Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company achieved a turnaround in profit for the third quarter, with continuous optimization of its product structure, particularly in the automotive optical sector, which is experiencing high growth [2][3]. - The company reported a revenue of 7.743 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.22%, while the net profit attributable to shareholders was a loss of 46 million yuan, significantly reducing losses compared to the previous year [3]. - In Q3 2024, the company generated a revenue of 2.808 billion yuan, a year-on-year decrease of 2.84%, but achieved a net profit of 19 million yuan, marking a return to profitability [3]. - The optical business revenue reached 3.303 billion yuan, a year-on-year increase of 55.97%, accounting for 42.66% of total revenue, an increase of 12.78 percentage points year-on-year [3]. - The automotive optical revenue was 1.610 billion yuan, a year-on-year increase of 132.79% [3]. - The gross margin improved to 11.03%, up 3.36 percentage points year-on-year and 0.83 percentage points quarter-on-quarter, attributed to the rising demand in consumer electronics and the high growth in automotive optics [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 7.743 billion yuan, with a year-on-year growth of 9.22% [3]. - The net profit attributable to shareholders was a loss of 46 million yuan, showing a significant reduction in losses compared to the previous year [3]. - In Q3 2024, the company reported a revenue of 2.808 billion yuan, down 2.84% year-on-year, but returned to profitability with a net profit of 19 million yuan [3]. Product Development - The company is continuously optimizing its product structure, with a significant increase in the share of optical products [3]. - In the mobile optical sector, the company has improved its customer and product structure [3]. - In the automotive optical sector, the company is deepening cooperation with clients like NVIDIA and expanding its market share among well-known automotive electronics manufacturers [3]. Future Outlook - The report projects a downward adjustment of the company's EPS forecast for 2024-2025 to 0.02 yuan and 0.25 yuan respectively, with a new EPS forecast for 2026 set at 0.34 yuan [3]. - The target price for the company is set at 12.5 yuan, based on a 50x PE for 2025, reflecting the company's high growth potential in the automotive optical sector [3].

| 证券代码：002036 | 证券简称：联创电子 | 公告编号：2024—109 | | --- | --- | --- | | 债券代码：128101 | 债券简称：联创转债 | | 联创电子科技股份有限公司 关于实际控制人续签《一致行动协议书》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 性陈述或者重大遗漏。 联创电子科技股份有限公司（以下简称"联创电子"或"公司"）实际控 制人韩盛龙先生与公司董事长、总裁曾吉勇先生于 2021 年 11 月 5 日签署的 《一致行动协议书》已于 2024 年 11 月 4 日到期,为保证双方后期持续稳定合 作，双方已于 2024 年 11 月 5 日续签《一致行动协议书》。现将具体情况公告 如下： 一、持有公司股份情况 截至本公告日，实际控制人韩盛龙先生及一致行动人曾吉勇先生、江西鑫盛 投资有限公司（以下简称"江西鑫盛"）持有公司股票情况如下： | 序号 | | 股东名称 | 持股数量（股） | 占截至公告日公司总股本 | | | --- | --- | --- | --- | --- | --- | | | | | | 的比例 ...

Summary of Conference Call Company and Industry Overview - The conference call involved **Debang Electronics** and **Lianchuang Electronics**, focusing on the **optical industry** and its recent performance, particularly in the automotive and mobile sectors [1][2]. Key Points and Arguments 1. **Third Quarter Performance**: - Total revenue for the third quarter reached **77 billion**, with the optical industry generating **33 billion**, marking the highest revenue in its history, accounting for **42%** of total revenue [1]. - Breakdown of optical revenue: - Automotive optics: **16 billion** - Mobile optics: **13 billion** - High-definition wide-angle: **2-3 billion** - Lens products: **2 billion** - Touch display: **18 billion** - Application terminals: **22 billion** [1]. 2. **Growth Expectations**: - The company expects automotive optical revenue to reach **20 billion** by the end of the year, with a strong growth outlook for the fourth quarter due to increased demand from major manufacturers [2][3]. 3. **Profitability Trends**: - The profitability of the optical segment is improving, with margins for automotive optical lenses stable at around **30-40%**. However, module margins have dropped to single digits due to intense competition [3][4]. 4. **Future Projections**: - The target for automotive lens revenue is set at **20-25 billion** for the next year, with expectations of further growth driven by increased volumes from clients like **BYD** and **Geely** [4][5]. 5. **Client Contributions**: - Significant volume increases are anticipated from clients such as **BYD** and **Geely**, with the latter's sales volume potentially increasing from **several thousand** to **20,000-30,000** units per month due to new model launches [5][6]. 6. **Mobile Sector Insights**: - The company is monitoring developments in mobile optics, particularly regarding **A Company**'s adoption of new lens technologies. The competitive landscape is evolving, with various suppliers exploring different glass technologies [8][9]. 7. **Market Dynamics**: - The overall pricing environment for mobile optics is stabilizing, with improvements in client and product structures leading to better margins compared to previous years [11][16]. 8. **Strategic Considerations**: - The company is considering potential mergers and acquisitions if they align with future growth strategies. The focus remains on enhancing operational efficiency and expanding client bases [21][22]. Additional Important Information - The company is expanding its production capabilities in **Mexico** and **Vietnam** to mitigate risks associated with geopolitical changes and to better serve North American clients [19]. - The impact of currency fluctuations on revenue is managed through hedging strategies, minimizing potential adverse effects [12]. - The company is also exploring new technologies and partnerships to enhance its product offerings in the optical sector, particularly in mobile and automotive applications [10][18]. This summary encapsulates the key insights and projections discussed during the conference call, highlighting the company's performance, growth strategies, and market dynamics in the optical industry.

| 证券代码：002036 | 证券简称：联创电子 | 公告编号：2024—108 | | --- | --- | --- | | 债券代码：128101 | 债券简称：联创转债 | | 联创电子科技股份有限公司 关于子公司合肥智行光电有限公司增资扩股的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、本次交易的概述 联创电子科技股份有限公司（以下简称"公司"）于 2024 年 9 月 22 日召开 第八届董事会第三十三次会议审议通过了《关于全资子公司合肥智行光电有限公 司增资扩股暨公司放弃优先增资认缴出资权的议案》，并已同日签署《关于合肥 智行光电有限公司之增资协议》。鉴于公司经营和发展需要，公司引入投资者广 东融创岭岳智能制造与信息技术产业股权投资基金合伙企业（有限合伙）（以下 简称"融创岭岳"）对全资子公司合肥智行光电有限公司（以下简称"合肥智 行"）进行增资扩股。融创岭岳以现金方式出资人民币 10,000 万元，认购合肥 智行 10,000 万元注册资本，增资完成后，合肥智行注册资本由 20,000 万元人民 币变更为 30,000 万元 ...

Financial Performance - In the first nine months of 2024, the company achieved operating revenue of 7.743 billion yuan, a year-on-year increase of 9.22% [2] - The net profit attributable to shareholders was -46 million yuan, an increase of 85.94% compared to the same period last year [2] - Basic earnings per share were -0.0424 yuan [2] Optical Industry Insights - Revenue from the optical industry in the first three quarters of 2024 was 3.303 billion yuan, a year-on-year growth of 55.97%, accounting for 42.66% of total revenue [2] - The revenue from automotive optics reached 1.610 billion yuan, with a remarkable year-on-year growth of 132.79% [2] Business Operations and Future Plans - The company’s touch display business has stable orders, and it will continue to focus on core business development and optimize its industrial structure [3] - The Mexican factory officially commenced production in the second half of this year [2] - The company’s products can be applied in the field of humanoid robot vision recognition [3] Investor Relations Activities - The investor relations activity was held on October 29, 2024, with the company’s secretary of the board, Mr. Lu Guoqing, hosting the event [1] - The event included a Q&A session where various topics were discussed, including the company's plans for share repurchase and its involvement in low-altitude economy products [2][3]

二、董事会会议审议情况 证券代码：002036 证券简称：联创电子 公告编号：2024—105 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 第八届董事会第三十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、董事会会议召开情况 联创电子科技股份有限公司（以下简称"公司"）第八届董事会第三十五次 会议于 2024 年 10 月 28 日 16：00 以通讯方式召开，会议通知于 2024 年 10 月 25 日以邮件方式向全体董事、监事、高级管理人员发出。会议由董事长曾吉勇先 生主持，会议应到董事 9 名，实到董事 9 名，公司部分监事、高级管理人员列席 了本次会议。本次会议符合《中华人民共和国公司法》和《公司章程》的有关规 定。 本议案尚需提交公司股东会以特别决议审议。 2、会议以 9 票赞成，0 票反对，0 票弃权，审议通过了关于召开公司 2024 年第三次临时股东会的议案。 公司董事会提议于 2024 年 11 月 13 日（星期三）14：30 召开公司 2024 年 第三次临时股东会，《关于召开 2024 年 ...

| 证券代码：002036 | 证券简称：联创电子 | 公告编号：2024—106 | | --- | --- | --- | | 债券代码：128101 | 债券简称：联创转债 | | 联创电子科技股份有限公司 关于董事会提议向下修正"联创转债"转股价格的公告 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。 特别提示： 1、截至 2024 年 10 月 28 日，联创电子科技股份有限公司（以下简称"公司"）股票 已经出现在任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%（即：11.64 元/股）的情形，触及"联创转债"（债券代码：128101）转股价格向下修 正条款。 2、经公司第八届董事会第三十五次会议审议通过《关于董事会提议向下修正"联创转 债"转股价格的议案》，本议案尚需经股东会审议。 一、可转换公司债券基本情况 （一）发行情况 经中国证券监督管理委员会《关于核准联创电子科技股份有限公司公开发行 可转换公司债券的批复》（证监许可[2020]84 号）核准，公司于 2020 年 3 月 16 日公开发行了 300 万张可转换公司 ...

Financial Performance - The company's total operating revenue for Q3 2024 was approximately ¥2.81 billion, a decrease of 2.84% compared to the same period last year[2]. - Net profit attributable to shareholders was approximately ¥18.81 million, an increase of 138.46% year-on-year, while the net profit after deducting non-recurring gains and losses was approximately ¥3.96 million, up 105.57%[2]. - The company's basic earnings per share for Q3 2024 was ¥0.0176, representing an increase of 138.60% year-on-year[2]. - The net profit for the period was a loss of ¥89,100,030.35, compared to a loss of ¥360,507,026.96 in the previous period, indicating an improvement[16]. - The total comprehensive income for the period was a loss of ¥91,896,381.03, compared to a loss of ¥348,484,638.69 in the previous period[17]. - Basic earnings per share were reported at -0.0432, an improvement from -0.3063 in the previous period[17]. Revenue and Growth - The optical industry revenue reached approximately ¥3.30 billion in the first three quarters of 2024, a year-on-year increase of 55.97%, accounting for 42.66% of total revenue[5]. - The revenue from automotive optics surged to approximately ¥1.61 billion, marking a significant year-on-year growth of 132.79%[5]. - Total operating revenue for the period reached ¥7,743,356,750.61, an increase of 9.2% compared to ¥7,089,575,548.90 in the previous period[15]. Assets and Liabilities - The company's total assets at the end of the reporting period were approximately ¥16.41 billion, reflecting a growth of 7.43% compared to the end of the previous year[2]. - The total assets of the company reached ¥16,413,937,516.38, compared to ¥15,278,098,957.74 in the previous period[16]. - Total liabilities increased from RMB 11.72 billion to RMB 13.01 billion, marking a growth of approximately 11%[13]. - Non-current liabilities rose from RMB 3.74 billion to RMB 4.26 billion, an increase of about 13.9%[13]. Cash Flow - The company's cash flow from operating activities for the year-to-date was approximately ¥35.02 million, an increase of 29.55% compared to the same period last year[2]. - The cash inflow from operating activities for the current period is ¥7,542,614,326.60, a decrease of 5.02% compared to ¥7,940,646,362.02 in the previous period[18]. - The net cash flow from operating activities is ¥3,501,945.99, an increase of 29.5% from ¥2,703,080.90 in the previous period[18]. - The cash and cash equivalents at the end of the period amount to ¥331,980,044.69, down from ¥997,077,662.40 in the previous period[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 108,762[6]. - Jiangxi Xinseng Investment Co., Ltd. holds 8.57% of shares, totaling 91,584,312 shares[6]. - Nanchang Guojin Industrial Investment Co., Ltd. holds 4.97% of shares, totaling 53,141,494 shares[6]. - The total number of shares held by the top ten shareholders includes 12,208,235 shares held by China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF, representing 1.14%[6]. - The company has a repurchase account holding 12,482,300 shares, representing 1.17%[7]. Other Income and Expenses - The company experienced a significant increase in other income, which rose by approximately ¥105.62 million, a growth of 277.16% year-on-year, primarily due to various government subsidies[4]. - The company reported a decrease in research and development expenses to ¥338,722,590.91 from ¥394,027,845.81, a reduction of approximately 14.1%[15]. - The financial expenses increased to ¥243,023,345.77 from ¥217,769,822.97, reflecting an increase of about 11.5%[15]. - The company experienced a significant increase in other income, which rose to ¥143,727,381.33 from ¥38,107,558.42, marking an increase of approximately 276.5%[15]. Investment and Financing Activities - The company decided not to exercise the downward adjustment of the conversion price for the "Lianchuang Convertible Bonds" despite the stock price being below 85% of the conversion price for 15 out of 30 trading days[10]. - The company plans to issue up to RMB 5 billion in short-term financing bonds and RMB 10 billion in medium-term notes, which have been approved by the shareholders' meeting[10]. - The cash outflow for investing activities is ¥1,178,797,551.61, a slight decrease from ¥1,198,635,349.97 in the previous period[19]. - The cash received from the disposal of fixed assets and other long-term assets is ¥98,031,349.78, significantly higher than ¥22,463,179.04 in the previous period[18].

江西华邦律师事务所 注销/回购注销事项的法律意见书 二〇二四年十月 地址：中国江西南昌市红谷滩区赣江北 1 号保利中心 7-8 楼 电话: (0791) 86891286，传真: (0791)86891347 邮编:330038 江西华邦律师事务所 关于联创电子科技股份有限公司 2022 年第二期股票期权与限制性股票激励计划 注销/回购注销事项的法律意见书 关于联创电子科技股份有限公司 2022 年第二期股票期权与限制性股票激励计划 致：联创电子科技股份有限公司 江西华邦律师事务所（以下简称"本所")接受联创电子科技股份有限公司 （以下简称"联创电子"或"公司"）的委托，担任联创电子 2022 年第二期股 票期权及限制性股票激励计划（以下简称"本激励计划"或"本次激励计划"） 的专项法律顾问。本所已根据《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》"）、《上市公司股权激励管 理办法》（以下简称"《管理办法》")、《深圳证券交易所上市公司自律监管指 南第 1 号——业务办理（2023 年 8 月修订）》（以下简称"《自律监管指南第 1 号》"）的规定，按照律 ...

一、召开会议基本情况 1、股东会届次：2024 年第三次临时股东会 2、股东会召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议召开符合有关法律、行政法 规、部门规章、规范性文件、深交所业务规则和公司章程的规定。 4、会议召开时间 证券代码：002036 证券简称：联创电子 公告编号：2024—107 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于召开 2024 年第三次临时股东会的通知 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。 联创电子科技股份有限公司（以下简称"公司"）第八届董事会第三十五次 会议于 2024 年 10 月 28 日审议通过了《关于召开 2024 年第三次临时股东会的议 案》，现将该临时股东会会议的有关事项通知如下： （1）现场会议时间：2024 年 11 月 13 日 14:30 （2）网络投票时间：2024 年 11 月 13 日 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 11 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳 ...