Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Insights - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to the parent company decreased by 65.91% to 102 million yuan. In Q1 2025, revenue reached 1.071 billion yuan, up 10.49% year-on-year and 11.56% quarter-on-quarter, with a net profit of 82 million yuan, reflecting a year-on-year increase of 2.73% [1][2]. - The decline in net profit in 2024 was attributed to the oversupply in the photovoltaic industry, which led to a significant drop in sales of photovoltaic backboards by approximately 58.34% and a decrease in gross margin by 7.82 percentage points. However, in Q1 2025, the company saw an increase in sales of silicone products in the photovoltaic sector, with improved gross margins [2][3]. - The company has a diversified product portfolio with significant growth in the electronics and automotive sectors. In 2024, sales in the electronics sector exceeded 600 million yuan, growing by 9.54%, while automotive-related sales increased by approximately 70% [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a net profit of 102 million yuan. The forecast for 2025-2027 projects net profits of 289 million yuan, 342 million yuan, and 437 million yuan respectively, reflecting a recovery trend [4][5]. - The revenue growth rate is expected to increase significantly in the coming years, with projections of 16.55% in 2025 and 17.69% in 2026 [5]. Product and Market Analysis - The company has a total silicone production capacity of 210,000 tons per year, with new production lines for polyurethane and lithium battery adhesives expected to come online in 2025. The electronics sector is a key growth area, with significant sales increases in consumer and automotive electronics [3][4]. - The company has successfully expanded its customer base in the automotive sector, with notable clients including BYD and Huichuan Technology, contributing to a 36.73% increase in sales revenue in the transportation sector [3]. Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 16 for 2025 and a P/B ratio of 1.6, indicating a favorable valuation compared to historical performance [5][14].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.989 billion yuan in 2024, a year-on-year increase of 2.23%, but the net profit attributable to shareholders decreased by 65.91% to 102 million yuan [6] - The first quarter of 2025 showed improvement with revenue of 1.071 billion yuan, a year-on-year increase of 10.49% and a quarter-on-quarter increase of 11.56%, while net profit increased by 2.73% year-on-year and 233.12% quarter-on-quarter to 82 million yuan [5][8] - The gross profit margin improved to 21.81% in Q1 2025, an increase of 2.34 percentage points year-on-year and 2.84 percentage points quarter-on-quarter, indicating a positive trend in profitability [5][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.989 billion yuan, with a gross profit margin of 18.46%, down 4.36 percentage points year-on-year [6] - The fourth quarter of 2024 saw a revenue of 960 million yuan, a year-on-year increase of 17.93%, but a net loss of 61 million yuan [5] - The first quarter of 2025 reported a revenue of 1.071 billion yuan, with a gross profit margin of 21.81% [5][8] Business Segments - The renewable energy segment faced challenges, with a revenue decline of 21.49% to 1.730 billion yuan due to product price fluctuations and a contraction in the photovoltaic backplane business [6] - The transportation segment capitalized on the growth in the new energy vehicle market, achieving a revenue increase of 36.73% to 990 million yuan [6] - The electronics segment focused on high-growth areas such as consumer electronics and automotive electronics, generating a revenue of 615 million yuan, up 9.54% year-on-year [6] Future Outlook - The company expects revenue growth to reach 4.608 billion yuan in 2025, with net profit projected at 186 million yuan, reflecting a significant recovery from 2024 [10] - The gross profit margin is anticipated to stabilize around 20% in the coming years, indicating a positive outlook for profitability [10]

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The company's performance in 2024 was impacted by a decline in profitability from the photovoltaic segment, despite strong sales growth in other product lines such as electronic adhesives and automotive adhesives [1][3] - The photovoltaic segment's gross margin significantly decreased due to intensified competition and falling raw material prices, but there are signs of recovery in early 2025 as raw material prices stabilize [3][2] - The company is expected to see a rebound in profitability with projected net profits of 2.5 billion, 3.1 billion, and 3.5 billion for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 39.9 billion, a year-on-year increase of 2.23%, but net profit dropped by 65.91% to 1.0 billion [1] - The first quarter of 2025 showed revenue growth of 10.49% year-on-year, reaching 10.7 billion, with a net profit margin of 7.82% [2] Product Segments - The renewable energy segment saw a revenue decline of 21.49%, while the electronic segment grew by 36.73% and the automotive segment by over 50% [1] - The gross margins for the renewable energy, transportation, and electronic segments were 11.26%, 21.79%, and 32.79% respectively, all showing a decline compared to the previous year [1] Future Outlook - The photovoltaic segment is expected to reach a bottom and recover, while electronic automotive products are anticipated to drive growth [3] - The company’s gross margin is projected to improve to 21.81% in 2025, indicating a recovery in profitability [2]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of CNY 3.989 billion, a year-on-year increase of 2.23%, with a net profit of CNY 659.1 million, reflecting a decline due to intensified competition in the photovoltaic industry [1] - In Q1 2025, the company reported a revenue of CNY 1.071 billion, a year-on-year growth of 10.49%, and a net profit of CNY 81.54 million, up 2.73% [2] Group 2: Business Segment Performance - The electronic adhesive business saw significant growth, particularly in consumer and automotive electronics, contributing to overall revenue increases [2] - The photovoltaic silicone sales improved, with a recovery in gross margin, leading the industry [2] Group 3: Challenges and Responses - The decline in net profit in 2024 was primarily due to increased competition and a 58% year-on-year drop in sales of photovoltaic backsheet products, alongside a CNY 39.92 million impairment on related assets [3] - The company plans to enhance cost efficiency and closely monitor raw material price fluctuations to mitigate risks [5] Group 4: Future Outlook and Strategies - The company aims to increase R&D investment and digital transformation efforts to strengthen core competitiveness and achieve 2025 operational goals [2] - The transportation sector's growth is driven by the surge in demand for electric vehicles and new product breakthroughs, with stable growth expected in the coming years [6] Group 5: Capital Expenditure and Production Capacity - Major capital expenditure projects include the lithium battery negative electrode glue phase II project and the construction of an intelligent warehouse in Xiangyang [7] - The Guangzhou factory has a production capacity of approximately 39,300 tons per year, with a utilization rate expected to remain high at around 75% in 2025 [8]

| 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-32 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 湖北回天新材料股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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。 湖北回天新材料股份有限公司（以下简称"公司"）2024年年度报告及摘要 于2025年4月28日刊登于证监会指定的网站。为使投资者能够更加深入、全面地 了解公司2024年度的经营情况，公司将于2025年5月12日（星期一）下午15:00- 16:30在全景网举行2024年度网上业绩说明会，本次说明会将采用网络远程的方 式举行，投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与 本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长、总经理章力先生，董事、 副总经理王争业先生，董事赵勇刚先生，财务总监石长银先生，董事会秘书章宏 建先生，独立董事李燕萍女士，保荐代表人黎慧明先生。 为充分尊重投资者、提升交流的针对性，现就 ...

| 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-31 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 湖北回天新材料股份有限公司 关于 2024 年度利润分配预案的补充公告 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。 根据深圳证券交易所信息披露规则的有关规定，湖北回天新材料股份有限公 司（以下简称"公司"）对 2025 年 4 月 28 日披露的《关于 2024 年度利润分配预 案的公告》（公告编号：2025-17）进行如下补充披露： 一、审议程序 公司于 2025 年 4 月 25 日召开第十届董事会第二次会议，以 9 票赞成、0 票 反对、0 票弃权的表决结果审议通过了《公司 2024 年度利润分配预案》，董事会 认为本次利润分配预案符合相关法律法规的规定，符合《公司章程》、股东回报 规划等规定的利润分配政策。 本次利润分配方案尚需提交 2024 年年度股东大会审议。 二、2024 年度利润分配预案基本情况 经立信会计师事务所（特殊普通合伙）审计，2024年度归属于上市 ...

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is engaged in the research, production, and sales of adhesive materials and has a diverse product range that serves various industries including photovoltaic new energy, consumer electronics, and automotive manufacturing [5][10]. Company Overview - Hubei Huitian New Materials Co., Ltd. is a high-tech enterprise specializing in the development and production of adhesives and other new materials, with main products including high-performance silicone adhesives, polyurethane adhesives, lithium battery negative electrode adhesives, epoxy adhesives, and acrylic adhesives [5]. - The company also produces solar cell back sheets and has expanded its product offerings to include automotive maintenance chemicals such as brake fluids [5]. Business Model - The company employs a centralized procurement strategy for key raw materials while also utilizing local procurement for specialized materials, which helps in controlling costs and ensuring stable supply [7]. - The production cycle for adhesive products typically ranges from 3 to 7 days, with a structured sales planning process based on market demand and inventory levels [8]. Sales Strategy - Domestically, the company has established sales divisions based on application fields such as photovoltaic, electronics, and automotive, utilizing a combination of direct sales to large clients and sales through first-level distributors [9]. - Internationally, the company exports products to regions including Southeast Asia, South Asia, the Middle East, and Europe, employing a similar sales model of direct supply to major clients and through distributors [10]. Financial Information - The company has received a standard unqualified audit opinion from its accounting firm, indicating sound financial practices [3]. - The company plans to distribute cash dividends of 1.5 yuan per 10 shares to shareholders, with no stock dividends planned [4].

Core Viewpoint - The company, Huitian New Materials, reported a stable operation in 2024 with a revenue of 3.989 billion yuan, a year-on-year increase of 2.23%, but faced a significant decline in net profit due to intensified competition in the photovoltaic industry, resulting in a 65.91% drop to 102 million yuan [1] Financial Performance - In 2024, the company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 83.9151 million yuan, with a payout ratio of 82.39% [1] - The first quarter of 2025 showed a revenue of 1.071 billion yuan, a year-on-year increase of 10.49%, and a net profit of 67.3032 million yuan, up 14.43% [1][2] Market Challenges - The company faces challenges from increased competition in downstream industries and a decline in sales revenue from its photovoltaic business due to price fluctuations and reduced demand [2] - A significant impairment loss of approximately 39.9248 million yuan was recorded due to a sharp decline in demand for backplane products [2] Strategic Focus - The company is focusing on high-quality development through R&D innovation and digital transformation to enhance competitiveness [1][2] - In 2024, the company emphasized operational efficiency, with reduced sales and management expenses compared to previous years [2] Growth Areas - The company has solidified its leading position in the adhesive industry by focusing on key materials and increasing R&D investment, resulting in significant sales growth in the electronics and automotive sectors [4][5] - In the electronics sector, sales exceeded 600 million yuan, with a year-on-year growth of 9.54%, and a notable 70% increase in automotive electronic adhesives [5] - The adhesive sales in the transportation sector reached 990 million yuan, a 36.73% increase, with over 50% growth in sales volume [6] R&D and Future Projects - The company increased R&D expenditure to 196 million yuan in 2024, accounting for 4.93% of revenue, with 49 key projects underway [8] - Upcoming projects include a new production line for organic silicone sealants and a polyurethane adhesive for lithium batteries, expected to enhance market opportunities [9]

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1839 | 0.5242 | -64.92 | 0.5231 | | 每股净资产（元） | 4.78 | 4.92 | -2.85 | 6.02 | | 每股公积金(元) | 1.32 | 1.51 | -12.58 | 2.19 | | 每股未分配利润(元) | 2.37 | 2.31 | 2.6 | 2.51 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 39.89 | 39.02 | 2.23 | 37.14 | | 净利润(亿元) | 1.02 | 2.99 | -65.89 | 2.92 | | 净资产收益率(%) | 3.61 | 10.63 | -66.04 | 12.38 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 14419.22万股，累计占流通股比： 26.4 ...