Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating temporary pressure on overall revenue, with only the photovoltaic storage business showing growth [3][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 840 million yuan, down 11% year-on-year and down 29% quarter-on-quarter [3]. - The net profit attributable to shareholders was 35 million yuan, a decrease of 26% year-on-year and a decline of 74% quarter-on-quarter [3]. - The non-recurring net profit was 27 million yuan, down 36% year-on-year and down 74% quarter-on-quarter [3]. - The gross margin for Q1 2025 was 32.66%, an increase of 0.7 percentage points year-on-year and an increase of 7.6 percentage points quarter-on-quarter [5]. - The net margin was 3.28%, a decrease of 0.9 percentage points year-on-year and a decrease of 4.8 percentage points quarter-on-quarter [5]. Group 2: Business Segment Performance - The industrial automation business generated revenue of 540 million yuan, down 5% year-on-year [4]. - The network energy business reported revenue of 160 million yuan, down 14% year-on-year [4]. - The new energy vehicle business achieved revenue of 110 million yuan, down 26% year-on-year [4]. - The photovoltaic storage business recorded revenue of 40 million yuan, an increase of 13% year-on-year [4]. Group 3: Market Position and Growth Potential - The company is positioned in high-growth sectors such as robotics, data centers, and new energy, with ongoing product launches and customer expansion expected to gradually restore revenue [4][6]. - In the robotics sector, the company's DA200 series products are used for precise motion control in smart logistics and efficient operations in automotive battery swap stations [6]. - The company holds the second-largest market share in modular UPS power products in China, with growth anticipated in the network energy business as data center construction increases [6]. - The company is actively expanding its overseas market presence in the new energy sector [6].

Group 1 - Northern Rare Earth (600111.SH) reported a Q4 net profit of 1.004 billion yuan, the highest quarterly profit for the year, with a 53.5% growth target for total profit in 2025. The 2024 revenue was 32.966 billion yuan, down 1.58% year-on-year, and net profit decreased by 57.64% due to falling rare earth product prices, despite an increase in sales volume of major products. The company is advancing green smelting upgrades and is awaiting an industry turnaround as rare earth prices are at a low point [3][4]. - Xiamen Xiangyu (600057.SH) achieved a revenue of 366.7 billion yuan in 2024, a decrease of 20.12% year-on-year, with a net profit of 1.419 billion yuan, down 9.86%. The decline in revenue was influenced by falling commodity prices, although overall operating volume remained stable year-on-year [3][4]. - Zhenan Technology (300767.SZ) reported a revenue of 420 million yuan and a net profit of -140 million yuan for 2024, compared to 690 million yuan and -40 million yuan in the previous year. In Q4 2024, the company achieved a revenue of 100 million yuan and a net profit of -80 million yuan [4]. - Zhenyu Technology (300953.SZ) saw a revenue increase of 18.45% to 7.129 billion yuan in 2024, with a net profit of 254 million yuan, up 493.77%. The company proposed a cash dividend of 2.1 yuan per share and a stock bonus of 4 shares for every 10 shares held [4]. - Yingweitong (002334.SZ) reported a Q1 2025 revenue of 840 million yuan, down 11% year-on-year and 29% quarter-on-quarter, with a net profit of 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [4]. Group 2 - Jiangxin Home (301061.SZ) achieved a revenue of 2.55 billion yuan in 2024, an increase of 32.6% year-on-year, with a net profit of 680 million yuan, up 67.6%. In Q4 2024, the revenue was 700 million yuan, a year-on-year increase of 49.8%, and net profit was 250 million yuan, up 197.2% [5]. - Ziyan Food (603057.SH) reported a revenue of 3.363 billion yuan in 2024, down 5.28% year-on-year, with a net profit of 346 million yuan, up 4.50%. In Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, and net profit was 15 million yuan, down 71.80% [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 卡位机器人、数据中心、新能源等景气赛道，加速增长可期 在机器人领域：公司的DA200系列产品用于智能物流搬运机器人的精准运动控制，以及汽车换电站机械臂 的高效作业；DA180系列产品助力SCARA机器人提升编程效率，契合包装等场景需求；DA300系列产品也 应用在其他多种机器人场景中，提供高响应、高精度支持。在数据中心领域：根据赛迪顾问（CCID）发 布的《2023—2024年中国UPS市场研究年度报告》，公司模块化UPS电源产品在中国市场占有率稳居第 二，随着数据中心建设的起量，公司网络能源业务有望加速增长。在新能源领域：公司持续拓展海外市 场。 风险提示： 宏观经济下行风险、原材料价格波动风险、市场竞争加剧风险。 ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" due to temporary pressure on the company's performance [3][6]. Core Views - The company reported a revenue of 840 million yuan in Q1 2025, a year-on-year decrease of 11% and a quarter-on-quarter decrease of 29%. The net profit attributable to shareholders was 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [1][2]. - The company's gross margin improved both year-on-year and quarter-on-quarter, reaching 32.66%, an increase of 0.7 percentage points year-on-year and 7.6 percentage points quarter-on-quarter. However, the net profit margin declined [2][3]. - The company is positioned in growth sectors such as robotics, data centers, and new energy, with expectations for revenue recovery as new products are launched and customer bases expand [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the company's industrial automation business generated 540 million yuan, down 5% year-on-year; the network energy business generated 160 million yuan, down 14%; the new energy vehicle business generated 110 million yuan, down 26%; while the photovoltaic energy storage business grew by 13% to 40 million yuan [2]. - The report forecasts the company's net profit for 2025-2027 to be 290 million, 342 million, and 399 million yuan respectively, with corresponding P/E ratios of 21, 18, and 15 times [3][5]. Market Position and Growth Potential - The company holds a second-place market share in modular UPS power products in China, indicating strong potential for growth in the data center sector as construction ramps up [3]. - The company is actively expanding its overseas market presence in the new energy sector, which is expected to contribute to future growth [3]. Financial Metrics - The report provides a financial summary indicating a projected revenue of 4.262 billion yuan for 2025, with a slight decline from 2024, followed by a recovery in 2026 and 2027 [5][10]. - The gross margin is expected to stabilize around 30% in the coming years, while the net profit margin is projected to improve gradually [12][13].

Group 1: Impact of Trade and Market Strategy - The company has a small sales volume in the U.S. market, and the U.S.-China trade war has some impact on its business expansion in the U.S. However, the company plans to mitigate this by strengthening business development in other regions [1] - To ensure supply chain security, the company will enhance strategic inventory and promote domestic alternatives for components sourced from the U.S. [1] Group 2: Product Development and Market Focus - In the data center sector, the company is focusing on green energy solutions and actively developing liquid cooling technology, with related products in the trial phase with small-scale customers [2] - The company is advancing its product innovation in wind power and energy storage by leveraging its technological expertise and exploring industry application opportunities [1] Group 3: Industrial Park Development - The Suzhou industrial park's third phase is under construction, with production expected to commence in the first half of 2026 [3] - The first phase of the Zhongshan industrial park is planned to start production in Q4 2025, while the second phase is still under construction, with a target completion in the second half of 2026 [3] Group 4: Robotics and Automation Applications - The DA series servo products are applied in robotics, with the DA200 series used for precise motion control in smart logistics and automotive battery swap stations, while the DA180 series enhances programming efficiency for SCARA robots [4] Group 5: Profitability in Emerging Markets - In the electric vehicle sector, the company is focusing on commercial vehicles, aiming to deepen strategic partnerships and develop forward-looking products based on customer needs and industry trends [5] - For photovoltaic energy storage, the company plans to enhance product quality and performance through differentiated operations in specific niche markets [5] Group 6: Research and Development Investment - The company emphasizes R&D, with over 30 technical development achievements expected in 2024, focusing on industrial automation and AI technologies [6] - Future innovation will target performance upgrades for automation products, AI applications in predictive maintenance, and technology development in electric power products for the EV and energy storage sectors [6] Group 7: Financial Performance Insights - The company experienced a slight increase in gross margin year-on-year in Q1, but net profit margin declined due to factors including operating income and cost expenses [6] - The management aims to improve internal operational efficiency and overall profitability to enhance returns for investors [6] Group 8: Share Buyback Plans - The company remains confident in its future development and plans to complete the remaining share buyback based on stock price performance and overall market conditions [7]

Group 1 - The company, Invt (002334), will hold its 2024 online performance briefing on April 17, 2025, from 15:00 to 17:00, featuring key executives for real-time communication with investors [1] - Invt reported a total operating revenue of 4.322 billion yuan and a net profit attributable to shareholders of 287 million yuan for the year 2024 [1] - The company focuses on providing specialized solutions in industrial automation and energy power sectors, emphasizing energy conservation, intelligent manufacturing, artificial intelligence, and digitalization [1] Group 2 - Invt is a leading enterprise in the industrial automation field, possessing advanced R&D capabilities and comprehensive technical levels among domestic brands, with significant technical barriers [2] - The R&D team has mastered core technologies for products such as frequency converters, PLCs, servo systems, electric vehicle control systems, and inverters, undertaking multiple national and local technology projects [2] - All products are independently developed, with the company holding all intellectual property rights [2]

第七届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市英威腾电气股份有限公司（以下简称"公司"） 第七届监事会第六 次会议通知及会议资料已于 2025 年 4 月 3 日向全体监事发出。会议于 2025 年 4 月 15 日（星期二）上午 10:00 在广东省深圳市光明区马田街道松白路英威腾 光明科技大厦 A 座 8 楼会议室以现场与通讯相结合的方式召开，由监事会主席 董瑞勇先生召集并主持。本次会议应出席监事 3 人，亲自出席会议的监事 3 人。 会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 的规定。 全体与会监事经认真审议和表决，形成以下决议： 深圳市英威腾电气股份有限公司公告(2025) 证券代码：002334 证券简称：英威腾 公告编号：2025-020 深圳市英威腾电气股份有限公司 深圳市英威腾电气股份有限公司 监事会 2025 年 4 月 15 日 - 1 - 一、以3票同意、0票反对、0票弃权的表决结果审议通过了《关于2025年第 一季度报告的议案》 经审核，监事会认为：董事会编制和审议公司 ...

深圳市英威腾电气股份有限公司公告(2025) 证券代码：002334 证券简称：英威腾 公告编号：2025-019 深圳市英威腾电气股份有限公司 第七届董事会第七次会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市英威腾电气股份有限公司（以下简称"公司"） 第七届董事会第七次会 议通知及会议资料已于 2025 年 4 月 3 日向全体董事发出。会议于 2025 年 4 月 15 日（星期二）上午 9:00 在广东省深圳市光明区马田街道松白路英威腾光明科 技大厦 A 座 8 楼会议室以现场与通讯相结合的方式召开，由董事长黄申力先生 召集并主持。本次会议应出席董事 9 人，亲自出席会议的董事 9 人。会议的召 集、召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 - 1 - 全体与会董事经认真审议和表决，形成以下决议： 一、以 9 票同意、0 票反对、0 票弃权的表决结果审议通过了《关于 2025 年第一季度报告的议案》 本议案已经公司审计委员会审议通过。 《2025 年第一季度报告》详见公司指定信息披露媒体《证券时报》《中国 证 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥840,245,579.29, a decrease of 11.47% compared to the same period last year[2] - Net profit attributable to shareholders was ¥34,737,469.37, reflecting a decline of 26.44% year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥26,523,388.80, down 36.28% from the previous year[2] - Basic earnings per share decreased to ¥0.0432, down 26.41% year-over-year[2] - The company achieved a net profit attributable to shareholders of CNY 34,737,500.00 in Q1 2025, a decline of 26.44% year-on-year[11] - The net profit for the current period is CNY 27,582,001.53, a decrease of 30.2% compared to CNY 39,437,566.55 in the previous period[23] - The company reported a total comprehensive income of CNY 27,715,824.76, down from CNY 39,521,051.04 in the previous period[25] Cash Flow - The net cash flow from operating activities was ¥28,436,555.01, a significant drop of 78.57% compared to the same period last year[2] - The net cash flow from operating activities for Q1 2025 was CNY 28,436,555.01, down 78.57% from CNY 132,674,360.70 in Q1 2024[11] - The cash flow from operating activities netted CNY 28,436,555.01, a significant decline from CNY 132,674,360.70 in the previous period[26] - The net cash flow from investing activities was negative at CNY -128,019,410.07, compared to CNY -67,020,304.19 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,357,405,699.41, an increase of 0.69% from the end of the previous year[2] - Total assets as of March 31, 2025, amounted to 5,357,405,699.41 RMB, an increase from 5,320,710,734.15 RMB at the beginning of the period[19] - Total liabilities as of March 31, 2025, were 2,406,606,873.92 RMB, slightly up from 2,405,093,633.61 RMB at the beginning of the period[21] - The company's total assets as of March 31, 2025, included a significant increase in prepayments, which rose by 276.03% to CNY 61,691,101.93[7] Shareholder Equity - Shareholders' equity attributable to the parent company rose to ¥2,951,418,215.60, reflecting a growth of 1.46% compared to the previous year-end[2] - The company's equity attributable to shareholders increased from 2,909,081,022.81 RMB to 2,951,418,215.60 RMB, showing a growth of approximately 1.5%[21] Revenue Segmentation - The industrial automation segment generated revenue of CNY 53,582,590.00, accounting for 63.77% of total revenue, with a year-on-year decrease of 5.45%[11] - The new energy vehicle segment reported revenue of CNY 10,885,230.00, down 25.58% year-on-year, representing 12.95% of total revenue[11] Expenses - Total operating costs for the current period were 834,441,472.34 RMB, compared to 919,708,022.49 RMB in the previous period, indicating a decrease of about 9.3%[22] - Research and development expenses increased to CNY 115,403,312.42, up 4.1% from CNY 110,490,957.52 in the previous period[23] Financing Activities - The company raised CNY 138,991,500.54 from financing activities, an increase from CNY 70,320,165.25 in the previous period[28] Share Repurchase - The company repurchased 6,570,000 shares, accounting for 0.81% of the total share capital, with a total transaction amount of 36,534,503 RMB[14] - The maximum repurchase price was adjusted from 7.94 RMB/share to 13.80 RMB/share, and the implementation period was extended by 9 months until February 8, 2026[14] Accounting Policy Changes - The company implemented a change in accounting policy effective January 1, 2024, affecting the recognition of warranty costs in operating expenses[2] Other Income - The company recorded a significant increase in other income, which rose by 41.28% to CNY 31,063,002.96, mainly due to an increase in VAT refunds[11] Product Development and Strategy - The company did not report any significant new product developments or market expansion strategies during this quarter[6]