Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is actively expanding its materials business to support performance amid a challenging market environment [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Financial Summary - The comprehensive gross margin for Q1 2025 was 18.8%, a decrease of 1.3 percentage points year-over-year, while the net margin was 6.74%, an increase of 1.46 percentage points year-over-year. The total expense ratio for the quarter was 21.17%, up 4.26 percentage points year-over-year [2]. - The company forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.22 RMB, 0.26 RMB, and 0.27 RMB respectively. The expected price-to-earnings (PE) ratio for 2025 is 37.5 times, leading to a target price of 8.25 RMB [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is facing downward pressure in the equipment sector due to market conditions but is actively expanding its materials business to support performance [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 18.8% and a net margin of 6.74%, with year-over-year changes of -1.3 percentage points and +1.46 percentage points respectively. The total expense ratio was 21.17%, reflecting a year-over-year increase of 4.26 percentage points [2]. - The company’s EPS for 2025 is projected to be 0.22 RMB, with expected EPS for 2026 and 2027 at 0.26 RMB and 0.27 RMB respectively [4][5]. Market Position and Outlook - The company is positioned as a leader in both equipment and materials sectors, with ongoing partnerships with major players in the new energy vehicle and data center industries, which are expected to drive growth in its materials business [3][4]. - The report anticipates that the company will maintain its earnings forecast, with a target price based on a price-to-earnings ratio of 37.5x for 2025, aligning with industry averages [4][11].

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0390 | 0.0360 | 8.33 | 0.0700 | | 每股净资产（元） | 6.51 | 6.56 | -0.76 | 6.46 | | 每股公积金(元) | 3.72 | 3.71 | 0.27 | 3.71 | | 每股未分配利润(元) | 1.74 | 1.77 | -1.69 | 1.59 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.14 | 8.44 | -15.4 | 9.07 | | 净利润(亿元) | 0.48 | 0.44 | 9.09 | 0.87 | | 净资产收益率(%) | 0.60 | 0.55 | 9.09 | 1.10 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 28410.31万股，累计占流通股比： 23.04%，较上期变 ...

经各位董事认真审议，会议形成了如下决议： 证券代码：600330 证券简称：天通股份 公告编号：2025-022 天通控股股份有限公司 九届十三次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、董事会会议召开情况 天通控股股份有限公司九届十三次董事会会议通知于 2025 年 4 月 18 日以电 子邮件方式发出。会议于 2025 年 4 月 28 日以传真、通讯方式举行，会议应到董 事 7 名，实到董事 7 名，符合《公司法》《公司章程》的有关规定。 二、董事会会议审议情况 1、审议《2025 年第一季度报告》 本议案已经董事会审计委员会事前认可。2025 年第一季度报告详见上海证 券交易所网站：www.sse.com.cn。 表决结果：7 票同意、0 票反对、0 票弃权。 2、审议《关于以集中竞价交易方式回购公司股份方案的议案》 具体内容详见公司 2025-023 号"关于以集中竞价交易方式回购公司股份方 案的公告"。 表决结果：7 票同意、0 票反对、0 票弃权。 2025 年 4 月 29 日 特此公 ...

证券代码：600330 证券简称：天通股份 公告编号：2025-023 ●天通控股股份有限公司（以下简称"公司"）拟回购部分公司已发行的A 股股份，主要内容如下： 1、回购股份的用途：用于员工持股计划。公司如在股份回购完成之后36个 月内未能实施上述用途，或所回购的股份未全部用于上述用途，未使用部分将 履行相关程序予以注销。 2、回购资金总额：不低于人民币2,500万元（含）且不超过人民币5,000万 元（含）。 3、回购价格：不超过人民币10元/股（含）；该回购价格上限不高于董事 会通过回购决议前30个交易日公司股票交易均价的150%，具体回购价格由公司 董事会授权公司经营层在回购实施期间，结合二级市场股票价格确定。 4、回购资金来源：自有资金及自筹资金。 5、回购期限：自公司董事会审议通过本次股份回购方案之日起不超过12 个月，即2025年4月28日至2026年4月27日。 ●相关股东是否存在减持计划：经问询，截至本次董事会决议日，公司董 监高、控股股东、实际控制人在未来3个月、未来6个月均不存在减持公司股份的 计划。 ●相关风险提示： 1、公司股票价格持续超出回购方案披露的价格上限，导致回购方案无法实 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥714.41 million, a decrease of 15.39% compared to ¥844.39 million in the same period last year[5] - Net profit attributable to shareholders increased by 8.18% to ¥47.96 million from ¥44.33 million year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 95.38% to ¥1.93 million, primarily due to delays in orders in the specialized equipment manufacturing and installation sector[5] - The net profit for Q1 2025 was CNY 48,119,469.49, an increase from CNY 44,571,297.24 in Q1 2024, representing a growth of approximately 12.3%[18] - Operating profit for Q1 2025 was CNY 47,219,149.27, slightly down from CNY 49,334,400.40 in Q1 2024, indicating a decrease of about 4.3%[18] - The company reported a net profit margin decline due to increased operating costs and reduced revenue, impacting overall profitability[16] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net inflow of ¥12.48 million, an increase of 83.56% compared to a net outflow of ¥75.92 million in the previous year[5] - The cash flow from operating activities for Q1 2025 was negative at CNY -12,478,446.94, an improvement from CNY -75,916,202.35 in Q1 2024[21] - Cash flow from operating activities for Q1 2025 was ¥40,180,233.23, a recovery from a negative cash flow of ¥224,703,376.12 in Q1 2024[28] - The total cash and cash equivalents at the end of Q1 2025 were CNY 1,867,418,924.80, down from CNY 2,454,693,018.05 at the end of Q1 2024[21] - Cash and cash equivalents decreased to CNY 2,105,833,097.58 as of March 31, 2025, from CNY 2,316,370,534.66 at the end of 2024, a decline of 9.1%[12] Assets and Liabilities - Total assets at the end of the reporting period were ¥11.52 billion, a decrease of 1.07% from ¥11.64 billion at the end of the previous year[6] - Current assets totaled CNY 5,675,795,403.33 as of March 31, 2025, down from CNY 5,912,383,213.59 at the end of 2024, a decline of 4%[12] - Non-current assets increased to CNY 5,844,421,118.81 as of March 31, 2025, compared to CNY 5,732,295,130.57 at the end of 2024, an increase of 2%[13] - Total liabilities were CNY 3,453,726,499.53 as of March 31, 2025, compared to CNY 3,576,210,614.84 at the end of 2024, a reduction of 3.4%[14] - The total equity decreased to ¥6,443,797,245.34 as of March 31, 2025, from ¥6,448,463,801.43 at the end of 2024, indicating a slight reduction in shareholder value[25] Shareholder Information - Shareholders' equity attributable to shareholders increased by 0.61% to ¥8.03 billion from ¥7.98 billion year-on-year[6] - As of March 31, 2025, the company had repurchased 16,513,620 shares, accounting for 1.34% of the total share capital[10] Research and Development - Research and development expenses rose to CNY 62,906,541.13 in Q1 2025, up from CNY 58,321,932.07 in Q1 2024, marking an increase of about 7.5%[18] - Research and development expenses for Q1 2025 were ¥20,324,705.15, slightly up from ¥20,057,752.38 in Q1 2024, indicating continued investment in innovation[26] Investment Activities - Investment activities resulted in a net cash outflow of CNY -325,002,153.06 in Q1 2025, compared to CNY -252,688,756.44 in Q1 2024, indicating increased investment activity[21] - Cash paid for investments totaled $59,900,000.00, indicating a strategic focus on asset acquisition[29] Other Financial Metrics - Basic and diluted earnings per share rose by 8.33% to ¥0.039 from ¥0.036 year-on-year[5] - The weighted average return on net assets increased by 0.05 percentage points to 0.60%[5] - The company reported non-recurring gains of ¥46.03 million, primarily from government subsidies and the disposal of non-current assets[7] - The total comprehensive income for Q1 2025 was CNY 51,024,462.28, significantly higher than CNY 13,402,374.39 in Q1 2024[18] - The company distributed dividends and interest payments totaling $352,413.06 during the reporting period[29] Accounting Standards - The financial report indicates that the company will not apply new accounting standards starting from 2025[29]

天通股份（600330）公告，公司拟2500万元-5000万元回购股份，回购价格不超过10元/股，资金来源为 自有资金及自筹资金。回购的股份将用于实施员工持股计划，若未能在36个月内转让完毕，将予以注 销。回购期限为董事会审议通过之日起不超过12个月。 ...

二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕5140 号 天通控股股份有限公司全体股东： 我们接受委托，审计了天通控股股份有限公司（以下简称天通股份公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 天通股份公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供天通股份公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为天通股份公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解天通股份公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当 ...

证券代码：600330 证券简称：天通股份 公告编号：2025-021 | | 博为科技有 | 控股股东、 | | | | | | | 房屋租赁 | 经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 限公司 | 实际控制人 的附属企业 | 其他应收款 | 3.46 | 43.67 | | 8.65 | 38.48 | 及水电结 算 | 来 | | | 嘉兴博为通 | 控股股东、 | | | | | | | | | | | 信技术有限 | 实际控制人 | 其他应收款 | | 1.38 | | | 1.38 | 房屋租赁 | 经营性往 来 | | | 公司 | 的附属企业 | | | | | | | | | | | 嘉兴博为软 | 控股股东、 实际控制人 | 其他应收款 | | 1.38 | | | 1.38 | 房屋租赁 | 经营性往 | | | 件有限公司 | 的附属企业 | | | | | | | | 来 | | | 昱能科技股 | 控股股东、 | | | | | | | 商品销售 | 经营性往 | ...