Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - The company is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on the core track of domestic self-control. It has achieved mass supply of precision ceramic components, addressing critical supply chain issues, and its valuation is expected to improve [1][2]. - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, and it has opened new market opportunities following significant asset restructuring in 2023 [1][2]. - The electronic ceramics market in China is projected to reach nearly 100 billion, with a domestic production rate of only 23%, indicating substantial room for growth [1][44]. Summary by Sections 1. Electronic Ceramics and Third-Generation Semiconductors - The company is backed by China Electronics Technology Group and has established itself as a benchmark for self-control in the industry. It has successfully expanded into the third-generation semiconductor market through strategic acquisitions [16][25]. - The dual focus on electronic ceramics and third-generation semiconductors positions the company as a leader in domestic substitution and technological innovation [25][26]. 2. AI-Driven Upgrades in Optical Modules - The demand for high-end optical modules is expected to surge, with the company already achieving mass production of 800G optical communication device shells, comparable to international products [1][44][69]. - The company is investing in the construction of production lines for electronic ceramic shells, which will continue to release capacity and potentially lead to a performance inflection point [1][69]. 3. Precision Ceramic Components Breakthrough - The market for advanced structural ceramics in China is expected to reach approximately 28.6 billion by 2025, with the current domestic production rate at only 20% [79]. - The company has achieved breakthroughs in the domestic production of key components used in semiconductor equipment, which are expected to contribute significantly to profits and enhance valuation [1][76]. 4. Acquisition of Bowei and Guolian Wanzhong - The company completed a major asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong to deepen its involvement in the third-generation semiconductor sector [2][19]. - Bowei focuses on GaN RF chips, with a market size of approximately 10.3 billion in 2023, while Guolian Wanzhong specializes in SiC automotive chips, benefiting from the rapid growth of the electric vehicle market [2][20]. 5. Profit Forecast - The company is projected to achieve net profits of 538 million, 701 million, and 876 million for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10%, 30%, and 25% [3][10].

Core Viewpoint - Hebei Zhongci Electronic Technology Co., Ltd. has approved the use of idle raised funds for cash management, allowing for the investment of up to RMB 2.38 billion in low-risk, liquid, and principal-protected bank-issued deposits with a maximum investment period of 12 months [1][7]. Group 1: Cash Management Implementation - The company signed a sales agreement with China Bank to invest RMB 45 million and RMB 55 million in structured deposits, with maturity dates on January 24, 2025 [2]. - The company has successfully redeemed these structured deposits, receiving principal amounts of RMB 45 million and RMB 55 million, along with returns of RMB 28.86 thousand and RMB 10.63 thousand, respectively [2]. - In the past twelve months, the company has utilized idle funds for cash management, including a previous redemption of RMB 10 million with a return of RMB 17.58 thousand and another RMB 20 million with a return of RMB 66.91 thousand [3][11]. Group 2: Financial Management Strategy - The company aims to enhance fund utilization efficiency and generate investment returns without affecting the construction of fundraising projects and normal operations [9]. - The company has committed to a prudent investment approach, ensuring that idle funds are not used for high-risk investments such as stocks or unsecured bonds [11]. - The company will regularly disclose the status of cash management products in its periodic reports, ensuring transparency in fund usage [11].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-026 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：2025-025 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与中国银行股份有限公司石家庄市合西支行 签订了《中国银行挂钩型结构性存款销售协议书》，分别使用闲置募集资金 4,500 万元、5,500 万元购买了"挂钩型结构性存款（机构客户）"。产品起息日 均为 2025 年 1 月 24 日。具体内容详见公司于 2025 年 1 月 25 日在《证券时报》 《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）披露的《关于使用部 分闲置募集资金进行现金管理的进展公告》（公告编号：2025-010）。 截至本公告日，公司已如期赎回上述理财产品，分别赎回本金 4,500 万元、 5,500 万元，获得理财收益分别为 28.86 万元、10.63 万元。本金及理财收益已全 额存入募集资金专户。 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 ...

Summary of Conference Call Company Overview - The company discussed is Zhongsi Electronics, located in Shijiazhuang, which originally focused on providing electronic ceramic shells for surgical procurement. The company underwent significant asset restructuring in 2013, acquiring several businesses including Hebei Bowei, and shifting towards RF chip manufacturing and telecommunications [1][2]. Core Business Changes - The asset restructuring has transformed Zhongsi Electronics from a supplier of ceramic shells to a complete product industry chain in telecommunications, including upstream design, midstream manufacturing, and downstream packaging and testing [1][2]. - The new main business, focusing on telecommunications chips, has a gross margin of approximately 30% to 40%, compared to the previous 28% to 30% margin from ceramic shell production [2][3]. Industry Dynamics - The telecommunications chip market is relatively small, with a market size of approximately 5 to 6 billion RMB in the telecom sector, but it also has applications in defense [3][4]. - The competitive landscape shows that the top five companies in this sector are predominantly foreign, holding a combined market share of 76% [4]. Domestic Competitors - Zhongsi Electronics is highlighted as a representative domestic player, backed by state-owned assets from China Electronics Technology Group. The company has integrated multiple assets to form a full industry chain model [5]. - Huawei is noted as a significant player in the telecommunications base station sector, although it is not publicly listed, limiting available data on its products [5]. Technological Positioning - Zhongsi Electronics is positioned with a stable technology route, focusing on mainstream technologies for the next three to five years, particularly in 5G and beyond [6][7]. - The company is perceived to be lagging in cutting-edge technology compared to international competitors, but maintains a solid position in the domestic market [7]. Financial Performance - For the first three quarters of 2024, Zhongsi Electronics reported revenue of 886 million RMB, a slight decline of 1.1% year-over-year, while net profit increased by 7.4% to 369 million RMB [8]. - The company anticipates a revenue growth rate of 5% to 10% over the next two years, with stable operating income around 500 million RMB annually [9]. - The company's price-to-earnings (PE) ratios for 2024 to 2026 are projected at 32x, 30x, and 28x, respectively, indicating a relatively high valuation despite short-term growth challenges [9]. Additional Insights - The restructuring has created a robust ecosystem with high gross margins across various segments, indicating a healthy competitive environment within the industry [3]. - The company faces challenges in demand stimulation in the short term, which may affect its growth trajectory over the next one to two years [9].

证券代码：003031 证券简称：中瓷电子 公告编号：2025-023 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 募集资金进行现金管理的公告》（公告编号 2024-021）。 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 ...

中信证券股份有限公司 关于河北中瓷电子科技股份有限公司 二、募集资金投向的情况 根据公司《发行股份购买资产并募集配套资金暨关联交易报告书》，公司重 大资产重组募集资金在支付重组相关费用后拟投入以下项目： 核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 河北中瓷电子科技股份有限公司（以下简称"公司"、"上市公司"或"中瓷电 子"）发行股份购买资产并募集配套资金暨关联交易（以下简称"重大资产重组"） 的独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》《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》等相关法律法规的要求，对中瓷电子使用募集资金向控股子公司 提供委托贷款用于募投项目的事项进行了核查，具体情况如下： 一、募集资金的到位情况 三、本次使用募集资金向控股子公司提供委托贷款的情况 经中国证券监督管理委员会出具《关于同意河北中瓷电子科技股份有限公司 发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1519 号）， 同意公司向中国电科十三所等 7 名交易对方发行股份购买相关资产，同时发行股 份募集配套 ...

中航证券有限公司 关于河北中瓷电子科技股份有限公司 使用募集资金向控股子公司提供委托贷款用于募投项目的 核查意见 中航证券有限公司（以下简称"中航证券"或"独立财务顾问"）作为河北 中瓷电子科技股份有限公司（以下简称"公司"、"上市公司"或"中瓷电子"） 发行股份购买资产并募集配套资金暨关联交易（以下简称"重大资产重组"）的 独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《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》等相关法律法规的要求，对中瓷电子使用募集资金向控股子公司提 供委托贷款用于募投项目的事项进行了核查，具体情况如下： 一、募集资金的到位情况 1、公司名称：河北博威集成电路有限公司 2、企业类型：有限责任公司 经中国证券监督管理委员会出具《关于同意河北中瓷电子科技股份有限公司 发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1519 号）， 同意公司向中国电科十三所等 7 名交易对方发行股份购买相关资产，同时发行股 份募集配套资金不超过 25 亿元。本次向特定对象发行股份募集配套资金的发行 股票种类为境内上市人民 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-022 河北中瓷电子科技股份有限公司 关于使用募集资金向控股子公司提供委托贷款用于募投 项目的公告 "氮化镓微波产品精密制造生产线建设项目""通信功放与微波集成电路研 发中心建设项目"的实施主体为博威公司，该项目总投资额分别为 55,380.78 万 元、22,718.40 万元，其中使用募集资金投入金额分别为 55,000.00 万元、20,000.00 万元。为保障该募投项目的顺利实施，根据公司募投项目实际情况及未来发展规 划，公司拟使用募集资金向博威公司提供人民币 2 亿元委托贷款。 四、委托贷款对象基本情况 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。 河北中瓷电子科技股份有限公司（以下简称 "公司"）于 2025 年 4 月 8 日 召开了第二届董事会第三十一次会议，审议通过了《关于使用募集资金向控股子 公司提供委托贷款用于募投项目的议案》，同意公司使用募集资金向河北博威集 成电路有限公司（以下简称"博威公司"）提供委托贷款用于实施"氮化镓微波 产品精密制造生产线建设项目"和"通信功放 ...

证券代码：003031 证券简称：中瓷电子 公告编号：2025-021 河北中瓷电子科技股份有限公司 第二届监事会第二十四次会议决议公告 本公司及监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、监事会会议召开情况 河北中瓷电子科技股份有限公司（以下简称"公司 "）监事会于2025年4月 1 日分别以电子邮件、书面送达的方式向全体监事发出召开第二届监事会第二十 四次会议（以下简称"会议"）的通知。本次会议于2025年4月8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。公司本届监事会现有监事3人，实际 出席会议的监事3人，会议由监事会主席戴志华先生主持。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》 《监事会议事规则》的相关规定。 二、监事会会议审议情况 2025 年 4 月 8日 1 2 （一）审议通过《关于使用募集资金向控股子公司提供委托贷款用于募投 项目的议案》 表决结果：有效表决票共3票，其中同意票为3票，反对票为0票，弃权票 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监事会第二十四次会 ...