董事会对独立董事独立性自查情况的专项报告 维峰电子（广东）股份有限公司 维峰电子（广东）股份有限公司董事会 2025 年 4 月 26 日 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《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》等要 求，维峰电子（广东）股份有限公司（以下简称"公司"）董事会，就公司在任独 立董事谭旭明先生、刘斌先生的独立性情况进行评估并出具如下专项意见： 经核查独立董事谭旭明先生和刘斌先生的任职经历，及其签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司及主要股东之间不存在利害关系或其他可能妨碍其进行 独立客观判断的关系，不存在影响独立董事独立性的情况。因此，公司独立董事 符合《上市公司独立董事管理办法》《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》中对独立董事独立性的相关要求。 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股) | | 新余德彩玉丰股权投资中心(有限合伙) | 363.06 | 10.64 | 不变 | | 广发基金管理有限公司-社保基金四二零组合 | 209.81 | 6.15 | 不变 | | 维峰电子（301328）(广东)股份有限公司-2024年员工持股计划 | 98.26 | 2.88 | 新进 | | 香港中央结算有限公司 | 62.98 | 1.85 | 新进 | | 广发制造业精选混合A | 37.41 | 1.10 | 不变 | | 东莞市虎门富民科技创投有限公司 | 36.31 | 1.06 | 不变 | | 上海玖鹏资产管理中心(有限合伙)-玖鹏新享8号私募证券投资基 | | | | | 金 | 29.00 | 0.85 | 不变 | | 广发大盘成长混合 | 28.36 | 0.83 | 不变 | | 林少波 | 16.27 | 0.48 | 新进 | | 洪涛 | 14.00 | 0.41 | 新进 | | 较上 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥145,159,014.94, representing a 44.61% increase compared to ¥100,376,255.32 in the same period last year[5] - Net profit attributable to shareholders was ¥25,447,388.93, up 39.99% from ¥18,178,284.66 year-on-year[5] - The basic earnings per share increased by 35.29% to ¥0.23 from ¥0.17 in the previous year[5] - Total operating revenue for the current period reached ¥145,159,014.94, a significant increase from ¥100,376,255.32 in the previous period, representing a growth of approximately 44.6%[22] - The company reported a net profit margin improvement, with net profit increasing alongside revenue growth, although specific figures were not detailed in the provided content[22] - The company's net profit for the current period is 27,031,573.10, an increase of 44.8% compared to 18,674,769.16 in the previous period[24] - Operating profit for the current period is 30,902,903.01, up 50.9% from 20,474,477.34 in the previous period[24] - Total comprehensive income for the current period is 27,031,573.10, an increase of 44.8% compared to 18,674,769.16 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 72.77%, amounting to ¥5,341,596.32 compared to ¥19,615,436.97 in the same period last year[5] - Cash and cash equivalents at the end of the period were ¥940,783,909.48, down from ¥1,067,857,721.45 at the beginning of the period, a decrease of about 11.9%[17] - The company generated cash flow from operating activities of 5,341,596.32, down 72.8% from 19,615,436.97 in the previous period[27] - Cash and cash equivalents at the end of the period decreased to 938,371,564.34 from 1,160,171,121.37, a decline of 19.1%[28] - The company reported a net cash outflow from investing activities of -148,253,428.43, compared to -52,202,180.00 in the previous period[28] - The net cash inflow from financing activities was 16,234,437.93, compared to a net outflow of -3,588,119.27 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,086,878,292.47, a slight increase of 0.54% from ¥2,075,643,204.27 at the end of the previous year[5] - Total liabilities decreased to ¥135,338,840.10 from ¥151,877,562.72, a reduction of about 10.9%[19] - The total equity attributable to shareholders increased to ¥1,933,256,937.93 from ¥1,907,067,311.28, representing a growth of approximately 1.4%[19] Expenses - The company's management expenses surged by 121.22% to ¥15,579,521.78, attributed to higher personnel costs and increased dividend payment expenses[10] - Total operating costs amounted to ¥114,756,034.65, up from ¥80,744,861.37, indicating an increase of about 42.0%[22] - The operating cost specifically rose to ¥86,855,625.46 from ¥63,178,828.28, reflecting a growth of approximately 37.5%[22] - Research and development expenses decreased to 9,498,033.39 from 12,526,656.13, a reduction of 24.2%[23] - Sales expenses increased to 4,680,217.76, up 22.6% from 3,816,001.25 in the previous period[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,406[12] - Major shareholders include Li Wenhua with a 31.28% stake and Luo Shaochun with a 17.06% stake[12] Accounts Receivable and Inventory - Accounts receivable increased by 146.66% to ¥23,797,495.52, primarily due to an increase in bank bills received[10] - Accounts receivable increased to ¥152,491,544.31 from ¥151,142,795.76, showing a slight rise of approximately 0.9%[17] - Inventory levels rose to ¥135,010,864.63 from ¥123,587,818.64, marking an increase of about 9.1%[17] Return on Equity - The company's weighted average return on equity rose to 1.33%, up from 0.96% in the previous year[5]

Financial Performance - The company's revenue for 2024 reached ¥534,172,345.88, representing a 9.77% increase compared to ¥486,633,959.82 in 2023[29]. - Net profit attributable to shareholders decreased by 34.44% to ¥85,466,427.99 in 2024 from ¥130,354,646.98 in 2023[29]. - The basic earnings per share for 2024 was ¥0.78, down 34.45% from ¥1.19 in 2023[29]. - The total assets of the company increased by 2.86% to ¥2,075,643,204.27 at the end of 2024, compared to ¥2,017,987,787.26 at the end of 2023[29]. - The cash flow from operating activities for 2024 was ¥124,670,253.56, a decrease of 9.08% from ¥137,119,328.52 in 2023[29]. - The weighted average return on net assets for 2024 was 4.52%, down from 6.96% in 2023, indicating a decline in profitability[29]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥84,383,728.22, a decrease of 19.60% from ¥104,949,330.10 in 2023[29]. - The company's net assets attributable to shareholders increased by 1.65% to ¥1,907,067,311.28 at the end of 2024 from ¥1,876,056,405.29 at the end of 2023[29]. - The company reported a decline in operating performance, with net profit showing negative values in recent years, raising concerns about its going concern ability[31]. Market Conditions and Competition - The company faces risks from international macroeconomic and political volatility, which may impact procurement costs and delivery schedules[7]. - The company is exposed to raw material price fluctuations, particularly in metals and plastics, which could adversely affect production stability and profitability[8]. - The global connector industry is highly competitive, with significant market share held by major players from Europe, the US, and Japan, posing challenges for the company[9]. - The company anticipates potential declines in gross margin due to increased market competition and pricing pressures[13]. - Future market expansion may lead to revenue growth but also carries the risk of declining gross margins in more competitive sectors[14]. - The global connector market is projected to grow to $85.13 billion in 2024, with an estimated year-on-year growth rate of about 4%[40]. - The global connector market is experiencing a trend towards concentration, with the top ten manufacturers increasing their market share from 38% in 1980 to 60.8% in 2020[45]. - The connector industry has seen a significant increase in mergers and acquisitions, with major players actively acquiring competitors to enhance market position[65]. Product Development and Innovation - The company emphasizes technology research and product innovation as core strategies to maintain market competitiveness, particularly in complex environments[11]. - The company is actively pursuing new product development and market expansion strategies to enhance its competitive position in the industry[29]. - The company has developed over 50,000 product SKUs across 17 product series, focusing on high-end precision connectors for industrial control, automotive, and new energy sectors[69]. - The company has launched several new products, including high-speed connectors with transmission rates up to 40GHz and 21Gbps, enhancing competitiveness in precision equipment and automation sectors[129]. - The company aims to provide customized, intelligent, and efficient connector solutions to adapt to the evolving market demands[69]. - The company will increase R&D investment to enhance product innovation and improve production efficiency to maintain competitive advantage[181]. Strategic Focus and Future Plans - The company aims to become a leading provider of high-end precision connector solutions, focusing on industrial control, automotive, and new energy connectors[167]. - By 2025, the company plans to enhance its industrial control connector business, capitalizing on the growing demand driven by the smart manufacturing trend[169]. - The company will increase R&D investment in automotive connectors, targeting high-performance applications in smart driving and electric vehicles[171]. - The company intends to strengthen its market penetration in the new energy sector, focusing on top-tier clients to meet the rising demand for high-performance connectors[173]. - The company is committed to digital transformation, aiming to implement MES systems to optimize production processes and enhance operational efficiency[175]. - The establishment of a production base in Thailand is underway to support international market expansion and improve global competitiveness[175]. Governance and Compliance - The company held a total of 1 annual general meeting and 4 extraordinary general meetings during the reporting period, ensuring compliance with relevant laws and regulations[191]. - The second board of directors consists of 5 members, including 2 independent directors and 3 non-independent directors, meeting regulatory requirements[193]. - The company has established a comprehensive governance structure, enhancing internal control systems and ensuring clear responsibilities and functions[189]. - The company has not provided guarantees for the controlling shareholder or actual controller, maintaining independent operations[192]. - The company has established a supervisory board consisting of 3 supervisors, including 1 employee representative supervisor, complying with relevant requirements[194]. - The company strictly adheres to information disclosure regulations, ensuring that all shareholders have equal access to information through designated platforms and publications[195]. Risk Management - The company faces risks from international macroeconomic and political volatility, which may impact procurement costs and delivery timelines, potentially affecting product quality and cost control[177]. - To mitigate risks, the company plans to optimize customer structure, enhance supplier diversity, and implement lean production management to maintain cost competitiveness[178]. - Fluctuations in raw material prices, particularly for metals and plastics, could adversely affect the company's operational stability and profitability[179]. - The company aims to strengthen supplier relationships and improve procurement management to counteract raw material price volatility[179]. - Core personnel retention is critical, and the company is enhancing its compensation and corporate culture to attract and retain talent[183].

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company is focusing on deepening market expansion and developing new customer relationships and application scenarios, which has shown some success [24]. - The company plans to adjust its R&D expenditure structure dynamically, focusing on customized development projects to enhance strategic collaboration with downstream customers [24]. - The company has established a multi-dimensional strategic response system to manage cost pressures while ensuring expected profit margins [25]. - The company is expanding its customer base in the industrial automation sector and has established stable supply relationships with leading enterprises [25]. - The company is leveraging its technological expertise in industrial control to expand into the humanoid robot application field, demonstrating significant advantages in product stability and reliability [25]. - The company is prioritizing high-frequency and high-speed connector projects, particularly in the intelligent sectors of the new energy vehicle market, with several key products already in mass production [25]. Summary by Sections 01 Basic Research Information - The research was conducted on March 11, 2025, focusing on the electronic components industry, with the company being Weifeng Electronics [13]. 02 Detailed Research Institutions - Various investment companies, banks, and securities firms participated in the research, including Jian Shun Investment, Xuan Bu Investment, and China Minsheng Bank [14][15]. 03 Research Institution Proportions - The research involved a diverse range of financial institutions, with investment companies making up 24%, securities companies 12%, and fund management companies also 24% [20][22]. 04 Main Content Information - Key questions addressed during the research included the company's order situation, R&D expenditure changes, cost control advantages, customer expansion in industrial control, and developments in humanoid robotics and high-frequency products [24][25][26].

Summary of Weifeng Electronics Conference Call Company Overview - Weifeng Electronics specializes in the research and production of connectors, with over 20 years of development history. The business is divided into three main segments: industrial control (55% of revenue), automotive, and new energy. [3][4] Core Insights and Arguments - **Industrial Control Segment**: - Expected to remain flat in 2024 due to industry downturn, but projected to recover in 2025 with a growth rate of 15%-20% driven by major clients like Siemens. [3][5][18] - **Automotive Segment**: - Anticipated growth of 25% in 2024, with high-frequency and high-speed connectors expected to contribute approximately 30 million yuan in revenue by 2025. [3][4][14] - **New Energy Segment**: - Expected growth of around 10% in 2025, contributing about 20% to total revenue. [4][5] - **Robotics Sector**: - Actively expanding into robotics, covering hundreds of industrial clients and entering various sub-markets such as collaborative robots and medical robots. [3][6][12] - The company has over 50,000 part numbers, allowing for quick response to robotics signal transmission needs. [6] - **Product Applications**: - Connectors are used in control systems for various robots, visual perception modules (e.g., LiDAR), and power controllers for major clients like Delta and CATL. [7][8] - **Cost Structure**: - The cost of low-voltage connectors for humanoid robots is estimated at 1,000-2,000 yuan per unit, potentially reaching 3,000 yuan when including additional components. [9][17] - **Market Strategy**: - Plans to expand overseas production capacity in Thailand to meet Southeast Asian demand, with expected revenue of over 200 million yuan once fully operational. [22] Additional Important Insights - **Gross Margin Trends**: - Gross margin is expected to decline to around 40% due to rising metal prices and customer price reduction demands. However, margins may recover with overseas capacity expansion. [21] - **Client Concentration**: - The largest single client accounts for only about 10% of total revenue, indicating a diversified client base. [19] - **AI Server Power Products**: - Currently in development, expected to contribute several million yuan in revenue by 2025, with significant future potential. [20] - **Management's Perspective**: - Management views entry into the robotics field as a significant opportunity for business expansion rather than a transformation of existing operations. [12] - **Future Outlook**: - Overall, the company conservatively expects a growth target of 15%-20% for 2025, driven by recovery in industrial control and expansion in automotive and robotics sectors. [5][18]

| | 塔股权：高**；上海鼎澄：霍*；IGWT Investment：廖**；东恺 | | | | --- | --- | --- | --- | | | 投资：李*；瑞信方正证券：宋**；西部利得基金：李* | | | | 会议时间 | 年 月 年 月 日 2025 3 日-2025 13 | 11 | 3 | | 会议地点 | 公司会议室、线上电话会议 | | | | 上市公司接待人 | 董事会秘书：刘雨田 | | | | 员姓名 | | | | | | 交流的主要问题与回复： | | | | | 提问 1：公司近期订单情况怎么样？各业务板块营收情况 | | | | | 如何？ | | | | | 答：公司本年度持续深化市场拓展，重点推进新客户开发及 | | | | | 新应用场景的布局，目前业务推进已取得一定成效。关于分板块 | | | | | 具体营收，请关注公司定期报告。 | | | | | 提问 2：今年研发费用预计会有什么变化？ | | | | | 答：基于公司战略及资源优化配置需要，研发费用投入结构 | | | | | 将进行动态调整，公司现有料号约 50,000 个，料号储备丰富， | | ...

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [5] Core Views - The company has launched a 2024 employee stock ownership plan, covering up to 83 key personnel, which aims to strengthen the development foundation by deeply binding the core team [1][2] - The employee stock ownership plan is expected to incur costs of approximately 18.84 million yuan, which will be allocated to current costs during the lock-up period [1] - The stock source for the plan comes from shares repurchased at an average price of 50.83 yuan per share, with an employee purchase price set at 38.34 yuan per share, representing a discount of about 24% [3] - The plan is structured to vest over three years (40%+30%+30%) and will assess performance from 2025 to 2027, potentially driving long-term performance [3] - The plan aims to consolidate technical barriers and support growth targets in the rapidly developing connector field, particularly in the automotive sector [4] Financial Data and Valuation - The company's revenue for 2022 was 480.29 million yuan, with a projected increase to 535.30 million yuan in 2024 and 615.59 million yuan in 2025, reflecting a growth rate of 10% and 15% respectively [4] - The net profit attributable to the parent company is expected to decline from 130.35 million yuan in 2023 to 104.86 million yuan in 2024, before recovering to 126.11 million yuan in 2025 and 161.57 million yuan in 2026 [4] - The earnings per share (EPS) is projected to decrease from 1.19 yuan in 2023 to 0.95 yuan in 2024, with a gradual recovery to 1.15 yuan in 2025 and 1.47 yuan in 2026 [4] - The price-to-earnings (P/E) ratio is expected to be 49.86 in 2024, decreasing to 41.46 in 2025 and further to 32.36 in 2026 [4] Summary of Key Financial Metrics - Total revenue is projected to grow from 480.29 million yuan in 2022 to 738.71 million yuan in 2026 [4] - The company's EBITDA is expected to decline from 180.32 million yuan in 2023 to 108.28 million yuan in 2024, before recovering to 166.85 million yuan in 2026 [4] - The company's total assets are projected to increase from 2,005.81 million yuan in 2022 to 2,342.82 million yuan in 2026 [10]

公司报告 | 公司点评 维峰电子（301328） 证券研究报告 推出员工持股计划，夯实发展基础 事件：公司推出 2024 年员工持股计划，覆盖董事、监事、高级管理人员 及核心技术骨干等合计不超过 83 人，拟通过"专项激励基金+员工自筹资 金"的组合方式筹集总规模约 3,767 万元，对应公司回购股票 982,550 股 （占总股本 0.89%） 点评： 员工持股计划：深度绑定核心团队，夯实发展基础。公司近期推 出 2024 年员工持股计划（草案），覆盖董事、监事、高级管理人员及核心 技术骨干等合计不超过 83 人，拟通过"专项激励基金+员工自筹资金"的 组合方式筹集总规模约 3,767 万元，对应公司回购股票 982,550 股（占总 股本 0.89%）。员工持股计划预计产生费用 1883.55 万元，该费用由公司在 锁定期内，按归属比例分摊，计入当期成本费用。 1. 激励覆盖面广，核心团队深度参与 覆盖关键岗位： 6 名董事及高管人员参与，包括副总经理、监事会主席等， 合计占比 10.5%；其余 77 名为核心管理人员及技术骨干，占比 89.5%，凸 显对技术研发及业务突破层的重视。 2. 股票来源合理， ...

证券代码：301328 证券简称：维峰电子 公告编号：2025-003 维峰电子（广东）股份有限公司 第二届董事会第十五次会议决议的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、维峰电子（广东）股份有限公司（以下简称"公司"）第二届董事会第十五 次会议，于 2025 年 2 月 8 日以书面送达会议通知的方式发出会议通知。 3、本次会议应参与表决董事 5 人，实际参与表决董事 5 人。 4、本次会议由董事长李文化先生主持，公司监事、高级管理人员、证券事 务代表列席会议。 一、董事会会议召开情况 2、会议于 2025 年 2 月 13 日在公司会议室以现场结合通讯的方式召开。 表决结果：5 票赞成，0 票弃权，0 票反对。 1.02、《关于新建<维峰电子（广东）股份有限公司 ESG 管理制度>的议案》 表决结果：5 票赞成，0 票弃权，0 票反对。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）上的 《维峰电子（广东）股份有限公司舆情管理制度》及《维峰电子（广东）股份有 限公司 ESG 管理制度》。 三、备查文件 ...