Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% in the next six months [5]. Core Insights - The company reported significant profit growth, with a 2024 revenue of 5.03 billion yuan, a year-on-year increase of 15.76%, and a net profit of 189 million yuan, up 83.01% year-on-year [1][2]. - In Q1 2025, the company achieved a revenue of 1.18 billion yuan, reflecting a 14.74% year-on-year growth, and a net profit of 58 million yuan, which is an 85.57% increase year-on-year [1]. - The overall gross margin for 2024 was 19.18%, slightly down by 0.29 percentage points year-on-year, while Q1 2025 saw a gross margin of 17.52%, up by 0.59 percentage points year-on-year [2]. Revenue Breakdown - The revenue from electromagnetic shielding materials and devices in 2024 was 1.31 billion yuan, growing by 11.40% year-on-year. Thermal management materials and devices generated 1.86 billion yuan, up 7.58% year-on-year. Protective function devices brought in 550 million yuan, a 26.24% increase, while lightweight materials and devices saw a revenue of 722 million yuan, up 45.48% year-on-year [2]. Profitability and Cost Management - The company achieved a net profit margin of 3.44% in 2024, an increase of 1.63 percentage points year-on-year. The sales, management, and R&D expense ratios were 2.28%, 5.38%, and 5.23%, respectively, showing a decrease compared to the previous year [2]. Business Growth Drivers - The company's new business segments, particularly in AI terminals and AI servers, are expected to drive revenue growth. The consumer electronics sector contributed significantly to revenue growth due to recovering market demand and increased market share of Huawei smartphones [3]. - The company has developed various cooling technologies, including single-phase and two-phase liquid cooling modules, which are anticipated to benefit from the growing demand for computing power and energy efficiency in data centers [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 6.80 billion yuan, 9.00 billion yuan, and 11.30 billion yuan, respectively. Corresponding net profits are expected to be 371 million yuan, 645 million yuan, and 799 million yuan, with price-to-earnings ratios of 29x, 17x, and 14x [3][4].

证券代码：300602 证券简称：飞荣达 公告编号：2025-025 深圳市飞荣达科技股份有限公司 关于召开 2024 年年度股东大会的通知 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。 根据深圳市飞荣达科技股份有限公司（以下简称"公司"）第六届董事会第 六次会议的决定，拟于 2025 年 5 月 8 日（星期四）召开公司 2024 年年度股东大 会。本次股东大会采用现场投票与网络投票相结合的方式进行，现就召开公司 2024 年年度股东大会的相关事项通知如下： （2）网络投票时间： 一、召开会议的基本情况 1、股东大会届次：公司 2024 年年度股东大会； 2、股东大会召集人：本次股东大会由公司董事会召集。经公司第六届董事 会第六次会议审议通过，决定召开 2024 年年度股东大会； 3、会议召开的合法、合规性：董事会召集、召开本次股东大会会议符合《公 司法》《证券法》《深圳证券交易所创业板股票上市规则》等有关法律法规及《深 圳市飞荣达科技股份有限公司章程》的规定； 4、会议召开日期、时间： （1）现场会议召开时间：2025 年 5 月 8 日（星期四）下午 ...

证券代码：300602 证券简称：飞荣达 公告编号：2025-013 一、监事会会议召开情况 1、深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞荣达"）第 六届监事会第五次会议通知于 2025 年 4 月 3 日以专人送达、电子邮件等方式发 出，本次会议于 2025 年 4 月 14（星期一）日在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#楼 9F 会议室以现场方式召开。 2、本次会议应到监事 3 人，实到监事 3 人。会议由监事会主席胡婷女士主 持，董事会秘书列席了本次会议。 3、本次会议的召集、召开和表决程序符合《公司法》等有关法律、法规及 《深圳市飞荣达科技股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，合法有效。 二、监事会会议审议情况 1、审议并通过《2024 年度监事会工作报告》； 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年度监事会工作报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 深圳市飞荣达科技股份有限公司 第六届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 ...

证券代码：300602 证券简称：飞荣达 公告编号：2025-012 深圳市飞荣达科技股份有限公司 第六届董事会第六次会议决议公告 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。 一、董事会会议召开情况 1、深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞荣达"）第 六届董事会第六次会议通知于 2025 年 4 月 3 日以专人送达、电子邮件等方式发 出，会议于 2025 年 4 月 14 日（星期一）在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#楼 9F 会议室以现场结合通讯方式召开。 表决结果：7 票同意，0 票反对，0 票弃权。 2、本次会议应到董事 7 人，实到董事 7 人，会议由董事长马飞先生主持， 监事及部分高管列席了本次会议。 3、本次会议的召集、召开和表决程序符合《公司法》等有关法律、法规及 《深圳市飞荣达科技股份有限公司章程》（以下简称"《公司章程》"）《董事 会规则》的有关规定，合法有效。 二、董事会会议审议情况 1、审议并通过《2024 年度董事会工作报告》； 公司《2024 年度董事会工作报告》真实、准确、 ...

证券代码：300602 证券简称：飞荣达 公告编号：2025-016 深圳市飞荣达科技股份有限公司 关于 2024 年度利润分配预案的公告 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。 深圳市飞荣达科技股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召 开了第六届董事会第六次会议及第六届监事会第五次会议，审议通过了公司《关于 2024 年度利润分配预案》，该议案尚需提交公司 2024 年年度股东大会审议。现将 相关内容公告如下： 一、 本次利润分配预案的基本情况 1、分配基准：2024 年度 2、经立信会计师事务所（特殊普通合伙）审计，公司母公司 2024 年度实现净 利润人民币 159,299,779.99 元，2024 年度公司提取法定盈余公积金 15,929,978.00 元， 加上年初未分配利润人民币 1,323,776,421.80 元，加上其他综合收益结转未分配利 润 486,434.87 元，扣除实施 2023 年度现金股利分配方案 19,042,970.56 元后，截至 2024 年 12 月 31 日，母公司可供股东分配的 ...

深圳市飞荣达科技股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025] 第 ZI10077 号 深圳市飞荣达科技股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | 表 | | | | | 财务报表附注 | 1-122 | 三、 事务所执业资质证明 审计报告 信会师报字[2025]第 ZI10077 号 深圳市飞荣达科技股份有限公司全体股东： 一、 审计意见 我们审计了深圳市飞荣达科技股份有限公司（以下简称飞荣达） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有 ...

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 2025 年开展外汇套期保值业务的核查意见 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"）创业板向特定对 象发行股票的保荐机构，根据《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 2 号—— 创业板上市公司规范运作》等有关法律法规和规范性文件的要求，对飞荣达 2025 年开展外汇套期保值业务的事项进行了审慎核查，并发表核查意见如下： 一、公司开展外汇套期保值业务的目的 公司开展的外汇套期保值业务与日常经营需求紧密相关，为有效规避外汇市 场的风险，防范汇率大幅波动对公司造成不良影响，提高外汇资金使用效率，合 理降低财务费用，公司拟开展外汇套期保值业务。 二、公司拟开展外汇套期保值业务的基本情况 （一）涉及业务品种 公司本次实施的外汇套期保值，包括但不限于远期结售汇、结构性远期、外 汇掉期、外汇期权及其他外汇衍生产品业务等。 （二）业务规模及投入资金来源 根据公司资产规模及业务需求情况，公司及子公司累计开展的外汇套期 ...

深圳市飞荣达科技股份有限公司 内部控制审计报告 信会师报字[2025]第 ZI10078 号 深圳市飞荣达科技股份有限公司 内部控制审计报告 2024 年度 | | | 二、 事务所执业资质证明 内部控制审计报告 信会师报字[2025]第 ZI10078 号 深圳市飞荣达科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了深圳市飞荣达科技股份有限公司（以下简称飞荣 达）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是飞荣达董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 一、 内部控制审计报告 1-2 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,181,287,129.43, representing a 14.74% increase compared to ¥982,356,206.68 in the same period last year[5] - Net profit attributable to shareholders was ¥57,763,731.39, an increase of 85.57% from ¥23,635,031.27 year-on-year[5] - The company reported a basic earnings per share of ¥0.0996, up 84.79% from ¥0.0410 in the same period last year[5] - The company experienced a 30.28% increase in net profit attributable to shareholders after deducting non-recurring gains and losses, amounting to ¥36,187,291.48 compared to ¥20,377,764.12 last year[5] - The net profit for the current period is 62,186,563.69, a significant increase from 31,531,028.05 in the previous period, representing a growth of 97.2%[23] - The total profit for the current period is 54,248,129.33, compared to 41,574,172.13 in the previous period, indicating an increase of 30.5%[23] - The basic earnings per share for the current period is 0.0996, up from 0.0539 in the previous period, reflecting an increase of 84.5%[23] - The company's total revenue for the current period reached CNY 1,181,287,129.43, up from CNY 1,029,544,687.09 in the previous period, reflecting a growth of approximately 14.7%[22] Cash Flow and Investments - The net cash flow from operating activities was -¥57,414,611.81, a decline of 218.55% compared to -¥16,240,916.72 in the previous year[5] - The net cash flow from operating activities was -5,741.46 million RMB, a decline of 3,939.10 million RMB or 218.55%, primarily due to increased cash payments for employee compensation and raw material procurement[12] - The net cash flow from investing activities was -36,718.76 million RMB, a significant increase of 26,558.45 million RMB or 261.39%, mainly due to higher payments for investments and infrastructure projects[12] - Cash flow from investing activities has a net outflow of -367,187,576.92, compared to -101,603,100.35 in the previous period, indicating increased investment activity[25] - The company received cash from investment activities totaling 21,687,285.69, compared to 385,776.51 in the previous period, indicating a decrease in cash inflow from investments[25] - The net cash flow from financing activities improved to 7,012.64 million RMB, an increase of 22,774.69 million, primarily due to cash received from new borrowings[12] - Cash flow from financing activities shows a net inflow of 70,126,397.48, a recovery from a net outflow of -157,620,478.29 in the previous period[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥7,878,792,474.42, a decrease of 2.75% from ¥7,860,815,082.78 at the end of the previous year[5] - As of March 31, 2025, the total assets amounted to CNY 7,878,792,474.42, a decrease from CNY 8,101,454,988.28 at the beginning of the period[20] - The total liabilities increased to CNY 4,059,877,487.40 from CNY 3,967,684,070.08, indicating a rise in financial obligations[21] - The company reported a decrease in cash and cash equivalents to CNY 914,315,512.85 from CNY 1,189,127,895.01, indicating a reduction in liquidity[19] - The company’s long-term borrowings increased to CNY 456,284,247.67 from CNY 409,353,247.67, reflecting a strategy to leverage debt for growth[20] Business Operations and Strategy - The company noted a significant growth in its consumer electronics business, driven by increased demand for mobile phones and laptops[9] - The company is actively adjusting its production layout to enhance capacity and meet customer demand, particularly in the AI server and new energy vehicle sectors[9] - The company plans to strengthen internal management and cost control measures to improve overall profitability despite slight declines in gross margins for some product lines[9] - The company has divested its remaining 45% stake in Guangdong Bowei to optimize its asset structure and improve financial health, a decision approved by the board and shareholders[16] - The company acquired 100% equity of Jiangsu Zhongyu Rubber Technology Co., Ltd., enhancing its product matrix in the new energy sector and improving its electromagnetic shielding and thermal management solutions[17] - The acquisition of Jiangsu Zhongyu is expected to enhance the company's market share and overall competitiveness in the new energy sector[17] Costs and Expenses - Operating costs increased to 97,429.54 million RMB, reflecting a rise of 13,130.44 million RMB or 15.58%, in line with the revenue growth[12] - Operating costs also increased to CNY 1,135,199,932.75 from CNY 1,002,273,224.89, representing a rise of about 13.3%[22] - Financial expenses surged by 308.41% to 248.55 million RMB, mainly due to reduced interest income and exchange rate fluctuations[12] - Research and development expenses rose to CNY 68,938,757.46, compared to CNY 58,681,251.42 in the previous period, indicating a focus on innovation[22] Non-recurring Items - Non-recurring gains and losses impacted net profit by ¥21,576,439.91, primarily from government subsidies and gains from the disposal of a subsidiary[10] - The company recorded an asset disposal gain of 19,566.53, a turnaround from a loss of -1,013,002.10 in the previous period[23]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year growth of 15%[23]. - The company's operating revenue for 2024 reached ¥5,030,786,389.36, representing a 15.76% increase compared to ¥4,345,940,678.81 in 2023[28]. - Net profit attributable to shareholders for 2024 was ¥188,890,277.36, an increase of 83.01% from ¥103,214,135.70 in 2023[28]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥157,565,060.54, up 92.81% from ¥81,720,180.26 in 2023[28]. - The basic earnings per share for 2024 was ¥0.33, reflecting a 73.68% increase from ¥0.19 in 2023[28]. - The gross margin for the year was reported at 35%, a slight increase from 32% in the previous year[23]. - The company achieved total operating revenue of 503,078.64 million yuan in 2024, representing a year-on-year growth of 15.76%[98]. - The revenue from electromagnetic shielding materials and devices was ¥1,309,897,874.02, accounting for 26.04% of total revenue, with a year-on-year growth of 11.40%[114]. Accounts Receivable and Cash Flow - As of December 31, 2024, the company's net accounts receivable amounted to 2,073.28 million yuan, representing 26.37% of total assets[8]. - The accounts receivable turnover rate for 2024 was 2.63 times, indicating a decrease from previous years[8]. - The company reported a net cash flow from operating activities of ¥352,031,680.29 for 2024, a decrease of 40.40% compared to ¥590,649,121.07 in 2023[28]. - Cash and cash equivalents decreased to ¥1,181,407,123.99, accounting for 15.03% of total assets, down from 16.99%[133]. - Accounts receivable increased to ¥2,073,277,117.22, representing 26.37% of total assets, up from 23.75%, primarily due to increased sales volume[133]. Research and Development - Research and development expenses increased by 25%, totaling RMB 150 million, focusing on 5G technology advancements[23]. - The company has accumulated 779 patents as of December 31, 2024, including 166 invention patents, 599 utility model patents, and 14 design patents, reflecting its strong focus on R&D and innovation[104]. - The company is focusing on developing new technologies and products, including high-performance liquid cooling modules and advanced thermal management solutions, to meet evolving customer demands[103]. - R&D expenditure for 2024 amounted to ¥263,156,029.73, representing 5.23% of operating revenue, slightly down from 5.32% in 2023[127]. Market Expansion and Strategy - The company plans to continue developing new technologies and products to maintain its competitive edge in the market[5]. - The company will focus on expanding its international market presence while monitoring global trade tariff policies[13]. - The company is expanding its market presence in Southeast Asia, with plans to establish two new manufacturing facilities by the end of 2024[23]. - The company aims to enhance its R&D capabilities and innovate in electromagnetic shielding and thermal management solutions, targeting growth in AI servers and new energy vehicles[156]. - The company plans to expand its market presence, particularly in overseas markets, with a focus on establishing production capabilities in Vietnam and potentially Thailand[158]. Sustainability and Corporate Governance - The company has initiated a new sustainability strategy, targeting a 30% reduction in carbon emissions by 2025[23]. - The company is committed to sustainable development, increasing investment in environmental technology to reduce carbon emissions and enhance resource utilization efficiency[162]. - The company emphasizes strengthening internal controls and governance to achieve its 2025 operational goals[157]. - The company has implemented strict governance practices, ensuring compliance with relevant laws and regulations, and maintaining a high level of information disclosure[180]. Product Development and Innovation - New product launches include advanced electromagnetic shielding materials, expected to contribute an additional RMB 200 million in revenue[23]. - The company is developing low-viscosity high-strength epoxy resin to break the technology monopoly of imported products, aiming for a tensile strength of 55-65 MPa[123]. - The company is also researching a high-performance thermal management solution for micro cooling fans to enhance market competitiveness and reduce energy consumption[124]. - The company is focusing on the development of high thermal conductivity and high-temperature resistant materials for liquid cooling plates in electric vehicles[125]. Customer and Market Relationships - The company has established close partnerships with numerous well-known domestic and international clients, including Huawei, Microsoft, and BYD, enhancing its market share and brand recognition[104]. - The product line includes a comprehensive range of electromagnetic shielding and thermal management materials, catering to various customer needs across different industries, including new energy vehicles and data centers[105]. - The company is focusing on customized solutions for electromagnetic shielding and thermal management to meet the diverse needs of its clients[68]. Operational Efficiency - The company aims to enhance internal cost management and optimize resource allocation to control costs and expenses effectively[10]. - The company aims to improve operational efficiency by implementing new manufacturing technologies, projected to reduce costs by 8%[23]. - The company is implementing cost reduction and efficiency enhancement measures to improve profitability[98]. Leadership and Management - The company has maintained a stable management structure with new appointments aimed at enhancing operational efficiency[190]. - The current board of directors includes experienced professionals with diverse backgrounds, such as the chairman who founded the company in 1993 and has held multiple executive roles[192]. - The management team operates under clear responsibilities and has shown stability, with no reported violations of duties[179].