证券代码：300657 证券简称：弘信电子 公告编号：2025-36 厦门弘信电子科技集团股份有限公司 第四届董事会第四十次会议决议公告 二、备查文件 1、公司第四届董事会第四十次会议决议； 2、公司 2025 年第一季度报告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门弘信电子科技集团股份有限公司（以下简称"公司"）第四届董事会第四 十次会议通知以电话、电子邮件等相结合的方式于 2025 年 4 月 10 日发出。会议 于 2025 年 4 月 15 日上午 10：00 以通讯表决方式召开。本次会议应到董事 9 人， 出席本次会议董事 9 人，公司高级管理人员、监事列席了本次会议。 本次会议由公司董事长李强先生召集并主持，会议的召开符合《中华人民共 和国公司法》和《公司章程》的有关规定，合法、有效。 一、董事会会议审议情况 经过与会董事的认真审议，本次会议以书面记名投票的表决方式，表决通过 如下决议： 1、会议以赞成 9 票，反对 0 票，弃权 0 票，审议通过《关于公司 2025 年第 一季度报告的议案》。 董事会经核查认为：公司 2025 年第 ...

厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 证券代码：300657 证券简称：弘信电子 公告编号：2025-37 厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 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。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3、第一季度报告是否经过审计 □是 否 1 厦门弘信电子科技集团股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减（%） | | 营业收入（元） | 1,587,055,577.68 | 1,669,987,666.48 | - ...

弘信电子（300657）公告，2025年第一季度营收为15.87亿元，同比下降4.97%；净利润为680.07万元， 同比下降75.80%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company has benefited from the AI wave, turning losses into profits, with a significant revenue increase of 68.91% year-on-year, reaching 5.875 billion yuan in 2024, and a net profit of 57 million yuan, up 113.05% year-on-year [1][2]. - The company is focusing on high-end FPC (Flexible Printed Circuit) products and optimizing its business structure to capture opportunities in the recovering consumer electronics market [2]. - The dual-track layout in computing chips and strong R&D efforts are establishing technological barriers, enhancing the company's competitive position in the AI and computing sectors [2][3]. Financial Summary - In 2024, the company achieved a revenue of 5.875 billion yuan, with a year-on-year growth of 68.91%. The net profit for the same year was 57 million yuan, marking a significant turnaround from a loss in the previous year [1][10]. - The projected net profits for 2025, 2026, and 2027 are 280 million yuan, 476 million yuan, and 748 million yuan, respectively, with corresponding P/E ratios of 46, 27, and 17 [3][10]. - The company’s gross margin is expected to improve from 10% in 2024 to 16.4% by 2027, reflecting enhanced operational efficiency and product mix [12]. Business Strategy - The company is positioning itself as a provider of intelligent hardware and comprehensive solutions in the AI sector, creating a full-stack ecosystem that includes computing power, large models, and AI applications [3]. - Strategic partnerships with leading model manufacturers and upstream suppliers are being leveraged to build an industrial cluster, enhancing the company's service offerings from hardware manufacturing to operational support [3]. Market Performance - The stock has shown a significant absolute return of 46% over the past 12 months, despite a recent decline of 41% in the last month [7]. - The company's market capitalization stands at approximately 12.86 billion yuan, with a total share count of 488 million [4].

Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company's 2024 annual report shows a revenue of 5.875 billion yuan, a year-on-year increase of 68.91%, and a net profit attributable to shareholders of 57 million yuan, marking a return to profitability [1]. - The "All in AI" strategy is beginning to show results, with significant growth in AI-related businesses and improvements in profit margins across various segments [2]. - The FPC (Flexible Printed Circuit) business has seen a revenue of 3.097 billion yuan, a year-on-year increase of 6.95%, indicating a strengthening market position [1]. Financial Performance - The company achieved a revenue of 5.875 billion yuan in 2024, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit attributable to shareholders is expected to grow significantly, from 57 million yuan in 2024 to 323 million yuan in 2025, representing a year-on-year growth of 469.3% [4]. - The gross margin for the printed circuit board business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, an increase of 25.32 percentage points year-on-year [2]. Business Segments - The AI computing and related business generated 1.988 billion yuan in revenue, accounting for 33.84% of total revenue, indicating rapid expansion [2]. - The company is strategically positioned in both domestic and international markets, supplying major smartphone manufacturers such as H Company, OPPO, VIVO, Xiaomi, and others [1]. Future Projections - The company is projected to achieve revenues of 11.130 billion yuan and 13.707 billion yuan in 2026 and 2027, respectively, with net profits expected to reach 739 million yuan in 2026 [4]. - The report anticipates continued growth driven by advancements in AI technology and the company's focus on high-end products [2].

Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company achieved a revenue of 5.875 billion yuan in 2024, representing a year-on-year growth of 68.91%, and turned a profit with a net profit of 57 million yuan [1]. - The "All in AI" strategy is beginning to show results, with significant growth in AI-related businesses and improvements in profit margins across various segments [2]. - The company is focusing on high-end products in the FPC business and has established strong partnerships with major smartphone manufacturers [1][2]. Financial Performance - The company reported a revenue of 3.478 billion yuan in 2023, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit is expected to increase from 111 million yuan in 2024 to 739 million yuan in 2026, indicating a substantial recovery and growth trajectory [4]. - The gross margin for the FPC business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, showing a significant increase compared to the previous year [2]. Market Position and Strategy - The company is positioned as a leading domestic FPC manufacturer, with a focus on upgrading its product offerings in response to the growing demand for AI-driven technologies [1]. - The strategic partnership with domestic chip manufacturers and exploration of NVIDIA's resources are key components of the company's growth strategy in the AI sector [2]. - The company aims to enhance its operational efficiency while expanding its customer base through strategic collaborations with major industry players [1][2].

Group 1 - The company reported a total revenue of 5.875 billion yuan for 2024, representing a year-on-year increase of 68.91% [1] - The net profit attributable to shareholders reached 56.82 million yuan, up 113.05% year-on-year, while the non-recurring net profit attributable to shareholders was -65.32 million yuan, reducing losses by 85.45% year-on-year [1] Group 2 - The company has implemented multiple measures to improve the profitability of its FPC business, focusing on high-quality development and optimizing production layout by reducing capacity and selling off underperforming factories [2] - The printed circuit board business generated a revenue of 3.097 billion yuan in 2024, with a gross margin of 2.75%, which is a 157.81% increase year-on-year [2] Group 3 - The company completed a dual layout in computing power chips by acquiring 100% of the shares of an elite NVIDIA agent, enhancing its capabilities in the computing power industry [3] - The computing power business revenue reached 1.988 billion yuan, accounting for 33.84% of total revenue, primarily driven by sales of computing power servers [3] - The company aims to deepen collaborations in the computing power ecosystem, providing AI solutions across various sectors including education, smart manufacturing, and healthcare [3] Group 4 - The revenue forecast for 2025-2026 has been adjusted to 8.620 billion yuan and 10.431 billion yuan, with expected year-on-year growth rates of 46.7% and 21.0% respectively [4] - The earnings per share (EPS) estimates for 2025-2026 are projected to be 0.46 yuan and 0.85 yuan, with an additional forecast for 2027 of 1.17 yuan [4] - The company maintains an "overweight" rating due to improving profitability in traditional businesses and promising prospects in AI computing power [4]

Core Insights - The company has significantly improved its operating performance, achieving a total revenue of 5.875 billion yuan in 2024, a year-on-year increase of 68.91% from 3.478 billion yuan in 2023. The net profit attributable to shareholders reached 56.82 million yuan, up 113.05%, successfully turning a profit [1] Business Performance - The revenue composition of the company's main business includes printed circuit board (FPC) revenue of 3.097 billion yuan, accounting for 52.71% of total revenue with a gross margin of 2.75%. The revenue from computing and related businesses was 1.988 billion yuan, making up 33.84% of total revenue with a high gross margin of 19.72, becoming a new profit growth point. The backlight module business generated 703 million yuan, representing 11.97% of total revenue with a gross margin of 9.44% [2] Financial Health - The company's operating cash flow has improved, with an operating cash flow per share of 0.41 yuan, a year-on-year increase of 41.90%. However, cash and cash equivalents decreased to 335 million yuan, down 57.78% year-on-year. Interest-bearing debt increased significantly to 2.226 billion yuan, a year-on-year rise of 62.37%, with an interest-bearing asset-liability ratio reaching 21.12% [3] Accounts Receivable - The company's accounts receivable stood at 1.889 billion yuan, a year-on-year increase of 34.18%, with accounts receivable to profit ratio as high as 3325.27%, indicating a potential risk of significant bad debts [4] Profitability and Cost Control - The company's gross margin was 10.04%, a year-on-year increase of 320.97%, while the net margin was 1.89%, up 113.33%. The ratio of operating expenses to revenue was 4.29%, a year-on-year decrease of 38.41%, demonstrating some success in cost control [5] Industry Outlook and Strategic Layout - The FPC industry, where the company operates, benefits from technological upgrades in smartphones, AI phones, foldable phones, and AIPC, leading to sustained market demand. The company has optimized internal resource integration, increased market share of mid-to-high-end products, and reduced operating costs, achieving a turnaround. Additionally, the strategic layout in the AI field, including the acquisition of 100% equity in Anlian Tong, aims to build a "computing foundation + large model + AI application" full-stack ecosystem, further enhancing the company's competitiveness [6]

Meeting Announcement - The company, Xiamen Hongxin Electronics Technology Group Co., Ltd., will hold its 2024 Annual General Meeting on April 21, 2025, at 15:00 in the company meeting room [1][2] - The decision to convene the meeting was made during the 39th meeting of the fourth board of directors on March 27, 2025 [1][3] Voting Procedures - Shareholders can vote through both on-site and online platforms, with online voting available from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the day of the meeting [2][5] - Shareholders must choose either on-site or online voting, and duplicate votes will be counted based on the first submission [2][3] Attendance Requirements - All shareholders holding voting shares as of the registration date are entitled to attend the meeting, either in person or through a proxy [2][4] - Natural person shareholders must present their ID and shareholder account card for registration, while corporate shareholders must provide relevant documentation [4][5] Agenda Items - The meeting will include a report from the independent directors for the 2024 fiscal year [3][5] - The agenda will also cover significant matters affecting minority investors, with separate counting of votes for these items [3]

Financial Performance - The company reported a basic earnings per share of 0.1200 yuan for 2024, a significant increase of 113.48% compared to -0.8900 yuan in 2023 [1] - Operating revenue reached 58.75 billion yuan, marking a 68.92% increase from 34.78 billion yuan in the previous year [1] - The net profit for 2024 was 0.57 billion yuan, a turnaround from a loss of 4.36 billion yuan in 2023, reflecting a 113.07% improvement [1] - The return on equity (ROE) improved to 4.60% from -28.91% in the previous year, indicating a positive shift in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 13,301.85 million shares, accounting for 29.13% of the circulating shares, with a decrease of 2,089.81 million shares compared to the previous period [2] - The largest shareholder, 弘信创业工场投资集团股份有限公司, holds 8,418.53 million shares, representing 18.44% of the total share capital, with no change in holdings [3] - Notable changes include a decrease of 115.00 million shares held by 吴放 and a significant reduction of 1,161.77 million shares held by 厦门海翼投资有限公司 [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]