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盛唐风流之武状元:让你领略不一样的影视世界,畅享超高品质影

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电话:2025 青岛市(胶州市、莱西市、城阳区、市北区、黄岛区、李沧区、市南区、平度市、即墨区、崂山区)
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三亚市(海棠区、吉阳区、天涯区、崖州区)








泉州市(石狮市、泉港区、德化县、丰泽区、鲤城区、永春县、南安市、金门县、安溪县、洛江区、晋江市、惠安县)
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武汉市(江汉区、汉阳区、武昌区、洪山区、黄陂区、江岸区、青山区、硚口区、新洲区、蔡甸区、江夏区、汉南区、东西湖区)
周口市(扶沟县、沈丘县、鹿邑县、商水县、项城市、川汇区、西华县、淮阳区、郸城县、太康县)

  弘信电子2025年一季度归母净利润同比大幅下滑75.8%,毛利率下滑3.49个百分点,AI算力业务的可持续性和盈利水平存疑。

  一季度营收同比下降近5%,净利润同比大幅下滑75%以上,一季度业绩不及预期,弘信电子(300657.SZ)4月16日早盘大跌超过12%。

  弘信电子15日披露的一季报显示,2025年一季度,该公司实现营收15.87亿元,同比下降4.97%;净利润仅680万元,同比大幅下滑75.8%。

  弘信电子是柔性电路板(FPC)龙头,主营业务是柔性印制电路板研发、设计、制造和销售,产品以各种高精密度的挠性印制电路板产品为主。受制于近几年消费电子需求的疲软,该公司业绩从2020年就一路大幅下滑,2021年到2023年连续亏损3年。

  从2023年开始,弘信电子布局AI算力服务器的研发、设计、制造和销售,AI算力业绩在2024年开始兑现,全年实现相关业务收入19.88亿元,同比增长5303.3%,占营业收入的比重从1%快速提升至33.84%。

  但到了今年一季度,该公司业绩再次变脸,AI算力业务的可持续性和盈利水平遭到质疑。

  根据披露,该公司今年一季度算力业务实现营收7.16亿元,去年同期为7.6亿元,整体下滑5.8%,在营收中的占比45%。在算力业务占比不变的情况下,该公司今年一季度销售毛利率为9.3%,较去年同期的12.79%,大幅下滑3.49个百分点。

  弘信电子在2025年一季报中提到,FPC业务产品结构进一步优化,毛利率持续改善。而整体毛利率却出现大幅下滑,可能与算力业务毛利率较去年同期出现大幅下滑。

  根据年报信息,该公司2024年算力及相关业务收入的毛利率为19.72%,远高于FPC业务的4%,去年全年业绩的快速增长和扭亏,也主要得益于算力业务的大幅增长,但随着算力业务的毛利率下滑,未来公司持续盈利能力引起了市场担忧。

  弘信电子的AI业务包括AI硬件研发、生产制造与AI算力资源服务两大板块。根据年报披露,该公司已投产的燧弘人工AI算力服务器智能制造一期工厂,年产能可达2万台高性能AI服务器。2024年,该公司拿到了甘肃庆阳的京合云预计15亿元的算力服务器采购合同,早前的2023年,还签署了10亿元的算力服务器采购合同,合计算力硬件采购订单规模已达25亿元。

  依托硬件生产能力,弘信电子2024年在算力资源服务上连续拿下订单。包括与深圳某国企签订的1.35亿算力服务订单,未来三年算力业务合作预计达10亿元;与首都在线签订首期不低于2000万元、3年预计达到3亿元的算力资源服务订单。

  AI算力行业需要重金投入,为满足已签订的算力订单需求,弘信电子大幅增加算力业务投资。2025年一季度,该公司投资现金净流出2.43亿元,同比增加超10倍,资金主要用于支付北京安联通科技有限公司(下称“安联通”)股权收购款及购建算力服务器。去年4月,弘信电子以2.93亿元的价格收购了安联通。

  算力业务的大额投资支出,也导致弘信电子现金流吃紧。2025年一季度,该公司经营现金流净额为-2.95亿元,筹资活动为5.83亿元,同比增长12倍,导致同期财务费用同比增长42.84%,环比增长26.59%。

  根据Wind数据,2024年12月底,弘信电子的货币资金较上年骤降57.8%,今年一季度余额为3.78亿元;但同期短期借款余额达到7.31亿元,较转型算力业务之前,增长了近70%;资产负债率则从2022年的58.74%增长至2025年一季度的78.85%。

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