Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

重要内容提示： ●回购注销原因：鉴于柏诚系统科技股份有限公司（以下简称"公司"）2024年限制性股票激励计划首次 授予的激励对象中存在1名激励对象因离职已不符合激励条件，董事会审议同意对其已获授但尚未解除 限售的限制性股票共计57,600股进行回购注销。 ●本次注销股份的有关情况： ■ 一、本次限制性股票回购注销的决策与信息披露 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 （四）回购注销价款 （一）根据《上市公司股权激励管理办法》《柏诚系统科技股份有限公司2024年限制性股票激励计划》 （以下简称"《激励计划》"）等有关规定和公司2024年第三次临时股东大会的授权，公司于2025年3月 24日召开第七届董事会第十次会议和第七届监事会第八次会议，审议通过了《关于回购注销2024年限制 性股票激励计划部分限制性股票的议案》。相关事项已经公司第七届董事会薪酬与考核委员会第四次会 议审议通过。具体内容详见公司2025年3月25日披露于上海证券交易所网站（www.sse.com.cn ...

柏诚系统科技股份有限公司 证券代码：601133 证券简称：柏诚股份 公告编号：2025-032 关于部分限制性股票回购注销实施的公告 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。 （一）根据《上市公司股权激励管理办法》《柏诚系统科技股份有限公司 2024 年限制性股票激励计划》（以下简称"《激励计划》"）等有关规定和公 司 2024 年第三次临时股东大会的授权，公司于 2025 年 3 月 24 日召开第七届董 事会第十次会议和第七届监事会第八次会议，审议通过了《关于回购注销 2024 年限制性股票激励计划部分限制性股票的议案》。相关事项已经公司第七届董事 会薪酬与考核委员会第四次会议审议通过。具体内容详见公司 2025 年 3 月 25 日 披露于上海证券交易所网站（www.sse.com.cn）的《柏诚系统科技股份有限公司 关于回购注销 2024 年限制性股票激励计划部分限制性股票的公告》（公告编号： 2025-010）。 （二）2025 年 3 月 25 日，公司披露了《柏诚系统科技股份有限公司关于回 购注销部分限制 ...

国浩律师（南京）事务所 关 于 柏诚系统科技股份有限公司 2024 年限制性股票激励计划 回购注销部分限制性股票实施情况 的 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 二〇二五年五月 国浩律师(南京)事务所 回购注销部分限制性股票实施情况的 法律意见书 法律意见书 | 1 | 4 | 1 | œ | 4 | | --- | --- | --- | --- | --- | | . | | | | | | 第一节 律师声明的事项 | | --- | | 第二节 正 文 | | 一、 本次回购注销的授权与批准 | | (一) 本次激励计划已履行的决策程序 . | | (二) 本次回购注销已履行的决策程序 . | | 二、 本次回购注销的具体内容 . | | (一) ...

证券代码：601133 证券简称：柏诚股份 公告编号：2025-031 柏诚系统科技股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （二）股东大会召开的地点：江苏省无锡市滨湖区隐秀路 800 号上海中心城 开国际 F21 柏诚系统科技股份有限公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 274 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 381,917,600 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.43 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会的召集、召开及表决程序符合《公司法》《上市公司股东大会 规则》《公司章程》的有关规定。本次股东大会由公司董事会召集，由董事长、 总经理过建廷先 ...

2024 年年度股东大会法律意见书 柏诚股份 江苏世纪同仁律师事务所 关于柏诚系统科技股份有限公司 2024 年年度股东大会的法律意见书 柏诚系统科技股份有限公司: 根据《公司法》《证券法》和中国证监会《上市公司股东大会规则》等法律、 法规和规范性文件以及《公司章程》的规定,本所受贵公司董事会的委托,指派 本律师出席贵公司 2024年年度股东大会,并就本次股东大会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序和表决结果的合法有效性出具法律意 见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序 1、本次股东大会由贵公司董事会召集。 贵公司第七届董事会第十一次会议决定于 2025年 5 月 12 日召开本次股东大 会。贵公司已于 2025年4月22日在上海证券报、中国证券 ...

证券代码：601133 证券简称：柏诚股份 公告编号：2025-030 柏诚系统科技股份有限公司 公司于2024年4月30日在中信银行无锡分行营业部开立了募集资金现金管理 专用结算账户。截至本公告披露日，公司不再使用该专用结算账户，同时鉴于公 司无继续通过上述专用结算账户购买理财产品的计划，根据《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》等相关规定，公司于近日 办理完毕以上专用结算账户的注销手续。 注销的专用结算账户如下： | 开户主体 | 银行名称 | 银行账号 | 存续状态 | | --- | --- | --- | --- | | 柏诚系统科技 | 中信银行无锡分行 | 8110501012502490132 | 本次注销 | | 股份有限公司 | 营业部 | | | 特此公告。 柏诚系统科技股份有限公司董事会 2025年5月8日 关于注销部分理财专用结算账户的公告 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。 一、募集资金购买理财产品审议情况 柏诚系统科技股份有限公司（以下简称"公司"）于20 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.54 [6][7]. Core Views - The company reported a revenue of RMB 5.2 billion for 2024, a year-on-year increase of 31.8%, but the net profit attributable to the parent company was RMB 212 million, a decrease of 0.8% year-on-year, which was below expectations due to intensified industry competition and unexpected declines in gross margin [1][4]. - The company signed new contracts worth RMB 5.4 billion in 2024, representing a year-on-year increase of 9.5%, with a backlog of orders amounting to RMB 2.9 billion, indicating potential for future growth [1][2]. - The semiconductor and related sectors showed significant revenue growth, with the semiconductor segment achieving a 29% year-on-year increase, driven by domestic substitution trends [2][4]. Summary by Sections Financial Performance - In Q4 2024 and Q1 2025, the company achieved revenues of RMB 1.41 billion and RMB 1.04 billion, respectively, with year-on-year declines of 2.8% and 9.4% [1][2]. - The overall gross margin for 2024 decreased by 1.4 percentage points to 10.0%, but showed improvement in Q4 2024 and Q1 2025, with gross margins of 9.7% and 10.3%, respectively [2][3]. Expense Management - Management expenses increased significantly by 53% year-on-year in 2024, primarily due to business expansion and increased personnel costs [3]. - The company maintained a net cash flow from operating activities of RMB 220 million in 2024, which was stable compared to the previous year [3]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 236 million, RMB 265 million, and RMB 282 million, respectively, reflecting a downward revision due to anticipated delays in capital expenditures in the downstream electronics industry [4][5]. - The company is assigned a PE ratio of 28x for 2025, with a target price adjustment to RMB 12.54, down from RMB 13.52 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [7][4] Core Views - The company experienced a slight decline in revenue and profit in Q1 2025, with revenue at 1.037 billion, down 9.4% year-on-year, and net profit attributable to the parent company at 44 million, down 20.6% year-on-year [1] - The company has a strong order intake, with new orders in 2024 reaching 5.418 billion, a year-on-year increase of 9.45%, indicating sustained demand in downstream sectors [3] - The report highlights the company's comprehensive capabilities in cleanroom system integration, positioning it as a leading player in the industry with a favorable outlook due to increasing capital expenditures in the domestic panel and semiconductor sectors [4] Financial Performance Summary - In Q1 2025, the company's gross margin slightly increased by 0.65 percentage points to 10.3%, while the net profit margin decreased by 0.6 percentage points to 4.26% [2] - The company’s cash flow from operations was negative 678 million, indicating a cash outflow increase of 141 million year-on-year [2] - The financial forecast estimates revenue growth from 3.98 billion in 2023 to 8.82 billion by 2027, with corresponding net profits projected to rise from 214 million to 346 million during the same period [6][4]

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]