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]

东山精密未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发皆属侵权东山精密将保留追究其法律责任的权利东山精密不承担因转载转发而产生的任何损失和责任市场有风险投资是谨慎请广大投资者谨慎作出投资决策 在会议开始前 我们提醒各位投资者在主讲嘉宾发言结束后将拥有提问时间接下来有请公司领导发言 谢谢好 首先非常感谢各位投资者百忙之中参加我们2024年半年报线上解读会出席本次电话会议的公司领导有总裁单总和总理茂总那下面就我先给大家先简单的解读一下我们2024年 上半年的经营情况,那么2024年全球政治经济依旧错综所来,并且 依旧呈现弱复输的状态在这种情况下面包括这类公司还是实现了营业收入166亿同比增长21.67%从结构来看主要得益于软板和初步解释那么软板主要得益于客户非手机业务的恢复增长和软板竞争格局进一步集中 那么出货显示是得益于下游手机和笔电的需求触底复苏那么综合毛利率是13.1 又有下降那么归属于上市公司股东利润是5.61亿同比减少了32.01%而归属于上市公司扣非的利润是5.16亿只下滑了10.66%那么上半年增收减异的主要的原因第一个就是我们 非经常性损益是同期减少了两个多亿那么第二个就是在汇率和竞争 ...

消费电子组件 东山精密（002384.SZ） 买入-A(首次) AI 推动消费电子业务长期成长 公司近一年市场表现 2024 年 8 月 20 日 公司研究/公司快报 事件描述 公司发布 2024 年半年度报告。公司 2024 年上半年收入 166.29 亿元，同 比+21.67%，归母净利润 5.61 亿，同比-32.01%；24Q2 收入 88.84 亿元，同 比+24.15%，环比+14.71%，归母净利 2.71 亿元，同比-23.14%，环比-6.25%。 事件点评 PCB 业务营收 108.50 亿元，同比+20.93%，毛利率 17.41%，同比下降 1.44pct。受益于大客户新品放量，以及公司份额的持续提升，FPC 业务维持 高增长，Q2 传统消费电子淡季，以及大客户降价的影响下，公司整体毛利 率环比略有下降。伴随下半年手机新品公司料号及份额提升，看好公司后续 FPC 业务成长性。 新能源业务收入约 38.10 亿元，同比增长约 29.33%。公司产品在新能源 车中的应用品类逐渐丰富，后续料号导入以及客户产量修复的预期下，收入 有望持续增长。 LED 显示业务减亏明显。去年受行业周期影响 L ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][16]. Core Views - The company's H1 2024 revenue reached 16.629 billion, a year-on-year increase of 21.67%, while the net profit attributable to shareholders was 561 million, reflecting a year-on-year decrease of 32% [2]. - The report highlights that the performance is largely in line with expectations, with foreign exchange losses and traditional business struggles impacting overall profitability [2]. - The company is actively pursuing a strategy focused on major clients and is embracing the integration of consumer electronics and new energy vehicles [2]. - The outlook for the second half of 2024 and 2025 is optimistic, driven by a new product launch season and anticipated growth in the AI mobile phone market [2]. Financial Summary - For H1 2024, the PCB business generated revenue of 10.85 billion, up 20.93% year-on-year, with a gross margin of 17.41% [2]. - The touch display module revenue was 3.12 billion, a 40.73% increase year-on-year, with a gross margin of 3.96% [2]. - The LED segment reported revenue of 438 million, a 4.3% increase year-on-year, but with a negative gross margin of -26.89% [2]. - The new energy business achieved revenue of 3.81 billion, reflecting a year-on-year growth of 29.3% [2]. - The report adjusts the earnings forecast for 2024-2026, with expected profits of 2.016 billion, 2.774 billion, and 3.207 billion respectively [3][9]. Valuation and Target Price - The target price for the company is set at 32.4 yuan, based on a 20x PE ratio for 2025 [2][5]. - The current price is noted at 22.24 yuan, indicating significant upside potential [5]. Market Position - The company is recognized as a leading PCB manufacturer and precision manufacturing leader in China, with a strong positioning in the AI hardware and new energy sectors [2].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 20 日 东山精密(002384.SZ) 电子电路业务同比增长，积极把握 AI 应用 事件： 8 月 19 日公司发布 2024 年半年度报告，报告期内，公司实现营 业收入 166.29,亿元，同比增加 21.67%；实现归母净利润 5.61 亿 元，比上年度同期降低 32.01%；扣非归母净利润 5.16 亿元，同 减 10.66%。 净利润短期承压，积极把握 AI 应用 报告期内，公司在复杂多变的行业环境下，营收同比增长 21.67%， 净利润短期承压，比上年度同期降低 32.01%，主要归因于去年同 期存在大额非经常性收入，且今年上半年汇率波动大和新产品陆 续量产等不利影响。面对迎接 AI 科技创新周期，公司积极应对多 重机遇与挑战，布局前瞻性技术创新产品，加大 PCB（含 FPC）产 品在 AI 服务器、云计算、车载等领域的研发和新客户的拓展等工 作。 确立双轮驱动的战略主线，新能源业务快速增长 报告期内，公司核心主业 PCB 业务韧性增长，新能源业务快速增 长，逐步形成以消费电子业务与新能源业务为韧性业务组合。中 ...

证券代码：002384 证券简称：东山精密 苏州东山精密制造股份有限公司 投资者关系活动记录表 编号：2024-08-20 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 活动类别 □新闻发布会 路演活动 □现场参观 ☑其他（2024 年半年报电话会议） 华创证券、华泰证券、招商证券、方正证券、长江证券、中信证券、 参与单位名称 及人员姓名 华富基金、交银施罗德、华夏基金、瑞银、国金证券、摩根大通、 海通证券、中原证券、浙商证券、兴业证券等 670 多家机构投资者 时间 2024 年 8 月 20 日 地点 公司会议室 1. 董事、执行总裁：单建斌 上市公司 接待人员姓名 2. 董事、副总经理、董事会秘书：冒小燕 3. 投关总监：熊丹 Q&A: 1.能否简要回顾一下 2024 年上半年公司经营状况？ 答：2024 年上半年，公司实现了营业收入 166.29 亿元，同比增长 21.67%，其中软板和触控显示板块表现较为突出；归属于上市公司 投资者关系活动 股东净利润同比下降 32.12%，主要原因包括非经常性损益减少、汇 主要内容介绍 率与竞争压力带来的毛利率下滑以及期间费用（尤其是管理费用 ...

公 司 研 究 公 司 财 报 点 评 华福证券 东山精密（002384.SZ） 业绩符合预期，端侧 AI 催化消费电子量价齐升 投资要点： ➢ 事件： 24H1 实现营收 166 亿，同比+21.67%；实现归母净利 5.61 亿元， 同比-32.01%，扣非净利 5.16 亿元，同比-10.66%；其中 Q2 实现营收 89 亿，同比+24.15%；归母净利 2.71 亿元，同比-23.14%；扣非净利 2.55 亿元，同比-14.39%。 ➢ 消费电子+新能源双轮驱动营收大幅增长，PCB 受益于客户创新 公司 24H1 电子电路产品实现营收 108.5 亿元，同比增长 20.93%。 电子电路产品营收占比 65.25%，是公司上半年营收增长的主要主要动 能，我们认为主要系大客户非手机产品重磅更新拉动出货。公司新能 源业务整体实现收入 38.10 亿元，同比增长约 29.33%，占公司营收比 重进一步增加。公司消费电子和新能源业务已经构成韧性的业务组合， 为高质量发展奠定坚实的基础。 ➢ 非核心业务大幅减亏，研发投入和汇兑收益影响短期利润 1）对于 LED 业务，公司持续降本增效+探索客户和产结构调整， ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2024 年期初 | 2024 年半年度占用 | 2024 年半年度占 | 2024 年半年度偿 | 2024 年 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 占用资金余额 | 累计发生金额（不 含利息） | 用资金的利息 （如有） | 还累计发生金额 | 上半年期末占用 资金余额 | 占用形成原因 | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控 制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 其他关联方及其附属 | | | | | | | | | | | | 企业 | | | | | | | | | | | | 小 计 | | ...

2、股东会的召集人：本次股东会由公司董事会召集 证券代码：002384 证券简称：东山精密 公告编号：2024-072 苏州东山精密制造股份有限公司 关于召开 2024 年度第四次临时股东会的通知 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 2024 年 8 月 18 召 开第六届董事会第十二次会议，会议决议于 2024 年 9 月 10 日以现场会议和网络 投票表决相结合的方式召开公司 2024 年度第四次临时股东会。现将本次股东会 的有关事项通知如下： 一、召开会议基本情况 1、股东会届次：2024 年度第四次临时股东会 3、会议召开的合法、合规性：本次会议召开提请符合《中华人民共和国公 司法》《中华人民共和国证券法》及《公司章程》等相关法律法规的规定。 4、会议召开的日期、时间： 现场会议召开时间为：2024 年 9 月 10 日下午 14:00 网络投票时间为：（1）通过深圳证券交易所交易系统进行网络投票的具体 时间为 2024 年 9 月 10 日上午 9:15-9:25、9:30-11:30， ...

`outline` content has been translated into English, and a professionally structured report outline has been generated in Markdown format, adhering to all specified requirements. ```markdown Section I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[2](index=2&type=chunk) - Company head Yuan Yonggang, chief financial officer Wang Xu, and head of accounting department Zhu Deguang declare the financial report in this semi-annual report is true, accurate, and complete[2](index=2&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[2](index=2&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the overall structure of the report, including ten main chapters covering company profile, management discussion and analysis, corporate governance, environmental and social responsibility, significant matters, share changes and shareholder information, preferred shares, bonds, and financial reports [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists the originals of all publicly disclosed company documents and announcements during the reporting period, as well as original financial statements signed and sealed by key personnel, and specifies the document inspection location - Reference documents include financial statements signed and sealed by the company's legal representative, chief financial officer, and head of accounting department[4](index=4&type=chunk) - Reference documents include originals of all company documents and announcements publicly disclosed during the reporting period[4](index=4&type=chunk) - The documents are available for inspection at the company's securities department, Building 12, Canal Town Headquarters Industrial Park, 99 Taihu East Road, Wuzhong District, Suzhou[4](index=4&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including company name, three core business segments, major subsidiary names, and abbreviations for technologies and products, clarifying the reporting period from January 1, 2024, to June 30, 2024 - The company's three major business segments are electronic circuits, optoelectronic displays, and precision manufacturing[5](index=5&type=chunk) - The electronic circuit business primarily engages in R&D, design, production, and sales of products such as flexible circuit boards, rigid circuit boards, and rigid-flex boards[5](index=5&type=chunk) - The reporting period refers to January 1, 2024, to June 30, 2024[5](index=5&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Suzhou Dongshan Precision Manufacturing Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code 002384, with Yuan Yonggang as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | DSBJ | | Stock Code | 002384 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Suzhou Dongshan Precision Manufacturing Co., Ltd. | | Company Chinese Abbreviation | DSBJ | | Company English Abbreviation | DSBJ | | Legal Representative | Yuan Yonggang | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Mao Xiaoyan, and Securities Affairs Representative is Zhou Hao, both located at Building 12, Canal Town Headquarters Industrial Park, 99 Taihu East Road, Wuzhong District, Suzhou, with provided phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Mao Xiaoyan | Building 12, Canal Town Headquarters Industrial Park, 99 Taihu East Road, Wuzhong District, Suzhou | 0512-80190019 | 0512-80190029 | maoxy@dsbj.com | | Securities Affairs Representative | Zhou Hao | Building 12, Canal Town Headquarters Industrial Park, 99 Taihu East Road, Wuzhong District, Suzhou | 0512-80190019 | 0512-80190029 | hao.zhou@dsbj.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, with specific details available in the 2023 annual report - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[8](index=8&type=chunk) - The stock exchange website and media names and URLs for the company's semi-annual report disclosure, and the location for semi-annual report inspection, remained unchanged during the reporting period[9](index=9&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2024, the company's operating revenue increased by **21.67%** to **16.63 billion yuan**, but net profit attributable to shareholders decreased by **32.01%** to **560.60 million yuan**, with basic and diluted EPS also down **31.25%** Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 16,628,586,195.56 | 13,667,087,825.06 | 21.67% | | Net Profit Attributable to Shareholders of Listed Company | 560,600,936.27 | 824,548,652.98 | -32.01% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 516,020,496.59 | 577,620,808.52 | -10.66% | | Net Cash Flow from Operating Activities | 2,088,969,399.28 | 2,613,900,836.02 | -20.08% | | Basic Earnings Per Share (Yuan/Share) | 0.33 | 0.48 | -31.25% | | Diluted Earnings Per Share (Yuan/Share) | 0.33 | 0.48 | -31.25% | | Weighted Average Return on Net Assets | 3.05% | 4.95% | -1.90% | | **Current Period-End vs. Prior Year-End** | | | | | Total Assets | 45,619,022,558.56 | 44,371,719,028.28 | 2.81% | | Net Assets Attributable to Shareholders of Listed Company | 18,171,951,396.35 | 18,143,026,745.54 | 0.16% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[12](index=12&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[13](index=13&type=chunk) [VI. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **44.58 million yuan**, primarily from government subsidies, offset by losses from disposal of non-current assets and fair value changes of financial assets/liabilities Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off of asset impairment provisions) | -36,219,263.01 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 145,779,443.11 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to the company's normal operations | -59,013,703.39 | | Other non-operating income and expenses apart from the above | 3,644,170.97 | | Less: Income tax impact | 9,842,216.40 | | Minority interest impact (after tax) | -232,008.40 | | Total | 44,580,439.68 | Section III Management Discussion and Analysis [I. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company provides core components for a smart interconnected world, focusing on R&D, production, and sales of electronic circuit products, precision components, touch display modules, and LED display devices, serving diverse high-tech industries