山西证券股份有限公司叶中正,冯瑞近期对维峰电子（301328）进行研究并发布了研究报告《不利因素 预期逐渐消散，2025Q1公司业绩迎来关键拐点》，给予维峰电子买入评级。 维峰电子 事件描述 公司发布2024年报及2025年一季报，2024年公司实现营业收入5.34亿元，同比增长9.77%；实现归母净 利润8546.64万元，同比下降34.44%；实现扣非归母净利润8438.37万元，同比下降19.60%；实现基本每 股收益0.78元，同比下降34.45%。2025Q1公司实现营业收入1.45亿元，同比增长44.61%；实现归母净利 润2544.74万元，同比增长39.99%；实现扣非归母净利润2519.57万元，同比增长40.17%；实现基本每股 收益0.23元，同比增长35.29%。事件点评 2024年公司营收小幅增长而净利润有所下降，伴随不利因素逐渐消散2025Q1公司营收及净利润迎来快 速增长。2024年公司实现营业收入稳步增长，分产品来看，工业控制连接器、汽车连接器、新能源连接 器分别实现收入2.58、1.39、1.31亿元，同比分别变动-3.51%、15.71%、39.67%，其中工业控制连接器 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][7]. Core Views - The report highlights that unfavorable factors are gradually dissipating, leading to a key inflection point in the company's performance in Q1 2025 [1][3]. - The company experienced a significant revenue growth of 44.61% year-on-year in Q1 2025, alongside a 39.99% increase in net profit [3][4]. - The report anticipates steady revenue growth for the company, projecting revenues of 6.53 billion, 7.97 billion, and 9.63 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.23 billion, 1.45 billion, and 1.78 billion yuan [7][9]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 534 million yuan, a year-on-year increase of 9.77%, but a net profit decline of 34.44% to 85 million yuan [3][9]. - For Q1 2025, the company reported an operating revenue of 145 million yuan, with a basic earnings per share (EPS) of 0.23 yuan, reflecting a 35.29% year-on-year increase [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements in both margins [4][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [5]. - The ongoing construction of the Kunshan Weikang high-end precision connector production project and the Thailand production base is expected to enhance production capacity and product line diversity [5]. Future Projections - The company is projected to achieve revenue growth rates of 22.2%, 22.0%, and 20.9% for the years 2025, 2026, and 2027, respectively [7][9]. - The expected EPS for the years 2025, 2026, and 2027 are 1.12 yuan, 1.32 yuan, and 1.62 yuan, with corresponding price-to-earnings (P/E) ratios of 35.4X, 30.1X, and 24.6X [7][9].

维峰电子（广东）股份有限公司 证券代码： 301328 证券简称：维峰电子 投资者关系活动记录表 编号：2025-003 | |  特定对象调研  分析师会议 | | | --- | --- | --- | | 投资者关系 | 业绩说明会  媒体采访  | | | 活动类别 |  新闻发布会  路演活动 | | | | 电话会议  现场参观  | | | |  其他 （请文字说明其他活动内容） | | | 参与单位名 称及人员姓 | 线上参与公司 2024 年年度网上业绩说明会的投资者 | | | 名 | | | | 会议时间 | 2025 年 5 月 6 日 15:00-17:00 | | | 会议地点 | "互动易"网站（http://irm.cninfo.com.cn）"云访谈"栏目 | | | 上市公司接 待人员姓名 | 董事长、总经理：李文化先生、独立董事：刘斌先生、董事会秘书： | | | | 刘雨田女士、财务总监：戴喜燕女士 | | | | 交流的主要问题与回复： | | | | 提问 1: 请问贵公司本期财务报告中，盈利表现如何？谢谢。 | | | | 答: 尊敬的投资者，您 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant revenue and profit growth in Q1 2025, particularly in the automotive and new energy connector sectors, leading to a maintained "Buy" rating [1] - The company focuses on high-end precision connectors, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively pursuing domestic substitution and customization trends in the connector market, expanding into emerging applications such as robotics and AI server power [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, while the net profit attributable to the parent company was 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, up 39.99% year-on-year [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Business Segments - The revenue structure for 2024 shows that industrial control, automotive, and new energy connectors account for 48.2%, 26.1%, and 24.4% respectively, indicating a diversified business model [2] - The automotive and new energy sectors are experiencing high growth rates, contributing to the company's positive long-term outlook [1][2] Market Trends - The connector market is seeing a shift towards domestic alternatives and customization, driven by increasing demand for personalized solutions in various applications [3] - The company is well-positioned to capitalize on these trends by offering intelligent and efficient connector solutions [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant revenue and profit growth in Q1 2025, driven by rapid growth in automotive and new energy connectors, maintaining a "Buy" rating [1] - The company focuses on high-end precision connector markets, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively expanding into emerging application scenarios such as robotics and AI server power, aligning with the trend of domestic substitution and customization in the connector market [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, and a net profit of 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, a year-on-year increase of 39.99% [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Revenue Structure - In 2024, the revenue structure consisted of 48.2% from industrial control connectors, 26.1% from automotive connectors, and 24.4% from new energy connectors, indicating a diversified business model [2] Market Trends - The company is responding to the increasing demand for customized and intelligent connector solutions, particularly in the context of domestic substitution trends in the connector market [3]

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.5 billion yuan, a year-on-year increase of 9.77% [3] - The net profit attributable to shareholders in 2024 was 85.47 million yuan [3] - In Q1 2025, the operating revenue reached 440 million yuan, a year-on-year growth of 44.61% [3] - The net profit attributable to shareholders in Q1 2025 was 25.45 million yuan, reflecting a year-on-year increase of 39.99% [3] Group 2: Reasons for Profit Fluctuations - The decline in net profit in 2024 was attributed to three main factors: 1. A significant non-operating income from land sales in 2023 [3] 2. Increased cash consumption due to ongoing project construction and reduced interest income from bank deposits [3] 3. Depreciation and amortization impacts from new projects launched in June 2024 [3] Group 3: Cost and Expense Analysis - The increase in management expenses in 2024 was due to: 1. Additional depreciation from new projects [4] 2. Salary system reforms leading to higher payroll costs [4] 3. Increased consulting fees [4] - Sales expenses rose primarily due to participation in overseas exhibitions [4] Group 4: Market and Competitive Position - The company’s direct exports to the U.S. account for less than 1%, minimizing the impact of tariff fluctuations [4] - Plans to accelerate the construction of a factory in Thailand to diversify overseas markets [4] - The industrial control business saw a reverse growth in gross margin due to a diverse customer base and emerging applications [4] - Competitive advantages in the high-frequency and high-speed connector market include: 1. Multiple invention patents providing cost competitiveness [4] 2. A broad customer base from nearly a decade of experience in the automotive sector [4] 3. Strong customization capabilities for small-batch production [4]

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing stable revenue growth but a significant decline in net profit due to industry cost fluctuations and non-recurring losses [1] Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 534 million yuan, a year-on-year increase of 9.77% [1] - The net profit attributable to shareholders was 85 million yuan, a year-on-year decline of 34.4% [1] - The revenue from industrial control connectors was 258 million yuan, a year-on-year decrease of 3.5% [1] - The revenue from automotive connectors was 139 million yuan, a year-on-year increase of 15.7% [1] - The revenue from new energy connectors was 131 million yuan, a year-on-year increase of 39.7% [1] Group 2: 2025 Q1 Results - In Q1 2025, the company achieved revenue of 145 million yuan, a year-on-year increase of 44.6% [2] - The net profit attributable to shareholders was 25 million yuan, a year-on-year increase of 39.99% [2] - The revenue and net profit growth rates of approximately 40% indicate a significant recovery trend in overall business [2] Group 3: Market and Industry Outlook - The company’s product structure focuses on three main downstream applications: industrial control, automotive, and new energy, with the industrial automation industry facing cyclical adjustments and increased competition [1] - The emerging field of robotics presents strong growth potential, leveraging the company's long-term technology and customer base in the industrial control sector [2] - The company is expected to benefit from the "embodied intelligence" trend, with products applicable to industrial, service, and humanoid robots [2] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been revised down to 128 million yuan, with new forecasts for 2026 and 2027 at 148 million yuan and 176 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 32/28/23 for 2025-2027, while comparable companies have an average PE of 39.6 [2] - The target market value for the company is set at 5.1 billion yuan, indicating over 20% upside potential from the current market value [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 534 million yuan for 2024, a year-on-year increase of 9.77%, while the net profit attributable to shareholders decreased by 34.4% to 85 million yuan. In Q1 2025, the company achieved a revenue of 145 million yuan, a year-on-year growth of 44.6%, and a net profit of 25 million yuan, up 39.99% [4][5] - The company's performance in Q1 2025 exceeded expectations, indicating a clear recovery trend in overall business, with revenue and net profit growth around 40%, marking the highest quarterly revenue growth in the past two years [6] - The company is expected to benefit from emerging fields such as robotics, leveraging its long-term technology and customer base in the industrial control sector, which is anticipated to enhance earnings elasticity and valuation levels [6] Financial Data and Earnings Forecast - For 2025, the company is projected to have a total revenue of 666 million yuan, with a year-on-year growth rate of 24.6%. The net profit is expected to be 128 million yuan, reflecting a growth rate of 49.5% [5][8] - The earnings per share (EPS) for 2025 is estimated at 1.16 yuan, with a projected price-to-earnings (PE) ratio of 32 [5] - The company’s net profit forecasts for 2025-2027 are 128 million yuan, 148 million yuan, and 176 million yuan respectively, with corresponding PE ratios of 32, 28, and 23 [6]

Core Insights - The company reported a total revenue of 534 million yuan for 2024, ranking 22nd among disclosed peers [1] - The net profit attributable to shareholders was 85.47 million yuan, a decrease of 44.89 million yuan compared to the same period last year, representing a year-on-year decline of 34.44% [1] - The net cash inflow from operating activities was 125 million yuan, ranking 14th among peers, with a decrease of 12.45 million yuan year-on-year, down 9.08% [1] Financial Metrics - The latest debt-to-asset ratio is 7.32%, an increase of 0.96 percentage points from the same period last year [3] - The latest gross profit margin stands at 41.06% [3] - The return on equity (ROE) is 4.48%, ranking 15th among peers, with a decrease of 2.47 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.78 yuan, down 0.41 yuan from the same period last year, reflecting a year-on-year decline of 34.45% [3] - The total asset turnover ratio is 0.26 times, ranking 26th among peers [3] - The inventory turnover ratio is 2.76 times, ranking 24th among peers [3] Shareholder Structure - The number of shareholders is 11,900, with the top ten shareholders holding 82.99 million shares, accounting for 75.52% of the total share capital [3] - The top shareholders include Li Wenhua (31.2%), Luo Shaochun (17.00%), and Kangnaite (Shenzhen) Industrial Investment Partnership (11.3%) [3] Research and Development - The total R&D investment is 64.36 million yuan, ranking 15th among disclosed peers, with a decrease of 7.98 million yuan year-on-year, down 11.03% [3] - The latest R&D investment ratio is 12.05%, a decrease of 2.81 percentage points from the same period last year [3]