Group 1: Investor Relations Activities - The investor relations activity was categorized as "other" (brokerage strategy meeting) [3] - The event took place from May 7 to May 8, 2025, at two hotels in Shanghai [3] - Attendees included representatives from various securities firms and investment funds [3] Group 2: Coffee Machine Project - The coffee machine project is progressing well, with export sample confirmation completed and certification processes underway [4] - Mass production is expected to begin in Q3 to Q4 of this year, with significant growth anticipated in the second half of this year to early next year [4] - Customers for the coffee machines are well-known global brands, with sales channels including major coffee chains and multinational convenience stores [4] Group 3: Sales Distribution - In 2024, the company achieved over 50% of total revenue from exports, marking the first time that export sales surpassed domestic sales [5] - The company aims to maintain a balanced focus on both domestic and international markets, with potential fluctuations in sales distribution based on project progress and production output [5] Group 4: Inventory Turnover and Production Capacity - The company has improved its inventory turnover rate significantly in 2024 compared to previous years [6] - Emphasis is placed on lean production management and the use of information technology to enhance resource utilization and efficiency [6] Group 5: New Energy Vehicle Products - The company is expanding its product offerings in the new energy vehicle sector, including components for charging guns, battery packs, and air suspension systems [7] - The strategy includes leveraging existing orders to explore new projects with current and potential customers [7]

证券代码：833346 证券简称：威贸电子 公告编号：2025-039 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （券商策略会） 二、 投资者关系活动情况 □特定对象调研 回答：公司重视国内和海外市场的同步发展，近几年基本保持了内外销齐 头并进的态势，其中 2024 年度首次实现外销占比超过了内销，占总营收的 50% 以上。公司今年将依然兼顾海内外市场，最终销售占比可能依据各项目进度及 产品产量有所波动。 问题三：公司的存货周转和产能供应情况如何？ 回答：公司注重持续推进精益生产管理，加强信息化智能系统的运用，实 现对产品全生命周期的在线管理。根据不同产品的工艺与流程自行调节生产 线，实现多产品并线生产，降低材料、人员、设备等损耗的同时，高效组织生 产，及时完成订单交付。公司 2024 年度存货周转率较以前年度有较大提升， 将持续从销售、采 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 26,015.77 million CNY, a year-on-year increase of 3,133.50 million CNY, representing a growth rate of 13.69% [4] - The total profit for 2024 was 5,052.31 million CNY, up 15.45% compared to the previous year [4] - The net profit attributable to shareholders was 4,457.91 million CNY, reflecting a growth of 14.28% year-on-year [4] - For Q1 2025, the company reported a revenue of 7,251.82 million CNY, a 19.02% increase from the same period last year [5] - The total profit for Q1 2025 was 1,280.52 million CNY, showing a year-on-year growth of 16.86% [5] - The net profit attributable to shareholders in Q1 2025 was 1,100.66 million CNY, up 18.02% year-on-year [5] Group 2: Asset and Equity Growth - As of the end of 2024, the company's total assets were 53,985.59 million CNY, with equity attributable to the parent company at 45,076.95 million CNY [4] - By the end of Q1 2025, total assets increased to 55,565.65 million CNY, a 2.93% rise from the end of 2024 [5] - Equity attributable to the parent company reached 46,201.71 million CNY by the end of Q1 2025, marking a 2.50% increase from the end of 2024 [5] Group 3: Market and Product Development - The company experienced significant growth in overseas sales, with export revenue increasing by 34.11%, surpassing 50% of total revenue for the first time [4] - In Q1 2025, the fastest-growing sector was high-end home appliances, contributing significantly to revenue growth [6] - The company is actively developing new projects, including a domestic data center cooling system harness and fan cover components, with the former already in mass production [7]

Investment Highlights - The report highlights the recovery of revenue growth for Yuyue Medical, with a significant increase in overseas sales, achieving a revenue of 7.57 billion yuan in 2024, down 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [3][8] - Guotai Group's performance shows resilience in its civil explosives business, with a non-net profit growth of 17.09% year-on-year in Q1 2025, despite a slight revenue decline of 1.26% [12][13] - China Merchants Highway reported a revenue of approximately 2.803 billion yuan in Q1 2025, down 7.24% year-on-year, but net profit improved by 2.74% due to cost control and increased investment income [16][17] - Shenzhen Gas's main business in urban gas sales showed growth, with a revenue of 28.348 billion yuan in 2024, down 8.34% year-on-year, but a net profit increase of 1.19% [21][22] - New Industry's overseas business continued to grow rapidly, with a revenue of 4.535 billion yuan in 2024, up 15.41% year-on-year, and a net profit of 1.828 billion yuan, up 10.57% [25][26] - Huali Group's revenue in Q1 2025 grew by 12% year-on-year, driven by new brand collaborations and strong sales of sports shoes [30][31] - Bohai Leasing, a leading aircraft leasing company, reported a significant increase in aircraft sales revenue, reaching 12.7 billion yuan in 2024, up 61.08% year-on-year, driven by a strong aircraft market [35][36] - Weimao Electronics, an industrial intelligent connection control solution manufacturer, achieved a revenue of 260 million yuan in 2024, up 13.69% year-on-year, with a focus on expanding into emerging fields [39][40] Company-Specific Summaries Yuyue Medical (002223.SZ) - The company experienced a revenue decline in 2024 due to high base effects from the previous year, but Q1 2025 showed a recovery with a 9.2% year-on-year increase in revenue [3][9] - The product mix has led to a slight decrease in gross margin, with a 50.1% gross margin in 2024, down 1.2 percentage points year-on-year [10] - The company maintains a strong financial position with 7.08 billion yuan in cash and no short-term or long-term loans [10] Guotai Group (603977.SH) - The civil explosives business showed growth, with a revenue of 327 million yuan in Q1 2025, up 1.4% year-on-year [13][14] - The company faced a decline in electronic detonator sales but saw an increase in explosive engineering revenue [14][15] - The gross margin for Q1 2025 was 32.72%, down 0.5 percentage points year-on-year, but the non-net profit remained stable [15] China Merchants Highway (001965.SZ) - The company is actively pursuing expansion projects, including the ongoing reconstruction of key highways [17][18] - The net profit forecast for 2025-2027 is expected to grow steadily, with projected profits of 5.74 billion yuan in 2025 [18] Shenzhen Gas (601139.SH) - The urban gas sales volume increased by 2.78% in 2024, with significant growth in the Greater Bay Area [22] - The company is expected to benefit from lower upstream gas prices and increased sales volume [22][24] New Industry (300832.SZ) - The company reported a strong performance in overseas markets, with a 27.67% increase in overseas revenue [27] - The gross margin for 2024 was 72.26%, with a focus on expanding the product lineup in the chemical luminescence sector [28] Huali Group (300979.SZ) - The company maintained a strong partnership with major brands, resulting in a 12.34% revenue increase in Q1 2025 [30][31] - The company is expanding production capacity to meet growing demand, with a workforce increase of 17% [31] Bohai Leasing (000415.SZ) - The company is positioned as a global leader in aircraft leasing, with a fleet size of 1,158 aircraft [36] - The net profit forecast for 2025-2027 is expected to grow significantly, with a projected profit of 1.913 billion yuan in 2025 [37] Weimao Electronics (833346.BJ) - The company is focusing on the automotive and industrial automation sectors, with a projected growth in the vehicle wiring harness market [40][41] - The company is expanding its production capabilities to meet increasing demand in emerging markets [41]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Weimao Electronics, is an integrated manufacturer of industrial intelligent connection control solutions, actively expanding into emerging fields such as low-altitude economy [5][9]. - The company focuses on "small batch, multiple varieties" in electronic product manufacturing, with a projected revenue of 260 million yuan in 2024, representing a year-on-year growth of 13.69% [6][8]. - The growth in the new energy vehicle market is expected to significantly boost the demand for wiring harnesses, with the global vehicle wiring harness market projected to reach 793 billion yuan by 2029 [6][9]. Financial Performance Summary - The company achieved a revenue of 73 million yuan in Q1 2025, reflecting a year-on-year increase of 19.02%, and a net profit of 11.01 million yuan, up 18.02% year-on-year [6]. - The forecast for 2024 includes a revenue of 260 million yuan and a net profit of 45 million yuan, with respective year-on-year growth rates of 13.69% and 14.28% [8]. - The earnings per share (EPS) is projected to be 0.55 yuan in 2024, increasing to 0.87 yuan by 2027 [8]. Market Expansion and Product Development - The company is actively pursuing new markets, including low-altitude economy projects, with significant contracts already secured for components in flying cars [9]. - The company has a diverse product range across automotive, smart home appliances, and industrial automation, with a strong focus on R&D, which is expected to reach 14.03 million yuan in 2024 [6][9]. - The company is also expanding its production capacity for automotive wiring harnesses and components for new energy vehicles, which are expected to drive future revenue growth [6][9].

Economic Overview - In 2023, China's low-altitude economy market size reached CNY 505.95 billion, with a growth rate of 33.8%[16] - The market size is expected to reach CNY 1.5 trillion by 2025 and CNY 3.5 trillion by 2035[16] Industry Development - The low-altitude economy's commercialization path is divided into three phases: strategic preparation (2025-2027), market expansion (2027-2030), and ecological maturity (2030-2035)[12][13] - China has nearly 700 drone manufacturers, leading globally in both consumer and industrial drone markets, holding over 70% and 50% market shares respectively[8] Stock Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was -3.48% from April 21 to April 25, 2025, with 14% of companies showing an increase[21] - Notable stock performers included Can Energy (+24.82%), Wanda Bearings (+21.38%), and Yi Neng Power (+8.23%)[21] Valuation Metrics - The median TTM P/E ratio for the information technology sector decreased from 38.5X to 38.0X, while the electronic equipment sector's P/E ratio fell from 56.6X to 51.1X[26][39] - The total market value of the electronic equipment sector decreased from CNY 134.06 billion to CNY 129.44 billion[28] Company Highlights - Weimiao Electronics has secured a project for the Xiaopeng Huaitian flying car control console wiring harness[17] - Parallel Technology serves as a cloud client for Xiaopeng Huaitian, a key player in the low-altitude economy[17]

证券时报·数据宝统计，截至今日下午收盘，上证综指3296.36点，收于半年线之下，涨跌幅-0.10%，A 股总成交额为12624.62亿元。到目前为止，今日有176只A股价格突破了半年线，其中乖离率较大的个股 有吉冈精密、威贸电子、三木集团等，乖离率分别为13.55%、10.89%、9.55%；戴维医疗、冰轮环境、 宁波联合等个股乖离率较小，刚刚站上半年线。 4月23日突破半年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 836720 | 吉冈精 | 17.26 | 32.45 | 19.57 | 22.22 | 13.55 | | | 密 | | | | | | | 833346 | 威贸电 子 | 13.71 | 21.99 | 27.00 | 29.94 | 10.89 | | 000632 | 三木集 团 | 10.03 | 8.19 | 3.71 | 4.06 | ...

威贸电子(833346)今日下跌27.63%，全天换手率9.11%，成交额8374.62万元，振幅29.40%。龙虎榜数据 显示，营业部席位合计净卖出1497.64万元。 北交所公开信息显示，当日该股因日涨跌幅达到-27.63%上榜，营业部席位合计净卖出1497.64万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4069.22万元，其中，买入成交额为 1285.79万元，卖出成交额为2783.43万元，合计净卖出1497.64万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰君安证券股份有限公司广西南宁民族大道营业 部，买入金额为309.09万元，第一大卖出营业部为招商证券股份有限公司上海肇嘉浜路证券营业部，卖 出金额为1173.29万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均涨5.77%，上榜后5日平均涨17.89%。（数据宝） 威贸电子4月7日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国泰君安证券股份有限公司广西南宁民族大道营业部 | 309.09 | ...

□媒体采访 证券代码：833346 证券简称：威贸电子 公告编号：2025-014 上海威贸电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 3 月 24 日 活动地点：上海市青浦区练东路 28 号 参会单位及人员：湘财证券、盈科控股、中财资本、中财招商投资集团、上 海联创飞达企业管理有限公司、个人投资者 问题一：随着行业政策的不断变化，政策调整对公司业务发展带来了哪些 机遇和挑战？公司将如何应对政策环境的变化，确保业务的稳定增长？ 回答：公司业务立足于智能家电、汽车和工业自动化三大领域，并致力于 利用技术优势拓展低空经济、工业机器人、储能等新兴行业的业务。近年来受 益于包括新能源汽车、低空飞行器等领域的一些利好政策，公司在这些行业的 业务得到不同程度的拓展和提升。而由于公司同时面向国内和海外市场，也会 ...