Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 367.70 billion yuan in 2024, a year-on-year increase of 9.27%, but the net profit attributable to shareholders decreased by 44.74% to 10.86 billion yuan [4] - The decline in net profit was primarily due to asset disposal and impairment losses related to the LED business, amounting to 1.64 billion yuan and 5.95 billion yuan respectively [4] - The company anticipates a significant recovery in Q1 2025, with net profit expected to grow by 50-60% year-on-year, driven by increased demand from AI and ICT infrastructure [4] - Long-term growth prospects remain optimistic, with revised profit forecasts for 2025, 2026, and 2027 set at 30.67 billion yuan, 36.16 billion yuan, and 42.03 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved a revenue of 367.70 billion yuan, with a gross margin of 14.02% and a net margin of 2.95% [4] - The fourth quarter of 2024 saw a revenue of 103.04 billion yuan, a year-on-year decrease of 7.59% [4] - The company’s financial metrics for 2025E include a projected revenue of 429.62 billion yuan and a net profit of 30.67 billion yuan, reflecting a year-on-year growth of 182.5% [8] Business Strategy and Growth Drivers - The company is pursuing a "dual-wheel drive" strategy focusing on PCB and precision structural components, while expanding into new markets and sectors [6] - The new energy vehicle segment reported a revenue of 86.5 billion yuan in 2024, a year-on-year increase of 36.98%, contributing to 23.52% of total revenue [6] - The company is well-positioned to benefit from the growing demand for AI-driven consumer electronics, with its FPC revenue ranking second globally [5]

Core Viewpoint - Dongshan Precision's LED business is undergoing optimization, leading to a significant profit decline in 2024, but a strong recovery is expected in Q1 2025 driven by AI and new energy sectors [2][4]. Financial Performance - In 2024, the company achieved revenue of 36.77 billion yuan, a year-on-year increase of 9.27%, while net profit attributable to shareholders was 1.09 billion yuan, a decrease of 44.74% [2]. - The fourth quarter of 2024 saw revenue of 10.30 billion yuan, a year-on-year decrease of 7.59%, and a net profit of 18 million yuan, down 97.11% year-on-year [2]. - The decline in profits is attributed to asset disposal and impairment losses totaling 1.64 billion yuan and 5.95 billion yuan, respectively [2]. Future Outlook - The company forecasts a 50-60% increase in net profit for Q1 2025, benefiting from the growing demand for AI in ICT infrastructure [2]. - Long-term performance is expected to improve with the LED business turning profitable and the PCB sector benefiting from AI-driven demand [2]. Industry Trends - The rapid penetration of edge AI is increasing demand for flexible printed circuits (FPC), with the company ranking second globally in FPC revenue [3]. - The new energy vehicle sector is projected to grow significantly, with revenue from this segment reaching 8.65 billion yuan in 2024, a year-on-year increase of 36.98% [4]. Strategic Initiatives - The company is implementing a "dual-wheel drive" strategy, focusing on core products like PCB and precision components while exploring new markets and clients [4].

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. ...

Market Overview - The Shanghai Composite Index fell by 0.07% on April 25, with 21 out of the 28 sectors rising, led by utilities and communications, which increased by 1.36% and 1.15% respectively [1] - The electronic sector rose by 0.43% [1] - The real estate and coal sectors experienced the largest declines, falling by 0.60% and 0.59% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 4.975 billion yuan, with 14 sectors seeing net inflows [1] - The computer sector had the highest net inflow, totaling 3.368 billion yuan, while the utilities sector followed with a net inflow of 1.581 billion yuan [1] - A total of 17 sectors experienced net outflows, with the non-ferrous metals sector leading with a net outflow of 942 million yuan, followed closely by the basic chemicals sector with 930 million yuan [1] Electronic Sector Performance - The electronic sector saw a net inflow of 1.568 billion yuan, with 272 out of 461 stocks rising, including 5 hitting the daily limit [2] - The top three stocks with the highest net inflow were Huadian Co. (4.37 billion yuan), Luxshare Precision (2.83 billion yuan), and Dongshan Precision (1.73 billion yuan) [2] - Six stocks in the electronic sector experienced net outflows exceeding 100 million yuan, with the largest outflows from SMIC (246 million yuan), Xilong Science (190 million yuan), and Shengbang Co. (122 million yuan) [2][3] Electronic Sector Capital Inflow and Outflow Rankings - The top inflow stocks included: - Huadian Co. (5.72% increase, 436.55 million yuan inflow) - Luxshare Precision (2.76% increase, 283.40 million yuan inflow) - Dongshan Precision (3.48% increase, 173.16 million yuan inflow) [2] - The top outflow stocks included: - SMIC (-0.76% decrease, -246.14 million yuan outflow) - Xilong Science (-2.04% decrease, -190.37 million yuan outflow) - Shengbang Co. (-8.27% decrease, -121.81 million yuan outflow) [3]

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]

Group 1 - The company is engaged in the research, development, manufacturing, and sales of electronic circuit products, precision components, touch display modules, and LED display devices, which are widely used in consumer electronics, new energy vehicles, communication equipment, industrial devices, AI, and medical devices [4][5][8] - The company has maintained a strong competitive position in the electronic circuit industry, ranking second globally in flexible printed circuit boards (FPC) and third in printed circuit boards (PCB) based on revenue [7][8] - The company has established long-term stable partnerships with leading global customers in the consumer electronics and new energy vehicle sectors, enhancing customer cooperation and loyalty [5][8] Group 2 - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares (including tax) based on a total of 1,697,077,809 shares, amounting to a total cash dividend of approximately 118.8 million yuan [12][65] - The company reported a net profit attributable to shareholders of approximately 1.09 billion yuan for 2024, with a mother company net profit of approximately 474 million yuan [64][65] - The company has proposed to retain a portion of its profits for future development, including capacity expansion and technological research, aligning with its strategic focus on the consumer electronics and new energy sectors [66][67] Group 3 - The company has approved a plan to issue shares to its actual controllers, raising up to 1.5 billion yuan to supplement its working capital [12][63] - The company has reported a total asset impairment provision of approximately 982.8 million yuan for 2024, which will reduce the total profit for the year by the same amount [51][58] - The company has decided to renew its audit firm, Tianjian Accounting Firm, for the 2025 fiscal year, which will require shareholder approval [74][82]

监事会认为：本次会计政策变更是公司根据财政部修订的最新会计准则进行的相应变更，执行新准则对 公司资产情况、经营成果无重大影响，不存在损害公司利益及公司股东特别是中小股东利益的情形。 七、备查文件 1、第六届董事会第十九次会议决议； 登录新浪财经APP 搜索【信披】查看更多考评等级 审计委员会认为：公司本次会计政策变更是根据财政部发布的《企业会计准则解释第17号》（财会 〔2023〕1号）和《企业会计准则解释第18号》（财会〔2024〕24号）进行的合理的会计政策变更，能 够更加客观、公允地反映公司的财务状况和经营成果，对公司资产情况、经营成果无重大影响。本次变 更会计政策的决策程序符合有关法律法规和《公司章程》的规定，不存在损害公司及中小股东的权益的 情形。我们同意公司本次会计政策变更。 五、董事会对本次会计政策变更的意见 董事会以9票同意，0票反对，0票弃权，审议通过了《关于会计政策变更的议案》，认为：本次会计政 策变更是公司根据财政部修订的最新会计准则进行的相应变更，执行新准则对公司资产情况、经营成果 无重大影响。 六、监事会对本次会计政策变更的审核意见 2、第六届监事会第十四次会议决议； 3、董事会审计 ...

国泰海通证券股份有限公司 关于苏州东山精密制造股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为苏州 东山精密制造股份有限公司（以下简称"东山精密"或"公司"）的持续督导机构， 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对东山精密 2024 年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2020〕980 号《关于核准苏州东山精 密制造股份有限公司非公开发行股票的批复》，公司向特定对象发行人民币普通 股（A 股）103,294,850 股，发行价为每股人民币 28.00 元，募集资金总额为 289,225.58 万元，扣除各项发行费用 2,216.98 万元（不含税金额），实际募集资 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告…………… 第 3—12 页 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕5-64 号 苏州东山精密制造股份有限公司全体股东： 我们鉴证了后附的苏州东山精密制造股份有限公司（以下简称东山精密公司） 管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供东山精密公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为东山精密公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 东山精密公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年 修订）》（证监会公告〔2022〕15 号）和《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》（深证上〔2023〕 1145 号）的规定编制《关于募集资金年度存放与使用情况的专项报告》，并保 证其内容 ...