, with a projected annual capacity of CNY 600 million and plans to achieve profitability [3] - The Thailand facility is set to begin production in June 2025, focusing on high-layer server and switch products [4] Group 4: Market and Economic Factors - As of 2024, overseas business revenue accounted for approximately 71.84%, with minimal direct export to the U.S. (0.12%) [2] - The company anticipates that U.S. tariffs will not have a significant short-term impact on operations, but long-term trade tensions may affect the industry [2] - In Q1 2025, raw material prices increased due to commodity price rises, but the company has not yet felt significant cost impacts [5] Group 5: Financial Management - The company plans to maintain a high gross margin through order structure optimization and digital transformation [6] - Currency fluctuations significantly impact the company, with nearly 80% of foreign sales denominated in USD [7]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company's revenue and net profit for Q1 2025 showed significant growth, driven by the high demand in the server PCB market, particularly due to the upgrade of traditional servers and the ongoing boom in AI server applications [3][4] - The company achieved a revenue of 1.117 billion yuan in Q1 2025, representing a year-on-year increase of 42.41%, and a net profit of 240 million yuan, up 65.68% year-on-year [1][3] - The increase in gross margin and net profit margin indicates an improvement in product structure, benefiting from the high demand for high-layer, high-precision, high-density, and high-reliability PCB products [4][3] Financial Performance Summary - For Q1 2025, the company's gross margin was 35.19%, up 0.74 percentage points year-on-year, while the net profit margin was 21.52%, an increase of 3.02 percentage points year-on-year [4] - The company expects to achieve revenues of 5.047 billion, 5.980 billion, and 6.960 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.2%, 18.5%, and 16.4% [5][11] - The projected net profits for the same years are 854 million, 1.075 billion, and 1.313 billion yuan, with growth rates of 26.4%, 25.8%, and 22.1% [5][11] Market Data - As of May 9, 2025, the closing price of the company's stock was 49.55 yuan, with a market capitalization of 74.45 billion yuan [3][4] - The stock has seen a yearly high of 67.64 yuan and a low of 32.77 yuan [3]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4]. Core Views - The company's performance in Q1 2025 shows rapid growth in revenue and net profit, driven by the high demand in the server PCB market, particularly due to the upgrade of traditional servers and the ongoing high demand for AI servers [5][6]. - The company achieved a revenue of 1.117 billion yuan in Q1 2025, representing a year-on-year increase of 42.41%, and a net profit of 240 million yuan, up 65.68% year-on-year [5][6]. Summary by Sections Market Performance - As of May 9, 2025, the closing price was 49.55 yuan, with a year-to-date high of 67.64 yuan and a low of 32.77 yuan. The circulating A shares are 150 million out of a total of 425 million shares, resulting in a circulating market value of 7.445 billion yuan and a total market value of 21.072 billion yuan [2]. Financial Data - As of March 31, 2025, the basic earnings per share (EPS) was 0.56 yuan, with a diluted EPS also at 0.56 yuan. The net asset per share was 7.83 yuan, and the return on equity (ROE) was 7.22% [3]. Revenue and Profit Forecast - The company is expected to achieve revenues of 5.047 billion yuan, 5.980 billion yuan, and 6.960 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.2%, 18.5%, and 16.4%. The net profits are projected to be 854 million yuan, 1.075 billion yuan, and 1.313 billion yuan for the same years, with growth rates of 26.4%, 25.8%, and 22.1% [7][10]. Profitability Metrics - The gross profit margin for Q1 2025 was 35.19%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 21.52%, up 3.02 percentage points year-on-year [6]. Valuation Ratios - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24.7x, 19.6x, and 16.1x, respectively, based on the closing price of 49.55 yuan on May 9, 2025 [7][12].

Core Insights - The communication industry is at the forefront of technological innovation, driving significant advancements in digital life and economic development [1][2] - In 2024, companies in the Shenzhen Stock Exchange's communication sector are expected to achieve robust financial performance, with a total revenue of 2,271.71 billion yuan, a year-on-year increase of 12.15%, and a net profit of 93.10 billion yuan, up 53.52% [1] Technological Breakthroughs - The communication industry is undergoing a transformation towards "intelligent connectivity," driven by advancements in AI, big data, and cloud computing [2] - The Ministry of Industry and Information Technology plans to enhance the mobile IoT ecosystem by 2027, integrating 4G and 5G technologies [2] Company Performance - Guangzhou Guanghe Technology Co., Ltd. reported a revenue of 3.73 billion yuan in 2024, a 39.43% increase, and a net profit of 676 million yuan, up 63.04% [3] - Shenzhen Guanghetong Wireless Co., Ltd. is focusing on AI technology and has established an AI research institute to develop new communication products [3] Shareholder Returns - Shenzhen communication companies are committed to returning profits to shareholders through stable dividends and share buybacks [4] - Suzhou Kema Materials Technology Co., Ltd. has announced two profit distribution plans totaling 87.20 million yuan since its listing [5] - Guanghetong plans to distribute 267 million yuan in cash dividends for 2024, continuing its commitment to shareholder returns [5] Long-term Commitment - Shenzhen Feirongda Technology Co., Ltd. emphasizes sustainable development and long-term value creation for investors through innovation and operational efficiency [6] - The communication sector's focus on R&D and market-driven strategies aims to enhance competitiveness and ensure consistent returns for investors [6]