中信证券股份有限公司 关于温州意华接插件股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为温州意华接插件股 份有限公司（以下简称"意华股份"、"公司"）向特定对象发行A股股票的保荐机构，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则（2024 年修订）》 《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》及《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法律法规和规范性文件的 要求，对公司使用部分暂时闲置募集资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意温州意华接插件股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2023〕887 号），公司向特定对象发行人民币普通股 （A 股）16,567,996 股，发行价格 32.19 元/股，募集资金总额 533,323,791.24 元，扣除发 行费用 12,514,686.79 元（不含增值税），实际募集资金净额为人民币 520,809,104.45 元。立信会计师事 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company specializes in connector and solar mounting bracket businesses, with significant growth expected in both sectors due to rising demand from major clients like Huawei and the expansion of the solar energy market [2][3]. - The company plans to raise funds through a stock issuance to enhance production capabilities and support growth initiatives [2][3]. Summary by Sections Business Overview - The company focuses on traditional and high-speed communication connectors, consumer electronics connectors, automotive electronic connectors, and solar mounting brackets [2][10]. - The company has established a strong client base, particularly with Huawei, which is expected to drive significant revenue growth [2][37]. Financial Projections - Revenue is projected to grow significantly, with estimates of CNY 70.63 billion (+39.6%), CNY 88.89 billion (+25.9%), and CNY 107.65 billion (+21.1%) for 2024-2026 [3][55]. - Net profit is expected to reach CNY 3.83 billion (+213.1%), CNY 5.20 billion (+35.9%), and CNY 6.29 billion (+21.0%) during the same period [3][55]. Connector Business - The communication connector segment is anticipated to benefit from the increasing demand for AI servers, with projected revenues of CNY 12.77 billion (+30%), CNY 16.60 billion (+30%), and CNY 21.58 billion (+30%) from 2024 to 2026 [2][53]. - The company’s connectors are crucial for data centers and telecommunications, with a significant market share in China [21][24]. Solar Mounting Bracket Business - The solar mounting bracket business is expected to accelerate performance, with projected revenues of CNY 43.91 billion (+40%), CNY 56.21 billion (+28%), and CNY 67.45 billion (+20%) from 2024 to 2026 [2][53]. - The company has established multiple subsidiaries in the U.S. to cater to local demand, which is expected to mitigate potential tariff impacts [2][40]. Market Trends - The global connector market is projected to exceed USD 100 billion by 2024, with China being the largest market [17][21]. - The solar industry is experiencing rapid growth, with expectations of significant increases in installed capacity globally [29][30]. Competitive Position - The company has a competitive edge due to its established relationships with major clients and its ability to innovate in product development [2][37]. - The company’s focus on high-precision mold development enhances its production capabilities and product quality [45][46].

温州意华接插件股份有限公司（以下简称"公司"） 于 2024 年 4 月 25 日召 开的第四届董事会第二十次会议，审议通过了《关于变更注册资本暨修订〈公 司章程〉的议案》。具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn） 的《关于变更注册资本暨修订〈公司章程〉的公告》（公告编号：2024-034）。 近日，公司已完成上述变更登记手续，并取得浙江省市场监督管理局颁发的 营业执照，基本情况如下： 证券代码：002897 证券简称：意华股份 公告编号：2024-048 温州意华接插件股份有限公司 关于完成工商变更登记的公告 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。 8、经营范围:接插件、接插件端子、模具的研发、生产和销售；货物进出口、 技术进出口；电镀加工（另设分支机构经营场所：乐清市环保产业园区 C1 地块； 乐清市翁垟街道创新创业园区 A 地块）。（依法须经批准的项目，经相关部门批 准后方可开展经营活动）。 特此公告。 温州意华接插件股份有限公司 1、名称：温州意华接插件股份有限公司 2、统一社会信用代码：913303 ...

Investment Rating - Buy (Maintained) [10] Core Views - The company is expected to maintain strong growth driven by its dual business segments: photovoltaic (PV) brackets and high-speed connectors [12] - The PV bracket business benefits from robust global demand for solar installations, with overseas production capacity expansion enhancing profitability [4] - The high-speed connector business is recovering, supported by AI-driven demand for high-speed communication products [20] - The company is one of the few domestic players capable of mass-producing high-speed connectors, with a competitive edge in the market [20] Financial Performance and Forecast Revenue and Profit Growth - Revenue is projected to grow from RMB 5,059 million in 2023 to RMB 9,911 million in 2026, with a CAGR of 25% [1] - Net profit is expected to increase from RMB 122 million in 2023 to RMB 598 million in 2026, with a CAGR of 70% [1] - EPS is forecasted to rise from RMB 0.63 in 2023 to RMB 3.08 in 2026 [1] Profitability Metrics - ROE is expected to improve from 7% in 2023 to 19% in 2026 [1] - Net profit margin is projected to increase from 1.8% in 2023 to 6.1% in 2026 [17] Valuation Metrics - P/E ratio is expected to decline from 64.4 in 2023 to 13.2 in 2026, indicating improving valuation attractiveness [1] - P/B ratio is forecasted to decrease from 4.5 in 2023 to 2.5 in 2026 [1] Business Segments Photovoltaic (PV) Bracket Business - The company has established a strong presence in the global PV bracket market, with partnerships with leading North American and European manufacturers [4] - Overseas production facilities in Thailand and the US help mitigate tariff risks and enhance cost efficiency [4] - Global PV installations are expected to grow from 390GW in 2023 to 512-587GW by 2030, providing significant growth opportunities [4] High-Speed Connector Business - The company is a leading domestic player in high-speed connectors, with products like SFP, SFP+, and QSFP56/QSFP-DD 200G/400G connectors [20] - AI-driven demand for high-speed communication products is expected to boost growth, with the market moving towards 56G-112G-224G standards [20] - The company has established partnerships with major clients like Huawei and ZTE, and is well-positioned to benefit from the automotive connector market [20] Operational Highlights - The company's Q2 2024 performance showed strong growth, with non-GAAP net profit increasing by 74.48% YoY and 1.9% QoQ [13] - The US PV bracket factory is in the ramp-up phase, with orders gradually being fulfilled, contributing to improved profitability [13] - The company's gross margin improved slightly in Q1 2024, reaching 17.8%, with net profit margin increasing to 5.85% [13] Industry Outlook - The global PV market is expected to maintain strong growth, with US and European installations projected to increase significantly in the coming years [4] - The high-speed connector market is poised for growth, driven by AI and data center demand, with the company well-positioned to capitalize on this trend [20]

资料来源：浙商证券研究所 意华股份(002897) 报告日期：2024 年 07 月 11 日 略超预期，美国工厂将继续增加产线 ——意华股份 2024 年半年度业绩预告点评报告 ❑ 订单整体向好支撑 24H1 业绩同比高增长 ❑ 光伏支架需求旺盛，Q2/Q3 将继续增加产线 ❑ 高速连接器受益智能算力等领域高景气度 ❑ 盈利预测与估值 | --- | --- | --- | --- | --- | |----------------------------|-----------------------|-------------------------|--------|--------| | | | | | | | [Table_Forcast] 百万元 ) | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 5059 7581 9474 11178 | | | | (+/-) (%) | 0.96% | 49.86% | 24.98% | 17.98% | | 归母净利润 | | 122 402 541 663 | | | | (+/-) (%) | -49.04 ...

证券研究报告 | 公司点评 | 通信设备 ❑ 订单整体向好支撑 24H1 业绩同比高增长 光伏支架下游需求仍非常旺盛，美国市场涵盖 NEXTracker、GCS、FTC Solar 等 大客户，合作关系稳固。当前美国工厂产能仍继续爬坡，二、三季度会根据客户 需求，继续增加产线。后续随海运问题逐步缓解，以及新增产能投放，光伏支架 业务有望加速释放业绩。 ❑ 盈利预测与估值 分析师：张建民 执业证书号：S1230518060001 zhangjianmin1@stocke.com.cn 资料来源：浙商证券研究所 投资要点 ❑ 光伏支架需求旺盛，Q2/Q3 将继续增加产线 公司通讯接连器主要应用于通讯设备、基站、数据中心、服务器等场景，客户涵 盖华为/中兴/新华三等。在传统 RJ 类通讯连接器领域，公司综合实力位居国内行 业前列；在高速通讯连接器领域，公司是国内少数实现高速连接器量产的企业之 一，具备先发优势，400G 等新一代高速连接器（包括铜缆连接器）可用于服务 器等应用场景，已实现批量交付，受益下游高景气度，后续有望持续放量。 在消费电子和汽车连接器领域，公司拥有包括正崴、伟创力、莫仕、Full Rise、 ...

Financial Performance - The company expects a net profit attributable to shareholders of 160 million to 190 million yuan, representing a year-on-year growth of 141.67% to 186.98%[3] - The net profit after deducting non-recurring gains and losses is projected to be 150 million to 180 million yuan, indicating a year-on-year increase of 153.83% to 204.60%[3] - Basic earnings per share are estimated to be between 0.82 and 0.98 yuan, compared to 0.39 yuan in the same period last year[3] Business Development - The company's main business continues to develop steadily, with significant growth in the photovoltaic bracket and connector segments due to increased demand from the internet and big data industries[5]

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、担保事项审批情况 温州意华接插件股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日召开 的第四届董事会第二十次会议及 2024 年 5 月 20 日召开的 2023 年年度股东大会 审议通过了《关于为子公司提供担保的议案》，同意公司为全资子公司及控股子 公司的融资提供担保，担保的总额度不超过 230,000 万元。详情可参考公司刊登 在巨潮资讯网 （http://www.cninfo.com.cn）的有关公告。 公司近日与平安银行股份有限公司温州分行签订了《最高额保证担保合同》 （合同编号：平银温业三额保字 20240619 第 007-1 号），公司为全资子公司乐清 意华新能源科技有限公司（以下简称"意华新能源"）向平安银行股份有限公司 温州分行申请的综合授信提供担保，担保金额为人民币 10,000 万元。 证券代码：002897 证券简称：意华股份 公告编号：2024-046 温州意华接插件股份有限公司 关于为子公司提供担保的公告 二、被担保方的基本情况 （一）被担保方基本情况 名称：乐清 ...

]yrtsudnI_elbaT[ [Table_Title] 意华股份（002897）2023年报&2024年一季报点评 受益美国客户订单恢复及欧洲客户订 单增长，24Q1业绩亮眼 [【投资要点】 Table_Summary] 公司同时发布 2023 年年报： 2023 年面对国内外复杂多变的市场环 境，公司优化渠道布局，进行产品升级，提升管理效能，使公司各项 业务继续保持协调发展，公司实现营业收入50.58亿，同比增加0.96%， 综合毛利率 17.6%同比增长 0.12%，销售费用率、管理费用率、研发 费用率分别为 2.47%、4.45%、3.79%，其中销售费用率、研发费用率 同比有下降，管理费用率同比有上升，23 年公司合同负债 2.57 亿元， 22 年同期为 1.76 亿元，23 年归母净利润为 1.22 亿，同比下降 49.04%， 根据公司投关记录业绩下滑的原因为公司美国基地尚处在建设阶段， 且美国客户订单有推迟情况。光伏支架业务方面公司客户涵盖了 NEXTracker、GCS、FTCSolar、天合光能等国内外知名光伏企业。连 接器业务方面公司主要客户包括华为、中兴、星网锐捷、新华三等大 陆 ...

]yrtsudnI_elbaT[ [Table_Title] 意华股份（002897）2023年报&2024年一季报点评 公司同时发布 2023 年年报： 2023 年面对国内外复杂多变的市场环 境，公司优化渠道布局，进行产品升级，提升管理效能，使公司各项 业务继续保持协调发展，公司实现营业收入50.58亿，同比增加0.96%， 综合毛利率 17.6%同比增长 0.12%，销售费用率、管理费用率、研发 费用率分别为 2.47%、4.45%、3.79%，其中销售费用率、研发费用率 同比有下降，管理费用率同比有上升，23 年公司合同负债 2.57 亿元， 22 年同期为 1.76 亿元，23 年归母净利润为 1.22 亿，同比下降 49.04%， 根据公司投关记录业绩下滑的原因为公司美国基地尚处在建设阶段， 且美国客户订单有推迟情况。光伏支架业务方面公司客户涵盖了 NEXTracker、GCS、FTCSolar、天合光能等国内外知名光伏企业。连 接器业务方面公司主要客户包括华为、中兴、星网锐捷、新华三等大 陆客户以及富士康、智邦、和硕等台湾客户。公司的光伏支架零部件 产品包括 TTU、檩条、BHA 等。连接器业务 ...