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） | 0.0390 | 0.0360 | 8.33 | 0.0700 | | 每股净资产（元） | 6.51 | 6.56 | -0.76 | 6.46 | | 每股公积金(元) | 3.72 | 3.71 | 0.27 | 3.71 | | 每股未分配利润(元) | 1.74 | 1.77 | -1.69 | 1.59 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.14 | 8.44 | -15.4 | 9.07 | | 净利润(亿元) | 0.48 | 0.44 | 9.09 | 0.87 | | 净资产收益率(%) | 0.60 | 0.55 | 9.09 | 1.10 | 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： 28410.31万股，累计占流通股比： 23.04%，较上期变 ...

一、主要会计数据和财务指标 | 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） | 0.2300 | 0.2600 | -11.54 | 0.4900 | | 每股净资产（元） | 4.51 | 4.51 | 0 | 6.48 | | 每股公积金(元) | 2.1 | 2.22 | -5.41 | 3.49 | | 每股未分配利润(元) | 1.49 | 1.36 | 9.56 | 1.84 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.21 | 7.93 | 3.53 | 9.16 | | 净利润(亿元) | 0.88 | 1.01 | -12.87 | 1.89 | | 净资产收益率(%) | 5.00 | 5.62 | -11.03 | 10.91 | 数据四舍五入，查看更多财务数据>> 10派0.8元(含税) 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： 14255.25万股，累计占流通股比： 3 ...

| 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） | -0.1300 | 0.1400 | -192.86 | 0.2300 | | 每股净资产（元） | 14.05 | 14.49 | -3.04 | 13.99 | | 每股公积金(元) | 8.85 | 8.78 | 0.8 | 8.62 | | 每股未分配利润(元) | 4.01 | 4.57 | -12.25 | 4.16 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.37 | 2.76 | 22.1 | 2.25 | | 净利润(亿元) | -0.09 | 0.1 | -190 | 0.17 | | 净资产收益率(%) | -0.90 | 0.99 | -190.91 | 1.65 | 一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (% ...

南方财经全媒体记者程浩 东莞报道 本期看点：东莞一季度制造业贷款3762亿元，规模居全市行业贷款首位；东锦龙股份实控人股权被二次 拍卖；惠伦晶体及实控人因涉嫌信披违法违规被证监会立案；慕思股份增收不增利，年报季报业绩双下 滑；东莞控股一季度净利润同比减少45.58%；捷荣技术一季度归母净亏损8680万元；众生药业2024年 净亏损2.99亿元，同比由盈转亏。 1、金融要闻东莞一季度制造业贷款3762亿元，规模居全市行业贷款首位 近日，记者从人民银行东莞市分行获悉，截至3月末，东莞市本外币各项贷款余额1.98万亿元，比年初 增加523亿元。其中，小微企业贷款余额4223亿元，同比增长17.4%，普惠口径小微贷款余额4228亿 元，规模稳居广东省地级市首位；制造业贷款余额3762亿元，规模稳居全市行业贷款首位。 信贷资源持续流向重大战略、重点领域和薄弱环节。数据显示，截至3月末，东莞全市科技型中小企业 贷款余额136亿元，同比增长34.4%，专精特新"小巨人"企业贷款余额199亿元，同比增长32.1%；小微 企业贷款余额4223亿元，同比增长17.4%，普惠口径小微贷款余额4228亿元，规模稳居广东省地级市首 位 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 367.70 billion yuan in 2024, a year-on-year increase of 9.27%, but the net profit attributable to shareholders decreased by 44.74% to 10.86 billion yuan [4] - The decline in net profit was primarily due to asset disposal and impairment losses related to the LED business, amounting to 1.64 billion yuan and 5.95 billion yuan respectively [4] - The company anticipates a significant recovery in Q1 2025, with net profit expected to grow by 50-60% year-on-year, driven by increased demand from AI and ICT infrastructure [4] - Long-term growth prospects remain optimistic, with revised profit forecasts for 2025, 2026, and 2027 set at 30.67 billion yuan, 36.16 billion yuan, and 42.03 billion yuan respectively [4] Financial Performance Summary - In 2024, the company achieved a revenue of 367.70 billion yuan, with a gross margin of 14.02% and a net margin of 2.95% [4] - The fourth quarter of 2024 saw a revenue of 103.04 billion yuan, a year-on-year decrease of 7.59% [4] - The company’s financial metrics for 2025E include a projected revenue of 429.62 billion yuan and a net profit of 30.67 billion yuan, reflecting a year-on-year growth of 182.5% [8] Business Strategy and Growth Drivers - The company is pursuing a "dual-wheel drive" strategy focusing on PCB and precision structural components, while expanding into new markets and sectors [6] - The new energy vehicle segment reported a revenue of 86.5 billion yuan in 2024, a year-on-year increase of 36.98%, contributing to 23.52% of total revenue [6] - The company is well-positioned to benefit from the growing demand for AI-driven consumer electronics, with its FPC revenue ranking second globally [5]

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained as "Buy" [1][4] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is actively advancing its AI server supercapacitor projects, indicating a robust long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026 to 821 million yuan and 993 million yuan, respectively, while introducing a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027, suggesting a favorable valuation given the growth prospects in the supercapacitor business [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a slight increase of 0.74 percentage points year-on-year, and a net profit margin of 13.21%, which is stable compared to the previous year [4][8] - The company expects steady growth in its main business areas, particularly in aluminum electrolytic capacitors and film capacitors, driven by recovering demand in downstream sectors such as photovoltaics and automotive [5][6] - The financial projections indicate a revenue increase from 4.845 billion yuan in 2023 to an estimated 7.921 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.8% [8][10]

Investment Rating - The investment rating for Jianghai Co., Ltd. is "Buy" (maintained) [1] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is continuing to advance its supercapacitor projects for AI servers, indicating a broad long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 821 million yuan and 993 million yuan respectively, with a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027 [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a net margin of 13.21%, and a year-on-year increase in gross margin of 0.74 percentage points. The company is expected to maintain steady growth in its main business due to recovering demand in downstream sectors such as photovoltaics and automotive [4][5] - The company’s revenue and profit are projected to grow steadily, with expected revenues of 5.778 billion yuan in 2025, 6.842 billion yuan in 2026, and 7.921 billion yuan in 2027, reflecting year-on-year growth rates of 20.2%, 18.4%, and 15.8% respectively [8][10]

002436.SZ 增持 原评级：增持 市场价格:人民币 11.37 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 7.2 (8.6) 2.4 (0.7) 相对深圳成指 8.9 (1.7) 6.1 (7.7) (29%) (18%) (7%) 4% 15% 25% Apr-24 May-24 Jun-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 兴森科技 深圳成指 | 发行股数 (百万) | 1,689.60 | | --- | --- | | 流通股 (百万) | 1,500.42 | | 总市值 (人民币 百万) | 19,210.75 | | 3 个月日均交易额 (人民币 百万) | 1,119.83 | | 主要股东(%) | | | 邱醒亚 | 14.46 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 25 日收市价为标准 相关研究报告 电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 28 日 《兴森科技》20240903 《兴森 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：影石创新新品热销引发市场关 注，历经十载反超 GoPro 问鼎全球 [Table_IndRank] 行业评级：增持 报告日期：2025-04-28 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 4/24 7/24 10/24 1/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现 ...