Group 1: Research Basic Information - The research object is GuaiBao Pet, and the reception time is May 13, 2025. The listed company's reception staff includes the Chief Financial Officer Yuan Xue, the Board Secretary Wang Peng, the Independent Director Zhai Yueling, and the Sponsoring Representatives Chen Fenghua and Sun Xiyun [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the online performance briefing of GuaiBao Pet in 2024 via online and telephone, and the type is others [19] Group 3: Main Content Company's Operating Performance in 2024 - In 2024, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to the parent company of 625 million yuan, a year-on-year increase of 45.68%. The self-owned brand business revenue was 3.545 billion yuan, a year-on-year increase of 29.14% [23] Company's Performance in Q1 2025 - In Q1 2025, the company achieved an operating income of 1.48 billion yuan, a year-on-year increase of 34.82%, and a net profit attributable to shareholders of the listed company of 204 million yuan, a year-on-year increase of 37.68% [23] Company's Dividend Plan - In 2024, the company conducted two dividends, with a cumulative cash dividend of over 200 million yuan, accounting for 32.02% of the company's net profit attributable to the parent company in 2024. The Second Board Meeting of the Ninth Session has reviewed and approved the proposal to authorize the board to formulate the mid - year dividend matters for 2025 [23] Thailand Factory's Situation - The original factory in Thailand is currently at full capacity. The new factory project in Thailand will cost about 200 million yuan and is expected to be put into production in June this year, doubling the production capacity in Thailand. The company is also planning to build a research and development center in Thailand, and the budget for this part is being calculated [23][25] Company's Internal Optimization - The company will focus on two aspects: accelerating digital transformation to improve operational efficiency and implementing continuous incubation of strategic organizational capabilities and talent echelons and optimizing the incentive mechanism [25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

德尔股份分析师会议 调研日期：2025年05月08日 调研行业：汽车零部件 参与调研的机构：参与公司2024年年度报告网上业绩说明会的投 资者等 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SH ...

德迈仕分析师会议 调研日期：2025年05月07日 调研行业：汽车零部件 参与调研的机构：参与德迈仕2024年度暨2025年第一季度业绩 说明会的投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | S ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints - The company's subsidiary, Ningbo Wanxiang, has good production and sales of UHV capacitor film products, which is one of the company's profit - growth products. It will maintain production and sales in 2025 to achieve new revenue breakthroughs [22]. - The company is actively promoting the public solicitation and transfer of the major shareholder's equity, and will disclose relevant announcements in a timely manner [25]. - The company will focus on its main business, extend the industrial chain, and carry out digital transformation to enhance its core competitiveness and operating performance [24]. 3. Summary by Directory 01.调研基本情况 (Basic Research Information) - Research object: Dandongnan [16]. - Industry: Plastic products [16]. - Reception time: April 30, 2025 [16]. - Reception personnel: Chairman and General Manager Luo Ping, Independent Director Zhou Bohuang, Financial Controller Zhong Minjun, Deputy General Manager and Board Secretary Zhou Mingliang [16]. 02.详细调研机构 (Detailed Research Institutions) - The 2024 annual performance briefing of Dandongnan was held remotely online, targeting all investors [19]. 03.调研机构占比 (Proportion of Research Institutions) No relevant information is provided. 04.主要内容资料 (Main Content Information) - **Business Growth Points**: The UHV capacitor film products of the subsidiary Ningbo Wanxiang are profitable, and the company is building a new energy metallized film and capacitor testing center to optimize the product structure [22][26]. - **R & D**: The company's R & D investment in 2024 was 44.54 million yuan, a year - on - year increase of 12.04%. It will continue to increase R & D investment [33]. - **Profit and Dividend**: The company's 2024 audited distributable profit was negative, not meeting the profit - distribution conditions. The company will strive to improve profitability and implement the profit - distribution policy [30]. - **Market and Competition**: The market for various plastic films is highly competitive, with some products having an income - cost inversion. The company will focus on differentiated products [33][34]. - **New Factory and Production**: The new factory of the subsidiary Ningbo Wanxiang is expected to be completed in June 2025, and the specific production time will depend on the installation progress of the production line [33]. - **PEEK Material**: The company currently does not plan to develop PEEK materials [26][32]. - **Capacitor Testing Center**: The capacitor testing center of the subsidiary Ningbo Wanxiang is mainly used to improve the quality of the main product, capacitor film [40].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In Q1 2025, the overall performance of the company returned to the growth track, with revenue and net profit showing significant year - on - year growth. The overseas building materials and investment businesses performed well, while the ceramic machinery business was affected by industry cycles [16]. - The company's ceramic machinery business has strong core competitiveness, with growth in 2024 despite the downturn in the global ceramic market. It aims to achieve the "10 - billion ceramic machinery" goal and expand into non - ceramic industries [25][28]. - The African building materials market has great potential, with increasing demand for tiles, glass, and sanitary ware. The company's overseas building materials business is expected to benefit from market growth and capacity expansion [49]. - The lithium battery materials and new energy equipment sectors achieved good growth in Q1 2025, and the cost of lithium carbonate production by Lanke Lithium Industry is expected to decline [62]. 3. Summary by Related Catalogs Company Main Situation Introduction - **Overall Performance**: In Q1 2025, the company achieved revenue of approximately 3.767 billion yuan, a year - on - year increase of 47.05%;归母净利润 was 347 million yuan, a year - on - year increase of 11.38%. After excluding exchange losses, the归母 net profit was 412 million yuan, and the non - recurring profit was 323 million yuan, a year - on - year increase of 17.13% [16]. - **Business Segments** - **Overseas Building Materials**: In Q1 2025, it showed strong performance, with significant revenue growth and improved gross profit margin. Tiles benefited from price strategy optimization and capacity release; glass production and operation reached a good level; the profitability of sanitary ware was still under pressure, but the Kenya project improved [16]. - **Ceramic Machinery**: Affected by industry demand cycles and customer investment rhythm adjustments, the overall performance declined slightly in Q1 2025. However, positive factors from Q4 2024 orders are expected to appear in Q2 [17]. - **Investment Business**: In Q1 2025, Lanke Lithium Industry produced about 8,500 tons of lithium carbonate, sold about 8,100 tons, achieved revenue of 528 million yuan, and net profit of 207 million yuan, contributing 90 million yuan to the company's归母净利润 [17]. Q&A - **Ceramic Machinery Business** - **2024 Growth Drivers**: Core competitiveness improvement led to increased market share at home and abroad, high - end order breakthroughs in Europe, and growth through产业链 extension and equipment generalization [19]. - **2024 Overseas Revenue Proportion**: Nearly 60%, with stable growth in traditional markets and breakthroughs in high - end markets. The proportion may further increase in the future [20]. - **2024 Gross Profit Margin Decline**: Due to intensified competition in overseas markets, early - stage product promotion discounts, and increased ink trading business [21]. - **Q1 2025 Overseas Revenue Proportion**: Over 50%, mainly sold to Southeast Asia, the Middle East, and South Asia, with good growth in South America and Europe [22]. - **Q1 2025 Business Structure**: Overall performance declined slightly, but net profit remained stable due to improved gross profit margin. The accessory and consumable business was relatively stable, while the ceramic machinery equipment and generalization businesses declined slightly [23]. - **Overseas Layout**: The company is strengthening its overseas local service scale and radius by setting up subsidiaries in Brazil and Vietnam and expanding production bases in other regions [24]. - **Future Outlook**: The company aims to achieve the "10 - billion ceramic machinery" goal, focusing on domestic market share expansion, global market penetration, and the development of accessory and consumable businesses and equipment generalization [28]. - **Building Materials Business** - **Q1 2025 Overseas Building Materials Net Profit Margin**: After excluding exchange losses, it increased due to price strategy optimization and cost control [37]. - **Tile Pricing and Market**: Tiles are mainly priced in US dollars, with prices set based on import costs. The African tile market is growing, and the company is adjusting prices and product structures according to market demand [45]. - **Capacity Expansion**: In 2025, the company's tile production capacity is expected to increase with the full - scale operation of existing projects and the construction of new ones [48]. - **Brand and Channel**: The company is building a brand matrix for tiles, and sanitary ware and glass can share tile channel resources to some extent [51][52]. - **Glass Project**: The Tanzania glass project's capacity will be fully released in 2025, and the Peru project is expected to be put into production next year. The African glass market is in the early stage of development, with good growth potential [53][54]. - **Sanitary Ware Project**: The overall profitability is still under pressure, but the company is focusing on brand building, market expansion, and process and supply chain optimization to improve profitability [58]. - **Other Businesses** - **Lithium Battery and New Energy Equipment**: In Q1 2025, revenue increased, and the profitability of negative electrode materials improved. The new energy equipment business mainly includes clean coal gasification equipment and lithium battery positive and negative electrode material equipment [62]. - **Other Income**: Mainly includes hydraulic pumps and smart energy businesses. The smart energy business is expanding in the African market, and the hydraulic pump business has applications in the marine and offshore engineering fields [63][64]. - **Exchange Gains and Losses**: In 2024, the company had an overall exchange gain. In Q1 2025, the exchange loss was nearly 140 million yuan, mainly affecting the overseas building materials business [66]. - **Operating Cash Flow**: The ceramic machinery business has controllable accounts receivable risks, the overseas building materials business generates good cash flow, and the negative electrode material business's cash flow is expected to improve [68][69]. - **Core Competitiveness**: The company's core competitiveness lies in its dynamic talent iteration mechanism, innovation ability, and good partnership and distribution mechanism [72]. - **Employee Stock Ownership Plan**: The performance assessment is based on the compound growth rate of relevant performance indicators from 2025 - 2027, excluding the impact of Lanke Lithium Industry's investment income and other factors [73]. - **Capital Expenditure**: Mainly concentrated in the overseas sector, including the construction of overseas bases and new projects in the building materials and ceramic machinery industries [74][75]. - **Market Value Management**: The company has taken measures such as share repurchase, share cancellation, and major shareholder and director shareholding increase to boost investor confidence and maintain market value [77].

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梅安森分析师会议 调研日期：2025年04月23日 调研行业：仪器仪表 参与调研的机构：线上投资者等 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 / 机构调研pro小程序 DJvanbao.com | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次 ...

伊之密分析师会议 调研日期：2025年04月23日 调研行业：专用设备 参与调研的机构：中银国际证券股份、Fidelity Asia Holdings Pte Limited、MILLENNIUM CAPITAL MANAGEMENT (HONG KONG) LIMITED、Point72 HongKongLimited、爱建证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB WHER: AREE: 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | ...