证券代码：300870 证券简称：欧陆通 公告编号：2025-031 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 13 日（星期二）15:00。 （2）网络投票时间：2025 年 5 月 13 日。 其中：通过深圳证券交易所（以下简称"深交所"）交易系统投票的时间为 2025 年 5 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深交所互联网投 票系统（http://wltp.cninfo.com.cn）投票的时间为 2025 年 5 月 13 日 9:15- 15:00。 2、会议召开地点：深圳市宝安区航城大道175号南航明珠花园1栋19号欧陆 通。 3、会议的召开方式：本次股东大会采用现场表决和网络投票相结合的方式 召开。 4、会议召集人：深圳欧陆通电子股份 ...

调研纪要：弘景光电2025年一季度各类业务中，全景/运动相机业务和新业务增速较高，但毛利率因摄 像模组新品芯片成本高且良率未达预期而下降。智能汽车业务主要客户包括德赛西威、保隆科技等，终 端车企有奇瑞、吉利、小鹏等。全景相机摄像模组具超高清、超广角、大光圈特性，公司掌握核心技术 和制程工艺。与影石创新保持稳定合作，2022年签署战略合作协议，未来合作将继续深化。智能家居业 务主要销往东南亚厂商，美国关税政策影响有限，预计2028年全球市场规模达2316亿美元。AI眼镜镜 头轻薄化、微型化、广角，部分研发项目进入产品验证阶段。产品应用于机器视觉领域，部分项目进入 小批量阶段。公司未来将践行"3+N"产品战略，拓展人工智能硬件、机器视觉等领域。 机构简介： 上海趣时资产管理有限公司成立于2015年9月，实缴注册资本为1000万元。2016年4月完成中国证券投资 基金业协会备案，获得私募证券投资基金管理人资质，基金管理人登记证书编号为：P1031253。公司 经营范围为资产管理，专注于证券投资基金。公司90%以上的员工拥有国内外知名院校硕士以上学历。 核心团队均源于上投摩根基金，平均拥有十年左右资产管理行业从业经验 ...

证券代码：300870 证券简称：欧陆通 公告编号：2025-030 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 关于对外担保的进展公告 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。 一、担保情况概述 深圳欧陆通电子股份有限公司（以下简称"公司"或"欧陆通"）于 2024 年 10 月 28 日召开第三届董事会 2024 年第七次会议，于 2024 年 11 月 18 日召开 2024 年第二次临时股东大会，审议通过了《关于为子公司提供担保额度预计的 议案》，同意公司 2025 年度向下属子公司提供的担保总额不超过 13 亿元人民币 （含等值外币），其中向公司控股子公司杭州云电科技能源有限公司（以下简称 "杭州云电"）提供预计不超过 2 亿元人民币的担保额度，有效期至 2025 年 11 月 17 日止。具体内容详见公司发布于巨潮资讯网（http://www.cninfo.com.cn） 的相关公告。 6、保证期间： 主合同项下每一笔具体融资业务的保证期限单独计算，为自具体融资合同约 定的债务人履行期限届满之日(如因法律规定或约定 ...

证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 投资者关系活动记录表 编号：（2025-03） | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | | □新闻发布会 路演活动 | | 类别 | | | | □现场参观 | | |  其他 （线上会议或券商策略会） | | 参与单位名称 | 国泰海通证券、华夏基金、西部证券、国泰基金、西部证 券、华商基金、太平资产、施罗德基金、圆信永丰基金、西 部利得基金、Invesco、德邦基金、中欧基金、东吴证券、 趣时资产、筌笠资产、财通证券、博时基金、慧实基金、申 | | | 万资管、浙商资管、巨子私募、恒越基金、中信证券、嘉实 | | | 基金、鹏华基金、中信保诚资产、华宝基金、野村证券、申 | | | 万宏源证券、顶石资产等 | | 时间 | 2025 年 5 月 6 日-5 月 9 日 | | 地点 | 深圳、上海 | | 上市公司接待人 | 副总经理、董事会秘书 蔡丽琳 | | 员姓名 | 投资者关系经理 许业凯、杨帅 ...

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 888 million yuan, a year-on-year growth of 27.65%, and a net profit of 50 million yuan, up 59.06% [1] - The company aims to achieve 100% localization of power components, which is expected to provide new growth opportunities [1][2] - The company has established itself as a major domestic data center power supply manufacturer, with a strong product lineup and global capacity expansion [2] Financial Performance - For Q1 2025, the company achieved a gross margin of 19.11%, a decrease of 0.77 percentage points year-on-year, while the net profit margin increased by 1.13 percentage points to 5.57% [1] - The company’s operating expenses ratio was 13.69%, an increase of 1.24 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 2.62%, 4.28%, -0.01%, and 6.81% respectively [1] Product and Market Position - The company has launched several core products, including high-power server power supplies, which have received high recognition from leading server manufacturers and end customers [2] - The company has established production bases in both domestic and international locations, including Shenzhen, Dongguan, and Vietnam, to meet diverse market demands [2] Future Outlook - The company forecasts net profits of 331 million yuan, 458 million yuan, and 549 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 24, and 20 times [3] - The growth of the AI industry is expected to enhance the market conditions for power products, supporting the company's data center power business expansion [3]

Group 1 - The company reported Q1 2025 revenue of 889 million yuan, a year-on-year increase of 27.65% [1] - The net profit attributable to shareholders reached 50 million yuan, up 59.06% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 46 million yuan, reflecting a 53.96% year-on-year growth [1] - The net cash flow from operating activities was 220 million yuan, showing a significant increase of 2,629.51% year-on-year [1] Group 2 - Total expenses for Q1 2025 amounted to 122 million yuan, an increase of 35 million yuan year-on-year, with an expense ratio of 13.69%, up 1.24 percentage points [2] - Research and development expenses were 60.47 million yuan, a year-on-year increase of 32.97%, with a research and development expense ratio of 6.81%, up 0.27 percentage points [2] - The company maintained strong cash flow, with cash received from sales of goods and services reaching 961 million yuan, a 62.76% increase year-on-year, and a cash collection ratio of 108.20% of revenue, up 23.34 percentage points [2] Group 3 - The company is positioned as a leader in the domestic power supply market, benefiting from the growth in high-power server power supply and the recovery of the consumer electronics market [3] - Projected revenues for 2025-2027 are 4.644 billion yuan, 5.454 billion yuan, and 6.313 billion yuan, with net profits of 324 million yuan, 450 million yuan, and 520 million yuan respectively [3] - Corresponding price-to-earnings ratios are expected to be 33.72, 24.25, and 20.98 times for the years 2025, 2026, and 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a record high revenue of 3.798 billion yuan in 2024, representing a year-on-year growth of 32.32%, and a net profit of 268 million yuan, up 36.92% [1][4]. - In Q1 2025, the company reported revenue of 888 million yuan, a year-on-year increase of 27.65%, with a net profit of 50 million yuan, growing by 59.06% [1]. - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan in 2024, up 79.95%, driven by high-power server power products [3][4]. Summary by Sections Financial Performance - The company reported a historical high in revenue for 2024, with Q4 revenue reaching 1.134 billion yuan, a year-on-year increase of 40.97% [2]. - The overall gross margin for 2024 was 21.36%, an increase of 1.64 percentage points from the previous year [2]. Business Segments - The high-power server power business contributed significantly to revenue, with 780 million yuan in revenue, a staggering growth of 536.88% year-on-year, accounting for 53.48% of the data center power business [3]. - The company has established strong relationships with major domestic server manufacturers and is benefiting from the trend of domestic AI server power [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised upwards to 340 million yuan and 457 million yuan, respectively, reflecting a growth of 16% and 17% [4]. - The report projects a net profit of 578 million yuan for 2027 [4]. Key Financial Metrics - The company’s revenue is expected to grow from 2.870 billion yuan in 2023 to 4.609 billion yuan in 2025, with a compound annual growth rate of 21.38% [5]. - The projected earnings per share (EPS) for 2025 is 3.19 yuan, with a price-to-earnings (P/E) ratio of 32 [5][14].

Core Insights - The company achieved a record revenue of 3.798 billion yuan in 2024, representing a year-on-year growth of 32.32% [1] - The net profit attributable to shareholders reached 268 million yuan, up 36.92% year-on-year, while the net profit after deducting non-recurring gains and losses surged by 272.97% to 256 million yuan [1] - The company plans to distribute a cash dividend of 5.93 yuan per 10 shares, totaling 62.12 million yuan, with an additional 30.56 million yuan already distributed in the first half of 2024 [1] Revenue Breakdown - The power adapter business generated 1.673 billion yuan in revenue, a growth of 4.96% year-on-year, showcasing the business's stability despite weak downstream demand [2] - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan, a substantial increase of 79.95%, and a gross margin of 25.04%, up 5.49 percentage points [2] - High-power data center power revenue skyrocketed by 536.88% to 780 million yuan, accounting for 53.48% of the data center power business revenue [2] - Other power business revenue was 649 million yuan, increasing by 48.71% year-on-year, with a gross margin of 20.30%, up 2.30 percentage points [2] Future Outlook - In Q1 2025, the company maintained a strong growth trajectory, achieving revenue of 888 million yuan, a year-on-year increase of 27.65%, and a net profit of 49.57 million yuan, up 59.06% [3] - The company continues to focus on optimizing its product structure and expanding into new markets, particularly in the consumer electronics sector driven by AI innovations [2]

Financial Performance - In 2024, the company achieved a revenue of CNY 3.798 billion, a year-on-year increase of 32.32%, marking a historical high in revenue [3] - The gross profit margin for 2024 was 21.36%, an increase of 1.64 percentage points year-on-year [3] - The net profit attributable to shareholders for 2024 was CNY 268 million, a year-on-year growth of 36.92%, with a net profit margin of 7.06% [4] - In Q1 2025, the company reported a revenue of CNY 888 million, a year-on-year increase of 27.65%, and a net profit of CNY 49.57 million, up 59.06% [4] Business Segments - The power adapter business generated CNY 1.673 billion in revenue in 2024, a growth of 4.96% [6] - The data center power business saw a revenue of CNY 1.459 billion, a significant increase of 79.95%, contributing to 53.48% of the data center power revenue [6] - Other power business revenue reached CNY 649 million, a year-on-year increase of 48.71% [7] Market Expansion - The company is actively expanding its overseas business, establishing teams in Taiwan and the USA to target various overseas clients [8] - The company has set up production bases in Vietnam and Mexico to support global market expansion [11] Product Development - The data center power products include various power ranges and solutions, with a focus on high-power server power supplies [10] - The company plans to enhance its product offerings in the power adapter segment by exploring new application scenarios [13] Future Goals - The company aims for a revenue growth rate of 28%, 52%, and 72% for 2025, 2026, and 2027 respectively, with target values of 35%, 65%, and 90% [17] - The net profit growth rate targets are set at 48%, 104%, and 200% for the same years, with corresponding target values of 60%, 130%, and 250% [17] R&D Investment - In 2024, the company's R&D expenses were CNY 213 million, a decrease of 7.64%, with an R&D expense ratio of 5.60% [15] Impact of Tariff Policies - The direct revenue from sales to the USA is relatively small, thus the impact of tariff policies is limited [14]

Financial Performance - The company's revenue for Q1 2025 reached ¥888,256,987.39, representing a 27.65% increase compared to ¥695,862,387.52 in the same period last year[5] - Net profit attributable to shareholders was ¥49,570,718.71, up 59.06% from ¥31,164,265.74 year-on-year[5] - The net cash flow from operating activities surged to ¥219,597,030.86, a remarkable increase of 2629.51% compared to ¥8,045,282.39 in the previous year[5] - Basic earnings per share increased by 51.61% to ¥0.47 from ¥0.31 in the same period last year[5] - Total operating revenue increased to ¥888,256,987.39, up from ¥695,862,387.52, representing a growth of approximately 27.7% year-over-year[22] - Net profit for the period reached ¥49,506,790.96, a significant increase from ¥30,938,967.61, marking a growth of approximately 60.1% year-over-year[23] - The total comprehensive income for the period was CNY 48,043,914.00, compared to CNY 26,651,476.85 in the previous period, representing an increase of approximately 80.5%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,362,188,536.89, a slight increase of 0.75% from ¥5,322,208,927.88 at the end of the previous year[5] - Total liabilities decreased to ¥2,932,330,339.08 from ¥3,152,026,948.16, reflecting a reduction of about 7%[20] - Owner's equity increased to ¥2,429,858,197.81 from ¥2,170,181,979.72, representing a growth of approximately 11.9%[20] - The company reported a significant decrease in short-term borrowings, which fell to ¥160,456,356.66 from ¥236,768,406.69, a reduction of about 32.2%[20] Cash Flow - The company reported cash and cash equivalents of approximately ¥1.32 billion at the end of the period, an increase from ¥1.03 billion at the beginning[18] - Cash inflow from operating activities totaled CNY 1,090,698,664.06, up from CNY 703,288,950.47, indicating a growth of 55%[26] - Cash outflow for operating activities was CNY 871,101,633.20, compared to CNY 695,243,668.08, marking an increase of 25.3%[27] - Net cash flow from investing activities was CNY 97,304,317.17, a recovery from a negative CNY 83,732,929.81 in the previous period[27] - The ending balance of cash and cash equivalents was CNY 1,147,004,813.61, up from CNY 397,015,552.12, showing a substantial increase of 189.4%[27] Research and Development - The company's R&D expenses rose by 32.97% to ¥60,466,105.52, reflecting increased investment in new technologies[10] - Research and development expenses amounted to ¥60,466,105.52, up from ¥45,474,939.35, indicating a year-over-year increase of around 33%[23] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,503[13] - The largest shareholder, Nanjing Wangyue Kewang Venture Capital Partnership, holds 27.47% of shares, totaling 29,234,023 shares[13] - Shenzhen Genoli Information Consulting Co., Ltd. also holds 27.47% of shares, with 29,234,023 shares, of which 15,760,000 shares are pledged[13] - The company’s major shareholders include various investment funds, with the top ten shareholders holding significant stakes[14] Equity Structure - The company is undergoing a change in the equity structure of its controlling shareholder, which has been completed and registered[16] - The company has issued convertible bonds, with 2,321,056 bonds converted into 5,206,759 shares in Q1 2025[16] - As of the end of Q1 2025, there are 4,124,209 convertible bonds remaining, with a total face value of approximately ¥412.42 million[16] Inventory and Financial Assets - The company reported a significant increase in inventory, which rose by 38.14% to ¥641,869,834.14, attributed to higher sales volume[10] - The company’s financial assets decreased by 51.32% to ¥170,566,273.97, primarily due to changes in investment strategies[10] - Accounts receivable decreased to approximately ¥1.19 billion from ¥1.39 billion[18] Government Support - The company received government subsidies amounting to ¥2,734,671.07, contributing positively to its financial performance[7] Return on Equity - The company’s weighted average return on equity improved to 2.20%, up from 1.66% in the previous year[5]