Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 830 million yuan for 2024, representing a year-on-year growth of 15.22%. However, it experienced a net profit loss of 8 million yuan, a decline of 124.43% compared to the previous year [2][4]. - In Q1 2025, the company achieved a revenue of 162 million yuan, with a year-on-year growth of 7.60%, but the net profit was a loss of 12 million yuan, down 376.67% year-on-year [2][4]. - The gross profit margin for 2024 was 19.01%, a decrease of 0.58 percentage points year-on-year, while the net profit margin was -0.91%, down 5.21 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 830 million yuan, with a gross profit of 158 million yuan, resulting in a gross margin of 19% [14]. - The company’s operating costs were 673 million yuan, leading to a net profit of -8 million yuan for the year [14]. - For Q1 2025, the revenue was 162 million yuan, with a gross profit margin of 18.94% [2][4]. Business Segments - The connector business generated revenue of 617 million yuan in 2024, a year-on-year increase of 9.11%, while the component business reached a record high of 174 million yuan, growing 48.77% year-on-year [9]. - The company is focusing on expanding its semiconductor heat sink and 3D printing businesses, which are expected to drive future growth [9]. Future Outlook - The company anticipates significant growth in its semiconductor heat sink business, with plans to expand production lines from 2 to 4-7 by 2025, supported by strong order demand [9]. - The 3D printing segment is expected to enter small-scale production in 2025, contributing to revenue for the first time [9]. - Forecasted net profits for the company are projected to be 94 million yuan in 2025, 200 million yuan in 2026, and 446 million yuan in 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Views - The company is experiencing pressure on profits due to increased R&D investments while its new business segments are building momentum for performance recovery [1][2]. - The consumer electronics industry is entering a cyclical recovery, and the company is expanding its domestic and overseas markets, achieving breakthroughs in new product development and customer acquisition [2][3]. - The company's connector and component businesses are showing stable growth, with connector product sales reaching 617 million yuan, a year-on-year increase of 9.11%, and component product revenue hitting a record high of 174 million yuan, up 48.77% year-on-year [2][3]. Financial Summary - The company reported a revenue of 830 million yuan for 2024, a year-on-year growth of 15.22%, but incurred a net loss of 7.57 million yuan, a decline of 124.43% compared to the previous year [1][2]. - For the forecasted years 2025 to 2027, the company is expected to achieve net profits of 43 million yuan, 145 million yuan, and 182 million yuan respectively, with significant growth rates of 670.4% and 236.4% in 2025 and 2026 [1][9]. - The company's earnings per share (EPS) for 2025 to 2027 are projected to be 0.21 yuan, 0.70 yuan, and 0.88 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.3, 41.1, and 32.8 [9][10]. Business Development - The company is focusing on new product and technology development, particularly in the automotive connector sector, which has achieved breakthroughs and is set for mass supply in 2024 [3]. - The company is actively developing its 3D printing technology and semiconductor heat sink business, with expectations for revenue generation from these new applications starting in 2025 [3][4]. - The semiconductor heat sink project has received a shift in funding focus from the IPO proceeds, aiming for customer validation and mass production [3]. Market Position - The company is positioned in the electronics industry, with a total market capitalization of approximately 5.97 billion yuan and a circulating market value of about 2.28 billion yuan [5]. - The stock price as of April 29, 2025, was 28.91 yuan, reflecting the company's market performance [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's short-term profitability is pressured by new business expansion and rising raw material costs, but long-term growth is anticipated as new products gain traction [2][3] - In 2024, the company achieved revenue of 830 million yuan, a year-on-year increase of 15.22%, but reported a net loss attributable to shareholders of 7.57 million yuan [1][2] - The first quarter of 2025 saw revenue of 162 million yuan, a 7.6% year-on-year growth, with a net loss attributable to shareholders of 12.17 million yuan [1][2] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 1.174 billion yuan, 1.701 billion yuan, and 2.210 billion yuan, respectively, reflecting growth rates of 41.39%, 44.89%, and 29.92% [8] - Expected net profit attributable to shareholders for 2025, 2026, and 2027 is 88.31 million yuan, 162.84 million yuan, and 241.51 million yuan, indicating significant recovery and growth [8] - The current market capitalization is approximately 5.97 billion yuan, with a closing price of 28.88 yuan per share [4]

证券代码：301285 证券简称：鸿日达 公告编号：2025-033 鸿日达科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 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。 鸿日达科技股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开第二届董事 会第八次会议、第二届监事会第七次会议，审议通过了《关于使用部分闲置募集资金进 行现金管理的议案》，同意在不影响募集资金投资项目建设和公司正常经营的前提下， 公司及子公司使用不超过人民币 40,000 万元的闲置募集资金进行现金管理，使用期限 自前次募集资金现金管理的授权到期之日起 12 个月内有效，即 2024 年 11 月 3 日至 2025 年 11 月 2 日。在上述额度的有效期内，资金可滚动使用，同时授权公司董事长在上述 额度和期限范围内行使投资决策权并签署相关文件，公司财务部门具体办理相关事宜。 具体内容详见公司 2024 年 8 月 10 日披露于巨潮资讯网（www.cninfo.com.cn）的《关 于使用部分闲置募集资金进行现金管理的公告》（ ...

Revenue Performance - The company's operating revenue for 2024 reached 830,331,289.65 yuan, representing a 15.22% increase from 720,674,938.04 yuan in 2023 [1] - Connector business revenue was 616,989,747.47 yuan, accounting for 74.31% of total revenue, with a year-on-year growth of 9.11% [1] - The institutional components business saw significant growth, with revenue of 174,151,057.49 yuan, a 48.77% increase year-on-year, becoming a key driver for revenue growth [1] - Domestic revenue was 809,583,339.47 yuan, making up 97.50% of total revenue, with a growth of 16.97%, while overseas revenue decreased by 27.32% to 20,747,950.18 yuan [1] Net Profit Analysis - The net profit attributable to shareholders turned negative at -7,572,834.80 yuan for 2024, a decline of 124.43% from a profit of 30,998,055.03 yuan in 2023 [2] - Major factors contributing to this loss include a significant increase in stock incentive costs to 19.89 million yuan from 198,000 yuan in 2023, rising R&D and management expenses, and increased raw material costs [2] Non-Recurring Profit and Loss - The net profit after excluding non-recurring items was -9,005,160.42 yuan, down 152.84% from 17,040,981.71 yuan in 2023, indicating substantial pressure on the company's core business profitability [3] Earnings Per Share - Basic earnings per share fell to -0.04 yuan from 0.15 yuan in 2023, a decrease of 126.67%, reflecting the deterioration in operating performance [4] - The non-recurring earnings per share also matched this trend, indicating a significant reduction in shareholder returns [4] Expense Analysis - Sales expenses increased by 39.84% to 25,850,925.55 yuan, primarily due to the stock incentive plan [4] - Management expenses rose by 66.43% to 70,018,632.72 yuan, driven by higher salaries, stock incentives, and increased depreciation [4] - Financial expenses grew by 79.37% to 8,107,042.20 yuan, mainly due to increased interest payments [4] - R&D expenses amounted to 58,396,482.24 yuan, a 24.39% increase, reflecting ongoing investment in technology innovation [4] R&D Investment - R&D investment for 2024 was 58,396,482.24 yuan, accounting for 7.03% of operating revenue, up from 6.51% in 2023 [5] - The number of R&D personnel increased from 140 in 2023 to 166 in 2024, with a higher proportion of staff holding bachelor's degrees or above [5] Cash Flow Analysis - Net cash flow from operating activities was 38,163,096.58 yuan, a decrease of 56.17% from 87,072,574.09 yuan in 2023, primarily due to increased personnel and payment costs [6] - Net cash flow from investing activities was -328,139,118.55 yuan, a significant increase in outflow compared to -120,417,290.21 yuan in 2023, indicating changes in investment strategy [6] - Net cash flow from financing activities decreased by 84.58% to 33,907,667.97 yuan, largely due to increased bank loan repayments [7]

Core Viewpoint - The company is a high-tech enterprise specializing in the research, production, and sales of precision connectors, with a focus on innovation and quality to meet market demands [3][4]. Company Overview - The company has established long-term partnerships with well-known domestic and international enterprises such as Wistron, Transsion Holdings, Xiaomi, and TCL, leveraging its strong quality and service [3]. - The company is expanding its product offerings into industrial connectors, automotive connectors, and new energy connectors, in addition to its core connector products [3]. Business and Product Introduction - The main products include consumer electronic connectors, precision components, and semiconductor packaging thermal management solutions [6][9][10]. - The consumer electronic connectors encompass card connectors, I/O connectors, headphone connectors, and board-to-board (BTB) connectors, widely used in mobile phones and other electronic devices [6][7][8]. - The precision components are produced using Metal Injection Molding (MIM) and 3D printing technologies, providing a one-stop service from product printing to post-processing [9][5]. - The semiconductor packaging thermal management solutions are increasingly important due to the rising heat density in modern electronic products, especially in AI applications [10][11]. Research and Development - The company emphasizes R&D investment and has developed its own 3D printing equipment, entering the mass production phase [4][5]. - The R&D model combines proactive innovation with customer-driven development, ensuring a balance between technological advancement and meeting diverse customer needs [13]. Financial Performance - The company has experienced stable growth in its overall business, but net profit has been under pressure due to increased management and R&D expenses, as well as rising raw material costs [5]. - The company has adjusted its IPO fundraising project to focus on the semiconductor thermal management project, indicating a strategic shift towards high-growth areas [5]. Procurement and Production Model - The procurement process is managed by the materials department, which evaluates suppliers based on price, quality, and delivery time, ensuring a reliable supply chain [14][15]. - The production model is based on a "sales-driven production" approach, allowing for customization according to customer orders, which enhances responsiveness to market demands [16][17].

容诚会计师事务所(特殊普通合伙) 鸿日达科技股份有限公司 容诚专字[2025]215Z0400号 中国 · 北京 容诚会计师事: 型 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查导 报告编码:京25BF03QXL 关于鸿日达科技股份有限公司 RSM 容诚 非经营性资金占用及其他关联资金 往来情况专项说明 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]215Z0400号 鸿日达科技股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了鸿日达科技股份有限公 司(以下简称鸿日达)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和合并及母公司所有者权益变 动表以及财务根表附注,并于 2025年 4 月 22 日出具了容诚审字[2025]215Z0374 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号 -- 上市公司资金 往来、对外担保的监管要求》的要求及深圳证券交易所《深圳证券交易所创业板 上市公司自律监管指南第1号 -- ...

东吴证券股份有限公司 关于鸿日达科技股份有限公司 部分募投项目延期的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为鸿日 达科技股份有限公司（以下简称"鸿日达"或"公司"）首次公开发行股票并在 创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所 创业板股票上市规则》等相关法律、法规和规范性文件的规定，对鸿日达部分 募投项目延期事项进行了核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意鸿日达 科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1447 号）同意注册，公司首次公开发行人民币普通股 5,167 万股，每股发行价格为 人民币 14.60 元，本次发行募集资金总额为人民币 75,438.20 万元，扣除发行 费用后募集资金净额为 67,582.85 万元。上述募集资金到位情况经容诚会计师 事务所（特殊普通合伙）验证，并由其出具了报告号为容诚验字 [2022]215Z0050 号的《验资报告》。公司对募集资金采取 ...

保荐机构指派担任鸿日达持续督导工作的保荐代表人及项目组人员采取查 阅公司与财务报告和信息披露事务相关的内部控制制度、查阅三会文件、内部 审计报告等、与公司内部审计人员、高管人员沟通等方式，在对公司内部控制 的完整性、合理性及有效性进行合理评价基础上，对公司董事会出具的内部控 制评价报告进行了核查。 东吴证券股份有限公司 关于鸿日达科技股份有限公司 2024 年度内部控制自我评价报告的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为鸿日 达科技股份有限公司（以下简称"鸿日达"、"公司"）首次公开发行股票并上 市的保荐机构，根据《企业内部控制基本规范》《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》等有关法律法规的要求，对 2024 年度鸿日达科技股份有限公司关于内部控制有效性的自我评价报告进行了核 查，具体情况如下： 一、保荐机构进行的核查工作 二、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高 风险领域。本年度纳入评价范围的单 ...