]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 ...

Investment Rating - The report gives a rating of "Accumulate" for the company [6]. Core Views - The company has optimized its channel layout and upgraded its products in response to a complex market environment, achieving a revenue of 5.058 billion with a year-on-year increase of 0.96% in 2023. However, the net profit attributable to the parent company decreased by 49.04% to 122 million due to delays in orders from U.S. clients and ongoing construction of its U.S. base [1][19]. - In Q1 2024, the company reported a revenue of 1.528 billion, a significant year-on-year increase of 63%, and a net profit of 86 million, up 456% compared to the previous year. The growth was attributed to the recovery of U.S. customer orders and an increase in European customer orders [5][19]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.058 billion, with a gross margin of 17.6%, and a net profit of 122 million, down 49.04% year-on-year. The company’s contract liabilities increased to 257 million from 176 million in the previous year [1]. - For Q1 2024, the company reported a revenue of 1.528 billion, with a gross margin of 17.8%. The net cash flow from operations was 7 million, a recovery from a negative cash flow of 33 million in the same period last year [5]. Business Segments - The company’s photovoltaic bracket business saw a revenue increase of approximately 90%, while the connector business grew by about 20% in Q1 2024. Key clients in the photovoltaic sector include NEXTracker and Trina Solar, while major clients in the connector business include Huawei and ZTE [5][19]. - The company is a leader in the high-speed connector market, focusing on 5G and 6G communications, with products like 5GSFP and SFP+ series connectors already in mass production [15][19]. Future Projections - The company is expected to achieve revenues of 7.389 billion, 8.908 billion, and 10.764 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is projected to be 283 million, 379 million, and 496 million for the same years [9][19].

证券代码：002897 证券简称：意华股份 公告编号：2024-044 温州意华接插件股份有限公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 温州意华接插件股份有限公司（以下简称"公司"或"本公司"）（证券简称： 意华股份，证券代码：002897）连续两个交易日内（2024 年 05 月 23 日、05 月 24 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的有关规定，属于股票交易异常波动情况。 （三）公司近期经营情况正常，内外部经营环境未发生重大变化； （四）公司及控股股东不存在关于本公司的应披露而未披露的重大事项，或 处于筹划阶段的重大事项； （五）股票异常波动期间，公司控股股东不存在买卖公司股票的行为。 三、是否存在应披露而未披露信息的说明 本公司董事会确认，本公司目前没有任何根据深交所《股票上市规则》规定 应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事 会也未获悉本公司有根据深交所《股票上市规则》的规定应予以披露而未披露的、 对本公司股票及其 ...

温州意华接插件股份有限公司（以下简称"公司"）于近日收到公司保荐人 中信证券股份有限公司（以下简称"中信证券"）《关于更换保荐代表人的函》， 中信证券作为公司 2022 年度向特定对象发行 A 股股票项目的保荐人，原保荐 代表人为王建文先生和杨捷女士，鉴于杨捷女士工作变动，不再担任公司 2022 年度向特定对象发行 A 股股票项目的保荐代表人，为保证持续督导工作 有序进行，中信证券委派李天智先生（简历详见附件）接替杨捷女士担任公司 的持续督导保荐代表人，继续履行持续督导职责。 证券代码：002897 证券简称：意华股份 公告编号：2024-042 温州意华接插件股份有限公司 关于更换保荐代表人的公告 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。 本次变更后，公司持续督导的保荐代表人为王建文先生和李天智先生。本 次变更不影响中信证券对公司的持续督导工作，公司董事会对杨捷女士在担任 公司保荐代表人期间所做的工作表示衷心感谢。 特此公告。 温州意华接插件股份有限公司 李天智，男，硕士研究生学历，现任中信证券投资银行管理委员会副总裁， 保荐代表人、注册会计师、法律职 ...

1、名称：乐清意华新能源科技有限公司 温州意华接插件股份有限公司 关于子公司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。 温州意华接插件股份有限公司（以下简称"公司"） 于 2024 年 4 月 11 日召 开的第四届董事会第十九次会议，审议通过了《关于使用募集资金向全资子公 司增资实施募投项目的议案》。具体内容详见公司披露于巨潮资讯网的《关于使 用募集资金向全资子公司增资实施募投项目的公告》（公告编号：2024-020）。 近日，公司已完成上述变更登记手续，并取得乐清市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：2024-043 特此公告。 温州意华接插件股份有限公司 2、统一社会信用代码：91330382355397625B 3、类型：有限责任公司（非自然人投资或控股的法人独资） 4、住所：浙江省温州市乐清市城东街道旭阳路总部经济园（一期）1 幢 1601 室 5、法定代表人：蔡胜才 6、注册资本：伍亿伍仟玖佰叁拾陆万零玖佰元 7、成立日期：2015 年 9 月 14 日 ...

证券代码：002897 证券简称：意华股份 公告编号：2024-041 温州意华接插件股份有限公司 2023 年年度股东大会决议公告 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、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况： 1、会议召开时间： （1）现场会议时间：2024 年 5 月 20 日 下午 14:30 （2）网络投票时间：2024 年 5 月 20 日，其中，通过深圳证券交易所交易 系统进行投票的具体时间为 2024 年 5 月 20 日上午 9:15 至 9:25、9:30 至 11:30， 下午 13:00 至 15:00；通过深圳证券交易所互联网投票的具体时间为 2024 年 5 月 20 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议地点：浙江省乐清市翁垟工业区意华科技园华星路 2 号温州意华接 插件股份有限公司一楼会议室。 3、会议召开方式：现场投票、网络投票相结合。 4、会议召集人和主持人：公司董事会，公司董事长 ...

上海市锦天城律师事务所 关于温州意华接插件股份有限公司 2023 年年度股东大会的 法律意见书 致：温州意华接插件股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于温州意华接插件股份有限公司 2023 年年度股东大会的 上海市锦天城律师事务所（以下简称"本所"）接受温州意华接插件股份有 限公司（以下简称"公司"或"意华股份"）委托，就公司召开 2023 年年度股东 大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东大会规则》等法律、法规、规章和其 他规范性文件以及《温州意华接插件股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][13]. Core Views - The company reported a revenue of 5.059 billion yuan in 2023, a year-on-year increase of 0.96%, but a significant decline in net profit by 49.04% to 122 million yuan. In Q1 2024, revenue surged to 1.529 billion yuan, a year-on-year increase of 63.18%, with net profit rising dramatically by 456.11% to 87 million yuan [3][4]. - The solar mounting bracket business is expected to see rapid growth as the U.S. factory operations stabilize, with projected revenue of approximately 1 billion yuan in Q1 2024, becoming a major source of income and profit [4][19]. - The company’s high-speed connector technology is leading in the market, with expected revenue of around 500 million yuan in Q1 2024, driven by strong growth in high-speed connectors despite a decline in overall connector revenue in 2023 [4]. Financial Summary - The company’s total market capitalization is 7.329 billion yuan, with a total share capital of 194 million shares [3]. - The projected net profits for 2024, 2025, and 2026 are 377 million yuan, 507 million yuan, and 604 million yuan respectively, reflecting a strong growth trajectory [5]. - The expected revenue growth rates for 2024, 2025, and 2026 are 30.84%, 26.89%, and 19.20% respectively, indicating a robust outlook for the company [5].

证券代码：002897 证券简称：意华股份 公告编号：2024-039 温州意华接插件股份有限公司 关于举行 2023 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 温州意华接插件股份有限公司（以下简称"公司"）定于 2024 年 5 月 10 日（星 期五）下午 15:00-16:30 在全景网举办 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" （http://ir.p5w.net）参与本次年度业绩说明会或者直接进入温州意华接插件股份有 限公司路演厅（http://ir.p5w.net/c/002897.shtml）参与本次年度业绩说明会。 2024 年 4 月 30 日 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 9 日（星期四）16：30 前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征 集专题页面。公司将在 2023 ...

Financial Performance - The company's operating revenue for 2023 was ¥5,058,825,410.86, representing a 0.96% increase compared to ¥5,010,773,090.82 in 2022[6]. - The net profit attributable to shareholders for 2023 was ¥122,183,080.20, a decrease of 49.04% from ¥239,783,638.71 in 2022[6]. - The net cash flow from operating activities was -¥184,438,178.77, a decline of 136.57% compared to ¥504,328,577.45 in 2022[6]. - Basic earnings per share for 2023 were ¥0.72, down 48.57% from ¥1.40 in 2022[6]. - Total assets at the end of 2023 increased by 21.13% to ¥5,519,055,345.20 from ¥4,556,154,953.25 at the end of 2022[6]. - The company reported a weighted average return on equity of 7.28% for 2023, down from 16.00% in 2022, a decrease of 8.72%[6]. - The company achieved operating revenue of CNY 505,882.54 million in 2023, a year-on-year increase of 0.96%, while net profit attributable to shareholders decreased by 49.04% to CNY 12,218.31 million[48]. Market and Product Development - The company operates primarily in the connector and solar bracket industries, which are expected to see continued growth due to increasing demand in various sectors[32]. - The global photovoltaic installation demand is projected to grow at a CAGR of 25%-27% from 2023 to 2030, driving the demand for solar brackets[32]. - The company is actively expanding its market presence through strategic acquisitions and partnerships[1]. - The company has developed 5G SFP and SFP+ series products, which have passed performance tests by key customers, showcasing its leading position in technology and production capabilities[34]. - The company has established long-term cooperative relationships with major clients such as Huawei and Foxconn, enhancing its competitive edge in the connector industry[41]. - The company has achieved mass production of QSFP56/QSFP-DD 200G/400G high-speed connectors, positioning itself as one of the few domestic companies capable of such production[40]. - The company is positioned to benefit from the growing demand for renewable energy solutions, particularly in the solar energy sector, through its subsidiary focused on photovoltaic tracking brackets[36]. Research and Development - The company maintains a strong focus on R&D for new products and technologies in the connector industry[1]. - The company has accumulated 59 invention patents and 583 utility model patents, reflecting its commitment to innovation and maintaining a leading technological position in the industry[43]. - The company has established a robust research and development system, allowing for effective interaction with market demands and customer needs[43]. - Research and development expenses in 2023 were ¥191,565,348.63, a slight decrease of 2.48% compared to 2022[60]. - The company achieved a research and development investment of ¥191,565,348.63 in 2023, a decrease of 2.48% compared to ¥196,435,233.77 in 2022[71]. Operational Efficiency - The company has implemented an ERP system for cost accounting and established a cost-profit accounting center to enhance internal control management[46]. - The company is transitioning to an automated production model, aiming to enhance production efficiency and reduce reliance on manual labor[46]. - The average mold development cycle is 25 days, with some samples developed in as little as 7 days, significantly improving responsiveness to customer needs[44]. - The company has developed high-precision automatic assembly and testing equipment for high-speed connectors, ensuring stable production and timely delivery[45]. Financial Management - The company has a cash dividend policy that includes a distribution of 1.00 yuan per 10 shares, amounting to a total cash dividend of 19,404,969.60 yuan, which represents 100% of the profit distribution[152]. - The total distributable profit for the company was 141,271,129.27 yuan, indicating a strong profitability position during the reporting period[152]. - The company has not proposed any stock dividends, maintaining a focus on cash distributions to shareholders[153]. - The company reported a total investment income loss of 10,806,703.88, accounting for -9.86% of total profit[75]. Governance and Compliance - The company has established a strong governance framework to ensure compliance and accountability within its operations[115]. - The board of directors is actively involved in overseeing the company's strategic direction and operational performance[116]. - The company has implemented targeted compliance training for middle management and employees to enhance risk awareness and compliance consciousness[159]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[175]. Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions and enhance environmental protection in its operations[169]. - The company donated a total of 536,000 yuan to charitable organizations during the reporting period[171]. - The company emphasizes customer-centric operations and has established stable relationships with suppliers and customers[167]. Shareholder Engagement - The company held its first temporary shareholders' meeting on January 20, 2023, with an investor participation rate of 52.35%[111]. - The annual shareholders' meeting was conducted on May 23, 2023, with a participation rate of 50.26%[111]. - The company is committed to maintaining transparency and effective communication with shareholders through regular meetings and updates[112]. Strategic Outlook - The company plans to continue diversifying its product offerings through ongoing research and development initiatives aimed at new product launches[60]. - Future growth strategies include potential market expansions and the introduction of new technologies to enhance product competitiveness[116]. - The company has set a revenue guidance of 1.5 billion RMB for the next fiscal year, projecting a growth rate of 25%[130].