Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [11]. Core Insights - The company has significantly turned around its performance, achieving a net profit of 332 million yuan in 2024, compared to a loss in the previous year. In Q1 2025, the net profit soared to 200 million yuan, reflecting a year-on-year growth of 656.87% [4][3]. - The company has established deep collaborations with several well-known AI server enterprises, leading to a substantial increase in the sales proportion of server products, which now account for 48.96% of total sales [4][7]. - The demand for high-layer, high-precision, high-density, and high-reliability multi-layer printed circuit boards (PCBs) is on the rise, contributing to significant revenue growth compared to the previous year [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.687 billion yuan, a year-on-year increase of 43.19%. The net profit for the same year was 332 million yuan, marking a turnaround from losses [3][4]. - For Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 78.55% [3]. Market Position and Strategy - The company is actively enhancing its product structure and regional business layout, which has led to a significant increase in market share in the AI server PCB segment [4]. - The company is also expanding its production capacity with a new smart computing center project aimed at producing high-density interconnect PCBs, with an expected annual output of 250,000 square meters by 2027 [7][9]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 6.842 billion yuan, 9.032 billion yuan, and 11.832 billion yuan, respectively, with corresponding EPS estimates of 1.03 yuan, 1.46 yuan, and 2.03 yuan [11][13]. - The company is expected to benefit from the increasing domestic penetration of AI computing solutions, particularly following the U.S. export restrictions on certain AI chips [11][5].

Financial Performance - The company reported a basic earnings per share of 0.0510 yuan for 2024, a significant increase of 147.22% compared to a loss of 0.1080 yuan in 2023 [1] - Net profit for 2024 was 0.37 billion yuan, a remarkable recovery from a loss of 0.79 billion yuan in 2023, reflecting a 146.84% increase [1] - Operating revenue reached 40.48 billion yuan, marking a 13.36% increase from 35.71 billion yuan in the previous year [1] - The return on equity improved to 1.08% from a negative 2.28% in 2023, indicating a positive turnaround in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 49,628.34 million shares, accounting for 68.54% of the circulating shares, with an increase of 1,042,300 shares compared to the previous period [1] - Shanghai Donglin Investment Development Co., Ltd. remains the largest shareholder with 28,992.60 million shares, representing 40.03% of the total share capital [2] - New entrants to the top ten shareholders include 华夏智胜先锋股票(LOF)A, 范朋鸽, and MORGAN STANLEY & CO. INTERNATIONAL PLC., each holding 98.60 million, 93.14 million, and 93.02 million shares respectively [2] Dividend Distribution - The company announced a dividend distribution of 0.85 yuan per share (including tax) [3]

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 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0110 | -0.0792 | 113.89 | -0.1000 | | 每股净资产（元） | 3.94 | 3.99 | -1.25 | 4.29 | | 每股公积金(元) | 2.7 | 2.71 | -0.37 | 2.72 | | 每股未分配利润(元) | 0.14 | 0.19 | -26.32 | 0.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.43 | 6.62 | 12.24 | 6.08 | | 净利润(亿元) | 0.07 | -0.49 | 114.29 | -0.62 | | 净资产收益率(%) | 0.28 | -1.97 | 114.21 | -2.32 | 本次公司不分配不转赠。 前十大流通股东累计持有： 21792. ...

Financial Performance - The company reported a basic earnings per share of 1.34 yuan for 2024, an increase of 20.72% compared to 1.11 yuan in 2023 [1] - The net profit for 2024 was 1.169 billion yuan, reflecting a growth of 24.89% from 936 million yuan in 2023 [1] - The operating revenue reached 12.659 billion yuan, up 17.68% from 10.757 billion yuan in the previous year [1] - The return on equity (ROE) was 11.84%, showing a slight increase of 6.47% from 11.12% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 65.027 million shares, accounting for 70.65% of the circulating shares, with a decrease of 1.54249 million shares compared to the previous period [2] - Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd. each hold 29.373 million shares, representing 31.91% of the total share capital, with no change [2] - The National Social Security Fund's 413 and 414 portfolios have seen changes, with the 414 portfolio being a new entrant among the top shareholders [2] Dividend Distribution - The company announced a dividend distribution plan of 10 yuan per share, including tax [3]

一、主要会计数据和财务指标 三、分红送配方案情况 本次公司不分配不转赠。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1904 | 0.0462 | 312.12 | 0.1647 | | 每股净资产（元） | 12.15 | 11.65 | 4.29 | 11.25 | | 每股公积金(元) | 7.02 | 6.96 | 0.86 | 6.86 | | 每股未分配利润(元) | 3.65 | 3.24 | 12.65 | 3.04 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.41 | 2.38 | 43.28 | 2.8 | | 净利润(亿元) | 0.28 | 0.07 | 300 | 0.24 | | 净资产收益率(%) | 1.55 | 0.40 | 287.5 | 1.47 | 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： 268.6 ...

④活跃子行业， SW印制电路板（+2.95%）/ SW门户网站（+2.59%）/ SW 通信网络设备及器 件（+2.36%）/ 行情速递 ① 主板领涨， 中电鑫龙（+10.11%）/大立科技（+10.06%）/泰豪科技（+10.04%）/生意宝 （+10.03%）/天津普林（+10.02%）/ ②创业板领涨， 致尚科技（+20.00%）/幸福蓝海（+11.17%）/慧博云通（+8.54）/天利科技 （+7.07%）/思创医惠（+6.91%）/ ③科创板领涨， 仕佳光子（+18.36%）/科思科技（+7.97%）/艾森股份（+7.93%）/源杰科技 （+7.25%）/达梦数据（+7.01%）/ 海外新闻 国内新闻 ① 香港万得通讯社，人工智能终端产业发展研讨会在京召开/会议指出/人工 智能终端是人工智能技术落地应用的关键载体/加快人工智能终端产业发展/ 对发挥我国消费电子产业链条完备、制造能力强大、应用场景丰富优势/打造 全球科技竞争力/培育新的消费增长点具有关键作用/ ② 百度，在Create 2025百度AI开发者大会上/百度发布了多项关于模型、 应用、生态的技术与产品更新/包括最新的文心大模型4.5 Tu ...

本次财报公布的各项数据指标表现一般。其中，毛利率13.2%，同比增13.49%，净利率3.32%，同比减 8.89%，销售费用、管理费用、财务费用总计6091.89万元，三费占营收比7.4%，同比增42.54%，每股净 资产6.82元，同比减3.55%，每股经营性现金流0.09元，同比减58.3%，每股收益0.04元 | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.19亿 | 8.23亿 | - 14.38 | | 归母净利润(元) | 2614.2万 | 2732.69万 | 4.53 | | 扣非净利润(元) | 1186.33万 | 2159.46万 | 82.03 | | 货币资金 (元) | 5.27亿 | 8.64Z | 64.12 | | 应收账款(元) | 11.51亿 | 12.42 Z | 7.89 | | 有息负债(元) | 21.73亿 | 30.74亿 | 41.46 | | 毛利率 | 11.63% | 13.20% | 13.49 | | 净利率 | 3.64% | 3.32 ...

点击招商研究小程序查看PDF报告原文 公司公告2025年一季报，结合季报表现和公司业绩说明会内容，我们点评如下： 25Q1业绩稳健增长，业务结构持续优化，盈利能力有所改善。 公司25Q1实现总营收47.83亿元同比+20.75%环比-1.54%；归母净利润4.91亿元 同比+29.47%环比+26.17%；扣非归母净利4.85亿元同比+44.64%环比+33.40%。毛利率 24.74%同比-0.45pct环比+2.79pct，净利率10.29%同比 +0.71pct环比+2.25pct，毛利率同比下滑主因源于广芯ABF载板产能仍处于爬坡期，折旧同比增加，且上游金属及基材成本受涨价影响有所上 升。公司Q1整体稼动率保持相对满产水平，业务结构进一步优化，PCB及载板业务中AI相关的订单占比持续提升。 25Q2展望积极：订单饱满，业务结构继续优化，高端载板放量在即。 目前公司下游PCB订单能见度较长，国内产能利用率延续Q1较高的水平， 且与 AI相关的订单占比持续提升。载板方面，BT 在存储领域的订单旺盛推动结构优化带动毛利改善，FC-GBA载板量产项目持续增多，呈现放 量趋势，亏损有望得以收窄。 今明年，受益国 ...

Core Viewpoint - 博敏电子's 2024 annual report indicates a growth in operating revenue but continues to face net profit losses, although there is a significant increase in net cash flow from operating activities [1] Revenue - In 2024, 博敏电子 achieved operating revenue of 3,266,245,669.79 yuan, a 12.11% increase from 2,913,308,302.34 yuan in the previous year, driven by the ramp-up of production capacity at the Jiangsu 博敏 Phase II factory and expansion in high-end products in AI data centers, AI edge products, and smart vehicles [2] Net Profit - The net profit attributable to shareholders was -235,968,943.21 yuan, an improvement of 58.29% from -565,750,945.13 yuan the previous year, indicating a narrowing of losses despite ongoing significant pressure on profitability [3] Deducted Non-Recurring Profit - The net profit attributable to shareholders after deducting non-recurring gains and losses was -262,558,162.60 yuan, a reduction of 56.27% from -600,414,293.97 yuan, primarily due to a decrease in goodwill impairment [4] Basic Earnings Per Share - The basic earnings per share were -0.38 yuan, improved from -0.95 yuan in the previous year, reflecting a reduction in net profit losses and indicating gradual improvement in profitability [5] Deducted Non-Recurring Earnings Per Share - The deducted non-recurring basic earnings per share were -0.43 yuan, compared to -1.00 yuan in the previous year, showing a narrowing of losses and highlighting the need for continued focus on core business development [6] Expenses - Sales expenses increased by 11.37% to 78,590,615.14 yuan, management expenses rose by 9.00% to 129,295,576.49 yuan, and financial expenses surged by 44.08% to 44,006,615.21 yuan, primarily due to increased loan interest [7] R&D Personnel - 博敏电子 employed 529 R&D personnel, accounting for 12.23% of the total workforce, with a stable team structure but room for improvement in educational qualifications to enhance innovation capabilities [8] Cash Flow - The net cash flow from operating activities was 164,237,139.04 yuan, a 421.26% increase from 31,507,874.89 yuan, indicating strong cash recovery from operations [9]

据证券之星公开数据整理，近期中富电路(300814)发布2025年一季报。截至本报告期末，公司营业总收 入3.77亿元，同比上升27.04%，归母净利润998.26万元，同比下降12.45%。按单季度数据看，第一季度 营业总收入3.77亿元，同比上升27.04%，第一季度归母净利润998.26万元，同比下降12.45%。本报告期 中富电路公司应收账款体量较大，当期应收账款占最新年报归母净利润比达897.7%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.35%，同比增22.09%，净利率2.66%，同比减 30.54%，销售费用、管理费用、财务费用总计2795.48万元，三费占营收比7.41%，同比增25.01%，每股 净资产8.34元，同比增28.82%，每股经营性现金流-0.05元，同比减132.48%，每股收益0.05元，同比减 16.67% 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为1.99%，资本回报率不强。去年的净 利率为2.61%，算上全部成本后，公司产品或服务的附加值不高。融资分红：公司上市4年以来，累计 融资总额3.69亿元，累计分红总额7611.98万元，分红 ...