证券研究报告 | 年报点评报告 gszqdatemark 2025 04 15 年 月 日 东山精密（002384.SZ） 轻装上阵，折叠屏+机器人+眼镜新产品新周期 东山精密发布 2024 年业绩快报和一季度业绩预告。2024 年公司实现营业收 入 367.91 亿元，同比增长 9.33%；归属于上市公司股东的净利润为 10.89 亿 元，同比下降 44.55%。2024 年公司针对 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 LED 业务相关资产 计提了 5.95 亿资产减值损失，致使 2024 年归母净利润下降。 公司预告 2025 年一季度归母净利 4.34 亿元-4.63 亿元，同比增长 50%-60%。 受益于 AI 对 ICT 基建和消费产品的需求扩大，公司 PCB、精密组件等产品作 为消费电子、新能源汽车行业的基础零部件，ASP 显著提升，带动公司经营业 绩的提升。 FPC 双寡头竞争格局优势凸显+线宽线距设计难度提升，ASP 有望增长，AI 终端带动 PCB 设计难度加大，AI 服务器、AR/VR、折叠屏等产品催生需求 进一步增长，龙头公司 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 15 年 月 日 东山精密（002384.SZ） 汽车业务方面：公司主要为新能源汽车客户提供 PCB、车载屏、新能源汽车散 热件、电池包壳体、白车身、电池结构件等汽车组件等多种产品，全面拥抱美 国大客户，电子时代预计单车 PCB 价值量新增 4000 元，随着产能稼动率的提 升盈利能力也将进一步提升。 调整 LED 等非核心业务的盈利情况，2025 年有望大幅减亏。随着公司触控 显示模组开拓韩系大客户，以及 LED 显示器件领域加快推进与国际客户的合 作，产品结构也得到进一步优化，拉动产能稼动率，盈利能力也将提升。 盈利预测及投资建议：我们预计公司在 2025/2026 年分别实现营业收入 436/507 亿元，同比增长 18.6%/16.3%，实现归母净利润 38/48 亿元，同比 增长 248.6%/26.4%，当前股价对应 2025/2026 年 PE 分别为 11/9X，维持 "买入"评级。 风险提示：消费电子拓展不及预期；新能源扩产不及预期；行业竞争加剧；关 键假设有误差风险。 | 财务指标 | 2022A | 2023A | ...

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：2025-016 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。 特别提示：本公告所载2024年度的财务数据仅为初步核算数据，未经会计师事务所审计，与年度报告中 披露的最终数据可能存在差异，请投资者注意投资风险。 一、2024年度主要财务数据和指标 单位：万元 注：上述财务数据及指标以公司合并报表数据填列（未经审计）。 二、经营业绩和财务状况情况说明 1、经营业绩情况 公司聚焦消费电子和新能源业务的"双轮驱动"发展战略，核心业务保持稳定增长趋势，2024年公司实现 营业收入3,679,063.62万元，较上年增长9.33%。2024年，公司针对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LED业务相关资产计提了5.95亿资产减值损失， 致使2024年实现归属于上市公司股东的净利润较上年下降44.55%，其中扣除非经常性损益后的归属于 上市公司股东的净利润90,235.60万元，较上年下降44.11%。 2、财务状况 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a six-month target price of 34.19 CNY [4][7]. Core Views - The company is expected to benefit from the expanding demand for AI infrastructure, leading to significant growth in its first-quarter performance, with a projected net profit increase of 50%-60% year-on-year [1]. - The company's revenue for 2024 is projected to be 36.79 billion CNY, reflecting a 9.33% increase from the previous year, driven by a dual-engine strategy focusing on consumer electronics and new energy [2]. - The company has actively repurchased shares, indicating confidence in its future development, with a total repurchase amount planned between 100 million CNY and 200 million CNY [3]. Financial Projections - Revenue projections for the company are as follows: 36.79 billion CNY for 2024, 42.60 billion CNY for 2025, and 49.12 billion CNY for 2026. Corresponding net profits are expected to be 1.09 billion CNY, 2.91 billion CNY, and 3.66 billion CNY respectively [4][12]. - The report anticipates a price-to-earnings (PE) ratio of 20 times for 2025, which corresponds to the target price of 34.19 CNY [4].

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

Financial Performance - In 2024, the company achieved total operating revenue of 3,679,063.62 million yuan, an increase of 9.33% compared to the previous year[6] - The net profit attributable to shareholders of the listed company decreased by 44.55% to 108,937.06 million yuan, with a net profit of 90,235.60 million yuan after deducting non-recurring gains and losses, down 44.11% year-on-year[7] - The basic earnings per share decreased by 45.22% to 0.63 yuan[3] - The weighted average return on net assets decreased by 5.47 percentage points to 5.91%[3] Assets and Equity - The company's total assets at the end of the reporting period were 4,618,801.39 million yuan, reflecting a growth of 4.09% from the beginning of the period[8] - The equity attributable to shareholders of the listed company increased by 3.79% to 1,883,011.60 million yuan[8] - The net asset per share attributable to shareholders of the listed company increased by 4.05% to 11.04 yuan[8] - The financial condition of the company remains healthy, with stable asset growth[8] Business Strategy and Challenges - The company focused on a "dual-engine" development strategy in consumer electronics and new energy, maintaining stable growth in core business[6] - The company incurred an asset disposal loss of 164 million yuan and recognized an asset impairment loss of 595 million yuan related to its LED business[7]

Financial Performance - The net profit attributable to shareholders is expected to increase by 50%-60% compared to the same period last year, with an estimated profit of 434.02 million yuan[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is also expected to rise by 50%-60%, with an estimated profit of 391.96 million yuan[3] - Basic earnings per share are projected to be 0.26 yuan, compared to 0.17 yuan in the same period last year[3] Market Demand and Product Contribution - The increase in performance is attributed to the growing demand for AI in ICT infrastructure and consumer products, leading to a significant rise in sales of electronic circuits and precision components[5] - The company’s products are essential components in the consumer electronics and new energy vehicle industries, contributing to the overall performance improvement[5] Reporting and Estimates - The financial data presented is based on preliminary estimates and will be detailed in the company's Q1 2025 report[6] - The performance forecast has not been audited by registered accountants[4] - The reporting period for the performance forecast is from January 1, 2025, to March 31, 2025[3] Investor Guidance - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[6] - The announcement was made by the board of directors on April 14, 2025[7]

东山精密（002384）公告，2025年第一季度预计归属于上市公司股东的净利润为4.34亿元-4.63亿元，同 比增长50%-60%。归属于上市公司股东的扣除非经常性损益的净利润为3.92亿元-4.18亿元，同比增长 50%-60%。基本每股收益预计为0.26元/股-0.27元/股。公司电子电路、精密组件等产品销量显著提升， 带动业绩增长。 ...

从中证500相对价值指数持仓的市场板块来看，上海证券交易所占比55.14%、深圳证券交易所占比 44.86%。 金融界4月14日消息，上证指数高开高走，中证500相对价值指数 (500R价值，H30354)报6989.26点。 数据统计显示，中证500相对价值指数近一个月下跌7.13%，近三个月上涨1.59%，年至今下跌5.15%。 据了解，中证500相对价值指数综合考察中证500指数样本的价值和成长特征，选取价值风格较为突出的 证券为样本，并采用经综合价值概率调整后的自由流通市值加权，以反映中证500指数中具有价值风格 特征证券的整体表现，为市场提供更具多元化风险收益特征的投资标的。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证500相对价值指数十大权重分别为：苏州银行（1.04%）、东山精密（1.03%）、 永泰能源（0.91%）、华天科技（0.78%）、长沙银行（0.76%）、振华科技（0.75%）、东吴证券 （0.75%）、财通证券（0.72%）、云天化（0.72%）、浙江龙盛（0.7%）。 从中证500相对价值指数持仓样本的行业来看，工业占比19.84%、原材 ...

证券代码：002384 证券简称：东山精密 公告编号：2025-015 苏州东山精密制造股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告 2025 年 4 月 11 日 序号 股东名称 持股数量 占总股本的 比例（%） 1 袁富根 58,796,052 4.24 2 袁永峰 55,597,038 4.01 3 香港中央结算有限公司 53,890,228 3.89 4 袁永刚 50,556,549 3.65 5 中国农业银行股份有限公司－中证 500 交易型 开放式指数证券投资基金 20,619,900 1.49 6 中国人寿保险股份有限公司－传统－普通保险 产品－005L－CT001 沪 18,719,708 1.35 7 太平人寿保险有限公司－传统－普通保险产品- 022L-CT001 深 16,405,629 1.18 8 新华人寿保险股份有限公司－分红－个人分红- 018L-FH002 深 13,502,948 0.97 9 全国社保基金五零三组合 13,000,000 0.94 10 中国农业银行股份有限公司－摩根新兴动力混 合型证券投资基金 12,468,362 0.90 ...