上海市锦天城（北京）律师事务所 关于安徽佳力奇先进复合材料科技股份公司 2024 年年度股东会的 法律意见书 地址：北京市东城区东长安街 1 号东方广场 C1 座 6 层 电话：010-85230688 传真：010-85230699 邮编：100738 上海市锦天城（北京）律师事务所 法律意见书 上海市锦天城（北京）律师事务所 关于安徽佳力奇先进复合材料科技股份公司 2024 年年度股东会的 法律意见书 致：安徽佳力奇先进复合材料科技股份公司 上海市锦天城（北京）律师事务所（以下简称"本所"）接受安徽佳力奇先 进复合材料科技股份公司（以下简称"公司"）的委托，指派本所律师出席了公 司于 2025 年 5 月 15 日召开的 2024 年年度股东会（以下简称"本次股东会"）。 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》（以下简称"《证券法》"）、《上市公司股东会规则》等法律、法 规和规范性文件以及《安徽佳力奇先进复合材料科技股份公司章程》（以下简称 "《公司章程》"）的规定，本所对公司本次股东会的召集和召开程序、出席会 议人员资格、召集人资格、会议表决程序和表决结果等相 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% within the next six months [7][14]. Core Insights - The company has significantly improved its delivery capabilities, achieving record revenue of 627 million yuan in 2024, a 35% year-on-year increase, despite a slight decrease in net profit [4][5]. - In Q1 2025, the company reported revenue of 182 million yuan, marking a 70% year-on-year growth, although net profit decreased by 56% [4][5]. - The gross margin has declined due to adjustments in pricing policies from major aircraft manufacturers, with a gross margin of 28.30% in 2024, down 4.51 percentage points year-on-year [6]. - The company has maintained good expense control, with total expense ratios decreasing by 2.77 percentage points in 2024 [6]. - The company is well-prepared for future growth, having increased its workforce from approximately 600 to 900 employees and expanded its production capacity [6]. - The company is diversifying its market reach, establishing connections in civil aviation, aerospace, and low-altitude economy sectors [6]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 126 million yuan, 159 million yuan, and 201 million yuan, respectively, with corresponding P/E ratios of 35, 28, and 22 [7][10]. - Revenue is expected to grow from 861 million yuan in 2025 to 1.318 billion yuan in 2027, with growth rates of 37.33% and 23.85% in subsequent years [10][11]. - The company’s EBITDA is projected to increase from 198.16 million yuan in 2025 to 287.36 million yuan in 2027 [10]. Company Overview - The latest closing price of the company's stock is 53.36 yuan, with a total market capitalization of 4.4 billion yuan [3]. - The company has a debt-to-asset ratio of 20.6% and a P/E ratio of 36.80 [3]. - The largest shareholder is Lu Qiang [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][14]. Core Insights - The company has significantly improved its delivery capabilities, achieving record revenue of 627 million yuan in 2024, a year-on-year increase of 35%, despite a slight decrease in net profit [4][5]. - In Q1 2025, the company reported revenue of 182 million yuan, a remarkable 70% year-on-year growth, although net profit decreased by 56% [4][5]. - The gross margin has declined due to adjustments in procurement pricing policies from major aircraft manufacturers, with a gross margin of 28.30% in 2024, down 4.51 percentage points year-on-year, and 20.62% in Q1 2025 [6]. - The company has a robust capacity reserve and is expanding into multiple markets, having increased its workforce from approximately 600 to 900 employees since the second half of 2024 [6]. Financial Performance and Forecast - The company is projected to achieve net profits of 126 million yuan, 159 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35, 28, and 22 [7][10]. - Revenue is expected to grow from 861 million yuan in 2025 to 1.318 billion yuan in 2027, with growth rates of 37.33% and 23.85% for the following years [10][11]. - The company’s EBITDA is forecasted to increase from 198.16 million yuan in 2025 to 287.36 million yuan in 2027 [10].

中信建投证券股份有限公司 关于安徽佳力奇先进复合材料科技股份公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：佳力奇 | | --- | --- | | 保荐代表人姓名：单增建 | 联系电话：010-56051431 | | 保荐代表人姓名：于雷 | 联系电话：010-56051431 | 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."股东会、董事会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10.发行人或者其聘 ...

中信建投证券股份有限公司 关于安徽佳力奇先进复合材料科技股份公司 3 | | √（与公司已 | | | --- | --- | --- | | | 披露情况一 致；公司根据 | | | | 实际募集资金 | | | | 净额对募投项 | | | 6.募集资金使用与已披露情况是否一致，项目进度、 | 目拟投入募集 | | | 投资效益是否与招股说明书等相符 | | | | | 资金金额进行 | | | | 了调整，已履 | | | | 行相应的审批 | | | | 程序及信息披 | | | | 露义务） | | | 7.募集资金项目实施过程中是否不存在重大风险 | √ | | | （六）业绩情况 | | | | 现场检查手段：查阅公司财务报告等资料，访谈公司高级管理人员了解公司业绩 | | | | 情况，查阅同行业业绩情况等 | | | | 1.业绩是否存在大幅波动的情况 | | √ | | 2.业绩大幅波动是否存在合理解释 | | √ | | 3.与同行业可比公司比较，公司业绩是否不存在明 | √ | | | 显异常 | | | | （七）公司及股东承诺履行情况 | | | | 现场检查手段：查阅公司关于有关 ...

Group 1: Financial Performance - In 2024, the company's revenue reached 627 million, a year-on-year increase of 35.41%, while net profit attributable to shareholders was 100 million, a decrease of 2.05% [1] - For Q1 2025, the company reported revenue of 182 million, a year-on-year increase of 69.76%, but net profit attributable to shareholders fell by 55.94% to 11.01 million, primarily due to reduced government subsidies [1] - As of March 31, 2025, accounts receivable amounted to 542 million, an increase of 48.43% compared to the end of 2024, and inventory was 188 million, up 22.91% [1] Group 2: Profitability and Costs - The company's gross margin for 2024 was 28.30%, down 4.5 percentage points from the previous year, mainly due to lower margins on new projects and price declines in existing key projects [2] - In Q1 2025, the gross margin further decreased to 20.62%, but it is expected to recover as new projects ramp up and economies of scale are realized [2] - Total sales expenses in 2024 were 10.53 million, an increase of 18.27%, while management expenses were 28.63 million, up 5.27% [2] Group 3: Strategic Initiatives - The company is expanding its carbon fiber applications, which have significant potential in various sectors such as low-altitude economy, new energy vehicles, rail transportation, and aerospace [2] - The company has made progress in the aerospace sector with multiple new projects transitioning to production, including successful deliveries of key components [2] - The company is actively engaging in the advanced composite materials sector, establishing strategic partnerships and developing new manufacturing processes [3] Group 4: Future Outlook - Revenue projections for 2025-2027 are estimated at 853 million, 1.145 billion, and 1.427 billion, with corresponding net profits of 132 million, 179 million, and 221 million [3] - The company maintains a strong recommendation rating based on its growth potential and strategic positioning in the market [3]

Financial Performance - In 2024, the company achieved operating revenue of 626.83 million CNY, a year-on-year increase of 35.41% [2] - The net profit attributable to shareholders was 100.41 million CNY, a decrease of 2.05% year-on-year [2] - For Q1 2025, operating revenue reached 182.33 million CNY, a year-on-year increase of 69.76% [2] - The net profit attributable to shareholders for Q1 2025 was 11.01 million CNY, a decrease of 55.94% year-on-year [2] Product and Market Insights - Over 90% of revenue comes from aircraft composite components [2] - The company has signed contracts worth approximately 435 million CNY for 2025, which are yet to be fulfilled [4] - New projects and markets are expected to contribute to revenue growth in 2025 [4] Cost and Margin Analysis - The gross margin for Q1 2025 decreased compared to 2024 due to price reductions in contracts and increased costs from new project transitions [3] - The company anticipates that once new projects stabilize and scale effects are realized, gross margins will improve [3] Capacity and Resource Management - The workforce increased from approximately 600 to 900 employees since early 2024, ensuring sufficient capacity to meet customer demand [5] - New equipment, including a large hot press and automated machines, has been added to enhance production capabilities [5] Accounts Receivable and Cash Flow - Accounts receivable increased significantly in Q1 2025 due to changes in customer payment terms and longer collection cycles [6] - The increase in accounts receivable is primarily linked to large orders executed in late 2024 and early 2025, with no substantial bad debt expected [7] Strategic Partnerships and Investments - The company has invested in Xi'an Junhui Aviation Technology Co., holding a 35% stake, focusing on military drone design and assembly [8] - New ventures include Anhui Yunshu Zhihang Technology Co., which will engage in low-altitude vehicle development [8] Competitive Advantages - The company has established a comprehensive technical system covering all aspects of composite material production, providing a competitive edge [11][12] - It has been recognized as a "Gold Supplier" by major aviation manufacturers for seven consecutive years, indicating strong customer relationships and industry reputation [12]

新股及次新股震荡走弱，港迪技术（301633）跌超10%，佳力奇（301586）跌超8%，宏工科技、天和 磁材（603072）、浙江华业（301616）纷纷下挫。 ...

安徽佳力奇先进复合材料科技股份公司 2024 年度董事会工作报告 2024 年度，安徽佳力奇先进复合材料科技股份公司（以下简称"公司"） 董事会严格按照《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》（以下简称"《证券法》"）、《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》及《安徽佳力奇先进复合材料科技股份公司章程》（以下简称"《公 司章程》"）等有关法律法规、规范性文件以及公司制度的规定，切实履行股东 大会赋予的董事会职责，勤勉尽责地开展各项工作，推动公司持续稳定健康发展。 现将公司董事会 2024 年度工作情况汇报如下： 2024 年，公司全年实现营业收入 62,683.42 万元，较上年同期增长 35.41%； 归属于上市公司股东的净利润 10,040.51 万元，较上年同期降低 2.05%；归属于 上市公司股东的扣除非经常性损益的净利润 7,934.02 万元，较上年同期增长 1.24%。报告期末，公司的资产总额为 157,532.08 万元，较上年度末增长 40.50%； 归属于上市公司股东的所有者权益 ...

单位：万元 安徽佳力奇先进复合材料科技股份公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 | | 资金占用 | 占用方与上 | 上市公司核 | 2024 | 年期初 | 2024 年度占用 | 2024 | 年度占用 | 2024 年度偿 | 2024 年期 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 市公司的关 | 算的会计科 | | 占用资金余额 | 累计发生金额 | | 资金的利息(如 | 还累计发生 | 末占用资金 | 原因 | 占用性质 | | | | 联关系 | 目 | | | （不含利息） | | 有) | 金额 | 余额 | | | | 控股股东、实际控制 | - | - | - | | - | - | | - | - | - | - | - | | 人及其附属企业 | - | - | - | | - | - | | - | - | - | - | - | | 小计 | - | - | - | | - ...