每经AI快讯，长盈精密（SZ 300115，收盘价：41.2元）10月9日晚间发布公告称，截至2025年9月30 日，公司尚未开始实施本次回购。 2024年1至12月份，长盈精密的营业收入构成为：电子元器件占比69.04%，新能源产品零组件占比 30.79%，智能装备制造占比0.17%。 每经头条（nbdtoutiao）——与美元脱钩后，暴涨102倍，揭秘黄金疯涨背后神秘的"无形之手"！专家： 推动金价上涨的逻辑没有变 （记者 王瀚黎） 截至发稿，长盈精密市值为560亿元。 ...

Company Overview - Changying Precision (SZ 300115) announced a scheduled institutional research meeting on September 23, 2025, from 16:00 to 17:00, with participation from Chairman Chen Qixing and other executives to address investor inquiries [1] - As of the report, Changying Precision has a market capitalization of 54.1 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Changying Precision is as follows: electronic components account for 69.04%, new energy product components account for 30.79%, and intelligent equipment manufacturing accounts for 0.17% [1]

Group 1 - The core point of the article is that Changying Precision (SZ 300115) announced a share repurchase plan during its board meeting held on August 26, 2025 [1] - For the fiscal year 2024, the revenue composition of Changying Precision is as follows: electronic components account for 69.04%, new energy product components account for 30.79%, and intelligent equipment manufacturing accounts for 0.17% [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - The core point of the article is that Changying Precision (SZ 300115) announced a share buyback plan using its own or raised funds, aimed at implementing an employee stock ownership plan or equity incentive plan [1] - The buyback amount will be no less than RMB 50 million and no more than RMB 100 million, with an estimated repurchase of approximately 285,000 shares at a maximum price of RMB 35 per share, representing about 0.21% of the total share capital [1] - The buyback period is set for 12 months from the date the board of directors approves the plan [1] Group 2 - In 2024, the revenue composition of Changying Precision is projected to be 69.04% from electronic components, 30.79% from new energy product components, and 0.17% from intelligent equipment manufacturing [1] - As of the report, the market capitalization of Changying Precision is RMB 35.9 billion [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown significant improvement in profitability, with a revenue of 16.93 billion and a net profit of 0.772 billion in 2024, marking a year-on-year increase of 23.4% and 800.2% respectively [6] - The focus on consumer electronics and new energy components has driven recovery in profitability, with the company actively pursuing new projects in AI robotics and smart equipment [6][12] - The forecast for 2025-2027 indicates continued revenue growth, with projected revenues of 19.81 billion, 22.79 billion, and 26.20 billion respectively, alongside net profits of 0.878 billion, 1.207 billion, and 1.429 billion [12][13] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 16.93 billion, a year-on-year increase of 23.4%, and a net profit of 0.772 billion, reflecting a significant recovery in profitability [6] - The gross margin for 2024 was 18.5%, a decrease of 1.3 percentage points year-on-year, while the net margin improved to 5.0%, an increase of 3.9 percentage points [6] - The first quarter of 2025 saw a revenue of 4.40 billion, a year-on-year increase of 11.6%, with a net profit of 0.170 billion, down 43.4% year-on-year due to previous gains from equity disposals [6] Business Segments - The consumer electronics segment generated 11.69 billion in revenue, up 15.4% year-on-year, while the new energy segment saw revenue of 5.21 billion, a 47.3% increase [6] - The robotics and smart equipment segment reported a decline in revenue to 0.03 billion, primarily due to equity dilution from a subsidiary [6] Future Outlook - The company is expected to continue benefiting from the recovery in consumer electronics and new energy sectors, with management optimization likely to enhance profitability [6] - The collaboration with key clients in the robotics sector is anticipated to provide significant growth opportunities, positioning the company as a potential assembler of robotic components [6][12]

Core Viewpoint - Longying Precision achieved record high operating performance in 2024, with significant growth in revenue and net profit driven by its core businesses in precision components for consumer electronics and new energy products [1][2]. Financial Performance - In 2024, Longying Precision reported revenue of 16.934 billion yuan, a year-on-year increase of 23.4% [2] - The net profit reached 772 million yuan, marking a staggering year-on-year growth of 800.24% [2] - The net profit excluding non-recurring gains and losses was 531 million yuan, reflecting a remarkable increase of 2750.7% [2] - The company experienced a recovery from a loss in 2021, with net profits of 42.38 million yuan in 2022 and 85.70 million yuan in 2023 [2]. Business Segments - The growth was attributed to the dual drivers of precision components for consumer electronics and new energy products, alongside new ventures in robotics and intelligent equipment [1][3]. - Revenue from the consumer electronics segment was 11.691 billion yuan, up 15.39% year-on-year, supported by a 6.4% increase in global smartphone shipments and growth in PC product sales [2][3]. - The new energy business saw revenue increase by 47.29% to 5.214 billion yuan, aided by the ramp-up of production capacity in various locations [3]. R&D and Innovation - Longying Precision maintains a high R&D expenditure rate, consistently between 7% and 10% of revenue, with R&D expenses exceeding 1.2 billion yuan annually from 2022 to 2024 [1][7]. - In 2024, the company added 272 new patents, including 132 invention patents, and had a total of 2002 effective patents by year-end [7]. Financial Structure and Cost Management - The company successfully reduced financial expenses by 64.5% to 73.71 million yuan in 2024, with the fourth quarter showing a negative financial expense of -51.09 million yuan [7][8]. - The asset-liability ratio decreased to 58.72%, the first time below 60% in four years, down from 66.99% in the previous year [8]. Dividend Distribution - Longying Precision announced a cash dividend distribution for the first time in three years, proposing a payout of 1.3 yuan per 10 shares, totaling 176 million yuan, which is 22.85% of the net profit for 2024 [4][5].