目 录 | 一、前次募集资金使用情况鉴证报告………………………………第 二、前次募集资金使用情况报告………………………………… | 1—2 第 3—11 | 页 页 | | --- | --- | --- | | 三、证书附件………………………………………………………第 | 12—15 | 页 | 前次募集资金使用情况鉴证报告 天健审〔2024〕5-103 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） 管理层编制的截至 2024 年 6 月 30 日的《前次募集资金使用情况报告》。 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向特定对象发行 A 股股票时使用，不得用作任 何其他目的。我们同意本鉴证报告作为东山精密公司向特定对象发行股票时的必 备文件，随同其他申报材料一起上报。 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，按照中国 证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规定编制《前次 募集资金使用情况报告》，并保证其内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-076 苏州东山精密制造股份有限公司 关于部分回购股份注销完成暨股份变动的公告 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。 特别提示： 根据《深圳证券交易所上市公司自律监管指引第9号—回购股份》等相关规 定，现将公司部分回购股份注销完成暨股份变动的具体情况公告如下： 一、本次回购股份基本情况 （一）回购方案概述 公司于2021年7月8日召开第五届董事会第十三次会议审议通过了《关于回购 公司股份方案的议案》，同意公司通过深圳证券交易所交易系统以集中竞价交易 的方式回购部分公司股份用于后期实施员工持股计划或股权激励，回购价格不超 过人民币29.44元/股，回购金额不低于人民币10,000万元（含本数）且不超过人民 币20,000万元（含本数），回购资金来源全部为公司自有资金，回购实施期限为 自董事会审议通过回购股份方案之日起12个月内。截至2021年8月31日，公司本 次股份回购计划已实施完毕，公司通过回购专用证券账户以集中竞价方式实施累 计回购公司股份5,319,737股，占公司总股本的0.31 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-077 苏州东山精密制造股份有限公司 关于公司控股股东部分股份解除质押的公告 三、其他说明 1、本次控股股东股份质押为解除质押，不涉及新增融资安排。 2、截至本公告披露日，公司控股股东质押股份不存在平仓风险或被强制过 户的情形，亦不会导致公司实际控制权发生变更，质押风险在可控范围之内。后 续若出现平仓风险，公司控股股东将采取包括但不限于：追加质押股份、追加担 保物及追加保证金等措施，以应对上述风险。 3、公司将持续关注控股股东的股份质押及相关风险情况，并按规定及时做 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"）于近日收到公司控股 股东袁永刚先生将所持部分股份办理解除质押的通知。具体情况如下： 二、控股股东股份累计质押的情况 截至本公告披露日，公司控股股东所持股份的质押情况如下： | 股东 | 持股数量 | 持股 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所持 | 占公司总 | 已质押股份情况 | | 未质押股份情况 | | | -- ...

证券代码：002384 证券简称：东山精密 公告编号：2024-075 苏州东山精密制造股份有限公司 截至本公告披露日，公司控股股东所持股份的质押情况如下： | 股东 | 持股数量 | 持股 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所 | 占公司总 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | （万股） | 比例 | 份数量 | 份数量 | 持股份 | 股本比例 | 已质押股份限 | 占已质押 | 未质押股份 | 占未质 | | | | | （万股） | （万股） | 比例 | | 售数量（万 | | 限售数量 | 押股份 | | | | | | | | | 股） | 股份比例 | （万股） | 比例 | | 袁永峰 | 22,238.82 | 13.01% | 12,727 | 12,727 | 57.23% | 7.44% | 9,927.00 | 78.00% | 6,752.11 | 70.99% | | 袁永刚 | 20,222. ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's flexible circuit board (FPC) and touch panel businesses have shown significant growth, partially offsetting the decline in gross margin from its main electronic circuit business. In the first half of 2024, the electronic circuit business achieved revenue of 10.85 billion yuan, a year-on-year increase of 20.93%, maintaining a revenue share of over 65% [1] - The company reported a total revenue of 16.629 billion yuan in the first half of 2024, representing a year-on-year growth of 21.67%, while the net profit attributable to the parent company was 561 million yuan, a decrease of 32.01% year-on-year [1] - The AI wave is driving growth in the FPC business, and the new energy business is expected to grow steadily. The revenue from the new energy business reached 3.81 billion yuan, a year-on-year increase of approximately 29.33%, further increasing its share of total revenue [1] Financial Performance Summary - The company’s revenue for 2024 is projected to be 38.466 billion yuan, with a growth rate of 14.31%. The net profit attributable to the parent company is expected to be 1.97 billion yuan, reflecting a slight increase of 0.27% [2] - The company’s gross margin is expected to improve slightly to 15.71% in 2024, compared to 15.18% in 2023 [6] - The company’s earnings per share (EPS) for 2024 is projected to be 1.15 yuan, with a price-to-earnings (P/E) ratio of 19.1 times [2][6] Comparable Company Valuation - The company is compared with similar firms such as Huadian Technology, Shenzhen South Circuit, and Jingwang Electronics. The average P/E ratio for these comparable companies is 25.6 times, while the company’s current valuation is lower than the industry average, justifying the "Accumulate" rating [3][6]

证券研究报告 | 公司动态点评 2024 年 08 月 22 日 东山精密（002384.SZ） 24H1 营收稳健增长，看好 AI 驱动下半年旺季表现 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|--------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 31,580 | 33,651 | 37,749 | 43,370 | 49,690 | 股票信息 | | | 增长率 yoy（%） | -0.7 | 6.6 | 12.2 | 14.9 | 14.6 | | | | 归母净利润（百万元） | 2,368 | 1,965 | 2,166 | 3,025 | 3,752 | 行业 | 电子 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the AI replacement trend is driving growth in consumer electronics, while the new energy business is progressing steadily [4] - The company's H1 2024 performance met expectations, with revenue growth in PCB and new energy sectors, despite a decline in net profit [4] - The LED display business has shown a significant reduction in losses, and the company is focusing on improving operational efficiency [5] - The dual-engine strategy of consumer electronics and new energy is expected to provide strong long-term growth resilience [6] Financial Performance Summary - For H1 2024, the company achieved revenue of 166.29 billion yuan, a year-on-year increase of 21.67%, and a net profit of 5.60 billion yuan, a year-on-year decrease of 32.01% [4] - The gross margin for H1 2024 was 13.07%, a slight decline of 0.36 percentage points year-on-year [4] - In Q2 2024, revenue reached 88.84 billion yuan, up 24.15% year-on-year and 14.71% quarter-on-quarter, with a net profit of 2.71 billion yuan [4] - The company expects net profits for 2024, 2025, and 2026 to be 20.1 billion, 28.1 billion, and 34.2 billion yuan respectively [4] Business Segment Performance - The revenue from electronic circuit products, LED display devices, touch panels, and precision components for H1 2024 was 108.50 billion, 4.38 billion, 31.22 billion, and 21.11 billion yuan respectively, with year-on-year growth rates of 20.93%, 4.30%, 40.73%, and 6.37% [5] - The new energy business generated revenue of 38.10 billion yuan, reflecting a year-on-year increase of 29.33% [5] Strategic Outlook - The company is enhancing its competitive edge in consumer electronics by expanding PCB product development in AI servers, cloud computing, and automotive sectors [6] - In the new energy sector, the company is engaging with major North American clients, providing components for automotive displays and cooling systems [6] - The operational efficiency improvements in the LED segment are expected to lead to a gradual recovery in profitability [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is under pressure due to foreign exchange impacts and traditional business challenges, but revenue shows steady growth. In H1 2024, total revenue reached 16.6 billion yuan (+22%), while net profit attributable to shareholders was 560 million yuan (down 32% year-on-year) [3] - The PCB business is experiencing growth driven by AI technology, with significant performance improvements in product expansion and market share for key clients [4] - The release of production capacity in the electric vehicle sector is expected to contribute positively to profits, with the company focusing on lightweight components for new energy vehicles [4] - The company has adjusted its net profit forecasts for 2024-2025, now estimating 2.1 billion yuan and 3 billion yuan respectively, while maintaining a positive outlook on the growth of its flexible circuit board business and the demand driven by AI in the consumer electronics supply chain [4] Financial Summary - Total revenue for 2022 was 31.58 billion yuan, with a projected increase to 34.53 billion yuan in 2024, reflecting a year-on-year growth of 2.6% [2] - Net profit attributable to shareholders for 2022 was 2.368 billion yuan, with a forecasted increase to 2.075 billion yuan in 2024, indicating a growth rate of 5.64% [2] - The company's earnings per share (EPS) is projected to be 1.21 yuan in 2024, with a price-to-earnings (P/E) ratio of 17.65 based on the current price [2][10] - The gross profit margin is expected to be around 15.02% in 2024, with a net profit margin of 6.01% [9]

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company achieved revenue of RMB 16.629 billion in H1 2024, a YoY increase of 21.67%, but net profit attributable to the parent company decreased by 32.01% YoY to RMB 561 million [1] - The new energy business contributed RMB 3.81 billion in revenue, accounting for 22.91% of total revenue, up 1.35 percentage points YoY [1] - The PCB business, the company's main revenue source, generated RMB 10.85 billion in revenue, a 20.93% YoY increase, but its proportion of total revenue decreased by 0.4 percentage points to 65.25% [1] - The company is actively expanding its PCB products in AI servers, cloud computing, and automotive fields to capitalize on the new technological innovation cycle [1] - The LED business saw a significant improvement in operating efficiency, with losses narrowing despite intense competition [1] - The touch display business has recovered to normal levels, with revenue increasing by 40.73% YoY to RMB 3.122 billion [1] Financial Projections - Revenue is expected to grow from RMB 40.003 billion in 2024 to RMB 58.225 billion in 2026, with a CAGR of 21% [1] - Net profit attributable to the parent company is projected to increase from RMB 1.952 billion in 2024 to RMB 3.352 billion in 2026, with a CAGR of 31% [1] - EPS is forecasted to rise from RMB 1.14 in 2024 to RMB 1.96 in 2026 [1] - The company's PE ratio is expected to decrease from 19x in 2024 to 11x in 2026 [1] Business Segments - The company's product lines cover electronic circuits, optoelectronic displays, and precision manufacturing, focusing on consumer electronics and new energy sectors [1] - The PCB business has a strong customer base, including global leaders in consumer electronics and new energy vehicles [1] - The company is leveraging AI applications to drive innovation and expand its customer base in emerging technology fields [1] Financial Ratios - The company's ROE is expected to improve from 12.58% in 2024 to 13.33% in 2026 [5] - The debt-to-asset ratio is projected to decrease from 58.27% in 2024 to 56.24% in 2026 [5] - The net debt ratio is expected to decline significantly, from 33.72% in 2024 to -0.11% in 2026 [5]

Investment Rating - The report maintains a "Recommend" rating for Dongshan Precision (002384 SZ) [1][2] Core Views - Dongshan Precision's H1 2024 performance met expectations, with revenue reaching RMB 16 629 billion (yoy +21 67%) but net profit attributable to shareholders declined to RMB 561 million (yoy -32 01%) [1] - The company's FPC business is expected to benefit from AI innovation, particularly in the consumer electronics sector, due to increased demand for chip computing power and energy consumption [1] - The new energy business is growing rapidly, contributing RMB 3 81 billion in H1 2024 (yoy +29 3%), and is becoming a strong engine for long-term growth [1] - The company is expected to achieve net profits of RMB 2 32 billion, RMB 3 29 billion, and RMB 4 00 billion in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16x, 11x, and 10x [1][2] Financial Performance Summary Revenue and Profit - H1 2024 revenue: RMB 16 629 billion (yoy +21 67%) [1] - H1 2024 net profit attributable to shareholders: RMB 561 million (yoy -32 01%) [1] - Q2 2024 revenue: RMB 8 884 billion (yoy +24 16%, qoq +14 71%) [1] - Q2 2024 net profit attributable to shareholders: RMB 272 million (yoy -22 95%, qoq -5 88%) [1] Product Breakdown - Electronic circuit products: Revenue of RMB 10 85 billion (yoy +20 93%), gross margin of 17 41% (yoy -1 44pct) [1] - LED display devices: Revenue of RMB 438 million (yoy +4 30%), gross margin of -26 89% (yoy +20 1pct) [1] - Touch panels and LCD modules: Revenue of RMB 3 122 billion (yoy +40 73%), gross margin of 3 96% (yoy +3 4pct) [1] - Precision component products: Revenue of RMB 2 111 billion (yoy +6 37%), gross margin of 10 38% (yoy -4 24pct) [1] Future Projections - 2024E revenue: RMB 37 561 billion (yoy +11 6%) [2] - 2025E revenue: RMB 43 811 billion (yoy +16 6%) [2] - 2026E revenue: RMB 50 382 billion (yoy +15 0%) [2] - 2024E net profit attributable to shareholders: RMB 2 319 billion (yoy +18 0%) [2] - 2025E net profit attributable to shareholders: RMB 3 286 billion (yoy +41 7%) [2] - 2026E net profit attributable to shareholders: RMB 3 969 billion (yoy +20 8%) [2] Business Strategy and Growth Drivers - The company is deeply integrated with major clients in the FPC business, particularly in the consumer electronics sector, and is expected to benefit from AI innovation [1] - The new energy business is expanding rapidly, with the company supplying FPC, hard boards, automotive displays, and functional structural components for new energy vehicles [1] - The company has made significant CAPEX investments in the new energy sector, including the acquisition of Suzhou Jingdu and the Aranda factory in the US, and is progressing well with new base construction and product mass production [1] Valuation Metrics - 2024E P/E: 16x [2] - 2025E P/E: 11x [2] - 2026E P/E: 10x [2] - 2024E P/B: 1 9x [2] - 2025E P/B: 1 7x [2] - 2026E P/B: 1 5x [2]