北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年八月 | 四、结论意见 7 | | --- | 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 3. 公司于 2025 年 8 月 7 日刊登于巨潮资讯网（www.cninfo.com.cn）的公司 董事会关于召开本次股东会的会议通知； 4. 公司本次股东会股权登记日的股东名册、出席现场会议的股东的到会登 北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第三次临时股东会的 法律意见书 致：电连技术股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》以及中国证券监督 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - In the first half of 2025, the company achieved revenue of 2.524 billion yuan, a year-on-year increase of 17.71%, while the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [1]. - The company is focusing on its core business areas, benefiting from the growth in the automotive electronics market and a slight recovery in the consumer electronics sector, which has led to increased revenue [1][2]. - The overall gross margin has declined to 29.42%, a decrease of 4.43 percentage points year-on-year, due to rising operational costs and changes in product structure [1]. Summary by Sections Business Performance - The company reported a revenue of 1.328 billion yuan in Q2 2025, reflecting a year-on-year growth of 20.26% and a quarter-on-quarter increase of 11.04% [1]. - The company has successfully entered the supply chains of major global smartphone brands, contributing to revenue growth [1][2]. Strategic Focus - The company aims to deepen its presence in automotive electronics and consumer electronics, leveraging its position as a leading supplier of micro RF connectors and interconnect systems [2]. - It has established an integrated operational model that enhances efficiency across production, sales, and procurement [2]. Competitive Advantages - The company holds 592 domestic and international patents, creating a strong intellectual property barrier in core technology areas [2]. - It has transitioned from a single product supplier to a comprehensive leader with multi-platform and multi-scenario solutions, enhancing its market position [2][3]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is 791 million, 1.058 billion, and 1.279 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 17 [3][4]. - Revenue is expected to grow significantly, with estimates of 5.879 billion yuan in 2025, 7.386 billion yuan in 2026, and 8.932 billion yuan in 2027, reflecting growth rates of 26.1%, 25.6%, and 20.9% respectively [4][9].

Group 1 - The core point of the article is that the company, 电连技术 (300679.SZ), has successfully achieved mass delivery of automotive connectors used for LiDAR technology [1] Group 2 - The company has communicated this achievement through an investor interaction platform, indicating a proactive approach to investor relations [1]

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth but a decline in net profit, indicating challenges in certain segments while showing potential in automotive connectors [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.52 billion yuan, a year-on-year increase of 17.7%, but the net profit attributable to shareholders was 240 million yuan, down 21.1% year-on-year [1]. - Q2 2025 revenue reached 1.33 billion yuan, reflecting a year-on-year growth of 20.3% and a quarter-on-quarter increase of 11.0%, while net profit was 120 million yuan, down 18.1% year-on-year and 3.2% quarter-on-quarter [1]. Group 2: Automotive Sector - The company's automotive connector revenue in H1 2025 was 810 million yuan, up 35.8% year-on-year, driven by the increasing demand for L2+ vehicles, which saw cumulative sales of 2.383 million units in H1 2025, with a penetration rate of 22.5%, up 11.2 percentage points year-on-year [2]. - The gross margin for automotive connectors in H1 2025 was 37.5%, down 3.3 percentage points year-on-year, primarily due to customer structure adjustments and annual declines [2]. - The company anticipates further revenue growth in the automotive sector in H2 2025 as the industry enters a peak season and more intelligent driving models are launched [2]. Group 3: Consumer Electronics Sector - The consumer electronics segment remains the largest revenue contributor, with RF connectors and cable components generating 470 million and 450 million yuan, respectively, in H1 2025, reflecting year-on-year declines of 5.8% and 0.3% due to decreased industry demand [3]. - The domestic smartphone shipment volume in H1 2025 was 140 million units, showing a slight year-on-year decline, with Q2 shipments at 68.96 million units, down 4% year-on-year and quarter-on-quarter [3]. - The gross margins for RF connectors and cable components were 40.2% and 29.1%, down 4.9 and 4.3 percentage points year-on-year, attributed to product mix impacts [3]. Group 4: Operational Challenges and Future Outlook - The overall gross margin for H1 2025 was 29.4%, down 4.4 percentage points year-on-year, with Q2 gross margin at 28.2%, down 4.3 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [4]. - The company’s expense ratio for H1 2025 was 19.0%, down 0.2 percentage points year-on-year, with management expenses increasing significantly due to business expansion and rising operational costs [4]. - The company is optimistic about Q3 2025 as a potential turning point for performance, anticipating improved demand and the gradual production of new capacities [4]. Group 5: Investment Outlook - Based on the company's operational performance in H1 2025, projected revenues for 2025-2027 are 5.6 billion, 7.2 billion, and 8.3 billion yuan, representing year-on-year growth rates of 21%, 28%, and 15% respectively [5]. - Expected net profits for the same period are 710 million, 1.04 billion, and 1.22 billion yuan, with year-on-year growth rates of 14%, 47%, and 18% respectively, indicating a strong CAGR of 25% [5]. - The company maintains a "buy" rating, driven by the anticipated continued growth in the automotive sector due to the acceleration of smart technology [5].

Core Viewpoint - The recent financial report of Dianzhi Technology (300679) indicates a mixed performance with a significant increase in revenue but a decline in net profit, highlighting potential concerns regarding accounts receivable and profitability metrics [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.524 billion yuan, a year-on-year increase of 17.71% compared to 2.144 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 243 million yuan, down 21.1% from 308 million yuan in the previous year [1]. - The gross profit margin decreased to 29.42%, a decline of 13.11% year-on-year, while the net profit margin fell to 10.15%, down 31.72% [1]. - The company reported a significant increase in accounts receivable, which reached 1.49 billion yuan, representing a 23.01% increase from the previous year [1]. Expense and Cash Flow Analysis - Total operating expenses, including sales, management, and financial costs, amounted to 269 million yuan, accounting for 10.66% of revenue, an increase of 17.97% year-on-year [1]. - The company experienced a 30.1% decrease in operating cash flow per share, which was 0.64 yuan compared to 0.92 yuan in the previous year [1][3]. - The increase in management expenses by 40.36% was attributed to business expansion and rising operational costs [2]. Investment and Financing Activities - The net cash flow from investment activities increased by 232.19%, primarily due to reduced investment expenditures [3]. - The net cash flow from financing activities rose by 30.62%, influenced by increased dividend payouts [4]. - The company’s cash and cash equivalents saw a significant increase of 120.67%, driven by higher cash receipts from sales and reduced investment spending [4]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 11.91%, indicating average capital returns, with a historical median ROIC of 10.78% since its listing [4]. - Analysts project the company's performance for 2025 to reach 798 million yuan, with an average earnings per share estimate of 1.88 yuan [4]. Fund Holdings - The largest fund holding Dianzhi Technology is the Xingquan Huitai Mixed A fund, which has increased its position to 8.0504 million shares [5]. - Other funds have also adjusted their positions, with some increasing their holdings while others have reduced them [5].

Core Insights - The global automotive connector market is projected to reach $92 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%, expected to exceed $135 billion by 2029, driven by the dual trends of electrification and intelligence in vehicles [1] - The company reported a revenue of 2.524 billion yuan in the first half of 2025, a year-on-year increase of 17.71%, with automotive connectors contributing 811 million yuan, reflecting a growth of 35.84% [1][2] - The automotive electronics connector business has shown significant growth, with a diverse product range including RF connectors and high-speed connectors, successfully integrated into major domestic automotive manufacturers [2][3] Market Trends - In the first half of 2025, domestic automotive production and sales reached 15.621 million and 15.653 million units, respectively, marking a year-on-year growth of 12.5% and 11.4%, with new energy vehicles (NEVs) showing a remarkable growth of 41.4% in production [3] - The market penetration rate of NEVs reached 44.3%, indicating a significant increase compared to the previous year, alongside a notable rise in the number and value of connectors used per vehicle [3] Competitive Position - The company has established itself as a leading supplier of micro RF connectors and interconnect systems in China, with a strong presence in the supply chains of major smartphone brands and domestic automotive manufacturers [3][4] - The company has a robust R&D capability, with 592 patents, including 51 invention patents, enhancing its competitive edge in the connector industry [4][5] Growth Drivers - The automotive connector business is benefiting from economies of scale, continuous process optimization, and strengthened cost control, maintaining stable profitability [2] - The dual growth of automotive electronics and consumer electronics is driving the company's revenue growth, positioning it as a key beneficiary of market trends in the connector industry [5]

Core Viewpoint - The report highlights the financial performance and operational status of Electric Connector Technology Co., Ltd. for the first half of 2025, indicating a significant increase in revenue but a decline in net profit due to various operational costs and market conditions [2][4]. Company Overview and Financial Indicators - The company reported a revenue of approximately 2.524 billion yuan, representing a year-on-year increase of 17.71% compared to 2.144 billion yuan in the same period last year [4][20]. - The net profit attributable to shareholders decreased by 19.07%, amounting to approximately 238.67 million yuan, down from 294.93 million yuan in the previous year [4][20]. - Basic earnings per share fell by 21.92% to 0.57 yuan from 0.73 yuan [4][20]. - Total assets increased slightly by 0.59% to approximately 7.458 billion yuan from 7.415 billion yuan at the end of the previous year [4][20]. Business Operations - The company specializes in micro electrical connectors and interconnection systems, with a focus on high-reliability and high-performance products, particularly in the smartphone and automotive sectors [8][10]. - The global smartphone market showed a weak recovery in the first half of 2025, with shipments reaching approximately 551.5 million units, a slight increase of 970,000 units year-on-year [6][8]. - The domestic automotive market experienced significant growth, with production and sales reaching 15.62 million and 15.65 million units, respectively, marking year-on-year increases of 12.5% and 11.4% [8][10]. Market Position and Competitive Advantage - The company is recognized as a leading supplier of micro RF connectors and interconnection systems in China, having established itself within the supply chains of major smartphone brands and automotive manufacturers [15][18]. - The automotive connector product line has seen substantial growth, particularly in the context of the increasing demand for electric vehicles and advanced driver-assistance systems [16][18]. - The company holds 592 domestic and international patents, showcasing its strong research and development capabilities [18][20]. Financial Performance Analysis - Operating costs increased by 25.61% to approximately 1.782 billion yuan, driven by business expansion and rising operational costs [20][21]. - Research and development expenses slightly decreased by 3.35% to approximately 209.28 million yuan, reflecting the company's focus on maintaining competitive product offerings [20][21]. - The company reported a net cash inflow from operating activities, indicating healthy cash flow management despite increased costs [20][21].

Core Viewpoint - The report indicates that the company experienced a revenue increase of 17.71% year-on-year, but net profit decreased by 21.10%, highlighting a mixed financial performance for the first half of 2025 [1][2]. Financial Performance - Operating revenue for the reporting period reached CNY 2,524,050,551.81, compared to CNY 2,144,223,600.32 in the same period last year, marking a 17.71% increase [1]. - Net profit attributable to shareholders was CNY 242,662,314.64, down from CNY 307,566,074.70, reflecting a decrease of 21.10% [1]. - Net cash flow from operating activities was CNY 273,028,968.79, a decline of 29.87% from CNY 389,316,920.87 in the previous year [1]. - Basic earnings per share decreased to CNY 0.57 from CNY 0.73, a drop of 21.92% [1][2]. Asset and Equity Status - Total assets at the end of the reporting period were CNY 7,458,372,974.84, a slight increase of 0.59% from CNY 7,414,956,161.56 at the end of the previous year [2]. - Net assets attributable to shareholders rose to CNY 4,973,144,056.54, up 0.96% from CNY 4,925,796,482.73 [2]. Shareholder Information - The top shareholder, Chen Yuxuan, holds 20.33% of the shares, followed by Lin Deying with 10.15% and Ren Junjiang with 7.06% [3]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3][4]. Important Events - On April 2, 2025, the company approved a restricted stock incentive plan during board meetings, which was subsequently verified by the supervisory board [4][5]. - The company held a second temporary shareholders' meeting on April 24, 2025, to discuss the employee stock ownership plan [5]. - A cash dividend of CNY 4.746608 per 10 shares was approved for the 2024 fiscal year, with no stock dividends or capital increases planned [5].

Group 1 - The board of directors of the company held its seventh meeting of the fourth session on August 21, 2025, with 7 directors participating in the vote, confirming compliance with relevant regulations [1][2] - The board approved the "2025 Semi-Annual Report" and its summary, stating that the report accurately reflects the company's financial status and operational results, adhering to legal and regulatory requirements [1][2] - The board also approved the "Special Report on the Storage, Management, and Actual Use of Raised Funds for the First Half of 2025," confirming that the management of raised funds complies with regulations and accurately reflects the actual situation [2][3] Group 2 - The board agreed to establish an "Internal Audit System" based on relevant laws and regulations, tailored to the company's specific circumstances [2][3] - All resolutions were passed with unanimous support, receiving 7 votes in favor, with no votes against or abstentions [2][3]

证券代码：300679 证券简称：电连技术 公告编号：2025-069 电连技术股份有限公司 第四届监事会第六次会议决议公告 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 电连技术股份有限公司（以下简称"公司"）第四届监事会第六次会议于2025 年8月21日11:30在公司会议室以现场表决的方式召开。会议通知于2025年8月11日 以书面、电子邮件等方式送达全体监事。应参与表决监事3人，实际参与表决监事3 人。会议由监事会主席陈锋先生主持，公司董事会秘书列席了本次会议。本次会议 的召开符合法律、行政法规、部门规章和《电连技术股份有限公司章程》等相关规 定。 二、监事会会议审议情况 （http://www.cninfo.com.cn）披露的《2025 年半年度报告》及《2025年半年度报告摘要》，其中《2025年半年度报告摘要》将 刊登于《证券时报》《证券日报》《中国证券报》《上海证券报》。 表决结果：同意3票；反对0票；弃权0票，表决通过。 （二）审议通过《关于<2025年半年度募集资金存放、管理与实际使用情况的 专项报告>的议案》 ...