Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the AI replacement trend is driving growth in consumer electronics, while the new energy business is progressing steadily [4] - The company's H1 2024 performance met expectations, with revenue growth in PCB and new energy sectors, despite a decline in net profit [4] - The LED display business has shown a significant reduction in losses, and the company is focusing on improving operational efficiency [5] - The dual-engine strategy of consumer electronics and new energy is expected to provide strong long-term growth resilience [6] Financial Performance Summary - For H1 2024, the company achieved revenue of 166.29 billion yuan, a year-on-year increase of 21.67%, and a net profit of 5.60 billion yuan, a year-on-year decrease of 32.01% [4] - The gross margin for H1 2024 was 13.07%, a slight decline of 0.36 percentage points year-on-year [4] - In Q2 2024, revenue reached 88.84 billion yuan, up 24.15% year-on-year and 14.71% quarter-on-quarter, with a net profit of 2.71 billion yuan [4] - The company expects net profits for 2024, 2025, and 2026 to be 20.1 billion, 28.1 billion, and 34.2 billion yuan respectively [4] Business Segment Performance - The revenue from electronic circuit products, LED display devices, touch panels, and precision components for H1 2024 was 108.50 billion, 4.38 billion, 31.22 billion, and 21.11 billion yuan respectively, with year-on-year growth rates of 20.93%, 4.30%, 40.73%, and 6.37% [5] - The new energy business generated revenue of 38.10 billion yuan, reflecting a year-on-year increase of 29.33% [5] Strategic Outlook - The company is enhancing its competitive edge in consumer electronics by expanding PCB product development in AI servers, cloud computing, and automotive sectors [6] - In the new energy sector, the company is engaging with major North American clients, providing components for automotive displays and cooling systems [6] - The operational efficiency improvements in the LED segment are expected to lead to a gradual recovery in profitability [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to foreign exchange impacts and traditional business challenges, but revenue shows steady growth. In H1 2024, total revenue reached 16.6 billion yuan (+22%), while net profit attributable to shareholders was 560 million yuan (down 32% year-on-year) [3] - The PCB business is experiencing growth driven by AI technology, with significant performance improvements in product expansion and market share for key clients [4] - The release of production capacity in the electric vehicle sector is expected to contribute positively to profits, with the company focusing on lightweight components for new energy vehicles [4] - The company has adjusted its net profit forecasts for 2024-2025, now estimating 2.1 billion yuan and 3 billion yuan respectively, while maintaining a positive outlook on the growth of its flexible circuit board business and the demand driven by AI in the consumer electronics supply chain [4] Financial Summary - Total revenue for 2022 was 31.58 billion yuan, with a projected increase to 34.53 billion yuan in 2024, reflecting a year-on-year growth of 2.6% [2] - Net profit attributable to shareholders for 2022 was 2.368 billion yuan, with a forecasted increase to 2.075 billion yuan in 2024, indicating a growth rate of 5.64% [2] - The company's earnings per share (EPS) is projected to be 1.21 yuan in 2024, with a price-to-earnings (P/E) ratio of 17.65 based on the current price [2][10] - The gross profit margin is expected to be around 15.02% in 2024, with a net profit margin of 6.01% [9]

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company achieved revenue of RMB 16.629 billion in H1 2024, a YoY increase of 21.67%, but net profit attributable to the parent company decreased by 32.01% YoY to RMB 561 million [1] - The new energy business contributed RMB 3.81 billion in revenue, accounting for 22.91% of total revenue, up 1.35 percentage points YoY [1] - The PCB business, the company's main revenue source, generated RMB 10.85 billion in revenue, a 20.93% YoY increase, but its proportion of total revenue decreased by 0.4 percentage points to 65.25% [1] - The company is actively expanding its PCB products in AI servers, cloud computing, and automotive fields to capitalize on the new technological innovation cycle [1] - The LED business saw a significant improvement in operating efficiency, with losses narrowing despite intense competition [1] - The touch display business has recovered to normal levels, with revenue increasing by 40.73% YoY to RMB 3.122 billion [1] Financial Projections - Revenue is expected to grow from RMB 40.003 billion in 2024 to RMB 58.225 billion in 2026, with a CAGR of 21% [1] - Net profit attributable to the parent company is projected to increase from RMB 1.952 billion in 2024 to RMB 3.352 billion in 2026, with a CAGR of 31% [1] - EPS is forecasted to rise from RMB 1.14 in 2024 to RMB 1.96 in 2026 [1] - The company's PE ratio is expected to decrease from 19x in 2024 to 11x in 2026 [1] Business Segments - The company's product lines cover electronic circuits, optoelectronic displays, and precision manufacturing, focusing on consumer electronics and new energy sectors [1] - The PCB business has a strong customer base, including global leaders in consumer electronics and new energy vehicles [1] - The company is leveraging AI applications to drive innovation and expand its customer base in emerging technology fields [1] Financial Ratios - The company's ROE is expected to improve from 12.58% in 2024 to 13.33% in 2026 [5] - The debt-to-asset ratio is projected to decrease from 58.27% in 2024 to 56.24% in 2026 [5] - The net debt ratio is expected to decline significantly, from 33.72% in 2024 to -0.11% in 2026 [5]

Investment Rating - The report maintains a "Recommend" rating for Dongshan Precision (002384 SZ) [1][2] Core Views - Dongshan Precision's H1 2024 performance met expectations, with revenue reaching RMB 16 629 billion (yoy +21 67%) but net profit attributable to shareholders declined to RMB 561 million (yoy -32 01%) [1] - The company's FPC business is expected to benefit from AI innovation, particularly in the consumer electronics sector, due to increased demand for chip computing power and energy consumption [1] - The new energy business is growing rapidly, contributing RMB 3 81 billion in H1 2024 (yoy +29 3%), and is becoming a strong engine for long-term growth [1] - The company is expected to achieve net profits of RMB 2 32 billion, RMB 3 29 billion, and RMB 4 00 billion in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16x, 11x, and 10x [1][2] Financial Performance Summary Revenue and Profit - H1 2024 revenue: RMB 16 629 billion (yoy +21 67%) [1] - H1 2024 net profit attributable to shareholders: RMB 561 million (yoy -32 01%) [1] - Q2 2024 revenue: RMB 8 884 billion (yoy +24 16%, qoq +14 71%) [1] - Q2 2024 net profit attributable to shareholders: RMB 272 million (yoy -22 95%, qoq -5 88%) [1] Product Breakdown - Electronic circuit products: Revenue of RMB 10 85 billion (yoy +20 93%), gross margin of 17 41% (yoy -1 44pct) [1] - LED display devices: Revenue of RMB 438 million (yoy +4 30%), gross margin of -26 89% (yoy +20 1pct) [1] - Touch panels and LCD modules: Revenue of RMB 3 122 billion (yoy +40 73%), gross margin of 3 96% (yoy +3 4pct) [1] - Precision component products: Revenue of RMB 2 111 billion (yoy +6 37%), gross margin of 10 38% (yoy -4 24pct) [1] Future Projections - 2024E revenue: RMB 37 561 billion (yoy +11 6%) [2] - 2025E revenue: RMB 43 811 billion (yoy +16 6%) [2] - 2026E revenue: RMB 50 382 billion (yoy +15 0%) [2] - 2024E net profit attributable to shareholders: RMB 2 319 billion (yoy +18 0%) [2] - 2025E net profit attributable to shareholders: RMB 3 286 billion (yoy +41 7%) [2] - 2026E net profit attributable to shareholders: RMB 3 969 billion (yoy +20 8%) [2] Business Strategy and Growth Drivers - The company is deeply integrated with major clients in the FPC business, particularly in the consumer electronics sector, and is expected to benefit from AI innovation [1] - The new energy business is expanding rapidly, with the company supplying FPC, hard boards, automotive displays, and functional structural components for new energy vehicles [1] - The company has made significant CAPEX investments in the new energy sector, including the acquisition of Suzhou Jingdu and the Aranda factory in the US, and is progressing well with new base construction and product mass production [1] Valuation Metrics - 2024E P/E: 16x [2] - 2025E P/E: 11x [2] - 2026E P/E: 10x [2] - 2024E P/B: 1 9x [2] - 2025E P/B: 1 7x [2] - 2026E P/B: 1 5x [2]

东山精密未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发皆属侵权东山精密将保留追究其法律责任的权利东山精密不承担因转载转发而产生的任何损失和责任市场有风险投资是谨慎请广大投资者谨慎作出投资决策 在会议开始前 我们提醒各位投资者在主讲嘉宾发言结束后将拥有提问时间接下来有请公司领导发言 谢谢好 首先非常感谢各位投资者百忙之中参加我们2024年半年报线上解读会出席本次电话会议的公司领导有总裁单总和总理茂总那下面就我先给大家先简单的解读一下我们2024年 上半年的经营情况,那么2024年全球政治经济依旧错综所来,并且 依旧呈现弱复输的状态在这种情况下面包括这类公司还是实现了营业收入166亿同比增长21.67%从结构来看主要得益于软板和初步解释那么软板主要得益于客户非手机业务的恢复增长和软板竞争格局进一步集中 那么出货显示是得益于下游手机和笔电的需求触底复苏那么综合毛利率是13.1 又有下降那么归属于上市公司股东利润是5.61亿同比减少了32.01%而归属于上市公司扣非的利润是5.16亿只下滑了10.66%那么上半年增收减异的主要的原因第一个就是我们 非经常性损益是同期减少了两个多亿那么第二个就是在汇率和竞争 ...

消费电子组件 东山精密（002384.SZ） 买入-A(首次) AI 推动消费电子业务长期成长 公司近一年市场表现 2024 年 8 月 20 日 公司研究/公司快报 事件描述 公司发布 2024 年半年度报告。公司 2024 年上半年收入 166.29 亿元，同 比+21.67%，归母净利润 5.61 亿，同比-32.01%；24Q2 收入 88.84 亿元，同 比+24.15%，环比+14.71%，归母净利 2.71 亿元，同比-23.14%，环比-6.25%。 事件点评 PCB 业务营收 108.50 亿元，同比+20.93%，毛利率 17.41%，同比下降 1.44pct。受益于大客户新品放量，以及公司份额的持续提升，FPC 业务维持 高增长，Q2 传统消费电子淡季，以及大客户降价的影响下，公司整体毛利 率环比略有下降。伴随下半年手机新品公司料号及份额提升，看好公司后续 FPC 业务成长性。 新能源业务收入约 38.10 亿元，同比增长约 29.33%。公司产品在新能源 车中的应用品类逐渐丰富，后续料号导入以及客户产量修复的预期下，收入 有望持续增长。 LED 显示业务减亏明显。去年受行业周期影响 L ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][16]. Core Views - The company's H1 2024 revenue reached 16.629 billion, a year-on-year increase of 21.67%, while the net profit attributable to shareholders was 561 million, reflecting a year-on-year decrease of 32% [2]. - The report highlights that the performance is largely in line with expectations, with foreign exchange losses and traditional business struggles impacting overall profitability [2]. - The company is actively pursuing a strategy focused on major clients and is embracing the integration of consumer electronics and new energy vehicles [2]. - The outlook for the second half of 2024 and 2025 is optimistic, driven by a new product launch season and anticipated growth in the AI mobile phone market [2]. Financial Summary - For H1 2024, the PCB business generated revenue of 10.85 billion, up 20.93% year-on-year, with a gross margin of 17.41% [2]. - The touch display module revenue was 3.12 billion, a 40.73% increase year-on-year, with a gross margin of 3.96% [2]. - The LED segment reported revenue of 438 million, a 4.3% increase year-on-year, but with a negative gross margin of -26.89% [2]. - The new energy business achieved revenue of 3.81 billion, reflecting a year-on-year growth of 29.3% [2]. - The report adjusts the earnings forecast for 2024-2026, with expected profits of 2.016 billion, 2.774 billion, and 3.207 billion respectively [3][9]. Valuation and Target Price - The target price for the company is set at 32.4 yuan, based on a 20x PE ratio for 2025 [2][5]. - The current price is noted at 22.24 yuan, indicating significant upside potential [5]. Market Position - The company is recognized as a leading PCB manufacturer and precision manufacturing leader in China, with a strong positioning in the AI hardware and new energy sectors [2].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 东山精密(002384.SZ) 电子电路业务同比增长，积极把握 AI 应用 事件： 8 月 19 日公司发布 2024 年半年度报告，报告期内，公司实现营 业收入 166.29,亿元，同比增加 21.67%；实现归母净利润 5.61 亿 元，比上年度同期降低 32.01%；扣非归母净利润 5.16 亿元，同 减 10.66%。 净利润短期承压，积极把握 AI 应用 报告期内，公司在复杂多变的行业环境下，营收同比增长 21.67%， 净利润短期承压，比上年度同期降低 32.01%，主要归因于去年同 期存在大额非经常性收入，且今年上半年汇率波动大和新产品陆 续量产等不利影响。面对迎接 AI 科技创新周期，公司积极应对多 重机遇与挑战，布局前瞻性技术创新产品，加大 PCB（含 FPC）产 品在 AI 服务器、云计算、车载等领域的研发和新客户的拓展等工 作。 确立双轮驱动的战略主线，新能源业务快速增长 报告期内，公司核心主业 PCB 业务韧性增长，新能源业务快速增 长，逐步形成以消费电子业务与新能源业务为韧性业务组合。中 ...

证券代码：002384 证券简称：东山精密 苏州东山精密制造股份有限公司 投资者关系活动记录表 编号：2024-08-20 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 活动类别 □新闻发布会 路演活动 □现场参观 ☑其他（2024 年半年报电话会议） 华创证券、华泰证券、招商证券、方正证券、长江证券、中信证券、 参与单位名称 及人员姓名 华富基金、交银施罗德、华夏基金、瑞银、国金证券、摩根大通、 海通证券、中原证券、浙商证券、兴业证券等 670 多家机构投资者 时间 2024 年 8 月 20 日 地点 公司会议室 1. 董事、执行总裁：单建斌 上市公司 接待人员姓名 2. 董事、副总经理、董事会秘书：冒小燕 3. 投关总监：熊丹 Q&A: 1.能否简要回顾一下 2024 年上半年公司经营状况？ 答：2024 年上半年，公司实现了营业收入 166.29 亿元，同比增长 21.67%，其中软板和触控显示板块表现较为突出；归属于上市公司 投资者关系活动 股东净利润同比下降 32.12%，主要原因包括非经常性损益减少、汇 主要内容介绍 率与竞争压力带来的毛利率下滑以及期间费用（尤其是管理费用 ...

公 司 研 究 公 司 财 报 点 评 华福证券 东山精密（002384.SZ） 业绩符合预期，端侧 AI 催化消费电子量价齐升 投资要点： ➢ 事件： 24H1 实现营收 166 亿，同比+21.67%；实现归母净利 5.61 亿元， 同比-32.01%，扣非净利 5.16 亿元，同比-10.66%；其中 Q2 实现营收 89 亿，同比+24.15%；归母净利 2.71 亿元，同比-23.14%；扣非净利 2.55 亿元，同比-14.39%。 ➢ 消费电子+新能源双轮驱动营收大幅增长，PCB 受益于客户创新 公司 24H1 电子电路产品实现营收 108.5 亿元，同比增长 20.93%。 电子电路产品营收占比 65.25%，是公司上半年营收增长的主要主要动 能，我们认为主要系大客户非手机产品重磅更新拉动出货。公司新能 源业务整体实现收入 38.10 亿元，同比增长约 29.33%，占公司营收比 重进一步增加。公司消费电子和新能源业务已经构成韧性的业务组合， 为高质量发展奠定坚实的基础。 ➢ 非核心业务大幅减亏，研发投入和汇兑收益影响短期利润 1）对于 LED 业务，公司持续降本增效+探索客户和产结构调整， ...