公司点评报告 · 电子行业 内外并举，多元化布局顺利推进 —— 2025 年半年报点评 2025 年 08 月 27 日 东山精密（002384.SZ） | | | 分析师 高峰 ：010-80927671 ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 钱德胜 ：021-2025-2665 ：qiandesheng_yj@chinastock.com.cn 分析师登记编码：S0130521070001 | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 002384.SZ | | A 股收盘价(元) | 55.40 | | 上证指数 | 3800.35 | | 总股本（万股） | 183,160.75 | | 实际流通 A 股(万股) | 138,632.21 | | 流通 A 股市值(亿元) | 768 | 相对沪深 300 表现图 2025-08-27 -50% 0% 50% 100% 150% 200% 东山精密 沪深300 资料来源：Wind，中国银河证券研究院 相关研究 www.chinastock.c ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown significant improvement in profitability, with a revenue of 16.96 billion yuan for the first half of 2025, a year-on-year increase of 2.0%, and a net profit of 760 million yuan, up 35.2% year-on-year. The gross margin is 13.6%, an increase of 0.5 percentage points year-on-year, while the net margin is 4.5%, up 1.1 percentage points year-on-year [1] - The company is actively expanding into new fields such as AI PCB and optical communication, which are expected to inject new growth momentum into its long-term performance [1][4] - The company is strategically acquiring firms like GMD in France and Solstice Optoelectronics to support its long-term growth [1][4] Financial Performance - In the first half of 2025, the company's electronic circuit products generated revenue of 11.06 billion yuan, a year-on-year increase of 1.9%, with a gross margin of 17.6%, up 0.14 percentage points year-on-year [2] - The precision components segment achieved revenue of 2.36 billion yuan, a year-on-year increase of 11.9%, although the gross margin decreased to 8.3%, down 2.1 percentage points year-on-year [3] - The touch panel and LCM module segment reported revenue of 3.05 billion yuan, a year-on-year decrease of 2.4%, but the gross margin improved to 5.0%, up 1.0 percentage points year-on-year [3] Market Position and Growth Potential - The company ranks second globally in FPC and third in PCB by revenue, indicating a strong competitive position in the market [2] - The demand for AI servers is expected to drive both price and volume increases for PCBs, with the company planning to rapidly expand its high-layer PCB production capacity to capture market opportunities [2] - The optical communication market is experiencing sustained growth, with a shortage of optical chips, positioning the company favorably for future growth [4] Earnings Forecast - The company is projected to achieve revenues of 43.565 billion yuan, 58.837 billion yuan, and 67.644 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.5%, 35.1%, and 15.0% [9] - The expected net profit for 2025 is 3.308 billion yuan, representing a year-on-year increase of 204.7%, with further growth anticipated in subsequent years [9]

Group 1 - The company raised a total of RMB 1,403,999,991.74 through a targeted issuance of 125,693,822 shares at a price of RMB 11.17 per share, after deducting underwriting and sponsorship fees, the net amount raised was RMB 1,391,512,544.73 [2][5] - The funds were deposited into a special account managed by the company and the underwriter, with a three-party supervision agreement established with banks to ensure proper management and usage of the funds [3][4] - The raised funds are entirely allocated for enhancing liquidity and do not involve any specific investment projects [5][10] Group 2 - The company has established three special accounts for the raised funds, with the management of these funds adhering to relevant laws and regulations [3][4] - The company reported no significant issues in the usage and disclosure of the raised funds during the half-year period [5][21] - The company plans to hold an online performance briefing on August 29, 2025, to provide further insights into its financial status and operational plans [23][24]

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，东山精密（SZ 002384，收盘价：56.8元）8月27日发布公告称，公司第六届第二十六次董 事会会议于2025年8月25日在公司以现场结合通讯方式召开。会议审议了《2025年半年度报告及摘要》 等文件。 （记者 胡玲） 2025年1至6月份，东山精密的营业收入构成为：计算机和通信和其他电子设备制造占比98.83%，其他 业务占比1.17%。 ...

Core Viewpoint - Dongshan Precision (002384.SZ) reported a revenue of 16.955 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.96% [1] - The net profit attributable to shareholders reached 758 million yuan, marking a significant year-on-year increase of 35.21% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 657 million yuan, which is a year-on-year growth of 27.28% [1] - The basic earnings per share stood at 0.45 yuan [1] Financial Performance - Revenue for the reporting period was 16.955 billion yuan, up 1.96% compared to the previous year [1] - Net profit attributable to shareholders was 758 million yuan, showing a 35.21% increase year-on-year [1] - Net profit after excluding non-recurring items was 657 million yuan, reflecting a 27.28% year-on-year growth [1] - Basic earnings per share were reported at 0.45 yuan [1]

8月26日晚间，东山精密(002384)发布2025年半年报。公司上半年实现营业收入169.55亿元，同比增长 1.96%；归属于母公司所有者的净利润7.58亿元，同比增长35.21%；基本每股收益0.45元。 作为电子制造领域的核心企业，东山精密主要从事电子电路产品、精密组件、触控显示模组、LED显示 器件等的研发、生产和销售，产品广泛应用于消费电子、新能源汽车、通信设备、工业设备、AI、医 疗器械等行业。 在资本运作方面，6月18日，东山精密宣布顺利完成向特定对象发行A股股票，此次募集资金总额高达 14亿元人民币。此次增发资金将主要用于补充流动资金，以满足业务发展所需资金需求。 此外，公司启动股份回购计划，用于员工持股计划或者股权激励。截至2025年5月6日，公司本次回购股 份方案已实施完成，累计回购公司股份420.22万股，占公司目前总股本的0.2463%，最高成交价为25.95 元/股，最低成交价为23.27元/股，成交总金额为1亿元。 （文章来源：证券时报网） 2025年上半年，公司抢抓电子电路行业快速发展的机遇，并继续保持在新能源汽车核心零部件领域的竞 争优势，积极推进新产品的研发和客户拓展。通过 ...

8月26日晚间，东山精密（002384）发布2025年半年报。公司上半年实现营业收入169.55亿元，同比增 长1.96%；归属于母公司所有者的净利润7.58亿元，同比增长35.21%；基本每股收益0.45元。 在拓展新业务领域与全球化布局方面，东山精密动作频频。为抓住AI服务器的市场机遇，公司积极推 进对索尔思光电的收购，切入光模块市场。今年6月14日，东山精密发布对外投资公告，拟以不超过 59.35亿元人民币收购全球光通信模块厂商索尔思光电100%股权，并计划认购其可转债。为拓展公司在 欧洲的产业布局，提升在汽车零部件领域的市场规模，东山精密今年上半年还参与收购法国GMD100% 股权，并同步推进其债务重组，此次交易总金额约为1亿欧元。 在资本运作方面，6月18日，东山精密宣布顺利完成向特定对象发行A股股票，此次募集资金总额高达 14亿元人民币。此次增发资金将主要用于补充流动资金，以满足业务发展所需资金需求。 作为电子制造领域的核心企业，东山精密主要从事电子电路产品、精密组件、触控显示模组、LED显示 器件等的研发、生产和销售，产品广泛应用于消费电子、新能源汽车、通信设备、工业设备、AI、医 疗器械等行业 ...

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

东山精密表示，上半年积极抢抓电子电路行业快速发展机遇，保持在新能源汽车核心零部件领域的竞争优势，通过提 质增效实现经营效益稳步提升。报告期内，公司完成非公开发行，为新的战略布局提供资金保障。 值得注意的是，随着AI技术突破推动云厂商加大算力数据中心投入，数据服务器需求呈现爆发式增长。东山精密凭借 在电子电路、精密制造等领域积累的技术能力，快速启动高多层线路板新产能规划，并抓住AI服务器市场机遇，积极 推进对索尔思光电的收购，切入高速发展的光模块市场，为公司未来成长打开新空间。 东山精密8月26日晚间披露2025年半年度报告，公司上半年实现营业收入169.55亿元，同比增长1.96%；实现归母净利 润7.58亿元，同比增长35.21%。 分产品看，电子电路产品作为公司营收主力，实现营业收入约110.59亿元，毛利率17.55%，保持较高盈利水平；精密 组件产品收入同比增长11.87%，增速领先其他产品。LED显示器件营收则出现一定程度下滑，同比减少34.73%，毛利 率为-18.75%，但仍较上年同期改善8.14个百分点。 分地区看，内销收入达37.87亿元，同比增长18.13%，表现亮眼；外销收入131.68 ...

每经AI快讯，8月26日，东山精密公告，2025年上半年营业收入169.55亿元，同比增长1.96%。归属于上 市公司股东的净利润7.58亿元，同比增长35.21%。 ...