东山精密（002384）公告，2024年营业收入367.7亿元，同比增长9.27%。归属于上市公司股东的净利润 10.86亿元，同比下降44.74%。公司拟向全体股东每10股派发现金红利0.7元(含税)，送红股0股(含税)， 不以公积金转增股本。 ...

Group 1 - The Tonghuashun Fruit Index concept declined by 1.38%, ranking among the top declines in the concept sector, with companies like Lens Technology, Lante Optics, and Changying Precision experiencing significant drops [1][2] - Among the stocks in the Tonghuashun Fruit Index, only two stocks saw price increases, with Zhongshi Technology and BOE A rising by 2.20% and 0.26% respectively [1][2] Group 2 - The concept sectors with the highest gains today included Supply and Marketing Cooperatives (+3.93%), Cross-Border Payment (CIPS) (+3.65%), and Glyphosate (+3.57%), while the China AI 50 and Nvidia concept saw declines of -2.09% and -1.48% respectively [2] - The Tonghuashun Fruit Index experienced a net outflow of 587 million yuan from main funds, with 14 stocks seeing net outflows, and five stocks experiencing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 184 million yuan, followed by Goer Technology and Lingyi iTech with outflows of 165 million yuan and 61.8 million yuan respectively [2][3]

Investment Rating - The investment rating for the electronics industry is "Positive" [2] Core Viewpoints - The consumer electronics industry has established a strong global presence, with companies like Industrial Fulian and Lens Technology demonstrating resilience against geopolitical risks through diversified international operations [2][4] - The impact of current tariff policies is expected to be short-term, with potential for recovery in the consumer electronics sector as companies optimize their global supply chains [3][4] - The report emphasizes the importance of Chinese consumer electronics firms in the global supply chain, highlighting their technological advantages and the challenges in finding alternatives in other countries [4] Summary by Relevant Sections Industrial Fulian - Industrial Fulian has a significant global footprint, operating in 14 countries and regions, with overseas assets amounting to 180.158 billion RMB, representing 61.44% of total assets [2][11] - The company is focused on cloud computing and communication networks, with rapid growth in its cloud computing business due to the rise of AI [5] Lens Technology - Lens Technology has become a leading provider of precision manufacturing solutions for smart terminals, with a strong focus on innovation and a diversified product range [13] - The company has established multiple R&D and production bases in China and overseas, including Vietnam, where a new facility is under construction with a budget of 429 million RMB [16] Pengding Holdings - Pengding Holdings is recognized as a major player in the PCB industry, with a diverse product range and significant investments in Taiwan and Thailand [18][23] - The company has been ranked as the largest PCB manufacturer globally for eight consecutive years [18] Linyi Intelligent Manufacturing - Linyi Intelligent Manufacturing has a strong market share in precision components for consumer electronics and has expanded its global footprint with subsidiaries in various countries [24][27] Dongshan Precision - Dongshan Precision has established itself as a leading manufacturer in the FPC and PCB sectors, with significant investments in overseas operations to enhance its global supply chain resilience [29][31] Luxshare Precision - Luxshare Precision focuses on providing integrated manufacturing solutions for consumer electronics and automotive products, with a strong international presence [33][35]

Group 1 - The fruit index concept rose by 1.62%, ranking 9th among concept sectors, with 18 stocks increasing in value, led by Xinyi Technology, Lante Optics, and Lens Technology, which rose by 6.73%, 4.82%, and 4.41% respectively [1][2] - The fruit index concept saw a net inflow of 773 million yuan from main funds, with 14 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow, with Lens Technology leading at 247 million yuan [2][3] - The top net inflow ratios were recorded for Lens Technology, Xinyi Technology, and Lingyi Technology, with net inflow rates of 15.12%, 12.74%, and 9.75% respectively [3][4] Group 2 - The fruit index concept's performance was contrasted with other sectors, such as the 6G concept which rose by 3.18%, while the South Korea-China Free Trade Zone fell by 3.88% [2] - The trading volume and turnover rates for leading stocks in the fruit index concept were highlighted, with Lens Technology showing a turnover rate of 1.68% and a trading volume of 246.58 million yuan [3][4] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant declines, such as the dairy sector which fell by 3.69% [2]

Core Insights - The report highlights the emergence of new product cycles for Dongshan Precision, focusing on foldable screens, robotics, and smart glasses, indicating a strategic shift towards innovative technologies [3][7]. Company Summaries Dongshan Precision (002384.SZ) - In 2024, Dongshan Precision is projected to achieve revenue of 36.79 billion yuan, a year-on-year increase of 9.33%, while the net profit attributable to shareholders is expected to decline by 44.55% to 1.09 billion yuan due to operational adjustments in the LED business [7]. - The company anticipates a significant recovery in Q1 2025, with net profit forecasted between 434 million and 463 million yuan, representing a year-on-year growth of 50%-60% [7]. - The demand for PCB and precision components is expected to rise due to the expansion of AI applications in ICT infrastructure and consumer products, leading to an increase in average selling prices (ASP) [7]. - Revenue projections for 2025 and 2026 are 43.6 billion and 50.7 billion yuan, respectively, with net profits expected to reach 3.8 billion and 4.8 billion yuan, reflecting substantial growth rates of 248.6% and 26.4% [7]. Huakin Technology (603296.SH) - Huakin Technology has established itself as a leading ODM manufacturer in the global smart hardware sector, with a diversified product structure that includes smartphones, laptops, and data center products [3]. - The company is expanding into new application areas such as servers, automotive electronics, and robotics, driven by the increasing demand for AI computing power and smart vehicle technologies [3]. - Revenue forecasts for 2024-2026 are 109.25 billion, 129.36 billion, and 152.09 billion yuan, with net profits projected at 2.88 billion, 3.41 billion, and 4.05 billion yuan, indicating growth rates of 28.0%, 18.4%, and 17.6% [3]. Hongcheng Environment (600461.SH) - Hongcheng Environment is experiencing growth in both revenue and profit, supported by an improving operational management and a robust cash flow [7]. - The company is expected to benefit from the expansion of its business segments, with net profits projected at 1.28 billion, 1.36 billion, and 1.44 billion yuan for 2025-2027 [7]. Bojun Technology (300926.SZ) - Bojun Technology is set to benefit from the release of core customer models and the ramp-up of new product capacities, with Q1 2025 net profit expected to be between 130 million and 160 million yuan, reflecting a year-on-year increase of 30%-60% [9]. - The company is focusing on lightweight and electronic components, enhancing its production capabilities and expanding into new product areas such as white body and battery packs [10].

那肯定是原产地 原产地的话可能跟我们的几个像我们富士康这些企业可能会更多的去切磋戈尔更多的切磋原产地的问题调配 对吧我们其实涉及不到这样的直接出口因为我们大部分是供给富士康 供给力讯 供给戈尔他们在哪里生产 我们就发到哪里而且我们都是保税加工其实我们只是在中国的生产基地属于保税加工的一个模式 也不存在关税的问题 以后假如说客户需要而且我们整个价值量在整个手机里面价值量是很低的 也没有什么因为手机主要是整机出口为了砍价值量来分原产地那我们的产品是不存在这个原产地问题的 因为我们本身在东南亚生产 那我们本身产品的这个类型当中我们的产品又像类半导体是一个依种植产种技术对工程要求特别高而且是施制程是非常非常难的就是你要培育一个地方去培育一个供应链你没有个三年到五年的一个成点你是很难培育出这样优秀的一个符合英国要求的这样的一个 要求的这样的一个供应商能够迅速培养出来就不要说转移了你从中国转到泰国那就需要我中国派大量的工程师去协助他才有可能在泰国慢慢形成批量和达到刻意的要求 这次关税虽然给大家造成了给我们不要给大家在对我们的股东造成了很大的影响其实还有一个就是我们在看到这个客户也是因为我们其实这两年在公安揭秘在全球化在整 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 36.791 billion yuan for 2024, representing a year-on-year growth of 9.33%. However, the net profit attributable to shareholders decreased by 44.55% to 1.089 billion yuan [2][4]. - For the first quarter of 2025, the company expects a net profit attributable to shareholders in the range of 434 to 463 million yuan, indicating a year-on-year growth of 50% to 60%, with a median estimate of 449 million yuan, which corresponds to a 55% increase [2][4]. - The company anticipates a non-recurring net profit in the range of 392 to 419 million yuan for the first quarter of 2025, also reflecting a year-on-year growth of 50% to 60%, with a median estimate of 406 million yuan, marking a 55% increase [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.791 billion yuan and a net profit of 1.089 billion yuan, with a significant decline in profit attributed to asset impairment losses in the LED business [4][8]. - The projected financials for 2025 include total revenues of 43.413 billion yuan and a net profit of 3.531 billion yuan, indicating a recovery in profitability [13]. Business Strategy - The company is focusing on optimizing its LED business operations and enhancing profitability through strategic adjustments and cost management [8]. - The demand for electronic circuits and precision components is expected to rise due to the growth of AI applications, which will positively impact the company's performance [8]. Market Outlook - The company is positioned to benefit from collaborations in the new energy sector, particularly with Tesla, which is expected to enhance operational efficiency and profitability [8]. - The upcoming year is anticipated to be significant for hardware innovation, particularly with the expected launch of AI-enabled smartphones, which may provide substantial growth opportunities for the company [8].

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 ...