【招商电子】东山精密：25Q1利润高增符合预期，关注公司业务盈利改善潜力

Core Viewpoint - The company reported a significant decline in net profit for 2024, primarily due to losses in non-PCB business and substantial asset impairment provisions, despite a steady revenue growth of 9.27% year-on-year to 36.77 billion [1] Financial Performance Summary - 2024 total revenue reached 36.77 billion, up 9.27% year-on-year, while net profit attributable to shareholders fell by 44.74% to 1.086 billion, with a gross margin of 14.02% [1] - Q1 2025 revenue was 8.602 billion, an increase of 11.07% year-on-year but a decrease of 16.52% quarter-on-quarter, with net profit attributable to shareholders rising by 57.55% year-on-year to 456 million [1] - Q4 2024 saw a revenue of 10.3 billion, down 7.59% year-on-year, with a net profit of 18 million, a staggering decline of 97.11% year-on-year [1] Business Structure Analysis - PCB products generated revenue of 24.8 billion, accounting for 67.5% of total revenue, with a gross margin of 18.34% [2] - LED business revenue dropped to 770 million, down 35.5% year-on-year, with a negative gross margin of 40.94% [2] - Touch display module revenue increased by 31.0% to 6.37 billion, with a gross margin of 3.32% [2] - Overall revenue from new energy business reached 8.65 billion, up 36.98% year-on-year, contributing 23.52% to total revenue [2] Q1 Performance Insights - Q1 2025 showed growth in both revenue and net profit, driven by government subsidies and strong performance in the new energy sector, with revenue from this segment increasing by approximately 43.79% to 2.63 billion [3] - The precision components business began to achieve profitability due to improved utilization rates, while the LED business showed signs of recovery [3] Future Outlook - The company is expected to benefit from the upcoming innovations in AI products from major clients, which may drive demand and improve ASP for soft boards [4] - The new energy sector is anticipated to grow with the introduction of new models and products, while non-core LED and touch display businesses are expected to show marginal improvements due to better internal management [4]