转自：前瞻产业研究院 行业主要上市公司：鹏鼎控股(002938.SZ)、东山精密(002384.SZ)、深南电路(002916.SZ)、景旺电子 (603228.SH)、沪电股份(002463.SZ)、兴森科技(002436.SZ)、世运电路(603920.SH)等 本文核心数据：印制电路板政策汇总;政策解读;发展目标汇总等 1、 政策历程图 印制电路板(PCB)是电子产品的关键电子互联件，被誉为"电子产品之母"。近年来我国印制电路板行业 在政策支持下有了较快的发展，从"十二五"规划中的提高基础专用材料自给保障能力和制备技术水平， 到"十三五"规划中的形成产业集群、加强印制电路板技术创新和成果应用，再到"十四五"规划中的发展 高性能印制电路板(PCB)产品，研发新型印刷电路板及覆铜板材料，印制电路板(PCB)行业朝着高端 化、规模化、绿色化方向不断发展。 2、 国家层面政策汇总及解读 ——国家层面印制电路板(PCB)行业政策汇总 近年来，国家发布一系列政策重点发展高性能、高频高速印制电路板(PCB)产品，同时鼓励行业创新发 展，研发新型印刷电路板及覆铜板材料。截至2025年2月，我国印制电路板行业相关政策汇总 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant growth in Q1 2025, with revenue reaching 8.602 billion yuan, a year-on-year increase of 11.07%, and a net profit attributable to shareholders of 456 million yuan, up 57.55% year-on-year [2][6]. - The gross margin and net margin for Q1 2025 were 14.13% and 5.31%, respectively, reflecting increases of 0.53 percentage points and 1.57 percentage points year-on-year [2][6]. - The growth in performance is attributed to the demand expansion driven by AI in ICT infrastructure and consumer products, particularly in electronic circuits and precision components, which are essential for the consumer electronics and new energy vehicle industries [11]. - The trend towards AI and automotive intelligence is expected to drive growth, with flexible printed circuits (FPC) seeing strong demand due to innovations in smartphones and the increasing electronic content in vehicles [11]. - The rapid development of the new energy vehicle industry presents significant opportunities in the precision components market, with the company actively investing and expanding its business in this sector [11]. - The company is expected to see a substantial recovery in its optoelectronic display business by 2025, with a projected net profit of 3.535 billion yuan, 4.610 billion yuan, and 5.628 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 12.01, 9.21, and 7.54 [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 86.02 billion yuan and a net profit of 4.56 billion yuan, marking significant year-on-year growth [2][6]. - The gross margin and net margin improved to 14.13% and 5.31%, respectively, indicating enhanced profitability [2][6]. Market Trends - The demand for FPC is expected to rise due to smartphone innovations and the increasing electronic components in new energy vehicles, with projections indicating that new energy vehicles may require over 100 FPCs per vehicle [11]. - The company is well-positioned to capitalize on the growth in the new energy vehicle sector, with a focus on lightweight, electric, and intelligent automotive components [11]. Future Outlook - The company maintains a "Buy" rating, anticipating continued growth in its PCB business and emerging sectors, particularly through collaboration with Tesla [11]. - The expected recovery in the optoelectronic display business and the historical opportunity presented by innovations in AI smartphones are key factors for future performance [11].

Group 1: Business Performance and Outlook - The LED business reduced losses by several million yuan in Q1 2025, with expectations for significant loss reduction and potential profitability by year-end [2][3] - The touch display business is expected to see revenue and profit growth in 2025, driven by major clients entering mass production [2][3] - The renewable energy business achieved sales revenue of approximately 2.63 billion yuan in Q1 2025, marking a year-on-year growth of about 43.79% [3] Group 2: Pricing and Market Strategy - The soft board business has maintained stable pricing with no significant downward pressure, keeping prices consistent with previous levels [3] - The company has initiated internal reforms to establish a low-cost production model, which has begun to show results in Q1 2025 [3][4] - Future strategies for the LED business include optimizing structure, product innovation, and cost control to achieve sustainable development [3][4] Group 3: Production Capacity and Investment - Current production capacity for mainstream product lines is sufficient to meet market demand, with cautious capital investment planned for major clients [4] - The precision manufacturing business operates at an overall utilization rate of approximately 40%, with efforts to improve profitability through new client acquisition [4] Group 4: International Trade and Market Expansion - Over 80% of the company's sales are exports, with direct sales to the U.S. accounting for less than 5% [4] - The company is focusing on a dual-driven strategy in consumer electronics and renewable energy, with significant improvements expected in 2025 [4][5] - The company aims to enhance market share and brand influence through a multi-tiered customer resource network and increased R&D investment [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002384 证券简称：东山精密 公告编号：2025-029 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 单位：元 ■ □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告 ...

智通财经4月29日电，东山精密(002384.SZ)发布2025年第一季度报告，实现营业收入86.02亿元，同比增 长11.07%；归属于上市公司股东的净利润4.56亿元，同比增长57.55%。主要原因是销售增加，毛利增 加，同时信用和资产减值损失减少。 东山精密：一季度净利润同比增长57.55% ...

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]

Group 1 - In 2024, the company achieved revenue of 36.77 billion, a year-on-year increase of 9.27%, but net profit attributable to shareholders dropped by 44.74% to 1.09 billion [1] - The fourth quarter of 2024 saw revenue of 10.30 billion, a year-on-year decrease of 7.59%, with net profit attributable to shareholders plummeting by 97.11% to 0.018 billion [1] - The significant decline in net profit for 2024 was primarily due to asset disposal losses of 0.164 billion and asset impairment losses of 0.595 billion related to the integration and optimization of the LED business [1] Group 2 - The company expects to turn around its LED business starting in 2025, benefiting from the AI-driven demand in the ICT infrastructure sector, with a projected net profit growth of 50-60% in Q1 2025 [2] - The PCB segment is anticipated to benefit from both volume and price increases due to the rise of AI applications, with the company maintaining an optimistic long-term growth outlook [2] - The company has raised its profit forecasts for 2025 and 2026, estimating net profits of 3.067 billion and 3.616 billion respectively, with a new forecast for 2027 at 4.203 billion [2] Group 3 - The company adheres to a "dual-wheel drive" strategy, focusing on core products like PCB and precision components while expanding into new markets and fields [3] - In the new energy vehicle sector, the company reported a revenue of 8.65 billion in 2024, a year-on-year increase of 36.98%, accounting for 23.52% of total revenue [3] - Products such as vehicle-mounted FPC, liquid cooling plates, battery housings, and vehicle displays have established a competitive advantage and gained widespread customer recognition [3]

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 ...

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 ...

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]