Financial Performance - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between RMB 647.54 million and RMB 674.52 million, representing a year-on-year growth of 20% to 25%[4]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between RMB 519.12 million and RMB 571.10 million, reflecting a growth of 4.67% to 15.15% compared to the previous year[4]. - The basic earnings per share is anticipated to be between RMB 0.89 and RMB 0.93, up from RMB 0.75 in the same period last year[4]. - The financial data presented in the earnings forecast has not been audited by registered accountants, and the final figures will be confirmed in the official semi-annual report[7]. Business Strategy - The company emphasizes its strong risk resistance capabilities amid rising unilateralism and trade protectionism, leveraging a diversified business ecosystem in consumer electronics, automotive electronics, and communications[5]. - Future strategies include utilizing the geographical advantages of overseas production bases in Vietnam, Malaysia, Indonesia, Thailand, Mexico, and Romania to enhance global manufacturing services[6]. - The company aims to improve cost control efficiency across the entire industry chain through smart manufacturing upgrades and foundational capability innovations[6].

Financial Performance - The company's operating revenue for 2024 reached ¥268.79 billion, representing a 15.91% increase compared to ¥231.91 billion in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥13.37 billion, a 22.03% increase from ¥10.95 billion in 2023[6]. - The net profit after deducting non-recurring gains and losses was ¥11.69 billion, up 14.81% from ¥10.19 billion in 2023[6]. - The total assets at the end of 2024 amounted to ¥223.83 billion, reflecting a 38.17% increase from ¥161.99 billion at the end of 2023[6]. - The net assets attributable to shareholders increased by 23.12% to ¥69.33 billion from ¥56.31 billion in 2023[6]. - The company reported a basic earnings per share of ¥1.86 for 2024, a 20.78% increase from ¥1.54 in 2023[6]. - The total revenue for 2024 reached ¥268.79 billion, representing a year-on-year increase of 15.91% compared to ¥231.91 billion in 2023[56]. - Revenue from automotive interconnect products and precision components surged by 48.69% to ¥13.76 billion, up from ¥9.25 billion in the previous year[56]. - Domestic sales increased by 32.52% to ¥33.33 billion, while international sales accounted for 87.60% of total revenue, amounting to ¥235.47 billion, reflecting a 13.89% growth[57]. Dividend Distribution - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders, based on a total of 7,247,395,805 shares[3]. - The 2024 profit distribution plan includes a cash dividend of RMB 2 per 10 shares, amounting to RMB 1,449,479,161 (including tax) based on a total share capital of 7,247,395,805 shares[166]. - The company has distributed a total of 7.652 billion RMB in dividends since its listing, with cumulative dividends over the last three years amounting to 4.530 billion RMB[126]. Innovation and Technology Development - The company is experiencing significant growth in the consumer electronics sector, driven by advancements in AI technology and the maturation of foldable screen technology[29]. - The company is focusing on expanding its core areas in communication and data centers, with ongoing technological breakthroughs in copper and optical connections[29]. - The company is actively advancing its "Smart Factory 2.0" upgrade, integrating IoT technology to create an intelligent closed-loop system for data collection, analysis, decision-making, and execution[39]. - The company is committed to continuous innovation in new materials, processes, and technologies, collaborating closely with leading global customers[41]. - The company has developed a core component solution for AI data centers, addressing the exponential demand for computing power and energy management[50]. - The company is developing a dual-band JDM product that supports both 4G LTE and 5G NR technologies, aiming to enhance signal quality and operational efficiency[66]. - The company is focused on technology innovation and cost reduction through process improvements and equipment upgrades[67]. - The company is developing automotive microcontroller units (MCUs) to enhance vehicle performance and safety, with significant market opportunities expected from 2023 to 2024[68]. Market Expansion and Strategic Acquisitions - The company is expanding its presence in the international market, leveraging its technological advantages in new energy and intelligent connected vehicles[31]. - The company initiated the acquisition of Leoni Group, a century-old automotive wiring harness manufacturer, to enhance product development and market expansion in the automotive sector[54]. - The company is focusing on expanding its market presence through innovative product development and strategic technological advancements[72]. - The company plans to enhance its global manufacturing capabilities and optimize its R&D center layout to meet local service demands for overseas clients[111]. - Strategic acquisitions are being considered, with a focus on companies that complement the existing product line and enhance technological capabilities[140]. Sustainability and Environmental Responsibility - The company has achieved over 70% clean energy usage, resulting in a reduction of nearly 1.53 million tons of CO₂e emissions during the reporting period[44]. - The company has received green factory certifications for 18 subsidiaries and waste zero landfill certifications for 14 subsidiaries, demonstrating its commitment to sustainable practices[44]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[186]. - The company adheres to the emission standards for air pollutants as per the relevant regulations, including the GB 21900-2008 standard[186]. - The company manages solid waste according to the relevant environmental protection requirements, ensuring proper handling of both general and hazardous waste[187]. Research and Development - R&D personnel increased to 22,583 in 2024, up 18.47% from 19,063 in 2023[84]. - R&D investment amounted to ¥8,555,957,431.46 in 2024, a 4.48% increase from ¥8,188,767,532.85 in 2023[84]. - The company has invested approximately 30% of its total R&D expenses into cutting-edge materials, processes, and technologies, aiming for 30% of its products to enter global industry frontiers within the next 20 years[124]. - Cumulative R&D investment over the past three years has reached 25.192 billion RMB, with a total of 7,164 patents currently held[124]. Governance and Management - The company has established a complete governance structure, including a board of directors, supervisory board, and various specialized committees, ensuring compliance with legal and regulatory requirements[134]. - The company has implemented an equity incentive plan to enhance the alignment of interests between shareholders and core employees, ensuring stable management and achieving long-term development goals[131]. - The company emphasizes the importance of information disclosure, ensuring that key information is communicated accurately and transparently to investors[125]. - The company has a well-structured internal control system that meets management and development needs, ensuring the protection of shareholder interests[180]. Employee Development and Compensation - The company has implemented a comprehensive employee training system, focusing on various employee levels and needs, enhancing overall productivity and professional skills[162]. - The company has committed to providing competitive compensation packages, including year-end bonuses and stock incentives, to attract and retain top talent[161]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 21.98 million[148]. - The independent directors' remuneration is set at CNY 160,000 per year, with travel and office expenses covered by the company[146]. Shareholder Engagement - The company emphasizes sustainable development performance in its remuneration strategy to align with future growth objectives[146]. - The company is actively engaging with investors through various channels to enhance understanding of its operations and investment value[125]. - The annual shareholders' meeting held on June 27, 2024, had a participation rate of 53.53%, approving 17 proposals including the 2023 Board of Directors' work report[136]. - The first extraordinary shareholders' meeting of 2024 on October 9, 2024, had a participation rate of 55.26%, approving the proposal for issuing debt financing instruments in the interbank bond market[136].

Financial Performance - The company's revenue for Q1 2025 reached ¥61.79 billion, an increase of 17.90% compared to ¥52.41 billion in the same period last year[4] - Net profit attributable to shareholders was ¥3.04 billion, up 23.17% from ¥2.47 billion year-on-year[4] - Basic earnings per share increased to ¥0.42, representing a growth of 20.00% from ¥0.35 in the same quarter last year[4] - Total operating revenue for the current period reached ¥61.79 billion, an increase of 17.5% compared to ¥52.41 billion in the previous period[18] - Operating profit for the current period was ¥3.83 billion, reflecting a growth of 36.4% from ¥2.81 billion in the previous period[19] - Net profit attributable to the parent company was ¥3.04 billion, an increase of 23.1% compared to ¥2.47 billion in the previous period[19] - Total comprehensive income amounted to CNY 3,338,128,095.23, an increase from CNY 2,503,073,328.03 in the previous period[20] - Basic earnings per share increased to 0.42 from 0.35, while diluted earnings per share rose to 0.42 from 0.34[20] Cash Flow - The net cash flow from operating activities was -¥6.69 billion, a significant decline of 692.45% compared to -¥844 million in the previous year[4] - Cash inflow from operating activities reached CNY 66,846,646,167.56, compared to CNY 56,726,077,208.78 in the prior period[21] - Net cash flow from operating activities was negative at CNY -6,691,655,420.46, worsening from CNY -844,429,966.03[22] - Cash inflow from investment activities totaled CNY 15,571,738,990.02, up from CNY 8,778,253,628.28[22] - Net cash flow from investment activities was negative at CNY -12,690,904,851.38, compared to CNY -5,123,227,989.25 previously[22] - Cash inflow from financing activities was CNY 42,783,422,576.91, an increase from CNY 30,387,859,574.87[22] - Net cash flow from financing activities improved to CNY 22,174,993,327.95 from CNY 16,667,715,560.47[22] - The ending cash and cash equivalents balance was CNY 50,244,407,839.80, up from CNY 40,568,460,475.43[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥238.10 billion, reflecting a 6.38% increase from ¥223.83 billion at the end of the previous year[4] - Total current assets rose to ¥148,196,446,640.63 from ¥138,545,245,245.72, indicating an increase of about 6.0%[14] - The company’s total liabilities increased by 42.35% in short-term borrowings, reaching ¥5.03 billion to support performance growth[9] - Total liabilities increased to ¥149.78 billion, compared to ¥139.14 billion, reflecting a growth of 7.0%[16] - Long-term equity investments increased to ¥8.02 billion, compared to ¥7.49 billion in the previous period, showing a growth of 7.0%[16] Research and Development - The company reported a 12.38% increase in R&D expenses, totaling ¥214.43 million, driven by increased investment in research projects[9] - Research and development expenses rose to ¥2.14 billion, up 12.4% from ¥1.91 billion year-over-year[18] Shareholder Information - Total number of common shareholders at the end of the reporting period is 274,349[11] - The largest shareholder, Luxshare Precision Industry Co., Ltd., holds 37.69% of shares, totaling 2,731,537,636 shares[11] Strategic Focus - The company emphasizes its strategic focus on "three five-year" plans to enhance its position as a core supplier in international markets[12] - The company aims to expand into emerging domestic industries and segments, particularly in consumer electronics, automotive, and communications sectors[12] - The company is committed to leveraging its advantages in intelligent and digital precision manufacturing to drive growth[12] - The company has noted the complex global economic environment and is adapting its strategies accordingly to maintain growth momentum[12] Inventory and Financial Assets - Inventory increased to ¥34,666,902,575.71 from ¥31,702,675,549.03, reflecting a growth of approximately 9.3%[14] - The company reported a significant increase in trading financial assets, rising to ¥4,937,714,259.61 from ¥1,403,110,810.03, a growth of approximately 251.5%[14] Operating Costs - Total operating costs amounted to ¥58.90 billion, up 17.3% from ¥50.25 billion year-over-year[18] Audit Status - The first quarter report was not audited[24]

华夏时报（www.chinatimes.net.cn）记者 谢碧鹭 帅可聪 北京报道 目前正处于2024年年报及2025年一季报披露的关键节点，一场关于投资布局的深度探寻在A股市场悄然展开。众 多机构投资者马不停蹄地奔赴上市公司，展开密集调研行动，试图透过财报数据与企业交流。Wind数据显示，截 至4月25日午间，4月以来有995家上市公司接受了机构的拜访。 这场调研热潮中，有66家上市公司吸引了超百家（含）机构的关注，13家公司更是受到超200家（含）机构的青 睐。立讯精密、海康威视、安克创新等公司位居调研热度榜前列，分别收获500家、273家、262家机构的密集调 研。这些公司来自不同行业，却都承载着机构投资者对未来市场走向的诸多猜想。 机构投资者紧锣密鼓开展调研 上市公司展开密集调研，紧锣密鼓地规划投资方向与重点。Wind数据显示，截至4月25日午间，4月以来近千家家 上市公司接受了机构调研。 其中，有66家上市公司吸引了超百家（含）机构的关注，有13家公司被超200家（含）公司调研。排名前三的分别 是立讯精密、海康威视和安克创新，4月以来分别被500家、273家和262家机构调研。紧跟其后的是金盘科技 ...

沪指4月25日下跌0.07%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为公用事业、通信， 涨幅分别为1.36%、1.15%。电子行业今日上涨0.43%。跌幅居前的行业为房地产、煤炭，跌幅分别为 0.60%、0.59%。 资金面上看，两市主力资金全天净流入49.75亿元，今日有14个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨0.78%，全天净流入资金33.68亿元，其次是公用事业行业，日涨 幅为1.36%，净流入资金为15.81亿元。 主力资金净流出的行业有17个，有色金属行业主力资金净流出规模居首，全天净流出资金9.42亿元，其 次是基础化工行业，净流出资金为9.30亿元，净流出资金较多的还有医药生物、银行、农林牧渔等行 业。 电子行业今日上涨0.43%，全天主力资金净流入15.68亿元，该行业所属的个股共461只，今日上涨的有 272只，涨停的有5只；下跌的有177只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有216只，其中，净流入资金超亿元的有10只，净流入资金居首的是沪电股份，今日净流入资金 4.37亿元，紧随其后的是立讯精密、东山精密，净流入 ...

截至4月25日收盘，共封装光学(CPO)概念上涨1.41%，位居概念板块涨幅第5，板块内，58股上涨，致 尚科技20%涨停，仕佳光子、迈信林、源杰科技等涨幅居前，分别上涨18.36%、7.60%、7.25%。跌幅 居前的有思瑞浦、富信科技、立昂微等，分别下跌12.64%、3.65%、3.45%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 生物质能发电 | 1.92 | 中韩自贸区 | -1.94 | | F5G概念 | 1.62 | 重组蛋白 | -1.56 | | 钛白粉概念 | 1.62 | PEEK材料 | -1.53 | | 抽水蓄能 | 1.44 | 草甘膦 | -1.47 | | 共封装光学(CPO) | 1.41 | 肝炎概念 | -1.43 | | 碳交易 | 1.37 | CRO概念 | -1.42 | | 绿色电力 | 1.35 | 青蒿素 | -1.38 | | 短剧游戏 | 1.35 | 赛马概念 | -1.34 | | 光纤概念 | 1.35 | 乳业 | -1.32 | | ...

哪些方向备受主动权益基金经理关注? 2025Q1主动权益型基金季报点评 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 公募基金专题报告 证券研究报告 分析师:王骅 执业证书编号: S0890522090001 分析师:宋逸菲 执业证书编号: S0890524080003 发布日期: 2025年4月25日 ►销售服务电话：021-20515355 ▶请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS 主动权益型基金2025一季报数据回顾 1 一季报基金经理观点综述 2 T HWABAD SECURITIES 风格:价值、成长、均衡风格 行业主题:消费、医药、TMT、高 端制造、周期、港股 业绩回顾 2025Q1业绩:2025Q1,A股市场走出先抑后扬行情。1月上旬 在外部不确定性扰动下,走势偏弱;春节前后,DeepSeek、 机器人领域的重大技术突破引发市场关注,助推主要指数上 行;3月,两会明确全年经济目标和政策重点,市场波动进 一步加大,政策鼓励的板块有所表现。具体来看,一季度小 微盘相对占优，国证2000、中证1000录得相对高的 ...

◎记者 朱妍 数据显示，3月23日至4月23日，机构调研次数高达3.1万次，环比增幅为49%，达到今年以来相对较高 的水平。业绩有支撑的领域备受机构瞩目，科技成长方向随着市场回暖而重获关注。 仕佳光子一季度归属于上市公司股东的净利润同比增幅超过1000%。4月21日，公司接待了易方达基 金、鹏华基金、兴业基金等机构的调研，当日公司股价以20%幅度涨停。 从近一个月机构调研的上市公司来看，七成公司一季度归属于上市公司股东的净利润实现同比正增长， 其中，思特威、科陆电子、银禧科技等公司一季度业绩同比增幅较大。 具体行业方面，科技板块无疑是近期各大机构最为关注的方向。数据显示，电子设备制造近一个月被机 构调研逾2100次，生物医药、计算机软件、电子元件、半导体等行业紧随其后，调研热度均超千次。其 中，立讯精密、蓝思科技、澜起科技、三花智控等科技类公司受到调研的次数较多，分别达到499次、 397次、380次和364次。 Choice数据显示，近一个月，基金公司、证券公司调研数量最多，均超8500次。其中，共有52家机构的 调研次数过百，多家基金公司的调研次数环比增长显著，比如汇丰晋信基金调研131次，环比增幅超过 ...

报 告 摘 要 四、2025年一季报中FOF配置数量最多的基金经理 在主动权益基金中，重仓该基金的 FOF 数量最多的三只基金是 大成高鑫 A 、富 国稳健增长 A 、华夏创新前沿 ；重仓规模最大的三只基金是 华夏创新前沿、大 成高鑫 A 、易方达信息行业精选 C 。 在债券型基金中，重仓该基金的 FOF 数量最多的三只基金是 广发纯债 A 、易方 达安悦超短债 A 、富国纯债 AB ；重仓规模最大的三只基金是 易方达安悦超短 债 A 、广发纯债 A 、嘉实汇鑫中短债 A 。 三、相比2024Q4，FOF基金经理增配了哪些基金？ 追踪 FOF 基金经理的投资动态：在主动权益基金中， FOF 预估净增持数量最多 的三只基金是 富国稳健增长 A 、景顺长城品质长青 A 、博时智选量化多因子 A ； FOF 预估净增持规模最大的三只基金是 富国稳健增长 A 、易方达战略新兴产 业 C 、易方达医药生物 C 。 在债券型基金中， FOF 预估净增持数量最多的三只基金是 易方达安悦超短债 A 、富国产业债 A 、易方达安瑞短债 D ； FOF 预估净增持规模最大的三只基金是 易方达安悦超短债 A 、嘉合磐泰短债 A 、 ...

金融工程 | 证券研究报告 — 总量点评 2025 年 4 月 24 日 (8610)66229239 ce.guo@bocichina.com 证券投资咨询业务证书编号：S1300522080002 联系人：杨依晨 (8610)83949526 yichen.yang@bocichina.com 一般证券业务证书编号：S1300123050021 ◼ 仓位监控：截止到 2025Q1，主动权益基金仓位中位数为 89.55%，与上 一季度相比基本持平，自 2020 年以来持续围绕在 90%仓位震荡。 ◼ 板块配置：2025Q1 配置比例最高的三个板块分别为机械、TMT 和港 股，占比分别为 22.30%、21.01%和 19.08%。与近五年历史均值相比， 2025Q1 持仓占比高于历史均值的板块有港股、TMT 和机械，超配比例 分别为 9.10%、2.20%和 0.29%；持仓占比低于历史均值的板块主要有消 费、医药、周期和地产基建，低配比例分别为 5.48%、3.15%、1.56%和 1.40%。 ◼ 行业配置：2025Q1 配置比例最高的五个行业分别为港股、电子、医药、 电力设备及新能源和食品饮料，占比分 ...