Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]

Core Viewpoint - The company reported a decline in performance for 2024, with a revenue of 1.562 billion and a net loss of 26.86 million, indicating challenges in the core business and increased investment in new ventures [2][3]. Group 1: Financial Performance - The company's revenue for 2024 was 1.562 billion, representing a year-on-year increase of 1.18% [2]. - The net profit attributable to shareholders was -26.86 million, with a basic earnings per share of -0.22 [2]. - The overall gross margin for the first three quarters of 2024 was 9.54%, a decrease of 1.64 percentage points compared to the same period last year [3]. Group 2: Business Challenges - The demand in the downstream market for the company's main business, tail gas treatment catalysts, has weakened due to reduced investment and low freight rates, leading to insufficient replacement demand in the commercial vehicle sector [3]. - The company has resorted to price reductions for some products, contributing to the decline in gross margin [3]. - Increased research and development (R&D) investment and market development efforts in new business areas have led to a significant rise in operating expenses for 2024 [3]. Group 3: New Business Developments - The company is actively expanding into two new business areas: energy storage and composite materials, with R&D investment reaching 72 million, a year-on-year increase of 30.91% [3]. - The high-end composite materials business is expected to achieve production by the end of 2025, with applications in aerospace, rail transportation, new energy vehicles, and humanoid robots [4]. - The company received a notification for the development of fuel cell engines, marking a significant step in its hydrogen energy market expansion [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 1.562 billion yuan, a slight increase of 1.18% year-on-year, while the net profit attributable to shareholders is expected to be -26.86 million yuan, resulting in a basic earnings per share of -0.22 yuan [1] - The decline in performance is attributed to weakened downstream demand in the main business and increased investment in new business development, particularly in the exhaust treatment catalyst sector [1][2] - The company is actively expanding into new areas such as energy storage and composite materials, with significant increases in R&D investment, which rose by 30.91% year-on-year to 72 million yuan in the first three quarters of 2024 [1][2] Summary by Sections Financial Performance - The company reported a gross margin of 9.54% for the first three quarters of 2024, a decrease of 1.64 percentage points compared to the same period last year [1] - The revenue forecast for 2025 is 2.033 billion yuan, with a growth rate of 30.16%, and for 2026, it is projected to reach 3.143 billion yuan, reflecting a growth rate of 54.64% [4] Business Development - The high-end composite materials business is expected to start production by the end of 2025, with a capacity of 500,000 square meters per year for prepreg and 30 tons per year for aerospace composite components [2] - The company has received a development notification for fuel cell engines, which is expected to accelerate its expansion into the hydrogen energy market [2] Profitability and Valuation - The net profit forecasts for 2024 to 2026 have been adjusted to -27 million yuan, 57 million yuan, and 238 million yuan respectively, reflecting a downward revision due to increased investment in new business areas [3] - The report indicates that the company has made breakthroughs in the market for internal combustion engine exhaust catalysts and is expanding into hydrogen energy, power batteries, and energy storage [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 1.562 billion yuan, a slight increase of 1.18% year-on-year, while the net profit attributable to shareholders is expected to be -26.86 million yuan, resulting in a basic earnings per share of -0.22 yuan [1] - The decline in performance is attributed to weakened downstream demand in the main business and increased investment in new business development, particularly in the exhaust treatment catalyst sector [1][2] - The company is actively expanding into new areas such as energy storage and composite materials, with significant increases in R&D investment, which rose by 30.91% year-on-year to 72 million yuan in the first three quarters of 2024 [1][2] Summary by Sections Financial Performance - The company reported a gross margin of 9.54% for the first three quarters of 2024, a decrease of 1.64 percentage points compared to the same period last year [1] - The revenue forecast for 2025 is 2.033 billion yuan, with a growth rate of 30.16%, and for 2026, it is projected to reach 3.143 billion yuan, reflecting a growth rate of 54.64% [4] Business Development - The high-end composite materials business is expected to start production by the end of 2025, with a capacity of 500,000 square meters per year for prepreg and 30 tons per year for aerospace composite components [2] - The company has received a development notification for fuel cell engines, which is expected to accelerate its expansion into the hydrogen energy market [2] Profitability and Valuation - The net profit forecasts for 2024 to 2026 have been adjusted to -27 million yuan, 57 million yuan, and 238 million yuan respectively, reflecting a downward revision due to increased investment in new business areas [3] - The report indicates that the company has made breakthroughs in the market for internal combustion engine exhaust catalysts and is expanding into hydrogen energy, power batteries, and energy storage [3]

根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 8 月 24 日 出具的《关于同意中自环保科技股份有限公司首次公开发行股票注册的批复》（证监 许可〔2021〕2761 号），公司首次公开发行人民币普通股（A 股）2,150.8744 万股， 发行价格为 70.90 元/股，募集资金总额为人民币 1,524,969,949.60 元，扣除发行费用 后实际募集资金净额为人民币 1,407,189,683.51 元。信永中和会计师事务所（特殊普 通合伙）对公司本次公开发行新股的资金到位情况进行了审验，并于 2021 年 10 月 18 日出具了《验资报告》（XYZH/2021CDAA70685）。募集资金到账后，公司对募 集资金进行了专户存储，并与保荐机构、存放募集资金的银行签署了募集资金专户存 储监管协议。 二、募集资金投资项目情况 截至 2025 年 2 月 28 日，公司首次公开发行股票募投项目及募集资金使用情况如 下： 申万宏源证券承销保荐有限责任公司 关于中自科技股份有限公司部分首次公开发行股票 募投项目延期的核查意见 单位：人民币/万元 | 序 项目名称 | 募集资金承诺 | 调整 ...

中自科技股份有限公司 关于部分首次公开发行股票募投项目延期的公告 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。 中自科技股份有限公司（以下简称"公司"）于 2025 年 3 月 11 日召开第四 届董事会第三次临时会议、第四届监事会第三次临时会议，审议通过了《关于部 分首次公开发行股票募投项目延期的议案》，公司同意将首次公开发行股票募集 资金投资项目（以下简称"募投项目"）即"国六 b 及以上排放标准催化剂研发 能力建设项目"和"氢能源燃料电池关键材料研发能力建设项目"延期。公司监 事会、保荐机构均对以上事项发表明确同意意见，现将相关情况公告如下： 一、募集资金投资项目概述 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 8 月 24 日出具的《关于同意中自环保科技股份有限公司首次公开发行股票注册的批 复》（证监许可〔2021〕2761 号），公司首次公开发行人民币普通股（A 股） 2,150.8744万股，发行价格为70.90元/股，募集资金总额为人民币1,524,969,949.60 元，扣除发 ...

证券代码：688737 证券简称：中自科技 公告编号：2025-011 一、审议通过《关于部分首次公开发行股票募投项目延期的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 中自科技股份有限公司监事会 2025 年 3 月 12 日 中自科技股份有限公司 第四届监事会第三次临时会议决议公告 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。 中自科技股份有限公司（以下简称"公司"）第四届监事会第三次临时会议 于 2025 年 3 月 11 日（星期二）在成都市高新区古楠街 88 号公司研发楼会议室 以现场结合通讯的方式召开。会议通知已于 2025 年 3 月 6 日通过邮件的方式送 达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人（其中：通讯方式出 席监事 1 人）。 会议由监事会主席代华荣主持，公司董事会秘书列席会议。会议召开符合 有关法律法规、规章和《公司章程》的规定。出席会议的监事对各项议案进行了 认真审议并做出了如下决议： ...

会议由董事长陈启章主持，监事、董事会秘书列席。会议召开符合有关法 律法规、规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下决 议： 一、审议通过《关于部分首次公开发行股票募投项目延期的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 中自科技股份有限公司董事会 2025 年 3 月 12 日 证券代码：688737 证券简称：中自科技 公告编号：2025-010 中自科技股份有限公司 第四届董事会第三次临时会议决议公告 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。 中自科技股份有限公司（以下简称"公司"）第四届董事会第三次临时会议 于 2025 年 3 月 11 日（星期二）在成都市高新区古楠街 88 号公司研发楼会议室 以现场结合通讯的方式召开。会议通知已于 2025 年 3 月 6 日通过邮件的方式送 达各位董事。本次会议应出席董事 9 人，实际出席董事 8 人（其中：委托出席董 事 1 人，通讯方式出席董事 5 人），缺席 1 人。独立董事李树生因工作原因书面 委托独立董事李光金出席会议并代为行使 ...

证券代码：688737 证券简称：中自科技 公告编号：2025-008 中自科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 截至 2025 年 2 月 28 日，公司通过上海证券交易所交易系统以集中竞价 交易方式已累计回购公司股份 2,062,238 股，占公司总股本的比例为 1.72%，回 购成交的最高价为 17.30 元/股，最低价为 13.06 元/股，支付的资金总额为人民币 29,989,791.76 元（不含印花税、交易佣金等交易费用）。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定及公司回购股份方案，在回购期限内 根据市场情况择机做出回购决策并予以实施，并根据回购股份事项进展情况及时 履行信息披露义务，敬请广大投资者注意投资风险。 一、回购股份的基本信息 特此公告。 公司于 2024 年 6 月 6 日召开第三届董事会第二十四次临时会议，审议通过 了《关于以集中竞价交 ...

关于 2024 年度计提资产减值准备的公告 证券代码：688737 证券简称：中自科技 公告编号：2025-007 中自科技股份有限公司 二、计提资产减值准备具体说明 （一）信用减值准备 本报告期末，公司根据《企业会计准则第22号——金融工具确认和计量》 及公司会计政策，以预期信用损失为基础，同时基于单项和组合评估金融资产 的预期信用损失。经测试，公司本期应收票据、应收账款、其他应收款合计应计 提坏账准备12.43万元。 （二）存货跌价准备 本报告期末，公司根据《企业会计准则第8号——资产减值》及公司会计 政策，存货按照成本与可变现净值孰低计量，并按单个存货项目计提存货跌价 准备，经测试，公司本期应计提存货跌价损失2,155.86万元。 （三）固定资产减值损失 本报告期末，公司根据《企业会计准则第8号——资产减值》及公司会计 政策，固定资产按照账面价值与可收回金额孰低计量，经测试，公司本期固定 资产应计提坏账准备0.00万元。 本公司董事会及全体董事保证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、计提信用及资产减值概述 根据《企业会计准则第8 ...