| 专利号 | 专利名称 | 专利类型 | 申请日 | | | 有效期 证书号 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ZL 2024 2 0603464.0 | 一种插入式断路器 | 实用新型 | 2024-3-26 | 10 | 年 | 第 | 22741720 | 号 | | ZL 2024 2 0740844.9 | 一种灭弧系统及断路 | 实用新型 | 2024-4-10 | 10 | 年 | 第 | 22748531 | 号 | | | 器 | | | | | | | | | ZL 2024 2 1013619.1 | 一种隔离开关及连接 | 实用新型 | 2024-5-10 | 10 | 年 | 第 | 22748241 | 号 | | | 结构 | | | | | | | | | ZL 2024 2 1155020.1 | 一种用励磁机构驱动 | 实用新型 | 2024-5-24 | 10 | 年 | 第 | 22738546 | 号 | | | 的隔离开关 | | | | | | | | | ZL 202 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its business operations [1][4]. Revenue Summary - The company's Q1 2025 revenue reached 1.09 billion yuan, representing a year-on-year increase of 15.5% but a quarter-on-quarter decrease of 2.2% [1]. - This marks the first return to double-digit growth since Q3 2023 and the first revenue growth since Q2 2024, driven by the rapid growth in downstream installations in the new energy sector and potential growth in digital energy [2]. Profitability Summary - The net profit attributable to shareholders for Q1 2025 was 100 million yuan, up 15.1% year-on-year and a significant increase of 6896.5% quarter-on-quarter [1]. - The company's gross profit margin for Q1 2025 was 31.56%, a decrease of 0.82 percentage points year-on-year but an increase of 3.90 percentage points quarter-on-quarter, primarily due to changes in product mix [3]. Expense Summary - The total expense ratio for Q1 2025 was 19.71%, down 1.60 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios due to the dilution effect from increased revenue [3]. - Specific expense ratios included a sales expense ratio of 8.09% (down 0.87 percentage points), a management expense ratio of 5.42% (down 0.21 percentage points), and an R&D expense ratio of 6.11% (down 0.73 percentage points) [3]. Balance Sheet Summary - As of the end of Q1 2025, the company's inventory was 441 million yuan, down 10.9% year-on-year and 6.0% quarter-on-quarter [3]. - Contract liabilities stood at 50 million yuan, up 83.1% year-on-year but down 15.3% from the previous quarter [3]. - Accounts receivable reached 748 million yuan, an increase of 34.9% year-on-year and 1.3% quarter-on-quarter [3]. - The asset-liability ratio was 27.15%, up 2.71 percentage points year-on-year but down 0.61 percentage points quarter-on-quarter [3]. Cash Flow Summary - The operating net cash flow for Q1 2025 was 54 million yuan, reflecting an increase of 86.9% year-on-year but a decrease of 67.2% quarter-on-quarter [3]. Future Outlook - The company is expected to see order growth outpacing revenue growth in Q1 2025, with a positive outlook for its growth trajectory driven by new energy, smart distribution, and data center businesses [4]. - The forecast for net profit attributable to shareholders for 2025 is 450 million yuan, corresponding to a PE ratio of approximately 21X [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.09 billion yuan in Q1 2025, representing a year-on-year increase of 15.5% and a quarter-on-quarter decrease of 2.2%. The net profit attributable to the parent company was 100 million yuan, up 15.1% year-on-year and up 6896.5% quarter-on-quarter [2][4]. - The company is expected to benefit from the growth in the new energy sector, with anticipated increases in digital energy and a narrowing decline in the real estate sector [10]. - The gross profit margin for Q1 2025 was 31.56%, a decrease of 0.82 percentage points year-on-year but an increase of 3.90 percentage points quarter-on-quarter [10]. - The company’s inventory at the end of Q1 2025 was 441 million yuan, down 10.9% year-on-year and down 6.0% quarter-on-quarter. Contract liabilities were 50 million yuan, up 83.1% year-on-year and down 15.3% quarter-on-quarter [10]. - The company is expected to see order growth outpacing revenue growth in 2025, with significant contributions anticipated from new energy, smart distribution, and data center businesses [10]. Financial Summary - For 2025, the company is projected to achieve a net profit of 450 million yuan, corresponding to a price-to-earnings ratio of approximately 21 times [10]. - The total revenue forecast for 2025 is 5.08 billion yuan, with a gross profit of 1.55 billion yuan, maintaining a gross margin of 31% [17]. - The company’s cash flow from operating activities for Q1 2025 was 54 million yuan, an increase of 86.9% year-on-year [10].

证券代码：002706 证券简称：良信股份 公告编号：2025-033 上海良信电器股份有限公司 关于 2024 年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、股东大会审议通过利润分配方案等情况 1、上海良信电器股份有限公司（以下简称 "公司"）2024 年年度权益分派 方案已获 2025 年 4 月 28 日召开的 2024 年年度股东大会审议通过。《2024 年年 度股东大会决议公告》详见 2025 年 4 月 29 日《证券时报》、《证券日报》、《上 海证券报》、《中国证券报》及巨潮资讯网（www.cninfo.com.cn）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.44 元；持股 1 个月以上至 1 年 （含 1 年）的，每 10 股补缴税款 0.22 元；持股超过 1 年的，不需补缴税款。】 三、股权登记日与除权除息日 2、分配方案自披露之日起至实施期间公司股本总额未发生变化。 3、若在分配方案实施前，公司总股本由于可转债转股、股份回购、股 ...

证券代码：002706 证券简称：良信股份 公告编号：2025-032 上海良信电器股份有限公司 上海良信电器股份有限公司（以下简称"公司"）于 2024 年 8 月 1 日召开 第六届董事会第二十二次会议和第六届监事会第二十一次会议，审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回 购公司部分已发行的人民币普通股（A 股），本次回购股份将用于实施员工持股 计划或股权激励。本次回购股份的资金总额不低于人民币 5,000 万元（含），且 不超过人民币 10,000 万元（含），回购股份价格不超过人民币 9.80 元/股（含）， 实施期限为董事会审议通过回购股份方案之日起 12 个月内，具体内容详见公司 于 2024 年 8 月 2 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 回购公司股份方案的公告》（公告编号：2024-054）及 2024 年 8 月 7 日披露的 《回购报告书》（公告编号：2024-058）等相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，在回购期间内，公 ...

证券代码：002706 证券简称：良信股份 公告编号：2025-031 上海良信电器股份有限公司 关于使用部分闲置募集资金进行现金管理的 本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。 上海良信电器股份有限公司（以下简称"良信股份"或"公司"）于 2024 年 8 月 23 日召开了第六届董事会第二十三次会议，会议审议通过了《关于使用部分暂时 闲置募集资金进行现金管理的议案》，同意公司（含子公司）在不影响募集资金投资 项目建设和正常生产经营的前提下，使用不超过人民币 3.5 亿元的闲置募集资金进 行现金管理，产品期限不超过董事会审议通过之日起 12 个月，可在上述额度及期限 内滚动使用。具体内容详见 2024 年 8 月 24 日刊登于巨潮资讯网《关于使用部分暂 时闲置募集资金进行现金管理的公告》，公告编号：2024-066。 根据上述决议，近日上海良信电器股份有限公司与兴业银行股份有限公司（以 下简称"兴业银行"）签署了结构性存款协议，具体如下： 注：公司及子公司与上表所列签约银行无关联关系。 二、 投资风险及风险控制措施 （一）投资风险分析 1、尽管公司及 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][15]. Core Views - The company is recognized as a leading player in the low-voltage electrical equipment sector, with a potential new growth phase on the horizon. The first quarter of 2025 shows a significant recovery in performance, with revenue and net profit both experiencing positive growth [5][6]. - The low-voltage electrical industry is expected to benefit from strong demand in high-growth areas such as renewable energy and data centers, driven by trends towards smart technology and customized solutions [5][6]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 4.238 billion yuan, a year-on-year decrease of 7.57%, and a net profit of 312 million yuan, down 38.92%. However, in Q1 2025, revenue reached 1.089 billion yuan, marking a 15.53% increase year-on-year, with net profit at 103 million yuan, up 15.15% [4][10]. - The gross margin has rebounded to 31.56%, ending a three-quarter decline [5]. Market Opportunities - The company is actively expanding into new markets such as renewable energy and data centers, leveraging a strategy focused on major clients to enhance its market presence [5][6]. - The overseas market is anticipated to provide new growth opportunities, particularly in Southeast Asia and Europe, driven by infrastructure upgrades and energy transitions [5][6]. Strategic Initiatives - The company is guided by a "Two Smart, One New" strategy, focusing on high-end solutions tailored for new energy, intelligent computing centers, and smart buildings [6]. - Investment in R&D is significant, with 325 million yuan allocated in 2024, representing 7.66% of revenue, aimed at developing next-generation low-voltage components [6]. Earnings Forecast - Projected net profits for 2025, 2026, and 2027 are 428 million yuan, 533 million yuan, and 679 million yuan, respectively, indicating a recovery trajectory with expected growth rates of 37.14%, 24.59%, and 27.41% [7][10].

Group 1: Financial Performance - The main reasons for the company's Q1 performance recovery are market demand recovery in the new energy, power, and data center sectors, leading to new orders and opportunities [1] - Q1 gross margin improvement is attributed to product structure optimization, cautious price control, and better cost reduction effects compared to last year [1] Group 2: Data Center Business - The company maintains a competitive position in operator procurement tenders and is closely collaborating with major domestic clients to develop customized products [2] - The gross margin for the data center business remains high, with strong demand from major clients for orders, prompting increased focus and investment in this sector [2] Group 3: Market Share and Growth Potential - The company has a high market share among leading domestic energy storage and wind power clients, but still has growth potential in the automotive sector and overseas markets [2]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, aligning with expectations [1] Group 1: Financial Performance - Q1 2025 revenue reached 1.089 billion yuan, representing a year-on-year increase of 15.53% [1] - The net profit attributable to shareholders was 103 million yuan, up 15.15% year-on-year [1] - The non-recurring net profit attributable to shareholders was 100 million yuan, reflecting a 15.92% increase year-on-year [1] Group 2: Development Trends - The renewable energy sector is expected to maintain high growth, while the decline in real estate-related business is anticipated to narrow [2] - As of the end of March, the installed capacity for solar and wind power in China increased by 43.4% and 17.2% year-on-year, respectively [2] - The company is likely to benefit from the high demand in wind and energy storage products, which are expected to enhance profit margins [2] - In the infrastructure and smart building sectors, the decline in housing completion area was -14.3% in Q1 2025, an improvement from -20.4% in the same period of 2024 [2] Group 3: Market Opportunities - The data center sector is experiencing accelerated domestic substitution, presenting significant growth opportunities [3] - The company has over 20 years of experience in the data center field, offering a range of products and solutions [3] - With the acceleration of AIDC construction, the company is positioned to capture market share in high-end segments [3] Group 4: Profitability and Cash Flow - The company's gross margin increased by 3.9 percentage points to 31.6% in Q1 2025, attributed to improved cost control and a higher proportion of high-margin product deliveries [3] - Operating cash flow reached 53.89 million yuan, marking an 86.94% year-on-year increase [3] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to P/E ratios of 21.0x and 17.0x for those years [4] - The target price has been raised by 12.6% to 9.8 yuan, indicating a potential upside of 20.4% from the current stock price [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating significant operational challenges, particularly in the real estate sector [1][2]. Revenue Summary - The total revenue for 2024 was 4.24 billion, a year-on-year decrease of 7.6% [1]. - Revenue breakdown by segment: - Power distribution equipment: 2.759 billion, down 1.8% - Terminal equipment: 835 million, down 23.9% - Control equipment: 458 million, up 3.9% - Electrical products: 156 million, down 29.3% - Other businesses: 29 million, up 67.1% [2]. - Domestic revenue was 4.134 billion, down 7.5%, while overseas revenue was 104 million, down 11.5% [2]. Profitability Summary - The net profit attributable to shareholders for 2024 was 310 million, down 38.9% year-on-year [1]. - The gross profit margin for 2024 was 30.36%, a decrease of 2.09 percentage points [2]. - In Q4 2024, the gross profit margin was 27.66%, down 1.35 percentage points year-on-year [2]. Expense Summary - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year [3]. - Breakdown of expense ratios: - Selling expense ratio: 9.50%, up 0.66 percentage points - Administrative expense ratio: 6.53%, up 1.11 percentage points - R&D expense ratio: 7.36%, up 1.18 percentage points - Financial expense ratio: -0.11%, up 0.05 percentage points [3]. - In Q4 2024, the total expense ratio was 28.17%, up 8.26 percentage points year-on-year [3]. Future Outlook - The company is expected to reach a net profit of 450 million in 2025, corresponding to a PE ratio of approximately 20X, with potential growth from new energy, smart distribution, and data center businesses [3].