Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The growth momentum of FPC (Flexible Printed Circuit) is strong, with the company increasing its supply chain share among A customers. The shift towards lightweight and compact electronic products drives the demand for FPC, making it one of the fastest-growing segments in the PCB industry. The company has rapidly risen to become a key player in the global FPC market through strategic acquisitions and technological innovation [3][11][18] - The recovery of the smartphone market, coupled with the development of AI smartphones, is expected to drive both the volume and price of FPC, contributing to the company's performance growth. Apple's leadership in FPC applications is significant, as the integration of advanced technologies increases the demand for FPC in its products [3][14][21] - The penetration rate of the new energy vehicle market is steadily increasing, and the company is actively expanding into the automotive electronics market. The transition of the automotive industry towards electrification and intelligence is significantly boosting the demand for high-end products like FPC. The company's dual-driven strategy aims to capture opportunities in both consumer electronics and new energy sectors [3][20][23] Summary by Sections FPC Market Development - FPC is a key component in connecting smartphone modules, characterized by its lightweight, thin, and flexible nature, which aligns with the trend towards miniaturization in electronic products. The smartphone market is the largest application for FPC, driving rapid market expansion [11][12] - The global FPC market size is projected to reach $50 billion in 2023, with China's FPC market expected to grow to approximately 139.32 billion yuan [13][24] Automotive Electronics Market Potential - The rapid growth of the new energy vehicle market is supported by the increasing number of charging stations and the adoption of fast-charging technology. The global automotive electronics market is estimated to reach $277 billion in 2023, with a projected compound annual growth rate of 5% from 2023 to 2028 [20][21] - The company is focusing on expanding its presence in the new energy vehicle market, leveraging its dual-driven strategy to enhance its product offerings and customer relationships [23][24] Profit Forecast and Valuation - The company is expected to achieve revenues of 34.53 billion yuan in 2024, with a year-on-year growth of 3%. The net profit forecast for 2024-2026 is 2.01 billion, 3.00 billion, and 3.53 billion yuan, respectively, with corresponding P/E ratios of 18, 12, and 10 [2][26][27]

目 录 | 一、前次募集资金使用情况鉴证报告………………………………第 二、前次募集资金使用情况报告………………………………… | 1—2 第 3—11 | 页 页 | | --- | --- | --- | | 三、证书附件………………………………………………………第 | 12—15 | 页 | 前次募集资金使用情况鉴证报告 天健审〔2024〕5-103 号 苏州东山精密制造股份有限公司全体股东： 我们鉴证了后附的苏州东山精密制造股份有限公司（以下简称东山精密公司） 管理层编制的截至 2024 年 6 月 30 日的《前次募集资金使用情况报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供东山精密公司向特定对象发行 A 股股票时使用，不得用作任 何其他目的。我们同意本鉴证报告作为东山精密公司向特定对象发行股票时的必 备文件，随同其他申报材料一起上报。 二、管理层的责任 东山精密公司管理层的责任是提供真实、合法、完整的相关资料，按照中国 证券监督管理委员会《监管规则适用指引——发行类第 7 号》的规定编制《前次 募集资金使用情况报告》，并保证其内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-077 苏州东山精密制造股份有限公司 关于公司控股股东部分股份解除质押的公告 三、其他说明 1、本次控股股东股份质押为解除质押，不涉及新增融资安排。 2、截至本公告披露日，公司控股股东质押股份不存在平仓风险或被强制过 户的情形，亦不会导致公司实际控制权发生变更，质押风险在可控范围之内。后 续若出现平仓风险，公司控股股东将采取包括但不限于：追加质押股份、追加担 保物及追加保证金等措施，以应对上述风险。 3、公司将持续关注控股股东的股份质押及相关风险情况，并按规定及时做 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"）于近日收到公司控股 股东袁永刚先生将所持部分股份办理解除质押的通知。具体情况如下： 二、控股股东股份累计质押的情况 截至本公告披露日，公司控股股东所持股份的质押情况如下： | 股东 | 持股数量 | 持股 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所持 | 占公司总 | 已质押股份情况 | | 未质押股份情况 | | | -- ...

证券代码：002384 证券简称：东山精密 公告编号：2024-076 苏州东山精密制造股份有限公司 关于部分回购股份注销完成暨股份变动的公告 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。 特别提示： 根据《深圳证券交易所上市公司自律监管指引第9号—回购股份》等相关规 定，现将公司部分回购股份注销完成暨股份变动的具体情况公告如下： 一、本次回购股份基本情况 （一）回购方案概述 公司于2021年7月8日召开第五届董事会第十三次会议审议通过了《关于回购 公司股份方案的议案》，同意公司通过深圳证券交易所交易系统以集中竞价交易 的方式回购部分公司股份用于后期实施员工持股计划或股权激励，回购价格不超 过人民币29.44元/股，回购金额不低于人民币10,000万元（含本数）且不超过人民 币20,000万元（含本数），回购资金来源全部为公司自有资金，回购实施期限为 自董事会审议通过回购股份方案之日起12个月内。截至2021年8月31日，公司本 次股份回购计划已实施完毕，公司通过回购专用证券账户以集中竞价方式实施累 计回购公司股份5,319,737股，占公司总股本的0.31 ...

证券代码：002384 证券简称：东山精密 公告编号：2024-075 苏州东山精密制造股份有限公司 截至本公告披露日，公司控股股东所持股份的质押情况如下： | 股东 | 持股数量 | 持股 | 本次质押 前质押股 | 本次质押 后质押股 | 占其所 | 占公司总 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | （万股） | 比例 | 份数量 | 份数量 | 持股份 | 股本比例 | 已质押股份限 | 占已质押 | 未质押股份 | 占未质 | | | | | （万股） | （万股） | 比例 | | 售数量（万 | | 限售数量 | 押股份 | | | | | | | | | 股） | 股份比例 | （万股） | 比例 | | 袁永峰 | 22,238.82 | 13.01% | 12,727 | 12,727 | 57.23% | 7.44% | 9,927.00 | 78.00% | 6,752.11 | 70.99% | | 袁永刚 | 20,222. ...

营收稳健增长，利润继续承压。1H24 公司实现营业收入 166.29 亿元(YoY 证券分析师：胡剑 证券分析师：胡慧 +21.67%)，归母净利润 5.61 亿元(YoY -32.01%)，主要原因包括非经常性损 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn S0980521080001 S0980521080002 益减少、汇率与竞争压力带来的毛利率下滑，以及期间非标产品转单带来的 新品开发和制造准备，导致的管理费用和研发费用增加。对应 2Q24 单季度 证券分析师：叶子 证券分析师：詹浏洋 实现营业收入 88.48 亿元(YoY +24.15%，QoQ +14.71%)，实现归母净利润 2.71 0755-81982153 010-88005307 yezi3@guosen.com.cn zhanliuyang@guosen.com.cn S0980522100003 S0980524060001 亿元(YoY -23.14%，QoQ -6.25%），毛利率 12.60%(YoY +0.42pct，QoQ -1p ...

证券研究报告 电子 报告日期：2024 年 08 月 23 日 电子电路主业复苏，软板+触控面板增长部分抵消毛利下滑 华龙证券研究所 最近一年走势 市场数据 2024 年 08 月 22 日 当前价格（元） 22.56 52 周价格区间（元） 11.01-28.98 总市值（百万元） 38,574.61 流通市值（百万元） 31,364.61 总股本（万股） 170,986.73 流通股（万股） 139,027.53 近一月换手（%） 105.49 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzqgs.com 相关阅读 ——东山精密（002384.SZ）2024 年半年报点评报告 事件： 2024 年 8 月 20 日，公司发布 2024 年半年报。2024 年上半年， 公司实现营业收入 166.29 亿元，同比增长 21.67%，实现归母净利润 5.61 亿元，同比下降 32.01%。 投资评级：增持（首次覆盖） 观点： 软板+触控面板业务表现亮眼，部分抵消主业毛利率下滑。上半 年，电子电路主业实现营收 108.5 亿元，同增 20.93%，收入占比 稳定在 65%以 ...

证券研究报告 | 公司动态点评 2024 年 08 月 22 日 东山精密（002384.SZ） 24H1 营收稳健增长，看好 AI 驱动下半年旺季表现 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------|--------|--------|--------|--------|--------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 31,580 | 33,651 | 37,749 | 43,370 | 49,690 | 股票信息 | | | 增长率 yoy（%） | -0.7 | 6.6 | 12.2 | 14.9 | 14.6 | | | | 归母净利润（百万元） | 2,368 | 1,965 | 2,166 | 3,025 | 3,752 | 行业 | 电子 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company's core business in PCB is experiencing stable growth, while its new energy business is progressing steadily. In the first half of 2024, the company achieved operating revenue of 16.629 billion yuan, a year-on-year increase of 21.67%. However, the net profit attributable to the parent company was 561 million yuan, a decrease of 32.01% year-on-year. The gross margin and net margin were 13.07% and 3.36%, respectively [5][6]. - In Q2 2024, the company reported operating revenue of 8.884 billion yuan, a year-on-year increase of 24.15% and a quarter-on-quarter increase of 14.71%. The net profit attributable to the parent company for Q2 was 271 million yuan, down 23.14% year-on-year and 6.25% quarter-on-quarter, with gross and net margins of 12.60% and 3.04% [5][6]. Summary by Sections Business Performance - The company capitalized on industry development opportunities, particularly in AI applications, increasing its R&D and customer expansion in PCB products for AI servers, cloud computing, and automotive sectors. The electronic circuit business generated revenue of 10.85 billion yuan, up 20.93% year-on-year. The new energy business revenue reached 3.810 billion yuan, a year-on-year increase of 29.33%, further enhancing its revenue share [5][6]. - The LED display device business achieved revenue of 438 million yuan, a year-on-year increase of 4.3%, with a significant reduction in losses due to improved operational efficiency [5][6]. Strategic Focus - The company adheres to a dual-driven strategy, concentrating resources on R&D and production of core components in consumer electronics and new energy sectors. It aims to optimize its product structure through both mergers and acquisitions and organic growth, seeking new profit growth points [5][6]. - The company is actively adjusting its non-core business strategies to ensure stable development, particularly in the LED sector, by implementing cost reduction and efficiency improvement measures [5][6]. Future Outlook - The company expects significant improvement in profit margins as it strengthens collaboration with clients in the new energy sector. The optical display business is anticipated to reach a turning point by early 2025, coinciding with a historic opportunity in the supply chain due to innovations in Apple's AI smartphones [6]. - Forecasts indicate that the company will achieve net profits attributable to the parent company of 2.320 billion yuan, 3.636 billion yuan, and 4.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 16.39, 10.46, and 8.06 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the AI replacement trend is driving growth in consumer electronics, while the new energy business is progressing steadily [4] - The company's H1 2024 performance met expectations, with revenue growth in PCB and new energy sectors, despite a decline in net profit [4] - The LED display business has shown a significant reduction in losses, and the company is focusing on improving operational efficiency [5] - The dual-engine strategy of consumer electronics and new energy is expected to provide strong long-term growth resilience [6] Financial Performance Summary - For H1 2024, the company achieved revenue of 166.29 billion yuan, a year-on-year increase of 21.67%, and a net profit of 5.60 billion yuan, a year-on-year decrease of 32.01% [4] - The gross margin for H1 2024 was 13.07%, a slight decline of 0.36 percentage points year-on-year [4] - In Q2 2024, revenue reached 88.84 billion yuan, up 24.15% year-on-year and 14.71% quarter-on-quarter, with a net profit of 2.71 billion yuan [4] - The company expects net profits for 2024, 2025, and 2026 to be 20.1 billion, 28.1 billion, and 34.2 billion yuan respectively [4] Business Segment Performance - The revenue from electronic circuit products, LED display devices, touch panels, and precision components for H1 2024 was 108.50 billion, 4.38 billion, 31.22 billion, and 21.11 billion yuan respectively, with year-on-year growth rates of 20.93%, 4.30%, 40.73%, and 6.37% [5] - The new energy business generated revenue of 38.10 billion yuan, reflecting a year-on-year increase of 29.33% [5] Strategic Outlook - The company is enhancing its competitive edge in consumer electronics by expanding PCB product development in AI servers, cloud computing, and automotive sectors [6] - In the new energy sector, the company is engaging with major North American clients, providing components for automotive displays and cooling systems [6] - The operational efficiency improvements in the LED segment are expected to lead to a gradual recovery in profitability [6]