Core Viewpoint - The company has demonstrated significant growth in revenue and net profit in Q1 2025, driven by its strong technological capabilities and strategic market positioning in the consumer electronics, communication, and new energy sectors [1][1][1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 649 million yuan, representing a year-on-year increase of 52.59% [1] - The net profit attributable to shareholders was 108 million yuan, reflecting a growth of 53.69% compared to the same period last year [1] Group 2: Business Development and Strategy - The company is expanding its production capacity globally, with investments in a wholly-owned subsidiary in Hong Kong and production bases in Kunshan, Huizhou, and Vietnam [1][1] - The company is actively exploring opportunities in emerging fields such as humanoid robots and AI glasses, leveraging its extensive experience and stable customer network [1][1] Group 3: Operational Resilience - The company maintains stable relationships with major clients, and its order delivery schedule has not been significantly affected by external factors such as tariff events [1][1] - The company emphasizes a multi-dimensional approach to drive steady growth, including technological innovation, efficient supply chain management, and a diversified business layout in key sectors [1][1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by a well-known private equity firm, Fusheng Asset, on a listed company, Hengmingda, which reported significant revenue and profit growth in Q1 2025 [1] - Hengmingda achieved an operating income of 649 million yuan, representing a year-on-year increase of 52.59%, and a net profit of 108 million yuan, up 53.69% year-on-year [1] - The company focuses on precision flexible structural components, utilizing multi-layer composite technology and innovative design to meet the demands of upgrading terminal equipment [1] Group 2 - Hengmingda has established production bases in Hong Kong, Kunshan, Huizhou, and Vietnam, creating a multi-regional capacity collaboration network [1] - The company is actively monitoring trends in robotics and AI glasses, aiming to seize opportunities and expand new growth points [1] - Details regarding the implementation of share buybacks will be arranged based on future business development needs and compliance requirements [1] Group 3 - The company's stock incentive targets remain unchanged, and it maintains a positive attitude towards achieving these goals [1] - Hengmingda has stable cooperative relationships with major clients, and the order delivery rhythm has not been significantly affected [1] - The growth in performance is attributed to the company's technological research and development capabilities, supply chain management, diversified business layout, and a stable core management team [1]

证券代码：002947 证券简称：恒铭达 公告编号：2025- 047 苏州恒铭达电子科技股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗漏。 苏州恒铭达电子科技股份有限公司（以下简称"公司"）分别于2025年4月8日、2025年4月9日 召开第三届董事会第二十次会议、第三届董事会第二十一次会议，审议并通过了《关于回购公司股 份方案的议案》《关于增加回购股份资金总额的议案》，拟使用自有资金以不超过57.30元/股的价 格回购公司股份，公司本次回购股份的资金总额预计为不低于人民币8,000万元（含本数），不超 过人民币16,000万元（含本数），本次回购股份的实施期限为经董事会审议通过回购股份方案之日 起 不 超 过 12 个 月 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 9 日 、 2025 年 4 月 10 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》《关于增加回购股份资金 总额的公告》。 截至2025年6月4日，公司本次回购股份方案已实施完毕，根据《深圳证券交 ...

证券代码：002947 证券简称：恒铭达 公告编号：2025-047 苏州恒铭达电子科技股份有限公司 关于股份回购完成暨股份变动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗漏。 苏州恒铭达电子科技股份有限公司（以下简称"公司"）分别于2025年4月8日、2025年4月9日 召开第三届董事会第二十次会议、第三届董事会第二十一次会议，审议并通过了《关于回购公司股 份方案的议案》《关于增加回购股份资金总额的议案》，拟使用自有资金以不超过57.30元/股的价 格回购公司股份，公司本次回购股份的资金总额预计为不低于人民币8,000万元（含本数），不超 过人民币16,000万元（含本数），本次回购股份的实施期限为经董事会审议通过回购股份方案之日 起 不 超过 12个 月 。具体 内 容详 见公 司 于 2025年 4 月 9日 、 2025 年4 月10 日 在巨 潮资 讯网 （http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》《关于增加回购股份资金 总额的公告》。 截至2025年6月4日，公司本次回购股份方案已实施完毕，根据《深圳 ...

苏州恒铭达电子科技股份有限公司 投资者关系活动记录表 证券简称：恒铭达 证券代码：002947 编号：2025-004 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 □业绩说明会 | | | □新闻发布会 ☑路演活动 | | | □现场参观 □其他（线上会议） 华夏基金、华宝基金、中欧基金、鑫元基金、长信基金、兴银基金、华 | | | 富基金、金鹰基金、德邦基金、泉果基金、东吴基金、浙商基金、华夏 | | 参与单位名称 | 久盈、中银国际证券资管、海通资管、国信证券资管、国泰君安证券资 | | | 管、山西证券资管、中信资管、建信资管、国寿安保、北大方正人寿、 | | | 上海复胜资产、上海宽远、上海玖鹏、怀锦投资、拾贝投资、国联民生 | | | 证券、方正证券 | | 时间 | 2025-05-27、2025-05-29 | | 上市公司接待人员 | 荆天平 | | 姓名 | Q1.请介绍精密柔性结构件的主要技术难点体现在哪些方面? | | | 答：您好，随着终端设备升级换代对供应链的生产研发能力提出了 | | | 更高的要求，精密柔性结构件 ...

Company and Industry Summary Company: 恒铭达 (Hengmingda) Key Points - **Industry Focus**: Hengmingda benefits from the growth in the consumer electronics sector, particularly in North America, driven by the demand for composite functional materials. The average selling price (ASP) per unit is expected to exceed $10, with trends in AI terminals, ultra-thin designs, and foldable screens further driving demand and value [2][3][4]. - **Acquisition and Expansion**: The acquisition of Huayangtong has allowed Hengmingda to enter the telecommunications industry, achieving a leading position in AI computing communication, particularly in metal structures and heat dissipation, resulting in significant growth [2][3]. - **Financial Performance**: For 2024, the company anticipates revenues nearing 2.5 billion yuan, a 37% year-on-year increase, with net profit around 460 million yuan, reflecting a 62% increase. The gross margin is 32%, and the net margin is 18%, indicating substantial improvement in profitability, surpassing industry averages [2][5]. - **Trends in Consumer Electronics**: The industry is experiencing two main trends: product upgrades and enhancements driven by edge AI. New technologies such as foldable screens, periscope lenses, and advanced battery technologies present structural opportunities for upstream suppliers, with increased demand for components due to edge AI [2][6]. - **Mobile Phone Market Growth**: Global smartphone shipments are projected to grow by 7% in 2024, with the Chinese market expected to grow by 4.4%. Apple has surpassed Samsung to become the leading smartphone manufacturer, capturing 67% of the market share, benefiting upstream supply chains significantly [2][7]. - **R&D Investment**: Hengmingda's R&D investment has been increasing annually, reaching 113 million yuan in 2024, with a five-year compound growth rate of approximately 30%. The R&D team comprises 11.84% of the total workforce, indicating a strong commitment to innovation [3][14]. - **Communication and New Energy Ventures**: Through Huayangtong, Hengmingda provides metal structural components and cabinet products for the telecommunications sector, achieving 390 million yuan in revenue in 2024, a 50% year-on-year increase. The company also supplies precision components for new energy applications [12][13]. - **Client Relationships**: Hengmingda has established strong partnerships with major clients, including Apple, Huawei, and Xiaomi, with the top five clients contributing 72% of revenue in 2024. This highlights the company's reliance on key customers [13][16]. - **Valuation and Profit Forecast**: Revenue projections for 2025 to 2027 are 3.98 billion, 5.87 billion, and 7.26 billion yuan, with year-on-year growth rates of 60.18%, 47.46%, and 23.71%, respectively. The estimated price-to-earnings (PE) ratio for 2025 is around 16, suggesting a target price of approximately 45 yuan [15]. Risks - **Customer Dependency**: High reliance on major clients poses a risk; any changes in relationships could significantly impact performance [16]. - **Competitive Pressure**: The need for continuous R&D investment is critical due to rapid technological advancements and market competition [16]. - **Trade and Tariff Risks**: The potential impact of trade tensions and tariffs, particularly with major international clients, could affect export sales [16].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗漏。 苏州恒铭达电子科技股份有限公司（以下简称"公司"）分别于2025年4月8日、2025年4月9日 召开第三届董事会第二十次会议、第三届董事会第二十一次会议，审议并通过了《关于回购公司股 份方案的议案》《关于增加回购股份资金总额的议案》，拟使用自有资金以不超过57.30元/股的价 格回购公司股份，公司本次回购股份的资金总额预计为不低于人民币8,000万元（含本数），不超 过人民币16,000万元（含本数），本次回购股份的实施期限为经董事会审议通过回购股份方案之日 起 不 超过 12个 月 。具体 内 容详 见公 司 于 2025年 4 月 9日 、 2025 年4 月10 日 在巨 潮资 讯网 （http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》《关于增加回购股份资金 总额的公告》。 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》（以下简称"《回购指引》"） 等相关规定，上市公司在回购期间应当在每个月的前3个交易日内披露截至上月末的回购进展情况， 现将公司回购股份进展情 ...

苏州恒铭达电子科技股份有限公司（以下简称"公司"）2024 年度权益分派方案已经 2025 年 4 月 18 日召开的公司 2024 年度股东大会审议通过，具体情况如下： 证券代码：002947 证券简称：恒铭达 公告编号：2025-045 苏州恒铭达电子科技股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 一、股东大会审议通过利润分配方案情况 经公司 2024 年度股东大会审议，决定以 2024 年 12 月 31 日公司的总股本 256,213,786 股扣 除现有回购专户持有股份数1,196,700股及公司已完成回购注销的股权激励限售股4,450股后的 余额 255,012,636 股为基数，以截止 2024 年 12 月 31 日母公司累积未分配利润向全体股东每 10 股派发现金 6.00 元(含税)，合计派发现金股利人民币 153,007,581.6 元（含税），占合并报表 归属于上市公司普通股股东净利润的 33.49%。不转增资本公积金，不送红股。 本次实施的权益分派方案与股东大会审议通过的分配方案及其调整 ...

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 [22]. Core Insights - The company's Q1 2025 performance aligns with expectations, achieving a revenue of 649 million yuan, a year-over-year increase of 52.59%, and a net profit attributable to shareholders of 108 million yuan, up 53.69% year-over-year [1][7]. - The growth is driven by strong performance in the precision flexible components for consumer electronics and the precision metal components from Huayang Tong, with significant contributions from major clients [7]. - The company has established a solid partnership with major clients, including Apple and Google, positioning itself well for future growth in the die-cutting market [7]. Financial Performance Summary - For 2024, the total revenue is projected at 2,486 million yuan, with a year-over-year growth rate of 36.7%. By 2025, revenue is expected to reach 4,130 million yuan, reflecting a growth rate of 66.1% [3][8]. - The net profit attributable to shareholders is forecasted to be 457 million yuan in 2024, increasing to 700 million yuan in 2025, with respective growth rates of 62.4% and 53.2% [3][8]. - The company's earnings per share (EPS) is projected to rise from 1.78 yuan in 2024 to 2.73 yuan in 2025 [3][8]. Market Position and Future Outlook - The company is well-positioned to benefit from the ongoing AI development trends, particularly in the server and communication equipment sectors, which are expected to see increased demand [7]. - The target price for the company's stock is set at 54.6 yuan, based on a 20x price-to-earnings ratio for 2025, compared to the current price of 31.71 yuan [3][7].

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 [22]. Core Views - The company's Q1 2025 performance aligns with expectations, driven by major clients in the die-cutting sector and the Huayang Tong business, with a revenue of 649 million yuan, a year-over-year increase of 52.59%, and a net profit of 108 million yuan, up 53.69% year-over-year [1][7]. - The report highlights a robust growth trajectory for the company, with projected revenues increasing significantly from 2.486 billion yuan in 2024 to 7.152 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 36.7% [3][8]. - The company is positioned to benefit from the expanding market for precision flexible components and metal parts, particularly in the consumer electronics sector, as it has established strong relationships with major clients like Apple and Google [7][8]. Financial Summary - For Q1 2025, the company reported a gross margin of 30.12%, an increase of 1.67 percentage points year-over-year [1]. - The projected net profit for 2025 is estimated at 700 million yuan, with a growth rate of 53.2% compared to 2024 [3][8]. - The earnings per share (EPS) is expected to rise from 1.78 yuan in 2024 to 4.77 yuan by 2027, indicating strong profitability growth [3][8]. Market Position - The company has successfully entered a harvest phase for its die-cutting business after years of strategic investment, with a significant market opportunity driven by AI and product upgrades in consumer electronics [7][8]. - Huayang Tong's server business is expected to benefit from the AI development trend, with increasing demand for charging piles and energy storage solutions [7][8]. - The company has built a flexible production network to adapt to client needs, enhancing its supply chain resilience [7].