Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [2][10][47]. Core Insights - The company has established a complete industrial chain for GaN communication base station RF chips, enhancing its competitive advantage and promoting the acceleration of domestic industrial chain localization [3][10][14]. - The global GaN RF device market is projected to grow from $522 million in 2023 to $894 million by 2029, with stable growth in defense and satellite communication applications [3][21]. - The company is positioned to benefit from the domestic 5G base station construction and the increasing demand for third-generation semiconductor devices [10][47]. Summary by Sections 1. Company Overview - The company originally focused on the R&D, production, and sales of electronic ceramic shells for communication devices and has expanded into GaN RF chips and devices through asset restructuring in 2023 [3][10][14]. 2. Market Position - The company has become a leading domestic supplier of communication RF chips and devices, establishing a complete industrial chain that includes R&D, design, manufacturing, packaging, testing, and sales [3][10][14]. - The report highlights that the global base station power amplifier market is dominated by foreign companies, but domestic firms, including the company, are beginning to emerge [4][24]. 3. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 25.89 billion, 27.19 billion, and 29.52 billion yuan, respectively, with corresponding net profits of 4.82 billion, 5.14 billion, and 5.55 billion yuan [10][47][48]. - The company’s gross margin is expected to stabilize around 35% due to product structure optimization and cost management [42][47]. 4. Technological Advancements - The company has made significant technological breakthroughs in GaN RF devices, addressing key challenges and achieving multiple domestic firsts in semiconductor devices and integrated circuits [10][33][34]. - The report emphasizes the importance of GaN devices in 4G/5G mobile communication systems due to their superior performance characteristics [28][31]. 5. Competitive Landscape - The report notes that the GaN RF device market is expected to see a significant shift towards domestic production, with the company playing a crucial role in this transition [3][10][28]. - The company’s subsidiary has achieved full-band and full-power level development and industrialization of GaN base station RF products, positioning it as one of the few domestic suppliers capable of large-scale production [4][24].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-010 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上刊登的《关于使用部分闲置 现将公司使用部分闲置募集资金进行现金管理的实施进展情况公告如下： 一、本次使用部分闲置募集资金进行现金管理的进展情况 河北中瓷电子科技股份 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-009 河北中瓷电子科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 河北中瓷电子科技股份有限公司（以下简称"公司"或"中瓷电子"）于 2024 年 4 月 25 日召开第二届董事会第二十次会议、第二届监事会第十七次会 议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该议案经 2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过，同意公司使用不超过人 民币 23.8 亿元的闲置募集资金进行现金管理，用于购买安全性高、流动性好、满 足保本要求、产品投资期限最长不超过 12 个月的由银行发行的保本型约定存 款。上述资金额度在有效期内循环滚动使用。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）和指定信息披露媒体上披露的相关公告。 一、本次使用部分闲置募集资金进行现金管理到期赎回的情况 | | 中国银 | 挂钩型 | | | | | | | --- | --- | --- ...

北京市嘉源律师事务所 关于河北中瓷电子科技股份有限公司 2025年第一次临时股东大会的 法律意见书 E 8月 年 师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年一月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致：河北中瓷电子科技股份有限公司 北京市嘉源律师事务所 关于河北中瓷电子科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 嘉源(2025)-04-046 北京市嘉源律师事务所（以下简称"本所"）接受河北中瓷电子科技股份有限 公司（以下简称"公司"）的委托，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》（以下简称"《股东大会规则》"）等现 行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以 及《河北中瓷电子科技股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，指派本所律师对公司 2025 年第一次临时股东大会（以下简称"本次股东 大会"）进行见证，并依法出具本法 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-005 河北中瓷电子科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1. 本次股东大会无增加、变更、否决议案的情形； 2. 本次股东大会不涉及变更前次股东大会决议； 3. 本次股东大会采取现场投票和网络投票相结合的表决方式。 一、会议召开和出席情况 （一）会议召开情况 1. 本次股东大会的召开时间： （1）现场会议召开时间：2025 年 1 月 17 日（星期五）14:30-16:00 （2）网络投票时间：2025 年 1 月 17 日（星期五） 其中，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：2025 年 1 月 17 日（星期五）上午 9:15-9:25 9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年 1 月 17 日（星期五）9:15-15:00 期间的任意时间。 2. 现场会议召开地点：河北省石家庄市鹿泉经济开发区昌盛大街 21 号。 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-006 河北中瓷电子科技股份有限公司 关于股东减持股份的预披露公告 石家庄泉盛盈和企业管理合伙企业（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有河北中瓷电子科技股份有限公司（以下简称"中瓷电子"或"公司"） 20,478,552 股股份（占公司总股本的比例为 4.54 %，股份来源于首次公开发行股 票并上市前持有及资本公积转增取得）的石家庄泉盛盈和企业管理合伙企业（有 限合伙）（以下简称"泉盛盈和"），计划自本公告披露之日起 15 个交易日后 的三个月内减持公司股份数量不超过 451.052859 万股，即不超过公司当前股份 总数的 1%（如遇送股、资本公积金转增股本等股份变动事项，上述拟减持股份 数量可以进行相应调整），其中，通过集中竞价或大宗交易方式减持股份的，合 计不超过公司股份总数的 1%。 公司于近日收到公司股东泉盛盈和出具的《股份减持计划告知函》。现就相 关事项公告如下： 一、股东的基本情况 1、股东 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-001 河北中瓷电子科技股份有限公司 关于召开 2025 年第一次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 经河北中瓷电子科技股份有限公司（以下简称"公司"）第二届董事会第三 十次会议审议通过，公司董事会决定于 2025 年 1 月 17 日召开 2025 年第一次临 时股东大会，现将本次股东大会的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、会议的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开已经公司第二届董事会 第三十次会议审议通过，符合有关法律、行政法规、部门规章、规范性文件、深 圳证券交易所业务规则和《公司章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 1 月 17 日 14:30-16:00 （2）网络投票时间：2025 年 1 月 17 日 6、会议的召开方式： 本次股东大会采用现场投票与网络投票相结合的方式。公司将通过深圳证券 交易所交易系统和互联 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2024-098 河北中瓷电子科技股份有限公司 第二届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 河北中瓷电子科技股份有限公司（以下简称"公司"）董事会于 2024 年 12 月 31 日分别以电子邮件、书面送达的方式向全体董事发出召开第二届董事会第 三十次会议（以下简称"会议"）的通知。本次会议于 2024 年 12 月 31 日在公 司会议室以现场会议和视频会议相结合的方式召开。公司本届董事会现有董事 10 人，实际出席会议的董事 10 人，会议由董事长卜爱民先生主持。本次会议的 通知、召开、表决程序符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》《董事会议事规则》的相关规定。 票为 0 票。 三、备查文件 1、《河北中瓷电子科技股份有限公司第二届董事会第三十次会议决议》。 特此公告。 二、董事会会议审议情况 会议审议并经表决，通过以下决议： （一）审议通过《关于豁免董事会会议通知时限的议案》 表决结果：有效表决票共 10 票，其中同意 ...

Group 1: Company Performance - The company has maintained stable production and operational conditions as of Q3 2024, with product orders remaining stable across its three major segments, contributing to performance growth [1] - The company is committed to fulfilling its restructuring performance forecast commitments through its subsidiaries [1] Group 2: Product Advantages - The company has established a comprehensive processing platform for aluminum oxide and aluminum nitride ceramics, focusing on advanced manufacturing techniques such as tape casting and thick film printing [2] - The precision ceramic components produced by the company exhibit high strength, corrosion resistance, and high precision, making them suitable for critical semiconductor equipment [2] Group 3: Market Growth and Product Development - The optical communication market has seen a surge, leading to increased orders for the company's optical communication-related products, particularly in the 400G/800G high-frequency modules [2] - The company is actively monitoring trends in product updates and accelerating new product development to align with market demands [2] Group 4: Future Industry Layout - The company has proprietary intellectual property in key business areas such as GaN communication base station RF chips and devices, and SiC power modules [2] - The company is advancing R&D efforts for next-generation communication systems, including 5G-A and 6G, focusing on key technology breakthroughs [2] Group 5: Subsidiary Operations - The subsidiary Guolian Wanzhong is currently operating normally and has successfully opened the domestic SiC market, collaborating with multiple clients for product testing [3] - The company’s production capacity is sufficient to meet market demand, particularly as end-market demand is expected to recover [3] Group 6: Stock Plans - The company currently has no plans for stock buybacks or increases, but will disclose any future plans in accordance with exchange information disclosure requirements [3]

Financial Performance - Revenue for Q3 2024 reached ¥664,121,308.44, an increase of 2.97% year-over-year[2] - Net profit attributable to shareholders was ¥156,908,956.96, up 28.67% compared to the same period last year[2] - Net profit excluding non-recurring items increased by 88.72% to ¥140,165,414.97[2] - Total operating revenue for Q3 2024 was CNY 1,886,467,590.48, a decrease of 1.8% compared to CNY 1,907,261,728.67 in Q3 2023[16] - Net profit attributable to shareholders of the parent company reached CNY 369,189,881.58, up 7.5% from CNY 343,494,647.81 in the same period last year[17] - The total comprehensive income for the period was CNY 424,529,434.81, an increase from CNY 397,572,678.03 in the previous period[18] - The company’s total comprehensive income attributable to the parent company was CNY 369,189,881.58, an increase from CNY 343,494,647.81 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,742,393,958.05, reflecting a 6.73% increase from the end of the previous year[2] - Total assets increased to CNY 7,742,393,958.05, compared to CNY 7,253,966,066.05 at the end of Q3 2023, reflecting a growth of 6.7%[15] - Total liabilities increased to CNY 1,547,139,979.32 from CNY 1,341,803,711.45, marking a rise of 15.3%[15] - Non-current liabilities totaled CNY 274,677,064.34, slightly down from CNY 277,972,287.50 in the previous year[15] Cash Flow - Cash flow from operating activities for the year-to-date was ¥731,086,850.39, an increase of 10.99% year-over-year[2] - The net cash flow from operating activities was CNY 731,086,850.39, compared to CNY 658,694,055.23 in the previous period, reflecting a positive trend[20] - Cash inflow from operating activities totaled CNY 2,103,065,489.88, slightly up from CNY 2,094,032,207.26 in the previous period[19] - The company’s cash flow from investing activities showed a net outflow of ¥1,345,125,532.08, a decrease of 463.74% compared to the previous period[7] - The net cash flow from investing activities was CNY -1,345,125,532.08, worsening from CNY -238,606,902.62 in the previous period[20] - Cash and cash equivalents at the end of the period amounted to CNY 2,616,238,499.58, down from CNY 3,501,664,892.42 at the beginning of the period[20] - The company received CNY 9,320,000,000.00 from investment recoveries, a significant increase from CNY 270,000,000.00 in the previous period[20] - The total cash outflow from investing activities was CNY 10,694,879,015.65, compared to CNY 509,657,549.20 in the previous period[20] - The company reported a cash inflow from financing activities of CNY 87,600,000.00, up from CNY 42,400,000.00 in the previous period[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,445[8] - The largest shareholder, Hebei Semiconductor Research Institute, holds 54.41% of shares, totaling 245,418,282 shares[8] - The company acquired an additional 5.3971% equity stake in Beijing Guolian Wanzhong Semiconductor Technology Co., making it a wholly-owned subsidiary[11] - The company plans to increase the registered capital of Guolian Wanzhong by 110 million RMB, raising it from 12,978,834.5 RMB to 60,073,059.8 RMB[11] Investment and Expenses - The company reported a significant increase in investment income, rising 3103.63% to ¥29,692,323.44 due to higher returns from structured deposits[6] - The company reported a significant increase in other income, which rose by 68.17% to ¥56,562,206.09, primarily due to increased government subsidies[6] - Research and development expenses for the quarter were CNY 203,247,307.75, an increase of 3.3% from CNY 195,604,164.16 in Q3 2023[17] - The total operating costs for Q3 2024 were CNY 1,525,849,807.88, a slight increase from CNY 1,516,269,358.23 in Q3 2023[16] Equity and Returns - The weighted average return on equity was 2.71%, down 1.48% from the previous year[2] - The company’s total equity attributable to shareholders increased by 4.36% to ¥5,863,586,595.70[2] - Cash and cash equivalents decreased from 3,507,598,700.55 RMB to 2,621,088,664.13 RMB[13] - The trading financial assets increased significantly from 200,026,630.13 RMB to 1,226,399,104.08 RMB[13] - Accounts receivable rose from 760,001,954.93 RMB to 805,557,081.71 RMB[13] - Inventory increased from 611,926,892.88 RMB to 687,866,722.09 RMB[13] - The company has not disclosed any changes in the participation of major shareholders in margin trading[10] - There are no changes in the implementation location of fundraising investment projects that affect the total investment amount[12] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16] - The company reported a basic and diluted earnings per share of CNY 0.82, down from CNY 1.18 in the previous period[18]