中际联合（605305）公告，公司通过全资子公司FICONT INDUSTRY(HONGKONG)LIMITED以自有资 金在阿拉伯联合酋长国迪拜设立的全资二级子公司已完成注册登记。该子公司名称为3S Middle East L.L.C-FZ，注册资本为10万迪拉姆，成立日期为2025年5月2日，有效期至2027年5月1日。投资总额为 100万美元(约人民币731万元)。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a leader in wind power aerial work equipment, holding the top market share in the wind power segment. The continuous release of domestic wind power projects is expected to drive growth in the supply chain, significantly benefiting the company. Additionally, with controllable expenses and the expansion into non-wind power businesses, the company's profitability is anticipated to continue improving [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, representing an 18% year-on-year increase. The net profit attributable to shareholders was 315 million yuan, up 52% year-on-year. In Q4 2024, revenue was 365 million yuan, down 10% year-on-year, and net profit was 77 million yuan, down 13% year-on-year. In Q1 2025, revenue reached 317 million yuan, a 32% increase year-on-year, with net profit at 99 million yuan, up 69% year-on-year [4]. Business Segments - Wind power sales accounted for 97% of the company's main business revenue in 2024, totaling 1.25 billion yuan. The company is actively expanding into international markets and focusing on steady growth in its core business. Non-wind power sales were 35 million yuan, making up 3% of main business revenue. The company is also innovating in non-wind sectors, including industrial and construction lifting equipment and safety protection products [9]. Cost Management - The company has shown significant cost control, with a decrease in sales, management, and R&D expenses in 2024. Total expenses for sales, management, and R&D were 127 million, 118 million, and 85 million yuan respectively, with a combined year-on-year growth of only 0.7%. The expense ratio dropped to 25.4%, a decrease of 4.2 percentage points year-on-year. The net profit margin in Q1 2025 reached 31.1%, an increase of approximately 7 percentage points year-on-year and 10 percentage points quarter-on-quarter [9]. International Expansion - The company is enhancing its international presence, having established wholly-owned subsidiaries in the USA, Germany, India, Japan, and Brazil. It has a dedicated overseas sales team and local teams in key regions to meet global customer needs. In 2024, overseas business revenue was 650 million yuan, a year-on-year increase of 19.1%, accounting for 50% of the company's main business revenue [9]. Future Outlook - The company is expected to achieve net profits of 400 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of 14 and 11 times [9].

证券代码：605305 证券简称：中际联合 公告编号：2025-034 中际联合（北京）科技股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 5 月 13 日（星期二）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 6 日（星期二）至 5 月 12 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@3slift.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 财务总监：任慧玲女士 董事会秘书：刘亚锋先生 中际联合（北京）科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布《公司 2025 年第一季度报告》，为便于广大投资者更全面深入 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 316,809,959.80, representing a year-on-year increase of 31.71% compared to CNY 240,544,062.67 in the same period last year[3] - The net profit attributable to shareholders for Q1 2025 was CNY 98,536,031.84, a significant increase of 68.78% from CNY 58,382,930.78 in the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 93,135,240.13, reflecting a 79.13% increase from CNY 51,994,499.81 year-on-year[3] - The basic earnings per share for Q1 2025 was CNY 0.46, up 70.37% from CNY 0.27 in the same period last year[3] - The diluted earnings per share also stood at CNY 0.46, marking a 70.37% increase compared to CNY 0.27 in the previous year[3] - Total revenue for Q1 2025 reached CNY 316.81 million, a 31.6% increase from CNY 240.54 million in Q1 2024[26] - Operating profit for Q1 2025 was CNY 102.18 million, up 51.5% from CNY 67.50 million in Q1 2024[27] - Net profit for Q1 2025 was CNY 98.54 million, representing a 68.9% increase compared to CNY 58.38 million in Q1 2024[27] - Earnings per share for Q1 2025 were CNY 0.46, compared to CNY 0.27 in Q1 2024[29] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 3,369,894,597.16, a 1.51% increase from CNY 3,319,763,582.78 at the end of the previous year[6] - Total assets increased to CNY 3.37 billion in Q1 2025 from CNY 3.32 billion in Q1 2024[23] - Total liabilities decreased to CNY 682.35 million in Q1 2025 from CNY 731.60 million in Q1 2024[23] - The equity attributable to shareholders increased by 3.84%, reaching CNY 2,687,540,608.07 compared to CNY 2,588,161,367.00 at the end of the last year[6] - The total equity attributable to shareholders increased to CNY 2.69 billion in Q1 2025 from CNY 2.59 billion in Q1 2024[23] Cash Flow - The net cash flow from operating activities decreased by 92.60%, amounting to CNY 1,275,205.50, down from CNY 17,236,637.25 in the same period last year[3] - Cash flow from operating activities for Q1 2025 was CNY 364.13 million, up from CNY 266.97 million in Q1 2024[29] - The cash outflow from operating activities was CNY 362,856,979.22, up from CNY 249,737,600.03, indicating a 45.2% increase[30] - Cash inflow from investment activities totaled CNY 722,941,521.26, up 68.3% from CNY 429,349,526.66 year-over-year[30] - The net cash flow from investment activities was CNY 65,130,443.12, a significant improvement from a negative CNY 258,311,161.19 in the previous year[30] - Cash inflow from financing activities was CNY 24,190,728.45, with a net cash flow of CNY 22,965,286.16, compared to a negative CNY 1,212,873.76 last year[30] - The total cash and cash equivalents at the end of the period reached CNY 1,006,059,820.00, an increase from CNY 625,633,454.77 in the previous year[30] Shareholder Information - The largest shareholder, Liu Zhixin, holds 51,656,387 shares, representing 24.31% of the total shares[12] - The second largest shareholder, Shichuang (Beijing) Technology Development Co., Ltd., holds 12,099,614 shares, accounting for 5.69%[12] - The total number of shares held by the top ten shareholders is 30.00% of the total shares[15] - The company has no reported changes in the status of major shareholders participating in margin trading[15] - The company has not identified any related party transactions among other shareholders[15] Operational Insights - The company reported a significant increase in sales revenue from high-altitude safety lifting and protective equipment, contributing to the overall revenue growth[8] - The company has recognized a VAT deduction amounting to CNY 757,374.00 as a regular income, in line with the government's policy for advanced manufacturing enterprises[8] - Research and development expenses for Q1 2025 were CNY 14.90 million, slightly up from CNY 14.58 million in Q1 2024[27] - The company reported a decrease in sales expenses to CNY 20.07 million in Q1 2025 from CNY 21.39 million in Q1 2024[26] - The company has not disclosed any significant new strategies or product developments during the reporting period[16] Taxation and Accounting - The company paid taxes amounting to CNY 48,511,576.34, compared to CNY 20,887,705.38 in the previous year, reflecting a 132.0% increase[30] - The company did not apply new accounting standards or interpretations for the first time in 2025[31] - The impact of exchange rate changes on cash and cash equivalents was a decrease of CNY 577,227.51, compared to an increase of CNY 1,655,788.58 in the previous year[30]

| 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 刘志欣 | | | | | 5165.64 | | 24.31 | 不变 | | 世创(北京)科技发展有限公司 | 1209.96 | 5.69 | 不变 | | 中日节能环保创业投资有限公司 | 962.81 | 4.53 | 不变 | | 马东升 | 440.13 | 2.07 | 不变 | | 科威特政府投资局-自有资金 | 381.05 | 1.79 | 33.63 | | 王喜军 | 330.10 | 1.55 | 不变 | | 澳门金融管理局-自有资金 | 307.36 | 1.45 | 新进 | | 宁波梅山保税港区创言投资合伙企业(有限合伙) | 304.01 | 1.43 | 不变 | | 北京六合基金管理有限公司-北京外经贸发展引导基金 | | | | | (有限合伙) | 302.31 | 1.42 | -30.50 | | 交银趋势混合A | 274.59 | 1.29 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 香港中央 ...

Group 1 - The article discusses the latest profit forecasts for Zhongji United, highlighting the projected net profits for 2025, 2026, and 2027, with estimates ranging from 4.10 billion to 6.00 billion yuan [3] - Various securities firms have provided their predictions, with Guotou Securities estimating a net profit of 4.10 billion yuan for 2025 and 6.00 billion yuan for 2027, while CITIC Securities forecasts 4.33 billion yuan for 2025 and 6.28 billion yuan for 2027 [3] - The target prices set by different firms for Zhongji United range from 28.95 yuan to 40.79 yuan, indicating a positive outlook on the company's future performance [3] Group 2 - The article includes a table summarizing the performance predictions from multiple research institutions, showing a general trend of increasing net profits over the forecasted years [3] - The accuracy of the predictions varies, with some firms reporting accuracy rates above 74%, indicating a level of confidence in their forecasts [3] - The data presented is based on publicly available information and is intended for reference purposes [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leader in high-altitude safety operation equipment for wind power globally, with domestic and international growth opportunities across multiple fields driving performance beyond expectations [1] - The domestic wind power market is experiencing high demand, with significant growth in new installations expected in 2025, projected at approximately 105-115 GW [3] - The company is expanding into overseas markets and other application fields, which are expected to provide additional growth momentum [4] Summary by Sections Market Expectations - The company's main business has limited market space, and there are concerns about the potential decline in domestic wind power business due to the increasing size of wind turbines [2] - There is uncertainty regarding the success of the company's expansion into other application areas [2] - The company's significant exposure to the U.S. market raises concerns about the impact of potential tariffs on performance [2] Performance Drivers - The domestic wind power market is thriving, with an expected annual average new installation capacity of 100 GW from 2024 to 2026, representing a CAGR of 11% [3] - Product optimization and solution iterations are enhancing the value of individual wind turbine configurations [3] - The company is also tapping into the vast potential of the wind power operation and maintenance market, which is expected to contribute to long-term performance [3] Overseas Market Expansion - The company has opportunities in the North American and European markets, which have substantial retrofitting needs [4] - There is significant room for improvement in market share in overseas markets, which could lead to incremental performance growth [4] Multi-Field Expansion - The company is diversifying its product offerings into various fields such as industrial and construction, emergency rescue, and power grids, moving towards a platform-based enterprise model [4] - New products like material conveyors and climbing machines are expected to become key products for the company [4] Financial Forecasts - The company is projected to achieve a net profit of 402 million in 2025, with a year-on-year growth of 28% [10] - The expected P/E ratios for 2025, 2026, and 2027 are 12, 11, and 9, respectively, indicating a favorable valuation outlook [10]

Core Viewpoint - The company is expected to exceed performance expectations due to the resonance of domestic beta and alpha, as well as growth opportunities in overseas and non-wind power sectors [1] Market Expectations - The company's main business has limited market space and a low industry ceiling, with a relatively high market share in the domestic wind power safety operation equipment sector, but potential decline in domestic wind power business due to the trend of larger wind turbines [2] - There is significant uncertainty regarding the company's success in expanding into other application fields [2] - Concerns exist regarding the company's exposure to the U.S. market and the potential negative impact of increased tariffs on performance [2] Performance Drivers - The domestic wind power market is experiencing high demand, with projected new installations of approximately 105-115 GW by 2025, leading to a compound annual growth rate (CAGR) of 11% from 2024 to 2026 [3] - Product optimization and solution iterations are expected to enhance the value of individual wind turbine configurations, with new products like high-load elevators and dual-machine tower climbing solutions contributing to this increase [3] - The wind power operation and maintenance market presents significant growth potential for the company's long-term performance [3] Overseas Market Expansion - There is substantial demand for retrofitting in the North American and European markets, providing opportunities for growth in these regions [3] - The company has considerable room for improvement in market share in overseas markets, which could lead to incremental performance gains [3] Multi-Sector Expansion - The company is diversifying its product offerings into various sectors such as industrial and construction, emergency rescue, and power grids, aiming to become a platform enterprise [4] - New products like material conveyors and climbing machines are expected to become key products, with material conveyors aiding in reducing labor costs in overseas photovoltaic construction [4] - The climbing machine is anticipated to be integrated into existing tower cranes, enhancing safety and efficiency [4] U.S. Market Strategy - The company has established a wholly-owned subsidiary in the U.S., allowing for rapid establishment of local production capacity if needed [4] - The company’s main product, the anti-climbing device, holds a near 100% market share in the U.S. due to its intellectual property, indicating strong pricing power [4] - The anti-climbing device is expected to help clients significantly reduce safety risks and labor costs, increasing demand in the context of rising inflation [4] Performance Metrics and Catalysts - Key performance indicators include global wind power new bidding volumes, year-on-year growth in installed capacity, changes in the company's overseas market share, and order growth for high-value products [5] - Catalysts for performance include lower-than-expected tariff increases in the U.S., high growth in domestic wind power new bidding volumes, and significant orders in emerging application fields [5] Unique Insights - The market perceives a limited ceiling for the wind power safety operation equipment industry, but the company is expected to counteract potential declines through product upgrades and solution optimizations [6][7] - The company is positioned to maintain rapid growth in the wind power sector and expand into new markets, supported by a strong alpha logic [8] Profit Forecast and Valuation - The company is projected to achieve net profits of 402 million, 470 million, and 574 million from 2025 to 2027, with year-on-year growth rates of 28%, 17%, and 22%, respectively, resulting in a CAGR of 20% [8]

Core Insights - The company achieved a revenue of 1.299 billion yuan in 2024, representing an 18% year-on-year increase, with Q4 revenue at 365 million yuan, down 10% year-on-year [1] - The company’s net profit attributable to shareholders reached 315 million yuan, a 52% increase year-on-year, with Q4 net profit at 77 million yuan, down 13% year-on-year [2] - The company is expanding its overseas market presence and product line, indicating significant long-term growth potential [3] Revenue Breakdown - Revenue from aerial safety lifting equipment in 2024 was 889 million yuan, up 16% year-on-year [1] - Revenue from aerial safety protection equipment was 355 million yuan, up 24% year-on-year [1] - Revenue from aerial safety operation services was 46 million yuan, up 1% year-on-year [1] Regional Performance - Domestic sales in 2024 amounted to 644 million yuan, an increase of 16% year-on-year [1] - International sales reached 646 million yuan, a 19% increase year-on-year [1] Industry Performance - Revenue from the wind power sector was 1.254 billion yuan, up 16% year-on-year [1] - Non-wind power sectors generated revenue of 35.32 million yuan, a significant increase of 172% year-on-year [1] Profitability Metrics - The company’s net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [2] - The gross profit margin for 2024 was 45.49%, slightly down by 0.64 percentage points year-on-year [2] Cost Management - The company’s expense ratio decreased to 22.64%, down 5.25 percentage points year-on-year, indicating improved cost control [2] Product and Market Expansion - The company is focusing on expanding its overseas business, particularly in the wind power high-altitude operation equipment market, which is larger than the domestic market [3] - New product developments include dual-machine linkage solutions and heavy-load elevators, aimed at various sectors such as construction and communication [3] Future Revenue Projections - Revenue forecasts for 2025 and 2026 are adjusted to 1.615 billion yuan and 1.932 billion yuan, respectively, with expected year-on-year growth of 24% and 20% [3] - The projected net profit for 2025 and 2026 is adjusted to 394 million yuan and 475 million yuan, with expected growth rates of 25% and 21% [3]

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