Financial Performance - The company's revenue for Q1 2025 reached ¥8,602,240,027.91, representing an increase of 11.07% compared to ¥7,744,804,604.28 in the same period last year[4] - Net profit attributable to shareholders was ¥455,862,422.17, a significant increase of 57.55% from ¥289,348,487.81 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥396,749,250.19, up 51.83% from ¥261,306,973.35 in the previous year[4] - Basic earnings per share rose to ¥0.27, reflecting a 58.82% increase compared to ¥0.17 in the same period last year[4] - The total profit for the period was ¥596,686,190.91, marking a 72.32% increase from ¥346,267,196.58 in the previous year[7] - Operating profit for the current period was ¥594,895,048.03, representing a significant increase of 71.43% from ¥346,968,163.30 in the previous period[17] - Net profit for the current period was ¥456,526,563.63, a rise of 57.94% compared to ¥289,267,722.86 in the prior period[17] - Total comprehensive income amounted to CNY 510,924,979.94, a significant increase from CNY 260,903,642.31 in the previous period[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥46,469,701,601.63, a slight increase of 0.99% from ¥46,014,173,064.47 at the end of the previous year[4] - The equity attributable to shareholders increased by 2.71% to ¥19,336,648,107.86 from ¥18,826,387,269.38 at the end of the previous year[4] - Total liabilities decreased slightly to ¥27,072,673,388.46 from ¥27,128,069,831.24, a reduction of 0.21%[14] Cash Flow - The net cash flow from operating activities decreased by 12.35% to ¥1,365,406,591.51 from ¥1,557,837,879.15 in the same period last year[4] - Net cash flow from financing activities decreased by 81.88% to ¥267,605,322.80 compared to ¥1,476,912,312.82 in the same period last year, primarily due to a reduction in bank borrowings[7] - Cash inflow from operating activities totaled CNY 10,174,457,452.22, slightly decreasing from CNY 10,200,066,749.22 in the previous period[19] - Cash outflow from investing activities was CNY 1,435,538,654.27, compared to CNY 1,505,203,582.07 in the prior period[20] - The ending cash and cash equivalents balance was CNY 6,021,588,750.01, down from CNY 7,629,672,116.98 in the previous period[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 78,035[9] - Major shareholder Yuan Yongfeng holds 13.04% of shares, with 222,388,153 shares pledged[9] - Major shareholder Yuan Yonggang holds 11.85% of shares, with 202,226,196 shares pledged[9] - The company plans to issue shares to controlling shareholders Yuan Yonggang and Yuan Yongfeng, raising up to RMB 1.5 billion, adjusted to RMB 1.404 billion after expenses[11] Other Income and Expenses - The company reported a significant increase in other income, which rose by 68.55% to ¥77,548,707.75 due to increased government subsidies related to assets[7] - Research and development expenses for the current period were ¥275,326,675.54, up from ¥253,417,603.85, indicating a growth of 8.63%[17] - Other comprehensive income after tax for the current period was ¥54,398,416.31, compared to a loss of ¥28,364,080.55 in the prior period[17] Audit and Approvals - The company did not undergo an audit for the first quarter report[21] - The company has received approval from the Shenzhen Stock Exchange for the issuance of shares on March 10, 2025[11]

事件评论 各板块稳健运行，新能源业务成未来发展的强劲引擎。分产品来看：（1）电子电路产品： 事件描述 东山精密发布2024 年报：2024 年，公司实现营业收入367.70 亿元，同比增长9.27%；实现归母净利润 10.86 亿元，同比下滑44.74%，业绩大幅下滑主要是公司对LED 业务优化运营管理，对部分低效设备进 行整合和优化，产生1.64 亿资产处置损失，并对相关资产计提了5.95亿资产减值损失，剔除该部分因素 的影响，2024 年度净利润同比下降约5%左右。 端侧AI+汽车智能化趋势驱动成长，FPC 增长动力强。展望后市，智能手机功能创新叠加AI 技术的发展 为FPC 带来增量需求，近几年AI 技术快速发展，越来越多的智能手机厂商开始推出AI 手机，手机功能 创新和集成度的提升驱动单机FPC 用量快速增加，且对更精细化FPC 产品需求提升。在此过程中，行 业头部FPC 厂商积极进行资本投入，市场竞争力快速提升，有望获取更多的市场份额。 此外，在汽车 电子领域，电子化水平的提升带动电子元器件的需求量扩大，对连接电子元器件所需的线路载体的数量 相应增加，车用FPC 需求将进一步增长。据iFixit 数 ...

LED 整合优化拖累2024 年利润，2025Q1 业绩高速增长，维持"买入"评级4 月25 日，公司发布2024 年 度报告。（1）2024 年，公司实现营收367.70 亿元，同比+9.27%；归母净利润10.86 亿元，同 比-44.74%；扣非归母净利润8.99 亿元，同比-44.34%；销售毛利率14.02%，同比-1.16pcts；销售净利率 2.95%，同比-2.89pcts。（2）2024 年单四季度，公司实现营收103.04 亿元，同比-7.59%，环比 +4.74%；归母净利润0.18 亿元，同比-97.11%，环比-96.39%；扣非归母净利润-1.10 亿元，同 比-119.00%，环比-122.30%；毛利率14.96%，同比-2.67pcts，环比+0.31pcts；净利率0.18%，同 比-5.50pcts，环比-4.99pcts。（3）公司2024 年度和Q4 净利润大幅下降，主要是基于谨慎性原则，对 LED 业务进行整合优化，产生1.64 亿资产处置损失和5.95 亿资产减值损失，剔除该因素后，2024 年净 利润同比下降约5%左右。公司2025 年第一季度业绩预告称，受益于 ...

关于向特定对象发行股票申请获得中国证券监督管理委员会同意注 册批复的公告 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。 苏州东山精密制造股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于苏州东 山精密制造股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 911 号），批复主要内容如下： 证券代码：002384 证券简称：东山精密 公告编号：2025-028 苏州东山精密制造股份有限公司 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将按照有关法律法规和上述批复文件的要求及公司股东会的授 权，在规定期限内办理本次向特定对象发行股票的相关事宜，并及时履行信息披 露义务。敬请广大投资者注意投资风险。 特此公告。 苏州东山精密制造股份有限公司董事会 2025 年 4 月 28 日 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照 ...

电子/元件 东山精密（002384.SZ） LED 业务轻装前行，端侧 AI 与新能源双轮驱动 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 25.28 | | 一年最高最低(元) | 37.60/14.75 | | 总市值(亿元) | 431.25 | | 流通市值(亿元) | 350.46 | | 总股本(亿股) | 17.06 | | 流通股本(亿股) | 13.86 | | 近 3 个月换手率(%) | 285.64 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-04 2024-08 2024-12 东山精密 沪深300 相关研究报告 《2024Q3 业绩符合预期，看好 PCB+ 汽车双轮驱动—公司信息更新报告》 -2024.11.1 《AI 换机潮推动消费电子成长，新能 源业务稳定推进—公司信息更新报 告》-2024.8.22 《行业复苏叠加新品放量，公司业绩 有望稳步增长 —公司信息更新报告》 -2024.4.29 陈蓉芳（分析师） 张威震（分析师 ...

开源证券股份有限公司陈蓉芳,张威震近期对东山精密（002384）进行研究并发布了研究报告《公司信息 更新报告：LED业务轻装前行，端侧AI与新能源双轮驱动》，给予东山精密买入评级。 东山精密 LED整合优化拖累2024年利润，2025Q1业绩高速增长，维持"买入"评级 4月25日，公司发布2024年度报告。(1)2024年，公司实现营收367.70亿元，同比+9.27%；归母净利润10.86 亿元，同比-44.74%；扣非归母净利润8.99亿元，同比-44.34%；销售毛利率14.02%，同比-1.16pcts；销售 净利率2.95%，同比-2.89pcts。(2)2024年单四季度，公司实现营收103.04亿元，同比-7.59%，环比 +4.74%；归母净利润0.18亿元，同比-97.11%，环比-96.39%；扣非归母净利润-1.10亿元，同比-119.00%， 环比-122.30%；毛利率14.96%，同比-2.67pcts，环比+0.31pcts；净利率0.18%，同比-5.50pcts，环 比-4.99pcts。(3)公司2024年度和Q4净利润大幅下降，主要是基于谨慎性原则，对LED业务进行整合优 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 36.77 billion yuan in 2024, representing a year-on-year growth of 9.27%. However, the net profit attributable to shareholders decreased by 44.74% to 1.086 billion yuan, primarily due to operational optimization in the LED business, which resulted in asset disposal losses of 164 million yuan and asset impairment losses of 595 million yuan. Excluding these factors, the net profit decline was approximately 5% year-on-year [2][7]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.77 billion yuan, with a year-on-year increase of 9.27%. The net profit attributable to shareholders was 1.086 billion yuan, down 44.74% year-on-year. The significant decline in performance was attributed to the optimization of the LED business, leading to asset disposal losses of 164 million yuan and asset impairment losses of 595 million yuan. Adjusting for these factors, the net profit decline was around 5% [2][7]. Business Segments - The company's business segments showed stable performance: - Electronic circuit products generated revenue of 24.801 billion yuan, up 6.62% year-on-year, accounting for 67.45% of total revenue, with a gross margin of 18.34%, down 2.45 percentage points. - Touch panel and LCD module revenue reached 6.370 billion yuan, a 31.02% increase year-on-year, representing 17.32% of total revenue, with a gross margin of 3.32%, up 1.55 percentage points. - Precision component products generated 4.540 billion yuan in revenue, a 9.08% increase year-on-year, accounting for 12.35% of total revenue, with a gross margin of 14.30%, up 3.59 percentage points. - LED display products saw revenue decline to 768 million yuan, down 35.48% year-on-year, with a gross margin of -40.94%, down 14.27 percentage points due to lower industry demand and increased competition. - The new energy business achieved revenue of 8.65 billion yuan, a 36.98% increase year-on-year, accounting for 23.52% of total revenue [15]. Future Outlook - The growth in demand for flexible printed circuits (FPC) is driven by the trends in AI and automotive intelligence. The rapid development of AI technology is expected to increase the demand for FPC in smartphones and automotive electronics. The company is expected to strengthen its collaboration with Tesla in the new energy sector, enhancing operational efficiency and profit margins. The company forecasts net profits of 3.535 billion yuan, 4.610 billion yuan, and 5.628 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 12.20, 9.35, and 7.66 [15].

据证券之星公开数据整理，近期东山精密(002384)发布2024年年报。截至本报告期末，公司营业总收入 367.7亿元，同比上升9.27%，归母净利润10.86亿元，同比下降44.74%。按单季度数据看，第四季度营业 总收入103.04亿元，同比下降7.59%，第四季度归母净利润1828.76万元，同比下降97.11%。本报告期东山 精密公司应收账款体量较大，当期应收账款占最新年报归母净利润比达705.89%。 该数据低于大多数分析师的预期，此前分析师普遍预期2024年净利润为盈利18.44亿元左右。 | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | | 研报数 | 覆盖时长 | 2024预测 | 2025预测 | 2026预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-04-15 | 长江证券 | 杨洋 | | -- | -- | -- | 10.89 Z | 35. ...

沪指4月25日下跌0.07%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为公用事业、通信， 涨幅分别为1.36%、1.15%。电子行业今日上涨0.43%。跌幅居前的行业为房地产、煤炭，跌幅分别为 0.60%、0.59%。 资金面上看，两市主力资金全天净流入49.75亿元，今日有14个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨0.78%，全天净流入资金33.68亿元，其次是公用事业行业，日涨 幅为1.36%，净流入资金为15.81亿元。 主力资金净流出的行业有17个，有色金属行业主力资金净流出规模居首，全天净流出资金9.42亿元，其 次是基础化工行业，净流出资金为9.30亿元，净流出资金较多的还有医药生物、银行、农林牧渔等行 业。 电子行业今日上涨0.43%，全天主力资金净流入15.68亿元，该行业所属的个股共461只，今日上涨的有 272只，涨停的有5只；下跌的有177只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有216只，其中，净流入资金超亿元的有10只，净流入资金居首的是沪电股份，今日净流入资金 4.37亿元，紧随其后的是立讯精密、东山精密，净流入 ...

Group 1: LED Business Developments - In 2024, the company recognized an asset impairment loss of CNY 595 million in its LED business due to intensified competition [2] - For 2025, the company aims to reduce losses or achieve profitability in the LED sector through product structure adjustments and cost-cutting measures [2] Group 2: Precision Manufacturing Progress - The company has significantly improved its precision manufacturing business, particularly in the new energy sector, with multiple partnerships established with leading domestic and international electric vehicle manufacturers [3] - The business situation in 2024 is expected to show marked improvement compared to previous years, with some clients entering mass production in Q4 [3] Group 3: Future Strategic Directions - The company will continue to deepen its "dual-drive" strategy, focusing on core products like electronic circuits and precision components while expanding into emerging markets [3] - Increased R&D investment will target cutting-edge technologies to enhance market share and brand influence [3] Group 4: Financial Performance Overview - In 2024, the electronic circuit revenue is projected to grow steadily, while the LED segment's loss reduction target was not met [3] - The touch display and precision manufacturing divisions have shown signs of profitability, although overall results remain close to breakeven after accounting for integration costs [3] Group 5: Market Outlook and Challenges - The company anticipates stable demand for consumer electronics despite potential trade policy risks, maintaining its position as the second-largest global flexible printed circuit board (FPC) manufacturer [4] - The Thai factory is expected to achieve mass production in the second half of the year, contingent on successful product validation [4]