Group 1 - Company Tianjin Pring reported a historical high revenue of 1,128.22 million yuan for 2024, representing a year-on-year growth of 74.57% [1] - The net profit attributable to shareholders reached 33.86 million yuan, with a year-on-year increase of 28.16%, indicating continuous improvement in profitability for two consecutive years [1] - In Q1 2025, the company achieved a revenue of 297.63 million yuan, reflecting a year-on-year growth of 20.69% [1] Group 2 - The company has established itself as a key supplier in the display panel sector, particularly for Huaxing Optoelectronics, and in the industrial control sector for Schneider [2] - Tianjin Pring is one of the few domestic manufacturers capable of supplying critical PCB components to aircraft manufacturers, having entered supply chains for major companies like GE and COMAC [2] - The company showcased a glass substrate core board with high-density through holes at the TCL Global Technology Innovation Conference, highlighting its focus on advanced materials for the AI industry [2]

Financial Performance - The company reported a total revenue of 1.58 billion yuan for Q1 2025, representing a year-on-year increase of 13.77% compared to 1.388 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 9.37 million yuan, a significant decline of 62.24% from 24.82 million yuan in the same quarter last year [1] - The gross profit margin was 17.2%, showing a slight increase of 0.74% year-on-year, while the net profit margin decreased to -2.33%, down 18.01% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 216 million yuan, accounting for 13.7% of revenue, which is a slight increase of 0.2% year-on-year [1] - The company’s cash flow per share was 0.01 yuan, a decrease of 77.01% compared to 0.04 yuan in the previous year [1] Debt and Assets - The company’s interest-bearing liabilities increased to 4.903 billion yuan, up 8.72% from 4.51 billion yuan [1] - The cash and cash equivalents decreased to 1.038 billion yuan, down 38.68% from 1.692 billion yuan [1] - The asset-liability ratio for interest-bearing debt reached 33.65% [3] Market Position and Future Outlook - Analysts expect the company to achieve a net profit of 141 million yuan in 2025, with an average earnings per share of 0.08 yuan [3] - The company has been primarily relying on capital expenditures and equity financing for its performance, indicating a need for careful evaluation of its capital projects [3] Fund Holdings - The largest fund holding the company’s shares is the Everbright Credit Enhancement Bond A, which has increased its holdings to 21.9391 million shares [4] - Notable fund managers, including Yang Zongchang from E Fund, have recently increased their positions in the company [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance [1][3]. Core Views - The company, Shenghong Technology, is recognized as a leader in the AI PCB industry, with its operating performance showing significant quarterly growth. In 2024, the company achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% year-on-year. For Q1 2025, revenue reached 4.312 billion yuan, reflecting an 80.31% year-on-year growth, with a net profit of 921 million yuan, a staggering increase of 339.22% year-on-year [3][7][8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.731 billion yuan and a net profit of 1.154 billion yuan, with respective year-on-year growth rates of 35.31% and 71.96%. For Q1 2025, revenue was 4.312 billion yuan, marking an 80.31% increase, while net profit was 921 million yuan, up 339.22% [3][7][8]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares for 2024 [3]. Growth Projections - Revenue projections for 2025-2027 are as follows: 19.613 billion yuan in 2025, 23.574 billion yuan in 2026, and 26.983 billion yuan in 2027, with corresponding net profits of 4.355 billion yuan, 5.939 billion yuan, and 7.015 billion yuan [6][9]. - The company’s gross margin is expected to improve from 22.7% in 2024 to 35.4% in 2027, while net margin is projected to rise from 10.8% to 26.0% over the same period [10]. Market Position and Product Development - Shenghong Technology has established itself as a key supplier in the AI PCB market, achieving significant breakthroughs in AI-related products and maintaining a leading position in the global market for AI computing cards and data center products [7][8]. - The company has developed advanced products, including high-precision HDI boards and AI servers, and is actively expanding its product offerings in high-speed data transmission and automotive electronics [8]. Valuation Metrics - The report provides updated earnings forecasts, with the price-to-earnings (P/E) ratio projected to decrease from 55.9 in 2024 to 9.2 in 2027, indicating an attractive valuation as earnings grow [10][11].

Investment Rating - The investment rating for the company is "Recommended" [1][3] Core Views - The company has achieved significant growth in its operating performance, with a revenue of 10.731 billion yuan in 2024, representing a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% year-on-year [3][7] - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a remarkable year-on-year increase of 80.31%, and a net profit of 921 million yuan, which is a staggering 339.22% increase year-on-year [3][7] - The company is positioned as a leader in the AI PCB industry, capitalizing on the growing demand for AI-related products and technologies [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.731 billion yuan and a net profit of 1.154 billion yuan, with gross and net profit margins of 22.72% and 10.76% respectively [6][12] - For Q1 2025, the company reported a revenue of 4.312 billion yuan and a net profit of 921 million yuan, with gross and net profit margins significantly improving to 33.37% and 21.35% respectively [7][12] - The company forecasts a net profit growth of no less than 30% in Q2 2025, with a year-on-year increase of over 360% for the first half of 2025 [7] Product and Market Position - The company has achieved breakthroughs in AI-related products, including high-precision PCBs and AI servers, with a global market share leading in AI computing cards and AIDC [7][8] - The company has a comprehensive product range, including 70-layer high-precision PCBs and 28-layer HDI boards, and is actively developing next-generation products [8][10] - The company is also a major supplier for electric vehicle PCBs, expanding its client base with top-tier automotive customers [8] Future Projections - The company is expected to see continued growth, with projected net profits of 4.355 billion yuan in 2025, 5.939 billion yuan in 2026, and 7.015 billion yuan in 2027, reflecting a strong upward trend in profitability [10][12] - The price-to-earnings ratio is projected to decrease from 14.8 in 2025 to 9.2 in 2027, indicating an attractive valuation as earnings grow [12]

证券代码：002436 证券简称：兴森科技 深圳市兴森快捷电路科技股份有限公司 投资者关系活动记录表 编号：2025-04-001 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（线上会议） 参与单位 汇丰晋信基金、创金合信基金、鹏华基金、长城基金、国融基金、国投瑞 银基金、国联基金、长盛基金、申万菱信基金、中信建投基金、诺安基金、 方正富邦基金、摩根士丹利基金、广东正圆私募、广州瑞民私募、上海保 银私募、锐方（上海）私募、上海翀云私募、上海理成资管、广东大兴华 旗资管、青岛朋元资管、深圳恒盈富达资管、浙江四叶草资管、循远资管、 北京玺悦资管、上海肇万资管、财通证券资管、百年保险资管、建信投资、 泓澄投资、宏道投资、五矿鑫扬投资、同犇投资、泾溪投资、点将台投资、 星石投资、耕霁(上海)投资、致顺投资、乐信投资、上海重阳投资、鲍尔 赛嘉(上海)投资、辰禾投资、沣京资本、摩根证券投资信托、中金公司、 深圳达昊控股、昆仑健康保险、华夏未来、纳弗斯信息科技、UBS AG、东 吴证券、国海证券、长城证券、山西证券、上海证券、华创证券、中银国 际 ...

同时，中富电路持续加大研发投入。报告期内，公司研发投入7659.77万元，同比增长42.72%，占营业 收入比重达5.27%。公司高度重视产品研发和技术提升，始终紧跟新能源、数据中心等领域的发展趋 势，制定产品和技术研发方向，形成并拥有多项自主研发的核心技术。报告期内，中富电路各项研发项 目进展顺利，AI三次电源模块已有产品由研发阶段转向批量生产阶段。此外，公司在高频高速单板及 光模块产品上，形成了一定的销售收入，有望进一步扩大市场规模。 中富电路自创办以来，一直为电子信息制造业相关细分领域的客户提供高可靠性、定制化PCB产品。公 司生产的PCB产品包括单面板、双面板和多层板等，产品覆盖高频高速板、金属基板、刚挠结合板、高 阶HDI板、内埋器件板等类型，主要应用于通信、工业控制、汽车电子、消费电子、半导体封装及医疗 电子等领域。 2024年，全球经济呈现出总体复苏的态势。在此背景下，PCB行业景气度有所回升。2024年中富电路实 现营业收入14.54亿元，同比增长17.15%。受益于新能源汽车行业及数据中心的增长，中富电路在新能 源汽车三电和通信数据中心电源业务的营业收入持续增长，营业收入同比增长约23%和1 ...

Core Viewpoint - The company, Yidun Electronics, reported a strong performance in Q1 2025, with revenue and net profit both increasing, driven by the recovery in the electronics industry and growing demand in automotive electronics [1][2]. Group 1: Financial Performance - In Q1 2025, Yidun Electronics achieved revenue of 946 million yuan, representing a year-on-year growth of 15.58% [1] - The net profit for the same period was 116 million yuan, reflecting a year-on-year increase of 11.04% [1] Group 2: Business Focus and Market Position - Yidun Electronics specializes in high-precision, high-density printed circuit boards (PCBs) and has established itself as a key player in the automotive electronics supply chain, collaborating with major industry leaders [2] - The company has successfully completed large-scale production deliveries for leading new energy clients such as BYD and has deepened partnerships with Continental and Valeo, enhancing its market share [2] Group 3: Future Capacity and Expansion - Yidun Electronics has factories in Zhongshan and Thailand, with existing capacity nearly fully utilized and new capacity being gradually released [3] - The company plans to leverage available land at its Zhongshan facility to increase production capacity based on market demand and order conditions [3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1][5] Core Views - The company reported a significant increase in Q1 2025 performance, with revenue reaching 4.31 billion yuan, a year-on-year growth of 80.31%, and net profit increasing by 339.22% [2][3] - The strong performance is attributed to the surge in orders for high-value products and enhanced profitability, with Q1 gross margin at 33.37%, up 13.88 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing AI development opportunities, with plans to raise 1.9 billion yuan for capacity expansion projects in Vietnam and Thailand [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 10.73 billion yuan, a 35.31% increase year-on-year, and a net profit of 1.15 billion yuan, up 71.96% [2][4] - For Q1 2025, the company reported a net profit of 921 million yuan, reflecting a 339.22% increase compared to the previous year [2][4] Growth Drivers - The rapid growth in performance is driven by the company's focus on international top-tier clients and the mass production of PCB products in AI computing and data center sectors [2][3] - The company has strengthened cost management, contributing to improved profitability, with a gross margin of 22.72% in 2024, up 2.02 percentage points year-on-year [2][4] Future Outlook - The company has provided a positive Q2 guidance, expecting a net profit increase of no less than 30% quarter-on-quarter and over 360% year-on-year for H1 [2][3] - The anticipated EPS for 2025 and 2026 are projected to be 5.09 yuan and 6.90 yuan, respectively, with corresponding PE ratios of 15 and 11 [2][4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 31.18 CNY [4][7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 1.217 billion CNY, a year-on-year growth of 11.33%, and a net profit of 180 million CNY, up 65.61% year-on-year [1]. - The company is focusing on the PCB industry while accelerating its development in the emerging AI sector, leveraging its established customer base and optimizing product structure [2]. - Successful implementation of refinancing projects is expected to enhance the company's growth trajectory, with funds directed towards new production projects and technology upgrades [3]. Financial Projections - Revenue projections for 2025 to 2027 are 6.519 billion CNY, 7.887 billion CNY, and 9.544 billion CNY respectively, with net profits expected to be 898 million CNY, 1.097 billion CNY, and 1.34 billion CNY [4][10]. - The company anticipates a net profit margin improvement, with net profit margins projected at 13.8% in 2025, 13.9% in 2026, and 14.0% in 2027 [11]. Market Position - The company has established a strong position in the domestic market by leveraging its experience with overseas clients, particularly in sectors like electric vehicles and AI applications [2]. - The company has successfully entered the supply chain of major clients such as AMD and has achieved mass production for products from clients like Amazon and Samsung [2]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 25 for 2025, indicating a favorable valuation compared to industry peers [4][10]. - The projected earnings per share (EPS) for 2025 is 1.25 CNY, with a decreasing PE ratio forecasted from 36.7 in 2023 to 20.2 in 2025 [10][11].

新华财经北京4月14日电（罗浩）沪深两市三大股指14日早间普遍高开。沪指早盘期间震荡上扬，深成 指和创业板指在盘初有所回落，早盘盘中窄幅整理。三大股指在早盘期间均未回补与上一交易日之间缺 口。科创50指数盘初完成缺口回补，指数在下探后震荡上扬。北证50指数在高开后有所调整，盘中亦呈 震荡上扬态势，至午间收盘时涨逾2%。 盘面上，可控核聚变、跨境电商、博彩概念、体育概念、海南自贸、网红经济、家居用品、创新药等多 个板块在早盘期间高开高走，至午间收盘时均大幅上涨。贵金属、婴童概念、超导概念、微盘股、复合 铜箔、旅游、AI眼镜、一体压铸等板块亦有显著上涨。 一季度我国进出口同比增速逐月回升 4月14日，海关总署发布外贸首季报。2025年一季度，我国货物贸易进出口总值10.3万亿元，同比增长 1.3%。其中，出口6.13万亿元，增长6.9%，进口4.17万亿元，同比下降6%。按月来看，从1月份下降 2.2%到2月份基本持平再到3月份增长6%，我国进出口同比增速逐月回升。 海南：拟对符合条件的个人消费贷款和消费领域的服务业经营主体贷款给予财政贴息 中国银河证券：经历近期调整后，A股市场配置价值进一步抬升。在中国版平准基 ...