| [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否 | | | --- | --- | | 加定) | | | 香港[編纂]數目 : | [编纂]股H股(可予[编纂]) | | 國際[編纂]數目 | : [编纂]股H股(可予编纂]及視乎 | | [编纂]行使與否而定) | | | 最高 编纂] : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00565%聯交所 | | | 交易費及0.00015%會財局交易徵費(須於 | | | 申請時以港元繳足,多繳股款可予退還) | | 面值 : | 每股H股人民幣1.00元 | | [编纂] : [编纂] | | | 聯席保薦人、[編纂] | | | 「红鼠（ | | 据港交所11月18日披露，苏州东山精密（002384）制造股份有限公司(简称：东山精密，002384.SZ)递表港交所主板，瑞银集团、海通国际、广发证券 和中信证券为其联席保荐人。根据灼识咨询的资料，东山精密是全球第一大边缘AI设备PCB供应商，产品主要应用于智能手机、个人计算机、汽车、工 业与物联网设备，并正迅速将能力扩展至数据中 ...

智通财经APP获悉，据港交所11月18日披露，苏州东山精密制造股份有限公司(简称：东山精密，002384.SZ)递表港交所主板，瑞银集团、海通国际、广 发证券和中信证券为其联席保荐人。根据灼识咨询的资料，东山精密是全球第一大边缘AI设备PCB供应商，产品主要应用于智能手机、个人计算机、汽 车、工业与物联网设备，并正迅速将能力扩展至数据中心终端市场。 招股书显示，东山精密是一家专注于智能制造领域、具备全球化视野与布局的创新驱动型公司。自成立以来，东山精密在核心产品领域建立了领先的市 场地位。根据灼识咨询的资料，以2024年收入计，公司是全球第一大边缘AI设备PCB供应商、全球第二大软板供应商和全球前三大PCB供应商。 | [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否 | | | --- | --- | | 面定) | | | 香港[编纂]數目 | [编纂]股H股(可予[编纂]) | | 國際[編纂]數目 .. | [编纂]股H股(可予[编纂]及視乎 | | [编纂]行使與否而定) | | | 最高编纂] : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 16.955 billion yuan in H1 2025, a year-on-year increase of 1.96%, with a net profit attributable to shareholders of 758 million yuan, up 35.21% year-on-year [4]. - The electronic circuit segment remains the primary revenue source, while the new energy business shows rapid growth, achieving a revenue of 4.940 billion yuan, a year-on-year increase of 29.66% [4]. - The company plans to invest up to 1 billion USD to expand PCB capacity, focusing on high-end PCB products to meet increasing customer demand [4]. - The company is actively pursuing acquisitions to diversify its business, including the acquisition of GMD Group and Solstice Optoelectronics, with total investments not exceeding 5.935 billion yuan [4]. Financial Performance Summary - H1 2025 financial highlights include: - Revenue: 16.955 billion yuan, up 1.96% year-on-year - Net profit: 758 million yuan, up 35.21% year-on-year - Gross margin: 13.59%, up 0.52 percentage points year-on-year - Net margin: 4.47%, up 1.11 percentage points year-on-year [4]. - The company forecasts revenues of 42.118 billion yuan, 52.404 billion yuan, and 60.264 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.524 billion yuan, 3.425 billion yuan, and 4.565 billion yuan [5][6]. Future Projections - Expected revenue growth rates are 15% for 2025, 24% for 2026, and 15% for 2027 [5]. - The projected earnings per share (EPS) are 1.38 yuan for 2025, 1.87 yuan for 2026, and 2.49 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 40, 30, and 22 times [5][6].