登录新浪财经APP 搜索【信披】查看更多考评等级 三、业绩变动原因说明 证券代码：301366 证券简称：一博科技 公告编号：2026-001 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为正值且属于同向下降50%以上情形 （1）以区间数进行业绩预告的 单位：万元 二、与会计师事务所沟通情况 本次业绩预告是公司财务部门初步测算结果，未经会计师事务所审计，公司与会计师事务所就本次业绩 预告有关事项进行了初步沟通，双方不存在重大分歧。 五、备查文件 （一）主营业务影响 1、公司投资新建的珠海市邑升顺电子有限公司PCB工厂，2024年四季度开始试生产，2025年度生产经 营正在爬坡过坎，产能未实现有效释放，本报告期亏损同比增加近4,200万元; 2、与2024年度相比，报告期末的人民币升值造成美元、日元汇率下降的汇兑损失同比增加了近450万 元； 3、公司投资新建的天津一博电子科技有限公司PCBA工厂，2024年下半年开始试生产，2025年度生产 经 ...

易德龙（603380.SH）首次覆盖报告 "易"动全球研创新程，柔性 EMS 龙头的价值新周期 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,161 | 2,498 | 3,003 | 3,546 | | 增长率（%） | 12.7 | 15.6 | 20.2 | 18.1 | | 归属母公司股东净利润（百万元） | 184 | 241 | 291 | 350 | | 增长率（%） | 38.2 | 30.9 | 20.6 | 20.3 | | 每股收益（元） | 1.15 | 1.50 | 1.81 | 2.18 | | PE | 35 | 27 | 22 | 19 | | PB | 4.3 | 4.1 | 3.6 | 3.1 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 01 月 21 日收盘价） 推荐 首次评级 当前价格： 40.44 元 [Table_Auth ...

Core Viewpoint - The market perceives the company as a traditional home appliance manufacturer with limited growth potential in sectors like vacuum cleaners, leading to developmental bottlenecks. However, the company possesses two core capabilities that can facilitate its diversification: refined management skills and precise investment and acquisition capabilities [1] Group 1: Core Capabilities - The company excels in cost control and product quality management, maintaining a leading profitability level in the industry due to its solid manufacturing foundation as an OEM [1] - Historical acquisitions, such as the purchase of the automotive die-casting company Pache in 2021 and the PCBA company Lihua in 2023, have been successfully integrated into larger subsidiaries, significantly enhancing profitability. Currently, these acquisitions contribute approximately 30% to the company's revenue and are expected to further support diversification into other fields [1] Group 2: Overseas Production and Profitability - The company's overseas home appliance production capacity was fully transferred after the tariff event in Q2 2025, leading to initial pressure on net profit margins due to transition costs. Historical data suggests that the impact on net profit margins lasts about three quarters, after which production efficiency improves significantly [2] - The profitability of Pache is gradually increasing, with a full order book. The Thai automotive die-casting factory is expected to reach a production scale of $100 million, primarily supplying major U.S. clients. The automotive die-casting business is anticipated to drive overall net profit margin improvements due to its superior profitability compared to the home appliance sector [2] Group 3: Emerging Business Opportunities - The acquisition of Lihua Technology, focused on PCBA, opens up extensive downstream applications in communications and consumer electronics. The company possesses advanced technology capable of meeting the production requirements for AI products [2] - The company's investments in motor technology extend into the robotics sector, and it is also investing in the digital chip unicorn Cloud Leopard Intelligence, indicating a broadening of its business landscape [2] Group 4: Earnings Forecast and Investment Recommendation - The company is projected to achieve earnings per share of 1.47, 2.03, and 2.37 yuan for the years 2025 to 2027. Based on comparable company valuation methods, a target price of 42.63 yuan is set for 2026, with an initial "buy" rating assigned [3]

Core Viewpoint - The company expects its packaging substrate business to generate a revenue of 1.74 billion yuan in the first half of 2025, with a gross margin of 15.15%, indicating a year-on-year decline in gross margin due to increased costs from raw materials and production ramp-up challenges [2] Group 1: Financial Performance - In the first half of 2025, the packaging substrate business is projected to achieve a revenue of 1.74 billion yuan [2] - The gross margin for the packaging substrate business is expected to be 15.15%, which represents a year-on-year decline [2] - The decline in gross margin is attributed to the ramp-up phase of the Guangzhou packaging substrate project and rising costs of raw materials such as gold salt [2] Group 2: Business Operations - The company anticipates significant improvement in the gross margin of its packaging substrate business by the third quarter of 2025, driven by increased demand for storage packaging substrates and improved capacity utilization [2] - The Guangzhou Guangxin factory is steadily progressing in its ramp-up phase, contributing to the expected improvement in gross margin [2] - The company's PCBA business operates under two sales models: Consign and Turnkey, which generally results in a gross margin slightly lower than the overall company gross margin due to the nature of the business [2]

Group 1 - The core viewpoint of the article highlights that Liyuan Information's wholly-owned subsidiary, Nanjing Feiteng, is actively engaged in PCBA-related business [2] - Nanjing Feiteng operates a modern anti-static workshop covering an area of 15,000 square meters, equipped with advanced automated, intelligent, and environmentally friendly production inspection equipment [2] - The company has invested in fully automated high-speed SMT lines and automatic plug-in assembly lines, which provide robust hardware support for the production and processing of PCBA-related activities [2]

Core Insights - The Chengdu High-tech Zone held a medical device industry cooperation seminar in Shenzhen, focusing on building connections between Chengdu and the Greater Bay Area through collaboration opportunities and policy interpretations [1] Group 1: Collaboration Opportunities - Chengdu High-tech Zone released a list of 18 key procurement demands totaling 860 million yuan, aimed at attracting high-quality support for local production of high-end medical devices [1] - The procurement list covers critical manufacturing aspects such as machined parts, biological raw materials, liquid pathways, optical components, PCBA, and sheet metal parts, providing clear market entry points for upstream suppliers [1] - The list emphasizes compliance with strict regulations and technical standards in the medical industry, highlighting strategic planning in three frontier areas for industrial ecological cooperation [1][2] Group 2: Industry Ecosystem Development - In the IVD (in vitro diagnostics) sector, the Chengdu High-tech Zone plans to build a full-chain ecosystem involving upstream supply chains, pilot testing, complete production, and clinical applications, leveraging resources from academic teams and industry associations [2] - The brain-machine industry ecosystem will focus on four key areas: brain-machine interfaces, neuroscience, psychological medicine, and robotics, in collaboration with renowned medical institutions and industry associations [2] - The digital health ecosystem will target areas such as Internet + healthcare, AI + precision medicine, and smart wearable devices, aiming to establish specialized technology platforms and research centers [2] Group 3: Policy Support and Incentives - The Chengdu High-tech Zone has introduced the "Circle Building and Chain Strengthening Development Policy" to support the medical device sector, offering up to 15 million yuan for individual projects and a total of 30 million yuan in rewards for companies [3] - The "Wutong Plan" was launched to provide a comprehensive service list covering the entire lifecycle of enterprises in the pharmaceutical and health industry, addressing common needs in R&D, clinical transformation, financing, and manufacturing [3]

证券日报网讯12月17日，英威腾（002334）在互动平台回答投资者提问时表示，公司拥有SMT生产 线，用于生产PCBA。 ...

格隆汇12月17日丨英威腾(002334.SZ)在互动平台表示，公司拥有SMT生产线，用于生产PCBA。 ...

Summary of Conference Call Company Overview - The conference call features Fabrinet, a company involved in IT hardware and communications equipment, with a focus on optical and transceiver manufacturing. Key Industry Insights Telecom and Data Center Interconnect (DCI) - Fabrinet has recently separated DCI from its telecom reporting to provide clearer visibility on growth, driven primarily by the Datacom sector [4][14] - DCI products, particularly 400ZR and 800ZR, are experiencing strong growth, with five main customers contributing to this segment [4][5] - The demand for DCI is robust, with expectations for sustainable growth over the coming years [15][14] - Traditional telecom business is growing but at a more stable rate compared to the exponential growth seen in DCI [20][24] High-Performance Computing (HPC) - Fabrinet has initiated a new HPC category, primarily serving AWS, with a revenue of $15 million from qualification volumes [28][30] - The company aims to establish a cost-competitive solution in the HPC market, with potential for significant growth [31][30] - The HPC business is expected to ramp up, with plans for additional product offerings beyond PCBAs [100][105] Capacity Expansion - Fabrinet is constructing Building 10, which will add $2.5 billion in revenue capacity, with a current run rate of $4.5 billion [39][40] - The new facility will be flexible, allowing for quick repurposing based on customer needs [41][44] - The capital expenditure for Building 10 is approximately $130 million, funded from existing cash reserves [45][46] Datacom Demand - Demand for transceivers in the Datacom sector is described as insatiable, particularly with the rise of AI data centers [69][70] - Fabrinet is producing advanced transceivers (200G, 800G, and 1.6T) but faces component shortages that limit production capacity [71][73] - The company is exploring opportunities with various customers, including traditional companies and hyperscalers [78][79] Automotive Sector - Fabrinet's automotive business is stable, with growth in EV charging infrastructure and LiDAR technology [94][95] - The company has captured a significant share of the LiDAR market, positioning itself for future growth as the technology gains traction [95] Financial Performance and Strategy - Fabrinet aims for a gross margin range of 12.5%-13%, with low operating expenses around 1.6%-1.7% of revenue [93][94] - The company has a strong financial position with no debt and approximately $1 billion in cash, allowing for self-funded growth [45][46] - Fabrinet's growth strategy focuses on maintaining a compound annual growth rate of 16% over the past decade, with plans to continue this trend [130][130] Additional Considerations - The company emphasizes the importance of performance and customer satisfaction in securing additional business opportunities [106][107] - Fabrinet is committed to long-term planning, utilizing an eight-quarter rolling revenue forecast to guide its growth strategy [129][130] - The company is open to diversifying its product offerings beyond optical solutions, depending on customer demand [85][86]

Core Viewpoint - Junya Technology (603386) has experienced a continuous increase in stock price, reaching a limit-up of 16.65 yuan per share, with over 100,000 orders on the limit-up board, marking three consecutive days of limit-up trading [1] Group 1: Company Operations - The company announced that its daily production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] - The company has not identified any media reports that would significantly impact its stock trading price [1] Group 2: Business Overview - Junya Technology specializes in the research, production, and sales of printed circuit boards (PCBs) and surface mount technology (SMT) [1] - The company's product range includes rigid PCBs, flexible PCBs, rigid-flex PCBs, high-density interconnect PCBs, and PCBA, which are widely used across various applications [1] - Although the company's PCBs can be used in humanoid robots, the revenue contribution from these products is minimal, accounting for less than 0.05% of total revenue, and will not significantly impact current performance [1]