Company Overview and Performance - The company's products are widely used in network communications, data centers (servers), consumer electronics, new energy vehicles, artificial intelligence, photovoltaic energy storage, medical and home appliances [39] - The company's revenue composition by application area: consumer electronics 38%, communications 27%, new energy (new energy vehicles, photovoltaic and energy storage) 35% [1] - In 2023, the company's operating income was 4.346 billion yuan, a year-on-year increase of 5.37%, and net profit attributable to the parent company was 103 million yuan [17] - In Q1 2024, the company achieved high growth with operating income of 982 million yuan, a year-on-year increase of 27.05%, net profit attributable to the parent company of 24 million yuan, a year-on-year increase of 194.07%, and non-GAAP net profit of 20 million yuan, a year-on-year increase of 159.03% [18] Key Business Segments and Concepts - The company provides products related to new energy vehicle battery packs, such as battery end plates, battery covers, flexible connections, liquid cooling plates, fluororubber, and thermal conductive paste [5] - The company has products applied in drones [6] - The company has obtained supply qualifications from major customers in the photovoltaic inverter industry, including Huawei, Sungrow, and Growatt, providing products such as die-casting parts, special radiators, liquid cooling plates, thermal interface materials, and shielding materials [7] - The company has been involved in the development of AI PC products since the first generation of the Surface series and maintains a long-term cooperative relationship with Microsoft [20] - The company has products applied in VR/AR/MR, with major clients being Microsoft and Meta [21] - The company's new production capacity includes 660,000 sets of energy storage components, 660,000 sets of energy storage chassis shells, 1.32 million sets of energy storage chassis panels, 396 million sets of connecting pieces, 720,000 sets of liquid cooling plates, and 360,000 sets of battery pack covers [22] - The company has been cooperating with Huawei since 1997 and is an important supplier in areas such as mobile phones, notebooks, servers, communication equipment, new energy vehicles, and energy storage [23] Market Trends and Catalysts - The AI PC replacement wave is expected to begin, with the proportion of AI smartphone shipments potentially increasing to 54% by 2028 [9] - The Taipei International Computer Show (COMPUTEX2024) will be held from June 4 to 7, 2024, where major tech companies like NVIDIA, AMD, Qualcomm, and Intel will showcase their latest AI PC products and technologies [8] - Microsoft plans to launch Windows 11 AI PCs equipped with Copilot starting from June 18, with the first devices featuring a new AI Copilot activation button on the keyboard [9] - Apple's WWDC24 global developer conference will be held from June 10 to 14, 2024 [25] - Smartphone manufacturers such as OPPO, Honor, Xiaomi, and Samsung have showcased new AI-enabled phones and plan to release AI technologies in June to gain market share ahead of Apple [26] Institutional and Investor Activity - On May 7, 43 institutions participated in the company's research [27] - The company's gross margin has been gradually recovering, with each quarter showing a sequential increase, and is expected to further improve with increased capacity utilization [10] - In Q1 2024, a new private equity fund entered the company's top ten circulating shareholders, and two individual shareholders increased their holdings [34] - The number of shareholders has slightly decreased, while the average number of shares held per household has slightly increased [35] Financial Performance - The company's operating income and net profit have shown fluctuations over the years, with operating income increasing from 2.615 billion yuan in 2019 to 4.346 billion yuan in 2023, and net profit attributable to the parent company fluctuating from 351 million yuan in 2019 to 103 million yuan in 2023 [4] - In Q1 2024, the company's operating income was 982 million yuan, a year-on-year increase of 27.05%, and net profit attributable to the parent company was 24 million yuan, a year-on-year increase of 194.07% [18]

Investment Rating - The investment rating for the company is "Outperform" [4][15][30] Core Views - The company has shown significant improvement in gross margin and operating cash flow, indicating a potential turning point in profitability [5][29][37] - Revenue from consumer electronics has increased significantly, with a notable growth in thermal management materials and devices [14][29] Summary by Sections Financial Performance - In 2023, the company achieved revenue of RMB 4.35 billion, a year-on-year increase of 5.37%, and a net profit attributable to shareholders of RMB 103 million, up 7.31% [37] - The gross profit margin (GPM) was 19.47%, an increase of 2.15 percentage points year-on-year, while the net profit margin (NPM) was 2.37%, up 0.04 percentage points [37] - For Q1 2024, revenue reached RMB 982 million, a 27.05% increase year-on-year, with a net profit of RMB 23.64 million compared to a loss in the same period last year [37] Revenue Breakdown - Revenue from electromagnetic shielding materials and devices was RMB 1.18 billion, with a GPM of 23.06% [14][29] - Revenue from thermal management materials and devices was RMB 1.73 billion, with a GPM of 19.90% [14][29] - The company’s revenue from consumer electronics, telecommunications, and new energy vehicles accounted for 38%, 27%, and 35% of total revenue, respectively [14][29] Earnings Forecast - Forecasted revenues for 2024, 2025, and 2026 are RMB 5.09 billion, RMB 5.83 billion, and RMB 6.60 billion, respectively [15][30] - Expected net profits for the same years are RMB 282 million, RMB 371 million, and RMB 450 million, with corresponding EPS of RMB 0.49, RMB 0.64, and RMB 0.78 [15][30] Valuation - The target price is set at RMB 19.48, based on a forward PE of 40 for 2024 [15][30]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7][30]. Core Views - The company achieved a revenue of 4.346 billion yuan in 2023, representing a year-on-year increase of 5.37%, with a net profit attributable to the parent company of 103 million yuan, up 7.31% year-on-year [1]. - The first quarter of 2024 saw a revenue of 982 million yuan, a significant year-on-year increase of 27.05%, and a net profit of 23.64 million yuan, compared to a loss in the same period last year [1]. - The company is expected to see revenues of 5.093 billion yuan, 5.828 billion yuan, and 6.596 billion yuan from 2024 to 2026, with net profits of 282 million yuan, 371 million yuan, and 450 million yuan respectively [30]. Financial Performance Summary - In 2023, the company reported a gross margin of 19.47%, an increase of 2.15 percentage points year-on-year, and a net margin of 2.37%, up 0.04 percentage points year-on-year [1]. - The operating cash flow for 2023 was 5.91 billion yuan, reflecting a dramatic increase of 4952.46% year-on-year [1]. - The company’s revenue breakdown by sector in 2023 showed significant contributions from consumer electronics (38%), communication (27%), and new energy (35%), with notable growth in thermal management materials and devices [9]. Business Segment Analysis - Revenue from electromagnetic shielding materials and devices reached 1.176 billion yuan, with a gross margin of 23.06% [9]. - Thermal management materials and devices generated 1.733 billion yuan in revenue, with a gross margin of 19.90% [9]. - The company anticipates continued growth in these segments, with projected revenues for thermal management materials reaching 2.166 billion yuan in 2024 [11]. Earnings Forecast - The report forecasts earnings per share (EPS) of 0.49 yuan, 0.64 yuan, and 0.78 yuan for 2024, 2025, and 2026 respectively [30]. - The projected net profit growth rates are 173.7% for 2024 and 31.4% for 2025 [24]. Valuation Metrics - The report suggests a dynamic price-to-earnings (PE) ratio range of 38-40X for 2024, indicating a reasonable value range of 18.51-19.48 yuan per share [30].

证券代码：300602 证券简称：飞荣达 公告编号：2024-034 深圳市飞荣达科技股份有限公司 2023 年年度权益分派实施公告 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"或"本公司"），2023 年 年度权益分派方案已获2024年5月20日召开的2023年年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1、公司 2023 年年度股东大会审议通过的 2023 年年度权益分派方案为：公 司拟以现有总股本 578,049,831 股为基数，向全体股东每 10 股派发现金红利 0.33 元（含税）。剩余未分配利润结转以后年度。 分配方案公布后至实施前，公司总股本由于股份回购、股权激励行权、再融 资新增股份上市等原因而发生变化的，分配比例应当按照"分派总额不变"的原 则相应调整。 2、自利润分配方案披露至实施期间公司总股本变化情况。 公司于 2024 年 4 月 23 日召开第五届董事会第二十次会议、第五届监事会第 二十次会议，分别审议通过《关于 2021 年限制性股票 ...

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：518038 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@sundiallawfirm.com 网站（Website）：www.sundiallawfirm.com 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 年年度股东大会的 法律意见书 信达会字(2024)第 164 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 年年度股东大会 （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《公司章程》的规定，按 ...

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"）于 2024年4月25日在中 国证监会创业板指定信息披露网站上披露《2023年年度股东大会通知》，并于2024 年5月13日披露了《关于召开2023年年度股东大会的通知（延期后）》。 二、 会议召开情况 证券代码：300602 证券简称：飞荣达 公告编号：2024-033 深圳市飞荣达科技股份有限公司 2023年年度股东大会决议公告 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、现场会议召开时间：2024年5月20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：2024年5月20日 9:15-9:25，9:3 ...

证券代码：300602 证券简称：飞荣达 公告编号：2024-032 深圳市飞荣达科技股份有限公司 关于部分董事、高级管理人员股份减持计划的预披露公告 注：上述比例相加之和在尾数上如有差异，是由于四舍五入所造成。 二、本次减持计划的主要内容 （一）减持计划 1、减持股份来源： 董事、副总经理邱焕文，董事、副总经理、董事会秘书王燕，副总经理刘毅， 副总经理石为民，财务总监王林娜保证信息披露内容的真实、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： 董事、副总经理邱焕文先生，董事、副总经理、董事会秘书王燕女士，副总经 理刘毅先生，副总经理石为民先生，财务总监王林娜女士，计划自公告之日起十五 个交易日后的3个月内（自2024年6月6日至2024年9月5日）以集中竞价方式减持本公 司股份合计不超过633,300股，占公告日公司总股本的0.1096%。若计划减持期间内 公司有派息、送股、资本公积金转增股本、配股等除权除息事项，前述拟减持股份 数量将相应进行调整。 深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞荣达"）董事会近日 分 ...

证券代码：300602 证券简称：飞荣达 公告编号：2024-027 深圳市飞荣达科技股份有限公司 第五届董事会第二十一次（临时）会议决议公告 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。 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"）第五届董事会第 二十一次（临时）会议通知于 2024 年 5 月 11 日以专人送达、电话等方式发出， 并于 2024 年 5 月 11 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 会议室以现场结合通讯的方式召开。因相关事项紧急， 召集人董事长于本次董事会会议上就紧急通知的原因作出了说明。 1、审议并通过《关于延期召开 2023 年年度股东大会的议案》。 因公司统筹工作安排需要，根据公司实际情况，基于慎重考虑，为保证股东 大会顺利召开，公司决定将原定于2024年5月17日（星期五）召开的公司2023年 年度股东大会延期至2024年5月20日（星期一）召开。延期召开的股东大会股权 登记日不变，审议事项不变，本次股东大会的延期召开符合有关法律、法规和《公 司章程》的规 ...

证券代码：300602 证券简称：飞荣达 公告编号：2024-028 深圳市飞荣达科技股份有限公司 关于 2023 年年度股东大会的延期公告 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"）2023 年年度股东大会 将延期召开，会议召开日期由原定的 2024 年 5 月 17 日（星期五）延期至 2024 年 5 月 20 日（星期一）。原股东大会股权登记日、会议地点、会议的召开方式、 会议登记方式、审议事项等事项均保持不变。 1、股东大会届次：公司 2023 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，经公司第五届董事 会第二十次会议审议通过，决定召开 2023 年年度股东大会； 一、原股东大会的基本情况 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 《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：2024 年 5 月 17 日（星期五）下午 14:30 （2 ...

2、股东大会召集人：本次股东大会由公司董事会召集，经公司第五届董事 会第二十次会议审议通过，决定召开 2023 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《公 司章程》的规定； 4、会议召开日期、时间： 关于召开 2023 年年度股东大会的通知（延期后） 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： 深圳市飞荣达科技股份有限公司（以下简称"公司"）2023 年年度股东大会 将延期召开，会议召开日期由原定的 2024 年 5 月 17 日（星期五）延期至 2024 年 5 月 20 日（星期一）。原股东大会股权登记日、会议地点、会议的召开方式、 会议登记方式、审议事项等事项均保持不变。 一、召开会议的基本情况 1、股东大会届次：公司 2023 年年度股东大会； 证券代码：300602 证券简称：飞荣达 公告编号：2024-029 深圳市飞荣达科技股份有限公司 （1）现场会议召开时间：2024 年 5 月 20 日（星期一）下午 14:3 ...