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]

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 ...