Zhong Guo Neng Yuan Wang

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佳驰科技2024年年报点评:军民双翼协同发展 实现EMMS领域自主可控|投研报告
Zhong Guo Neng Yuan Wang· 2025-04-28 01:01
Core Viewpoint - The report highlights the steady development of the company, Jiachitech (688708), in the EMMS (Electromagnetic Functional Materials and Structures) sector, emphasizing its dual focus on military and civilian applications, and the importance of stealth technology in modern weaponry [1][7]. Financial Performance - In 2024, the company achieved a revenue of 957 million yuan, a decrease of 2.45%, and a net profit attributable to shareholders of 517 million yuan, down 8.23% [2][3]. - The gross margin was 76.84%, with a slight decrease of 0.07 percentage points, while the net margin fell to 54.06%, down 3.41 percentage points [3]. - In Q4 2024, revenue surged to 368 million yuan, an increase of 34.98%, and net profit rose to 197 million yuan, up 11.71% [3]. Product Development and Market Position - The company is a leading provider of EMMS in China, focusing on stealth technology and electromagnetic compatibility materials, with products primarily used in the aviation sector [2][5]. - New product developments include next-generation stealth structural components and key absorbing materials, which have shown significant advantages in low-frequency performance and operational costs [2][5]. - The company is expanding its market presence in civilian sectors, including consumer electronics and automotive electronics, to enhance its business layout [2][8]. Research and Development - The company has a strong emphasis on R&D, with a research expense ratio of 9.15%, reflecting ongoing investment in innovation [4][5]. - The proportion of R&D personnel increased to 33.18%, indicating a commitment to enhancing technical capabilities [5]. Capital and Investment - The company raised approximately 1 billion yuan through its IPO, which will be used for expanding production capacity and enhancing R&D capabilities [6]. - The construction of a manufacturing base and R&D center is expected to improve the company's core competencies in the EMMS field [6]. Industry Trends - Stealth technology is becoming a critical capability in modern weaponry, driving demand for stealth materials across various military applications, including new-generation aircraft and missiles [7]. - The increasing need for electromagnetic compatibility materials in consumer electronics and automotive sectors is anticipated to boost demand for the company's products [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.149 billion yuan, 1.373 billion yuan, and 1.632 billion yuan, with net profits of 619 million yuan, 736 million yuan, and 865 million yuan respectively [8].
海风管桩引领风电板块业绩改善兑现,光伏内外需预期望触底回升 | 投研报告
Zhong Guo Neng Yuan Wang· 2025-04-28 00:55
Core Insights - The report highlights significant growth in the power equipment and new energy sectors, driven by various government initiatives and technological advancements [1][2][3][4][6]. Group 1: Power Equipment and New Energy - The State Grid has announced the second round of equipment bidding for ultra-high voltage projects in 2025, indicating accelerated construction in this area [3][6]. - In Q1, the State Grid completed fixed asset investments exceeding 90 billion yuan, marking a nearly 30% year-on-year increase and setting a historical high for the same period [1][6]. - The application of humanoid robots in infrastructure construction by the Southern Power Grid represents a technological advancement in the sector [1][6]. Group 2: Solar and Energy Storage - Domestic solar installations saw a significant increase in March, with battery component exports also maintaining growth, indicating strong demand both domestically and internationally [2][6]. - The combination of policy changes and market conditions is expected to lead to a recovery in solar demand, particularly for leading companies like Sungrow and Aters [2][6]. Group 3: Wind Energy - The report notes a 366% year-on-year increase in Q1 performance for major wind energy companies, with exports of wind turbines rising by 43% [2][4][6]. - The Global Wind Energy Council's report anticipates continued high growth in onshore wind demand in emerging markets, projecting an average annual growth rate of nearly 20% from 2025 to 2030 [2][4]. Group 4: Electric Vehicles and Lithium Batteries - BYD's Q1 performance aligns with expectations, maintaining a steady operational outlook for Q2, supported by low costs and scale effects [3][7]. - Guoxuan High-Tech has expanded its production capacity for lithium-ion batteries, increasing its annual output target from 20 GWh to 28 GWh [4][7]. - The hydrogen fuel cell vehicle market is showing robust growth, with a significant increase in insurance registrations for these vehicles in Q1 [4][7]. Group 5: Industry Events - Key industry events include the opening of the Shanghai Auto Show and the release of Q1 financial reports from major players like BYD and Tesla [7]. - The establishment of a new battery industry group by Geely aims to enhance its capabilities across the entire battery supply chain [4][7].
关税冲击暂告段落,节前备货推升商品价格 | 投研报告
Zhong Guo Neng Yuan Wang· 2025-04-28 00:55
金:本周COMEX金价-3.05%至3300.20美元/盎司,美债10年期TIPS下降18BP至2.02%。 SPDR黄金持仓减少12.90吨至946.27吨。本周黄金价格再创历史新高,突破3400美元/盎司关 口,主要受经济不确定性、地缘政治紧张和贸易担忧等因素推动。(1)标普全球数据显 示,美国4月Markit制造业PMI初值意外升至50.7,好于预期的49,但服务业和综合PMI初值 均低于预期,分别为51.4和51.2,且综合PMI初值创下16个月新低,不过三者均仍处于扩张 区间。(2)美联储理事沃勒表示,若特朗普政府恢复高额关税,美国企业可能大规模裁 员,届时他将支持美联储降息。 稀土:本周稀土价格整体下行,系贸易战带来较弱需求预期;但重稀土价格相对轻稀土 稳健,系出口管制带来的价格支撑。据SMM,拥有美国唯一稀土矿的MP Materials公司已停 止向中国出口稀土精矿,考虑海外镨钕冶炼分离产能情况,全球镨钕供应有望进一步收缩, 进而支撑镨钕价格。关注中国稀土、北方稀土、包钢股份、金力永磁等标的。 开源证券近日发布有色金属周报:本周稀土价格整体下行,系贸易战带来较弱需求预 期;但重稀土价格相对轻稀土 ...
陇南“金橄榄”春检显担当
Zhong Guo Neng Yuan Wang· 2025-04-27 11:24
Core Viewpoint - The company is actively engaged in its spring inspection work, focusing on ensuring the safety and reliability of power lines through various activities such as tree obstacle clearing, equipment maintenance, and comprehensive inspections [1][2][4]. Group 1: Spring Inspection Activities - The spring inspection work has been fully launched, with tasks including line inspections, tree obstacle clearing, and equipment repairs, creating a vibrant scene of activity [1]. - The company has initiated a "Four Rectifications" campaign alongside the spring safety inspection to eliminate potential hazards early [2]. - The Communist Party service team has taken on significant responsibilities, demonstrating commitment and resilience in clearing tree obstacles and ensuring the safe operation of power lines [4][11]. Group 2: Safety and Inspection Measures - A combination of manual and drone inspections is being employed to conduct thorough safety checks on power lines and equipment, adhering to a principle of comprehensive coverage without leaving any blind spots [8]. - The service team has completed inspections of 15 frequently tripped lines, involving 967 personnel and identifying 1,073 safety hazards, with 348 issues resolved immediately [8]. - The company emphasizes the importance of meticulous line inspections, as the quality of these inspections directly impacts the effectiveness of the entire spring inspection process [7]. Group 3: Team Commitment and Challenges - The Communist Party service team has shown exceptional dedication, often working long hours under challenging conditions, including difficult terrain and unpredictable weather [11]. - The team has adopted a "less downtime, more supply" principle, striving to restore power quickly while minimizing service interruptions during the inspection [11]. - The service team embodies a spirit of hard work and responsibility, ensuring that the party's leadership is visible and impactful throughout the spring inspection efforts [11].
国网永安市供电公司:解锁供电“黑科技” 低压同期并网技术显锋芒
Zhong Guo Neng Yuan Wang· 2025-04-27 11:24
4月22日,在永安市洪田镇福田小区配电室,国网永安市供电公司的"秘密武器"——低压快速接入箱正式登场,这一 新型装置的投入使用,能实现低压台区无感快速保电,进一步提升辖区内供电的可靠性和稳定性。据了解,本次作业实 现台区300余户零停电,减少低压全量停电时长8万余分钟。 现场负责人王源洪表示,在传统低压保电作业中,施工人员需停电进行电缆接入操作,包括开关安装及电缆头紧固等 步骤,整个过程繁琐且耗时,平均每次短时停电操作2次,每次至少需要半小时以上。而低压快速接入箱的引入,彻底改 变了这一局面。施工人员仅需合上接口开关,即可实现电缆的快速接入与即插即用,大大缩短了作业时间,提高了工作 效率,让用户无停电感知。 此次施工不仅是该地区低压快速接口的首次成功安装,也是国网永安市供电公司积极响应全量停电管控要求,全力保 障辖区用户可靠用电的又一重要举措。低压快速接入箱的部署,将有效减轻后续线路低压保电作业的工作量,确保在后 续线路检修、故障抢修等紧急情况下,使低压发电车能够迅速接入,为电网稳定运行提供有力保障。 为深化低压带电作业技术储备,国网永安市供电公司还在现场同步开展低压发电车与市电同期并网专项教学。技术人 员通 ...
国网福建电力上线应用“三全”供电服务指挥平台
Zhong Guo Neng Yuan Wang· 2025-04-27 11:23
以往,供电服务指挥中心员工需要在多个平台间来回切换,才能获取全部业务信息,不仅效率低,还容易出现研判结果不 精准的情况。该平台实现了营配调数据同源同表,供电员工一次登录即可访问全量资源,助力决策分析,提升业务协同效率。 平台依托高速电力线载波智能电表末端感知、"电网一张图"拓扑分析等技术成果,实现了故障定位到户,将停电管理触角 由台区延伸到每一户客户。平台集成设备台账、设备状态、抢修人车物、客户服务等关键信息,供电服务指挥中心员工通过平 台能够实时了解全省全量停电客户分布及复电进展,开展工单穿透分析、停电原因智能研判、抢修作业图上指挥、客户诉求监 测跟踪等,有力支撑供电服务指挥全链条高效运转,提升供电服务的响应速度和处置效率。 "作为供电服务指挥中心员工的'智慧助手',平台集数据可视化监测、服务风险实时预警、多视角研判等功能于一体,能够 帮助员工直观了解供电服务的整体状况,全面监控和深度分析供电服务质量,快速识别潜在风险并定位问题区域。"国网福建 电力营销服务中心供电服务部负责人周昆介绍。 日前,国网福建省电力有限公司"三全"供电服务指挥平台上线应用。该平台是国网福建电力面向供电服务指挥中心人员打 造的全景、 ...
国网庆阳供电公司:青春力量护航电网安全
Zhong Guo Neng Yuan Wang· 2025-04-27 11:23
Core Viewpoint - The article highlights the innovative practices and community engagement efforts of the youth team at the State Grid Qingyang Power Supply Company, emphasizing their contributions to ensuring the safety and efficiency of the local power grid while fostering a culture of responsibility and technical excellence [1][3][5][7][9]. Group 1: Youth Engagement and Development - The youth team consists of 48 members under 35 years old, focusing on a dual-driven development model that combines professional learning and innovation [1]. - The company has established a comprehensive theoretical training system, utilizing various learning platforms and methods to enhance the ideological foundation of its youth [3]. - The implementation of a mentorship program has led to the emergence of several technical talents recognized at the provincial level [3]. Group 2: Innovation and Technical Achievements - The youth team has successfully developed three national patent technologies, with one project winning a gold award at the Qingyang Power Supply Company's "Youth Innovation Competition" [5]. - The team has participated in various professional skill competitions, achieving multiple awards, including a third prize at the China Electric Power Union and two third prizes at the provincial level [5]. - The company promotes the use of digital tools such as online monitoring and intelligent inspection systems to enhance operational efficiency [5]. Group 3: Community Service and Social Responsibility - The youth team has completed over 200 major power supply tasks, including support for national events, while promoting a culture of safety and responsibility [7]. - They have engaged in community service initiatives, such as assisting vulnerable groups and providing electrical safety education, which has positively impacted local residents [7]. - The team has undertaken significant improvements in local electrical infrastructure, addressing safety hazards and enhancing community awareness of electrical safety [7]. Group 4: Future Outlook - The company aims to continue its focus on safety, skill enhancement, implementation, and innovation, contributing to the high-quality development of the revolutionary old district [9].
国网陇南供电公司:匠心筑梦铸标杆 精益求精谱新篇
Zhong Guo Neng Yuan Wang· 2025-04-27 11:23
焕然一新的办公区域印证着这份执着。当"工人先锋号"牌匾在阳光下熠熠生辉时,精心规划的办公区域正演绎着现代 管理的韵律——文化图表与制度规范有序上墙,值日制度与卫生考核相得益彰,构建起标准化建设的样板间。在装备配 置领域,单相电能表检定室、三相电能表检定室等专业空间如同精密仪器般运转,时段调整准确率始终保持100%,用科 技力量护航电力计量精准度。 为配合电力系统的整体优化以及适应新的用电需求,4月27日,国网陇南供电公司计量中心资产及检验检测班全力以 赴加快推进电能表时段调整工作,力求在最短时间内完成任务,确保电费精准计量,为电力供应的稳定和公平保驾护 航。资产及检验检测班,这支由九名电力人组成的精锐之师,以"规范、标准、精益、高效"为工作圭臬,在陇南山麓到白 龙江畔这片充满生机的大地上用脚步丈量责任,以匠心铸就品质,淬炼"白龙江畔电小二"供电服务品牌。该班组屡获省级 工人先锋号、先进班组等殊荣,通过了省公司"五优七型"标杆班组评价验收,用实干担当书写新时代电力人的奋斗史诗。 图为国网陇南供电公司计量中心组织各县公司工作人员于三相电能表检定室开展不停电无损换表仪的使用培训活动。 安天旌/摄 在夯实硬实力的同时 ...
丰宁公司:“满格电”助力葡萄产业发展
Zhong Guo Neng Yuan Wang· 2025-04-27 09:10
"周师傅,你们又来帮我们检查线路啦,快进来看看现在的葡萄秧,长得可好了!"4月26日上午,丰宁公 司汤河乡供电所郭军堂、周永利来到上庙村蔬菜水果栽培基地对电力设施进行检查,正在给葡萄架秧的 赵姐看见供电员工热情地迎接。 随着基地规模不断扩大,用电需求急剧攀升。为了满足基地用电需求,2024年10月18日,孙继东通过"网上 国网"APP向丰宁公司提交了用电增容申请,希望将供电容量由39千伏安增容到99千伏安。接到客户的增 容申请后,汤河乡供电所立即到现场勘查,制定供电方案,第二天就完成装表接电,满足基地供电需 求。 2023年上庙村流转了110亩土地发展蔬菜水果产业,以栽培葡萄为主,带动周边村民就业发展。上庙村 土层深厚、光照充足的地理环境气候条件十分适宜葡萄生长,出产的葡萄口感好、品相佳,深受市场欢 迎。两年来,上庙村栽培基地规模不断扩大。基地雇佣30多名村民种植栽培,增加了村民收入,村民实 现在家门口就业。 大家一定要经常检查喷淋设施的专用线路,特别是要注意接头处是否有老化,一旦有老旧破损迹象,要 立即更换或做绝缘处理,确保设备安全运行。"郭军堂和周永利在检查完基地的滴灌设备、线路、开关和 漏电保护器后,向 ...
罐子沟煤矿廖春印同志荣获“内蒙古自治区劳动模范”荣誉称号
Zhong Guo Neng Yuan Wang· 2025-04-27 09:02
4月24日,内蒙古自治区劳动模范和先进工作者表彰大会在呼和浩特举行。此次大会对2020年以来全区各行业、各战线涌现出的518 名自治区劳动模范和279名自治区先进工作者予以表彰。其中,鄂尔多斯46人荣获自治区劳动模范荣誉称号,19人荣获自治区先进工作者 荣誉称号,罐子沟煤矿机修厂廖春印同志荣获"内蒙古自治区劳动模范"荣誉称号。 技术创新是廖春印工作中的突出亮点,他利用套筒改造螺栓凹槽专用清理工具,自主设计制作油缸拆装机,带领团队研发"一种单体 液压支柱试验装置"等项目,优化了工艺,提高了使用和检修效率,降低了劳动强度。 廖春印以实际行动诠释了基层机修人的责任担当,在平凡的岗位上创造了不平凡的业绩。他是技术精湛的机修工匠,也是勇于创新 的先锋,先后荣获准格尔旗金牌工人、鄂尔多斯市劳动模范等称号,参与的"一种单体液压支柱试验装置"项目荣获国家知识产权局实用 新型专利,"自制单体液压支柱打压装置"和"设备列车油脂车"项目分别荣获中国煤炭工业协会2020年全国煤矿优秀"五小"技术成果二等 奖、三等奖。 自治区劳动模范这一殊荣,不仅是对廖春印个人奋斗和贡献的认可,更是对罐子沟煤矿创新发展和队伍建设等工作的高度肯定。罐 ...