电子/消费电子 奥海科技（002993.SZ） 三季度业绩稳健增长，AI 服务器电源加速布局 《2024Q3 营收稳定增长，短期扰动不 改优异前景—公司信息更新报告》 -2024.10.30 陈蓉芳（分析师） 张威震（分析师） chenrongfang@kysec.cn | 日期 | 2025/10/29 | | --- | --- | | 当前股价(元) | 48.23 | | 一年最高最低(元) | 54.81/27.52 | | 总市值(亿元) | 133.13 | | 流通市值(亿元) | 115.00 | | 总股本(亿股) | 2.76 | | 流通股本(亿股) | 2.38 | | 近 3 个月换手率(%) | 189.78 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-10 2025-02 2025-06 奥海科技 沪深300 相关研究报告 《2025Q1 净利率同环比提升，汽车/ 服务器新业务可期—公司信息更新报 告》-2025.4.24 2025 年 10 月 30 日 投资评级：买入（维持） zhangweizhen@kysec.cn 证书编 ...

Company Overview - Ji'an Mankun Technology Co., Ltd. focuses on high-layer PCB products, with approximately 60% of its products being high-layer, and automotive electronics accounting for about 30% of its focus area [2][3]. Financial Performance - The gross margin for PCB products in 2024 was 10.44%, with the automotive electronics sector showing a higher gross margin [3][4]. - In 2024, the top five customers accounted for 35.92% of total sales, with no single customer exceeding 10% [6]. Investment and Expansion - The company is investing up to $70 million in Thailand to establish a new production base, with the project progressing through various stages, including registration and land agreements [3][6]. - The Thai factory is expected to commence production by 2027 [6]. Research and Development - Future R&D will focus on enhancing automotive electronic PCB capacity and developing core components for new energy vehicles, including battery, motor, and control systems [4][7]. - The company is advancing in the development of 16-layer server power products and automotive three-stage HDI intelligent driving domain control products, with prototypes currently in testing [4][5]. Production and Inventory Management - The company employs a "sales-driven production" model, maintaining a good inventory turnover rate of 7.59 times in 2024, which is favorable compared to industry peers [6][7]. - The production strategy includes monitoring material and finished goods aging to minimize obsolete inventory [6]. Cost Control and Efficiency - Cost reduction strategies include controlling procurement costs, optimizing production processes, and enhancing product yield to ensure quality and reduce internal failure costs [7]. - The company is committed to building a smart factory that integrates data management and automation to improve operational efficiency [7]. Strategic Vision - The company aims to enhance its international competitiveness and risk resilience through overseas expansion and strategic partnerships with leading global enterprises [7].