Group 1 - The core viewpoint of the articles highlights the collaboration between Shandong Mobile Weihai Branch and Tianli Power Technology Co., Ltd. to implement AI large model technology for optimizing production scheduling and digital supply chain management, achieving over 80% accuracy in production scheduling and a 12-fold increase in efficiency [1][5][7] Group 2 - Tianli Power Technology Co., Ltd. faces management challenges due to a discrete production model, processing an average of 5,000 orders monthly and managing over 10,000 types of materials. The company has identified three major pain points: delayed order responses, passive equipment maintenance, and difficulties in quality traceability [3][5] - The project team has developed an "AI + APS + SCM" intelligent management system that integrates supply chain and production scheduling, reducing manual scheduling time from 6 hours to 30 minutes and decreasing defect rates by 20% [5][7] Group 3 - The introduction of a predictive maintenance mechanism enhances the robustness of production lines, allowing for proactive intervention before equipment failures occur, resulting in a 17% increase in equipment utilization and a 10% reduction in energy consumption per unit of output [7] - The Shandong Mobile Weihai Branch aims to continue enhancing digital transformation capabilities across various industries, contributing to the digitalization of the Weihai region and fostering high-quality development [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a record high revenue in Q2, driven by strong growth in AI and new business segments, indicating long-term potential [5] - The automotive electronics and data center sectors are significant growth drivers, with automotive-related revenue expected to reach 1.1 billion yuan in 2024, a 62.1% increase year-over-year [7] - The company is projected to achieve revenues of 7.17 billion yuan, 8.57 billion yuan, and 10.11 billion yuan from 2025 to 2027, with net profits of 1.05 billion yuan, 1.30 billion yuan, and 1.60 billion yuan respectively [7] Financial Data Summary - Total shares outstanding: 806.32 million [6] - Revenue forecast for 2024: 5.897 billion yuan, with a year-over-year growth of 17% [8] - Net profit forecast for 2024: 832 million yuan, with a year-over-year growth of 29.9% [8] - Gross margin for 2024 is expected to be 36.5% [8] - The company’s total market capitalization is approximately 22.31 billion yuan [6] - The company’s earnings per share (EPS) for 2024 is projected to be 1.05 yuan [8]

覆铜板&PCB 毛利率环比改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 电子元件 | 生益科技公布 1Q25 财报：实现营收 56 亿元，同增 27%（主因国补推动消 费需求回暖以及 AI 创新驱动高速材料需求增加）；毛利率 24.6%，同增 3.3pp，环增 2.5pp；归母净利 5.6 亿元，同增 44%。展望 2025 年，我们 预期公司高速覆铜板将加速放量，并有望拓展更多 AI 客户；PCB 业务也有 望加速业绩兑现。给予目标价 33.50 元，维持"买入"。 1Q25 回顾：覆铜板&PCB 毛利率环比改善 证券研究报告 生益科技 (600183 CH) 公司 1Q25 实现归母净利润 5.6 亿元（yoy：+44%，qoq：+54%）。我们判 断盈利环比改善主要受益于毛利率的提升：1）覆铜板业务：受益于公司主 动进行产品结构调整（不接低价单）以及成本管控，我们测算公司覆铜板业 务 1Q 毛利率 22.3%，环增 1.6pp；2）PCB 业务：主要受益于高毛利的 AI 类 PCB 产品的加速释 ...

Core Insights - The company reported significant revenue and profit growth for 2024, with revenue reaching 7.375 billion yuan, up 28.78% year-on-year, and net profit attributable to shareholders at 2.190 billion yuan, up 38.55% year-on-year [1] - The first quarter of 2025 also showed positive results, with revenue of 1.833 billion yuan, up 17.24% year-on-year, and net profit of 533 million yuan, up 23.02% year-on-year [1] Financial Performance - The company's gross margin improved to 42.98% in 2024, an increase of 3.15 percentage points year-on-year, while the gross margin for Q1 2025 was 41.01%, up 0.87 percentage points year-on-year [3] - The operating expense ratio decreased to 12.20% in 2024, down 3.31 percentage points year-on-year, with specific reductions in sales, management, and R&D expenses [3] - R&D expenses increased to 583 million yuan in 2024, up 6.83% year-on-year, indicating a commitment to innovation [3] Product Development and Market Expansion - The company is focusing on a diversified product structure, including communication components, electronic components, and ceramic fuel cell components, with a strategic direction of "materials + structure + function" [4] - Continuous investment in MLCC (Multi-Layer Ceramic Capacitors) R&D has led to improved product quality and stable delivery, with a comprehensive product matrix catering to various customer needs [4] - The company is also innovating in core products like MT inserts and ceramic packaging tubes, responding to the demands of emerging technologies such as artificial intelligence [4] Investment Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 9.385 billion yuan and 11.921 billion yuan, respectively, with a projected net profit of 2.861 billion yuan and 3.859 billion yuan for the same years [5] - The expected EPS for 2025 and 2026 is 1.49 yuan and 2.01 yuan, respectively, with a projected EPS of 2.55 yuan for 2027 [5] - As of April 28, 2025, the stock price was 35.36 yuan, corresponding to a PE ratio of 23.69 for 2025, indicating a "buy" rating [5]

电子/元件 2025Q1 归母净利润扭亏，FCBGA 处于业务放量关键时期 ——公司信息更新报告 2025 年 04 月 28 日 投资评级：买入（维持） 日期 2025/4/28 当前股价(元) 11.40 一年最高最低(元) 15.02/8.05 总市值(亿元) 192.61 流通市值(亿元) 171.05 总股本(亿股) 16.90 流通股本(亿股) 15.00 近 3 个月换手率(%) 339.76 司 信 息 更 新 报 告 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 兴森科技 沪深300 相关研究报告 《2024Q3 营收同比增长，半导体业务 订单进展顺利—公司信息更新报告》 -2024.10.28 陈蓉芳（分析师） 刘琦（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 liuqi1@kysec.cn 证书编号：S0790525020001 2024 年多因素导致亏损，2025Q1 归母净利润扭亏，维持"买入"评级 2024 年公司实现营收 58.17 亿元，yoy+8 ...

Core Viewpoint - The company aims to achieve annual revenue and profit growth targets while managing costs and inventory, expanding through acquisitions, and increasing its presence in high-end markets and niche products [1][2] Group 1: Operational Strategies - The company has outlined four main operational strategies for 2025, focusing on achieving annual revenue and profit goals, expanding in high-end markets, and deepening long-term customer relationships [1] - Effective cost control and inventory management are prioritized, with strategies aligned to revenue targets and flexible procurement and capacity planning to enhance inventory efficiency [1] Group 2: Market Expansion and Acquisitions - The company plans to integrate recent acquisitions in high-end temperature sensors and continue pursuing organic growth and strategic acquisitions to expand its platform scale [2] - There is a focus on expanding high-end markets and increasing the proportion of niche products, optimizing product mix and customer structure, and enhancing global strategic partnerships [2]

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.6800 | -0.6000 | -13.33 | -0.4832 | | 每股净资产（元） | 2.26 | 3.17 | -28.71 | 3.74 | | 每股公积金(元) | 2.49 | 2.49 | 0 | 2.49 | | 每股未分配利润(元) | -1.37 | -0.47 | -191.49 | 0.11 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.51 | 3.98 | 38.44 | 3.95 | | 净利润(亿元) | -1.89 | -1.68 | -12.5 | -1.35 | | 净资产收益率(%) | -25.95 | -16.75 | -54.93 | -11.83 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 7212.69万股，累计占流通股比： 25.68%，较上期 ...

【导读】一季度社保基金新进持有100只个股 作为资本市场的重要"稳定器"和"压舱石"，社保基金凭借审慎稳健的投资运营管理，已经成为A股市场 长期投资、理性投资的典范。 根据A股上市公司2025年一季报披露，截至4月28日记者发稿，一季度末已有324家公司前十大流通股股 东名单中出现社保基金的身影，社保基金最新投资路线图逐次揭晓。数据显示，上述324家公司累计获 社保基金重仓持股54.97亿股，对应持股市值为853.85亿元。 增持方面，今年一季度社保基金加仓了中国巨石（600176）、鱼跃医疗（002223）、亿联网络 （300628）、广联达（002410）、山金国际（000975）、国药股份（600511）、天山铝业（002532）等 72只个股。 全国社会保障基金理事会日前表示，始终坚持长期投资、价值投资、责任投资理念，坚定看好中国资本 市场发展前景，主动融入国家发展战略，在积极开展股票投资的同时实现基金安全和保值增值。 社保基金新进持有100家上市公司 今年一季度，社保基金对云铝股份（000807）、华鲁恒升（600426）、常熟银行（601128）、万华化学 （600309）、赤峰黄金（600988 ...

前十大流通股东累计持有： 38244.48万股，累计占流通股比： 46.14%，较上期变化： -430.80万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 新的集团有限公司 | 23276.11 | 28.08 | 不变 | | 成都欣天颐投资有限责任公司 | 11491.10 | 13.86 | 不变 | | 王万奎 | 977.14 | 1.18 | 不变 | | 成都旭光电子（600353）股份有限公司-第一期员工持股计划 | 671.89 | 0.81 | 不变 | | 香港中央结算有限公司 | 621.30 | 0.75 | 135.94 | | 吴建星 | 305.29 | 0.37 | 不变 | | 成都旭光电子股份有限公司-第二期员工持股计划 | 245.88 | 0.30 | 不变 | | 陈文君 | 226.01 | 0.27 | 新进 | | 华夏高端制造混合A | 222.77 | 0.27 | 新进 | | 杨小艳 | 206.99 | 0.25 | 新进 | | ...