民生证券股份有限公司 关于广州广合科技股份有限公司 部分首次公开发行前已发行股份 及首次公开发行战略配售股份上市流通的核查意见 民生证券股份有限公司（以下简称"保荐人"）作为广州广合科技股份有限公司（以 下简称"广合科技"、"公司"）首次公开发行股票并在主板上市的保荐人，根据《证券 发行上市保荐业务管理办法》《证券发行与承销管理办法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第1号—主板上市公司规范运作》等相关规定， 对广合科技部分首次公开发行前已发行股份及首次公开发行战略配售股份上市流通的事项 进行了审慎核查，并出具核查意见如下： 一、首次公开发行股份情况和上市后股本变动情况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意广州广合科技股份有限公司首次公开发行股票 注册的批复》（证监许可〔2023〕2182号）同意注册，并经深圳证券交易所《关于广州广 合科技股份有限公司人民币普通股股票上市的通知》（深证上〔2024〕239号）同意，公司 获准向社会公开发行人民币普通股（A股）股票42,300,000股，并于2024年4月2日在深圳证 券交易所主板上市交易。首次公开发行 ...

证券代码：001389 证券简称：广合科技 广州广合科技股份有限公司 投资者关系活动记录表 编号：2025-01 | √特定对象调研 | □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | | | 别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | | √其他 | （券商策略会） | | | | | 平安养老、长盛基金、华泰证券、富国基金、国金证券、 | | | | | | 利幄基金、上海证券、银叶投资、上银基金、东证融汇、 | | | | | | 中银国际、中银基金、九方云智能、保银投资、兴业基 | | | | | | 金、兴业银行、创金合信基金、博时基金、博道基金、 | | | | | | 合远基金、同犇投资、和谐汇一、国寿安保基金、国投 | | | | | | 瑞银基金、国泰基金、寻常投资、广发投行、慈阳投资、 | | | | | | 摩根资产、新华基金、景林资产、朱雀基金、乐信投资、 | 参与单位名称 | | | | | 泉果基金、泰信基金、浙商资管、源乐晟、煜德 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately 41,468.57 million CNY, representing a year-on-year increase of 51.92%[3] - The projected net profit after deducting non-recurring gains and losses is estimated to be between 62,500 million CNY and 68,500 million CNY, reflecting a growth of 43.57% to 57.36% compared to the previous year[3] - Basic earnings per share are anticipated to be between 1.53 CNY and 1.67 CNY, up from 1.09 CNY in the same period last year[3] Revenue Growth Drivers - The growth in revenue and net profit is attributed to the ongoing optimization of product structure due to the iteration and upgrade of general servers, as well as the deepening application of AI technology[5] Performance Forecast - The performance forecast is based on preliminary estimates by the company's finance department and has not yet been audited by an accounting firm[4] - Investors are advised to exercise caution as the performance forecast is subject to change and the final financial data will be disclosed in the 2024 annual report[6]

编号：2024-21 证券代码：001389 证券简称：广合科技 广州广合科技股份有限公司 | --- | --- | |-----------------------------|-----------------------------------------------------------| | | | | | 一、请公司简要介绍一下前三季度的经营情况？ | | | 2024 年前三季度，公司实现营业收入约 26.81 亿元， | | | 同比增长 36.69% ，实现归属于上市公司股东的净利润 | | | 4.92 亿元，同比增长 69.92% 。驱动公司营收利润增长的 | | | 主要因素还是通用服务器的迭代升级以及 AI 类产品需求 | | | 增长。 | | | 二、请介绍公司的产品情况？ | | | 公司产品主要用于服务器、消费电子、通讯、工控、 | | | 医疗等领域。公司营收超过七成主要来源于服务器领域， | | | 通用服务器产品占服务器业务收入约八成。 | | | 三、请介绍公司通用服务器的发展情况？ | | 投资者关系活动主 要内容介绍 | 通用服务器出货量比较平稳，营收增长主要 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The global PCB market is showing signs of recovery in 2024, driven by demand from AI technology, XR, and consumer electronics, with a projected market value of $2.55 trillion [1] - The company, Guanghe Technology, is the leading domestic PCB supplier for servers in China but has a low global market share of only 4.25% as of 2020 [4] - The company's revenue from AI server products accounts for approximately 25% of its server revenue, indicating a growing segment within its product offerings [15] Summary by Sections Market Overview - The global PCB market is expected to grow by 5% in 2024, with a notable increase in demand for multilayer boards, HDI, and packaging substrates [1][2] - The server and data storage PCB market is projected to reach approximately $8.2 billion in 2023 [3] Company Performance - Guanghe Technology's revenue increased from 1.03 billion yuan in 2018 to 2.68 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 21% [14] - The company reported a 36.7% year-on-year revenue growth in the first three quarters of 2024 [14] Product and Customer Base - The company primarily focuses on high-layer printed circuit boards, with around 70% of its revenue coming from server PCB products [13] - Major clients include Dell, Inspur, Foxconn, and Quanta Computer, with the top five customers accounting for about 70% of sales [13] Financial Metrics - The gross margin for the company reached 33.3% in the first three quarters of 2024, with a net margin of 18.4% [17] - The company’s net profit attributable to shareholders was 440 million yuan in 2023, with a 51.3% year-on-year increase in the first three quarters of 2024 [18] Operational Challenges - The company faces limited bargaining power with both upstream suppliers and downstream customers due to high customer concentration and reliance on a few key suppliers [22][24] - Despite improvements in gross margin, the company struggles to pass on rising material costs to customers [25]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2] Core Views - The company's performance is driven by increased market orders and optimized sales structure, leading to rapid growth in revenue and profit [1] - For the first three quarters of 2024, the company achieved a revenue of 2.681 billion yuan, a year-on-year increase of 36.69%, and a net profit attributable to shareholders of 492 million yuan, a year-on-year increase of 69.92% [1] - The company is expected to continue its growth trajectory with projected revenues of 3.611 billion yuan, 5.047 billion yuan, and 5.903 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 34.8%, 39.8%, and 17.0% [2] Financial Performance Summary - For the first three quarters of 2024, the company reported a basic earnings per share (EPS) of 1.20 yuan, a year-on-year increase of 57.89% [1] - The gross profit margin for the first three quarters of 2024 remained stable, while the net profit margin improved significantly to 18.37%, an increase of 3.59 percentage points compared to the same period last year [1] - The company’s research and development expenses grew rapidly, reaching 131 million yuan in the first three quarters of 2024, a year-on-year increase of 51.65% [1] Future Projections - The company is projected to achieve net profits of 677 million yuan, 854 million yuan, and 1.042 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 63.3%, 26.1%, and 22.1% [2] - The projected EPS for the next three years is expected to be 1.60 yuan, 2.02 yuan, and 2.47 yuan, with price-to-earnings (P/E) ratios of 28.4X, 22.6X, and 18.5X respectively based on the closing price of 45.60 yuan on October 30 [2]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance [5] Core Views - The company is the leading domestic server PCB supplier in China, with server products accounting for nearly 70% of its revenue [3] - The company's revenue and net profit grew by 45.50% and 102.42% YoY in H1 2024, respectively, driven by the rapid development of AI and other technologies [3] - The company's gross margin and net margin improved to 34.34% and 18.73% in H1 2024, reflecting enhanced profitability [3] - The company's Thailand factory is expected to start production by the end of 2024, with an estimated annual sales of 2 billion yuan upon full capacity [5] Company Overview - The company specializes in the R&D, production, and sales of server PCBs, ranking first among domestic PCB companies in China [14] - The company's products are widely used in data centers, cloud computing, industrial internet, AI, 5G communications, automotive electronics, and other fields [14] - The company has established long-term partnerships with well-known domestic and international clients, including Dell, Inspur, and Foxconn [14] Industry Trends - The server/data storage and automotive sectors are expected to be the fastest-growing areas in the PCB industry, with CAGRs of 6.5% and 4.8% from 2022 to 2027, respectively [44] - The global AI server and AI server PCB markets are projected to grow from $4 billion and $1 billion in 2024 to $19.4 billion and $4.85 billion in 2030, respectively, with a CAGR of 30.10% [47] - The company is well-positioned to benefit from the AI-driven growth in server PCB demand, given its strong market position and technological capabilities [47] Competitive Advantages - The company has a deep understanding of server PCB design complexity and performance stability, enabling it to meet high-performance and high-reliability requirements [55] - The company has a comprehensive, flexible, and efficient R&D system, allowing it to provide customized products and rapid response services to clients [56] - The company has a strong cost control management system, ensuring its competitiveness in the highly competitive PCB industry [60] Financial Projections - The company's revenue is expected to grow from 3.611 billion yuan in 2024 to 5.903 billion yuan in 2026, with a CAGR of 17.0% [5] - The company's net profit is projected to increase from 677 million yuan in 2024 to 1.042 billion yuan in 2026, with a CAGR of 22.1% [5] - The company's EPS is forecasted to rise from 1.60 yuan in 2024 to 2.47 yuan in 2026, with a P/E ratio of 21.5X, 17.0X, and 14.0X, respectively [5]