东山精密 20240803 会议要点 1. 公司业务概况及历史发展 东山精密坚持双轮驱动战略，主要聚焦在消费电子和新能源两大核 心赛道，核心客户包括苹果和特斯拉。业务板块包括电子电路 （PCB 板）、精密制造（金属产品及汽车业务）和光电显示（触控 面板、显示模组、LED 等）。公司应用领域涵盖消费电子、新能源 汽车、通信设备、工业设备、服务器和医疗器械等。 公司起家于钣金和冲压业务，后进入 LED 行业，并通过收购美国柔 性电路板公司 MUT 补齐硬板领域不足，形成现有三大业务板块。 近年来，公司围绕新能源汽车赛道进行布局，收购车载显示屏组装 工厂和海外工厂，成为苹果供应商并为特斯拉的爆发做准备。 2. 财务状况及盈利能力 2023 年公司实现收入 330 多亿，净利润 19.65 亿，相比 2022 年 有所下滑。下滑主要原因包括消费电子需求疲弱、光电显示供需失 衡、通讯设备业务下滑。特别是苹果销售一般和 LED 业务亏损对公 司业绩造成拖累。 公司费用率在近几年有所下降，维持在 4.5%左右，但由于需求一 般，部分业务亏损，导致毛利率和净利率承压。2023 年电子电路 板块收入达到 232 亿，同比增长 ...

Financial Data and Key Metrics Changes - In 2022, the company achieved total revenue of approximately 33 billion RMB, representing a year-on-year growth of 6.6%, while net profit was around 1.965 billion RMB, a decline of nearly 13% compared to the previous year [15] - The FPC and precision manufacturing segments performed well, while the LED business suffered significant losses due to weak market demand, becoming the largest drag on overall performance [15] Business Line Data and Key Metrics Changes - The FPC segment has shown outstanding performance, driven by increasing demand from major clients like Apple, while the LED segment faced losses due to poor market conditions [4][15] - The precision manufacturing business is expected to improve as Tesla orders increase, indicating a positive outlook for this segment [4][16] Market Data and Key Metrics Changes - The FPC industry has been experiencing stable growth, with projections indicating that demand will further increase by 2026 due to Apple's strong demand for FPC products [5][18] - The FPC market is shifting from a fragmented landscape to a more concentrated one, with Chinese and Taiwanese companies gaining a dominant position in the high-end FPC sector [19] Company Strategy and Development Direction - The company is focusing on a dual-driven strategy, concentrating on consumer electronics and new energy sectors, particularly in collaboration with major clients like Apple and Tesla [2][3] - The company aims to enhance its presence in the automotive sector through acquisitions and by providing comprehensive solutions, emphasizing the growing demand for PCBs in electric and smart vehicles [10][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as weak consumer electronics demand and supply-demand imbalances in the optical display sector, yet expressed confidence in the stability of revenue and net profit due to the strong performance of the FPC segment [4][16] - The company anticipates that the precision manufacturing business will gradually become profitable as Tesla orders materialize, and it expects to maintain a high growth rate and profit margin in the FPC sector [16] Other Important Information - The company has been actively adjusting its business layout, focusing on precision manufacturing in the new energy vehicle sector to achieve long-term stable development [13] - The FPC's application is expanding beyond smartphones to include wireless earbuds, smartwatches, and tablets, indicating a growing market potential [23] Q&A Session Summary Question: What was the main topic of this meeting? - The meeting focused on the latest in-depth report from Changjiang Securities Research Institute regarding the dual-driven strategy of FPC and automotive sectors, and the company's overall business structure [13] Question: How has the company's development history been? - The company started with metal processing and gradually expanded into LED packaging and FPC, becoming a supplier for Apple in 2016 [14] Question: What is the overall operating status of the company as of 2022? - Despite challenges, the company achieved stable revenue growth, with the FPC and precision manufacturing segments performing well, while the LED segment faced significant losses [15] Question: What is the future outlook for the company? - The company expects to see improvements in the precision manufacturing segment with increasing Tesla orders and anticipates maintaining high growth in the FPC sector due to strong demand from Apple [16] Question: How did the precision components business perform last year? - The Yancheng plant was stable and profitable, while the Kunshan plant faced losses due to high investment and insufficient orders [17] Question: What are the basic characteristics and applications of FPC? - FPC is a high-performance product made from flexible substrates, suitable for lightweight and complex internal structures in consumer electronics and automotive applications [17] Question: What is the growth outlook for the FPC industry in the coming years? - The FPC industry is expected to continue growing, driven by strong demand from Apple, with projections indicating significant increases in production levels [18] Question: How does the current competitive landscape of the FPC industry look? - The FPC market is becoming more concentrated, with Chinese and Taiwanese companies dominating the high-end sector, benefiting from local material production [19] Question: How will the demand for FPC increase with the introduction of foldable screens and other emerging products? - The development of foldable screens is expanding the application range of FPC, particularly in high-complexity products [20] Question: How does AI technology impact the value and processing difficulty of FPC? - AI technology increases the complexity of mobile devices, leading to higher value and processing challenges for FPC [21] Question: How has the usage and value of FPC in iPhones changed historically? - The number of FPCs in iPhones has increased significantly, with the latest models using multiple FPCs, indicating a trend of rising value and usage [22] Question: In addition to smartphones, where else is FPC widely used? - FPC is also used in wireless earbuds, smartwatches, and tablets, with expectations for increased applications in various products [23] Question: How does AI hardware upgrades drive changes in the PCB market? - Upgrades in AI hardware will lead to increased demand for PCBs, particularly as new Apple products are released [24] Question: What is the competitive position of the company in the FPC sector? - The company is a leading player in the domestic FPC industry, benefiting from strong demand in the upcoming Apple product cycle [25] Question: What is the company's strategy in the automotive sector? - The company is focusing on providing comprehensive solutions in the automotive sector, particularly in collaboration with Tesla and new energy vehicle manufacturers [26] Question: How do electric and smart vehicle trends affect PCB demand? - The shift to electric vehicles increases PCB demand due to changes in the vehicle's electronic systems, while smart vehicle trends further drive PCB usage [27]

The meeting is ready to start, please remain. 本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 字幕由Amara.org社区提供 好的 尊敬的各位投资人 大家下午好我是长江证券的电子行业分析师杨阳今天跟各位投资人汇报一下就是我们最新的一篇深度报告东山精密这个公司的深度报告然后标题是FPC加汽车双轮驱动 经营有望出现拐点这个是我们最新的一个研究的一个报告 那本篇报告呢 我们其实就主要是把东三的整个的这个业务做一个介绍然后重点的话可能把FPC和汽车两块业务去做一个梳理啊 然后嗯 整体是一个公司的推荐的一个 然后呃因为确实我们在线上的这个会议里面的可能对于公司的一些呃这个这个业绩就是业绩的一些数据啊啥的我们其实在公开的会议上面我们是呃没有直接去说的所以说后面呃如果说关于公司的拆分呢以及公司的这个呃严历测方面的这个东西的话也是欢迎各位投资人到时候呃线下跟我们团队联系啊 首先先介绍一下公司的一个整体的情 ...

安徽承义律师事务所 关于苏州东山精密制造股份有限公司 召开2024年度第三次临时股东大会的法律意见书 （2024）承义法字第 00195 号 致：苏州东山精密制造股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会 规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受苏州东山精密 制造股份有限公司（以下简称"东山精密"）的委托，指派司慧、张亘律师（以下简称 "本律师"）就东山精密召开 2024 年度第三次临时股东大会（以下简称"本次股东大会"） 出具法律意见书。 二、本次股东大会参加人员的资格 经核查，参加本次股东大会的东山精密股东和授权代表共 938 名，代表有表决权 股份数 725,320,831 股,均为截至 2024 年 7 月 17 日下午交易结束后在中国证券登记结 算有限责任公司深圳分公司登记在册的东山精密股东。东山精密董事、监事、高级管 理人员及本律师出席了本次股东大会。出席本次股东大会的人员资格符合法律、法规、 规范性文件和公司章程的规定。 三、本次股东大会的提案 经核查，本次股东大会审议的提案由东山精密第六届董事会提出，并提前十五日 进行了公告。本次 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-063 苏州东山精密制造股份有限公司 关于变更注册地址并完成工商变更登记的公告 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、公司注册地址变更的情况说明 近日，公司完成了注册地址工商变更登记及公司章程备案登记手续，并取得 了苏州市数据局换发的《营业执照》，公司注册地址由"苏州吴中经济开发区塘 东路 88 号"变更为"苏州吴中经济开发区善丰路 288 号"。 除上述注册地址变更外，公司《营业执照》的其他登记事项不变。 三、备查文件 《营业执照》。 特此公告。 苏州东山精密制造股份有限公司董事会 2024 年 7 月 22 日 苏州东山精密制造股份有限公司（以下简称"公司"）于 2024 年 4 月 16 日召开第六届董事会第九次会议并于 2024 年 5 月 10 日召开 2023 年度股东大会， 审议通过《关于变更公司注册地址及修订<公司章程>的议案》。具体内容详见 2024 年 4 月 18 日、5 月 11 日巨潮资讯网（www.cninfo.com.cn）和指定信息披露 媒体公司相关公告 ...

特别提示 证券代码：002384 证券简称：东山精密 公告编号：2024-062 苏州东山精密制造股份有限公司 2024 年度第三次临时股东大会决议公告 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。 ● 本次股东大会未出现否决议案的情形。 ● 本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召集、召开和出席情况 （一）会议的召集、召开情况 1、本次会议召集情况 苏州东山精密制造股份有限公司（以下简称"公司"）2024年度第三次临时 股东大会（以下简称"会议"）于2024年6月28日发出通知。 2、本次会议召开情况 会议于2024年7月22日采取现场表决与网络投票相结合的方式召开。其中， 现场会议于2024年7月22日下午14:00开始在公司会议室召开；通过深圳证券交易 所交易系统进行网络投票的具体时间为2024年7月22日上午9:15-9:25，9:30-11:30， 下午13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间 为2024年7月22日上午9:15至下午15:00期间的任意时间。 本次会议由公司董事会召集，董事长 ...

电子 2024 年 07 月 19 日 东山精密 (002384) ——围绕 Apple+Tesla 布局,PCB 全球第三锐意进取 | --- | |---------------------| | 2024 年 07 月 19 日 | | 24.74 | | 28.98/11.01 | | 2.3 | | 1.01 | | 34,395 | | 2,982.31/8,903.23 | | | | --- | --- | |------------------------|----------------| | 基础数据: | 年 03 月 31 日 | | 每股净资产(元) | 10.75 | | 资产负债率% | 59.57 | | 总股本/流通 A 股(百万) | 1,710/1,390 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 10-2011-2012-2001-2002-2003-2004-2005-2006-2007-2008-2009-2010-20 -40% -30% -20% -10% 0% 10% 20% 中旗股份 沪深300指数 (收益率) 相关 ...

东山精密20240717_导读 2024年07月18日 00:51 关键词 东山精密 苹果 汽车业务 PCB FPC 光电显示 封装 显示模组 触控显示模组 通信业务 5G 高多层板 HDI 净 利润 毛利率 PCB业务 毛利 营收 经营效率 现金流 全文摘要 东山精密是一家源自苏州的企业,最初专注于钣金业务,后来在PCB领域取得显著成就,成为全球第二 大FPC资产供应商。公司营收主要来源于PCB业务,占比达到三分之二。近年来,东山精密积极布局汽 车领域,同时扩展光电显示业务,包括LED和LCM业务,致力于满足不同市场需求。通过一系列战略布 局和产能扩张,东山精密成功增强其在通信及手机市场的竞争力,并巩固了在汽车领域的市场份额。公 司还面临着光电显示板块的压力,尤其是LED和LCM业务,但PCB业务表现强劲,毛利率居高不下。为 了应对挑战,东山精密计划通过高端化转型和生产基地优化来提高盈利能力。此外,公司正在实施出海 战略,期望通过提升单品价值和扩大市场份额进一步强化汽车业务。尽管遭遇市场波动和资产整合难 题,但凭借内生增长及重点客户合作,东山精密预期业务将持续发展,展现出长期增长的潜力。 章节速览 ● 00 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is a global leader in PCB manufacturing, ranking third in overall PCB revenue and second in flexible circuit board revenue in 2023. The company achieved revenue of 33.651 billion yuan in 2023, a year-on-year increase of 6.56%, but net profit decreased by 17.05% to 1.965 billion yuan [2][34] - The company is expected to benefit from the AI wave, particularly with the launch of Apple's AI system, which is anticipated to drive demand for upgraded PCB specifications [2][34] - The company is diversifying its business and expanding into the new energy sector, with significant growth expected in its automotive business by 2025 [34] Summary by Sections Company Overview - The company has a diversified business structure with three main segments: electronic circuits, optoelectronics, and precision manufacturing. It has established a strong presence in the global PCB market through strategic acquisitions and expansions [10][11] PCB Industry Position - The company is well-positioned in the PCB industry, benefiting from the growing demand for new electronic products such as VR/AR devices and AI smartphones. The company has established strong relationships with major clients, enhancing its revenue potential [2][17][30] Financial Forecasts - The report forecasts a net profit of 2.329 billion yuan for 2024, with significant increases expected in 2025 and 2026, reaching 3.185 billion yuan and 3.527 billion yuan respectively. The company’s PE ratios are projected to be 19X for 2024, 14X for 2025, and 13X for 2026 [34][35] Strategic Initiatives - The company is actively pursuing its A+T strategy, focusing on expanding its electric vehicle product lines and improving its LED business. The integration of new production facilities and customer certifications is progressing well, with expectations for improved average selling prices [2][34] Market Trends - The global PCB market is expected to grow at a compound annual growth rate of 5.4% from 2024 to 2028, driven by advancements in AI technology and the increasing demand for electric vehicles [25][34]

Summary of the Conference Call on Dongshan Precision Company Overview - **Company Name**: Dongshan Precision - **Industry**: Electronics manufacturing, specifically focusing on PCB (Printed Circuit Board) and related components Key Points and Arguments 1. **Core Business Segments**: Dongshan Precision has diversified its business into several segments, with PCB accounting for two-thirds of its revenue, and the company has a strong position in the automotive sector [3][4][6] 2. **Revenue Performance**: The PCB business generated approximately 23 billion to 24 billion in revenue last year, reflecting a year-on-year growth of 6.7% [5][6] 3. **Market Position**: The company is the second-largest player globally in the FPC (Flexible Printed Circuit) segment and has a significant presence in the hard PCB market, focusing on communications and mobile devices [6][8] 4. **Client Base**: Major clients include Apple and Tesla, with a notable expansion in the automotive sector, particularly in electric vehicles [11][16] 5. **Growth in Automotive Sector**: The automotive electronics revenue reached 6.4 billion last year, with a growth rate close to 100% year-on-year, indicating a strong upward trend in this segment [17] 6. **Challenges in Display Business**: The optical display segment has faced pressure due to market competition, leading to losses in recent years, with expectations of continued challenges [25][26] 7. **Profitability Metrics**: The PCB business has a gross profit margin of approximately 21%, making it the most profitable segment, while the display segments have reported negative margins [29] 8. **Future Outlook**: The company anticipates continued growth driven by major clients' new product launches and an expansion of its global service capabilities [23][30] 9. **Cash Flow and Financial Health**: The operating cash flow has shown a positive trend, reaching 5.2 billion, indicating strong financial health despite challenges in certain segments [32] 10. **Investment Strategy**: Dongshan is focusing on high-end business lines and optimizing its production capabilities to enhance profitability in the long term [28][33] Additional Important Information - **Historical Context**: The company has undergone significant transformations since 2016, which have contributed to its current growth trajectory [15][24] - **Global Expansion**: Dongshan has been proactive in its international strategy since 2019, aiming to enhance its global footprint [20][30] - **Market Dynamics**: The company is navigating a complex market environment, balancing growth in core segments while addressing challenges in less profitable areas [24][31] This summary encapsulates the essential insights from the conference call regarding Dongshan Precision's business performance, market positioning, and future outlook.