投资者关系活动记录表 编号：2025-004 立讯精密投资者关系活动记录表 证券代码：002475 证券简称：立讯精密 立讯精密工业股份有限公司 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他：_________ | | 参与单位名 | | | 称及人员姓 | 投资者 | | 名 | | | 时间 | 2025 年 5 月 9 日 15:00-17:00 | | 地点 | 全景网 | | 上市公司接 | 董事长、总经理王来春女士；财务总监吴天送先生；董事会秘书肖 | | 待人员姓名 | 云兮女士；独立董事侯玲玲女士。 | | | 投资者提问 | | | 问题 1：1、年报和一季报显示，公司业绩增长不错，请分析一 | | | 下各业务板块的经营亮点？2、公司发行 30 亿元可转债还有 1 年多 | | | 就要到期了，是否已经准备做好到期还钱的准备了？如无法转股， | | | 到期能否兑付本息？3、年报显示外销业务占比 87%，请简要介绍 | | | 一 ...

【恒指高开1.4%，恒生科技指数涨2.2%】蔚来、比亚迪电子、舜宇光学科技等涨超4%，阿里巴巴涨超 2%。 ...

Core Insights - In 2024, the company achieved a revenue growth of 27.9% year-on-year, with a net profit attributable to shareholders increasing by 10.3% [1] - The revenue for 2024 reached 609.135 billion yuan, driven primarily by significant growth in the cloud computing sector [1] - The first quarter of 2025 continued to show high growth in revenue and profit, although gross margin experienced a decline [1] Revenue and Profit Analysis - For Q1 2025, the company reported a revenue of 160.415 billion yuan, reflecting a year-on-year increase of 35.16% but a quarter-on-quarter decrease of 7.15% [1] - The net profit attributable to shareholders for Q1 2025 was 5.231 billion yuan, marking a year-on-year increase of 24.99% and a quarter-on-quarter decrease of 35.23% [1] Cloud Computing Business - The cloud computing segment generated revenue of 319.377 billion yuan in 2024, representing a year-on-year growth of 64.37% and accounting for 52.5% of total revenue for the first time [1] - The gross margin for the cloud computing business was 4.99%, showing a slight decline of 0.09 percentage points year-on-year [1] Communication and Mobile Network Equipment - Revenue from communication and mobile network equipment reached 287.898 billion yuan in 2024, with a year-on-year growth of 3.20%, contributing 47.3% to total revenue [1] - The gross margin for this segment was 9.56%, down by 0.24 percentage points year-on-year [1] Industrial Internet Business - The industrial internet business reported revenue of 0.094 billion yuan in 2024, a significant decline of 42.92% year-on-year, representing only 0.2% of total revenue [1] - The gross margin for the industrial internet segment was 45.79%, down by 4.02 percentage points year-on-year [1] Investment Outlook - The company maintains an "outperform the market" rating, anticipating rapid growth in cloud computing and AI server businesses due to large-scale infrastructure development [1] - Projected revenues for 2025-2027 are 796.377 billion yuan, 962.288 billion yuan, and 1,151.385 billion yuan respectively [1]

Core Viewpoint - Thailand, despite being questioned about its economic appeal, remains a preferred destination for Chinese companies looking to expand overseas due to its resilient consumer market, strategic location, and commitment to industrial upgrading [1][24]. Group 1: Economic and Trade Relations - Thailand's GDP reached approximately $526.8 billion in 2024, positioning it as the second-largest economy in ASEAN, with a growth rate of 2.5% [22]. - In 2024, bilateral trade between China and Thailand amounted to $133.98 billion, maintaining Thailand's status as China's largest trading partner [18]. - Chinese direct investment in Thailand has seen a decline, with Singapore surpassing China as the largest source of foreign direct investment (FDI) in 2024 [18][20]. Group 2: Investment Opportunities - Thailand's consumer market is the third largest in ASEAN, with a total consumption of $302.6 billion in 2023, showing a compound annual growth rate of 3.4% over the past nine years [25]. - The Eastern Economic Corridor (EEC) has attracted significant FDI, with $12.7 billion in 2023, representing 80% of the total foreign investment in Thailand [29]. - Thailand's strategic location and developed logistics infrastructure make it a key trade hub in Southeast Asia, facilitating access to neighboring markets [26][27]. Group 3: Industry and Market Trends - Thailand is recognized as the largest automotive manufacturing center in Southeast Asia, producing over 1.8 million vehicles annually, which accounts for nearly 50% of the region's output [16]. - The electronics manufacturing sector in Thailand is robust, with the country being the second-largest producer of hard disk drives globally [16]. - The Thai e-commerce market is projected to reach $32.7 billion by 2024, with social commerce reshaping consumer shopping preferences [39]. Group 4: Challenges and Future Outlook - Thailand faces demographic challenges, with an aging population and declining birth rates, which may impact its labor market and economic growth potential [23]. - Despite these challenges, Thailand's commitment to industrial transformation and digital economy initiatives presents new opportunities for investment and collaboration [42].

Core Viewpoint - The article highlights the proactive measures taken by the Zhengpu Port New District in Ma'anshan, Anhui Province, to support the development of emerging industries such as electronic components and intelligent equipment, creating a favorable environment for the real economy [1][4]. Group 1: Support for Enterprises - Zhengpu Port New District has provided significant support in areas such as factory construction and employee recruitment, ensuring smooth and rapid development for companies [3]. - The district's service center actively addresses enterprise development issues, facilitating timely recruitment of experienced technical workers to meet increasing order demands [3]. - Companies like Anhui Runshi Technology Co., Ltd. have established automated production lines and expect an annual output value to exceed 800 million RMB this year [3]. Group 2: Innovation and R&D Investment - The district's favorable business environment encourages innovation, with companies like Anhui Fuzhijie Technology Co., Ltd. investing 5% to 8% of their annual revenue in technology research and development [3]. - The continuous improvement of R&D capabilities enhances the core competitiveness of these enterprises [3]. Group 3: Problem-Solving Mechanism - The Zhengpu Port New District has implemented a work mechanism focused on enterprise needs, regularly conducting "visits to solve problems" to address urgent issues faced by companies [4]. - The district ensures that enterprise requests are promptly addressed, fostering a responsive and supportive business climate [4].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its long-term growth potential [5]. Core Views - The company has demonstrated rapid revenue growth, with a projected revenue of 2.213 billion yuan in 2024, reflecting a year-on-year increase of 7.67%. The net profit attributable to shareholders is expected to reach 277 million yuan, up 14.64% year-on-year [1]. - The automotive passive safety business is on a growth trajectory, with a strategic focus on high-end, domestic, and new energy directions. The revenue from major new energy vehicle manufacturers is anticipated to account for nearly 30% of total revenue in 2024 [1]. - The company is expanding its semiconductor and computing power manufacturing business through a strategic investment in an electronic manufacturing service company, holding a 42.16% stake [2]. - The controlling shareholder's plan to increase their stake in the company, with a minimum investment of 100 million yuan, reflects confidence in the company's long-term development [2]. - The company has actively repurchased shares, acquiring 21 million shares, which is 6.34% of the total share capital, with a total expenditure of 771 million yuan [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 537 million yuan, a year-on-year increase of 14.37%, and a net profit of 86 million yuan, up 60.34% year-on-year [1]. - The revenue and net profit forecasts for 2025 and 2026 have been adjusted upwards, with net profit estimates of 412 million yuan and 512 million yuan, respectively, reflecting increases of 48.51% and 24.31% [3]. Revenue and Profit Forecasts - Revenue projections from 2023 to 2027 are as follows: 2.055 billion yuan (2023), 2.213 billion yuan (2024), 3.091 billion yuan (2025), 4.052 billion yuan (2026), and 5.233 billion yuan (2027) [4]. - Net profit forecasts for the same period are: 242 million yuan (2023), 277 million yuan (2024), 412 million yuan (2025), 512 million yuan (2026), and 626 million yuan (2027) [4]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 50 in 2023 to 20 in 2027, indicating an improving valuation as earnings grow [10]. - The projected ROE is expected to rise from 6.59% in 2023 to 12.05% in 2027, reflecting enhanced profitability [9]. Shareholder Returns - The company plans to distribute dividends, with projected per-share dividends of 0.20 yuan (2023), 0.10 yuan (2024), 0.14 yuan (2025), 0.18 yuan (2026), and 0.22 yuan (2027) [10].

两融余额持续回升，最新市场两融余额18087.55亿元，连续3个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至5月8日，沪深北两融余额为18087.55亿元，较上一交易日增加0.09亿 元，其中融资余额17971.45亿元，较上一日减少1.48亿元。分市场来看，沪市两融余额为9191.44亿元， 较上一日增加0.80亿元，深市两融余额8843.61亿元，较上一日减少1.32亿元。北交所两融余额52.50亿 元，较上一日增加6035.04万元。值得注意的是，这已经是两融余额连续3个交易日持续增加，其间两融 余额合计增加222.72亿元。 分行业看，两融余额连续增加的态势下，申万所属的31个行业中，融资余额增加的共有25个行业，电子 行业融资余额增加最多，其间融资余额增加47.66亿元，融资余额增加居前的行业还有计算机、机械设 备等；融资余额减少的行业有银行、交通运输等。以幅度进行统计，通信行业融资余额增幅最高，达 2.70%，其次是机械设备、计算机，增幅分别为2.63%、2.58%。 融资余额行业变动 融资余额增幅排名 | 代码 | 简称 | 5月8日融资余额（万元） | 累计增幅 ...

Group 1 - Shanghai government emphasizes the need for continuous efforts to optimize the business environment, aiming to enhance confidence and respect for entrepreneurs while fostering innovation and growth for companies [1][2] - The Shanghai government has introduced 58 measures in its action plan to improve the business environment, focusing on enhancing the experience of enterprises [2][3] - A collective performance briefing for private listed companies in Shanghai showcased their resilience and vitality, reflecting the positive impact of the government's initiatives [3] Group 2 - The Shanghai Development and Reform Commission has launched ten key tasks to accelerate the optimization of the business environment, addressing urgent enterprise needs and promoting collaboration among departments [2][3] - The introduction of a new financing service for small and medium-sized enterprises aims to reduce costs and improve accessibility, including initiatives like "park instant loan actions" and enhanced supply chain financing [3] - Companies like Jiuzhoutong are actively implementing new strategies, such as the "New Medical" strategy, which includes the development of an AI-assisted diagnostic platform to improve healthcare services [4][5] Group 3 - Jiuzhoutong reported a sales revenue of 19.267 billion yuan in 2024 from its brand promotion business, indicating a focus on new product introductions to drive profit growth [5] - Longqi Technology has increased its R&D investment by 23.25% year-on-year, focusing on emerging fields such as AIPC and automotive electronics, with a total R&D expenditure of 2.08 billion yuan in 2024 [5][6] - Junzheng Group is committed to strengthening its existing energy and chemical industry while pursuing green transformation and development through strategic partnerships [6][7]

A股上市公司2024年年报显示，5400多家公司员工总数约3082万人，较前一年净增加约27万人。Choice 数据显示，2024年，有约2800家上市公司员工数量增长，其中12家上市公司的员工数量增加超过1万 人。 2024年，新增员工数量排名前十的A股公司分别为比亚迪、潍柴动力、立讯精密、华勤技术、华利集 团、宁德时代、邮储银行、开润股份、江苏国泰和亚信安全。按行业划分，制造业上市公司占据七席。 中国企业资本联盟中国区首席经济学家柏文喜认为，企业扩大生产规模、增加员工数量，表明市场对制 造业产品的需求在增加。 记者梳理发现，2024年，A股5000余家上市公司中，有12家公司的员工数量增加过万人。其中，比亚 迪、潍柴动力、立讯精密、华勤技术、华利集团5家公司员工增加超2万人，亚信安全的员工数量从2023 年的3084人增加到2024年的1.55万人，增幅超400%。 员工增加主要缘于业务的扩张。如立讯精密，2024年，公司实现营业收入2688亿元，同比增长 15.91%；实现归属于上市公司股东的净利润133.65亿元，同比增长22%。2024年，公司员工数量增加了 4.55万人，至年底有约27.8万名员工 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved a turnaround in Q1 2025, reporting a revenue of 1.265 billion yuan, a year-on-year increase of 0.1%, and a net profit of 24 million yuan, reflecting a year-on-year growth of 73% [7] - The company's gross margin improved to approximately 17.74% in Q1 2025, up 3.41 percentage points year-on-year, indicating enhanced profitability [7] - The construction of production lines is progressing steadily, with the second phase of the UTG project expected to reach an annual capacity of 15 million pieces by the end of October 2025 [7] - The company is expanding its market presence, becoming a core supplier for leading domestic customers in the flexible display sector [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 4.894 billion yuan in 2024 to 6.421 billion yuan in 2025, representing a year-on-year growth rate of 31.2% [6] - The net profit attributable to the parent company is expected to increase from 140 million yuan in 2024 to 207 million yuan in 2025, with a year-on-year growth rate of 47.4% [6] - The company's earnings per share are forecasted to rise from 0.15 yuan in 2024 to 0.22 yuan in 2025 [6] - The report anticipates a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2027, indicating strong future performance [7]