编号：2025-5-21 | 投资者关系活 |  特定对象调研 分析师会议 | | --- | --- | | 动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称 | 天风证券：王悦宜 | | 及人员姓名 | | | 时间 | 年 月 日 2025 5 21 10:00-11:30 | | 地点 | 公司会议室 | | 上市公司接待 | 证券事务部经理周逸铖、证券事务代表张燕 | | 人员姓名 | | | | 一、投资者互动交流： | | | 1、请谈谈公司 2025 年的经营计划？ | | | 年公司将做好如下工作： 根据公司发展战略，2025 | | | （1）坚持"EPC 总承包+1 号工程"，引领公司高质量发展 | | | 号工程" 2025 年，公司将坚定不移地实施"EPC 总承包+1 | | | 双引擎战略，坚持"高、精、尖、难"的市场定位。公司将充分 | | 交流内容及具 | 发挥品牌、业绩、资质、平台等优势，向新型装配式 总承包 EPC | | 体回答记录 | 转型升级。公司将立足于长三角、珠三角等市 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion and market share growth [1][2]. - The acceleration of capacity release in Vietnam is anticipated to enhance the company's global footprint and customer base, particularly in the European and Southeast Asian markets. The company is also advancing its "smart manufacturing" strategy, which is expected to further boost profitability [2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The management expense ratio decreased by 1.6 percentage points to 11.4%, contributing to enhanced profitability [3]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 980 million RMB, representing a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% increase year-on-year. The company is positioned as an industry leader with significant advantages in one-stop design services and rapid response supply chains [1]. Capacity Expansion and Global Strategy - The Vietnam industrial park began production at the end of March 2024, with steady capacity ramp-up expected. The second phase of the project is projected to be completed by 2026, which will facilitate market expansion into Europe and Southeast Asia [2]. Profitability and Efficiency - The company's gross margin rose to 38.8%, and the net profit margin increased to 10.3%. The improvement in operational efficiency is evidenced by a reduction in inventory turnover days by 11 days to 111 days and accounts receivable turnover days by 2 days to 46 days [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, with a target price of 15.84 RMB [4].

移动通信业务方面，2024年，公司持续推进业务拓展和降本增效工作，基站产品经营中心完成全新平台 研发和多个新产品国产化研发；山东闻远通过硬件方案调整、系统优化、商务谈判等多种手段达成围栏 产品全系列BOM成本降低超20%；推进重要客户FWA项目攻关落地，FWA产品完成Redcap新技术新方 案项目开发，业务增幅显著。 其他主营业务方面，公司自2022年开始正式布局汽车电子业务，设立苏州市共进汽车技术有限公司。截 至目前，公司汽车电子业务覆盖DVR/DMS、激光雷达、CCU充电桩、功放等PCBA代工制造，2024年 公司突破毫米波雷达、转向器重点客户，激光雷达、汽车功放类产品、底盘安全件取得重大突破。 此外，公司海外工厂积极探索开拓EMS业务，2024年引进投影灯、显示屏、扫地机器人等多元品类试 产项目，为全球经营的长远发展开辟新通道。 回望2024年，共进股份在各核心业务领域不断突破，展现出强大的发展韧性。未来随着公司持续强化成 本费用管控，坚定践行数智制造理念，有条不紊地推动长远发展目标逐步落地，将确保公司在复杂的市 场环境中稳健前行。(文穗) 4月28日晚，共进股份（603118）发布2024年年报及20 ...