证券代码：002446 证券简称：盛路通信 广东盛路通信科技股份有限公司 投资者关系活动记录表 编号：20240520 | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------|-----------------------------------------------------------| | 投资者关系活动 \n类别 | □ 特定对象调研 □ \n□ 媒体采访 √ \n□ 新闻发布会 □ \n□ 现场参观 □ | 分析师会议 \n 业绩说明会 \n 路演活动 \n其他（电话会议） | | 参与单位名称及 人员姓名 | 线上投资者 | | | 时间 | 2024 年 5 月 20 日 | 15:00-17:00 | | 地点 | 全景网 " 投资者关系互动平台 | " （ https://ir.p5w.net ） | | | 董事长兼总经理 杨华先生 | | | 上市公司接待人 员姓名 | 独立董事 褚庆昕先生 副总 ...

| 证券代码：002446 | 证券简称：盛路通信 | 公告编号：2024-025 | | --- | --- | --- | | 债券代码：128041 | 债券简称：盛路转债 | | （问题征集专题页面二维码） 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。 广东盛路通信科技股份有限公司（以下简称"公司"）定于 2024 年 5 月 20 日（星期一）下午 15:00-17:00 在全景网举行 2023 年度业绩说明会，本次年度业 绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平 台"（https://ir.p5w.net）参与本次年度业绩说明会。 出席公司 2023 年度业绩说明会的人员有：公司董事长兼总经理杨华先生、 独立董事褚庆昕先生、副总经理兼财务总监刘暾先生、董事会秘书蔡惠琴女士。 为充分尊重投资者，提升交流的针对性，现就公司 2023 年度业绩说明会提 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 5 月 17 日（星期五）下午 15 点前访问 ...

Investment Rating - The report gives a "Hold" rating for the company [20] Core Views - The company's performance is under pressure due to significant asset impairment losses, declining sales of main products, and a complex macro environment [2] - Revenue from communication equipment products decreased by 15.9% YoY to 610 million RMB, accounting for 52.2% of total revenue [2] - Revenue from military electronic products decreased by 17.3% YoY to 580 million RMB, accounting for 48.8% of total revenue [2] - The company's gross margin declined by 1.6 percentage points to 37.6% in 2023 [2] - R&D expenses increased by 5.1% YoY to 110 million RMB, with an R&D expense ratio of 9.4% [2] Business Segments Military Electronics - The company focuses on ultra-wideband up/down conversion systems, a key technology in modern electronic communication systems [16] - Products are applied in radar, electronic warfare, remote sensing, satellite communication, and aerospace fields [18] - The company has unique technical advantages in microwave/millimeter-wave chips, micro-assembly, and module design [18] Civilian Communication - The company specializes in mobile communication antennas and related products [19] - Product lines include base station antennas, indoor network coverage products, terminal antennas, and automotive antennas [19] - The company has developed new products such as wideband series antennas and large-aperture microwave dual-frequency dual-polarization antennas [19] Financial Performance - 2023 revenue decreased by 16.6% YoY to 1.19 billion RMB [20] - Net profit attributable to shareholders decreased by 78.5% YoY to 50 million RMB [20] - Q4 2023 revenue decreased by 36.9% YoY to 210 million RMB [20] - Q1 2024 revenue decreased by 19.2% YoY to 280 million RMB [20] Future Projections - EPS for 2024-2026 is projected to be 0.21 RMB, 0.27 RMB, and 0.35 RMB, respectively [2] - The company's revenue is expected to grow at a CAGR of 27.33% over the next three years [51] - Military electronics revenue is expected to grow at 35% annually from 2024 to 2026 [47] - Base station antenna revenue is expected to grow at 30% annually from 2024 to 2026 [74] Industry Context - The deployment of 5G/5.5G and the development of 6G are injecting new vitality into the industry [41] - Government policies, such as China's "New Infrastructure" initiative, are supporting the communication industry [41] - The satellite internet sector has been elevated to a national strategic level, driving industry growth [41]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance exceeding the benchmark by more than 15% over the next six months [7][23]. Core Insights - The company experienced a revenue decline of 16.56% year-on-year in 2023, with total revenue reported at 1.187 billion yuan and a significant drop in net profit by 78.49% to 52.39 million yuan [1][22]. - The company has made advancements in the autonomous driving sector, achieving mass production and delivery of GNSS dual-frequency multi-mode technology and navigation modules, enhancing its market competitiveness [2][22]. - The company is leveraging its technological advantages in the satellite internet sector, focusing on the development of high-performance phased array antennas for next-generation 5G satellite communication systems [7][22]. Financial Performance Summary - In 2023, the company reported total revenue of 1.187 billion yuan, a decrease of 16.56% compared to the previous year, while the net profit was 52.39 million yuan, down 78.49% year-on-year [1][22]. - Research and development expenses increased by 4.76% to 118 million yuan in 2023, indicating a commitment to innovation despite declining revenues [1][22]. - The company has forecasted a recovery in revenue, projecting 1.601 billion yuan in 2024, with a subsequent increase to 2.030 billion yuan in 2025 and 2.483 billion yuan in 2026 [1][23]. Market Position and Future Outlook - The company is positioned to capture opportunities in the millimeter-wave technology sector, which is critical for the development of 6G networks, with ongoing product development and customer orders in the pipeline [22][23]. - The report highlights the company's strategic focus on enhancing its product offerings in the microwave/millimeter-wave domain, which is essential for future telecommunications advancements [22][23].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its business layout and technological advancements in the military electronics and satellite internet sectors [9]. Core Insights - The company reported a revenue of 1.187 billion yuan in 2023, a year-on-year decrease of 16.56%, with a net profit attributable to shareholders of 52 million yuan, down 78.49% year-on-year. For Q1 2024, revenue was 279 million yuan, a decrease of 19.19% year-on-year, and net profit was 34 million yuan, down 53.08% year-on-year [9]. - The decline in performance is attributed to goodwill impairment, which significantly impacted the company's earnings. In Q4 2023, the company recorded a revenue of 213 million yuan, a year-on-year decrease of 36.91%, resulting in a net loss of 111 million yuan [9]. - The demand in both military and civilian sectors is increasing, with the 5G infrastructure in China continuing to expand. By the end of 2023, there were 3.377 million 5G base stations, a 46% increase year-on-year. Additionally, national defense spending reached 1.58 trillion yuan, a 7.2% increase year-on-year [9]. - The company is increasing its R&D investment, with R&D expenses reaching 114 million yuan in 2023, a 5.10% increase year-on-year. The R&D expense ratio was 9.64%, up 1.99 percentage points year-on-year [9]. - The company expects net profits for 2024, 2025, and 2026 to be 220 million yuan, 280 million yuan, and 360 million yuan, respectively, with corresponding PE ratios of 28x, 22x, and 17x [9]. Financial Summary - The company's revenue for 2023 was 1.187 billion yuan, with a projected increase to 1.662 billion yuan in 2024, 2.078 billion yuan in 2025, and 2.556 billion yuan in 2026 [9][18]. - The net profit attributable to shareholders is expected to rise from 52 million yuan in 2023 to 222 million yuan in 2024, 282 million yuan in 2025, and 358 million yuan in 2026 [9][18]. - The company's gross margin for 2023 was 37.58%, a decrease of 1.56 percentage points year-on-year, while the net profit margin was 4.38%, down 12.66 percentage points year-on-year [9].

广东盛路通信科技股份有限公司 2024 年第一季度报告 证券代码：002446 证券简称：盛路通信 公告编号：2024-015 债券代码：128041 债券简称：盛路转债 广东盛路通信科技股份有限公司 2024 年第一季度报告 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： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | 稀释每股收益（元/股） | 0.04 | 0.08 | -50.00% | | --- | --- | --- | --- | | 加权平均净资产收益率 | 1.07% | 2.31% | -1.24% | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 增减（%） | | 总资产（元） | 4,283,044,042.83 | 4,259,050,060.83 | 0.56% | | 归属于上市公司股东的 所有者权益（元） | 3,241,456,858.42 | 3,206,789,921.42 | 1.08% ...

广东盛路通信科技股份有限公司 2023 年度独立董事褚庆昕述职报告 本人作为广东盛路通信科技股份有限公司（以下简称"公司"）的独立董事， 在 2023 年度严格按照《中华人民共和国公司法》、《中华人民共和国证券法》、 《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》和《上市公司独立董事管理办法》等有关法律、 法规及规章制度的规定，忠实、勤勉地履行了独立董事的职责，谨慎、认真地行 使了独立董事的权利，充分发挥独立董事的作用，切实维护了公司及全体股东特 别是中小股东的利益。现将 2023 年度履职情况汇报如下： 一、独立董事的基本情况 本人褚庆昕，博士研究生学历。1982 年 1 月至 2004 年 1 月在西安电子科技 大学担任讲师、教授、博士生导师；2004 年 2 月起至今在华南理工大学担任教 授、博士生导师。自 2020 年 8 月起至今在本公司担任独立董事。 根据《上市公司独立董事管理办法》、《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，本人作为公司独立董事，对 自身独立性情况进行了自查。2023 年，本人未在公 ...

| 证券代码：002446 | 证券简称：盛路通信 | 公告编号：2024-022 | | --- | --- | --- | | 债券代码：128041 | 债券简称：盛路转债 | | 广东盛路通信科技股份有限公司 关于变更注册资本暨修订《公司章程》的公告 二、本次《公司章程》修订情况 根据上述股本变动情况，公司将对注册资本进行相应变更，并对《公司章程》 的相关条款进行修订。同时，公司根据《上市公司章程指引》、《深圳证券交易所 股票上市规则》等相关规定，结合公司实际情况，拟对《公司章程》其他部分条 款进行修订，修订对比情况及修订后的《公司章程》具体详见公司于同日披露在 巨潮资讯网（www.cninfo.com.cn）等指定信息披露媒体上的《公司章程修正案 （2024 年 4 月）》、《公司章程（2024 年 4 月）》。 （一）公司发行的可转债自 2019 年 1 月 23 日起可转换为公司股份，2019 年 1 月 23 日至 2023 年 6 月 30 日期间因可转债转股引起注册资本增加的事项， 公司已相应修改了《公司章程》；自 2023 年 7 月 1 日至 2024 年 3 月 31 日，公司 共有 ...

广东盛路通信科技股份有限公司 未来三年股东回报规划（2024年-2026年） 三、股东回报规划的制定周期和相关决策机制 1、公司董事会应根据《公司章程》规定的利润分配政策以及公司未来发展 的计划，每三年制定一次具体的股东回报规划，经董事会审议通过后提交公司股 东大会审议批准。 为进一步完善广东盛路通信科技股份有限公司（以下简称"公司"）利润分 配政策，推动公司建立科学、连续、稳定的分红决策和监督机制，切实保护投资 者的合法权益。董事会根据《上市公司监管指引第 3 号—上市公司现金分红》、 《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》等法律、法规及《公司章程》的相关规定，综合考 虑公司实际情况及未来发展需要，制订了《公司未来三年股东回报规划（2024 年-2026 年）》（以下简称"本规划"），具体内容如下： 一、本规划制定的考虑因素 本规划是在平衡股东合理投资回报和公司长远发展的基础上，综合分析行业 发展趋势、企业经营发展实际情况、股东回报、社会资金成本及外部融资环境等 因素，并充分考虑公司目前及未来盈利规模、现金流量状况、发展所处阶段、项 目投资资金 ...

| 证券代码：002446 | 证券简称：盛路通信 | 公告编号：2024-020 | | --- | --- | --- | | 债券代码：128041 | 债券简称：盛路转债 | | 广东盛路通信科技股份有限公司 为满足公司经营管理及发展的需要，拓宽融资渠道，降低融资成本，提高经 营效率，公司及下属子公司拟计划向银行等金融机构申请综合授信，敞口金额不 超过 285,000 万元（含本数），期限为股东大会审议通过之日起十二个月内有效， 授信品种包括但不限于流动资金贷款、保理、开立银行承兑汇票、保函、信用证 等，授信额度以银行实际审批的授信额度为准。在上述综合授信额度范围和有效 期内，综合授信额度可循环滚动使用，公司及下属子公司根据实际资金需求确定 具体融资金额。公司董事会提请股东大会授权公司董事长或其授权人办理向银行 等金融机构申请综合授信额度的全部相关手续，包括但不限于与银行等金融机构 进行具体洽谈、签署相关协议等。 二、提供担保的情况 （一）担保情况概述 为满足公司全资子公司广东盛路通信有限公司（以下简称"盛路有限"）、成 都创新达微波电子有限公司（以下简称"成都创新达"）生产经营和业务发展的融 资需求 ...