Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of March 19, 2024 [1]. Core Views - The company is a leading provider of electromagnetic shielding and thermal management materials, with a strong presence in both domestic and international markets, collaborating closely with major clients such as Huawei and ZTE. The demand for thermal management solutions is expected to grow significantly in the AI era, providing new growth opportunities for the company [4][10]. - The company has a robust product matrix and a strong focus on R&D, which helps to build a competitive moat and deepen its industry presence. The partnership with Huawei since 1997 has been pivotal in driving growth in various sectors, including mobile devices and servers [4][8][58]. - The financial outlook is positive, with projected revenues of RMB 4.3 billion, RMB 6.05 billion, and RMB 7.27 billion for 2023, 2024, and 2025 respectively, alongside net profits of RMB 121 million, RMB 403 million, and RMB 579 million for the same years [4][15]. Summary by Sections Company Overview - The company was established in 1993 and specializes in the R&D, production, and sales of electromagnetic shielding materials, thermal management materials, and related devices. Its products are widely used in mobile terminals, communication devices, computers, automotive electronics, and home appliances [4][28]. Market Position and Growth Drivers - The company is positioned as a leading service provider in the domestic electromagnetic shielding and thermal management solutions market. The growth in data communication and consumer electronics, driven by AI advancements, is expected to enhance the company's market opportunities [4][18]. - The renewable energy sector is also a significant growth area, with China's photovoltaic capacity increasing by 148.12% year-on-year in 2023, and new energy vehicle sales growing by 37.87% [4][13]. Financial Performance - The company has shown a consistent revenue growth trend since its listing in 2017, with a notable increase in total revenue in 2022, which reached RMB 4.125 billion, a 34.88% increase from 2021. The first three quarters of 2023 saw revenues of RMB 29.12 billion, reflecting a year-on-year growth of 4.10% [30][37]. - The net profit has rebounded significantly, with a projected net profit of RMB 0.96 billion in 2022, up 220% from the previous year, and a continued upward trend expected in 2023 [37][40]. R&D and Innovation - The company has been investing heavily in R&D, with expenses rising from RMB 0.52 billion in 2017 to RMB 2.49 billion in 2022. The R&D expense ratio has remained stable, indicating a commitment to innovation and product development [43][44]. - The focus on new technologies and product lines, particularly in the 5G and AI sectors, is expected to enhance the company's competitive edge and profitability [44][58].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.71 RMB per share [10][120] Core Views - The company is a leading provider of electromagnetic shielding and thermal management solutions, benefiting from the rise of multiple product categories from Huawei [13] - The company is expected to benefit from the AI-driven demand for server cooling solutions, as well as the growth in communication, consumer electronics, and new energy sectors [120] - The company's revenue is projected to grow from 4.12 billion RMB in 2022 to 8.55 billion RMB in 2025, with net profit increasing from 96.19 million RMB to 607.47 million RMB over the same period [120] Company Overview - The company is a leading provider of electromagnetic shielding and thermal management solutions, with a product portfolio that includes electromagnetic shielding materials, thermal management materials, and base station antennas [25] - The company has a strong customer base, including Huawei, Microsoft, Lenovo, and Tesla, across various industries such as consumer electronics, AI, servers, and new energy vehicles [28] - The company has a robust R&D capability, with 641 patents as of June 2023, and a focus on developing advanced cooling solutions such as single-phase and two-phase liquid cooling modules [33] Technological Innovation - The company has a comprehensive product line and technical expertise in electromagnetic shielding and thermal management, including conductive fabric gaskets, metal shielding devices, and liquid cooling solutions [3] - The company has accumulated significant know-how in product design, manufacturing, and testing, enabling it to provide customized solutions to customers and enhance its competitive barriers [3] - The company is involved in the R&D and design stages of customer products, allowing it to offer integrated solutions that shorten development cycles and improve product reliability [3] Manufacturing and Sales Network - The company has manufacturing bases in Shenzhen, Changzhou, Dongguan, and Vietnam, as well as sales offices in major economic regions in China and overseas locations such as the US, Finland, and India [4] - The company's local manufacturing and sales network enables it to provide localized services to customers, enhancing customer satisfaction and loyalty [4] Financial Performance - The company's revenue grew from 3.25 billion RMB in 2022 to 3.70 billion RMB in 2023, with a projected increase to 4.20 billion RMB in 2024 [1] - The company's gross margin and net margin have shown a recovery trend after a decline in 2020 due to factors such as rising raw material prices and trade conflicts [6][7] - The company's R&D expenses have been steadily increasing, reaching 249 million RMB in 2022, accounting for 6.05% of its revenue [7] Server Business - The company is a core supplier of cooling solutions for servers, providing both air-cooling and liquid-cooling products to customers such as Huawei, ZTE, and Inspur [49] - The company has developed advanced liquid cooling technologies, including single-phase and two-phase liquid cooling modules, and has a competitive advantage in thermal interface materials [55] - The company's liquid cooling solutions are expected to benefit from the growing demand for AI-driven data centers, with the global liquid cooling server market projected to grow at a CAGR of 38% from 2023 to 2025 [74] Smart Hardware and New Energy Business - The company's smart hardware business is expected to benefit from the recovery of Huawei's smartphone sales and the growth of AI PCs, with the company providing cooling and electromagnetic shielding solutions for these products [81][98] - The company's new energy business is growing rapidly, with orders for new energy vehicles and charging piles increasing significantly in 2023H1 [107] - The company is also benefiting from the growth of the photovoltaic and energy storage markets, with its products being supplied to major customers such as Huawei and Sungrow [107] Profit Forecast - The company's revenue is expected to grow from 4.12 billion RMB in 2022 to 8.55 billion RMB in 2025, with net profit increasing from 96.19 million RMB to 607.47 million RMB over the same period [120] - The company's EPS is projected to increase from 0.19 RMB in 2022 to 1.05 RMB in 2025, with a corresponding decrease in the P/E ratio from 75.74x to 13.05x [120]

长城证券股份有限公司 保荐代表人：林颖、高俊 实施培训人员：林颖 参加培训人员：公司董事、监事、高级管理人员、中层以上管理人员 培训方式：线下会议 时间：2024 年 1 月 20 日 关于深圳市飞荣达科技股份有限公司 2023 年度持续督导培训情况报告 长城证券股份有限公司（以下简称"长城证券"或"保荐机构"）作为深圳 市飞荣达科技股份有限公司（以下简称"飞荣达"或"公司"）2022 年度向特定 对象发行 A 股股票的保荐机构，根据中国证券监督管理委员会《证券发行上市 保荐业务管理办法》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等法律法规和规范性文件的要求， 于 2024 年 1 月 20 日对飞荣达的有关人员进行了 2023 年度持续督导培训，培训 情况报告如下： 一、本次持续督导培训的基本情况 保荐机构：长城证券股份有限公司 培训对象：公司董事、监事、高级管理人员、中层以上管理人员 二、培训的主要内容 （本页无正文，为《长城证券股份有限公司关于深圳市飞荣达科技股份有限 公司 2023 年度持续督导培训情况报告》之签章页） 保荐代表人签字： 林 ...

证券代码：300602 证券简称：飞荣达 公告编号：2024-002 深圳市飞荣达科技股份有限公司 关于公司持股5%以上股东部分股份解除质押的公告 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。 特别提示： 深圳市飞荣达科技股份有限公司（以下简称"公司"）控股股东、实际控制 人马飞先生持有公司股份数量为 233,641,313 股，占公司当前总股本 57,804.9831 万股的 40.42%。持股 5%以上股东黄峥女士持有公司股份数量为 42,987,729 股， 占公司当前总股本 57,804.9831 万股的 7.44%。控股股东、实际控制人马飞先生 与黄峥女士系夫妻关系，为一致行动人。 公司近日收到控股股东、实际控制人马飞先生的告知函，获悉马飞先生将其 持有的公司部分股份办理了解除质押业务。具体事项如下： 一、股东股份解除质押及累计质押的基本情况 截至本公告披露日，上述股东及其一致行动人所持公司股份累计质押情况如 下： | | | | | 本次解除 | 本次解除 | 占其 | 占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | - ...

关于签订募集资金三方监管协议并注销部分 募集资金专户的公告 证券代码：300602 证券简称：飞荣达 公告编号：2024-001 深圳市飞荣达科技股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市飞荣达科技股份有限公司向特定 对象发行股票注册的批复》（证监许可[2022]1824号）核准，深圳市飞荣达科技股份 有限公司（以下简称"公司"）向特定对象发行股票67,430,883股，每股发行价格14.83 元，募集资金总额为999,999,994.89元，扣减本次发行费用人民币16,256,273.66元后， 实际募集资金净额为人民币983,743,721.23元。其中：新增股本人民币67,430,883元， 资本公积人民币916,312,838.23元。变更后的注册资本为人民币57,537.2831万股。立 信会计师事务所（特殊普通合伙）对公司上述募集资金到位情况进行了审验，根据 本次募集资金到位情况于2023年4月27日出具验资报告（信会师报字[2023]第 ZI10391号）。 二、募集 ...

证券代码：300602 证券简称：飞荣达 公告编号：2023-082 深圳市飞荣达科技股份有限公司 关于公司持股5%以上股东部分股份质押的公告 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。 特别提示： 深圳市飞荣达科技股份有限公司（以下简称"公司"）控股股东、实际控制 人马飞先生持有公司股份数量为 233,641,313 股，占公司当前总股本 57,804.9831 万股的 40.42%。持股 5%以上股东黄峥女士持有公司股份数量为 42,987,729 股， 占公司当前总股本 57,804.9831 万股的 7.44%。控股股东、实际控制人马飞先生 与黄峥女士系夫妻关系，为一致行动人。 公司近日收到控股股东、实际控制人马飞先生的告知函，获悉马飞先生将其 持有的公司部分股份办理了质押业务。具体事项如下： 一、股东股份质押及累计质押的基本情况 | 股东 | 是否为第 一大股东 | 质押 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否为 | 质押开始 | 质押到 | | | | --- | --- | --- | --- | --- | --- | ...

统一社会信用代码：914403002794071819 名 称：深圳市飞荣达科技股份有限公司 类 型：其他股份有限公司（上市） 住 所：深圳市光明区玉塘街道田寮社区南光高速东侧、环玉路南侧飞荣 达大厦 1 栋、2 栋、3 栋 证券代码：300602 证券简称：飞荣达 公告编号：2023-081 深圳市飞荣达科技股份有限公司 关于完成工商变更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市飞荣达科技股份有限公司（以下简称"公司"）于 2023 年 12 月 18 日 召开了 2023 年第二次临时股东大会，审议通过了《关于修订<公司章程>及办理 工商变更登记的议案》等议案。 近日，公司已取得深圳市市场监督管理局下发的《登记通知书》,完成了工 商变更（备案）登记手续，具体工商登记信息如下： 营业期限：永续经营 经营范围：研发、生产和销售移动通信、网络通信、路由交换、存储及服务 器、电力电子器件等相关共性技术及产品；研发、生产、销售电磁屏蔽材料及其 器件、吸波材料及其器件、导热材料及其器件、绝缘材料及其器件、高性能复合 材料、电子辅料；研发、生产、销售塑胶产 ...

证券代码：300602 证券简称：飞荣达 公告编号：2023-080 深圳市飞荣达科技股份有限公司 2023年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、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、本次股东大会未出现增加、变更、否决议案的情形。 2、本次股东大会采取现场投票与网络投票相结合的方式进行。 3、为尊重中小投资者利益，提高中小投资者对公司股东大会决议的参与度， 公司将对中小股东的投票表决情况单独统计，中小股东是指除上市公司董事、监 事、高级管理人员以及单独或者合计持有公司5%以上股份的股东以外的其他股 东。 一、会议通知情况 深圳市飞荣达科技股份有限公司（以下简称"公司"）2023年第二次临时股东 大会通知已于2023年12月1日在中国证监会创业板指定信息披露网站上披露。 1、现场会议召开时间：2023年12月18日（星期一）下午14:30 2、网络投票时间： 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：2023年12月18 日9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为： ...

广东信达律师事务所 股东大会法律意见书 深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518017 11/12/F, Tai Ping Finance Tower, Yitian Road 6001, Futian District, Shenzhen 电话(Tel)：(0755) 88265288 传真(Fax) ：(0755) 88265537 电子邮件（E-mail）：info@shujin.cn 网站（Website）：www.shujin.cn 广东信达律师事务所 关于深圳市飞荣达科技股份有限公司 2023 年第二次临时股东大会的 法律意见书 广东信达律师事务所 股东大会法律意见书 信达会字[2023]第 350 号 致：深圳市飞荣达科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市飞荣达科技股份有限 公司（下称"贵公司"）的委托，指派律师参加了贵公司 2023 年第二次临时股 东大会（下称"本次股东大会"），并进行了必要的验证工作。现根据《中华人 民共和国公司法》（下称"《公司法》"）、《上市公司股东大会规则》（下称 "《股东大会规则》"）以及贵公司《公司 ...

深圳市飞荣达科技股份有限公司（以下简称"公司"）于 2023 年 11 月 29 日 召开第五届董事会第十九次（临时）会议审议通过《关于拟参与竞拍国有土地使 用权的议案》《关于增加部分募集资金投资项目实施主体、变更实施地点并调整 建设期的议案》《关于投资建设新能源智能制造基地项目的议案》等议案，为调 整公司产业布局，满足公司实际业务发展对生产经营场地的需求，董事会同意公 司使用自有资金不超过 7,500 万元，参与竞拍深圳市规划和自然资源局光明管理 局以挂牌方式出让的国有建设用地使用权（宗地代码：440311201007GB00094， 宗地号 A628-0042），并授权公司董事长或其指定代理人办理相关手续及签署相 关合同、法律文件。 公司取得上述国有土地使用权后，拟投资不超过人民币 16 亿元在深圳光明 区建设"新能源智能制造基地"。该项目整体规划中，包括公司以募集资金投资 项目"新能源相关器件建设项目"，其他项目公司将以自有资金进行建设投入。 上述项目具体投资金额以正式项目实际投资方案为准。具体事宜详见公司于2023 年 12 月 1 日在巨潮资讯网披露的《关于公司拟参与国有土地使用权竞拍并投资 建设新 ...