北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年四月 | 一、本次股东大会的召集、召开程序 2 | | --- | | 二、出席本次股东大会人员资格 2 | | 三、本次股东大会的表决程序 3 | | 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 北京市中伦律师事务所 关于电连技术股份有限公司 2025 年第二次临时股东大会的 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》以及中国证券监督管理委员会（以下简称"中国证监会"）发布 的《上市公司股东会规则》的规定，北京市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue and profit growth in 2024, with revenue reaching 4.661 billion yuan, a year-on-year increase of 48.97%, and a net profit of 622 million yuan, up 74.73% year-on-year [4] - The company is expected to benefit from the trend of intelligent driving equality, which will drive long-term growth in the high-frequency and high-speed connector sector [4][5] - The first quarter of 2025 saw a revenue of 1.196 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 23.80% due to increased depreciation from new facilities [4] - The automotive connector business grew by 77.42% in 2024, with a gross margin of 39.35%, indicating strong demand and capacity expansion [5] Financial Summary - In 2024, the company reported a gross margin of 33.64% and a net margin of 13.58%, both showing improvements from the previous year [4] - The projected net profits for 2025, 2026, and 2027 are 814 million yuan, 1.120 billion yuan, and 1.338 billion yuan respectively, with corresponding P/E ratios of 26, 19, and 16 [4] - The company maintained a strong focus on R&D, with R&D expense ratios of 8.53% in 2024 and 8.98% in Q1 2025, reflecting ongoing investment in innovation [6] - The financial metrics indicate a robust growth trajectory, with expected revenues of 5.960 billion yuan in 2025, a 27.9% increase from 2024 [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Views - The company achieved record high performance in Q4 2024, while Q1 2025 is expected to face short-term pressure without altering the overall growth trend [1]. - The company is a leading domestic connector manufacturer, focusing on consumer electronics connectors and strategically positioning itself in the automotive connector market, which is anticipated to open up new growth opportunities [6]. Financial Performance Summary - For 2024, the company reported total revenue of 46.61 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 6.22 billion yuan, up 74.7% year-on-year [6][2]. - In Q4 2024, the company achieved revenue of 13.28 billion yuan, a year-on-year increase of 43.72%, and a net profit of 1.64 billion yuan, up 50.54% year-on-year [6]. - For Q1 2025, the company reported revenue of 11.96 billion yuan, a year-on-year increase of 15.02%, but a quarter-on-quarter decrease of 9.94%, with a net profit of 1.23 billion yuan, down 23.80% year-on-year [6]. Business Segment Performance - The company's RF connectors and cable assemblies generated revenue of 10.40 billion yuan in 2024, reflecting a year-on-year growth of 30.12% with a gross margin of 43.16% [6]. - The automotive connector business saw significant growth, achieving revenue of 14.61 billion yuan in 2024, a year-on-year increase of 77.42%, with a gross margin of 39.35% [6]. - The flexible circuit board business reported revenue of 5.38 billion yuan in 2024, up 73.06% year-on-year, with a gross margin of 12.61% [6]. Future Projections - The company is projected to achieve net profits of 8.07 billion yuan, 10.31 billion yuan, and 12.24 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The target price for the company's stock is set at 57.14 yuan, with the current price at 50.30 yuan, indicating potential upside [2].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company is expected to benefit from the increasing penetration of autonomous driving, particularly as smart driving technology is introduced in vehicles priced below 100,000 yuan, significantly expanding the company's growth potential [1][2] - Despite short-term challenges due to increased capital expenditures and a temporary decline in profit margins, the long-term outlook remains positive as production capacity utilization is anticipated to rise with the growing adoption of smart driving technologies [3][2] Financial Performance - In 2024, the company achieved a revenue of 4.661 billion yuan, a year-on-year increase of 48.97%, and a net profit of 622 million yuan, up 74.73% from the previous year [2][3] - For Q1 2025, the company reported a revenue of 1.196 billion yuan, reflecting a 15.02% year-on-year growth, while the net profit was 123 million yuan, down 23.80% year-on-year due to a decline in gross margin [2][3] - The gross margin for Q1 2025 was 30.74%, down from 33.34% in Q4 2024 and 35.31% in Q1 2024, attributed to increased depreciation and operational costs from significant capital investments [2] Future Outlook - The company is expected to gradually benefit from the rollout of smart driving solutions by major domestic manufacturers in Q2 2025 and beyond, which will likely enhance production capacity and profitability [3] - Revenue projections for 2025-2026 have been adjusted to 800 million yuan and 1.020 billion yuan respectively, with a forecast of 1.240 billion yuan for 2027 [3] Financial Data and Valuation - The company's projected revenue growth rates are 30% for 2025, 25% for 2026, and 20% for 2027 [3] - The estimated earnings per share (EPS) are projected to be 1.89 yuan in 2025, 2.41 yuan in 2026, and 2.92 yuan in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 26.63 in 2025 to 17.20 in 2027, indicating potential for value appreciation [3]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, driven by the automotive and consumer electronics sectors [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.66 billion yuan, a year-on-year increase of 50%, and a net profit attributable to shareholders of 620 million yuan, up 75% year-on-year [1]. - For Q4 2024, revenue reached 1.3 billion yuan, reflecting a year-on-year growth of 44% and a quarter-on-quarter increase of 12%, with a net profit of 160 million yuan, up 51% year-on-year and 8% quarter-on-quarter [1]. - In Q1 2025, the company reported revenue of 1.2 billion yuan, a year-on-year increase of 15%, but a quarter-on-quarter decline of 10%, with a net profit of 120 million yuan, down 24% year-on-year and 25% quarter-on-quarter [1][3]. Group 2: Business Segments - The automotive business showed high growth, with revenue from automotive connectors reaching 1.46 billion yuan, a year-on-year increase of 77%, contributing to 31.3% of total revenue, up 5 percentage points year-on-year [1]. - Revenue from consumer electronics connectors was 1.04 billion yuan, a year-on-year increase of 30%, while electromagnetic compatibility components and soft boards generated 910 million yuan and 540 million yuan, up 15% and 73% year-on-year, respectively [1]. Group 3: Profitability and Costs - The company's gross margin for 2024 was 33.6%, an increase of 1.3 percentage points year-on-year, with automotive connectors and consumer electronics connectors having gross margins of 39.4% and 43.2%, respectively [1]. - The period expense ratio for 2024 was 19.3%, a decrease of 1.6 percentage points year-on-year, with management and R&D expense ratios at 7.6% and 8.5%, down 1.2 percentage points and 0.9 percentage points year-on-year, respectively [2]. Group 4: Future Outlook - Revenue projections for 2025-2027 are 5.89 billion yuan, 7.52 billion yuan, and 8.89 billion yuan, representing year-on-year growth rates of 26%, 28%, and 18% [4]. - Net profit forecasts for the same period are 820 million yuan, 1.13 billion yuan, and 1.37 billion yuan, with year-on-year growth rates of 31%, 38%, and 22% [4].

电连技术股份有限公司 审 计 报 告 政旦志远审字第 2500348 号 政旦志远（深圳）会计师事务所（特殊普通合伙） Zandar Certified Public Accountants LLP 电连技术股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目 录 | 页 次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 已审财务报表 | | | | 合并资产负债表 | 1-2 | | | 合并利润表 | 3 | | | 合并现金流量表 | 4 | | | 合并股东权益变动表 | 5-6 | | | 母公司资产负债表 | 7-8 | | | 母公司利润表 | 9 | | | 母公司现金流量表 | 10 | | | 母公司股东权益变动表 | 11-12 | | | 财务报表附注 | 1-105 | 地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 审 计 报 告 政旦志远审字第2500348号 电连技术股份有限公司全体股东： 一、 ...

Core Insights - The company reported a significant increase in total revenue and net profit for 2024, with total revenue reaching 4.661 billion yuan, a year-on-year growth of 48.97%, and net profit of 622 million yuan, up 74.73% [1] - The automotive connector business experienced explosive growth, achieving revenue of 1.461 billion yuan, a year-on-year increase of 77.42%, driven by the rapid development of the new energy vehicle market [4] - The consumer electronics business showed signs of recovery, with revenue from RF connectors and cable assemblies reaching 1.04 billion yuan, a growth of 30.12%, supported by the stabilization of smartphone sales [5] - The soft board business also saw rapid growth, with revenue of 538 million yuan, up 73.06%, benefiting from improved operational efficiency and cost control measures [7] Automotive Connector Business - The automotive connector segment's revenue growth was attributed to the increasing demand for high-frequency and high-speed connectors due to the smart technology trend in vehicles [4] - The company strengthened its partnerships with leading automotive Tier 1 clients, enhancing its market share both domestically and internationally [4] - Despite the strong performance, the company faces intense competition in the automotive connector market and must continue investing in R&D to maintain its technological edge [4] Consumer Electronics Business - The recovery in the consumer electronics sector was driven by the resurgence of smartphone sales, particularly from domestic brands gaining traction in the global market [5] - The company adjusted its market strategy to focus on more profitable clients and products, maintaining stable gross margins [6] - The rapid pace of technological updates and fierce competition in the industry necessitate ongoing market monitoring and product strategy adjustments [6] Soft Board Business - The soft board business's revenue growth was supported by the recovery in industry demand and improved operational metrics from the subsidiary [7] - Effective cost control measures and technical upgrades helped maintain stable gross margins despite the rapid growth [7] - The company needs to accelerate capacity expansion to meet increasing market demand while ensuring product quality and production efficiency [7]

证券代码：300679 证券简称：电连技术 公告编号：2025-036 电连技术股份有限公司 关于召开2024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。 电连技术股份有限公司（以下简称"公司"）第四届董事会第三次会议决定于2025 年5月16日15:00召开公司2024年度股东大会（以下简称"本次股东大会"）。现将本 次股东大会有关事项通知如下： 一、召开会议的基本情况 1．股东大会届次：2024年度股东大会。 2．股东大会的召集人：公司董事会。 3．会议召开的合法、合规性：公司第四届董事会第三次会议审议通过了《关于 提请召开2024年度股东大会的议案》，公司董事会召集本次股东大会会议符合有关法 律、行政法规、部门规章、规范性文件和《电连技术股份有限公司章程》的相关规定。 4．会议召开的日期、时间： 现场会议时间：2025年5月16日15:00。 网络投票时间：2025年5月16日。 （1）通过深圳证券交易所交易系统进行网络投票的时间为2025年5月16日 9:15-9:25、9:30-11:30和13:00-15:00； （2）通过深 ...

证券代码：300679 证券简称：电连技术 公告编号：2025-027 电连技术股份有限公司 第四届监事会第三次会议决议公告 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"）第四届监事会第三次会议于2025 年4月22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4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》（以下简称"《公 司章程》"）等相关规定。 （一）审议通过《关于公司2024年度监事会工作报告的议案》 公司监事会对2024年度监事会运作情况进行了总结，具体内容详见公司同日在 巨潮资讯网（http://www.cninfo.com.cn）披露的《2024年度监事会工作报告》。 表决结果：同意3票；反对0票；弃权0票，表决通过。 本议案尚需提交公司2024年度股东大会审议。 （二）审议通过《关于公 ...

电连技术股份有限公司 电连技术股份有限公司 监事会 2025年 4 月 22 日 2、根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基 准日，不存在财务报告内部控制重大缺陷，公司已按照企业内部控制规范体系和相 关规定的要求在所有重大方面保持了有效的财务报告内部控制。 3、根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基 准日，公司不存在非财务报告内部控制重大缺陷。 4、自内部控制评价报告基准日至内部控制评价报告发出日之间未发生影响内 部控制有效性评价结论的因素。 综上，公司监事会认为：公司2024年度内部控制自我评价报告客观、真实地反 映了公司内部控制体系建设和运作的实际情况。 监事会对公司内部控制自我评价报告的意见 按照《上市公司治理准则》《企业内部控制基本规范》及《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》等法律、法规和规范性 文件的相关要求，电连技术股份有限公司（以下简称"公司"）董事会对公司2024 年度内部控制进行了自我评价，并出具了《2024年度内部控制自我评价报告》。按 照相关规定，公司监事会对《2024年度内部控制自我评价报告》以及内 ...