Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The company has diversified into three major sectors: electronic circuits, optoelectronic displays, and precision manufacturing, establishing itself as the second-largest flexible circuit board manufacturer and the third-largest printed circuit board manufacturer globally. It is actively expanding into the new energy vehicle sector, leveraging its technological advantages in consumer electronics and communication equipment [1][5][18]. - In 2023, the company achieved a record revenue of 33.651 billion yuan, a year-on-year increase of 6.56%. For the first three quarters of 2024, revenue reached 26.466 billion yuan, reflecting a year-on-year growth of 17.62% [1][29]. Summary by Sections Company Overview - The company has a stable family-controlled ownership structure, with the Yuan family holding a combined 28.34% of shares. The company has evolved from a small metal stamping factory in the 1980s to a leading global PCB supplier [19][18]. - The company operates three main business segments: electronic circuits, optoelectronic displays, and precision manufacturing, serving various industries including automotive, telecommunications, and medical [22][25]. Consumer Electronics - The flexible printed circuit (FPC) market is experiencing strong demand, particularly in consumer electronics, driven by advancements in AI technology. The company has established a significant presence in the North American market through its acquisition of MFLX, enhancing its supply chain capabilities [5][42][50]. - The FPC market is projected to grow significantly, with a stable market share of 18%-20% within the global PCB market. The company is well-positioned to benefit from this growth due to its technological advancements and strategic acquisitions [44][45]. Automotive Electronics - The new energy vehicle market is rapidly expanding, with increasing consumer demand and product offerings. The company has made strategic acquisitions, such as Multek, to enhance its global manufacturing capabilities and service offerings in this sector [6][29][37]. - The company has established production bases in Mexico and the United States to serve North American electric vehicle clients, maintaining strong relationships with major customers [6][29]. Financial Projections - The company is expected to achieve net profits of 1.853 billion yuan in 2024, 2.797 billion yuan in 2025, and 3.293 billion yuan in 2026, with corresponding earnings per share (EPS) of 1.09 yuan, 1.64 yuan, and 1.93 yuan respectively. The current stock price reflects a valuation of 32 times, 21 times, and 18 times earnings for these years [7][9].

Group 1 - The core point of the article highlights that Dongshan Precision has seen a significant decrease in the number of shareholders, with a reduction of 19,102 accounts, representing a decline of 18.89% compared to the previous period [1] - As of February 5, the margin trading balance for Dongshan Precision was reported at 3.595 billion yuan, with a financing balance of 3.580 billion yuan, indicating a decrease of 23.9041 million yuan or 0.66% during the current period of concentrated chips [1] - The company's third-quarter report shows that it achieved operating revenue of 26.466 billion yuan, a year-on-year increase of 17.62%, while net profit decreased by 19.91% to 1.067 billion yuan, with basic earnings per share at 0.6200 yuan and a weighted average return on equity of 5.77% [1] Group 2 - The closing price of Dongshan Precision was reported at 32.34 yuan, reflecting an increase of 6.56%, with a cumulative increase of 3.79% since the concentration of chips began [1] - The stock experienced four days of increase and three days of decrease during the reporting period [1]

Investment Rating - The report gives an initial "Buy" rating for the company [4]. Core Views - The company is focusing on its core business areas, particularly in PCB and new energy sectors, to strengthen its competitive advantages. The revenue for Q3 2024 was 9.838 billion yuan, a year-on-year increase of 11.37%, while the net profit attributable to the parent company was 507 million yuan, a slight decrease of 0.27% [1]. - The company is positioned as the second largest FPC manufacturer globally and the third largest PCB manufacturer, benefiting from the increasing demand for high-density, lightweight components in mobile devices and emerging technologies like AI and AR/VR [2]. - The precision manufacturing segment is growing rapidly, particularly in the new energy vehicle market, with revenues reaching approximately 6.160 billion yuan in the first three quarters of 2024, a year-on-year increase of about 36.89% [3]. Summary by Sections Business Overview - The company has a well-established position in the PCB market, with significant acquisitions enhancing its product offerings. It has expanded its PCB product line to include flexible, rigid, and rigid-flex boards, which are widely used in various applications including mobile phones and electric vehicles [13][14]. - The precision components segment is increasingly focused on the new energy vehicle market, with a growing portfolio of products such as battery housings and structural components [15]. Financial Performance - The company reported a revenue of 33.651 billion yuan in 2023, a 6.6% increase from the previous year, while the net profit was 1.965 billion yuan, down 17.1% year-on-year. The forecast for 2025 and 2026 indicates revenues of 46.355 billion yuan and 54.214 billion yuan, respectively, with net profits expected to rise significantly [5][4]. - The company has maintained a low expense ratio, with improvements in gross and net profit margins over the years, despite some fluctuations due to market conditions [25][32]. Market Position and Strategy - The company is leveraging its strong customer relationships and focusing on high-growth areas such as AI and new energy vehicles to drive future growth. It aims to enhance its competitive edge through continuous R&D investment and strategic acquisitions [22][38]. - The report highlights the company's commitment to innovation, with R&D expenses increasing from 480 million yuan in 2018 to 1.16 billion yuan in 2023, representing a growing focus on technological advancement [38].

目 录 | 二、问题三…………………………………………………………第 10—15 页 | | --- | | 一、问题二……………………………………………………………第 1—10 页 | 关于苏州东山精密制造股份有限公司 申请向特定对象发行股票的第二轮审核问询函中 有关财务事项的说明 天健函〔2025〕5-2 号 深圳证券交易所： 由海通证券股份有限公司转来的《关于苏州东山精密制造股份有限公司申 请向特定对象发行股票的第二轮审核问询函》（审核函〔2024〕120060 号，以 下简称审核问询函）奉悉。我们已对审核问询函所提及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或公司）财务事项进行了审慎核查，现汇 报如下。 问题一 根据申报材料，报告期内，发行人在建工程账面价值为 50,303.75 万元、 181,318.38 万元、184,252.52 万元、215,394.67 万元。其中盐城东创大型压 铸项目为 2022 年开始建设，2022 年末、2023 年末、2024 年 9 月末该项目在建 工程的账面价值为 42,968.34 万元、65,809.08 万元、48,182.38 万元。 请发行 ...

关于向特定对象发行股票的第二轮审核问询函回复的提示性公告 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。 证券代码：002384 证券简称：东山精密 公告编号：2025-001 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证监会 作出同意注册的决定后方可实施。本次向特定对象发行股票事项最终能否通过深 交所审核,并获得中国证监会同意注册的批复及其时间尚存在不确定性。公司将 根据该事项的进展情况及时履行信息披露义务，敬请广大投资者谨慎决策，注意 投资风险。 苏州东山精密制造股份有限公司 苏州东山精密制造股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日收到深圳证券交易所（以下简称"深交所"）出具的《关于苏州东山精密制造 股份有限公司申请向特定对象发行股票的第二轮审核问询函》（审核函〔2024〕 120060 号)，深交所发行上市审核机构对公司向特定对象发行股票的申请文件进 行了审核,并形成了第二轮审核问询问题。 公司按照上述问询函的要求，同相关中介机构对审核问询函所列问题进行了 认真研究和落实，对第二轮审核问询函所列问题进行了逐项 ...

安徽承义律师事务所关于 苏州东山精密制造股份有限公司 2024 年度向特定对象发行股票的 补充法律意见书（六） 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：安徽省合肥市怀宁路 200 号置地广场栢悦中心五层 邮编：230041 传真：0551-65608051 电话：0551-65609615 65609815 8-3-1 安徽承义律师事务所关于 苏州东山精密制造股份有限公司 2024年度向特定对象发行股票的 补充法律意见书（六） （2024）承义法字第00199-16号 致：苏州东山精密制造股份有限公司 根据本所与发行人签订的《聘请律师协议》，本所指派司慧、张亘律师以特 聘专项法律顾问的身份，参与本次发行工作。 本律师已依据《公司法》《证券法》《注册管理办法》《适用意见第 18 号》 等有关法律、法规和规范性文件，按照中国证监会关于《编报规则第 12 号》的 要求，基于律师行业公认的业务标准、道德规范和勤勉尽责精神，就本次发行所 涉有关事宜出具了承义法字（2024）第 00199-1 号《法律意见书》、（2024）第 00199-2 号《律师工作报告》、（2024）承义法字第 0 ...

Group 1 - The core point of the article is that Dongshan Precision has experienced a decrease in the number of shareholders for the second consecutive period, indicating a potential trend in shareholder sentiment [1][2]. - As of December 20, the number of shareholders was reported at 123,522, which is a decrease of 15,071 from the previous period, representing a 10.87% decline [1]. - The latest stock price of Dongshan Precision is 29.68 yuan, reflecting a decrease of 3.92%, although the stock has seen a cumulative increase of 4.51% since the concentration of shares began [2]. Group 2 - The company has recorded 8 days of stock price increases and 7 days of declines over the reporting period, indicating volatility in trading activity [3].

证券代码：002384 证券简称：东山精密 公告编号：2024-109 根据公司目前实际经营情况，同意由苏州市吴中区东山镇人民政府回购公司 所持有的苏州市吴中区东山镇工业园区有关土地使用权以及地上附着物等资产， 经双方协商，参考评估价格确定本次交易价格约为 5,052 万元。本次出售土地使 用权等资产有利于盘活公司闲置资产，提高资产使用效率，符合公司经营需要， 不存在损害公司及股东特别是中小股东利益的情形。本次交易不构成关联交易， 亦无需提交公司股东大会审议。 特此公告。 苏州东山精密制造股份有限公司董事会 2024 年 12 月 30 日 苏州东山精密制造股份有限公司 第六届董事会第十六次会议决议公告 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"）第六届董事会第十六 次会议（以下简称"会议"）通知于 2024 年 12 月 25 日以专人送达、邮件等方 式发出，会议于 2024 年 12 月 30 日在公司以现场结合通讯方式召开。会议应到 董事 9 人，实到董事 9 人。公司监事、高级管理人员列席了会议。会议 ...

安徽承义律师事务所 关于苏州东山精密制造股份有限公司 召开 2024 年第五次临时股东会的 法律意见书 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：安徽省合肥市怀宁路 200 号置地广场栢悦中心五层 邮编：230041 传真：0551-65608051 电话：0551-65609615 65609815 （2024）承义法字第 00326 号 致：苏州东山精密制造股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会 规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受苏州东山精密 制造股份有限公司（以下简称"东山精密"）的委托，指派司慧、张亘律师（以下简 称"本律师"）就东山精密召开 2024 年度第五次临时股东会（以下简称"本次股东 会"）出具法律意见书。 一、本次股东会召集人资格和召集、召开的程序 经核查，本次股东会是由东山精密第六届董事会召集，会议通知已提前十五日刊 登在中国证监会指定的信息披露报刊和深圳证券交易所指定的网站上。本次股东会已 按公告的要求如期召开。本次股东会的召集人资格和召集、召开程序符合法律、法规、 规范性文件和公司 ...

特别提示 ● 本次股东会未出现否决议案的情形。 证券代码：002384 证券简称：东山精密 公告编号：2024-108 苏州东山精密制造股份有限公司 2024 年度第五次临时股东会决议公告 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。 ● 本次股东会不涉及变更前次股东会决议的情形。 一、会议召集、召开和出席情况 （一）会议的召集、召开情况 1、本次会议召集情况 苏州东山精密制造股份有限公司（以下简称"公司"）2024年度第五次临时 股东会（以下简称"会议"）于2024年12月7日发出通知。 2、本次会议召开情况 会议于2024年12月23日采取现场表决与网络投票相结合的方式召开。其中， 现场会议于2024年12月23日下午14:00开始在公司会议室召开；通过深圳证券交 易所交易系统进行网络投票的具体时间为2024年12月23日上午9:15-9:25，9:30- 11:30，下午13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的 具体时间为2024年12月23日上午9:15至下午15:00期间的任意时间。 本次会议由公司董事会召集，董事长袁 ...