深圳民爆光电股份有限公司 董事及高级管理人员离职管理制度 第一章 总则 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、任期 届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前提出辞任。董事辞任应向公司提交书面辞职报 告，公司收到辞职报告之日起辞任生效，公司将在两个交易日内披露有关情况。 如因董事的辞任导致公司董事会成员低于法定最低人数时，或者独立董事辞职导 致独立董事人数少于董事会成员的三分之一、独立董事中没有会计专业人士、专门委 员会中独立董事所占的比例不符合法律、行政法规、部门规章和《公司章程》规定， 辞职报告应当在下任董事填补因其辞任产生的空缺后方能生效。在改选出的董事就任 前，原董事仍应当依照法律、行政法规、部门规章和《公司章程》规定，履行董事 职务。 第四条 董事任期届满未获连任的，自换届的股东会决议通过之日自动离职。 第五条 股东会可以决议解任非职工代表董事，公司职工代表大会可以解任职工 代表董事，决议作出之日解任生效。无正当理由，在任期届满前解任董事的，董事 可以要求公司予以赔偿。 第一条 为了规范深圳民爆光电股份有限公司（以下简称"公司"） ...

证券代码：301362 证券简称：民爆光电 公告编号：2025-032 深圳民爆光电股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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。 深圳民爆光电股份有限公司（以下简称"公司"）于 2025 年 6 月 26 日召开第二 届董事会第二十二次会议，公司董事会决定于 2025 年 7 月 14 日以现场表决与网络 投票相结合的方式召开公司 2025 年第二次临时股东大会（以下简称"本次会议"或"本 次股东大会"），现将本次股东大会相关事宜通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第二次临时股东大会 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：本次股东大会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》的相关规定和要求。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 7 月 14 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： 2025 年 7 月 14 ...

Group 1: Impact of Tariffs and Market Strategy - The company's products exported to the U.S. account for approximately 7.3% of total revenue, indicating minimal impact from U.S. tariffs [1] - Future market expansion will focus on Europe (46%), Oceania (15%), Asia (18%), and the Americas (16%), with over 95% of revenue coming from exports in 2024 [3] Group 2: Production Capacity and Capital Expenditure - The new factory in Vietnam is expected to generate a production value of 500-600 million, sufficient to meet demand over the next three years [2] - Future capital expenditures will include increased R&D investment, potential acquisition of owned facilities to reduce rental costs, and adherence to planned fundraising allocations [4][8] Group 3: Profit Growth Drivers - Key drivers for future profit growth include enhanced R&D investment, market expansion in key regions, and improved cost control through supply chain management [5][6][7] Group 4: Dividend Policy and Shareholder Returns - The company plans to distribute at least 50% of its distributable profits as cash dividends annually, with 2023 cash dividends amounting to 249 million and a payout ratio of 108.22% [9] - Cumulative cash dividends over three years will not be less than 50% of the distributable profits from the last three years [9]

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

Summary of the Conference Call for Minbao Optoelectronics Company Overview - Minbao Optoelectronics reported a revenue of approximately 1.64 billion yuan and a profit of nearly 231 million yuan for 2024, both showing positive growth [2][3] - The company exports over 95% of its products, with Europe accounting for about 45%-46% of sales, Oceania and Asia-Pacific around 15%-16%, and the Americas increasing from 12% to approximately 15% [2][5] Key Insights - **Market Growth**: The North American market grew over 30%, and the special lighting segment also met growth expectations [2][3] - **Q1 2025 Performance**: Revenue increased by about 15%, profit by 18%, and non-recurring net profit rose by 36% year-on-year, with special lighting performing particularly well [2][3] - **Supply Chain Strategy**: The company has proactively built a North American supply chain, viewing the current U.S. tariff policies as an opportunity rather than a crisis [2][6] - **Vietnam Production**: A self-built industrial zone in Vietnam is expected to be operational by the end of the year, supporting a production capacity of 500-600 million yuan. The rented factory in Vietnam is projected to generate about 100 million yuan in output for 2024 [2][8][13] Financial Adjustments - **Price Adjustments**: Last year, the company reduced some product prices by about 5%-10%, which had a stable impact on gross margins. This year, prices will be adjusted based on a cost-plus model without proactive price cuts [2][9] - **Cost Management**: Profit growth in Q1 was primarily due to reduced management and marketing expenses, reflecting successful internal cost-cutting measures [2][10] Segment Performance - **Lighting Segments**: - Commercial lighting saw rapid growth in bracket lights, while industrial lighting grew by about 8%-9%. Emergency lighting surged by 57%, and medical lighting increased by over 300% [2][4][17] - The company aims for a 10% overall growth target for the year, with expectations of an increased share from the industrial segment, which typically has higher gross margins [2][22][23] Market Dynamics - **Tariff Impact**: The U.S. tariff policies have led to cautious inventory stocking among customers, but existing orders remain unaffected. The long-term demand trend is expected to remain stable despite short-term uncertainties [2][6][11] - **Order Trends**: As of the end of March, total orders were approximately 330-340 million yuan, consistent with the previous year [2][20] Future Outlook - **Expansion Plans**: The company has no immediate plans for additional overseas capacity but will respond to policy changes as needed [2][16] - **New Product Development**: Ongoing collaborations with educational institutions to develop new products and expand into consumer markets are in progress [2][29] - **Dividend Policy**: The company plans to maintain a high dividend level, continuing its current strategy of distributing profits unless significant capital expenditures arise [2][30] Additional Considerations - **Vehicle Lighting Business**: Currently, there are no contributions expected from the vehicle lighting segment as it has not yet been initiated [2][28] - **Stock Incentive Plans**: The company is evaluating a stock incentive plan, but no specific timeline has been established for its implementation [2][31]

Group 1: Revenue and Market Distribution - In 2024, export revenue accounted for over 95% of total revenue, with Europe at approximately 46%, Oceania at 15%, Asia at 18%, and the Americas at 16% [2] - As of the end of March 2025, the company had orders on hand of approximately 330 million, compared to 340 million in the same period last year [5] Group 2: Impact of Tariffs and Supply Chain Management - Direct and indirect exports to the U.S. accounted for about 7.3% of total revenue in 2024, indicating minimal impact from U.S. tariffs [2] - The company plans to enhance internal supply chain management to control costs and extend supply chains in tariff exemption zones [10][11] Group 3: Production Capacity and Future Plans - The new factory in Vietnam is expected to generate a production value of 500-600 million, sufficient to meet demand for the next three years [3] - There are currently no plans for additional overseas production capacity beyond the second phase in Vietnam, but the company will monitor overseas policy changes [4] Group 4: Profitability and Cost Control - The company anticipates that the special lighting segment will see higher growth, contributing to improved profitability despite a decrease in gross margin compared to the previous year [7] - Cost control measures and a focus on research and development are key strategies for maintaining high growth rates and performance [11][12]

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [3] Core Views - The company has shown a recovery in revenue with a year-on-year increase of 15.66% in Q1 2025, reaching 403 million yuan, and a net profit increase of 18.45% to 60 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in overseas commercial and industrial markets, particularly in the U.S. post-pandemic [2] - The forecasted net profits for the company from 2025 to 2027 are 250 million yuan, 280 million yuan, and 300 million yuan respectively, with corresponding dynamic P/E ratios of 15.9x, 14.5x, and 13.3x [2] Financial Performance - In Q1 2025, the company's gross margin was 28.63%, a decrease of 2.28 percentage points year-on-year, but an increase of 1.1 percentage points quarter-on-quarter [1] - The net profit margin for Q1 2025 was 14.85%, reflecting a year-on-year increase of 0.37 percentage points [1] - The company’s total revenue for 2023 was 1,528.64 million yuan, with a growth rate of 4.34%, and is projected to reach 2,177.31 million yuan by 2027, with a growth rate of 9.53% [9] Valuation Metrics - The current price of the stock is 38.45 yuan, with a target price not specified [3] - The company has a total market capitalization of approximately 4,024.56 million yuan [4] - The earnings per share (EPS) for 2025 is projected to be 2.42 yuan, with a P/E ratio of 15.86 [9]

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [3][2] Core Views - The company has shown a recovery in revenue with a year-on-year increase of 15.66% in Q1 2025, reaching 403 million yuan, and a net profit increase of 18.45% to 60 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in overseas commercial and industrial markets, particularly in the U.S. post-pandemic [2] - The forecasted net profits for the company from 2025 to 2027 are 250 million yuan, 280 million yuan, and 300 million yuan respectively, with corresponding dynamic P/E ratios of 15.9x, 14.5x, and 13.3x [2] Financial Performance Summary - In Q1 2025, the company's gross margin was 28.63%, a decrease of 2.28 percentage points year-on-year, but an increase of 1.1 percentage points quarter-on-quarter [1] - The net profit margin for Q1 2025 was 14.85%, reflecting a year-on-year increase of 0.37 percentage points [1] - The company’s total revenue for 2023 was 1,528.64 million yuan, with a growth rate of 4.34%, and is projected to reach 1,809.01 million yuan in 2025, representing a growth rate of 10.24% [9] Key Financial Data - The total market capitalization of the company is approximately 4,024.56 million yuan, with a circulating market value of 1,140.81 million yuan [4] - The company has a total share capital of 104.67 million shares and a net asset value per share of 24.91 yuan [4] - The asset-liability ratio stands at 16.15% [4]

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][8] Core Insights - In Q1 2025, the company achieved revenue of 403 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 60 million yuan, up 18% year-on-year [5][8] - The company's revenue growth outperformed the industry, as the overall export of lighting products in China declined by approximately 8% in the same period [8] - The gross profit margin slightly decreased to 28.63%, down 2.28 percentage points year-on-year, primarily due to changes in product mix, while the overall expense ratio improved [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 1,786 million yuan in 2025, with a year-on-year growth rate of 8.9% [7] - The forecasted net profit attributable to shareholders for 2025 is 251 million yuan, representing a 9.0% increase year-on-year [7] - The earnings per share (EPS) for 2025 is estimated at 2.40 yuan, with a price-to-earnings (P/E) ratio of 16 [7]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 403,419,250.16, representing a 15.66% increase compared to CNY 348,801,232.63 in the same period last year[5] - Net profit attributable to shareholders was CNY 60,293,824.47, up 18.45% from CNY 50,904,481.37 year-on-year[5] - The basic earnings per share rose to CNY 0.58, an increase of 18.37% from CNY 0.49 in the same period last year[5] - Total operating revenue for the current period reached ¥403,419,250.16, an increase of 15.7% compared to ¥348,801,232.63 in the previous period[18] - Net profit for the current period was ¥59,894,814.41, up 18.5% from ¥50,508,224.38 in the previous period[19] - The total comprehensive income for the current period was ¥58,611,399.78, compared to ¥50,472,218.15 in the previous period, showing a positive trend[19] - Basic and diluted earnings per share increased to ¥0.58 from ¥0.49 in the previous period, reflecting improved profitability[19] Cash Flow and Investments - The net cash flow from operating activities increased by 113.04%, reaching CNY 87,641,676.20 compared to CNY 41,139,457.37 in the previous year[5] - The company reported a 90.38% increase in cash received from investment recoveries, totaling CNY 646,234,854.71 compared to CNY 339,436,424.44 in the previous year[9] - Operating cash flow net amount increased to ¥87,641,676.20, compared to ¥41,139,457.37 in the previous period, reflecting a significant improvement[22] - The company experienced a net cash outflow from investing activities of ¥151,360,243.04, worsening from a net outflow of ¥87,244,645.20 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,103,718,070.42, a slight increase of 0.18% from CNY 3,098,082,876.22 at the end of the previous year[5] - The company's total liabilities decreased from CNY 554,361,576.59 to CNY 501,363,310.27, reflecting a reduction of approximately 9.6%[16] - The company's equity attributable to shareholders increased by 2.32% to CNY 2,607,617,743.88 from CNY 2,548,585,273.30 at the end of the previous year[5] - The total equity attributable to the owners of the parent company increased from CNY 2,548,585,273.30 to CNY 2,607,617,743.88, representing a growth of about 2.3%[17] - Cash and cash equivalents decreased from CNY 1,083,905,571.64 to CNY 1,019,586,986.35, a decline of approximately 5.9%[15] - Accounts receivable decreased from CNY 241,888,646.72 to CNY 217,011,955.69, a reduction of about 10.3%[15] - Inventory decreased from CNY 271,683,677.55 to CNY 238,051,495.12, indicating a decline of approximately 12.3%[15] - The company's other non-current assets increased significantly from CNY 1,417,076.47 to CNY 16,670,010.06, marking a substantial growth[16] - The company reported a decrease in total current liabilities from CNY 496,128,950.49 to CNY 450,215,836.80, a reduction of about 9.3%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,269[10] - The company maintained a stable capital reserve of CNY 1,504,157,825.86, with no significant changes reported[17] Expenses - The company reported a total operating cost of ¥342,238,660.06, which is a 13.8% increase from ¥300,750,290.98 in the previous period[18] - Research and development expenses were ¥25,814,592.87, slightly down from ¥26,440,551.74 in the previous period, indicating a focus on cost management[18] - The company reported a decrease in sales expenses to ¥19,615,358.29 from ¥22,595,609.97 in the previous period, indicating improved efficiency[18]