弘信电子 20250116 摘要 • 弘信电子 2024 年营收 58.75 亿元，同比增长 69%，扭亏为盈，净利润 达 5,681 万元，同比增幅 113.05%。经营活动现金流净额增长 41.9%至 2 亿元，加权平均净资产收益率显著提升 33 个百分点至 4.6%。 • 公司软板业务通过内部改革和优化，绑定小米、OPPO 等头部品牌，高毛 利产品占比提升。2025 年 Q1 软板营收 8.6 亿元，与去年同期持平，毛利 率上升 7 个百分点，净亏损同比收窄 5,100 万元。 • AI 算力业务是增长引擎，2024 年营收 19.88 亿元，同比大幅增长。 2025 年 Q1 收入约 7.2 亿元，环比提升，但毛利率略降 1.6 个百分点，因 AI 服务器市场供求关系变化。公司布局 MPVC 及国产算力芯片资源。 • 公司战略聚焦 AI 解决方案，布局教育、智能制造等领域，践行东数西算战 略，建设多元异构绿色算力产业。通过收购和合作，推进国产显卡及服务 器研发，支持国产替代。 • 软板行业经历深度内卷后，供求关系改善，AI 终端需求增加，市场容量稳 步上升。公司坚持研发投入和品质，订单充足，预计未来持 ...

一季度营收同比下降近5%，净利润同比大幅下滑75%以上，一季度业绩不及预期，弘信电子 （300657.SZ）4月16日早盘大跌超过12%。 弘信电子15日披露的一季报显示，2025年一季度，该公司实现营收15.87亿元，同比下降4.97%；净利润 仅680万元，同比大幅下滑75.8%。 弘信电子是柔性电路板（FPC）龙头，主营业务是柔性印制电路板研发、设计、制造和销售，产品以各 种高精密度的挠性印制电路板产品为主。受制于近几年消费电子需求的疲软，该公司业绩从2020年就一 路大幅下滑，2021年到2023年连续亏损3年。 从2023年开始，弘信电子布局AI算力服务器的研发、设计、制造和销售，AI算力业绩在2024年开始兑 现，全年实现相关业务收入19.88亿元，同比增长5303.3%，占营业收入的比重从1%快速提升至 33.84%。 但到了今年一季度，该公司业绩再次变脸，AI算力业务的可持续性和盈利水平遭到质疑。 根据披露，该公司今年一季度算力业务实现营收7.16亿元，去年同期为7.6亿元，整体下滑5.8%，在营 收中的占比45%。在算力业务占比不变的情况下，该公司今年一季度销售毛利率为9.3%，较去年同期的 ...

证券代码：300657 证券简称：弘信电子 公告编号：2025-38 经与会监事审议并表决，审议通过了如下议案： 1、会议以赞成 3 票，反对 0 票，弃权 0 票，审议通过《关于公司 2025 年第 一季度报告的议案》。 经审核，监事会认为：公司董事会编制和审核公司 2025 年第一季度报告的 程序符合法律、法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 上述事项具体内容请见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的 有关公告。 二、备查文件 厦门弘信电子科技集团股份有限公司 第四届监事会第二十九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）第四届监事会第二 十九次会议于 2025 年 4 月 15 日 11:00 在公司会议室以通讯表决的形式召开，公 司已于 2025 年 4 月 10 日以电子邮件的方式向各位监事发送了会议通知和相关 会议议案。本次监事会应出席监事 3 人，实际出席人数 3 人 ...

证券代码：300657 证券简称：弘信电子 公告编号：2025-36 厦门弘信电子科技集团股份有限公司 第四届董事会第四十次会议决议公告 二、备查文件 1、公司第四届董事会第四十次会议决议； 2、公司 2025 年第一季度报告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）第四届董事会第四 十次会议通知以电话、电子邮件等相结合的方式于 2025 年 4 月 10 日发出。会议 于 2025 年 4 月 15 日上午 10：00 以通讯表决方式召开。本次会议应到董事 9 人， 出席本次会议董事 9 人，公司高级管理人员、监事列席了本次会议。 本次会议由公司董事长李强先生召集并主持，会议的召开符合《中华人民共 和国公司法》和《公司章程》的有关规定，合法、有效。 一、董事会会议审议情况 经过与会董事的认真审议，本次会议以书面记名投票的表决方式，表决通过 如下决议： 1、会议以赞成 9 票，反对 0 票，弃权 0 票，审议通过《关于公司 2025 年第 一季度报告的议案》。 董事会经核查认为：公司 2025 年第 ...

厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 证券代码：300657 证券简称：弘信电子 公告编号：2025-37 厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3、第一季度报告是否经过审计 □是 否 1 厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减（%） | | 营业收入（元） | 1,587,055,577.68 | 1,669,987,666.48 | - ...

弘信电子（300657）公告，2025年第一季度营收为15.87亿元，同比下降4.97%；净利润为680.07万元， 同比下降75.80%。 ...

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]