徕木股份 2024 年年度股东大会会议资料 上海徕木电子股份有限公司 会议资料 二〇二五年六月 徕木股份 2024 年年度股东大会会议资料 徕木股份 2024 年年度股东大会会议资料 上海徕木电子股份有限公司 为了维护投资者的合法权益，确保股东在公司2024年年度股东大会期间依法 行使权利，保证股东大会的正常秩序和议事效率，根据《公司法》、《上市公司 股东大会规则》和《公司章程》的有关规定，特制定如下会议须知： 一、为保证股东大会的严肃性和正常秩序，切实维护与会股东或其代理人的 合法权益，除出席会议的股东或其代理人、公司董事、监事、高级管理人员、公 司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。股 东大会设秘书处，具体负责大会有关事宜。 二、为保证股东大会的顺利召开，出席会议的股东或其代理人须在会议召开 前10分钟到会议现场向大会秘书处办理签到手续。出席会议的股东或其代理人须 出示以下证件和文件办理登记手续：（1）自然人股东：本人身份证原件、股票 账户卡原件；（2）自然人股东授权代理人：代理人身份证原件、自然人股东身 份证复印件、授权委托书原件及委托人股票账户卡原件；（3）法人股东法定代 ...

Core Viewpoint - Nanchip Technology ranks among the top domestic analog chip design companies, with consumer products serving as a stable profit foundation. The company is expanding its product capabilities into automotive and AI server sectors while maintaining its competitive edge in smartphones [1] Automotive Electronics - In 2024, automotive electronics chip revenue is projected to be 86 million, representing a year-on-year growth of 179.07%. The company is focusing on vehicle charging products and expanding into power management and intelligent drive products, targeting applications in vehicle charging, smart cockpit, intelligent driving, body control, and three electric systems [2] - The product range includes DC-DC chips for smart cockpit, power management chips for ADAS sensors, and various control chips for body control applications. In April 2025, the company will launch a vehicle-grade high-speed CAN/CAN FD transceiver SC25042Q, suitable for 12V and 24V automotive systems, supporting data transmission rates of up to 5 Mbit/s [2] Mobile Devices - In 2024, mobile device chip revenue is expected to reach 1.8 billion, with a year-on-year increase of 30.38%. The company offers wired charging solutions covering 10W-300W, with new multi-functional charging chips achieving higher efficiency and better cost performance [3] - The company has also mass-produced wireless charging transmitter, receiver, and transceiver chips, which are used in well-known clients' smartphones and other smart devices. The newly launched wireless charging module has passed Qi2.0 certification [3] - Lithium battery management chips have been mass-produced for smartphones, power banks, and smart wearables, ensuring the safety and efficiency of battery systems through effective matching with protection chips [3] Smart Energy - In 2024, smart energy chip revenue is projected to be 347 million, showing a year-on-year growth of 111.10%. The GaN integrated solution is being introduced to more clients, and the self-developed integrated flyback solution POWERQUARK significantly reduces adapter size while improving conversion efficiency [4] - General-purpose chip revenue is expected to reach 331 million in 2024, with a year-on-year increase of 61.54%. The company is launching various charging chips in energy storage, photovoltaics, and communications, while also expanding into emerging fields like robotics and AI power [4] - The acquisition of Shengsheng Micro enables the company to provide more embedded products to major clients in the consumer sector, enhancing cost advantages through scale effects [4] Investment Outlook - Nanchip Technology is a rare entity capable of providing end-to-end solutions in the power and battery sectors, with a well-structured architecture in charge pump technology and advanced research and development. The synergy from the acquisition is expected to enrich the product matrix, and the company is anticipated to see revenue of 3.287 billion, 4.087 billion, and 5.161 billion in 2025-2027, with net profits of 406 million, 531 million, and 666 million respectively. A strong buy rating is maintained [4]

Core Viewpoint - Asia-Pacific Holdings (002284.SZ) has received a new project notification from a major domestic automotive group to supply integrated brake control modules (IBS onebox) for a new energy vehicle, with a total sales amount of approximately 200 million yuan over the project's lifecycle [1][3]. Group 1: Project Notifications and Financial Impact - The company has secured three project notifications in 2025, with a cumulative sales amount of about 2 billion yuan [2][5]. - The latest project is expected to start mass production in the first quarter of 2026, with a lifecycle of four years [3]. - The project signifies the recognition of the company's electronic product development capabilities and quality, enhancing its market competitiveness in the new energy vehicle sector [3]. Group 2: Financial Performance and Growth - In the first quarter of 2025, the company reported revenue of 1.258 billion yuan, a year-on-year increase of 23.15%, and a net profit of 100 million yuan, up 65.35% [2][8]. - The gross profit margin reached 19.11% in the first quarter of 2025, marking the highest level since the company went public in 2009 [9]. - The company has maintained steady growth in recent years, with a revenue of 4.26 billion yuan in 2024, a 9.96% increase year-on-year, and a net profit of 213 million yuan, up 119.62% [7][8]. Group 3: Research and Development - The company has a strong focus on research and development, with R&D expenditures of 237 million yuan in 2023 and 315 million yuan in 2024, representing 6.11% and 7.40% of revenue, respectively [7]. - As of the end of 2024, the company held 766 valid patents, including 134 invention patents [7]. - The number of R&D personnel reached 367, accounting for 13.23% of the total workforce [7].

Group 1: Company Overview - Shenzhen Sunlord Electronics Co., Ltd. operates in the electronic components industry with four main product lines: magnetic devices, sensitive and sensor devices, microwave devices, and precision ceramics [2] - The company has established a strong market position and high market share in traditional business areas such as mobile communications, consumer electronics, and industrial automation [2] Group 2: Business Development - The automotive electronics sector is a key area for future growth, with the company actively competing in the high-end automotive electronic components market since 2009 [3] - The company has achieved comprehensive coverage in electric vehicle applications, including intelligent driving and smart cockpit scenarios [3] Group 3: Emerging Markets - New business areas such as automotive electronics, data centers, hydrogen fuel cells, and humanoid robots are being aggressively developed, leveraging the company's advantages in customer resources and R&D capabilities [3] - The data center market is strategically important, with the company supplying various power inductors and tantalum capacitors tailored for power management solutions [4] Group 4: Competitive Advantages - The company maintains a competitive edge through strategic positioning in emerging industries, strong R&D capabilities, and a diverse delivery and quality assurance system [4][5] - Continuous investment in R&D and talent development is aimed at enhancing management, product development, and market expansion capabilities [5]

Group 1: 聚辰股份 - The company has a full range of automotive-grade EEPROM products, widely used in automotive smart cockpits, three-electric systems, visual perception, chassis transmission, and micro-motors [1] - Automotive-grade EEPROM business accounts for nearly 10% of the company's total revenue, indicating significant room for market share growth [1] - The company is actively expanding into overseas markets such as Europe, the United States, South Korea, and Japan, with sales and revenue experiencing rapid growth [1] - The average usage of EEPROM per vehicle was 5-6 units in 2013, and it is expected to exceed 40 units for some new energy vehicles by 2024, indicating a rapidly growing market size [1] - The demand for SPD business expansion is further supported by the PC replacement cycle driven by Windows 11 and IPC [1] Group 2: 新时达 - The company is conducting in-depth research in the fields of embodied intelligent robots and humanoid robots, with plans to launch products by the end of 2025 [2] - A transaction with Haier has received domestic and international approvals, pending compliance review and transfer procedures from the Shenzhen Stock Exchange [2] - The company focuses on core technologies driven by research and development, with six specialized subsidiaries and a leading position in the global elevator control business [2] - Key technology features include integrated drive control, multi-core heterogeneous control architecture, and a self-controlled real-time operating system [2] - The company has mastered critical technologies such as robot controllers, servo drives, and system software, with 100% self-supply of core components [2]

Group 1 - The core viewpoint of the news highlights the recent research conducted by the well-known private equity firm Ruiyi Investment on a listed company, focusing on the operational performance of Jucheng Co., Ltd. in the first quarter of 2025 [1] - Jucheng Co., Ltd. offers a full range of automotive-grade EEPROM products, which are widely used in four major systems: intelligent cockpit, three electric systems, visual perception, and chassis transmission [1] - Although the revenue from automotive-grade EEPROM accounts for nearly 10% of the company's total revenue, the global market share remains low, indicating significant room for growth [1] Group 2 - The company is actively expanding into overseas markets such as Europe, the United States, South Korea, and Japan, successfully introducing products to several leading global automotive electronic Tier 1 suppliers, resulting in rapid growth in sales and revenue [1] - The average usage of EEPROM per vehicle was 5-6 units in 2013, and it is expected that some new energy vehicles will exceed 40 units by 2024, indicating a continuously growing market size [1] - Additionally, the demand driven by Windows 11 and IPC is creating greater opportunities for the expansion of the SPD business [1]

Core Viewpoint - The company is strategically focusing on high-performance packaging technology and high-value applications, optimizing its business structure to capture growth in sectors such as automotive electronics, high-performance computing, storage, and 5G communications [2] Group 1: Business Structure and Growth Areas - The company is accelerating its strategic layout in high-value markets, with revenue distribution in 2024 projected as follows: 44.8% from communication electronics, 24.1% from consumer electronics, 16.2% from computing electronics, 7.9% from automotive electronics, and 7.0% from industrial and medical electronics. All sectors, except for industrial, are expected to achieve double-digit year-on-year revenue growth [2] - The computing electronics segment is a significant growth driver, with a 38.1% year-on-year revenue increase in 2024. The company has extensive experience in memory packaging and has acquired 80% of Shengdie Semiconductor, enhancing its market share in the storage and computing electronics sector [3] Group 2: Automotive Electronics - The company is actively engaging in the automotive electronics sector, forming strategic partnerships with leading international firms. The automotive electronics revenue is expected to grow by 20.5% year-on-year in 2024, significantly outpacing the industry average. The Shanghai automotive electronics packaging production base is under construction and is expected to commence production in the second half of 2025 [4] Group 3: Advanced Technologies and Applications - The company is expanding its capabilities in smart terminal RF, power, and energy sectors. It is developing advanced packaging technologies for 5G, WiFi RF modules, and millimeter-wave radar products. Additionally, it is advancing third-generation semiconductor power devices and modules, with its 2.5D vertical Vcore module already in mass production [5]

Group 1: Company Strategy and Development - The company aims to become the most influential partner in the electronic component distribution market and self-developed chip design business, focusing on automotive electronics [3][4]. - The company plans to enhance its distribution business through mergers and acquisitions, aiming for deeper integration of resources and expansion of its business boundaries [3][4]. - The company’s self-developed IC business has maintained a gross margin of 40%-45% since 2019, with a reported gross margin of 46.95% for 2024, an increase of 6.52 percentage points year-on-year [5]. Group 2: Financial Performance and Projections - In Q1 2025, the company achieved a sales revenue of 1,355.13 million CNY, a year-on-year increase of 121.05%, with a gross margin of 13.35% [8]. - The electronic component distribution business generated revenue of 1,282.78 million CNY, up 137.37% year-on-year, while the self-developed IC business revenue was 70.93 million CNY, with automotive IC revenue at 55.04 million CNY, a 7.94% increase year-on-year [8]. - The company reported a foreign exchange loss of approximately 9.6 million CNY in Q1 2025, primarily due to the appreciation of the Japanese yen [6]. Group 3: Market Position and Competitive Landscape - The domestic market for automotive-grade analog chips has a localization rate of 10%-15%, with the company ranking among the top three domestic manufacturers [6]. - The company is actively pursuing opportunities in high-end intelligent driving and is positioned to benefit from the ongoing technological revolution in AI and robotics [4][5]. - The company’s asset-liability ratio stands at 56.40%, and it is considering appropriate equity financing plans based on market conditions [7]. Group 4: Product Development and Innovation - The company plans to launch several new products in 2025, including various LED driver ICs and DC-DC converters, targeting growth in the Chinese and Japanese markets [8]. - The focus of the self-developed IC business will be on automotive electronics, with plans to enhance product lines and integrate multiple functionalities into existing products [5]. Group 5: Mergers and Acquisitions - The company is in discussions regarding the acquisition of Shanghai Analog Semiconductor, with the process currently in the negotiation stage [7]. - The integration of the recently acquired company, Weiyali, is expected to improve operational performance and achieve profitability following its incorporation into the company [7].

Core Viewpoint - The acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics by Jiewate (688141.SH) for 319 million yuan marks a significant step in enhancing its product layout in the signal chain category, boosting its market competitiveness and share [1][2]. Group 1: Acquisition Details - Jiewate plans to acquire a 40.89% stake in Tianyi Hexin for 319 million yuan, aiming to gain control over the company [1]. - Tianyi Hexin specializes in high-performance sensor chips and analog chip design, with products widely used in consumer electronics such as smart wearables and mobile devices [1][2]. - The acquisition will allow Jiewate to integrate Tianyi Hexin's product lines and technologies, enriching its product matrix and enhancing its technical competitiveness in the signal chain chip sector [2]. Group 2: Market Context and Strategic Fit - The acquisition aligns with Jiewate's strategy to expand its business amid a cyclical adjustment in the global analog chip industry and increasing competition [2]. - Tianyi Hexin's established market presence and customer recognition in optical health detection and high-precision capacitive sensing chips will provide Jiewate with new revenue growth opportunities in the consumer electronics and smart device markets [2]. Group 3: Financial Performance and Future Outlook - Jiewate experienced significant revenue growth in 2024, with core product sales reaching historical highs, despite facing losses in 2023 and 2024 due to industry downturns [3]. - The company reported a substantial reduction in net losses in Q1 2025, with positive cash flow from operating activities, indicating signs of profitability improvement [3]. - Jiewate is increasing R&D investments to solidify its technological foundation and accelerate product launches in emerging sectors such as renewable energy and automotive electronics [3].

Group 1: Company Overview - Shenzhen Zhongdian Port Technology Co., Ltd. is the leading domestic distributor of electronic components, focusing on component distribution, design chain services, supply chain collaboration, and industrial data services [2][3]. - The company operates an automated three-dimensional warehouse of approximately 50,000 m² in Humen, with additional hubs in Hong Kong, Central China, South China, and East China, forming a comprehensive three-tier warehouse layout [3]. Group 2: Application Innovation - The "Firefly Workshop" is the company's application innovation platform, emphasizing technical services and innovation in key industries such as artificial intelligence, new energy, AIoT, automotive electronics, industrial electronics, and open-source hardware [3]. - The company provides technical support, reference designs, and solutions to drive growth in its distribution business and innovation in the upstream and downstream of the industry chain [3]. Group 3: Market Trends - According to SIA data, the global semiconductor market is projected to reach $626.9 billion in 2024, with a year-on-year growth of 19%. Growth rates are expected to be 38.9% in the Americas, 17.5% in Asia-Pacific, 1.4% in Japan, and a decline of 6.7% in Europe [3]. - WSTS forecasts an 11% growth in the global semiconductor market in 2025, reaching $697.1 billion, driven by structural high growth in domestic semiconductor demand, particularly in emerging fields such as AI computing power, robotics, and AIoT [3].