证券代码：000636 证券简称：风华高科 公告编号：2025-31 广东风华高新科技股份有限公司 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。 广东风华高新科技股份有限公司（以下简称"公司"）于2025年8 月20日召开的第十届董事会2025年第四次会议、第十届监事会2025年第 三次会议，审议通过了《关于部分募集资金投资项目缩减投资规模的议 案》，同意对募集资金投资项目中的"祥和工业园高端电容基地项目" （以下简称"祥和项目"）缩减投资规模并调整建设期及内部投资结构， 该事项尚需提交公司股东大会审议。现将具体情况公告如下: 一、募集资金基本情况 经中国证券监督管理委员会《关于核准广东风华高新科技股份有限 公司非公开发行股票的批复》（证监许可（2022）170号）核准，公司 （A股）股票261,780,100股，发行价为每股19.10元，募集资金总额为人 民币4,999,999,910.00元，扣除承销及保荐费用人民币27,099,999.69元（含 税）后，实际到位资金为人民币4,972,899,910.31元。另减除其他相关发 行费用后，本次募集资金净额为人 ...

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]