第十一届董事会第十六次会议决议公告 证券代码：300408 证券简称：三环集团 公告编号：2025-47 潮州三环（集团）股份有限公司 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。 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届董事会第十 六次会议的通知已于 2025 年 11 月 14 日以专人送出、电子邮件等方式送达各位 董事。本次会议于 2025 年 11 月 17 日以现场结合通讯表决方式召开。会议应参 加董事 7 人，实际参加董事 7 人。会议的召集、召开符合《中华人民共和国公司 法》及有关法律、法规和《公司章程》的规定。本次会议由公司董事长李钢先生 主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司主板 上市的议案》。 为进一步推进公司全球化战略布局，拓宽境外融资渠道，助力海外项目建设， 增强公司核心竞争力，公司拟发行境外股票（H 股）并申请在香港联合交易所有 限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行 H 股并 上市"）。 本议案已经公司战略委员会审议通过。 本 ...

Core Viewpoint - The company plans to issue overseas stocks (H-shares) and apply for listing on the main board of the Hong Kong Stock Exchange, proposing a public offering of no more than 10% of the total shares after the H-share issuance [1] Group 1 - The board of directors has authorized the underwriters to exercise an over-allotment option of up to 15% of the issued H-shares [1] - The resolutions related to this issuance are valid for 24 months from the date of approval by the shareholders' meeting [1] - The meeting also approved the appointment of auditing firms and the establishment of related systems, which are subject to the shareholders' meeting review [1]

Core Viewpoint - SanHuan Group is expected to achieve a net profit attributable to shareholders of approximately 1.959 billion yuan in the first three quarters of 2025, representing a year-on-year growth of about 22.16% [1] Financial Performance Summary - In Q3, SanHuan Group achieved a net profit attributable to shareholders of approximately 721 million yuan, reflecting a year-on-year increase of about 24.86% and a quarter-on-quarter growth of approximately 2.40% [1]

Core Insights - The company reported a revenue of approximately 6.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 20.96% [1] - The net profit attributable to shareholders reached approximately 1.959 billion yuan, with a year-on-year increase of about 22.16% [1] - The company achieved a net profit of approximately 721 million yuan in Q3 alone, reflecting a year-on-year growth of about 24.86% [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [2] - The company effectively controlled expenses, with sales, management, and R&D expense ratios at 1.03%, 4.61%, and 6.78% respectively, showing a decrease in management and R&D expense ratios by 0.27 percentage points and 0.68 percentage points year-on-year [2] Business Development - The company has made significant progress in its MLCC (Multi-Layer Ceramic Capacitor) and SOFC (Solid Oxide Fuel Cell) businesses, with a comprehensive product matrix covering various series and applications in multiple industries [3] - The SOFC business achieved a key breakthrough with the launch of a 300 kW commercial demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 9.207 billion, 11.432 billion, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion, 3.670 billion, and 4.784 billion yuan [4] - Corresponding EPS (Earnings Per Share) is projected to be 1.45, 1.92, and 2.50 yuan, with PE (Price to Earnings) ratios of 33.98, 25.75, and 19.76x [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in Q3 2025, with revenue reaching approximately 6.508 billion yuan, a year-on-year increase of about 20.96%. The net profit attributable to the parent company was approximately 1.959 billion yuan, up 22.16% year-on-year [4][5] - The company's gross margin remained stable at approximately 42.49%, with a continuous optimization of expense ratios [5] - The MLCC and SOFC businesses are progressing well, with significant developments in product offerings and commercial projects [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of approximately 6.508 billion yuan, with a year-on-year growth of 20.96%. The net profit attributable to the parent company was approximately 1.959 billion yuan, reflecting a year-on-year increase of 22.16% [4] - In Q3 alone, the company recorded revenue of 2.360 billion yuan, a year-on-year increase of 20.79% and a quarter-on-quarter growth of 1.90%. The net profit attributable to the parent company for Q3 was approximately 721 million yuan, up 24.86% year-on-year and 2.40% quarter-on-quarter [4] - The company’s gross margin for the first three quarters of 2025 was approximately 42.49%, remaining stable compared to the same period last year [5] Business Development Summary - The MLCC product line has expanded to cover various series, including micro, high-capacity, high-reliability, high-voltage, and high-frequency products, with applications in automotive, industrial control, communication, medical, and consumer electronics [6] - The SOFC business has made key breakthroughs, with the launch of a 300 kW SOFC commercialization demonstration project in collaboration with Shenzhen Gas Group, marking it as the first of its kind in the country [6] Investment Recommendations - Revenue projections for 2025-2027 are estimated at 9.207 billion yuan, 11.432 billion yuan, and 14.151 billion yuan respectively, with net profits expected to be 2.782 billion yuan, 3.670 billion yuan, and 4.784 billion yuan [7] - The corresponding EPS for these years is projected to be 1.45 yuan, 1.92 yuan, and 2.50 yuan, with PE ratios of 33.98x, 25.75x, and 19.76x respectively, maintaining a "Buy" rating [7]

Group 1 - A-shares showed mixed performance on November 12, with the Shanghai Composite Index rising by 0.28%, driven by gains in sectors such as home appliances, oil and petrochemicals, and banking [1] - The consumer electronics sector exhibited divergence, with the Consumer Electronics ETF (159732.SZ) declining by 0.55%, while individual stocks like Xinwei Communication, Lens Technology, and Keda Technology saw increases of 5.22%, 2.50%, and 1.99% respectively [1] - Conversely, companies such as Sanhuan Group and Wentai Technology performed poorly, with declines of 4.42% and 3.76% respectively [1] Group 2 - Rokid announced a joint press conference with BOLON, a subsidiary of Essilor, on November 13 to launch new smart glasses, aiming to integrate fashion and aesthetics into their technology [3] - Jianghai Securities highlighted the rapid promotion and popularization of smart glasses as an important carrier for AI, suggesting attention to related industry chain companies due to the continuous iteration of technology and the emergence of new products [3]

Market Overview - The component sector experienced a decline of 2.4% on November 11, with Jin'an Guoji leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers included: - Xingsen Technology (002436) with a closing price of 23.08, up 6.02% [1] - Kexiang Co., Ltd. (300903) at 17.62, up 3.53% [1] - Dongshan Precision (002384) at 75.90, up 2.53% [1] - Major decliners included: - Jin'an Guoji (002636) at 16.70, down 7.22% [2] - Hongxin Electronics (300657) at 27.91, down 4.42% [2] - Benchmark Technology (300476) at 289.18, down 4.23% [2] Capital Flow - The component sector saw a net outflow of 1.387 billion yuan from institutional investors, while retail investors had a net inflow of 1.772 billion yuan [2][3] - The capital flow for specific stocks showed: - Xingsen Technology had a net inflow of 4.92 million yuan from institutional investors [3] - Jin'an Guoji experienced a significant outflow of 7.22% [2][3]

Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controllable beneficiary industries [4][30]. Core Insights - Nvidia's CEO Jensen Huang indicated strong business momentum, with the Blackwell demand being robust and the production of the next-generation Rubin chips underway [1]. - SanDisk reported a revenue of $2.31 billion for FY26Q1, with a quarter-over-quarter increase of 23% and year-over-year growth of 21%, exceeding market expectations [1]. - The demand for ASICs is expected to surge due to the explosive growth in token numbers, with significant contributions from companies like Google, Amazon, Meta, OpenAI, and Microsoft anticipated between 2026 and 2027 [1][30]. Summary by Sections 1. Industry Overview - The semiconductor industry is experiencing a robust recovery, with significant demand for AI-related products and services driving growth across various segments [1][4]. - The report highlights a strong recovery in the data center market, with expectations of NAND flash memory becoming the largest market by 2026, driven by AI demand [1]. 2. Subsector Insights 2.1 Consumer Electronics - Apple launched new products, including the iPhone 17 series and AR glasses, which are expected to drive demand in the AI sector [5][6]. - The report anticipates a surge in end-side AI product releases, particularly in 2025 and 2026, enhancing Apple's competitive position in the AI market [5]. 2.2 PCB - The PCB industry is maintaining a high level of prosperity, driven by demand from automotive and industrial control sectors, alongside AI expansion [7]. - The report notes a significant increase in orders for AI-PCB and related products, with many companies operating at full capacity [30]. 2.3 Components - The report emphasizes the growth in passive components, particularly MLCCs, driven by increased usage in AI devices and mobile applications [22]. - The LCD panel market is stabilizing, with effective production control measures in place [23]. 2.4 IC Design - The storage sector is expected to see continued upward momentum, with DRAM prices projected to rise due to increased demand from cloud service providers [24][26]. 2.5 Semiconductor Equipment - The semiconductor equipment sector is experiencing a positive trend, with significant investments in advanced manufacturing technologies [27][29]. - The report highlights the importance of domestic production capabilities in the face of global supply chain challenges [27]. 3. Key Companies - Nvidia is highlighted for its strong performance and technological advancements, particularly in AI server shipments [30]. - Companies like SanDisk, Three Ring Group, and Northern Huachuang are noted for their robust financial performance and strategic positioning in the market [32][34][35].

Group 1 - The Guangdong 500 Strong Enterprises Development Report indicates that the top ten companies include Ping An, China Resources, Huawei, and BYD, with total revenue reaching 19.36 trillion yuan and total assets exceeding 68 trillion yuan [1] - The report highlights that the total R&D investment of the 500 strong enterprises amounts to 584.96 billion yuan [1] - Chaozhou Sanhuan (Group) Co., Ltd. ranks 288th on the list, being the only company from Chaozhou to make the ranking [1] Group 2 - Chaozhou Sanhuan Group announced plans for an IPO in Hong Kong to enhance its global strategy and financing channels [3][4] - The company, founded in 1970, specializes in the R&D, production, and sales of electronic components and materials, with a significant presence in various locations including Shenzhen and Germany [4] - Sanhuan Group is a leader in the production of ceramic ferrules for optical fibers, holding a 90% share of the global market [5] Group 3 - The demand for multi-layer ceramic capacitors (MLCC) is increasing, driven by sectors such as AI and new energy vehicles, with an annual growth rate exceeding 15% [7] - The company has made significant advancements in MLCC technology, achieving a reduction in dielectric layer thickness from 5μm to 1μm and stacking layers up to 1000, positioning itself as a key player in the domestic market [5][25] - Sanhuan Group's revenue and net profit have shown substantial growth, with revenue increasing from 2.2 billion yuan in 2014 to 7.375 billion yuan in 2024, representing a growth of 235.23% [29] Group 4 - The founder, Zhang Wanzhen, has been recognized as a prominent figure in the industry, ranking 284th on the 2025 Hurun Rich List with a wealth of 22 billion yuan [8] - Zhang's leadership style emphasizes innovation and a focus on core business, leading to consistent financial performance and stability [31] - The company has invested heavily in R&D, with a projected investment of 583 million yuan in 2024, accounting for 7.91% of its revenue [29]

Group 1: Industry Overview - The rapid growth of AI is leading to an increase in electricity consumption in data centers, particularly in North America, where power supply issues are becoming critical [2] - As of the second quarter of this year, the U.S. has approximately 522 hyperscale data centers, accounting for about 55% of global computing power [2] - Goldman Sachs predicts that the U.S. will need an additional 50 GW of power capacity to support the rapid development of AI, which is enough to meet the electricity needs of about 40 million households [2] Group 2: SOFC Technology Potential - Solid Oxide Fuel Cells (SOFC) are emerging as a new solution for powering data centers, with expected annual installed capacity in North America reaching between 0.5 GW and 1.25 GW from 2026 to 2030 [2] - SOFC technology is characterized by strong fuel adaptability, environmental friendliness, and flexible deployment, making it suitable for various applications including stationary power generation and transportation [2] Group 3: Company Developments - Bloom Energy, a leading U.S. company in the SOFC sector, has seen its stock price increase over 508.78% this year, reaching $135.21 per share with a market capitalization of $32 billion as of November 7 [3] - The company has established partnerships with major data center developers and has deployed hundreds of megawatts of fuel cells [3] - A-share companies involved in the SOFC industry include Ice Wheel Environment and Weichai Power, which are actively engaged in research and development projects related to SOFC technology [4][5] Group 4: Market Performance - A-share SOFC concept stocks have outperformed the market, with an average increase of 55.45% this year, surpassing the Shanghai Composite Index by over 36 percentage points [8] - Notable performers include Zhenhua Shares, which has increased by 270.44% this year, and Dayang Electric, which has risen by 107.35% [8]