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 ...

一、主要会计数据和财务指标 不分配不转增 前十大流通股东累计持有： 10172.36万股，累计占流通股比： 41.37%，较上期变化： -335.63万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况 | | --- | --- | --- | --- | | | | (%) | (万股) | | TCL科技（000100）集团(天津)有限公司 | 6602.62 | 26.86 | 不变 | | 天津市中环投资有限公司 | 649.96 | 2.64 | 不变 | | 石卫东 | 577.97 | 2.35 | 新进 | | 吴平 | 556.05 | 2.26 | 新进 | | 丁遂 | 434.38 | 1.77 | 新进 | | 刘仕刚 | 353.11 | 1.44 | 新进 | | 深圳创富汇投资管理有限公司-创富汇全球视野2号私募 证券投资基金 | 274.03 | 1.11 | 新进 | | 深圳创富汇投资管理有限公司-创富汇全球视野3号私募 证券投资基金 | 251.27 | 1.02 | 新进 | | 陈潮海 | 244.24 | 0.99 | -53.46 | | 陆 ...

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） | 0.3072 | 0.0626 | 390.73 | 0.6200 | | 每股净资产（元） | 12.82 | 12.88 | -0.47 | 13.04 | | 每股公积金(元) | 8.06 | 8.07 | -0.12 | 8.03 | | 每股未分配利润(元) | 3.81 | 3.92 | -2.81 | 3.87 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.96 | 5.11 | 16.63 | 5.59 | | 净利润(亿元) | 0.24 | 0.05 | 380 | 0.48 | | 净资产收益率(%) | 2.35 | 0.47 | 400 | 4.74 | 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： 2556.38万股，累计占流通股比： 47.28%，较上期变 ...

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(万股) | | --- | --- | --- | --- | | 马卓 | 5157.31 | 38.66 | 不变 | | 惠州联讯德威投资合伙企业(有限合伙) | 590.33 | 4.43 | 不变 | | 杨春光 | 380.72 | 2.85 | 不变 | | 李雪梅 | 312.01 | 2.34 | 不变 | | 淮安市捷兴投资合伙企业(有限合伙) | 280.84 | 2.11 | 不变 | | 浦忠琴 | 221.41 | 1.66 | 不变 | | 马颖 | 190.36 | 1.43 | 不变 | | 林雯雯 | 132.38 | 0.99 | 不变 | | 信澳新能源产业股票 | 131.55 | 0.99 | 不变 | | 殷文雅 | 122.21 | 0.92 | 不变 | | 较上个报告期退出前十大股东有 | | | | | 华夏中证500指数增强A | 194.13 | 1.46 | 退出 | | 陈家琼 | 180.69 | 1.35 | 退出 | | 淮安市迅兴投资合伙企业( ...

Core Viewpoint - The company Xunjiéxing (688655.SH) is planning to acquire 100% of Shenzhen Jiazhihong Electronics Co., Ltd. to enhance its flexible circuit board production capacity and optimize its product structure, aiming to improve profitability and competitiveness in the PCB industry [2][4]. Group 1: Acquisition Details - Xunjiéxing intends to acquire Jiazhihong through a combination of issuing shares and cash payments to 11 transaction parties, with the asset valuation still pending [2][3]. - The acquisition is expected to constitute a major asset restructuring but will not be classified as a restructuring listing or related party transaction [2]. Group 2: Financial Performance - In 2024, Xunjiéxing reported revenues of 475 million yuan, a year-on-year increase of 2.26%, but faced a net loss of 1.974 million yuan, marking its first loss since going public [5][6]. - The company has experienced a decline in net profit for three consecutive years, with significant drops of 27.41% and 71.04% in 2022 and 2023, respectively [5][6]. Group 3: Strategic Implications - The acquisition is expected to enhance Xunjiéxing's flexible circuit board capacity, optimize product structure, and improve overall competitiveness while diversifying operational risks [4]. - Xunjiéxing and Jiazhihong have complementary market and customer resources, which will facilitate resource sharing and supply chain integration, potentially lowering procurement costs [4][6]. - Jiazhihong's financial performance shows promising growth, with projected revenues of 307 million yuan and 491 million yuan for 2023 and 2024, respectively, and a net profit of 19.87 million yuan in 2024 [6].

4月9日晚间，迅捷兴发布公司重大资产重组预案公告。公告显示，公司拟以现金和发行股份的方式，收购深圳市嘉之宏电子有限公司（下称"嘉之宏"）的 100%股权并募集配套资金。 钛媒体APP注意到，作为上市即巅峰的公司，迅捷兴自2021年后净利润一路下滑，并于2024年首亏，此时宣布收购一家同行业标的的时机就颇值得玩味。不 过公司方面的意图也非常明确，即期望通过多元化的产品布局，提高营收及盈利能力。但眼下迅捷兴所处行业竞争激烈，毛利率持续下滑，能否靠并购实现 改善犹未可知。 4月10日，迅捷兴复牌开盘冲高后回落，公司股价报收13.80元/股，收跌3.70%。复牌收跌也一定程度上折射出资本市场对此次并购的疑虑。 标的公司营收反超迅捷兴 本次重组交易设计结构是由"发行股份+现金"两部分组成，同时公司还将募资配套资金。募集配套资金成功与否不影响并购交易的实施。此外，由于标的资 产的审计、评估工作尚未完成，本次交易标的资产交易对价尚未确定。 迅捷兴表示称："公司与标的公司的业务具有协同效应，可以实现优势互补。同时本次收购的标的公司具有良好的发展前景和较强盈利能力，能提高上市公 司盈利能力，提升股东回报" 上市首亏之际，迅捷兴 ...

Core Viewpoint - The company reported a revenue increase of 7.49% in 2024, reaching 1.413 billion yuan, while net profit decreased by 31.37% due to rising raw material costs and initial high fixed costs from new production facilities [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.413 billion yuan, a year-on-year increase of 7.49% [1]. - The net profit attributable to shareholders was 140 million yuan, reflecting a year-on-year decrease of 31.37% [1]. - The increase in revenue was primarily driven by a 22% growth in the automotive electronics sector [1]. Group 2: Global Expansion and Production - The company is actively pursuing a global industrial layout, having established subsidiaries in Hong Kong, Japan, and Thailand, with the latter focusing on producing multilayer boards and HDI boards for Southeast Asia and Europe [1]. - The Thai subsidiary is expected to achieve trial production by June 2024, with a capacity of 50,000 square meters per month [1]. - The initial phase of production in Thailand has led to higher fixed cost amortization, contributing to a 1.31 percentage point decline in net profit margin [1]. Group 3: Strategic Initiatives - The company has established a research and development center in Shanghai to capitalize on new opportunities in the robotics sector [2]. - Products in the industrial control and automotive electronics sectors account for over 80% of total revenue, with established partnerships with leading global companies [2]. - The company is expanding its product offerings in the automotive sector to include critical safety components and is actively engaging in AI-related technologies and intelligent equipment [2]. Group 4: Future Outlook - Revenue projections for 2025-2027 are estimated at 1.916 billion, 2.463 billion, and 3.100 billion yuan, respectively, with net profits expected to be 208 million, 271 million, and 346 million yuan [3]. - The current price-to-earnings ratios for the years 2025-2027 are projected to be 22, 17, and 13 times, respectively [3]. - The company is expected to continue its growth trajectory by maintaining R&D investments and leveraging opportunities arising from the AI wave [3].