登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600353 证券简称：旭光电子 公告编号：2025-024 成都旭光电子股份有限公司关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因 成都旭光电子股份有限公司（以下简称"公司"）2023年股票期权与限制性股票激励计划（第一期）（以 下简称"本激励计划"）第二个解除限售期业绩水平未达到业绩考核目标条件，公司对66名激励对象已获 授尚未解除限售的限制性股票进行回购注销。 本次回购注销股份的有关情况 ■ 本次回购注销限制性股票事项涉及公司董事、高级管理人员和核心人员共计66人，回购注销限制性股票 数量为116.508万股；本次回购注销完成后，剩余限制性股票116.508万股。 （三）回购注销安排 公司已在中国证券登记结算有限责任公司上海分公司（以下简称"中登公司"）开设了回购专用证券账户 （证券账户号码：B881985561），并向中登公司提交了回购注销申请，预计本次限制性股票将于2025 年5月13日完 ...

Core Viewpoint - The company plans to invest 10% equity in Zhongke Hongjing with a capital of 10 million yuan, aiming to enhance its strategic position in the magnetic materials sector [2]. Group 1: Investment Details - The investment agreement was approved by the company's board with a unanimous vote of 9 in favor and no opposition [2]. - Zhongke Hongjing, established on October 29, 2024, has a registered capital of 10 million yuan, which will increase to 12.82 million yuan post-investment [2]. - The new equity structure will see Ningbo Jinghe Chuangda holding 54.6%, Ningbo Jingcheng Chuangda 17.16%, Chi Qiang 6.24%, and the company holding 10% [2]. Group 2: Strategic Implications - The investment aligns with the company's long-term strategy to focus on magnetic components as a core industry [2]. - By investing in Zhongke Hongjing, the company aims to deepen collaboration in the research and development of key raw materials for magnetic components [2]. - This partnership is expected to provide the company with priority access to advanced materials, enhancing its competitiveness in producing high-performance integrated inductors and other magnetic devices [2]. Group 3: Operational Advantages - The company will leverage Zhongke Hongjing's capabilities in powder material development and mass production, which are at the forefront of domestic standards and comparable to international suppliers [3]. - This collaboration is anticipated to translate material advantages into superior product performance, stable supply chain capabilities, and significant cost benefits for downstream manufacturers [3].

Event Overview - The company reported Q1 2025 results with revenue of 1.833 billion yuan, a year-over-year increase of 17.24% and a quarter-over-quarter decrease of 8.08%. The net profit attributable to shareholders was 533 million yuan, up 23.02% year-over-year and down 9.28% quarter-over-quarter. The non-recurring net profit was 449 million yuan, reflecting an 18.71% year-over-year increase and a 9.36% quarter-over-quarter decrease. The gross margin was 41.01%, up 0.87 percentage points year-over-year but down 2.56 percentage points quarter-over-quarter. The net profit margin was 29.07%, an increase of 1.34 percentage points year-over-year and a decrease of 0.34 percentage points quarter-over-quarter [1]. Profit Margin Analysis - In Q1, the company experienced a decline in profit margins quarter-over-quarter due to rising costs, particularly from precious metals. The first quarter is traditionally a low season with fewer working days, which contributed to a quarter-over-quarter revenue decline. However, the company still achieved significant year-over-year growth due to demand recovery and successful customer expansion [2]. Product Development and Market Position - The company is continuously enhancing its MLCC (Multi-Layer Ceramic Capacitor) technology through increased R&D investment, overcoming technical challenges, and improving product quality and stability. A comprehensive product matrix has been established, with diverse series tailored to various application scenarios, thereby meeting the differentiated needs of different customer groups. The core competitiveness of the company's MLCC products has significantly improved, leading to a steady increase in market share, which is expected to contribute positively to future performance [3]. - In the ceramic insert sector, the rapid development of emerging technologies like artificial intelligence is reshaping the demand landscape in the optical communication market. This evolution imposes higher requirements on product performance, manufacturing processes, material selection, and overall production workflows. The company is actively pursuing technological breakthroughs and innovations, introducing new products such as MT inserts and ceramic packaging tubes, which have garnered attention from global clients. The accelerating construction of data centers worldwide is positively impacting the demand for ceramic inserts and related products [3]. Investment Outlook - Considering the uncertainties in the macroeconomic environment, the company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.707 billion yuan, 3.35 billion yuan, and 3.943 billion yuan, respectively. This is a revision from previous estimates of 2.736 billion yuan and 3.184 billion yuan for 2025 and 2026. Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are expected to be 24.3, 19.6, and 16.7 times, respectively, maintaining a "buy" rating [4].

Core Viewpoint - The company reported significant revenue and profit growth for 2024, driven by recovery in downstream markets and increased sales of high-value products [1] Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 7.38 billion, a year-on-year increase of about 28.8% [1] - The net profit attributable to shareholders for 2024 was approximately 2.19 billion, reflecting a year-on-year growth of about 38.6% [1] - The net profit excluding non-recurring items for 2024 was approximately 1.93 billion, with a year-on-year increase of about 58.2% [1] - For Q1 2025, the company reported revenue of approximately 1.83 billion, a year-on-year increase of about 17.24% [1] - The net profit attributable to shareholders for Q1 2025 was approximately 533 million, showing a year-on-year growth of about 23.02% [1] - The net profit excluding non-recurring items for Q1 2025 was 450 million, with a year-on-year increase of about 18.7% [1] Group 2: Market and Product Development - The company's strong performance in 2024 was attributed to the recovery in demand from downstream markets such as consumer electronics, automotive, and optical communications [1] - The company has made significant advancements in MLCC technology, achieving breakthroughs in high-capacity and small-size production, with multiple high-capacity specifications now in mass supply [2] - The company is expanding its product applications in high-end MLCC and ceramic insert products, including developments in optical communication and semiconductor components [2] - The company plans to continue exploring diverse product applications in areas such as optical communication, data centers, automotive, new energy, AI, robotics, and healthcare [2] Group 3: Future Profit Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 2.73 billion, 3.26 billion, and 3.88 billion respectively, with upward adjustments from previous forecasts [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 24.32, 20.36, and 17.13 times respectively [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance driven by AI, with a revenue of approximately 7.38 billion yuan in 2024, representing a year-on-year growth of about 28.8%. The net profit attributable to shareholders was approximately 2.19 billion yuan, up by about 38.6% year-on-year [6] - In Q1 2025, the company achieved a revenue of approximately 1.83 billion yuan, a year-on-year increase of about 17.24%, and a net profit of approximately 533 million yuan, reflecting a year-on-year growth of about 23.02% [6] - The company has made significant advancements in MLCC production technology, expanding its product applications in various fields, including automotive, industrial, and consumer electronics [7] - The company is expected to see net profits of 2.73 billion yuan, 3.26 billion yuan, and 3.88 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 24.32, 20.36, and 17.13 [8] Financial Performance Summary - In 2024, the company achieved a gross margin of approximately 43.0%, an increase of about 3.2 percentage points year-on-year [7] - The company maintained reasonable control over its operating expenses, with sales, management, and R&D expense ratios of 1.1%, 5.6%, and 7.9% respectively, all showing a year-on-year decline [7] - The company’s revenue is projected to grow to 9.04 billion yuan in 2025, with a year-on-year growth rate of 22.5% [13] - The net profit attributable to shareholders is expected to grow at a rate of 24.7% in 2025, reaching 2.73 billion yuan [13]

Financial Performance - In 2024, the company's operating revenue was 323.34 million CNY, a decrease of 6.47% compared to the previous year [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 0.58% year-on-year, with a slower decline compared to 2023 [3] - In Q1 2025, the operating revenue reached 100.84 million CNY, an increase of 25.31% year-on-year [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 58.78% year-on-year in Q1 2025 [3] - The net cash flow from operating activities increased by 349.38% year-on-year [3] - Basic earnings per share grew by 85.71% compared to the same period last year [3] Market and Strategic Outlook - The company is focusing on optimizing operational efficiency and enhancing market competitiveness to stabilize stock prices [3] - The company has no current plans for stock buybacks and will adhere to legal disclosure obligations [6] - The company is committed to strict compliance with legal regulations regarding information disclosure related to its strategic layout [6][8] Product and Industry Insights - The company's products are applicable in semiconductor equipment, RF power supplies, and various high-end electronic components [10] - The RF microwave MLCC products are crucial in communication, radar, and medical fields, indicating a positive industry outlook [12] - The company has established a sales team capable of covering both domestic and international markets, enhancing customer service [6] Customer and Order Management - As of the end of 2024, accounts receivable amounted to approximately 89.44 million CNY, reflecting a growth of about 5% year-on-year [13] - The company will adjust production capacity based on market demand and customer orders to ensure efficient operations [12]

Group 1: Financial Performance - The company achieved a total revenue of 317 million in 2024, representing a year-on-year growth of 22.27% [4] - The net profit attributable to shareholders was 45.8492 million, an increase of 17.38% compared to the previous year [4] - The company's sales revenue from the automotive sector reached 20.16 million in 2024, showing a growth of 14.31% [8] Group 2: Business Strategy and Growth - The company plans to focus on the home appliance, automotive, new energy vehicles, smart low-voltage electrical appliances, and power tools sectors over the next 3-5 years [3] - The company is considering mergers and acquisitions to optimize resource allocation and support business growth [3] - The company aims to enhance its market share by deepening cooperation with existing major clients and exploring new business opportunities [8] Group 3: Shareholder Returns and Dividends - The company proposed a profit distribution plan for 2024, which includes a cash dividend of 5 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [6] - The company emphasizes that the dividend plan does not directly equate to future performance commitments, urging investors to consider various factors [8] Group 4: Market and Industry Outlook - The company acknowledges the complex international political landscape but notes that sales to the U.S. account for a small proportion of total revenue, minimizing the impact of U.S. tariff policies [3] - The electronic components industry in China has experienced rapid growth since the 1990s, with significant opportunities in consumer electronics, automotive, and power tools sectors [9] Group 5: Operational Challenges and Adjustments - The company has adjusted the completion timeline for its fundraising projects due to various objective factors, with the new completion date set for November 2026 [8] - The company is actively monitoring raw material prices and has established internal controls to manage procurement effectively [9]

Core Viewpoint - The company held an earnings briefing to enhance communication with investors and provide insights into its operational performance for 2024 and Q1 2025 [1][2]. Financial Performance - In Q1 2025, the company reported a main revenue of 414 million, a year-on-year increase of 14.0%. However, the net profit attributable to shareholders decreased by 36.73% to 33.73 million, and the net profit after deducting non-recurring gains and losses fell by 40.18% to 31.55 million [20]. - The company's debt ratio stands at 53.38%, with financial expenses amounting to 12.84 million [20]. Product and Market Insights - The company’s electronic-grade film materials generated approximately 50 million in revenue in Q1 2025, with a gross margin of about 12% [6]. - The company has established deep collaborations with various battery clients, including those developing semi-solid and solid-state batteries, indicating a focus on expanding market applications for its composite aluminum and copper foils [2]. - The company’s paper carrier tape shipments in 2024 are nearing 2021 levels, although revenue is impacted by declining raw material prices [3]. Strategic Considerations - The company is considering transferring some shares to external strategic investors to reduce debt levels and improve cash flow [4][5]. - The company has plans to increase production capacity for MLCC release films, with a projected annual capacity of 1.2 billion square meters, of which 400 million square meters have already been put into production [14]. Competitive Landscape - The company has not identified any direct competitors in the domestic mid-to-high-end MLCC market [12]. - The company’s export ratio is approximately 10%, with existing factories in Malaysia and the Philippines [17]. Future Outlook - The company has set clear operational goals for the year, which have been broken down into specific targets for various business units [20]. - Recent institutional ratings indicate a positive outlook, with 7 buy ratings and 1 hold rating, and an average target price of 20.61 [21].

Financial Performance - In 2024, the company's operating revenue was 32,334.13 million yuan, a decrease of 6.47% compared to the previous year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 0.58% year-on-year, with a slower decline compared to 2023 [2] - In Q1 2025, the operating revenue reached 10,083.99 million yuan, an increase of 25.31% year-on-year [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 58.78% year-on-year [2] - The net cash flow from operating activities rose by 349.38% compared to the same period last year [2] - Basic earnings per share grew by 85.71% year-on-year [2] Business Operations - The company specializes in the R&D, manufacturing, and sales of RF microwave ceramic capacitors, serving key sectors such as RF power, military, medical, and communications [3] - The company adheres to legal regulations and maintains a transparent governance structure, ensuring effective internal controls and risk management [3] International Business - Major export markets include Japan, South Korea, the United States, and Germany [3] - Revenue from exports to the U.S. accounts for approximately 10% of total revenue, indicating limited impact from U.S. tariffs [3] Shareholder Management - The controlling shareholder has not yet released shares for trading, and there have been no violations of share reduction regulations by shareholders holding more than 5% [3] - The company emphasizes compliance with relevant laws and regulations regarding share reductions and timely information disclosure [3] Subsidiary Establishment - As of 2024, the company has established subsidiaries in Singapore, Japan, and Hong Kong [4][5]

Core Insights - Jin'an Guoji reported a revenue of 4.048 billion yuan for 2024, marking a year-on-year increase of 13.36%, while net profit reached 37.0589 million yuan, a significant growth of 147.02% [1] - The company maintains its leading position in the electronic components manufacturing industry through technological innovation and market expansion [1] - Jin'an Guoji has diversified its operations into the medical device and pharmaceutical manufacturing sectors, achieving notable success [2] Group 1: Financial Performance - The company achieved a revenue of 4.048 billion yuan, reflecting a 13.36% increase year-on-year [1] - Net profit reached 37.0589 million yuan, showing a substantial growth of 147.02% compared to the previous year [1] Group 2: Market Position and Strategy - Jin'an Guoji continues to lead in the electronic components sector due to superior product quality and technological advantages [1] - The company is actively expanding into new markets, particularly in high-end segments, to strengthen its market share [1] Group 3: Research and Development - The company has increased its investment in technology research and development, supporting high-quality growth [1] - A highly qualified R&D team is driving innovation and product upgrades, enhancing the company's core competitiveness [1] Group 4: Diversification and New Markets - Jin'an Guoji has made significant strides in the medical device and pharmaceutical sectors, enhancing brand value and market competitiveness [2] - The company is strategically entering the renewable energy sector, focusing on solar and energy storage solutions, which improve energy efficiency and provide economic and environmental benefits [2] Group 5: International Expansion - Jin'an Guoji is actively expanding its international market presence, enhancing brand recognition and influence globally [2] - The company participates in international exhibitions and strengthens cooperation with global clients to broaden overseas market channels [2]