2025年6月25日，由上海证券交易所、上海证券同业公会指导，东方证券投资者教育基地主办，环旭电 子（601231）和全景网协办的"我是股东"东方证券投资者走进上市公司环旭电子（601231）在全景网播 出。活动通过公司介绍、互动问答、实地参观等环节，全面展示了环旭电子的经营成果与未来发展潜 力，为投资者搭建了深入了解企业的平台。 环旭电子是全球电子设计制造领导厂商，在SiP模组领域居行业领先地位。公司前身"环隆电气"于1976 年在中国台湾省成立，2012年环旭电子正式于上海A股主板上市。公司为全球品牌客户提供电子设备/模 块的设计、微型化、材料采购、制造、物流和售后服务，产品覆盖通讯类、云端及存储类、消费电子 类、工业类与医疗及车用电子为主等多样化电子产品。 环旭电子董秘史金鹏介绍，环旭电子在全球拥有30个生产据点，分布在12个国家和地区，其中60%的产 能集中在中国大陆。公司凭借其在微小化模组领域的技术优势，与多家全球知名企业建立了长期稳定的 合作关系。近年来，公司通过收购法国飞旭集团等跨国并购项目，进一步拓展了全球业务版图。 在参观环节，投资者们深入了解了公司的生产工艺、产品特点以及技术创新成果。在展 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated stable operational performance, leveraging its global diversified layout advantages. In Q1 2025, the company reported revenue of 13.65 billion yuan, a year-on-year increase of 1.2%, but a quarter-on-quarter decrease of 18.2%. The net profit attributable to the parent company was 340 million yuan, a year-on-year increase of 0.1%, but a quarter-on-quarter decrease of 5.8% [5][6] - The company expects a 10% year-on-year decrease in revenue for Q2 2025, with a corresponding decline in operating profit margin by approximately 1 percentage point [6] - The company is a leader in SiP miniaturization technology and is expected to benefit from the growing demand for lightweight and compact consumer electronics, driven by advancements in AI and the metaverse [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively. The corresponding earnings per share (EPS) are expected to be 0.87 yuan, 1.09 yuan, and 1.36 yuan, with price-to-earnings (P/E) ratios of 15.3, 12.3, and 9.8 times [8] - Key financial indicators for 2025E include revenue of 64.58 billion yuan, a year-on-year growth of 6.4%, and a net profit margin of 3.0% [11]

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]