Group 1 - The core point of the news is the performance and structure of the Schroder China Power Equity C fund, which has seen a slight decline in its net value and cumulative returns since its inception [1][3] - As of April 29, 2024, the fund's net value is 1.11 yuan, with a decrease of 0.12% on that day and a total decline of 1.17% over the last four trading days [1] - The fund was established in April 2024 with a total size of 0.31 billion yuan and has achieved a cumulative return of 10.87% since its inception [1] Group 2 - The fund's holder structure indicates that institutional investors hold 0.02 billion shares, accounting for 4.99% of the total shares, while individual investors hold 0.29 billion shares, making up 95.01% of the total [1] - The current fund manager, An Yun, has a strong background in finance and has held various significant positions in the industry, including roles at Shenwan Hongyuan Securities and Changxin Fund Management [2] - As of March 31, 2025, the top ten holdings of the fund account for a total of 44.55%, with notable investments in Tencent Holdings (5.25%), BYD (5.14%), and CATL (4.48%) among others [2]

中国动力：拟向中船工业集团购买中船柴油机有限公司16.5136%股权 智通财经4月29日电，中国动力(600482.SH)公告称，公司通过发行可转换公司债券及支付现金的方式向 中船工业集团购买其持有的中船柴油机有限公司16.5136%股权。本次权益变动后，中船工业集团将持 有公司176,427,729股股份，占公司总股本的7.26%。本次权益变动不会导致公司控股股东、实际控制人 发生变更，不会对公司日常生产经营产生重大影响。 ...

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Group 1 - The company reported a revenue of 51.7 billion yuan for 2024, representing a year-on-year growth of 15%, with a net profit attributable to shareholders of 1.391 billion yuan, up 78% [1] - The company's diesel engine business generated revenue of 22.9 billion yuan in 2024, a 33% increase year-on-year, with a gross margin of 21%, up 5.2 percentage points [1] - The company is focusing on high-quality orders, with new low-speed engine orders decreasing by 20.09% year-on-year, while the gross margin for new orders increased by 4 percentage points [1] Group 2 - The company has established a global service network for low-speed engines, covering major shipping ports in the Asia-Pacific, Europe, and America, which could contribute approximately 1.1 billion yuan in net profit annually if the maintenance business fully covers the WinGD brand [2] - The acquisition of minority stakes in the ship diesel engine business from the parent company is a key valuation consideration, with potential costs ranging from 22.6 billion yuan to 71 billion yuan depending on the financing method [2] Group 3 - The implementation of the 301 new plan is expected to positively impact shipyards by eliminating certain fees for new ship orders, which may lead to a recovery in order volumes and ship prices [3] - The company is expected to see an increase in net profit forecasts for 2025-2027, with projected profits of 2.053 billion yuan, 3.101 billion yuan, and 3.572 billion yuan respectively, maintaining a "buy" rating [3]

Core Insights - The company reported a revenue of 51.697 billion yuan for 2024, a year-on-year increase of 14.62%, and a net profit of 1.391 billion yuan, up 78.43% year-on-year [1] - In Q1 2025, the company achieved a revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, with a net profit of 396 million yuan, up 348.96% year-on-year [1] Segment Analysis - **Marine Industry**: The marine segment maintained high prosperity, with low-speed engine completion exceeding 10 million horsepower for two consecutive years. The company established a global service network, generating nearly 1.5 billion yuan in after-sales service revenue, a year-on-year increase of nearly 25% [2] - **Application Industry**: The application segment faced increased competition in the domestic market, but the company focused on technological innovation and differentiated marketing strategies, achieving new contracts worth 21.755 billion yuan, nearly completing the annual plan [3] - **Defense Industry**: The company enhanced its contract fulfillment capabilities, achieving over 120% completion rate for new contracts in 2024 [3] Financial Performance - The company reported a gross margin of 14.81%, up 1.52 percentage points year-on-year, and a net margin of 4.94%, up 2.59 percentage points year-on-year. The expense ratio decreased to 9.88% [4] - In Q1 2025, the company’s gross margin was 16.18%, an increase of 5.52 percentage points year-on-year, and the net margin was 6.26%, up 4.66 percentage points year-on-year [5] Market Outlook - The shipbuilding industry is currently in an upward cycle, with demand driven by fleet aging, environmental policies, and geopolitical factors. Supply constraints are expected to persist, maintaining a favorable market environment for the company [6] - The company is positioned to benefit from the ongoing demand for marine power systems, with projected revenues of 64.32 billion yuan, 78.25 billion yuan, and 91.96 billion yuan for 2025-2027, reflecting year-on-year growth rates of 24.4%, 21.7%, and 17.5% respectively [7]

Core Viewpoint - The shipbuilding industry in China is experiencing a sustained high level of prosperity, significantly benefiting the leading company in the ship power sector, China Power (600482.SH), which reported substantial growth in its financial performance in the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, China Power achieved an operating revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, and a net profit of 396 million yuan, up 348.96%. The non-recurring net profit reached 375 million yuan, reflecting a remarkable growth of 600.41% [1][2]. - For the full year 2024, the company reported an operating revenue of 51.697 billion yuan, a 14.62% increase, and a net profit of 1.391 billion yuan, which is a 78.43% rise [2]. Industry Context - The global shipbuilding market is in a high prosperity cycle, with China's shipbuilding completion volume reaching 48.18 million deadweight tons in 2024, a 13.8% increase year-on-year. New orders amounted to 113.05 million deadweight tons, up 58.8%, and the hand-held order volume was 208.72 million deadweight tons, increasing by 49.7% [1]. R&D Investment - China Power has significantly increased its R&D investment, with expenditures from 2020 to 2024 totaling 8.15 billion yuan, 14.70 billion yuan, 16.76 billion yuan, 21.09 billion yuan, and 24.43 billion yuan, culminating in a total of 85.13 billion yuan over five years [1][4]. - The company has established a robust technological barrier in the ship power sector through a focus on technological innovation and collaboration with research institutions [4]. Strategic Acquisitions - The company has strengthened its business synergy through acquisitions, including stakes in Torch Technology, Shanxi Chai Heavy Industry, and Guanghan Power. A recent announcement indicated plans to acquire a 16.51% stake in China Shipbuilding Industry Group's diesel engine division, increasing its ownership to 68.37% [3]. Cash Flow and Efficiency - Despite intensive capital operations, the company reported a net cash inflow from operating activities of 2.208 billion yuan in Q1 2025, reflecting a year-on-year increase of 14.8% [3]. Technological Advancements - China Power has made significant breakthroughs in green energy and intelligent control systems, including the development of the world's first methanol-diesel dual-fuel low-speed engine prototype and a digital twin-based health management platform for power systems [4][5]. - The company is actively promoting the industrialization of its technological achievements, with LNG power systems and ammonia fuel engines entering international markets and establishing partnerships with global giants [5].

| 证券代码：600482 | 证券简称：中国动力 | | 公告编号：2025-029 | | --- | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 | 02 | | 中国船舶重工集团动力股份有限公司 一、提前离任的基本情况 二、离任对公司的影响 高晓敏先生的辞职未导致公司董事会成员人数低于法定最低人数，不影响公 司董事会的正常运作。根据《中华人民共和国公司法》以及《中国船舶重工集团 动力股份有限公司章程》的相关规定，高晓敏先生的辞职报告自送达公司董事会 之日起生效。 高晓敏先生在公司任职期间勤勉尽责，为公司规范运作发挥了积极作用，公 司董事会对高晓敏先生任职期间为公司做出的贡献表示衷心感谢！ 1 特此公告。 中国船舶重工集团动力股份有限公司董事会 二〇二五年四月二十九日 2025 年董事离任的公告 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。 | 是否继续在 | 是否存在未 | 姓 | 离任 | 原定任期 | 离任 | 上市公司及 | | | | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company's performance exceeded expectations, with significant growth in revenue and net profit for 2024 and Q1 2025, driven by increased diesel engine deliveries and improved gross margins [6]. - The impact of the 301 policy on shipyards has significantly weakened, which is expected to stabilize and potentially increase ship orders and prices [6]. - The company is actively expanding its maintenance services, which could contribute an estimated 1.1 billion yuan to net profit annually if fully integrated with the WinGD brand [6]. Financial Summary - Total revenue for 2024 is projected at 51.697 billion yuan, with a year-on-year growth rate of 14.6% [2]. - The net profit attributable to the parent company for 2024 is expected to be 1.391 billion yuan, reflecting a substantial year-on-year increase of 78.4% [2]. - Earnings per share (EPS) for 2025 is estimated at 0.91 yuan, with a projected gross margin of 16.2% [2]. - The return on equity (ROE) is forecasted to improve from 1.0% in 2025 to 7.8% by 2027 [2]. Market Data - As of April 25, 2025, the closing price of the stock is 20.85 yuan, with a market capitalization of approximately 46.97 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 34 for 2024, which is expected to decrease to 13 by 2027 [2][3].

4月25日中国动力发布2024年度分配预案，拟10派1.86元（含税），预计派现金额合计为4.19亿元。派现 额占净利润比例为30.13%，这是公司上市以来，累计第15次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派1.86元（含税） | 4.19 | 0.86 | | 2024.10.01 | 10派0.3138元（含税） | 0.71 | 0.15 | | 2023.12.31 | 10派1.0641元（含税） | 2.34 | 0.55 | | 2022.12.31 | 10派0.4644元（含税） | 1.02 | 0.28 | | 2021.12.31 | 10派0.86元（含税） | 1.86 | 0.47 | | 2020.12.31 | 10派0.76元（含税） | 1.64 | 0.41 | | 2017.12.31 | 10派2.08元（含税） | 3.61 | 0.71 | | 2016.12.31 | 10派2.2元（含税） | 3.8 ...

| 股票代码：600482 | 股票简称：中国动力 | 编号：2025-022 | | --- | --- | --- | | 债券代码：110808 | 债券简称：动力定 02 | | 中国船舶重工集团动力股份有限公司 第八届监事会第十二次会议决议公告 本公司监事会及全体监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责任。 中国船舶重工集团动力股份有限公司（以下简称"公司"）第八届监事会第十二次 会议于 2025 年 4 月 24 日上午 11:00 以现场结合通讯方式召开，会议通知于 2025 年 4 月 14 日以专人送达或电子邮件方式发出。公司应出席监事 5 名，实际出席监事 5 名， 其中以通讯表决方式出席会议的监事 4 名。会议由公司监事会主席徐万旭先生主持召 开，列席本次会议的人士包括公司总经理施俊、副总经理朱宏光。。 本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规及规范性 文件和《中国船舶重工集团动力股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 经与会监事审议，一致通过以下决议： 一、审议通过《关于公司 2 ...