6月13日晚间，东山精密（002384）披露对外投资公告。 公司全资子公司超毅集团（香港）有限公司拟收购 Source Photonics Holdings (Cayman)Limited（以下简 称"索尔思光电"） 100%股份以及公司认购其可转债。 其中，索尔思光电100%股份收购对价不超过6.29亿美元；索尔思光电 ESOP权益收购对价不超过 0.58 亿美元；为支持索尔思光电经营发展需要以及偿还万通发展认购的可转债，公司拟认购索尔思光电不超 过10亿元人民币的可转债。 上述投资金额合计不超过人民币59.35亿元。 索尔思光电是一家在光通信领域具有领先地位的企业，专注于设计、开 发、制造和销售光通信模块及 组件。 产品范围覆盖从10G 到 800G 及以上速率的各类光模块，包括用于数据中心的高速光模块，如 QSFP28、QSFP56、QSFP112系列产品；用于电信网络的光模块，如SFP、SFP+、XFP 等系列产品；以 及适用于5G通信基站前传、中传和回传的各类光模块产品等。 弟弟袁永刚目前担任东山精密董事长，袁永刚、王文娟夫妇还是蓝盾光电（300862）、安孚科技 （603031）的实际控制人。哥哥 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Insights - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand and the rapid growth of the automotive electronics sector [3][4]. - The company has established a "soft and hard integration" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The global PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, driven by high-value product demand [4][68]. Summary by Sections Company Performance - The company has achieved significant revenue growth, with a projected net profit of 46.50 billion yuan in 2025, reflecting a year-on-year increase of 302.8% [5][7]. - The company reported a substantial increase in revenue and net profit in Q1 2025, with revenue reaching 43.12 billion yuan, up 80.31% year-on-year [28]. Industry Growth Drivers - The demand for AI servers is expected to drive a significant increase in PCB usage, with AI server shipments projected to grow substantially [37][38]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to enhance the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56][57]. Product and Market Strategy - The company has diversified its product offerings through strategic acquisitions, including the purchase of Pole Star Limited, which enhances its capabilities in flexible circuit boards [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, and AMD, which strengthens its market position and revenue potential [5][16]. Financial Projections - The company forecasts significant growth in revenue and net profit over the next few years, with net profit expected to reach 81.49 billion yuan by 2027 [5][7]. - The company's gross margin is projected to improve, reflecting a shift towards higher-value products in its portfolio [31].

今天（5月22日），苏州再次迎来工业互联网大会，这也是我市第二次承办这一盛会。工业互联网 一头连着传统工业制造业，一头连着新一代信息技术，是数字经济和实体经济深度融合的关键底座，也 是产业数字化的关键引擎。近年来，苏州与工业互联网有着深度"绑定"——在这里，工业互联网不是抽 象的概念，而是车间里流畅的智能产线，是实验室跳跃的数字代码，更是传统制造业向"新"而行的生动 实践。 构筑生态优势 破译工业互联网"苏州密码" 走进位于苏州工业园区的协鑫光伏科技有限公司的智能工厂，RGV搬运车穿梭运送物料，机械臂 精准抓取组件，大屏幕上实时跳动着物料信息等生产数据。这样的场景，正在苏州数以万计的工厂里上 演。 "不少企业选择苏州，是因为这里有着最完整的工业互联网生态。"苏州市工信局相关负责人表示。 从标杆企业到产业集群，从基础配套到研发能力，苏州都走在全国前列。中国工联网测算的一组数据显 示：2024年，苏州工业互联网产业增加值规模达1465.19亿元，增速12.5%。这个数字背后，是苏州超前 布局的战略眼光。近年来，苏州相继出台《关于全力打造"工业互联网看苏州"品牌的若干措施》《关于 推进制造业智能化改造和数字化转型的 ...

点击招商研究小程序查看PDF报告原文 公司公告24年年报及25Q1季报，公司24年实现收入 126.59 亿同比+17.68%，归母净利润 11.69 亿 同 比 +24.86% ， 扣 非 归 母 净 利 10.54 亿 同 比 +18.11% ， 毛 利 率 22.73% 同 比-0.44pct，净利率9.16%同比+0.70pct，拟每10股派发现金红利8元；25Q1收入33.43亿同比 +21.90%环比-6.65%，归母净利3.25亿同比+2.18%环比+22.76%，扣非归母净利2.32亿同 比 -17.56% 环 比 +2.52% ， 毛 利 率 20.78% 同 比 -3.82pct 环 比 +0.67pct ， 净 利 率 9.87% 同 比-1.69pct 环比+2.50pct。结合公司近况，我们点评如下： 24Q4整体符合市场预期，收入增长源于稼动率提升。 24Q4收入35.81亿同比+19.16%环比 +11.54%，归母净利2.65亿同比+12.16%环比+6.75%，扣非归母净利2.26亿同比+10.73%环 比-4.78%，毛利率20.11%同比+0.70pct 环比-3.22p ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨景旺电子（603228.SH） [Table_Title] 景旺电子 2024 年报及 2025 年一季报点评：深 耕汽车，拥抱 AI 报告要点 [Table_Summary] 景旺电子发布 2024 年报及 2025 年一季报：2024 年，公司实现营业收入 126.59 亿元，同比增 长 17.68%；实现归母净利润 11.69 亿元，同比增长 24.86%；实现毛利率和净利率 22.73%和 9.16%，分别同比-0.44pct 和+0.69pct。2025 年一季度，公司实现营业收入 33.43 亿元，同比 增长 21.90%；实现归母净利润 3.25 亿元，同比增长 2.18%；实现毛利率和净利率 20.78%和 9.87%，分别同比-3.83pct 和-1.70pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 [Table_Summary2] 事件描述 景旺电子发布 2024 年报及 2025 ...

公司研究丨深度报告丨世运电路（603920.SH） [Table_Title] 世运电路：深耕优势领域，开发新兴板块 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 世运电路始建于 1985 年，经过 39 年的发展，产品广泛应用到不同的领域，包括汽车、工业、 消费、电脑及周边产品、通讯和医疗类产品等。目前在公司的业务板块中，汽车电路板占比最 高，尤其是在新能源汽车方面，公司提前布局，取得一定优势。公司主要客户有特斯拉、松下、 三菱、博世西门子、戴森、丰田、大众等国际知名企业。目前，公司积极开拓国内外市场，深 耕核心领域，同时加速发展人工智能、低空飞行器、人形机器人等新兴产业，持续为客户提供 优质产品和服务。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 世运电路（603920.SH） cjzqdt11111 [Table_Title2] 世运电路：深耕优势领 ...

Core Viewpoint - In 2024, the company faced significant operational pressure, with a notable decline in both revenue and profit, indicating challenges in maintaining profitability amidst external market pressures [1][4]. Financial Performance - The company's total revenue for 2024 was 1.559 billion, a decrease of 3.70% from 1.619 billion in 2023 [4]. - Gross profit fell from 404 million in 2023 to 307 million in 2024, a reduction of 970 million [4]. - Net profit attributable to shareholders plummeted by 88.91%, from 1.03 billion in 2023 to 113.837 million in 2024 [4]. - The net profit after excluding non-recurring items turned into a loss of 2.703 million, a decline of 103.25% compared to a profit of 832.82 million in 2023 [4]. Market Challenges - The company is navigating external challenges such as sluggish global economic recovery, supply chain restructuring, and rising raw material costs [4]. - Despite efforts to optimize product structure and enhance cost control, the company’s performance remained unsatisfactory due to new business lines still in the ramp-up phase and increased costs related to asset impairment and convertible bond interest [4]. Strategic Initiatives - The company is focusing on emerging technologies, including IoT, AI, and electric vehicles, to drive demand for PCB products [5][6]. - It has initiated small-scale production of high-performance computing products, indicating a shift towards advanced technology applications [6]. - The product range includes HDI boards, thick copper boards, and semiconductor packaging, catering to diverse industries such as industrial control, healthcare, and telecommunications [6]. Cost Control and Digital Transformation - The company is actively implementing cost control measures and lean operations, aiming to enhance efficiency and reduce costs [7]. - It has optimized its supply chain management and improved digital procurement processes, leading to significant advancements in cost management and operational efficiency [7]. - The deployment of SAP and other systems across all factories has been completed, facilitating real-time monitoring of operations and enhancing data accuracy for better decision-making [7].