证券代码：002384 证券简称：东山精密 公告编号：2024-089 苏州东山精密制造股份有限公司 关于股票交易异常波动的公告 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、股票交易异常波动情况 苏州东山精密制造股份有限公司（以下简称"公司"）股票（证券简称：东 山精密，证券代码：002384）连续 3 个交易日（2024 年 10 月 29 日、10 月 30 日、10 月 31 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交 易规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注、核实的相关情况 针对公司股票异常波动情况，公司董事会依照规定开展自查，并对公司及公 司控股股东就相关事项进行核查，现将有关情况说明如下： 三、关于不存在应披露而未披露信息的声明 公司董事会确认，除已披露信息外，公司目前没有任何根据《深圳证券交易 所股票上市规则》等有关规定应予以披露而未披露的事项；董事会也未获悉公司 有根据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的、对 公司股票及其衍生品种交易价格产生较大影响的信息。截至目前，公司前 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-088 苏州东山精密制造股份有限公司 关于参加苏州上市公司投资者集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，苏州东山精密制造股份有限公司（以下 简称"公司"）将参加"苏州上市公司投资者集体接待日"活动，现将相关事项 公告如下： 出席本次投资者集体接待日活动的人员有：公司董事、副总经理、董事会秘 书冒小燕女士。本次活动将采用网络远程的方式举行，投资者可登录"全景路演 (http:/hrs.p5w.net)"，或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2024 年 11 月 6 日（星期三）15:30-17:00。 届时公司高管将在线就公司治理、发展战略、经营状况等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与! 特此公告。 苏州东山精密制造股份有限公司董事会 2024 年 10 月 31 日 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a revenue of 26.466 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.62%. However, the net profit attributable to shareholders decreased by 19.91% to 1.067 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 9.838 billion yuan, with a year-on-year growth of 11.37% and a quarter-on-quarter growth of 10.74%. The gross margin improved by 2.65 percentage points to 14.65% [1]. - The company's net profit margin increased by 2.12 percentage points to 5.16% in Q3, with a net profit of 507 million yuan, showing a quarter-on-quarter growth of 86.82% [1]. - The AI sector is expected to drive a new growth phase for smartphones, which will benefit the company's FPC (Flexible Printed Circuit) business [1]. - The company's revenue from the new energy sector reached 6.160 billion yuan, accounting for 23.28% of total revenue, with a year-on-year growth of 36.89% [1]. - The company is projected to achieve revenues of 37.826 billion yuan, 43.621 billion yuan, and 51.062 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12%, 15%, and 17% [1]. Financial Summary - For 2023, the company reported a revenue of 33.651 billion yuan, with a projected revenue of 37.826 billion yuan for 2024, reflecting a growth rate of 12.41% [5]. - The net profit attributable to shareholders is expected to decrease to 1.618 billion yuan in 2024, with a profit growth rate of -17.63% [10]. - The projected EPS for 2024 is 0.95 yuan, with a corresponding PE ratio of 23.50 [5][10].

基本状况 东山精密（002384.SZ） 元件 证券研究报告/公司点评报告 2024 年 10 月 29 日 东山精密：三季度业绩稳健，AI+新能源业务驱动后续成长 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|---------------------------|-------------|--------|------------------------------------------|--------|--------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 31,580 | 33,651 | 37,752 | 42,107 | 48,428 | | 分析师：王芳 | 增长率 yoy% | -1% | 7% | 12% | 12% | 15% | | 执业证书编号： S0740521120002 | 归母净利润（百万元） | 2,368 | 1,96 ...

证 券 研 究 报 告 东山精密（002384）2024 年三季报点评 强推（维持） 业绩符合预期，AI 终端创新有望开启一轮新 周期 事项： 公司 2024 年前三季度营收 264.66 亿元（YoY +17.62%），归母净利润 10.67 亿元（YoY -19.91%），扣非归母净利润 10.08 亿元（YoY –2.72%）；24Q3 收入 98.38 亿元（YoY +11.37%，QoQ +10.74%），归母净利润 5.07 亿元（YoY -0.27%， QoQ +86.82%），扣非归母净利润 4.92 亿（YoY +7.28%，QoQ +93.32%）。 评论： 业绩基本符合预期，有望触底反弹。公司 24Q3 营收同比+11.37%，毛利率同 比基本持平，盈利能力相对稳健。费用端来看，公司加大了研发和销售投入， 财务费用受汇兑损失影响而有所提高，导致期间费用率同比+0.21pcts。Q3 剔 除汇兑损失影响来看，公司经营性利润依然稳健，传统业务中 LED 等收入毛 利承压，但收入占比持续下降，伴随公司加强两化融合推进业务整合，传统业 务亏损拖累有望逐渐减轻，战略上公司积极推进大客户战略，深度拥 ...

Investment Rating - Maintains a "Buy" rating [6][7] Core Views - Short-term performance impacted by increased expenses, but long-term growth trend remains intact [1][4] - Revenue for the first three quarters of 2024 reached 26.466 billion yuan, up 17.62% YoY, while net profit attributable to shareholders was 1.067 billion yuan, down 19.91% YoY [1][4] - In Q3 2024, revenue was 9.838 billion yuan, up 11.37% YoY and 10.74% QoQ, with net profit attributable to shareholders at 507 million yuan, down 0.27% YoY but up 86.82% QoQ [1][4] - Gross margin for the first three quarters of 2024 was 13.65%, down 0.32pct YoY, while net margin was 4.03%, down 1.89pct YoY [4] - Exchange rate fluctuations led to a foreign exchange loss of 95 million yuan in Q3, negatively impacting profitability [4] - R&D expenses for the first three quarters of 2024 reached 955 million yuan, up 26.99% YoY, with Q3 R&D expenses at 332 million yuan, up 12.93% YoY [4] Strategic Focus - The company adheres to a dual-drive strategy, focusing on consumer electronics and new energy industries, optimizing its product structure through both external acquisitions and internal development [5] - Non-core businesses, such as LED, are being adjusted to improve profitability through cost reduction and efficiency enhancement [5] Future Outlook - PCB business remains stable, while new energy business is expected to become a second growth driver, especially with enhanced cooperation with Tesla [6] - Photoelectric display business is projected to see significant recovery by 2025 [6] - 2025 is expected to be a landmark year for Apple's AI phone innovation, presenting historical opportunities for the supply chain [6] - Forecasted net profit attributable to shareholders for 2024-2026 is 1.93 billion yuan, 3.516 billion yuan, and 4.721 billion yuan, respectively, with corresponding PE ratios of 23.07x, 12.66x, and 9.43x [6] Financial Performance - Current stock price is 26.10 yuan, with a total market capitalization of 170.591 million shares [7] - EPS for 2024-2026 is projected to be 1.13 yuan, 2.06 yuan, and 2.77 yuan, respectively [10] - ROE for 2024-2026 is expected to be 9.8%, 15.7%, and 18.1%, respectively [10]

证券代码：002384 证券简称：东山精密 苏州东山精密制造股份有限公司 投资者关系活动记录表 编号：2024-10-29 | --- | --- | --- | |--------------------------|---------------------------------------------------------------|---------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 | 业绩说明会 | | 投资者关系 活动类别 | □新闻发布会 | 路演活动 | | | □现场参观 | | | | ☑ 其他（ 2024 | 年三季报电话会议） | | 参与单位名称 及人员姓名 | 投资者 | | | 时间 2024 | 年 10 月 29 日 | (周二) 上午 10:00-11:00 | | 地点 | 进门财经 | | | 上市公司 接待人员姓名 | 1. 执行总裁 单建斌 2. 董事会秘书 3. 投关总监 熊丹 | 冒小燕 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company achieved a revenue of 26.466 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.62%. However, the net profit attributable to shareholders decreased by 19.91% to 1.067 billion yuan [1]. - The report highlights the strong growth potential of Flexible Printed Circuits (FPC) in the consumer electronics sector, particularly due to trends towards lightweight and foldable devices, which are expected to drive demand for FPC [1]. - The company is positioned as a core supplier of FPC, which is anticipated to benefit significantly from the ongoing innovation wave in consumer electronics, especially with the rise of AI functionalities [1]. Financial Performance Summary - For 2024, the company is projected to generate revenues of 37.2 billion yuan, with net profits expected to reach 2.037 billion yuan, reflecting a growth rate of 4% [2][5]. - The earnings per share (EPS) is forecasted to be 1.19 yuan for 2024, with a price-to-earnings (P/E) ratio of 21.9 [2][5]. - The company’s gross margin for Q3 2024 was reported at 14.65%, showing stability compared to the previous year [1]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are set at 37.2 billion, 43.6 billion, and 49.8 billion yuan respectively, while net profit forecasts are 2.037 billion, 2.933 billion, and 3.819 billion yuan [1][2]. - The report indicates a consistent growth trajectory, with expected revenue growth rates of 11%, 17%, and 14% for the respective years [2][5]. Market Position and Competitive Advantage - The company is recognized for its leading position in the industry, with expectations to benefit from the AI wave at the end-user level, enhancing its competitive edge [1]. - The report emphasizes the company's effective cost control and customer structure, which have contributed to maintaining its gross margin despite currency fluctuations [1].

Financial Performance - The company's revenue for Q3 2024 reached ¥9,837,710,076.75, an increase of 11.37% year-over-year, while the year-to-date revenue was ¥26,466,296,272.31, up 17.62% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥506,753,281.78, a slight decrease of 0.27% year-over-year, with a year-to-date net profit of ¥1,067,354,218.05, down 19.91% compared to the previous year[2] - Total operating revenue for Q3 2024 reached CNY 26.47 billion, an increase of 17.8% compared to CNY 22.50 billion in the same period last year[13] - The net profit for the period was CNY 1.28 billion, a decrease from CNY 1.42 billion in the same quarter last year[13] - Net profit attributable to shareholders of the parent company is CNY 1,067,354,218.05, down 20.0% from CNY 1,332,688,158.67 in the same period last year[14] - The total comprehensive income for the period is CNY 1,119,905,053.31, slightly down from CNY 1,130,900,837.94 in the previous year[14] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥2,858,252,696.04, reflecting a decrease of 22.81% compared to the same period last year[2] - Cash flow from operating activities shows a net inflow of CNY 2,858,252,696.04, down 22.7% from CNY 3,702,931,530.98 in the previous year[16] - Cash flow from investing activities has a net outflow of CNY 2,541,365,463.11, improving from a net outflow of CNY 4,421,323,213.94 in Q3 2023[16] - Cash flow from financing activities shows a net outflow of CNY 1,111,866,459.22, compared to a net inflow of CNY 1,824,244,919.91 in the same period last year[16] - The cash and cash equivalents at the end of the reporting period were ¥4,906,187,204.99, a decrease of 30.86% from the previous year-end, primarily due to lower operating cash flow and increased dividend payments[4] - The cash and cash equivalents at the end of the period amount to CNY 4,906,187,204.99, a decrease from CNY 7,096,370,678.29 at the end of Q3 2023[16] Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥45,674,350,036.03, representing a 2.94% increase from the end of the previous year[2] - The company's total assets amounted to CNY 45.67 billion, an increase from CNY 44.37 billion year-on-year[12] - The total liabilities of the company were CNY 26.81 billion, compared to CNY 26.18 billion in the previous year[12] - The company's total current assets were approximately 22.23 billion RMB, slightly down from 22.45 billion RMB at the beginning of the period[10] - Non-current assets totaled CNY 23.44 billion, up from CNY 21.93 billion in the previous year[12] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 82,127, with the top ten shareholders holding a combined 45.65% of the shares[5] - The top three shareholders, Yuan Yongfeng, Yuan Yonggang, and Yuan Fugeng, collectively hold 28.34% of the shares, indicating a strong family control over the company[5] - The company canceled 3,953,617 shares that had been repurchased for over three years, reducing the total share capital from 1,709,867,327 shares to 1,705,913,710 shares[9] Expenses and Financial Metrics - Operating costs for the same period were CNY 25.08 billion, up 18.5% from CNY 21.14 billion year-on-year[13] - R&D expenses increased to CNY 954.57 million, representing a rise of 26.9% compared to CNY 751.87 million in the previous year[13] - The company reported a tax expense of CNY 133.01 million, up from CNY 80.71 million in the previous year[13] - The basic and diluted earnings per share for Q3 2024 are both CNY 0.62, down from CNY 0.78 in Q3 2023[14] Changes in Financial Position - The equity attributable to shareholders increased to ¥18,814,221,660.54, up 3.70% from the end of the previous year[2] - The company's equity attributable to shareholders reached CNY 18.81 billion, an increase from CNY 18.14 billion year-on-year[12] - The company's fixed assets increased to approximately 13.61 billion RMB, compared to 12.42 billion RMB at the beginning of the period[10] - The company's long-term equity investments were valued at approximately 158.46 million RMB, up from 155.41 million RMB at the beginning of the period[10] Other Financial Changes - The company reported a significant increase in accounts receivable, which rose by 771.53% to ¥29,698,586.34 due to the receipt of commercial acceptance bills[4] - The company experienced a 50.58% decrease in accounts receivable financing, totaling ¥143,552,711.30, primarily due to a reduction in bank acceptance bills received[4] - The company recorded a 173.01% increase in contract liabilities, reaching ¥79,124,383.69, attributed to increased customer payments received[4] - The company reported a 115.73% increase in financial expenses, amounting to ¥96,645,338.96, mainly due to lower foreign exchange gains compared to the previous year[4] - The company reported a decrease in trading financial assets from approximately 146.14 million RMB to 127.10 million RMB[10] - The company has completed the registration capital change and related business registration procedures, obtaining a new business license[9]

证券代码：002384 证券简称：东山精密 公告编号：2024-086 苏州东山精密制造股份有限公司 关于变更保荐机构后重新签订募集资金监管协议的公告 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。 苏州东山精密制造股份有限公司（以下简称"公司"）于 2024 年 3 月 12 日 召开第六届董事会第七次会议、第六届监事会第五次会议，并于 2024 年 3 月 29 日召开 2024 年度第二次临时股东大会，审议通过了公司 2024 年度向特定对象发 行 A 股股票的相关议案。根据发行需要，公司聘请海通证券股份有限公司（以下 简称"海通证券"）为本次向特定对象发行 A 股股票的保荐机构。根据中国证券 监督管理委员会《证券发行上市保荐业务管理办法》等相关规定，公司因再次申 请发行证券另行聘请保荐机构，应当终止与原保荐机构的保荐协议，由另行聘请 的保荐机构完成原保荐机构尚未完成的持续督导工作。因此，公司原保荐机构天 风证券股份有限公司（以下简称"天风证券"）尚未完成的持续督导工作将由海 通证券承接，天风证券不再履行相应的持续督导责任。具体内容详见 2024 年 9 ...