广东精锐精密工业有限公司 创立于1998年，是一家新能源电池精密结构件设计、研发及制造为一体的国家级高新企业，公司坐落于全球 制造业之都-广东省东莞市高埗镇。 换电之城 智慧两轮！ 7月10-11日，由 起点锂电、起点钠电、起点两轮车及换电主办的 2025第五届起点两轮车换电大会及轻型动力电 池技术高峰论坛 将于 深圳宝安登喜路国际酒店2楼国际厅正式举办。 本次论坛将聚焦第五届聚焦两轮车及换电、两轮车锂电、钠电池的 技术高峰论坛，高倍率、超快充、新材料、新工艺等前沿技术深度探讨和思维碰撞。论坛将邀请300+两轮车换电及电池细分重量级企业， 600+企业高层汇聚共论行业发展。 经活动组委会确认， 广东精锐精密工业有限公司 作为展位赞助商重点支持本次大会举办，现场将携最新产品亮相， 展位号：B03 。 敬 请期待！ 企 业 介 绍 更多内容，持续更新…… 点击阅读原文，即可报名参会！ 精锐精密致力于产品制造工艺的不断创新，使产品具有更高安全可靠性能的同时更具有比同行更高的材料利用率及更高的生产效率，使产 品具有更高性价比；是各新能源电池厂家优选的精密电池壳体合作供应商。 精 彩 推 荐 2025中国两轮车换电及电 ...

官方资料显示， 震裕科技成立于1994年10月，发展中 以模具技术为基石，逐步拓展下游精密冲压产业，并于2013年将业务 延伸至电机铁 芯精密冲压领域， 2015年底正式延伸至 新能源汽车动力锂电池精密结构件领域。 近日，起点锂电关注到，江西宜春一新能源电池产业相关项目传来终止信息。 6月3日， 震裕科技（ 300953 ）发布了《 关于终止对外投资的进展公告 》，决定 终止在江西宜春投资建设的新能源电池壳体生产项目， 已于 近日 与宜春经济技术开发区管理委员会签署了《解除合同协议书》。 梳理来看， 震裕科技与 宜春经济技术开发区于 2023年5月正式签署《投资合同书》。彼时， 震裕科技计划在 宜春经济技术开发区投资10 亿元，建设 新能源电池壳体生产项目，项目实施主体为全资子公司 宜春震裕汽车部件有限公司。 对于终止原因， 震裕科技表示是由于 行业、市场环境等变化 ，公司审慎评估了该项目的中长期市场容量及增长空间。目前项目外部环境及 下游客户需求相较2023年拟投资时点发生较大变化，预计无法达到公司初定的投资进度及收益目标。 根据最新终止公告显示， 截至今年4月，该项目已实际投资4964 万元，主要为设备投 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，震裕科技公告与宜春经济技术开发区管理委员会签署了《解除合同协议书》，正式终止在江西宜 春投资10亿元的新能源电池壳体生产项目。 2023年3月，震裕科技雄心勃勃宣布在江西宜春投资10亿元建设新能源电池壳体生产项目。彼时新能源 行业高歌猛进，市场对锂电池结构件的需求似乎永无止境。 短短两年后，2025年4月，公司董事会一纸决议终止该项目。公告中"行业、市场环境等变化"的表述背 后，是动力电池产能过剩的残酷现实。 项目终止时实际投资仅占计划4.96%。公司披露已投入4964万元，主要为设备投资，这些设备将搬迁至 其他生产基地使用。 这并非震裕首次收缩战线。2023年8月，公司已终止四川宜宾投资5亿元的电池结构件二期项目，当时解 释为"集中现有优势资源、保障关键业务开展"。连续终止重大投资项目，反映出公司对锂电池结构件市 场预期的根本性转变。 华安证券曾预测2025年全球锂电池结构件市场空间可达680亿元，复合增长率34.8%的乐观预测已被现 实冷却。市场环境剧变，让震裕不得不重新审视自己的扩张步伐。 2024年，震裕科技实现营收71. ...

Core Insights - The company reported a revenue of 36.77 billion yuan for 2024, a year-on-year increase of 9.27%, but a net profit attributable to shareholders of 1.086 billion yuan, a decrease of 44.74% [1] - In Q1 2025, the company achieved a revenue of 8.602 billion yuan, a year-on-year increase of 11.07%, with a net profit of 456 million yuan, up 57.55% [1] - The LED business negatively impacted overall performance, with a revenue drop of 35.48% in 2024 [1] Revenue Breakdown - Electronic circuit products generated 24.801 billion yuan in revenue, a growth of 6.62% [1] - LED display devices saw revenue of 768 million yuan, down 35.48% [1] - Touch panels and LCD modules achieved 6.370 billion yuan, an increase of 31.02% [1] - Precision components generated 4.540 billion yuan, up 9.08% [1] LED Business Performance - The company optimized operations in the LED segment, resulting in a 164 million yuan asset disposal loss and a 595 million yuan impairment loss [1] - Excluding these factors, the net profit decline for 2024 would be approximately 5% [1] - In Q1 2025, the LED business reduced its losses by several million yuan, although it did not achieve profitability [1] New Energy Business Growth - The new energy segment reported a revenue of 8.65 billion yuan in 2024, a year-on-year increase of 36.98%, accounting for 23.52% of total revenue [2] - In Q1 2025, the new energy business generated 2.63 billion yuan, a growth of 43.79%, increasing its revenue share to 30.57% [2] - Key products in this segment include vehicle-mounted FPC, liquid cooling plates, battery housings, and vehicle displays [2] Impact of Tariffs - The company’s export revenue was 30.583 billion yuan in 2024, with less than 5% directly exported to the U.S., limiting the impact of increased tariffs [2] - Most export tariffs are borne by customers, indicating a limited short-term effect from U.S. tariff increases [2] - The company is expanding its overseas production bases, with successful operations in Thailand, Mexico, and the U.S. [2] Investment Outlook - The company’s product lines cover electronic circuits, optoelectronic displays, and precision manufacturing, focusing on consumer electronics and new energy sectors [3] - Projected revenues for 2025 to 2027 are 40.619 billion, 48.147 billion, and 52.581 billion yuan, with respective growth rates of 10%, 19%, and 9% [3] - Expected net profits for the same period are 2.703 billion, 3.188 billion, and 3.486 billion yuan, with significant year-on-year growth [3]

宁波华翔：电池壳体预计明年开始稳步量产 北美大部分产品来自属地化生产 智通财经5月6日电，宁波华翔总经理孙岩在今天下午举行的2024年年度报告网上说明会上称，公司电池 壳体的产能布局已基本完成，预计明年开始稳步量产；目前公司在北美布局较为完善，大部分的产品来 自属地化生产，同时公司还在北美加大投入来减少对进口零部件的依赖。（智通财经记者 汪斌） ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Changjiang Automobile** and its joint venture with **Tuman Intelligent**, focusing on the **four-wheel drive system** and **screw rod production**. The collaboration aims to leverage both companies' strengths to overcome technical bottlenecks and enhance equipment qualifications and R&D capabilities [2][5]. Key Financial Performance and Growth Factors - In Q1 2025, Changjiang Automobile reported **revenue of 180 million yuan**, a **26% year-on-year increase**, with a profit of approximately **70 million yuan**, reflecting a **37% growth**. The revenue growth is primarily driven by overseas markets, with expectations for continued contributions from traditional business in 2025 [4][40]. - The gross margin for Q1 2025 improved due to **scale effects** and **internal process enhancements**, particularly a **10% increase in assembly line efficiency**. This improvement helped meet the rising demand from clients like BYD [2][6][7]. - The company anticipates **20%+ overall revenue growth** in 2025, with overseas revenue expected to rise from **40% in 2024 to 50% in 2025** [3][40]. Market Expansion and Performance - The Czech market is projected to grow by **80% in 2024**, with a net profit margin of **20%**, while the Mexican market is expected to grow by **30%**. This indicates significant revenue and profitability improvements in overseas markets [2][8]. - BYD is expected to account for approximately **15% of revenue in 2024**, with Volkswagen contributing around **40-50%**, of which **30% is from overseas**. BYD's sales are projected to increase significantly in 2025, potentially enhancing market share for Changjiang [25][37]. Joint Venture and Product Development - The joint venture with Tuman Intelligent will focus on producing screw rods using **extrusion and grinding processes**, targeting both vehicle and robotics sectors. The partnership includes exclusive agreements to protect interests and is expected to start sample deliveries in the second half of 2025 [2][10][21]. - The company is also developing screw rod equipment in collaboration with Tuman, leveraging Tuman's strengths in gear machine tools and grinding machines [11][12]. Challenges and Strategic Considerations - Despite strong overseas growth, the company faces challenges in management, particularly regarding local employee management and initial profit margins. However, the European market remains profitable, and the company is optimistic about its performance [30][31]. - The company plans to maintain a **high capacity utilization rate** of **80-90%** in overseas markets, with ongoing improvements in assembly line efficiency to support profitability [26]. Research and Development - R&D expenses are expected to increase in 2025, particularly for the **magnetic steel project**, with a total budget of **500 million yuan**. The company is in the early stages of this project, with significant investments planned for future phases [47][48]. Conclusion and Investor Communication - The company is in a preliminary R&D phase, with many details remaining confidential. The chairman expresses confidence in the company's future and encourages investors to reach out with any questions [54].

LED 整合优化拖累2024 年利润，2025Q1 业绩高速增长，维持"买入"评级4 月25 日，公司发布2024 年 度报告。（1）2024 年，公司实现营收367.70 亿元，同比+9.27%；归母净利润10.86 亿元，同 比-44.74%；扣非归母净利润8.99 亿元，同比-44.34%；销售毛利率14.02%，同比-1.16pcts；销售净利率 2.95%，同比-2.89pcts。（2）2024 年单四季度，公司实现营收103.04 亿元，同比-7.59%，环比 +4.74%；归母净利润0.18 亿元，同比-97.11%，环比-96.39%；扣非归母净利润-1.10 亿元，同 比-119.00%，环比-122.30%；毛利率14.96%，同比-2.67pcts，环比+0.31pcts；净利率0.18%，同 比-5.50pcts，环比-4.99pcts。（3）公司2024 年度和Q4 净利润大幅下降，主要是基于谨慎性原则，对 LED 业务进行整合优化，产生1.64 亿资产处置损失和5.95 亿资产减值损失，剔除该因素后，2024 年净 利润同比下降约5%左右。公司2025 年第一季度业绩预告称，受益于 ...

电子/元件 东山精密（002384.SZ） LED 业务轻装前行，端侧 AI 与新能源双轮驱动 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 25.28 | | 一年最高最低(元) | 37.60/14.75 | | 总市值(亿元) | 431.25 | | 流通市值(亿元) | 350.46 | | 总股本(亿股) | 17.06 | | 流通股本(亿股) | 13.86 | | 近 3 个月换手率(%) | 285.64 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-04 2024-08 2024-12 东山精密 沪深300 相关研究报告 《2024Q3 业绩符合预期，看好 PCB+ 汽车双轮驱动—公司信息更新报告》 -2024.11.1 《AI 换机潮推动消费电子成长，新能 源业务稳定推进—公司信息更新报 告》-2024.8.22 《行业复苏叠加新品放量，公司业绩 有望稳步增长 —公司信息更新报告》 -2024.4.29 陈蓉芳（分析师） 张威震（分析师 ...

开源证券股份有限公司陈蓉芳,张威震近期对东山精密（002384）进行研究并发布了研究报告《公司信息 更新报告：LED业务轻装前行，端侧AI与新能源双轮驱动》，给予东山精密买入评级。 东山精密 LED整合优化拖累2024年利润，2025Q1业绩高速增长，维持"买入"评级 4月25日，公司发布2024年度报告。(1)2024年，公司实现营收367.70亿元，同比+9.27%；归母净利润10.86 亿元，同比-44.74%；扣非归母净利润8.99亿元，同比-44.34%；销售毛利率14.02%，同比-1.16pcts；销售 净利率2.95%，同比-2.89pcts。(2)2024年单四季度，公司实现营收103.04亿元，同比-7.59%，环比 +4.74%；归母净利润0.18亿元，同比-97.11%，环比-96.39%；扣非归母净利润-1.10亿元，同比-119.00%， 环比-122.30%；毛利率14.96%，同比-2.67pcts，环比+0.31pcts；净利率0.18%，同比-5.50pcts，环 比-4.99pcts。(3)公司2024年度和Q4净利润大幅下降，主要是基于谨慎性原则，对LED业务进行整合优 ...