责任编辑：小浪快报 资料显示，苏州万祥科技股份有限公司位于江苏省苏州市吴中区淞葭路1688号，成立日期1994年4月15 日，上市日期2021年11月16日，公司主营业务涉及消费电子精密零组件产品相关的研发、生产与销售。 主营业务收入构成为：消费电子类产品66.28%，动力/储能类产品26.31%，其他(补充)4.90%，其他产品 2.52%。 截至8月8日，万祥科技股东户数1.41万，较上期减少3.24%；人均流通股11670股，较上期增加3.35%。 2025年1月-6月，万祥科技实现营业收入6.34亿元，同比增长31.94%；归母净利润200.55万元，同比减少 85.71%。 分红方面，万祥科技A股上市后累计派现5000.12万元。近三年，累计派现3000.07万元。 机构持仓方面，截止2025年6月30日，万祥科技十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股249.92万股，相比上期增加111.36万股。大摩多因子策略混合（233009）、南方中证 1000ETF（512100）退出十大流通股东之列。 8月25日，万祥科技跌1.12%，成交额9660.82万元。两融数据显示，当日万 ...

Group 1 - The Lixun Robot headquarters project has been signed to settle in Changshu Economic Development Zone, with an expected annual output value of 10 billion yuan upon reaching full production, aiding Changshu's transition from a "manufacturing city" to a "smart manufacturing city" [1] - The project covers an area of 66 acres with a total investment of 5 billion yuan, focusing on the research, manufacturing, and sales of industrial automation equipment and various robots, aiming to establish a comprehensive headquarters industrial base [3] - Lixun Precision Industry Co., Ltd. has seen a compound annual growth rate of 37% in its robotics business over the past three years, holding over 800 patents, and ranks 133rd in the 2024 Fortune China 500 list [3] Group 2 - Changshu Lixun, established in 2019, focuses on precision components for consumer electronics, core components for new energy vehicles, and smart mobile terminals, contributing significantly to Changshu's position in the Yangtze River Delta's smart manufacturing sector with an output value of 11.9 billion yuan in 2024 [4] - Changshu is actively developing new sectors and nurturing new dynamics, with Lixun's increased investment injecting strong momentum into the city's industrial transformation [4] - The city is creating innovation hubs such as the "Intelligent Computing Future City," which has attracted major projects from leading companies like Huawei and iFLYTEK, aiming to accelerate the integration of artificial intelligence across various industries [5] Group 3 - Changshu has a solid industrial foundation with over 14,000 industrial enterprises and a total industrial output value exceeding 490 billion yuan, with a projected GDP of 307.91 billion yuan in 2024 [5] - The city is focusing on three major innovation hubs to promote industrial transformation and upgrade, including the "中新昆承湖园区," "智算未来城," and "苏州.中国声谷" [5] - Changshu's government is committed to providing streamlined services for enterprise development and project construction, aiming for rapid project initiation and completion [4]

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].