Key Insights - The report highlights the growth in the active bond fund sector, with a total of 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 1.0% increase quarter-on-quarter [7][8] - The performance of active bond funds showed mixed results, with short-term pure bond funds performing well due to rising government bond yields, while mixed secondary bond funds saw increased volatility [7][8] - The report indicates a shift in asset allocation within bond funds, with a decrease in bond positions and an increase in equity positions, particularly in sectors like non-ferrous metals and pharmaceuticals [8] Group 1: Active Bond Fund Overview - As of the end of Q1 2025, the number of active bond funds increased by 0.8% compared to the previous quarter, while the total fund scale rose by 1.0% [7] - In Q1 2025, 43 new active bond funds were issued, totaling 783.7 billion yuan, which is a 16.7% decrease from the previous quarter [7] - The issuance of medium to long-term pure bond funds decreased by 31.5%, while mixed secondary bond funds saw a 65.1% increase in issuance [7] Group 2: Company-Specific Insights - For Mindray Medical (300760.SZ), the company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, with a net profit of 11.668 billion yuan, up 0.74% [9][10] - The company’s international business grew by 21.28%, accounting for approximately 45% of total revenue, indicating a strong international expansion strategy [11] - The report anticipates a recovery in domestic business by Q3 2025, despite a significant year-on-year decline in Q1 2025 [11] Group 3: Industry Trends - The report on Haibo Technology (688411.SH) indicates a revenue of 8.270 billion yuan in 2024, a growth of 18.44%, with a focus on energy storage systems [14][15] - The company’s energy storage product output and sales saw significant increases, with a 35.40% rise in production and a 90.19% increase in sales [15] - The report emphasizes the company’s leading position in the domestic energy storage market and its successful international partnerships [17] Group 4: Financial Performance - For Sanmei Co., Ltd. (603379.SH), the company achieved a revenue of 4.040 billion yuan in 2024, a 21.17% increase, with a net profit growth of 178.40% [24][25] - The report highlights the impact of rising refrigerant prices and strong demand from the home appliance and automotive sectors on the company’s financial performance [25][26] - The company is expected to maintain strong performance due to favorable supply-demand dynamics in the refrigerant market [28] Group 5: Future Outlook - The report suggests that the domestic medical device market, particularly for Mindray Medical, is poised for recovery, with expectations of improved performance in 2025 [11][12] - Haibo Technology is projected to continue its growth trajectory, supported by its strong market position and international expansion efforts [17][18] - Sanmei Co., Ltd. is expected to benefit from ongoing demand in the refrigerant market, with projections for significant profit growth in the coming years [28]

Market Overview - A-shares continued to show a narrow fluctuation pattern with major indices displaying a mixed trend, where the Shenzhen Component Index, North China 50, and ChiNext Index experienced slight gains, while the Shanghai Composite Index and CSI 300 were dragged down by heavyweight sectors [1] - The overall market sentiment remained stable, but trading volume further shrank compared to the previous trading day, indicating a rise in cautiousness among investors [1] Sector Performance - The technology manufacturing sector, represented by humanoid robots and photovoltaics, became the focus of capital inflow, while traditional heavyweight sectors like consumption and finance continued to adjust [3] - Specific segments such as PEEK materials, POE films, and disperse dyes showed outstanding performance, with some stocks experiencing trading volumes several times higher than the previous day [3] Humanoid Robot Industry - The humanoid robot supply chain saw a surge in stock prices, particularly in the PEEK materials sector, which led the market with a significant increase [4] - The approval of national standards for humanoid robots, covering core technologies like environmental perception and motion control, marks a shift from chaotic growth to standardized development in the industry [4] - The trend towards "lightweight" humanoid robots is accelerating, with a forecasted demand for PEEK materials in China reaching 5,079 tons by 2027, corresponding to a compound annual growth rate of 16.8% [5] Photovoltaic Industry - The photovoltaic sector also performed actively, with POE films leading the gains, supported by strong data on new installations and exports [6] - In Q1, domestic photovoltaic installations reached 59.7 GW, a year-on-year increase of 30.5%, with March alone seeing a record 20.2 GW added, up 124.4% year-on-year [6] - The industry leader, Sunshine Power, reported a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52%, reinforcing market confidence [6] Gold Market - International gold prices experienced volatility, dropping below $3,310 per ounce, influenced by expectations of adjustments in U.S. auto tariffs [7] - If tariff adjustments are implemented, it could reduce cost pressures on automakers and alleviate inflation expectations, potentially diminishing gold's appeal as a safe-haven asset [9] Investment Strategy - The technology manufacturing sector attracted over 5 billion yuan in net inflow, while consumption and finance sectors saw a net outflow exceeding 3 billion yuan, indicating a preference for "new productive forces" [10] - Investment strategies should focus on three main areas: the humanoid robot supply chain, the photovoltaic industry, and the gold sector, particularly in the context of the Federal Reserve's interest rate cycle and geopolitical risks [10]

Group 1: Company Performance Highlights - Youfa Group reported a revenue of 11.40 billion yuan in Q1, a year-on-year increase of 6.06%, with a net profit of 133 million yuan, up 9680.17% due to increased sales volume and improved gross margin [2][3] - Ruijie Networks achieved a revenue of 2.54 billion yuan, growing 18.14% year-on-year, and a net profit of 107 million yuan, up 4543.67%, driven by accelerated orders and effective cost management [4][5] - Weidong Nano recorded a revenue of 510 million yuan, a significant increase of 198.95%, with a net profit of 84 million yuan, up 2253.57%, attributed to project implementation and acceptance [6][7] - Aoto Electronics reported a revenue of 185 million yuan, a 2.72% increase, and a net profit of 13.60 million yuan, up 2139.84%, due to reduced credit impairment losses and lower expenses [8][9] - Lianhua Technology posted a revenue of 1.51 billion yuan, a 3.02% increase, with a net profit of 49.72 million yuan, up 1747.04% [10][11] - Hongtong Gas achieved a revenue of 666 million yuan, a 43.98% increase, and a net profit of 22.54 million yuan, up 951.01%, driven by increased LNG sales [12][13] - Shengyi Electronics reported a revenue of 1.58 billion yuan, an increase of 78.55%, with a net profit of 200 million yuan, up 656.87%, due to optimized product structure and cost reduction measures [14] - CIMC reported a revenue of 36.03 billion yuan, a year-on-year increase of 11.04%, with a net profit of 544 million yuan, up 550.21% [15] - Hunan Haili achieved a revenue of 431 million yuan, a 25.44% increase, with a net profit of 56.61 million yuan, up 483.78%, primarily due to increased revenue and a low base from the previous year [16][17]

江苏微导纳米科技股份有限公司 证券代码：688147 证券简称：微导纳米 公告编号：2025-028 江苏微导纳米科技股份有限公司（以下简称"公司"）第二届监事会第二十一次 会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开，会议由监事 会主席潘景伟先生主持。本次会议通知于 2025 年 4 月 26 日以电子邮件方式向全体 监事发出。本次会议应出席监事 3 名，实际出席监事 3 名。本次会议的召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）及《江苏微导纳米科技股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合法、有效。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议通过了《关于公司 2025 年第一季度报告的议案》 根据相关法律、法规、规范性文件以及《公司章程》的规定，公司编制了《江 苏微导纳米科技股份有限公司 2025 年第一季度报告》。 第二届监事会第二十一次会议决议公告 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、准确性和完整性依法承担法律责任。 一、会议召开情况 公司 20 ...

证券代码：688147 证券简称：微导纳米 公告编号：2025-027 江苏微导纳米科技股份有限公司 第二届董事会第二十三次会议决议公告 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、准确性和完整性依法承担法律责任。 一、会议召开情况 江苏微导纳米科技股份有限公司（以下简称"公司"）第二届董事会第二十三 次会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开，会议由 董事长王磊先生主持。本次会议通知于 2025 年 4 月 26 日以电子邮件方式向全体 董事发出。本次会议应出席董事 6 名，实际出席董事 6 名。本次会议的召集和召 开符合《中华人民共和国公司法》（以下简称"《公司法》"）及《江苏微导纳米 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合 法、有效。 根据相关法律、法规、规范性文件以及《公司章程》的规定，结合公司实际 情况，公司编制了《2024年度环境、社会及公司治理（ESG）报告》。董事会审 议并通过了上述报告。 表决结果：同意 6 票；反对 0 票；弃权 0 票。 公司董事会战略委员会已经 ...

Revenue and Profitability - The company's revenue for Q1 2025 reached ¥510,288,574.65, representing a year-over-year increase of 198.95% compared to ¥170,694,733.82 in the same period last year[2] - Net profit attributable to shareholders was ¥84,102,906.38, a significant increase of 2,253.57% from ¥3,573,416.51 in the previous year[2] - The basic earnings per share rose to ¥0.1852, up 2,244.30% from ¥0.0079 in the same period last year[2] - Operating profit for Q1 2025 was ¥87,286,067.46, compared to a loss of ¥3,311,454.98 in Q1 2024, indicating a strong turnaround[16] - Net profit for Q1 2025 was ¥84,102,906.38, compared to a net profit of ¥3,573,416.51 in Q1 2024, reflecting a substantial improvement[16] - The basic earnings per share for Q1 2025 were ¥0.1852, compared to ¥0.0079 in Q1 2024, indicating a substantial increase in profitability per share[17] Research and Development - Research and development (R&D) expenses totaled ¥67,592,770.74, a decrease of 35.72% compared to ¥105,156,901.84 in the previous year[2] - R&D expenses accounted for 13.25% of revenue, a reduction of 48.36 percentage points year-over-year[3] - The decrease in R&D investment was attributed to the completion of several R&D projects that have reached industrial application[6] - Research and development expenses for Q1 2025 were ¥63,166,384.20, up from ¥53,972,076.67 in Q1 2024, indicating a focus on innovation[16] Cash Flow and Liquidity - The net cash flow from operating activities was -¥156,131,431.21, an improvement from -¥450,909,079.51 in the previous year[2] - Cash inflow from operating activities in Q1 2025 was ¥609,155,143.54, compared to ¥717,765,742.39 in Q1 2024, showing a decrease of about 15.1%[19] - The company reported a significant increase in cash received from sales, totaling ¥569,435,924.27 in Q1 2025, compared to ¥479,519,418.08 in Q1 2024[19] - The total cash and cash equivalents at the end of the period reached $1.84 billion, up from $991.40 million in the previous year[20] - The company reported a total cash outflow from operating activities of $765.29 million, compared to $1.17 billion in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,265,951,019.55, a slight increase of 0.06% from ¥8,261,133,470.64 at the end of the previous year[3] - The company's total liabilities decreased slightly to ¥5,597,649,626.99 in Q1 2025 from ¥5,665,744,857.01 in Q1 2024[15] - The total equity increased to ¥2,668,301,392.56 in Q1 2025 from ¥2,595,388,613.63 in Q1 2024, showing a growth of approximately 2.6%[15] - Cash and cash equivalents increased to ¥1,857,232,366.32 from ¥1,581,251,389.47, reflecting a growth of 17.4%[13] - Short-term borrowings rose to ¥1,491,582,247.74 from ¥1,362,214,688.48, an increase of 9.5%[13] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,403[9] - The largest shareholder, Wuxi Wanhaiying Investment Partnership, holds 232,581,624 shares, representing 50.82% of total shares[9] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[10] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[20]

会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 29 日（星期二）至 5 月 8 日（星期四）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 wen.long@leadmicro.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。 证券代码：688147 证券简称：微导纳米 公告编号：2025-029 江苏微导纳米科技股份有限公司 关于召开 2024 年度暨 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 9 日(星期五) 上午 10:00-11:00 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/） 江苏微导纳米科技股份有限公司（以下简称"公司"）已于2025年4月26日、 2025年4月29日分别披露公司2024年年度报告和2025年第一季度报告，为便于广 ...

18/86 Al 18 81 IND OND Leadmicro 微导 股票代码 688147 2024 年度 环境、社会及公司治理(ESG)报告 % > 江苏微导纳米科技股份有限公司 报告时间范围 本报告为年度报告，时间范围是 2024 年 1 月 1 日至 12 月 31 日。为增强报告的可读性，部分内容或数据涉及以往年度或 后续年度。 报告组织范围 2024年度环境、社会及公司治理（ESG）报告 关于本报告 报告说明 本报告是江苏微导纳米科技股份有限公司（下称"微导纳米""公司"或"我们"）发布的第一份年度环境、社会及公司治理（下 称"ESG"）报告 ( 下称"本报告")，呈现我们 2024 年度在环境、社会及治理方面的管理实践，以及履行环境责任、社 会责任方面的工作表现。 本报告涵盖江苏微导纳米科技股份有限公司（下称"微导纳米""公司"或"我们"）在报告期内的环境、社会及公司治理（ESG） 相关议题的履行情况及企业运营状况。 报告数据说明 报告中所涉及的财务数据摘自微导纳米 2024 年年度报告，如与年度报告不一致，以年度报告为准，其他数据和案例来源 于公司内部文件、统计报告及相关履责情况的汇总和统计 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 2.7 billion yuan, a year-on-year increase of 60.7%. The photovoltaic equipment revenue was 2.29 billion yuan, up 52.9%, while semiconductor equipment revenue surged by 168.4% to 330 million yuan, accounting for 12.2% of total revenue [7] - The net profit attributable to the parent company for 2024 was 226.71 million yuan, a decrease of 16.16% year-on-year, primarily due to increased R&D expenses and impairment provisions [7] - The company is focusing on enhancing its R&D capabilities in the semiconductor sector, with R&D expenses increasing by 36% to 420 million yuan in 2024, and over 60% of the three-year cumulative R&D investment directed towards semiconductor applications [7] - The company has a strong order backlog in the semiconductor sector, with orders increasing by 65.9% year-on-year, totaling 6.77 billion yuan, which includes 5.19 billion yuan from photovoltaic and 1.51 billion yuan from semiconductor applications [7] Financial Summary - The total revenue forecast for 2025 is 2.63 billion yuan, with a slight decrease of 2.6% year-on-year, followed by a projected increase of 3.21% in 2026 and 16.93% in 2027 [1][8] - The net profit attributable to the parent company is expected to be 277.81 million yuan in 2025, increasing to 368.60 million yuan in 2026 and 483.95 million yuan in 2027 [1][8] - The company's P/E ratio is projected to decrease from 57.90 in 2024 to 27.12 in 2027, reflecting anticipated growth in profitability [1][8]

证券研究报告·公司点评报告·光伏设备 微导纳米（688147） 2024 年报点评：营收保持增长，看好半导体 设备加速放量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,680 | 2,700 | 2,630 | 2,714 | 3,174 | | 同比（%） | 145.39 | 60.74 | (2.60) | 3.21 | 16.93 | | 归母净利润（百万元） | 270.39 | 226.71 | 277.81 | 368.60 | 483.95 | | 同比（%） | 399.33 | (16.16) | 22.54 | 32.68 | 31.29 | | EPS-最新摊薄（元/股） | 0.59 | 0.50 | 0.61 | 0.81 | 1.06 | | P/E（现价&最新摊薄） | 48.55 | 57.90 | 47.25 | 35.61 | 27.12 | [Table_Tag] ...