Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

□ 南京日报/紫金山新闻记者 黄琳燕 "苏豪股份亮相2025年外贸优品中华行江苏站首场活动""快轮科技亮相外贸优品展，助力'江苏制造'拓内 需"……4月19日—20日，"外贸优品中华行江苏站"活动在南京国际展览中心举行。展会结束了，但参展 企业仍在通过官微等各种途径介绍自己的产品，助力外贸优品开拓内销市场"新"空间。 "外贸优品中华行江苏站"首场活动让"外贸优品"火了。记者在现场看到，外贸企业鼓足干劲开拓新市 场、寻找新商机。 南京快轮智能科技有限公司把直播间搬到了展会现场，不仅在现场卖货，还在直播间推广公司的产品。 现场工作人员告诉记者，公司产品主要出口到欧美、东南亚等地区，目前正在积极开拓国内市场。公司 和华为合作了一款电动滑板车，已经在天猫、京东等电商平台上线；新研发的一款可以自动吐泡泡的电 动儿童车也在抖音直播间开始销售。记者看到，很多人被现场展示的一辆造型很酷的电动自行车吸引。 工作人员介绍，这款车主打户外越野，主要销往欧洲市场。"这款车符合今年9月要实施的新国标，到时 候我们会在国内市场进行销售。" 除了拓展销售渠道，有些外贸企业已经开始研发新品以满足国内消费者的需求。"外贸优品中华行江苏 站"首 ...

Core Viewpoint - The company, Sumida Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and confirming that the report has not been audited [1][5]. Financial Data - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which has been included in the consolidated financial statements, leading to retrospective adjustments in previous financial data [1]. - The net profit of the acquired entity before the merger was reported as 0 yuan, consistent with the previous period [5]. Shareholder Information - The report indicates that there were no changes in the major shareholders or the top ten shareholders due to the transfer of shares for margin trading [4]. Meeting Resolutions - The board of directors held a meeting on April 22, 2025, where the first quarter report was approved unanimously with 7 votes in favor [9]. - The supervisory board also convened on the same day and approved the first quarter report, confirming that the report complied with all relevant regulations and accurately reflected the company's situation [14].

苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-020 苏美达股份有限公司 2.公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易 所的各项规定，所包含的信息能真实地反映出公司当期情况； 第十届监事会第十三次会议决议公告 3.公司董事会及相关工作人员严格遵守《上海证券交易所股票上市规则》及 信息披露管理制度中有关保密要求的规定，在提出本意见前，未发现参与报告编 制和审议的人员有违反保密规定的行为。 表决结果：赞成票 3 票，反对票 0 票，弃权票 0 票，通过本议案。 特此公告。 苏美达股份有限公司监事会 2025 年 4 月 23 日 苏美达股份有限公司（以下简称"公司"）第十届监事会第十三次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体监事发出，于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。会议应到监事 3 人，实到监事 3 人（以通讯方式出席监事 1 人）。本次会议由监事会主席刘小虎 先生主持，会议的通知、召开、表决程序符合相关法律法规及《公司章程》的规 定，会议合法有效。会议审议并通 ...

一、 关于《公司 2025 年第一季度报告》的议案 苏美达股份有限公司 证券代码：600710 证券简称：苏美达 公告编号：2025-019 苏美达股份有限公司 第十届董事会第十四次会议决议公告 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。 苏美达股份有限公司（以下简称"公司"）第十届董事会第十四次会议通知 及相关资料于 2025 年 4 月 17 日分别以书面、电子邮件方式向全体董事发出，会 议于 2025 年 4 月 22 日下午在公司会议室以现场结合通讯方式召开。本次会议应 出席董事 7 人，实际出席董事 7 人（其中现场+视频方式出席董事 5 人，通讯方 式出席董事 2 人，无委托出席董事），公司部分监事及高级管理人员列席了会议。 本次会议的通知、召开及表决程序符合《中华人民共和国公司法》等有关法律、 行政法规、部门规章、规范性文件和《公司章程》的有关规定，决议合法有效。 本次会议由公司董事长杨永清先生主持，审议通过了以下议案： 本议案在董事会审议前已经公司董事会审计与风险控制委员会审议通过。 具体内容请见同日在上海 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,565,422.39 thousand, representing a year-on-year increase of 7.99% compared to CNY 2,374,486.00 thousand in the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 29,306.12 thousand, up 9.58% from CNY 26,587.00 thousand in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 27,452.50 thousand, reflecting a significant increase of 17.95% from CNY 23,123.52 thousand year-on-year[4]. - Total revenue for Q1 2025 reached ¥25,654,223,897.64, an increase of 8.4% compared to ¥23,755,593,597.58 in Q1 2024[18]. - Net profit for Q1 2025 after tax was ¥733,007,638.67, up from ¥675,796,987.54 in Q1 2024, representing an increase of 8.4%[18]. - The net profit attributable to shareholders of the parent company was ¥293 million, up from ¥267 million, reflecting a growth of 9.6%[20]. - Total comprehensive income for Q1 2025 was ¥889 million, compared to ¥545 million in Q1 2024, indicating a significant increase of 62.9%[20]. Cash Flow and Assets - The net cash flow from operating activities was CNY 142,379.57 thousand, a substantial recovery from a negative cash flow of CNY -231,532.42 thousand in the same period last year[4]. - Operating cash flow for Q1 2025 was ¥1.42 billion, a turnaround from a negative cash flow of ¥2.31 billion in Q1 2024[22]. - Cash inflow from operating activities was ¥30.78 billion, slightly higher than ¥30.24 billion in Q1 2024, showing a growth of 1.8%[22]. - Cash and cash equivalents rose to ¥14,492,881,733.66 as of March 31, 2025, from ¥13,653,958,774.80 at the end of 2024, showing a growth of 6.1%[14]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥12.63 billion, up from ¥8.64 billion at the end of Q1 2024, representing a year-over-year increase of 46.4%[24]. - Total assets at the end of the reporting period were CNY 5,984,419.20 thousand, marking a 9.00% increase from CNY 5,490,409.39 thousand at the end of the previous year[4]. - Total assets as of March 31, 2025, amounted to ¥59,844,192,018.30, compared to ¥54,904,093,851.55 at the end of 2024, marking a growth of 9.4%[15]. Shareholder Information - The equity attributable to shareholders of the listed company was CNY 781,568.82 thousand, which is a 4.43% increase from CNY 748,433.79 thousand at the end of the previous year[4]. - The top two shareholders are China National Machinery Industry Corporation holding 41.60% and Jiangsu Agricultural Reclamation Group Co., Ltd. holding 13.92% of the shares[9]. - Earnings per share for Q1 2025 was ¥0.22, up from ¥0.20 in Q1 2024, reflecting a growth of 10%[20]. Costs and Expenses - Total operating costs for Q1 2025 were ¥24,818,676,403.11, up from ¥23,044,683,588.50 in Q1 2024, reflecting a year-over-year increase of 7.7%[18]. - The company reported a decrease in research and development expenses to ¥88,563,054.01 in Q1 2025 from ¥117,209,632.84 in Q1 2024, a reduction of 24.5%[18]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 18,536,174.84, with significant contributions from government subsidies and asset disposals[7]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. Acquisitions - The company completed the acquisition of Shanghai Jirun Real Estate Co., Ltd. in October 2024, which was included in the consolidated financial statements, leading to retrospective adjustments in previous financial data[5].

公司报告 | 年报点评报告 苏美达（600710） 证券研究报告 24 年归母净利+12%，柴发及造船业务高景气 2024Q4 业绩稳健增长，全年盈利能力持续提升 2024Q4：营收 302 亿元/yoy+12.2%，归母净利 1.47 亿元/yoy+9.4%，扣非 归母净利1.49 亿元/yoy+15.64%。经营活动产生的现金流量净额11.85 亿元， 较上年同期有所下降。 2024 全年：营收 1172 亿/yoy-4.75%，归母净利 11.48 亿/yoy+11.69%，扣非 归母净利 10.42 亿/yoy+25.46%，盈利能力提升。产业链板块主营业务收入 334.64 亿/yoy+6.75%，利润同比增长 15.67%，利润贡献约占 70%。公司毛 利率为 6.80%，同比提升 1.11pct；归母净利率为 0.98%，同比提升 0.14pct。 产业链利润结构优化，多业务协同高增，"双链"能力显优势 产业链板块利润总额占公司利润总额比例逐年提升，2024 年增长到 70%。 其中船舶制造与航运业务积极拓展行业领先客户，利润总额同比增长 90%； 柴油发电机组业务大力优化客户结构，利润总额同比 ...

苏美达（600710）公告，2025年第一季度营业收入256.54亿元，同比增长7.99%。净利润2.93亿元，同 比增长9.58%。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6]. Core Views - The company is experiencing a robust growth in its core business segments, particularly in shipbuilding and diesel generator sectors, with a notable increase in profitability [1][2]. - The optimization of the profit structure within the supply chain is contributing significantly to the overall profit growth, with the supply chain segment accounting for 70% of total profits in 2024 [2]. - The company is actively expanding its clean energy and electromechanical equipment businesses, particularly in overseas markets, with significant project signings and export growth [3][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 30.2 billion yuan, a year-over-year increase of 12.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 9.4% year-over-year [1]. - For the full year 2024, the company achieved a revenue of 117.2 billion yuan, a decrease of 4.75% year-over-year, while the net profit attributable to shareholders increased by 11.69% to 1.148 billion yuan [1]. - The gross profit margin improved to 6.80%, an increase of 1.11 percentage points year-over-year, and the net profit margin rose to 0.98%, up 0.14 percentage points year-over-year [1]. Business Segment Performance - The shipbuilding and shipping business saw a profit increase of 90% year-over-year, while the diesel generator business improved its profit by 40% [2]. - The apparel business achieved a profit growth of 16% driven by both domestic and international markets [2]. - The clean energy sector signed overseas projects worth 280 million USD in 2024, and the electromechanical equipment export business grew by 87% year-over-year [3]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 111.9 billion yuan, 113.9 billion yuan, and 116.6 billion yuan respectively, with net profits projected at 1.24 billion yuan, 1.36 billion yuan, and 1.49 billion yuan [4]. - The company maintains a favorable valuation with a projected P/E ratio of 9 for 2025 and 8 for 2027, indicating strong earnings growth potential [4].

记者从苏美达（600710）获悉，近日，苏美达所属能源公司与欧洲知名光伏组件分销商签署157MW高 效光伏组件供应协议。根据协议，能源公司将为该客户提供总计157MW的高效光伏组件。双方积极响 应欧洲能源转型需求，达成长期互信合作，并就未来在光伏车棚、农业大棚、光储融合、EPC、智慧运 维等创新应用领域合作达成共识。(人民财讯) ...