Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company's performance in 2024 aligns with market expectations, with revenue reaching 12.659 billion, a year-on-year increase of 17.68%, and net profit of 1.169 billion, up 24.86% year-on-year [6][7]. - The company is expected to achieve positive progress in the AI computing field, particularly in high-layer boards and HDI, which may open new growth opportunities [6][7]. - The company has increased its R&D investment significantly, with R&D expenses reaching 758 million in 2024, a year-on-year increase of 26.12% [6][7]. Financial Performance - In Q1 2025, the company reported revenue of 3.343 billion, a year-on-year increase of 21.90%, while net profit was 325 million, up 2.18% year-on-year [6][7]. - The overall revenue for Q4 2024 was 3.581 billion, reflecting a year-on-year growth of 19.16% [6][7]. - The company anticipates revenue growth of 18% in 2025, with projected revenue of 14.938 billion [8][12]. Business Segments - In the automotive electronics sector, the company achieved revenue of 5.8 billion in 2024, a year-on-year increase of 33%, accounting for 48% of total revenue [6][7]. - The data center segment saw over 30% revenue growth, contributing approximately 8% to total revenue [6][7]. - The company has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers and domestic OEMs [6][7]. Future Outlook - The company is expected to benefit from the growing demand for high-end computing products, particularly in the AI server market [7]. - The report forecasts revenue for 2025-2027 to be 14.938 billion, 17.926 billion, and 21.152 billion respectively, with net profits projected at 1.479 billion, 1.826 billion, and 2.230 billion [8][12]. - The company is well-positioned to capture high-margin orders from key clients in North America and the automotive sector, driving future growth [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company achieved an operating revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to shareholders was 1.169 billion yuan, up 24.86% year-on-year. The gross margin and net margin were 22.73% and 9.16%, respectively, with a gross margin decrease of 0.44 percentage points and a net margin increase of 0.69 percentage points [2][5] - In the first quarter of 2025, the company reported an operating revenue of 3.343 billion yuan, a year-on-year increase of 21.90%, and a net profit of 325 million yuan, up 2.18% year-on-year. The gross margin and net margin were 20.78% and 9.87%, respectively, with a gross margin decrease of 3.83 percentage points and a net margin decrease of 1.70 percentage points [2][5] - The company is focusing on the automotive sector and embracing AI technologies, with significant advancements in AI server products and high-end HDI PCB products. The company has achieved breakthroughs in AI server fields and is experiencing high demand for its products [11] - The automotive electronics sector is also a key focus, with the company actively developing products for intelligent driving and accumulating a strong customer base among leading Tier 1 manufacturers and domestic automakers. The company expects substantial growth in its automotive business [11] - The company aims to leverage its technological strengths in high-end HDI and multilayer PCB products to drive growth in both the automotive and data communication sectors, anticipating net profits of 1.541 billion yuan, 2.023 billion yuan, and 2.408 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 16.62, 12.65, and 10.63 [11] Financial Summary - In 2024, the company reported total revenue of 12.659 billion yuan and a net profit of 1.169 billion yuan. The projected revenues for 2025, 2026, and 2027 are 14.938 billion yuan, 17.926 billion yuan, and 21.511 billion yuan, respectively [18] - The company’s gross profit is expected to grow from 2.878 billion yuan in 2024 to 5.163 billion yuan in 2027, maintaining a gross margin of around 24% [18] - The company’s total assets are projected to increase from 19.244 billion yuan in 2024 to 24.903 billion yuan in 2027, with a debt-to-asset ratio of approximately 45.4% by 2027 [18]

Core Viewpoint - The printed circuit board (PCB) industry in China is experiencing rapid development driven by government policies aimed at enhancing high-performance, high-frequency, and high-speed PCB products, as well as encouraging innovation and the development of new materials [1][3]. Policy Overview - The PCB industry is recognized as a critical component of electronic products, often referred to as the "mother of electronic products." The industry has evolved through various national plans, including the "12th Five-Year Plan," "13th Five-Year Plan," and "14th Five-Year Plan," focusing on improving material self-sufficiency, forming industrial clusters, and advancing technology innovation [1][3]. - A series of policies have been issued at the national level to support the development of high-performance PCBs, with a focus on innovation and new material research. As of February 2025, several key policies have been summarized [3][4]. National Policy Summary - Policies include the "Development Implementation Plan for Fine Chemical Industry Innovation" (2024-2027), which aims to enhance the supply capacity of key products in various fields, including electronic chemicals and high-performance materials [4]. - The "Guidance on Accelerating the Transformation and Upgrading of Traditional Manufacturing" emphasizes the need for enterprises to focus on foundational components and materials [5]. - The "Quality Strong Nation Construction Outline" aims to improve manufacturing agility and quality through the integration of digital technologies [5]. Provincial Policy Summary - Local governments are actively issuing policies to promote the PCB industry. For instance, Beijing's "14th Five-Year Plan" focuses on supporting consumer electronics and advanced manufacturing processes [10]. - Guangdong's initiatives include fostering high-end PCB production and supporting semiconductor material development [10][11]. - Jiangxi's plans aim to enhance the local PCB industry, targeting a revenue of 80 billion yuan by 2026 [12]. Industry Development Goals - The industry aims to overcome technological bottlenecks in high-end products such as HDI boards and flexible PCBs, while also focusing on the development of advanced manufacturing techniques [8]. - There is a strong emphasis on achieving self-sufficiency in key materials and components, reducing reliance on imports [8]. - The overall goal is to enhance the competitiveness of the PCB industry through innovation and improved product quality, aligning with national and local development strategies [8][12].

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with a focus on the emerging AI landscape [1]. - The company has shown strong performance in the automotive PCB sector and is developing a second growth curve through its data communication business [4]. Financial Performance Summary - In 2024, the company achieved revenue of 12.659 billion yuan, a year-on-year increase of 17.68%, and a net profit attributable to shareholders of 1.169 billion yuan, up 24.86% year-on-year [4]. - For Q4 2024, revenue was 3.581 billion yuan, a year-on-year increase of 19.16%, and net profit was 265 million yuan, up 12.16% year-on-year [4]. - In Q1 2025, revenue reached 3.343 billion yuan, a year-on-year increase of 21.90%, while net profit was 325 million yuan, up 2.18% year-on-year [5]. Market Data - As of April 29, 2025, the company's stock price is 27.45 yuan, with a market capitalization of approximately 25.606 billion yuan [7]. - The company produced 11.0626 million square meters of printed circuit boards in 2024, a year-on-year increase of 16.43% [6]. Growth Potential - The company is well-positioned to benefit from the acceleration of high-level intelligent driving and the increasing penetration of AI applications in vehicles [6]. - The company has made significant advancements in AI server products and has achieved mass production capabilities for 1.6T optical modules [8]. Earnings Forecast - Revenue is projected to reach 14.751 billion yuan in 2025, with a growth rate of 17%, and net profit is expected to be 1.502 billion yuan, reflecting a growth rate of 28% [9]. - The company is anticipated to maintain a strong return on equity (ROE) of 10% in 2025, increasing to 14% by 2027 [9].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has embraced new AI trends, significantly expanding its presence in high-end markets, particularly in smart driving, AI servers, and AI computing hardware, leading to stable growth in operating performance [2][3]. - The company reported a revenue of 12.659 billion yuan for 2024, a year-on-year increase of 17.68%, and a net profit of 1.169 billion yuan, up 24.86% [1][4]. - For the first quarter of 2025, the company achieved a revenue of 3.343 billion yuan, reflecting a year-on-year growth of 21.9%, with a net profit of 325 million yuan, an increase of 2.18% [1][4]. Financial Performance Summary - The company is projected to achieve revenues of 15.128 billion yuan, 18.154 billion yuan, and 21.784 billion yuan for the years 2025, 2026, and 2027, respectively [4][11]. - The expected net profits for the same years are 1.527 billion yuan, 1.986 billion yuan, and 2.405 billion yuan [4][11]. - The report anticipates a 20x PE ratio for 2025, leading to a target price of 32.69 yuan within six months [4][6]. Market Position and Product Development - The company has made significant advancements in the data center sector, with mass shipments of AI server products and a leading position in high-speed FPC and ultra-high-layer PTFE products [2][3]. - In the automotive electronics sector, the company has seen high growth in smart driving and smart cockpit products, increasing its market share in HDI and high-layer products [2][3]. - The company has also increased its R&D investment, resulting in the acquisition of 30 new invention patents and 9 utility model patents during the reporting period [3][11].

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2025-031 | | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 | 转债 | | 深圳市景旺电子股份有限公司 关于预计2025年度对外捐赠的公告 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。 一、对外捐赠审议程序 深圳市景旺电子股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第四届董事会第二十八次会议审议通过了《关于确认 2024 年度对外捐赠及预 计 2025 年度对外捐赠情况的议案》，2024 年度公司累计对外捐赠 298.00 万元， 均用于乡村振兴、社会公益、慈善事业等，同意公司及合并报表范围内的子公司 2025 年度对社会公益、慈善事业、乡村振兴等在内的各类对外捐赠额度累计不 超过人民币 500.00 万元。本次对外捐赠额度预计事项不涉及关联交易，根据《上 海证券交易所股票上市规则》《公司章程》《公司对外捐赠管理制度》的相关规定， 本次对预计外捐赠额度在董事会审 ...

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2025-035 | | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 | 转债 | | 深圳市景旺电子股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 投资种类：安全性较高、流动性较好、风险较低的保本型理财产品。 现金管理额度：单笔金额或任意时点累计金额不超过人民币 30,000 万元 的闲置募集资金，其中使用"景 20 转债"闲置募集资金不超过 5,000 万元，使 用"景 23 转债"闲置募集资金不超过 25,000 万元。 履行的审议程序：经公司第四届董事会第二十八次会议、第四届监事会 第十八次会议审议通过，本议案无需提交股东大会审议。 特别风险提示：公司购买的是安全性较高、流动性较好，风险较低的保 本型理财产品，总体风险可控，但由于金融市场受宏观经济、财政及货币政策的 影响较大，仍存在一定风险。 一、本次募集资金基本情况 经 ...

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 转债 | | 深圳市景旺电子股份有限公司 关于召开2024年年度股东大会的通知 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。 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 14 点 00 分 召开地点：深圳市光明区凤凰街道东坑社区光源三路 158 号景旺电子大厦会 议室 重要内容提示： 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 股东大会召开日期：2025年5月20日 本次股东大会采 ...

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号：2025-027 | | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 | 转债 | | 深圳市景旺电子股份有限公司 第四届监事会第十八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 深圳市景旺电子股份有限公司（以下简称"公司"）第四届监事会第十八次 会议之通知、议案材料于 2025 年 4 月 18 日通过邮件及电话的方式送达了公司全 体监事。本次会议于 2025 年 4 月 28 日以现场会议的方式召开，会议由监事会主 席江伟荣先生主持。会议应出席监事 3 名，实际出席监事 3 名。本次会议的召开 符合有关法律法规和《公司章程》的相关规定，会议决议合法有效。 二、监事会会议审议情况 （一）审议通过了《公司 2024 年度监事会工作报告》。 经核查，监事会认为：《公司 2024 年度监事会工作报告》内容真实、准确、 完整的反映了报告期内监事会的工作情况。 表决结果 ...

| 证券代码：603228 | 证券简称：景旺电子 | | 公告编号:2025-026 | | --- | --- | --- | --- | | 债券代码：113669 | 债券简称：景 23 | 转债 | | 深圳市景旺电子股份有限公司 第四届董事会第二十八次会议决议公告 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。 一、董事会会议召开情况 深圳市景旺电子股份有限公司（以下简称"公司"）第四届董事会第二十八 次会议之通知、议案内容于 2025 年 4 月 18 日通过书面、电话及电子邮件的方式 告知了公司全体董事。本次会议于 2025 年 4 月 28 日以现场结合通讯表决的方式 召开，会议由董事长刘绍柏先生主持。会议应出席董事 9 名，实际出席董事 9 名。本次会议的召开符合有关法律法规和《公司章程》的规定，会议决议合法有 效。 二、董事会会议审议情况 （一）审议通过了《公司 2024 年度总经理工作报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过了《公司 2024 年度董事会工作报告》。 ...