Investment Rating - The report maintains a "Recommend" rating for the company, citing its recovery in performance and profitability, with an expected PE ratio of 19/17/15 for 2024-2026 [11][19] Core Views - The company's new energy business is steadily growing, with capacity utilization improving as domestic and international production bases gradually ramp up [1] - In Q1 2024, the company achieved a turnaround in net profit, with estimated net profit attributable to the parent company of 250-350 million yuan, driven by the recovery of the consumer electronics and new energy markets [7] - The company's 2023 annual report showed a 102.23% year-on-year increase in net profit attributable to the parent company, reaching 86 million yuan, despite a 9.74% decline in revenue [7] - The company is deeply involved in three major sectors, with consumer electronics showing positive development trends, benefiting from its close collaboration with Apple and the launch of new products like the M3 MacBook Air and Vision Pro [7] Financial Performance and Forecast - The company's revenue is expected to grow from 13,722 million yuan in 2023 to 23,980 million yuan in 2026, with a CAGR of 20.5% [8][24] - Net profit attributable to the parent company is forecasted to increase from 86 million yuan in 2023 to 875 million yuan in 2026, with a significant growth rate of 695.22% in 2024 [8][24] - The company's EBIT is projected to grow from 391 million yuan in 2023 to 1,162 million yuan in 2026, with a CAGR of 31.2% [2][10] - The company's gross margin is expected to remain stable at around 19.6%-20.1% from 2023 to 2026 [10] Business Highlights - The company's new energy business focuses on battery structural components, high-voltage electrical connections, and hydrogen fuel cell bipolar plates, with production bases in China, Vietnam, Mexico, and the US [1] - The company maintains a strong partnership with T client, providing busbars and interior components, with revenue expected to further increase after the overseas base is operational [1] - In the consumer electronics sector, the company is a core supplier for Samsung's AI phone S24 series and is involved in the production of Apple Vision Pro's precision structural components [7] Valuation and Key Metrics - The company's PE ratio is expected to decrease from 149 in 2023 to 15 in 2026, reflecting improved profitability [8] - The PB ratio is forecasted to decline from 2.2 in 2023 to 1.6 in 2026, indicating a more attractive valuation [8] - The company's ROE is projected to increase from 1.48% in 2023 to 10.81% in 2026, driven by higher profitability [13]

司 研 究 证 2024 年 04 月 10 日 研 报 告 公 究 证券研究报告 元，同比增长 43.46%，营收占比增长 9.57pct 至 25.80%，主 要得益于宜宾、自贡、常州、宁德动力电池结构件生产基地 的产能释放。目前公司已成为问界汽车的核心供应商，主要 供应电池箱总成、Busbar 产品。与此同时，公司加大海外生 产基地建设力度，在越南、墨西哥的生产基地已初步具备出 货能力，后续将推进在欧洲的生产基地的落地，提升全球化 交货能力。 ▌ 风险提示 请阅读最后一页重要免责声明 2 诚信、专业、稳健、高效 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|---------------------------|------------------------------------------------------------------------ ...

＃ investSug gestionCh ange＃ 维持 ） 增持 ( 投资要点 ＃summary＃ ⚫ 公告：公司发布 2023 年年报，2023 年公司实现营业收入 137.22 亿元，同比 减少 9.74%，实现归母净利润 0.86 亿元，同比+102.23%，实现扣非归母净利 润 0.19 亿元，同比+10.26%。2023 年 Q4 单季度，公司实现营收 39.32 亿元， 同比-6.16%，实现归母净利润 0.84 亿元，同比-45.57%，实现扣非归母净利润 0.94 亿元，同比-23.92%。 证券研究报告 ＃industryId＃ 消费电子零部件及组装 ＃investSuggestion＃ ⚫ 新能源业务产能逐渐释放，收入增长迅速。2023 年，受益于公司在宜宾、自 贡、常州、宁德的动力电池结构件生产基地产能的逐渐释放，公司新能源业 务实现营收 35.40 亿元，同比+43.46%，营收占比超 25%。毛利率为 18.57%， 同比+1.55pct，规模效应逐渐显现，盈利能力改善。未来随着公司产能的进一 步释放，新能源业务收入有望继续保持高速增长，市占率有望进一步提高。 ⚫ Q4 销售和 ...

[ T able_StockInfo] 2024 年 03 月 27 日 证券研究报告•2023 年年报点评 买入 （首次） 当前价：9.73 元 长盈精密（300115）电子 目标价：13.00 元（6 个月） | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------|---------------------------------------------|--------|--------| | | | | | | | [Table_MainProfit] 指标 / 年度 营业收入（百万元） | 2023A | 2024E | 2025E | 2026E | | 增长率 | -9.74% | 13722.46 16663.41 20575.01 24109.36 21.43% | 23.47% | 17.18% | | 归属母公司净利润（百万元） | | 85.70 624.37 879.71 1051.98 | | | | 增长率 | 101.41% | 628. ...

]yrtsudnI_elbaT[ 23年盈利改善，消费电子回暖，新能源 贡献第二增长极 [【投资要点】 Table_Summary] 00 [Table_ 东方财富证券研究所 Author] -50.34% -39.53% -28.72% -17.90% -7.09% 3.73% 3/28 5/28 7/28 9/28 11/28 1/28 2022.10.25 【投资建议】 资料来源：Choice，东方财富证券研究所 敬请阅读本报告正文后各项声明 2 货币资金 2257.41 2578.89 3183.35 4238.27 净利润 151.16 653.13 974.51 1349.81 [Table_Title] 长盈精密（300115）2023年报点评 2024 年 03 月 28 日 2023 年 3 月 19 日，长盈精密公告 2023 年年报，全球经济弱复苏态势 下终端需求疲软，公司在收入规模小幅下降的同时实现利润翻倍。 2023 年，公司实现营业收入 137.22 亿元，同比下降 9.74%；实现归 母净利润 0.86 亿元，同比增长 101.41%。单四季度来看，公司实现营 收 39.32 亿 ...

其他符合非经常性损益定义的损益项目为代扣个人所得税手续费返还。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益 项目的情况说明 □适用 不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为 经常性损益的项目的情形。 10 深圳市长盈精密技术股份有限公司 2023 年年度报告全文 第三节 管理层讨论与分析 一、报告期内公司所处行业情况 2023 年，全球经济整体呈现弱复苏态势，地缘政治冲突仍在产生持续且重要的影响，对全球经济 复苏态势带来较强负面冲击。同时，新科技的发展和创新为全球经济带来了崭新的机遇，气候变化和环 保问题让全球各国政府和企业加大环保投入力度，"绿色经济"在未来的经济增长中将扮演着重要的角 色。 （一）消费电子行业 在消费电子领域，公司主要开发、生产、销售电子连接器及智能电子产品精密小件、精密结构件及 模组等产品，定制产品（区别于标准化产品）占比较高，下游应用终端包括笔记本电脑、可穿戴设备、 智能家居、智能手机、电子书等。 2023 年消费电子行业出现较强的淡旺季特征。上 ...

具体调整情况如下： | --- | --- | --- | --- | |------------------------------------------------------------------------|-------|-------|----------| | | | | 单位：元 | | 受影响的报表项目 调整前 影响金额 调整后 | | | | | 2022 年 12 月 31 日资产负债表项目 | | | | | 递延所得税资产 226,019,280.25 2,979,278.73 228,998,558.98 | | | | | 递延所得税负债 15,453,288.57 -2,627,158.29 12,826,130.28 | | | | | 未分配利润 1,666,696,535.25 5,698,447.96 1,672,394,983.21 | | | | | 少数股东权益 235,518,688.97 -92,010.94 235,426,678.03 | | | | | 2022 年 1-9 月利润表项目 | | | | | 所得税费用 -31,015,014.21 ...

公司销售业务属于在某一时点履行的履约义务，内销收入在公司将产品运送至合同约定交货地点并 经客户确认、已收取价款或取得收款权利且相关的经济利益很可能流入时确认。外销收入在公司已根据 合同约定将产品报关，取得提单或将产品运送至合同约定交货地点且经客户确认，已收取货款或取得了 收款权力且相关的经济利益很可能流入时确认。 24、政府补助 （1）政府补助在同时满足下列条件时予以确认：1) 公司能够满足政府补助所附的条件；2) 公司 能够收到政府补助。政府补助为货币性资产的，按照收到或应收的金额计量。政府补助为非货币性资产 的，按照公允价值计量；公允价值不能可靠取得的，按照名义金额计量。 （2）与资产相关的政府补助判断依据及会计处理方法 政府文件规定用于购建或以其他方式形成长期资产的政府补助划分为与资产相关的政府补助。政府 文件不明确的，以取得该补助必须具备的基本条件为基础进行判断，以购建或其他方式形成长期资产为 基本条件的作为与资产相关的政府补助。与资产相关的政府补助，冲减相关资产的账面价值或确认为递 延收益。与资产相关的政府补助确认为递延收益的，在相关资产使用寿命内按照合理、系统的方法分期 计入损益。按照名义金额计量 ...

15、来旭春先生，公司副总经理，1974 年出生，中国国籍，中欧国际工商学院 FMBA。曾任上海材料研究所工程师， 于 2000 年加入上海材料研究所子公司上海长园维安电子线路保护股份公司，先后担任部门经理、副总经理等，负责 HR、 行政和资本运营等工作。现任公司全资子公司上海其元智能科技有限公司执行董事、上海临港长盈新能源科技有限公司 执行董事。 在股东单位任职情况 适用 □不适用 32 深圳市长盈精密技术股份有限公司 2022 年年度报告全文 | --- | --- | --- | --- | --- | --- | --- | |---------------------------|----------------------------------------------------------------------------------------------------------|-----------------------|-------|-------------------------------------------------------------------------| ...

Financial Performance - Total revenue for 2022 was 15.20 billion yuan, a significant increase from 11.05 billion yuan in 2021[10] - Net profit attributable to the parent company's owners was 1.67 billion yuan in 2022, compared to 1.66 billion yuan in 2021[7] - Net profit turned positive at 68,520,069.70, compared to a net loss of -665,339,153.71 in the previous year[11] - Basic earnings per share improved to 0.04, compared to -0.50 in the previous year[11] - Total comprehensive income for the year was 53,497,583.29, a significant improvement from -663,850,136.08 in the previous year[11] - Revenue for 2022 reached 11,915,145,846.95 yuan, a significant increase from 9,110,269,806.83 yuan in 2021[33] - Net profit for 2022 was -47,783,420.59 yuan, compared to -79,017,801.89 yuan in 2021[33] - Total comprehensive income for 2022 was -47,783,420.59 yuan, compared to -79,017,801.89 yuan in 2021[33] - Comprehensive income for the period is RMB 1,360,860,210[21] - The company's comprehensive income for the period was a loss of RMB 79,017,801.89[48] - Total revenue grew 37.63% to 15.203 billion yuan in 2022, with new energy product components accounting for 16.23% of total revenue[82] - The company's non-recurring gains and losses for 2022 amounted to 25,479,332.44, a significant decrease from 191,765,941.15 in 2021[186] Liabilities and Equity - Total liabilities increased to 11.67 billion yuan in 2022 from 11.12 billion yuan in 2021[7] - Total owner's equity slightly decreased to 5.91 billion yuan in 2022 from 5.86 billion yuan in 2021[7] - Total owner's equity at the end of the period is RMB 5,906,814,000[21] - Total owner's equity at the beginning of the year was RMB 6,913,022,904.22[21] - Parent company's owner's equity at the end of the period is RMB 5,819,578,955.95[24] - Total owner's equity of the parent company at the beginning of the year was RMB 5,873,858,853.65[24] - The company's total equity at the end of the period was 5,873,858,853.65 yuan[27] - The company's total equity at the end of the year was 5,857,283,275.96, with a slight increase of 49,561,936.18 from the beginning of the year[18] - Total equity attributable to owners of the parent company decreased by 7,934,568.21, while minority shareholders' equity increased by 57,496,504.39[18] - The company's total equity decreased by RMB 150,750,924.07 during the period[48] Cash Flow and Liquidity - Cash and cash equivalents increased to 828.08 million yuan in 2022 from 624.23 million yuan in 2021[7] - Net cash flow from operating activities turned positive at 936,992,528.74 yuan in 2022, compared to a negative 431,398,231.25 yuan in 2021[34] - Cash received from tax refunds rose to 950,636,641.60 yuan in 2022, up from 674,012,684.62 yuan in 2021[34] - Cash paid for goods and services increased to 9,493,299,164.27 yuan in 2022, compared to 6,464,176,647.68 yuan in 2021[34] - Cash paid to employees and for employee benefits grew to 4,036,874,351.93 yuan in 2022, up from 3,716,454,150.26 yuan in 2021[34] - Net cash flow from financing activities decreased to 757,066,249.80 yuan in 2022, down from 1,241,802,755.38 yuan in 2021[35] - Cash received from borrowings increased to 7,047,579,300.01 yuan in 2022, up from 5,622,567,493.81 yuan in 2021[35] - Cash paid for debt repayment rose to 5,771,160,793.96 yuan in 2022, compared to 3,942,749,622.96 yuan in 2021[35] - Net cash flow from investing activities remained negative at -1,611,626,315.74 yuan in 2022, similar to -1,617,915,212.95 yuan in 2021[34] - Cash and cash equivalents at the end of the period increased to 1,203,239,094.65 yuan in 2022, up from 1,090,994,157.91 yuan in 2021[35] - Cash and cash equivalents increased to 1,735,061,022.40 yuan as of December 31, 2022, up from 1,261,635,847.91 yuan at the beginning of the year[67] - Total operating cash inflow increased by 49.78% to 15,897,661,834.14 yuan in 2022 compared to 10,614,279,679.73 yuan in 2021[76] - Operating cash flow turned positive to RMB 936.99 million in 2022, compared to a negative RMB 431.40 million in the previous year, mainly due to increased cash received from sales[93] Assets and Inventory - Accounts receivable increased to 3.47 billion yuan in 2022 from 3.13 billion yuan in 2021[7] - Inventory decreased to 998.11 million yuan in 2022 from 1.26 billion yuan in 2021[7] - Trade receivables rose to 3,102,789,075.76 yuan, compared to 2,723,254,059.43 yuan at the start of 2022[67] - Inventory decreased to 3,563,402,686.16 yuan from 4,255,219,660.49 yuan at the beginning of the year[67] - Total current assets slightly declined to 9,027,583,881.32 yuan from 9,186,496,464.80 yuan[67] - Fixed assets increased to 5,011,190,764.57 yuan, up from 4,362,013,958.68 yuan[67] - Inventory decreased by 4.79% year-on-year to RMB 3.56 billion in 2022[95] - Fixed assets increased by 2.81% year-on-year to RMB 5.01 billion in 2022[95] - Intangible assets increased by 0.60% year-on-year to RMB 310.44 million in 2022, mainly due to an increase in land use rights[95] R&D and Innovation - R&D expenses increased to 1,215,590,338.06, up 12.7% from the previous year[11] - R&D expenses increased to 366,786,691.29 yuan in 2022 from 299,751,522.95 yuan in 2021[33] - R&D investment reached 1,215,590,338.06 yuan in 2022, accounting for 8.00% of operating revenue[74] - R&D expenses increased by 12.69% year-on-year to RMB 1.22 billion in 2022[88] - The number of R&D personnel decreased slightly by 0.08% to 8,339 in 2022, with the proportion of R&D personnel increasing by 1.20 percentage points to 29.80%[91] - The company developed a multifunctional bending machine that increased production efficiency by 200% and improved yield by 5%[72] - A new high-temperature forming technology for wearable products was developed to meet customer requirements and accumulate technical experience[72] - The company successfully developed a 0.08mm ultra-thin liquid silicone rubber product, approaching industry limits[72] - The company is developing a 4kg six-axis industrial robot with a repeat positioning accuracy of ±0.02mm and a standard cycle time of 0.5s, targeting the consumer electronics industry[136] - A 12kg six-axis industrial robot is under development with a repeat positioning accuracy of ±0.04mm and a trajectory accuracy of 0.3mm, aimed at the new energy lithium battery and automotive parts industries[136] - The company is researching a 7kg collaborative robot with a force control sensitivity of 0.5N and a speed of 180°/s, targeting industries such as automotive electronics and semiconductors[136] Sales and Revenue - Sales revenue from goods and services increased to 14,699,648,612.27 yuan in 2022, up from 9,727,922,891.95 yuan in 2021, representing a significant growth[34] - The company's total sales to the top five customers amounted to RMB 10,574,199,641.29, accounting for 69.55% of the total annual sales[65] - Revenue from new energy business surged 118.49% to 2.467 billion yuan in 2022, with energy storage-related battery components contributing over 200 million yuan[78] - Sales volume of new energy product components increased by 130.59% to 398,254.143 thousand units in 2022[84] - Production volume of new energy product components rose 140.31% to 448,851.189 thousand units in 2022[84] - Inventory of new energy product components increased by 296.90% to 46,440.668 thousand units in 2022[84] - Direct material costs for new energy product components grew 116.01% to 1.334 billion yuan in 2022[85] - Direct labor costs for new energy product components surged 155.53% to 264.937 million yuan in 2022[85] - Manufacturing expenses for new energy product components increased 138.29% to 448.386 million yuan in 2022[85] Expenses and Costs - Total operating costs for 2022 were 14.85 billion yuan, up from 11.54 billion yuan in 2021[10] - Financial expenses decreased significantly to 24,261,707.98, down 91.4% from the previous year[11] - Financial income for 2022 was -121,711,421.84 yuan, a notable improvement from 161,671,441.79 yuan in 2021[33] - Sales expenses decreased by 21.07% year-on-year to RMB 148.71 million in 2022[88] - Management expenses decreased by 2.12% year-on-year to RMB 804.90 million in 2022[88] - Financial expenses decreased significantly by 91.43% year-on-year to RMB 24.26 million in 2022, mainly due to foreign exchange gains compared to losses in the previous year[88] Investments and Acquisitions - The company's investment amount for the reporting period was RMB 4,308.5789 million, a 272.48% increase compared to the previous year's RMB 1,156.7137 million[128] - The company acquired 100% equity of Guangdong Fangzhen New Material Precision Components Co., Ltd. for RMB 445.105 million, with an investment profit of RMB 532.277 million during the period[130] - The company's equity in Shenzhen Bestar Acoustic Technology Co., Ltd. was diluted from 7.5237% to 5.972422%, and the accounting method changed from equity method to fair value measurement with changes in other comprehensive income[126] - The company's financial assets are classified into three categories at initial recognition: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[99] - The company's financial assets and liabilities are initially measured at fair value, with transaction costs treated differently based on their classification[110] - The company's financial liabilities are subsequently measured at fair value, with changes due to the company's own credit risk recognized in other comprehensive income[123] - Total funds raised in 2020 through private placement of stocks amounted to 1.88 billion yuan, with 347.25 million yuan used in the current period and a cumulative usage of 1.55 billion yuan[134] - The company has 331.91 million yuan of unused raised funds, allocated for cash management and temporary working capital supplementation[134] - The company's financial assets at the beginning of the period were 335.17 million yuan, with a decrease of 5.17 million yuan in fair value changes and a total financial asset value of 25.07 million yuan at the end of the period[143] - The company's financial liabilities decreased by 1.42 million yuan, resulting in a final liability of 14,500 yuan[143] - The company's financial assets include 20.08 million yuan in trading financial assets and 4.99 million yuan in other equity instrument investments[143] - The company's financial assets and liabilities are managed with a focus on fair value changes and risk assessment, with no significant changes in measurement attributes reported[144] - The company's long-term equity investments are determined based on the fair value of the consideration paid, with adjustments for step acquisitions and non-controlling interests[158][159] - Fixed assets are depreciated using the straight-line method, with buildings depreciated over 20 years (4.75% annual rate) and machinery over 5-10 years (9.50-19.00% annual rate)[163] - Financial liabilities measured at amortized cost are recognized using the effective interest method, with gains or losses recognized upon derecognition[165] - The company uses a three-level hierarchy for fair value measurement of financial assets and liabilities, prioritizing observable inputs[167] - Derivative investments totaled 3,483.40 million yuan at year-end, representing 0.61% of net assets[174] - The company's forward contracts for hedging foreign exchange risk resulted in a realized gain of 167 million yuan during the reporting period[174] - The company's hedging strategy effectively mitigated foreign exchange rate fluctuations, achieving the expected risk management objectives[174] - The company's foreign exchange derivative transactions are based on the principle of locking in exchange rate risks, with no speculative or arbitrage operations, but there are still risks such as market risk, liquidity risk, and credit risk[175] - The company has established a "Foreign Exchange Derivative Trading Business Management System" to regulate derivative trading and control investment risks[175] - The fair value of derivatives is determined monthly based on market quotes from external financial institutions[175] - The company's foreign exchange derivative transactions are approved by the board of directors on April 26, 2022, and by the shareholders' meeting on May 17, 2022[175] Employee and Management - The company implemented a stock option incentive plan in 2022, granting 26,489,033 options to 3,078 incentive objects[194] - The company also implemented the fifth employee stock ownership plan, with 20 participants purchasing 5.06 million shares from the company's repurchase account[194] - The company's fourth employee stock ownership plan was extended by 12 months, with the new expiration date set for April 25, 2024[195] - Total number of employees at the end of the reporting period is 27,963, with 4,216 in the parent company and 23,747 in major subsidiaries[197] - Number of production personnel is 17,253, accounting for 61.7% of total employees[197] - Number of technical personnel is 8,339, accounting for 29.8% of total employees[197] - Number of employees with bachelor's degree or above is 1,917, accounting for 6.9% of total employees[197] - Number of employees with vocational education is 11,174, accounting for 40.0% of total employees[197] - The company has established a salary adjustment mechanism based on annual employee performance evaluations, allowing for promotions or demotions with corresponding salary adjustments[198] - The company has developed a comprehensive training system to improve employee quality and meet development needs, including specialized training programs[199] - Specialized training programs such as the "Vision Plan" cover five functional areas: supply chain, quality management, project management, marketing, and safety management[200] Business Operations and Strategy - The company's main business activities include the development, production, and sales of electronic connectors, precision components for smart electronics, and new energy products[51] - The company has 22 subsidiaries, including Everwin Precision Hong Kong Company Limited and Everwin USA, LLC[53] - The company's lithium battery business is experiencing growth in the new energy vehicle sector and energy storage fields such as wind and solar power, communication, and home energy storage[193] - The company distributed 100,085,643.00 yuan to shareholders in 2022[27] - Capital reserve transferred to capital was 200,171,286.00 yuan in 2022[27] - The company's total shares outstanding are 1,201,027,716 shares[27] - The financial statements were approved by the board on March 30, 2023[28] - The company's financial year runs from January 1 to December 31[104] - The company has no significant issues affecting its ability to continue operations for the next 12 months[101] - The top five suppliers accounted for 10.47% of total annual procurement, with a combined procurement amount of 1,118,069,462.91 yuan[68] Patents and Intellectual Property - The company authorized 389 patents during the reporting period, including 115 invention patents and 5 in the US[61] - The company applied for 432 new patents, including 184 Chinese inventions, 6 PCT, and 6 in the US[61] - As of December 31, 2022, the company and its subsidiaries held 1,803 authorized and valid patents, including 805 invention patents[61]