锟斤拷锟斤拷锟斤拷锟脚ｏ拷AI锟斤拷锟斤拷业锟斤拷强锟斤拷锟斤拷锟斤拷锟斤拷锟叫凤拷锟斤拷锟斤拷投锟斤拷锟狡酚︼拷锟斤拷乜锟絖锟斤拷票频锟斤拷

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锟斤拷锟斤拷锟斤拷锟斤拷(300408)
锟斤拷要锟桔点：
锟铰硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟脚凤拷锟斤拷2024锟斤拷燃锟�2025锟斤拷锟揭伙拷锟斤拷缺锟斤拷锟�
锟斤拷司2024锟斤拷实锟斤拷营业锟斤拷锟斤拷约73.8锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约28.8%锟斤拷实锟街癸拷母锟斤拷锟斤拷锟斤拷约21.9锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约38.6%锟斤拷实锟街扣非癸拷母锟斤拷锟斤拷锟斤拷约19.3锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约58.2%锟斤拷
锟斤拷司25Q1实锟斤拷营业锟斤拷锟斤拷约18.33锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约17.24%锟斤拷实锟街癸拷母锟斤拷锟斤拷锟斤拷约5.33锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约23.02%锟斤拷实锟街扣非癸拷母锟斤拷锟斤拷锟斤拷4.5锟斤拷元锟斤拷同锟斤拷锟斤拷锟斤拷约18.7%
锟斤拷司业锟斤拷2024锟斤拷实锟斤拷业锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷锟节ｏ拷1锟斤拷锟斤拷锟窖碉拷锟接★拷锟斤拷锟截★拷锟斤拷通锟脚碉拷锟斤拷锟斤拷锟叫筹拷锟斤拷锟斤拷锟秸ｏ拷2锟斤拷锟斤拷司锟斤拷锟斤拷MLCC锟斤拷锟斤拷芯锟斤拷锟斤拷夭锟狡凤拷锟斤拷锟斤拷锟斤拷呒锟街碉拷锟斤拷锟狡凤拷锟斤拷锟斤拷锟剿居拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�
锟斤拷司毛锟斤拷锟斤拷水平锟饺斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟窖达拷锟节猴拷锟斤拷锟斤拷锟斤拷
2024锟疥公司实锟斤拷毛锟斤拷锟斤拷约43.0%锟斤拷同锟斤拷锟斤拷锟斤拷约3.2pct锟斤拷锟斤拷应24Q4实锟斤拷毛锟斤拷锟斤拷约43.57%锟斤拷同锟斤拷锟斤拷锟斤拷约3.6pct锟斤拷锟斤拷锟斤拷锟铰斤拷约0.7pct锟斤拷锟斤拷司锟斤拷锟窖匡拷锟狡猴拷锟斤拷锟斤拷2024锟斤拷锟斤拷锟桔凤拷锟斤拷锟斤拷/锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷/锟叫凤拷锟斤拷锟斤拷锟绞分憋拷为1.1%/5.6%/7.9%锟斤拷同锟斤拷锟铰斤拷0.2pct/1.9pct/1.6pct
锟竭讹拷MLCC/锟秸瓷诧拷芯锟斤拷品锟斤拷锟斤拷锟斤拷锟斤拷品应锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷乜锟�
1锟斤拷MLCC锟斤拷锟斤拷司锟斤拷锟斤拷突锟斤拷MLCC锟斤拷锟斤拷锟侥关硷拷锟斤拷锟斤拷锟斤拷锟节革拷锟斤拷锟斤拷锟斤拷小锟竭达拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷锟较诧拷锟斤拷取锟矫斤拷锟斤拷锟斤拷锟狡筹拷锟斤拷锟芥、锟斤拷锟芥、锟斤拷锟芥、锟狡讹拷锟秸端等讹拷元锟斤拷系锟叫ｏ拷锟斤拷锟斤拷锟斤拷莨锟斤拷锟斤拷实锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵伙拷锟捷讹拷锟饺诧拷锟斤拷锟斤拷锟斤拷未锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷锟较加达拷锟組LCC锟斤拷锟斤拷锟叫凤拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷突锟狡凤拷锟斤拷微锟斤拷锟斤拷锟斤拷锟斤拷锟绞层薄锟姐化锟斤拷锟斤拷慊拷锟斤拷锟斤拷锟斤拷呔锟斤拷锟斤拷璞革拷锟斤拷锟斤拷锟組LCC锟斤拷锟斤拷锟斤拷锟捷★拷2锟斤拷锟秸瓷诧拷芯/锟杰壳ｏ拷锟斤拷司锟斤拷锟斤拷锟斤拷锟劫癸拷通锟斤拷锟矫讹拷芯MT锟斤拷芯锟斤拷24芯锟斤拷模锟斤拷锟斤拷锟斤拷锟斤拷实锟斤拷小锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷展锟斤拷锟劫癸拷通锟斤拷锟矫管壳高端伙拷锟斤拷锟斤拷品锟斤拷400G锟杰匡拷锟斤拷实锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷辗锟侥ｏ拷锟杰匡拷锟斤拷通锟斤拷锟酵伙拷锟斤拷证锟斤拷锟斤拷始小锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟解，锟斤拷司锟斤拷锟诫导锟藉精锟斤拷锟秸瓷结构锟斤拷锟斤拷品锟斤拷锟斤拷锟斤拷锟叫筹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷燃锟较碉拷氐锟揭幌碉拷锟斤拷锟狡凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫★拷未锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷锟斤拷锟节据癸拷通锟脚★拷锟斤拷锟斤拷锟斤拷锟斤拷锟侥★拷锟斤拷锟诫导锟藉、锟斤拷锟截★拷锟斤拷锟斤拷源锟斤拷AI锟斤拷锟斤拷锟斤拷锟剿★拷锟斤拷锟斤健锟斤拷锟斤拷锟斤拷氐牟锟狡凤拷锟斤拷锟秸癸拷锟皆拷锟斤拷锟狡酚︼拷锟斤拷锟斤拷锟�
投锟绞斤拷锟斤拷
锟斤拷锟斤拷预锟狡癸拷司2025-2027锟斤拷锟侥革拷锟斤拷锟斤拷锟街憋拷为27.32/32.64/38.79锟斤拷元锟斤拷锟皆比达拷前2025-2026锟斤拷原预锟斤拷锟斤拷锟斤拷锟�27.18锟斤拷元锟斤拷31.41锟斤拷元锟斤拷锟斤拷锟较碉拷锟斤拷锟斤拷应PE为24.32/20.36/17.13x锟斤拷维锟街★拷锟斤拷锟街★拷锟斤拷锟斤拷锟斤拷
锟斤拷锟斤拷锟斤拷示
锟斤拷业锟斤拷锟斤拷锟接撅拷锟斤拷眨锟皆拷锟斤拷瞎锟接︼拷锟斤拷偶锟斤拷鄹癫ǘ锟斤拷锟斤拷眨锟斤拷锟斤拷锟斤拷锟斤拷蟛患锟皆わ拷诜锟斤拷盏取锟�