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 report maintains a "Buy" rating for the company [2][7]. Core Insights - The demand for AI applications is increasing, and there is a strong need for self-controlled solutions, leading to a high level of domestic computing power demand. High-speed connectors are expected to penetrate AI computing clusters, benefiting the company's high-speed line module products. The projected net profits for the company from 2025 to 2027 are estimated to be 278 million, 371 million, and 486 million yuan respectively [2][4][9]. Financial Performance - In 2024, the company achieved an operating revenue of 1.092 billion yuan, a year-on-year increase of 20.83%. However, the net profit attributable to the parent company was -18 million yuan, a decline of 124.53% year-on-year. In Q1 2025, the company reported an operating revenue of 406 million yuan, a year-on-year increase of 79.82%, with a net profit of 32 million yuan, a year-on-year increase of 207.17% [4][9]. Strategic Developments - The company is focusing on a "high-speed + system" core strategy, expanding its industrial layout across multiple fields. It has made significant breakthroughs in the server product area and is collaborating with major communication clients on high-speed products [9]. - The company is advancing its capacity construction and optimization to ensure efficient production and meet market demand. The third phase of its connector industrial park is nearing acceptance, with a total investment of 270 million yuan [9]. Future Outlook - The report highlights the strong growth potential in the AI computing sector and the expected benefits for the company's high-speed connector products. The company is well-positioned to capitalize on the increasing demand for high-performance communication solutions [2][9].

Core Viewpoint - The company reported a significant increase in revenue for 2024, but faced a substantial decline in net profit due to strategic investments and market conditions [1][2]. Financial Performance - In 2024, the company achieved a total revenue of 1.092 billion yuan, representing a year-on-year growth of 20.83% [1][2]. - The net profit attributable to the parent company was -18 million yuan, a decrease of 124.53% year-on-year [1][2]. - For Q1 2025, the company reported revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 32 million yuan, up 207.17% year-on-year [1]. Revenue Drivers - The revenue growth in 2024 was primarily driven by advancements in the server product sector and successful customer expansion [2]. - The company increased its investment in research and development, leading to higher expenses that impacted short-term profit [2]. - The defense sector saw a decline in revenue from system interconnection products, down 34.73% year-on-year, while the communications sector experienced a significant increase, with component product revenue rising by 129.59% [2]. Market Position and Opportunities - The company is positioned as a core supplier in the domestic computing power chain, benefiting from high demand for computing power [3]. - The company has a strong partnership with Huawei, which accounts for over 35% of its business, and holds a market share of 20%-30% in high-speed backplane products for Huawei [3]. - In 2024, the company invested 147 million yuan in building high-speed module production lines, with ongoing capacity expansion [3]. Industry Trends - The demand for intelligent and integrated defense products is increasing, with the company being a key supplier to major defense enterprises [5]. - The government has emphasized accelerating the development of national defense information technology, which aligns with the company's ongoing projects in defense applications [5]. Future Projections - Revenue projections for 2025-2027 are estimated at 2.48 billion yuan, 3.13 billion yuan, and 3.95 billion yuan, respectively, with net profits expected to be 259 million yuan, 327 million yuan, and 409 million yuan [6]. - The company is anticipated to experience high growth potential in both defense and computing power-related products [6].

Core Insights - The company reported steady growth in operating performance, with a slight decline in profitability in Q1 2025, achieving revenue of 448 million yuan, a year-on-year increase of 24.51%, and a net profit attributable to shareholders of 54 million yuan, up 12.49% year-on-year [1] Group 1: Business Performance - In Q1 2025, the company's gross profit margin was 24.45%, a decrease of 2.04 percentage points year-on-year, while the net profit margin was 12.91%, down 1.31 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [1] Group 2: Industry Position and Strategy - The company's home appliance connector business accounted for 96.64% of revenue in 2024, focusing on major clients such as Midea, Haier, Gree, and Xiaomi, benefiting from a 19.5% year-on-year increase in China's home air conditioner production [2] - The company is actively seizing opportunities for domestic substitution in high-end connectors, with a 33.23% year-on-year increase in connector sales in 2024, and has filed 19 new patents in Q1 2025 to enhance product quality and manufacturing capabilities [2] Group 3: Expansion and New Ventures - The acquisition of a 20% stake in Deweijia in February 2024 positions the company to accelerate its automotive high-frequency and high-speed connector business, driven by increasing demand for advanced in-car entertainment and smart driving systems [2] - A new subsidiary, Foshan Zhucheng Intelligent Technology Co., has been established to develop connectors for industrial robots, with initial supply agreements in place with companies like UBTECH and KUKA [3] - The company plans to focus on humanoid robots, smart vehicles, and industrial AI, aiming to cultivate new business areas through mergers and acquisitions over the next 3-5 years, driving growth alongside its core home appliance connector business [3] Group 4: Financial Projections - The company is expected to achieve revenues of 2.041 billion yuan, 2.726 billion yuan, and 3.259 billion yuan from 2025 to 2027, with net profits attributable to shareholders projected at 231 million yuan, 282 million yuan, and 352 million yuan respectively, indicating a robust growth outlook [4]

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]

Group 1: Company Performance and Financials - The main reasons for the company's revenue growth in 2024 include a recovery in the macroeconomic environment and the consumer electronics industry, leading to increased production and sales in the connector industry [2] - The subsidiary Huizhou Chuangyitong Electronics Technology Co., Ltd. achieved a revenue of 285.25 million yuan in 2024, a significant increase of 117.32% year-on-year [2][5] - The company's overall gross profit margin for 2024 was 22.82%, a decrease of 4.33 percentage points compared to the previous year, primarily due to a change in the sales structure [5] Group 2: Profit Distribution and Shareholder Information - The profit distribution plan for 2024 proposes a cash dividend of 0.30 yuan per 10 shares, totaling 4.32 million yuan, subject to approval at the annual shareholders' meeting [3] - As of April 18, 2025, the total number of shareholders is 15,755 [5] Group 3: Research and Development - In 2024, the company invested approximately 40.58 million yuan in R&D, accounting for 5.89% of its revenue, focusing on sectors such as new energy, medical, consumer electronics, and data storage [5] Group 4: Business Strategy and Market Position - The company aims to maintain its core business in high-speed precision connectors while diversifying its application areas and enhancing quality control and talent management [6] - The company has established long-term partnerships with well-known clients such as Shengdie Semiconductor, Molex, Xiaomi, and Anker Innovation [4] Group 5: Impact of External Factors - Over 85% of the company's sales are domestic, minimizing the impact of increased tariffs on its operations [3] - The company has set up a wholly-owned subsidiary in Malaysia as part of its overseas production base strategy, expected to begin production in the second half of 2025 [6]

Group 1 - The company, Ruikeda (688800), plans to issue convertible bonds to raise no more than 1 billion yuan [1] - The funds will be used for the renovation and upgrade of high-frequency and high-speed connection systems [1] - Additionally, the funds will support the renovation and upgrade of smart energy connection systems and supplement working capital [1]

Core Insights - The company achieved steady growth in 2024, focusing on its core businesses of connectors and photovoltaic brackets, resulting in revenue and net profit increases [1] - Annual revenue reached 6.097 billion yuan, a year-on-year increase of 20.51%, while net profit was 124 million yuan, a slight increase of 1.63% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 19.4 million yuan, with a dividend rate of approximately 15.63% [1] Business Segments - The photovoltaic bracket business generated revenue of 3.453 billion yuan, a year-on-year increase of 10.07%, accounting for 56.64% of total revenue [2] - The connector business saw significant growth, with revenue of 2.464 billion yuan, a year-on-year increase of 38.10%, driven by demand from 5G and data centers [2] - Overseas revenue accounted for 52.13% of total revenue, reflecting a year-on-year increase of 5.18 percentage points, indicating the effectiveness of the company's globalization strategy [2] Research and Development - The company invested 198 million yuan in R&D, representing 3.25% of total revenue, with 707 R&D personnel, making up 10% of the total workforce [2] - Ongoing development of high-tech products, such as the NGSFP-DD400G high-speed IO port connector and 2.4 series fixed brackets, enhances the product line and market competitiveness [2] Competitive Position - The company is one of the few in China with complete capabilities in precision die-casting, thermal components, and electroplating for connector production, which is a core competitive advantage [3] - The company has successfully developed 5GSFP and SFP+ series products, achieving industry-leading levels in technology R&D and lean production [3] - The company has received multiple patents, including 77 invention patents, showcasing its commitment to innovation and maintaining a leading position in the industry [3] Long-term Strategy - A restricted stock incentive plan was launched to attract and retain core talent, granting 6.8097 million shares at a price of 18.52 yuan per share [4] - The company’s subsidiary, Leqing Yihua New Energy Technology Co., focuses on manufacturing and selling core components for photovoltaic tracking brackets, establishing a strong position in the international market [4] - Future plans include deepening the connector business, expanding market share, and enhancing the brand image while increasing R&D efforts for high-tech products [5]

Core Insights - The company reported a revenue of 2.02 billion yuan for 2024, marking a year-on-year growth of 33.04%, and a net profit attributable to shareholders of 126 million yuan, up 24.47% year-on-year [1] Group 1: Business Performance - The company has established three main business segments: rail transit, industrial and vehicle energy information, and special equipment [2] - The vehicle and energy information segment achieved a revenue of 1.17 billion yuan in 2024, representing a year-on-year increase of 52.24%, and accounted for 57.90% of total revenue, becoming the new growth core [2] - The company's revenue from the new energy business reached 1.12 billion yuan [2] Group 2: Global Expansion Strategy - The company is actively pursuing a globalization strategy to expand its new energy business internationally, having established a subsidiary in Singapore and a production base in Thailand [2] - The establishment of a new international trade company aims to create a localized operational network for core products like liquid-cooled charging guns and high-voltage connectors [2] Group 3: Innovation and R&D - The company increased its R&D investment to 165 million yuan, which is 8.18% of its revenue, focusing on key areas such as new energy vehicles and charging infrastructure [3] - The company obtained 101 patent authorizations during the reporting period, bringing the total to 726, including 128 invention patents [3] Group 4: Capital and Future Outlook - The company initiated a convertible bond issuance in 2024, raising a total of 980 million yuan to support technological upgrades and global capacity expansion [4] - The capital raised is expected to enhance the company's capabilities in high-voltage fast charging, smart manufacturing, and international supply [4] - The company aims to focus on the new energy sector, deepen overseas market expansion, and strengthen its talent system while ensuring high-quality and sustainable development [4]

Core Viewpoint - The article emphasizes the importance of companies with high return on equity (ROE) in the A-share market, especially in the context of increasing external risks and market volatility. It highlights that companies maintaining a high ROE are likely to attract investment due to their stability and profitability [1][2]. Group 1: High ROE Companies - Seven A-share companies have maintained a net asset return rate (ROE) of over 15% for the past ten years, with foreign income accounting for less than 10% of their revenue [2][4]. - These companies are recognized for their strong market positions and competitive advantages, including excellent management, patented technologies, and industry leadership [2][4]. Group 2: Company Performance and Market Position - Guizhou Moutai and Haitian Flavoring are the leading companies in their respective industries, with market capitalizations exceeding 200 billion yuan [5]. - Tonghuashun, Shuanghui Development, and AVIC Optoelectronics also have significant market capitalizations, each exceeding 50 billion yuan, indicating their strong market presence [5]. - The net profit compound growth rates for companies like Enhua Pharmaceutical and Morning Glory have exceeded 10% over the past decade, showcasing their growth potential [5]. Group 3: Financial Performance - Tonghuashun reported a revenue of 4.187 billion yuan in 2024, a year-on-year increase of 17.47%, with a net profit of 1.823 billion yuan, up 30% [6]. - Guizhou Moutai is projected to achieve a revenue of 174.144 billion yuan in 2024, with a net profit of 86.228 billion yuan, reflecting a growth of 15.66% and 15.38% respectively [9]. Group 4: Institutional Investment - Guizhou Moutai has attracted significant institutional investment, with a net buy amounting to 1.317 billion yuan, indicating strong market confidence [9]. - Enhua Pharmaceutical also saw institutional net buying of 60.138 million yuan, reflecting positive market sentiment towards its growth strategy [10].