Core Viewpoint - Dongshan Precision's stock has experienced significant fluctuations, with a year-to-date increase of 146.82% but a recent decline of 6.01% over the past five trading days [1] Group 1: Stock Performance - As of September 30, Dongshan Precision's stock price was 71.90 CNY per share, with a market capitalization of 131.69 billion CNY [1] - The stock has seen a trading volume of 1.5 billion CNY, with a turnover rate of 1.49% [1] - The company has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) eight times this year, with the most recent appearance on September 11, where it recorded a net buy of 487 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Dongshan Precision reported a revenue of 16.955 billion CNY, representing a year-on-year growth of 1.96%, and a net profit attributable to shareholders of 758 million CNY, which is a 35.21% increase year-on-year [2] - The company has distributed a total of 1.544 billion CNY in dividends since its A-share listing, with 731 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of September 19, the number of shareholders for Dongshan Precision reached 99,600, an increase of 18.14% from the previous period [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 63.4631 million shares, an increase of 14.0925 million shares from the previous period [3] - New institutional investors include Morgan Emerging Markets Fund, which holds 12.4684 million shares [3]

9月29日，东山精密涨5.37%，截至发稿，报72.26元/股，成交21.03亿元，换手率2.13%，总市值1323.52 亿元。 资料显示，苏州东山精密制造股份有限公司位于江苏省苏州市吴中区太湖东路99号运河小镇总部产业园 12号楼，成立日期1998年10月28日，上市日期2010年4月9日，公司主营业务涉及精密钣金件和精密铸件 的制造与服务,精密电子制造;柔性电路板制造设计、生产及销售业务。主营业务收入构成为：电子电路 产品65.23%，触控面板及液晶显示模组17.98%，精密组件产品13.93%，LED显示器件1.69%，其他 1.17%。 从基金十大重仓股角度 数据显示，中泰证券资管旗下1只基金重仓东山精密。中泰星锐景气成长混合A（018372）二季度持有 股数6.91万股，占基金净值比例为2.41%，位居第九大重仓股。根据测算，今日浮盈赚取约25.43万元。 中泰星锐景气成长混合A（018372）成立日期2023年7月18日，最新规模4101.79万。今年以来收益 36.51%，同类排名2208/8244；近一年收益41%，同类排名3190/8080；成立以来收益16.17%。 中泰星锐景气成长混合 ...

资料显示，苏州东山精密制造股份有限公司位于江苏省苏州市吴中区太湖东路99号运河小镇总部产业园 12号楼，成立日期1998年10月28日，上市日期2010年4月9日，公司主营业务涉及精密钣金件和精密铸件 的制造与服务,精密电子制造;柔性电路板制造设计、生产及销售业务。主营业务收入构成为：电子电路 产品65.23%，触控面板及液晶显示模组17.98%，精密组件产品13.93%，LED显示器件1.69%，其他 1.17%。 9月26日，东山精密跌5.12%，截至发稿，报70.30元/股，成交39.87亿元，换手率4.00%，总市值1287.62 亿元。东山精密股价已经连续3天下跌，区间累计跌幅7.36%。 中泰星锐景气成长混合A（018372）基金经理为高兰君。 截至发稿，高兰君累计任职时间6年100天，现任基金资产总规模1.08亿元，任职期间最佳基金回报 126.62%， 任职期间最差基金回报18.35%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 ...

Group 1 - The company Dongshan Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand recognition [1] - In the first half of 2025, Dongshan Precision achieved total revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 758 million yuan, a year-on-year increase of 35.21% [3] - The company's gross profit margin improved due to reduced depreciation costs and ongoing structural adjustments in its LED business [3] Group 2 - Dongshan Precision's AI strategy focuses on building competitive hardware infrastructure to meet the demands of the AI industry ecosystem, with a focus on high-end PCBs and optical modules for AI computing power [3] - The current optical chip market is experiencing a supply shortage driven by the demand for high-speed optical modules, particularly for products with speeds of 800G and above [4] - The expansion cycle for optical chips is approximately one year, with an additional three years required for customer validation, while optical module expansion can respond more flexibly to customer demand [4]

9月23日， 东山精密 发布公告称，公司正在筹划境外发行股份（H股）并在香港联交所主板挂牌上市。 这一消息引发市场关注，距离公司实控人低价包揽14亿元定增方案尚不足半年。 资料显示，东山精密主业以 消费电子 与 新能源 两大核心赛道的双轮驱动战略主线，在消费电子业务不 断提质增效的同时，全力拥抱新能源的"新蓝海"。 作为 苹果 供应链的重要企业，东山精密近年面临增收不增利的尴尬局面。2024年，公司营收增长 9.27%至367.70亿元，而净利润却大幅下滑44.74%至10.86亿元。 从财报数据看，东山精密目前面临多重挑战。公司核心业务电子电路产品虽然贡献了超过六成的收入， 但产品单价同比下滑23.48%，毛利率也随之下降2.45个百分点至18.34%。 更令人担忧的是公司的 LED 显示器件业务，该业务收入同比下滑35.48%，毛利率已经低至-40.94%，这 意味着公司是在"亏本销售"。2024年，公司对LED业务相关资产计提了5.95亿元资产减值损失，产生 1.64亿元资产处置损失。 数据显示，2017年至2024年，第一大客户对东山精密的销售比例从29.8%攀升至51.28%。这种依赖性在 供应链波 ...

Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998. The company was listed on April 9, 2010. Its main business includes the manufacturing and service of precision sheet metal parts and precision castings, as well as flexible circuit board design, production, and sales [1][2]. Financial Performance - For the first half of 2025, Dongshan Precision achieved operating revenue of 16.955 billion yuan, representing a year-on-year growth of 1.96%. The net profit attributable to the parent company was 758 million yuan, showing a year-on-year increase of 35.21% [2]. - Since its A-share listing, the company has distributed a total of 1.544 billion yuan in dividends, with 731 million yuan distributed in the last three years [3]. Stock Performance - As of September 4, Dongshan Precision's stock price was 63.28 yuan per share, with a market capitalization of 115.904 billion yuan. The stock has increased by 117.23% year-to-date, with a 3.84% rise over the last five trading days and a 21.13% increase over the last 20 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on September 1 [1]. Shareholder Information - As of August 29, the number of shareholders for Dongshan Precision was 82,500, a decrease of 18.07% from the previous period. The average number of circulating shares per shareholder increased by 22.05% to 16,793 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 63.4631 million shares, an increase of 14.0925 million shares from the previous period. Morgan Emerging Markets Dynamic Mixed A Class is a new entrant among the top ten circulating shareholders, holding 12.4684 million shares [3]. Industry Context - Dongshan Precision operates within the electronic components sector, specifically in the printed circuit board (PCB) industry. It is associated with several concept sectors, including overseas expansion, optical communication, new infrastructure, PCB concepts, and flexible electronics [2].

Core Viewpoint - Dongshan Precision (002384) is focusing on enhancing its core business in electronic circuits and related products, aiming for performance growth through increased R&D and new capacity investments, while also addressing industry opportunities brought by technological breakthroughs [2]. Group 1: Company Performance - In the first half of 2025, the company reported a main revenue of 16.955 billion yuan, a year-on-year increase of 1.96% [3]. - The net profit attributable to shareholders was 758 million yuan, reflecting a year-on-year increase of 35.21% [3]. - The net profit excluding non-recurring items was 657 million yuan, up 27.28% year-on-year [3]. - The company's second-quarter revenue was 8.353 billion yuan, a year-on-year decrease of 5.98% [3]. - The second-quarter net profit attributable to shareholders was 302 million yuan, a year-on-year increase of 11.39% [3]. - The company reported a debt ratio of 56.29% and a gross profit margin of 13.59% [3]. Group 2: Future Outlook - The company aims to achieve significant growth in its new energy business, although future revenue growth rates will depend on industry development and competitive landscape [2]. - The company has set a target to enhance market value and operational performance, focusing on innovation-driven development and seizing industry opportunities [2]. Group 3: Analyst Ratings and Predictions - Over the past 90 days, 11 institutions have rated the stock, all giving a buy rating, with an average target price of 60.4 yuan [4]. - Detailed profit forecasts from various institutions indicate expected net profits for 2025 ranging from approximately 2.524 billion yuan to 3.068 billion yuan [6]. - The financing data shows a net inflow of 869 million yuan in the last three months, indicating increased investor interest [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 16.955 billion yuan for the first half of 2025, representing a year-on-year growth of 1.96%. The net profit attributable to shareholders was 758 million yuan, showing a significant increase of 35.21% year-on-year. The gross margin and net margin were 13.59% and 4.47%, respectively, with year-on-year increases of 0.52 percentage points and 1.11 percentage points [2][6]. - In Q2 2025, the company achieved a revenue of 8.353 billion yuan, which was a decline of 5.98% year-on-year and 2.90% quarter-on-quarter. The net profit attributable to shareholders was 302 million yuan, reflecting a year-on-year growth of 11.39% but a quarter-on-quarter decline of 33.72% [2][6]. - The company is focusing on expanding its high-layer PCB capacity to capture the growing demand for AI servers, with an investment of up to 1 billion USD planned for high-end PCB projects [12][12]. - The company is expected to achieve net profits of 3.055 billion yuan, 5.579 billion yuan, and 6.325 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36.54, 20.01, and 17.65 [12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of 758 million yuan, up 35.21% year-on-year. The gross margin was 13.59%, and the net margin was 4.47% [2][6]. - In Q2 2025, the revenue was 8.353 billion yuan, down 5.98% year-on-year and 2.90% quarter-on-quarter, with a net profit of 302 million yuan, reflecting an 11.39% year-on-year increase but a 33.72% quarter-on-quarter decline [2][6]. Business Segments - The electronic circuit business generated 11.059 billion yuan in revenue, up 1.93% year-on-year, while the precision components business saw an 11.87% increase to 2.362 billion yuan. The touch panel and LCD module business reported a revenue of 3.049 billion yuan, down 2.35% year-on-year. The LED display business experienced a significant decline of 34.73% to 285 million yuan [12]. - The new energy business achieved approximately 4.940 billion yuan in revenue, representing a growth of about 29.66% [12]. Strategic Initiatives - The company is initiating a high-end PCB project with an investment of up to 1 billion USD to enhance its product offerings in high-density interconnect and flexible rigid technologies [12]. - The company is also increasing its investment in hardboard business and acquiring a leading player in the optical communication field to strengthen its strategic positioning in AI [12].

Core Viewpoint - The company reported a mixed performance in H1 2025, with revenue growth hindered by weak demand and product structure challenges, while profitability showed steady improvement driven by operational efficiency and growth in the new energy sector [1][2][3]. Financial Performance - H1 2025 revenue reached 16.955 billion yuan, a year-on-year increase of 1.96%, with net profit attributable to shareholders at 758 million yuan, up 35.21% year-on-year. The gross margin was 13.59%, an increase of 0.53 percentage points, and the net margin was 4.47%, up 1.11 percentage points [1]. - Q2 2025 revenue was 8.353 billion yuan, down 5.98% year-on-year and 2.90% quarter-on-quarter. Net profit attributable to shareholders was 302 million yuan, an increase of 11.39% year-on-year but a decrease of 33.72% quarter-on-quarter [2]. - The company experienced a decrease in revenue in Q2 primarily due to weak market demand and product structure adjustments, while profitability decreased quarter-on-quarter due to reduced foreign exchange gains and lower non-recurring income [2]. Business Segmentation - The new energy business saw significant growth, with total revenue of 4.940 billion yuan, a year-on-year increase of 29.66%. This growth was supported by the company's comprehensive supply capabilities in core products such as vehicle FPCs, liquid cooling plates, and battery housings [3]. - The electronic circuit products segment generated 11.059 billion yuan in revenue, a year-on-year increase of 1.93%, accounting for 65.23% of total revenue, with a gross margin of 17.55% [3]. - The precision components segment reported revenue of 2.362 billion yuan, up 11.87% year-on-year, benefiting from increased orders from new energy vehicle clients [3]. Strategic Outlook - The company is focusing on the dual strategy of expanding its new energy vehicle business and AI computing power, with expectations for increased orders and production capacity in the second half of 2025 [4]. - The AI computing power segment is anticipated to drive new growth momentum, supported by the ongoing demand for AI servers and the company's advancements in high-density interconnect technology [4]. - The company aims to enhance its global production capabilities and procurement systems to better meet industry and customer demands, potentially opening new growth avenues [4].

Core Viewpoint - Dongshan Precision (002384) reported a steady growth in revenue and a significant increase in net profit for the first half of 2025, indicating strong operational performance and strategic positioning in the electronic manufacturing sector [2] Financial Performance - The company achieved an operating revenue of 16.955 billion yuan, a year-on-year increase of 1.96% [2] - Net profit attributable to the parent company was 758 million yuan, reflecting a year-on-year growth of 35.21% [2] - Basic earnings per share stood at 0.45 yuan [2] Business Operations - Dongshan Precision focuses on the research, production, and sales of electronic circuit products, precision components, touch display modules, and LED display devices, serving various industries including consumer electronics, new energy vehicles, communication equipment, industrial equipment, AI, and medical devices [2] - The company is capitalizing on the rapid growth of the electronic circuit industry and maintaining its competitive edge in the core components of new energy vehicles [2] - The breakthrough in AI technology is expected to drive explosive growth in demand for data servers, presenting new development opportunities for the company [2] Strategic Expansion - To seize market opportunities in AI servers, the company is actively pursuing the acquisition of Solstice Optoelectronics for up to 5.935 billion yuan to enter the optical module market [3] - Dongshan Precision is also expanding its presence in Europe by acquiring 100% of French GMD for approximately 1 million euros, alongside a debt restructuring plan [3] Capital Operations - The company successfully completed a private placement of A-shares, raising a total of 1.4 billion yuan to support business development needs [3] - A share buyback plan was initiated for employee stock ownership or equity incentives, with 4.2022 million shares repurchased, accounting for 0.2463% of the total share capital [3]