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( ...

前十大流通股东累计持有： 7933.23万股，累计占流通股比： 24.17%，较上期变化： -118.81万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 深圳市科翔资本管理有限公司 | 1839.66 | 5.60 | 不变 | | 郑晓蓉 | 1556.43 | 4.74 | 不变 | | 谭东 | 1202.62 | 3.66 | 不变 | | 珠海横琴科翔富鸿电子合伙企业(有限合伙) | 900.00 | 2.74 | 不变 | | 陈焕先 | 694.40 | 2.12 | 不变 | | 深圳市创东方投资有限公司-九江市两大两新私募股权投 资中心(有限合伙) | 685.45 | 2.09 | 不变 | | 张新华 | 473.06 | 1.44 | 不变 | | 朱荃华 | 340.01 | 1.04 | 新进 | | 张勤华 | 147.69 | 0.45 | -61.67 | | 郑璇玲 | 93.91 | 0.29 | 新进 | | 较上个报告期退出前十大股东有 | | | ...

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].

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [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].

深圳市景旺电子股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》及《关于加强监管防范风险推动资本市场高质量发展 的若干意见》、中国证监会《上市公司监管指引第 10 号——市值管理》要求，积 极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 推动上市公司高质量发展、保护投资者尤其是中小投资者的合法权益，深圳市景 旺电子股份有限公司（以下简称"公司"或"景旺电子"）结合公司经营实际和 发展战略，制定了 2025 年度"提质增效重回报"行动方案，并于 2025 年 2 月 26 日召开第四届董事会第二十六次会议审议通过，具体内容如下： 二、发展新质生产力，提升研发实力和运营效能 技术创新是公司高质量发展的源动力和重要抓手，公司持续开展以市场需求 为导向的技术创新工作。公司从组织架构、人员配备、激励机制等多个方面搭建 了完整的研发创新体系，建立了以市场为导向的合作研发机制，结合公司实际需 求，积极与外部高校、科研机构及行业头部客户开展新产品开发、生产工艺改造、 人才培养等方面的合作交流。截至 2 ...