Core Viewpoint - Longying Precision achieved record high operating performance in 2024, with significant growth in revenue and net profit driven by its core businesses in precision components for consumer electronics and new energy products [1][2]. Financial Performance - In 2024, Longying Precision reported revenue of 16.934 billion yuan, a year-on-year increase of 23.4% [2] - The net profit reached 772 million yuan, marking a staggering year-on-year growth of 800.24% [2] - The net profit excluding non-recurring gains and losses was 531 million yuan, reflecting a remarkable increase of 2750.7% [2] - The company experienced a recovery from a loss in 2021, with net profits of 42.38 million yuan in 2022 and 85.70 million yuan in 2023 [2]. Business Segments - The growth was attributed to the dual drivers of precision components for consumer electronics and new energy products, alongside new ventures in robotics and intelligent equipment [1][3]. - Revenue from the consumer electronics segment was 11.691 billion yuan, up 15.39% year-on-year, supported by a 6.4% increase in global smartphone shipments and growth in PC product sales [2][3]. - The new energy business saw revenue increase by 47.29% to 5.214 billion yuan, aided by the ramp-up of production capacity in various locations [3]. R&D and Innovation - Longying Precision maintains a high R&D expenditure rate, consistently between 7% and 10% of revenue, with R&D expenses exceeding 1.2 billion yuan annually from 2022 to 2024 [1][7]. - In 2024, the company added 272 new patents, including 132 invention patents, and had a total of 2002 effective patents by year-end [7]. Financial Structure and Cost Management - The company successfully reduced financial expenses by 64.5% to 73.71 million yuan in 2024, with the fourth quarter showing a negative financial expense of -51.09 million yuan [7][8]. - The asset-liability ratio decreased to 58.72%, the first time below 60% in four years, down from 66.99% in the previous year [8]. Dividend Distribution - Longying Precision announced a cash dividend distribution for the first time in three years, proposing a payout of 1.3 yuan per 10 shares, totaling 176 million yuan, which is 22.85% of the net profit for 2024 [4][5].

Core Insights - Longying Precision delivered impressive annual results for 2024, achieving total revenue of 16.934 billion yuan, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 772 million yuan, a significant increase of 800.24% [1][2] - The company's growth outpaced the average growth rate of the consumer electronics industry and significantly exceeded that of peers in the new energy vehicle components sector [1][2] Financial Performance - The company's operating cash flow net amount reached 2.259 billion yuan, a modest increase of 1.36% year-on-year, while the gross profit margin slightly decreased by 1.24 percentage points to 18.53% [2][8] - The net profit margin improved significantly from 1.1% to 4.96% [2] Business Segments - Longying Precision's revenue structure consists of three main segments: new energy components and connectors (5.214 billion yuan, 30.79% share, 15.71% gross margin), consumer electronics (7.516 billion yuan, 44.38% share, 19.88% gross margin), and electronic connectors (3.545 billion yuan, 20.93% share, 19.63% gross margin) [5] - The new energy segment was the fastest-growing, with revenue increasing by 47.29% year-on-year, driven by the release of production capacity for power battery structural components [6] Market Trends - The global consumer electronics market showed signs of structural recovery in 2024, with smartphone shipments increasing by 6.4% to 1.24 billion units and AI personal computer shipments soaring by 165.5% [4] - Longying Precision's consumer electronics business generated 11.691 billion yuan in revenue, a year-on-year increase of 15.39%, largely attributed to significant contributions from international clients, particularly Apple [4][5] Strategic Developments - Longying Precision has deepened its involvement in the production of M3 chip MacBook Air, which saw over 60% year-on-year sales growth [5] - The company is also expanding into the humanoid robot sector, having established a subsidiary focused on precision components for smart robots and forming partnerships with leading companies in the field [7] Challenges - Despite strong performance, Longying Precision faces challenges such as a decline in gross margin and high accounts receivable, which stood at 3.137 billion yuan, representing 406.6% of net profit [8][9]

Core Viewpoint - Longying Precision achieved significant growth in 2024, with total revenue reaching 16.934 billion yuan, a year-on-year increase of 23.40%, and net profit attributable to shareholders soaring by 800.24% to 772 million yuan, despite a low dividend payout ratio of 22.85% raising market concerns [1][9] Group 1: Consumer Electronics Business - The global consumer electronics market showed signs of recovery in 2024, with smartphone shipments increasing by 6.4% to approximately 1.24 billion units [4] - Longying Precision's revenue from the consumer electronics segment reached 11.691 billion yuan, up 15.39% year-on-year, driven significantly by international clients [4] - There remains room for improvement in market share within the consumer electronics sector, necessitating product structure optimization and enhanced technological content to address future market fluctuations [4] Group 2: New Energy Business - Revenue from the new energy segment reached 5.214 billion yuan, marking a year-on-year growth of 47.29% [5] - The gradual release of production capacity from battery component manufacturing bases in various regions supports the rapid growth of the new energy business [5] - Participation in industry events, such as the second Beijing Chain Expo, has enhanced the company's market visibility and laid a solid foundation for future business expansion [5] Group 3: Robotics and Intelligent Equipment - The rapid development of generative AI and large language models has propelled humanoid robots into commercial applications [6] - Longying Precision accelerated the construction of humanoid robot production capacity and increased R&D investment, securing projects with several domestic and international clients [6] - Although still in its infancy, the robotics and intelligent equipment sector holds significant market potential, with ongoing technological advancements expected to drive future growth [6] Group 4: Global Production Base Development - The construction of global production bases progressed rapidly in 2024, with multiple domestic and overseas projects advancing as planned [7] - Cost management initiatives across various factories have significantly improved the company's cost management capabilities, ensuring sustainable profitability [7] - Despite successful progress, challenges remain in overseas market operations due to policy risks and competitive pressures [7] Group 5: Team Building and Employee Satisfaction - Longying Precision has enhanced its management capabilities through a stable team built via external recruitment and internal development [8] - The implementation of a new salary structure has improved employee motivation and satisfaction [8] - Continued investment in talent acquisition and development is necessary to meet future business expansion and market competition demands [8] Group 6: Dividend Policy - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 176 million yuan, which represents only 22.85% of the net profit for 2024 [9] - The low dividend payout ratio, despite significant profit growth, has raised concerns among investors regarding future returns [9] - There is an expectation for the company to increase its dividend payout ratio to enhance investor confidence [9]

Group 1 - Longying Precision (300115.SZ) released its 2024 annual report on April 18, 2025, with 156 institutional investors holding a total of 534 million shares, accounting for 39.38% of the total share capital [1] - The top ten institutional investors collectively hold 37.79% of the shares, with a decrease of 2.45 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Huazhong Qianyu Bond Initiation A, increased its holdings, while five funds, including Jin Ying Technology Innovation Stock A and Southern CSI 1000 ETF, reduced their holdings by 0.69% [2] - A total of 140 new public funds were disclosed this period, including Guangfa CSI 1000 ETF and Huaxia Growth ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.84% compared to the previous quarter [2]

Core Insights - The company reported a revenue of 16.934 billion yuan for 2024, representing a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 772 million yuan, up 800.24% year-on-year [1] - The performance aligns with market expectations, driven by a focus on precision components for consumer electronics and new energy products, alongside the development of robotics and intelligent equipment [2] Revenue Breakdown - The consumer electronics segment generated revenue of 11.691 billion yuan, a year-on-year increase of 15.39% - The new energy segment achieved revenue of 5.214 billion yuan, up 47.29% year-on-year, benefiting from the gradual release of production capacity in various locations [2] - The robotics and intelligent equipment segment reported revenue of 29 million yuan, with ongoing efforts to enhance humanoid robot production capacity [2] Profitability and Cost Management - The company's gross margin for 2024 was 18.53%, a decrease of 1.34 percentage points year-on-year, with Q4 gross margin at 18.10% [3] - The company improved its cost control, achieving a total expense ratio of 13.53%, down 3.85 percentage points year-on-year [3] - The strategic focus includes strengthening the consumer electronics business, expanding new energy operations, and fostering artificial intelligence innovations [3] Global Expansion Strategy - The company is advancing its global production base construction, with plans for timely operation of facilities in Hungary and Mexico [4] - Efforts are being made to optimize production capacity in Vietnam and enhance overall operational efficiency [4] - A standardized management system will be established across global production bases to ensure efficient collaboration [4] Future Earnings Projections - Revenue forecasts for 2025 and 2026 are adjusted to 18.877 billion yuan and 21.838 billion yuan, respectively, with a new projection for 2027 at 24.383 billion yuan [5] - Expected net profits for 2025 and 2026 are 865 million yuan and 1.007 billion yuan, with a new projection for 2027 at 1.168 billion yuan [5] - The estimated EPS for 2025, 2026, and 2027 are 0.64 yuan, 0.74 yuan, and 0.86 yuan, respectively [5]

中国国际金融股份有限公司 追认 2024 年度日常关联交易及预计 2025 年度日常关联交易 的核查意见 中国国际金融股份有限公司（以下简称"保荐人"）作为深圳市长盈精密技术股份 有限公司（以下简称"长盈精密"或"公司"）2023 年度向特定对象发行股票的保荐人， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第 7 号——交易与关联交易》等相关法律、法规和规范性文 件的规定，对公司 2025 年度日常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司及子公司因业务发展和生产经营需要，与关联方四川峰盈新能源科技有限公司 （以下简称"四川峰盈"）、广东天机智能系统有限公司（以下简称"天机智能"）存在 日常经营性关联交易，预计 2025 年度累计交易金额不超过人民币 16,000 万元，占公司 最近一期经审计的合并报表中归属于母公司所有者权益的 2.01%。 2024 年度，公司及子公司与关联方产生交易金额共计 6,310.53 ...

中国国际金融股份有限公司 关于深圳市长盈精密技术股份有限公司 开展外汇衍生品交易业务的核查意见 中国国际金融股份有限公司（以下简称"保荐人"）作为深圳市长盈精密技术股份 有限公司（以下简称"长盈精密"或"公司"）2023 年度向特定对象发行 A 股股票的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关 法律、法规和规范性文件的规定，对公司开展外汇衍生品交易事项进行了核查，具体情 况如下： 一、开展外汇衍生品交易业务情况概述 （一）投资目的 因公司国际业务持续发展，外币收入占比较高，汇率波动对公司利润有较大的影响， 为保证公司持续稳健发展，防范或降低汇率波动对公司利润和股东权益造成不利影响， 公司拟根据生产经营相关实际情况，适度开展外汇衍生品交易业务，以加强公司的外汇 风险管理。公司开展外汇衍生产品交易业务以套期保值为目的，用于降低进出口业务所 面临的外汇风险，整体外汇衍生产品业务规模与公司实际进出口业务量、外币资产、外 币负债规模相适应，不会进行投机性操作。 公司采用远期合约等外汇衍生产品，对冲 ...

| | | | | | | 二、财务报表…………………………………………………………第 7—14 | 页 | | --- | --- | | （一）合并资产负债表………………………………………………第 | 7 页 | | （二）母公司资产负债表……………………………………………第 | 8 页 | | （三）合并利润表……………………………………………………第 | 9 页 | | （四）母公司利润表……………………………………………… 第 | 10 页 | | （五）合并现金流量表…………………………………………… 第 | 11 页 | | （六）母公司现金流量表………………………………………… 第 | 12 页 | | （七）合并所有者权益变动表…………………………………… 第 | 13 页 | | （八）母公司所有者权益变动表………………………………… 第 | 14 页 | | 三、财务报表附注…………………………………………………第 15—116 | 页 | | 四、附件 …………………………………………………………第 117—120 | 页 | | （一）本所执业证书复印件 …………………………………… ...

| | | | | | | 二、附件 ………………………………………………………………第 | 3—6 | 页 | | --- | --- | --- | | （一）本所执业证书复印件…………………………………………第 | 3 | 页 | | （二）本所营业执照复印件…………………………………………第 | 4 | 页 | | （三）本所注册会计师执业证书复印件 ………………………第 | 5—6 | 页 | 内部控制审计报告 天健审〔2025〕3-145 号 深圳市长盈精密技术股份有限公司全体股东： 二、注册会计师的责任 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳市长盈精密技术股份有限公司（以下简称长盈精密公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是长盈 精密公司董事会的责任。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷 ...

经中国证券监督管理委员会《关于同意长盈精密技术股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2020〕2304 号）核准，并经深圳证券交易所同意，公 司向特定对象发行人民币普通股（A 股）90,996,168 股，发行价格每股 20.88 元，实际 募集资金总额为 1,899,999,987.84 元，扣除本次发行费用（不含税）人民币 19,616,034.13 元后，实际募集资金净额为人民币 1,880,383,953.71 元。上述募集资金到位情况业经天 健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》（天健验〔2020〕3-108 号）。 公司已将上述募集资金全部存放于募集资金专项账户进行管理，并与各存管银行、 保荐人签订了募集资金监管协议。 中国国际金融股份有限公司 关于深圳市长盈精密技术股份有限公司 部分募投项目结项并将节余募集资金 永久补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"保荐人"）作为深圳市长盈精密技术股份 有限公司（以下简称"长盈精密"或"公司"）2020 年度向特定对象发行股票持续督 导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管 ...