证券代码：000682 证券简称：东方电子 公告编号：2025-21 东方电子股份有限公司 第十一届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届董事会第十二次会 议于 2025 年 6 月 13 日以通讯表决方式召开，会议通知于 2025 年 6 月 9 日以电 子邮件的方式通知全体董事。本次会议是临时会议，应参加会议的董事 7 人，实 际参加会议的董事 7 人，会议由董事长方正基先生召集和主持，公司监事、高级 管理人员列席了会议。 会议通知及召开程序符合《公司法》《公司章程》等有关规定，会议决议 合法有效。 二、会议议案的审议情况 1、审议并通过了《关于补选公司第十一届董事会非独立董事的议案》； 根据《中华人民共和国公司法》《东方电子股份有限公司章程》《东方电 子股份有限公司董事会议事规则》等相关规定，经董事会提名委员会资格审核， 公司董事会提名刘志军先生、张驰先生为公司第十一届董事会非独立董事候选人， 任期自股东大会批准之日始至本届董事会任期满止。（候选人简历 ...

Core Insights - The magnetic sensor market in China is experiencing robust growth, with the market size projected to increase from 3.71 billion yuan in 2018 to 9.95 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 17.87% [1][18] - Key drivers of this growth include sustained demand from consumer electronics, automotive electronics, and industrial automation, as well as the application of emerging technologies [1][18] - The integration of magnetic sensors in various applications such as smartphones, electric vehicles, and smart home devices is further propelling market demand [1][18] Industry Overview - Magnetic sensors are essential components in modern electronic systems, capable of accurately measuring physical quantities by capturing changes in magnetic fields [1][3] - The industry is categorized into Hall sensors and magnetic resistance sensors, with the latter further divided into anisotropic magnetoresistance (AMR), giant magnetoresistance (GMR), and tunnel magnetoresistance (TMR) sensors [3][5] Market Segmentation - Hall sensors dominate the market, holding approximately 69% market share in China, with a market size projected to grow from 3.01 billion yuan in 2017 to 6.55 billion yuan by 2024, at a CAGR of 13.84% [7][19] - The magnetic resistance sensor market is also expanding rapidly, with the market size expected to grow from 660 million yuan in 2018 to 3.33 billion yuan by 2024, achieving a CAGR of 30.96% [21] - AMR sensors are projected to grow from 370 million yuan in 2018 to 1.41 billion yuan by 2024, with a CAGR of 24.98% [22] - GMR sensors are expected to increase from 150 million yuan in 2018 to 560 million yuan by 2024, with a CAGR of 24.55% [22] - TMR sensors are anticipated to grow from 140 million yuan in 2017 to 1.36 billion yuan by 2024, achieving a remarkable CAGR of 46.07% [22] Industry Chain - The magnetic sensor industry chain consists of upstream suppliers of raw materials and core components, midstream manufacturers responsible for design and production, and downstream applications in various sectors such as consumer electronics, automotive electronics, and industrial automation [12][14] Key Companies - Notable companies in the magnetic sensor market include domestic players such as Shanghai Canrui Technology, Suzhou Naxin Microelectronics, and others, alongside global leaders like Allegro, Infineon, and TDK [25][27][29] Development Trends - The industry is focusing on enhancing product sensitivity, temperature stability, miniaturization, and low power consumption to meet the evolving demands of applications in precision measurement, automotive electronics, and IoT devices [31][32][34][35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve revenue growth of 16% in 2024, with a projected revenue of 75.45 billion yuan and a net profit of 6.84 billion yuan, reflecting a year-on-year growth of 26% [5][6] - The company maintains a strong focus on its core business and innovation, with significant breakthroughs in research and development, and a high proportion of R&D investment [5][6] - The company has successfully expanded its business across six major directions, achieving new contracts exceeding 10 billion yuan in 2024 [5][6] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 6,478 in 2023 to 11,926 in 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][6] - Net profit (in million yuan) is expected to increase from 541 in 2023 to 1,175 in 2027, with a CAGR of about 15% [1][6] - Earnings per share (EPS) is forecasted to rise from 0.40 in 2023 to 0.88 in 2027 [1][6] Business Segments - The company’s revenue from its three main business segments in 2024 includes: - Dispatch and cloud services: 12.90 billion yuan (up 17.11% year-on-year) - Power transmission and transformation automation: 8.57 billion yuan (up 37.50% year-on-year) - Intelligent distribution and utilization: 43.24 billion yuan (up 17.06% year-on-year) [5][6] R&D and Innovation - The company has 309 ongoing projects, with 220 newly initiated and 104 completed in 2024, alongside 104 patent authorizations [5][6] - The company actively participates in the publication of national and industry standards, with 24 contributions in 2024 [5][6] Market Position and Outlook - The company is well-positioned to benefit from the accelerated construction of new power systems, with its core competitiveness continuing to stand out [5][6] - The company’s operational efficiency is improving, and it is expected to maintain stable growth in its business performance [5][6]

根据《公司法》和《公司章程》的相关规定，丁振华先生、刘勋章先生辞职 不会导致公司董事会人数低于法定最低人数，其辞职自辞职报告送达公司董事会 之日起生效。公司将按照法定程序尽快完成补选董事的相关工作。 东方电子股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东方电子股份有限公司（以下简称"公司"）董事会近日收到董事丁振华先 生、刘勋章先生的书面辞职报告。 丁振华先生因退休原因辞去公司第十一届董事会董事职务及董事会下设委 员会职务，辞职后不在公司担任其他职务。截至本公告披露日，丁振华先生持有 公司股份 169,318 股，其所持股份将遵守相关法律法规有关股票转让的限制性 规定。丁振华先生在公司任职期间恪尽职守、勤勉尽责，对推动公司高质量发展， 提升公司治理水平、规范运作等工作做出了重要贡献，公司董事会对其为公司发 展所做出的贡献表示衷心地感谢。 刘勋章先生因工作变动原因辞去公司第十一届董事会董事职务及董事会下 设委员会职务，辞职后不在公司担任其他职务。截至本公告披露日，刘勋章先生 未持有公司股份，不存在应履行而未履行的承诺事项。公司董事会对其任职期间 ...

东方电子股份有限公司 关于为公司全资子公司担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保事项概况 公司全资子公司烟台东方威思顿电气有限公司（以下简称"威思顿"）计划 投标斯里兰卡 CEB 变电站项目，根据项目投标要求需要公司为威思顿提供项目 履约担保。担保期限：担保将在威思顿中标后签署项目合同正式生效时生效，直 至威思顿在合同项下的全部义务和责任履行完毕为止；若威思顿未能中标，则本 担保自动失效。项目担保金额预计总计 4,900 万美元，经测算，项目担保金额未 达到公司股东大会审议标准。 本担保事项经公司第十一届董事会第十一次会议审议通过，无需提交股东大 会审议。 证券代码：000682 证券简称：东方电子 公告编号：2025-19 二、被担保人基本情况 （一）被担保人概况 8、营业范围：仪器仪表制造；仪器仪表销售；智能仪器仪表制造；智能仪器 仪表销售；配电开关控制设备研发；配电开关控制设备制造；配电开关控制设备 销售；输配电及控制设备制造；智能输配电及控制设备销售；电力设施器材制造； 电力设施器材销售；工业自动控制系统装置制造；工业自动 ...

证券代码：000682 证券简称：东方电子 公告编号：2025-18 东方电子股份有限公司 第十一届董事会第十一次会议决议公告 会议通知及召开程序符合《公司法》《公司章程》等有关规定，会议决议 合法有效。 二、会议议案的审议情况 1、审议并通过了《关于为公司全资子公司担保的议案》 《关于为公司全资子公司担保的公告》同日刊登在中国证券报、证券时报及 巨潮资讯网（www.cninfo.com.cn）。 表决结果：表决通过。其中，同意 9 票；反对 0 票；弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届董事会第十一次会 议于 2025 年 5 月 26 日以通讯表决方式召开，会议通知于 2025 年 5 月 21 日以电 子邮件的方式通知全体董事。本次会议是临时会议，应参加会议的董事 9 人，实 际参加会议的董事 9 人，会议由董事长方正基先生召集和主持，公司监事、高级 管理人员列席了会议。 1、经与会董事签字并加盖董事会印章的董事会决议。 东方电子股份有限公司 董事会 2025 年 ...

Group 1 - The provincial government emphasizes the importance of stabilizing foreign trade, expanding investment, and promoting consumption to ensure sustained economic growth and quality improvement in Shandong province [1] - The government is focused on supporting foreign trade enterprises by helping them stabilize orders, expand markets, and promote domestic sales of foreign trade products, as well as enhancing cross-border e-commerce and market procurement trade [1] - The government aims to build a world-class port at Yantai Port to facilitate high-level opening-up and enhance the province's economic development [1] Group 2 - The government encourages enterprises to implement high standards in project organization and construction, aiming for high-quality development through innovation and market expansion [2] - There is a strong emphasis on expanding effective investment and providing comprehensive lifecycle service support for projects, ensuring timely resolution of difficulties to accelerate project implementation [2] - The government highlights the importance of consumption as a key driver of economic growth and aims to stimulate consumption through various initiatives, including promoting new consumption models and enhancing the overall consumption environment [2]

Key Insights - The report highlights the overall upward trend in various industries, including oil and petrochemicals, building materials, electronics, textiles, automotive, non-bank financials, and environmental protection, while sectors like electric equipment, machinery, food and beverage, pharmaceuticals, home appliances, banking, real estate, public utilities, and retail are experiencing a downward trend [2][3][5] Industry Overview - The semiconductor photomask market is dominated by US and Japanese companies, with a strong demand for domestic alternatives due to low domestic production rates [3] - The global photomask market reached USD 5.2 billion by 2022, showing consistent growth from 2012 to 2020 [3] - The CDMO sector is projected to generate revenue of CNY 83.191 billion in 2024, a decrease of 2.92% year-on-year, while the first quarter of 2025 shows a recovery with a revenue increase of 11.35% year-on-year [5] - The CRO sector is expected to face challenges in 2024 due to high base effects, but a significant recovery is anticipated in Q1 2025, with a net profit increase of 104.57% year-on-year [5] Company Performance - The report indicates that the company achieved a revenue of CNY 67.46 billion in 2024, reflecting a year-on-year growth of 13.24%, with a net profit of CNY 9.40 billion, up 2.86% year-on-year [11] - In Q1 2025, the company reported a revenue of CNY 16.66 billion, a slight increase of 1.41% year-on-year, and a net profit of CNY 2.57 billion, which is a 10.94% increase year-on-year [11] - The company has successfully launched its 500,000th five-in-one electric drive shell, enhancing its production capacity for products over 3000T [11] - The company is expected to achieve net profits of CNY 12.63 billion, 15.22 billion, and 17.99 billion from 2025 to 2027, with corresponding P/E ratios of 13.0, 10.8, and 9.1 [11] Market Trends - The report notes a significant increase in the demand for AI and robotics, with companies in these sectors expected to see a recovery in their stock prices following recent adjustments [10] - The report emphasizes the importance of domestic companies enhancing their R&D capabilities through acquisitions and talent acquisition to catch up with foreign competitors in the photomask industry [3] - The report also highlights the increasing importance of the AI industry, with Meta's Q1 2025 revenue reaching USD 42.3 billion, a 16% year-on-year increase, and a significant rise in AI-related advertising effectiveness [20]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has achieved stable growth in its operating performance, with a revenue of 7.545 billion yuan in 2024, representing a year-on-year increase of 16.47%. The net profit attributable to the parent company reached 684 million yuan, up 26.34% year-on-year [1][4] - The company secured new contracts exceeding 10 billion yuan in 2024, which supports future performance growth [1] - The company is expected to continue steady domestic business growth while accelerating overseas market expansion [3] Financial Performance Summary - In 2024, the company reported revenues of 12.90 billion yuan from scheduling and cloud services, 8.57 billion yuan from power transmission and transformation automation, and 43.24 billion yuan from intelligent distribution and utilization [2] - The gross profit margin for 2024 was 33.71%, with a net profit margin of 9.85% [1] - For Q1 2025, the company achieved revenues of 1.406 billion yuan, a year-on-year increase of 10.04%, and a net profit of 121 million yuan, up 19.22% year-on-year [1] Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been adjusted to 8.93 billion yuan, 10.54 billion yuan, and 12.23 billion yuan respectively, with net profits projected at 820 million yuan, 1.01 billion yuan, and 1.20 billion yuan [4] - The corresponding price-to-earnings ratios are estimated at 16x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [4] Market Outlook - The company is expected to leverage its advantages in the intelligent distribution and utilization business while exploring the potential of the southern power grid market [3] - The overseas market expansion is anticipated to accelerate, particularly in Europe and South America, while maintaining traditional markets in Malaysia and Thailand [3]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]