Core Viewpoint - Guanghe Technology (001389) confirmed the authenticity and accuracy of the information disclosed in its prospectus during a response to investor inquiries on September 29 [1] Group 1 - The company emphasized that any questions regarding the prospectus should be addressed by reviewing the original document carefully [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by high demand in the computing power supply chain and improvements in operational efficiency [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% [1]. - For Q2 2025, the company reported revenue of 1.308 billion yuan, a year-on-year growth of 41.96% and a quarter-on-quarter increase of 17.08%. The net profit for the same period was 251 million yuan, reflecting a year-on-year increase of 44.13% and a quarter-on-quarter growth of 4.51% [2]. Market Trends - The global PCB industry is expected to reach a market value of 79.128 billion USD in 2025, representing a year-on-year increase of 7.60% [2]. - The PCB market segments, particularly for multilayer boards with more than 18 layers, HDI, and packaging substrates, are projected to grow at rates of 41.70%, 12.90%, and 7.60% respectively [3]. Business Focus - The company specializes in the research, production, and sales of high-layer printed circuit boards (PCBs), with a significant focus on the server application market, which accounts for approximately 70% of its revenue [4]. - The company has achieved mass production capabilities for 46-layer PCBs and has validated the 7-stage HDI manufacturing process, allowing for high customization based on client needs [4]. Capacity and Production - The company's production capacity utilization rates are high, with the Guangzhou factory operating above 90% and the Huangshi factory exceeding 80%. The Thailand factory commenced operations in June 2025, with a projected annual output value of 2 billion yuan [4]. Earnings Forecast - Revenue projections for the company are 4.967 billion yuan in 2025, 5.895 billion yuan in 2026, and 6.803 billion yuan in 2027, with corresponding EPS estimates of 2.22, 2.67, and 3.11 yuan [5].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9]. Core Views - The company has demonstrated impressive performance with significant revenue and profit growth, driven by strong demand in the computing power supply chain and improvements in operational efficiency [5][6]. - The AI PCB market is experiencing high demand, particularly for server PCBs, which is expected to continue growing due to increased capital expenditure by global cloud service providers [6][8]. - The company is focused on the high-end application market for multi-layer printed circuit boards (PCBs), with a significant portion of its revenue derived from server-related applications [8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [4]. - For Q2 2025, revenue reached 1.308 billion yuan, reflecting a 41.96% year-on-year growth and a 17.08% quarter-on-quarter increase [5]. Market Outlook - The global PCB industry is projected to reach a market value of 79.128 billion USD in 2025, with a year-on-year growth of 7.60% [6]. - The server-related PCB segment is expected to see the highest growth among all application areas, with a projected market value of 18.9 billion USD by 2029, representing a CAGR of 11.6% from 2024 to 2029 [6]. Production Capacity and Efficiency - The company specializes in the research, production, and sales of high-layer printed circuit boards, with approximately 70% of its revenue coming from server-related products [8]. - The production capacity utilization rates are high, with the Guangzhou factory operating above 90% and the Huangshi factory exceeding 80% [8]. Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 4.967 billion yuan, 5.895 billion yuan, and 6.803 billion yuan, respectively, with corresponding EPS estimates of 2.22 yuan, 2.67 yuan, and 3.11 yuan [9][11].

广州广合科技股份有限公司 关于拟购买土地使用权并投资建设云擎智造基地项目的进展公告 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。 一、概述 证券代码：001389 证券简称：广合科技 公告编号：2025-059 广州广合科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开 第二届董事会第十七次会议，审议通过了《关于拟购买土地使用权并投资建设云 擎智造基地项目的议案》，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《关于拟购买土地使用权并投资建设云擎智造基地项目的公告》（公告编号： 2025-049）。 1 / 2 三、本次竞得土地使用权的目的和对公司的影响 本次竞得土地使用权是为了满足云擎智造基地项目建设的需要，本项目的实 施符合国家相关产业政策和公司的战略发展布局，有利于公司的长期和持续发展， 进一步提升高端印制电路板产能，满足客户市场需求，增强市场竞争力和盈利能 力，巩固公司在行业内的地位，为公司未来持续发展奠定坚实基础，符合 ...

Core Points - Guanghe Technology (001389) announced on September 23 that it will hold the 15th meeting of its second board of directors on June 25, 2025, to review a proposal for using raised funds to increase capital in its wholly-owned subsidiary [1] - The company plans to use RMB 100 million of the raised funds to increase the capital of Huangshi Guanghe Precision Circuit Co., Ltd. (referred to as "Huangshi Guanghe") [1] - Following this capital increase, Huangshi Guanghe's registered capital will rise from RMB 58 million to RMB 68 million [1] - Huangshi Guanghe has completed the necessary business registration and filing procedures and has received a new business license from the Market Supervision Administration of Huangshi Economic and Technological Development Zone [1]

广州广合科技股份有限公司 2024 年股票期权与限制性股票激励计划 预留授予激励对象名单（授予日） 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票， 累计不超过公司股本总额的 1%。公司全部在有效期内的股权激励计划所涉及的标的股票总 数累计不超过公司股本总额的 10%。 2、本激励计划激励对象不包括独立董事、单独或合计持有公司5%以上股份的股东或实 际控制人及其配偶、父母、子女。 | 职务 | 获授的限制性股票 | 占本次激励计划拟 | 占本激励计划公告 日公司股本总额的 | | --- | --- | --- | --- | | | 数量（万股） | 授出全部权益数量 的比例 | 比例 | | 中层管理人员、核心骨干人员 | 63.50 | 8.36% | 0.15% | | (78人) | | | | 二、 限制性股票激励计划的分配情况 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票， 累计不超过公司股本总额的 1%。公司全部在有效期内的股权激励计划所涉及的标的股票总 数累计不超过公司股本总额的 10%。 注：1、名单排序不分先后，本激励对象名单 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-054 广州广合科技股份有限公司 关于调整股票期权行权价格和限制性股票授予价格的公告 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"）于 2025 年 9 月 23 日召开 第二届董事会第十八次会议，审议通过了《关于调整股票期权行权价格和限制性 股票授予价格的议案》，根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等法律法规、规范性文件以及公司《2024 年股票期权与限制性股 票激励计划（草案）》（以下简称"本次激励计划"或"《激励计划》"）的相 关规定以及公司 2024 年第三次临时股东会的授权，公司董事会对本激励计划的 股票期权行权价格和限制性股票授予价格进行了调整。现将有关事项公告如下： 一、本次激励计划已履行的审批程序 1、2024 年 9 月 24 日，公司第二届董事会第九次会议审议通过了《关于<公 司 2024 年股票期权与限制性股票激励计划（草案）>及其摘要的议案》《关于< 公司 2024 年股票期权与限制性股票激励计划实施考 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-053 广州广合科技股份有限公司 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 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 9 月 23 日召开 第二届董事会第十八次会议，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》，本议案尚需提交公司 2025 年第三次临时股东会审议。 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（草案）》（以下简称"《激励计划》"或"本 次激励计划"）及相关法律法规的规定，现将有关事项公告如下： 一、本次激励计划已履行的审批程序 1、2024 年 9 月 24 日，公司第二届董事会第九次会议审议通过了《关于<公 司 2024 年股票期权与限制性股票激励计划（草案）>及其摘要的议案》《关于< 公司 2024 年股票期权与限制性股票激励计划实施考核管理办法>的议案》及《关 于提请股东会授权董事会办理公司 2024 年股票期权 ...

证券代码：001389 证券简称：广合科技 公告编号：2025-055 广州广合科技股份有限公司 关于向激励对象授予预留股票期权与限制性股票的公告 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。 重要内容提示： 股票期权与限制性股票预留授予日为2025年9月23日 广州广合科技股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开 第二届董事会第十八次会议，审议通过了《关于向激励对象授予预留股票期权与 限制性股票的议案》。根据公司 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"）的规定以及 2024 年第三次临时股东会的授权，董事会 认为本次激励计划规定的授予条件已经成就，确认本次激励计划的预留授予日为 2025 年 9 月 23 日，向符合授予条件的 78 名激励对象共计授予股票期权 63.50 万份，行权价格为 35.25 元/份；向符合授予条件的 78 名激励对象授予 63.50 万股限制性股票，授予价格为 17.39 元/股。现将相关事项公告如下： 一、本次激励计划简述及已履行的审批程序 （一）本次激励计划的简述 ...