Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company has benefited from the AI wave, turning losses into profits, with a significant revenue increase of 68.91% year-on-year, reaching 5.875 billion yuan in 2024, and a net profit of 57 million yuan, up 113.05% year-on-year [1][2]. - The company is focusing on high-end FPC (Flexible Printed Circuit) products and optimizing its business structure to capture opportunities in the recovering consumer electronics market [2]. - The dual-track layout in computing chips and strong R&D efforts are establishing technological barriers, enhancing the company's competitive position in the AI and computing sectors [2][3]. Financial Summary - In 2024, the company achieved a revenue of 5.875 billion yuan, with a year-on-year growth of 68.91%. The net profit for the same year was 57 million yuan, marking a significant turnaround from a loss in the previous year [1][10]. - The projected net profits for 2025, 2026, and 2027 are 280 million yuan, 476 million yuan, and 748 million yuan, respectively, with corresponding P/E ratios of 46, 27, and 17 [3][10]. - The company’s gross margin is expected to improve from 10% in 2024 to 16.4% by 2027, reflecting enhanced operational efficiency and product mix [12]. Business Strategy - The company is positioning itself as a provider of intelligent hardware and comprehensive solutions in the AI sector, creating a full-stack ecosystem that includes computing power, large models, and AI applications [3]. - Strategic partnerships with leading model manufacturers and upstream suppliers are being leveraged to build an industrial cluster, enhancing the company's service offerings from hardware manufacturing to operational support [3]. Market Performance - The stock has shown a significant absolute return of 46% over the past 12 months, despite a recent decline of 41% in the last month [7]. - The company's market capitalization stands at approximately 12.86 billion yuan, with a total share count of 488 million [4].

Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company's 2024 annual report shows a revenue of 5.875 billion yuan, a year-on-year increase of 68.91%, and a net profit attributable to shareholders of 57 million yuan, marking a return to profitability [1]. - The "All in AI" strategy is beginning to show results, with significant growth in AI-related businesses and improvements in profit margins across various segments [2]. - The FPC (Flexible Printed Circuit) business has seen a revenue of 3.097 billion yuan, a year-on-year increase of 6.95%, indicating a strengthening market position [1]. Financial Performance - The company achieved a revenue of 5.875 billion yuan in 2024, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit attributable to shareholders is expected to grow significantly, from 57 million yuan in 2024 to 323 million yuan in 2025, representing a year-on-year growth of 469.3% [4]. - The gross margin for the printed circuit board business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, an increase of 25.32 percentage points year-on-year [2]. Business Segments - The AI computing and related business generated 1.988 billion yuan in revenue, accounting for 33.84% of total revenue, indicating rapid expansion [2]. - The company is strategically positioned in both domestic and international markets, supplying major smartphone manufacturers such as H Company, OPPO, VIVO, Xiaomi, and others [1]. Future Projections - The company is projected to achieve revenues of 11.130 billion yuan and 13.707 billion yuan in 2026 and 2027, respectively, with net profits expected to reach 739 million yuan in 2026 [4]. - The report anticipates continued growth driven by advancements in AI technology and the company's focus on high-end products [2].

Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company achieved a revenue of 5.875 billion yuan in 2024, representing a year-on-year growth of 68.91%, and turned a profit with a net profit of 57 million yuan [1]. - The "All in AI" strategy is beginning to show results, with significant growth in AI-related businesses and improvements in profit margins across various segments [2]. - The company is focusing on high-end products in the FPC business and has established strong partnerships with major smartphone manufacturers [1][2]. Financial Performance - The company reported a revenue of 3.478 billion yuan in 2023, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit is expected to increase from 111 million yuan in 2024 to 739 million yuan in 2026, indicating a substantial recovery and growth trajectory [4]. - The gross margin for the FPC business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, showing a significant increase compared to the previous year [2]. Market Position and Strategy - The company is positioned as a leading domestic FPC manufacturer, with a focus on upgrading its product offerings in response to the growing demand for AI-driven technologies [1]. - The strategic partnership with domestic chip manufacturers and exploration of NVIDIA's resources are key components of the company's growth strategy in the AI sector [2]. - The company aims to enhance its operational efficiency while expanding its customer base through strategic collaborations with major industry players [1][2].

Group 1 - The company reported a total revenue of 5.875 billion yuan for 2024, representing a year-on-year increase of 68.91% [1] - The net profit attributable to shareholders reached 56.82 million yuan, up 113.05% year-on-year, while the non-recurring net profit attributable to shareholders was -65.32 million yuan, reducing losses by 85.45% year-on-year [1] Group 2 - The company has implemented multiple measures to improve the profitability of its FPC business, focusing on high-quality development and optimizing production layout by reducing capacity and selling off underperforming factories [2] - The printed circuit board business generated a revenue of 3.097 billion yuan in 2024, with a gross margin of 2.75%, which is a 157.81% increase year-on-year [2] Group 3 - The company completed a dual layout in computing power chips by acquiring 100% of the shares of an elite NVIDIA agent, enhancing its capabilities in the computing power industry [3] - The computing power business revenue reached 1.988 billion yuan, accounting for 33.84% of total revenue, primarily driven by sales of computing power servers [3] - The company aims to deepen collaborations in the computing power ecosystem, providing AI solutions across various sectors including education, smart manufacturing, and healthcare [3] Group 4 - The revenue forecast for 2025-2026 has been adjusted to 8.620 billion yuan and 10.431 billion yuan, with expected year-on-year growth rates of 46.7% and 21.0% respectively [4] - The earnings per share (EPS) estimates for 2025-2026 are projected to be 0.46 yuan and 0.85 yuan, with an additional forecast for 2027 of 1.17 yuan [4] - The company maintains an "overweight" rating due to improving profitability in traditional businesses and promising prospects in AI computing power [4]

Core Insights - The company has significantly improved its operating performance, achieving a total revenue of 5.875 billion yuan in 2024, a year-on-year increase of 68.91% from 3.478 billion yuan in 2023. The net profit attributable to shareholders reached 56.82 million yuan, up 113.05%, successfully turning a profit [1] Business Performance - The revenue composition of the company's main business includes printed circuit board (FPC) revenue of 3.097 billion yuan, accounting for 52.71% of total revenue with a gross margin of 2.75%. The revenue from computing and related businesses was 1.988 billion yuan, making up 33.84% of total revenue with a high gross margin of 19.72, becoming a new profit growth point. The backlight module business generated 703 million yuan, representing 11.97% of total revenue with a gross margin of 9.44% [2] Financial Health - The company's operating cash flow has improved, with an operating cash flow per share of 0.41 yuan, a year-on-year increase of 41.90%. However, cash and cash equivalents decreased to 335 million yuan, down 57.78% year-on-year. Interest-bearing debt increased significantly to 2.226 billion yuan, a year-on-year rise of 62.37%, with an interest-bearing asset-liability ratio reaching 21.12% [3] Accounts Receivable - The company's accounts receivable stood at 1.889 billion yuan, a year-on-year increase of 34.18%, with accounts receivable to profit ratio as high as 3325.27%, indicating a potential risk of significant bad debts [4] Profitability and Cost Control - The company's gross margin was 10.04%, a year-on-year increase of 320.97%, while the net margin was 1.89%, up 113.33%. The ratio of operating expenses to revenue was 4.29%, a year-on-year decrease of 38.41%, demonstrating some success in cost control [5] Industry Outlook and Strategic Layout - The FPC industry, where the company operates, benefits from technological upgrades in smartphones, AI phones, foldable phones, and AIPC, leading to sustained market demand. The company has optimized internal resource integration, increased market share of mid-to-high-end products, and reduced operating costs, achieving a turnaround. Additionally, the strategic layout in the AI field, including the acquisition of 100% equity in Anlian Tong, aims to build a "computing foundation + large model + AI application" full-stack ecosystem, further enhancing the company's competitiveness [6]

Meeting Announcement - The company, Xiamen Hongxin Electronics Technology Group Co., Ltd., will hold its 2024 Annual General Meeting on April 21, 2025, at 15:00 in the company meeting room [1][2] - The decision to convene the meeting was made during the 39th meeting of the fourth board of directors on March 27, 2025 [1][3] Voting Procedures - Shareholders can vote through both on-site and online platforms, with online voting available from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the day of the meeting [2][5] - Shareholders must choose either on-site or online voting, and duplicate votes will be counted based on the first submission [2][3] Attendance Requirements - All shareholders holding voting shares as of the registration date are entitled to attend the meeting, either in person or through a proxy [2][4] - Natural person shareholders must present their ID and shareholder account card for registration, while corporate shareholders must provide relevant documentation [4][5] Agenda Items - The meeting will include a report from the independent directors for the 2024 fiscal year [3][5] - The agenda will also cover significant matters affecting minority investors, with separate counting of votes for these items [3]

Financial Performance - The company reported a basic earnings per share of 0.1200 yuan for 2024, a significant increase of 113.48% compared to -0.8900 yuan in 2023 [1] - Operating revenue reached 58.75 billion yuan, marking a 68.92% increase from 34.78 billion yuan in the previous year [1] - The net profit for 2024 was 0.57 billion yuan, a turnaround from a loss of 4.36 billion yuan in 2023, reflecting a 113.07% improvement [1] - The return on equity (ROE) improved to 4.60% from -28.91% in the previous year, indicating a positive shift in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 13,301.85 million shares, accounting for 29.13% of the circulating shares, with a decrease of 2,089.81 million shares compared to the previous period [2] - The largest shareholder, 弘信创业工场投资集团股份有限公司, holds 8,418.53 million shares, representing 18.44% of the total share capital, with no change in holdings [3] - Notable changes include a decrease of 115.00 million shares held by 吴放 and a significant reduction of 1,161.77 million shares held by 厦门海翼投资有限公司 [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]

国信证券股份有限公司 关于厦门弘信电子科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之业绩承诺实现情况及减值测试情况的专项核查意见 根据《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务 管理办法》等有关规定，国信证券（以下简称"独立财务顾问"）作为厦门弘信 电子科技集团股份有限公司（以下简称"弘信电子"、"上市公司"或"公司"） 发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，对上市公司收购苏州市华扬电子有限公司（简称"华扬电子"、 "标的公司"或"标的资产"）100%股权的业绩承诺方做出的标的资产业绩承诺 实现情况进行了核查，并发表如下核查意见： 一、本次交易基本情况 （一）交易概述 上市公司通过发行股份及支付现金的方式购买巫少峰、朱小燕、颜永洪、苏 州华扬同创投资中心（有限合伙）合计持有的华扬电子 100%的股权。 （二）交易价格 本次交易以标的资产的评估结果作为本次交易的定价依据。依据中联资产评 估出具的中联评报字[2021]号第 3088 号《资产评估报告》，评估机构采用收益法 和资产基础法两种评估方法对华扬电子股东 ...

目 录 | 一、业绩承诺完成情况的鉴证报告…………………………………第 | 1—2 | | 页 | | --- | --- | --- | --- | | 二、业绩承诺完成情况的说明………………………………………… | 第 | 3 | 页 | | 三、资质附件…………………………………………………………第 | 4—8 | | 页 | 关于北京安联通科技有限公司 业绩承诺完成情况的鉴证报告 天健审〔2025〕8-140 号 厦门弘信电子科技集团股份有限公司全体股东： 我们鉴证了后附的厦门弘信电子科技集团股份有限公司（以下简称弘信电子 公司）管理层编制的《关于北京安联通科技有限公司 2024 年度业绩承诺完成情 况的说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供弘信电子公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为弘信电子公司 2024 年度报告的必备文件，随同其他 文件一起报送并对外披露。 二、管理层的责任 弘信电子公司管理层的责任是提供真实、合法、完整的相关资料，按照深圳 证券交易所的相关规定编制《关于北京安联通科技有限公司 2024 年度业绩承诺 完成情况的说明》，并保 ...

目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—5 页 | | | 关于营业收入扣除情况的专项核查意见 天健审〔2025〕8-138 号 厦门弘信电子科技集团股份有限公司全体股东： 我们接受委托，审计了厦门弘信电子科技集团股份有限公司（以下简称弘信 电子公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上， 我们核查了后附的弘信电子公司管理层编制的《2024 年度营业收入扣除情况表》 （以下简称扣除情况表）。 一、对报告使用者和使用目的的限定 本报告仅供弘信电子公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为弘信电子公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解弘信电子公司 2024 年度营业收入扣除情况，扣除情况表应 当与已审的财务报表一并阅读。 二、管理层的责任 弘信电子公司管理 ...