Financial Performance - The company's operating revenue for Q1 2025 was ¥315,728,743.23, representing a 5.60% increase compared to ¥298,990,700.21 in the same period last year[5]. - The net profit attributable to shareholders for Q1 2025 was ¥46,435,609.10, up 5.06% from ¥44,199,717.67 in Q1 2024[5]. - Operating profit for the current period was ¥52,119,456.60, compared to ¥50,011,163.95 in the previous period, indicating a growth of 4.2%[23]. - Net profit increased to ¥46,435,609.10, a rise of 5.1% from ¥44,199,717.67 in the previous period[23]. - Basic and diluted earnings per share improved to ¥0.2141, up from ¥0.2044, representing a growth of 8.4%[24]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥48,945,143.95, a significant decrease of 394.90% compared to ¥16,597,009.42 in the previous year[5][13]. - Cash flow from operating activities showed a net outflow of ¥48,945,143.95, a significant decline from a net inflow of ¥16,597,009.42 in the previous period[26]. - Cash and cash equivalents decreased from ¥230,190,784.90 to ¥159,532,863.95[18]. - Cash and cash equivalents at the end of the period decreased to ¥159,532,863.95 from ¥170,276,635.73, reflecting a drop of 6.7%[27]. Assets and Liabilities - The total assets at the end of Q1 2025 were ¥1,554,841,322.13, a decrease of 1.17% from ¥1,573,293,418.89 at the end of the previous year[5]. - Total current assets amount to ¥1,134,053,167.47, a decrease from ¥1,145,661,593.14 at the beginning of the period[19]. - Total liabilities decreased from ¥372,447,119.40 to ¥307,559,413.54[20]. - Accounts receivable decreased from ¥443,278,534.59 to ¥405,533,119.71[18]. - Cash and cash equivalents decreased from ¥230,190,784.90 to ¥159,532,863.95[18]. Equity and Shareholder Information - The company’s total equity attributable to shareholders increased by 3.87% to ¥1,247,281,908.59 from ¥1,200,846,299.49 at the end of the previous year[5]. - Total equity attributable to the parent company increased from ¥1,200,846,299.49 to ¥1,247,281,908.59[20]. - Total number of common shareholders at the end of the reporting period is 25,844[15]. - The largest shareholder, Wen Jianshu, holds 11.18% of shares, totaling 24,255,896 shares[15]. - The company has no preferred shareholders or preferred stockholders among the top shareholders[16]. Expenses and Investments - Research and development expenses increased by 21.01% to ¥12,178,928.65 from ¥10,064,256.19 in the same quarter last year[11]. - Research and development expenses increased to ¥12,178,928.65, up from ¥10,064,256.19, marking a rise of 21.0%[23]. - The company reported a significant increase in sales expenses to ¥7,324,168.95, compared to ¥6,894,734.45, reflecting a rise of 6.2%[23]. - The company reported a decrease in financial income by 17.01%, with interest income at ¥653,389.86 compared to ¥787,271.22 in Q1 2024[11]. - Other income rose to ¥5,837,560.73 from ¥4,662,460.95, an increase of 25.1%[23]. Receivables and Financing - The company reported a significant increase of 76.10% in receivables financing, reaching ¥148,092,981.95 compared to ¥84,095,555.24 in Q1 2024[10]. - Total operating costs amounted to ¥267,418,404.79, up from ¥251,550,816.29, reflecting a rise of 6.5%[22].

Financial Performance - The company's operating revenue for 2024 reached ¥1,363,154,734.87, representing a 22.88% increase compared to ¥1,109,329,863.54 in 2023[23]. - Net profit attributable to shareholders for 2024 was ¥202,731,581.01, up 25.15% from ¥161,990,109.62 in 2023[23]. - The cash flow from operating activities for 2024 was ¥201,039,394.55, a significant increase of 99.20% compared to ¥100,923,483.96 in 2023[23]. - Basic earnings per share for 2024 were ¥0.9347, reflecting a 25.06% increase from ¥0.7474 in 2023[23]. - Total assets at the end of 2024 amounted to ¥1,573,293,418.89, a 15.80% increase from ¥1,358,579,218.22 at the end of 2023[23]. - Operating profit for 2024 was ¥227,706,120.32, an increase of 24.60% compared to the previous year[71]. - Main business revenue increased to ¥1,357,844,342.53, up 22.78% from ¥1,105,953,665.95 in the previous year[72]. - The total operating cost for 2024 was ¥1,027,870,322, reflecting a year-on-year increase of 24.48%[82]. - The company reported a net profit of RMB 202,731,581.01 for the year ending December 31, 2024, with a cash dividend proposal of RMB 2.77 per 10 shares[166]. Dividend Distribution - The company plans to distribute a cash dividend of 2.77 RMB per 10 shares (including tax) to all shareholders based on a total share capital of 216,906,174 shares as of December 31, 2024[5]. - The total cash dividend amount proposed is RMB 59,894,650.20, which represents 8.75% of the total profit distribution[164]. Risks and Challenges - The company acknowledges potential risks from macroeconomic changes, intensified industry competition, new business expansions, and fluctuations in raw material prices[5]. Corporate Governance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholder rights[120]. - The company is committed to maintaining independent operations from its controlling shareholder, ensuring no interference in decision-making and management[127]. - The company has established independent labor, personnel, and compensation management systems, ensuring no direct appointment by controlling shareholders[129]. - The company has not reported any related party transactions among its directors and senior management[150]. Research and Development - The company is committed to technological innovation and has built a robust research and development framework to support sustainable growth and meet market demands[60]. - The company has increased its R&D personnel by 20.21% from 188 in 2023 to 226 in 2024, with a slight increase in the proportion of R&D personnel to total staff from 10.06% to 10.10%[92]. - R&D investment for 2024 amounts to ¥52,335,233.71, representing 3.84% of total revenue, a slight decrease from 3.86% in 2023[92]. - The company is actively developing new products such as hydrogen energy silicone tubes and energy storage thermal management system pipelines to meet market demands[91]. Environmental Responsibility - The company has implemented a 25-ton steam boiler for waste gas treatment, utilizing bag dust removal, dual alkali desulfurization, and urea denitrification technology, which meets environmental energy-saving standards[178]. - The company has established a self-built wastewater treatment station, ensuring that production wastewater is treated and reused without external discharge[180]. - The company has achieved a significant reduction in pollutant emissions, with specific metrics such as 9.103 tons/year of particulate matter and 35.232 tons/year of sulfur dioxide emissions reported[177]. - The company emphasizes environmental protection by adopting advanced technologies for waste gas and wastewater treatment, meeting national environmental standards[187]. Market Expansion - The company is actively expanding into new markets, including energy storage and data centers, to diversify its product applications and foster future growth[59]. - The company plans to expand into high-end automotive hose markets and develop systems for new energy vehicles, aiming for new growth points[112]. - The company is focusing on expanding its market share in high-end automotive hose applications, including air conditioning pipes, nylon pipes, and turbocharger pipes[115]. Employee Management - The company has a total of 2,238 employees, with 1,877 in production, 78 in sales, and 236 in technical roles[157]. - The company has established a comprehensive training system to enhance employee skills, focusing on production processes and safety[161]. - The company maintains a strong commitment to employee welfare, providing comprehensive benefits and regular training to enhance employee skills[186]. Financial Audit - The company’s financial report is audited by Xinyong Zhonghe Accounting Firm, ensuring the accuracy and completeness of the financial statements[22]. - The company appointed ShineWing Certified Public Accountants (Special General Partnership) for the 2024 financial report audit, with a total fee of RMB 720,000[196]. - The internal control audit report indicates that the company maintained effective financial reporting internal controls as of December 31, 2024[173]. Strategic Initiatives - The company aims to achieve a cumulative installed capacity of 30GW in the energy storage sector by 2025, aligning with national policy goals[39]. - The company is focusing on liquid cooling technology, which is expected to become the mainstream solution in energy storage systems due to its superior heat management capabilities[40]. - The company is pursuing strategic initiatives in the hydrogen energy sector, aligning with national policies to expand into new markets[91].

2025 年 03 月 02 日 汽车管路龙头，数据中心液冷业务蓄势待发 —川环科技（300547.SZ）公司动态研究报告 增持(首次) 投资要点 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 39.92 | | 总市值（亿元） | 87 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 177 | | 52 周价格范围（元） | 13.35-45.21 | | 日均成交额（百万元） | 299.79 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 (%) 川环科技 沪深300 相关研究 ▌汽车管路龙头，业绩稳步增长 公司主营业务为传统燃油汽 ...

2025 年 03 月 02 日 汽车管路龙头，数据中心液冷业务蓄势待发 —川环科技（300547.SZ）公司动态研究报告 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 39.92 | | 总市值（亿元） | 87 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 177 | | 52 周价格范围（元） | 13.35-45.21 | | 日均成交额（百万元） | 299.79 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 (%) 川环科技 沪深300 相关研究 ▌汽车管路龙头，业绩稳步增长 公司主营业务为传统燃油汽车、新能源汽车、摩托车用 ...

Stock Performance - The stock of Chuanhuan Technology rose by 3.53% today with a turnover rate of 39.57% and a trading volume of 1.931 billion yuan [1] - The stock's amplitude was 13.06% [1] Institutional Trading Activity - Institutional investors net sold 72.0261 million yuan [1] - The net buying from brokerage seats was 4.778 million yuan [1] Exchange Data - The stock was listed on the Shenzhen Stock Exchange due to a daily turnover rate of 39.57% [2] - The top five buying and selling brokerage seats had a total transaction volume of 348 million yuan [2] - The buying volume was 140 million yuan while the selling volume was 208 million yuan [2] - The net selling volume was 67.2481 million yuan [2]

证券代码：300547 证券简称：川环科技 公告编号：2024-039 四川川环科技股份有限公司 关于股票交易异常波动的公告 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。 特别提示： 1、2024 年 12 月 26 日，公司公告了《关于获得客户订单的公告》（公告编 号：2024-038），公司获得某服务器整体解决方案服务商的某项目采购订单，公 司为本项目本批次提供 60,000 套用于服务器的液冷管路系统。具体生产交付将 按客户的要求进行。本次新获订单受具体执行、实施进度等因素影响，可能会导 致订单存在部分或全部无法履行或终止的风险。敬请广大投资者谨慎决策，注意 投资风险。 2、本次获得订单收入占 2023 年度经审计收入的比重较小，且不会对公司 2024 年度经营业绩产生重大影响。敬请广大投资者谨慎决策，注意投资风险。 一、股票交易异常波动的情况介绍 四川川环科技股份有限公司（以下简称"公司"）的股票（证券简称：川环科 技，证券代码：300547）连续 3 个交易日（2024 年 12 月 26 日、2024 年 12 月 27 日、2024 年 12 ...

Stock Performance - The stock of Chuanhuan Technology hit the daily limit up with a turnover rate of 9.45% and a trading volume of 411 million yuan [1] - The stock's closing price increased by 20.00% on the day, leading to its inclusion in the Shenzhen Stock Exchange's public information list [2] Trading Data - The net purchase by proprietary trading seats amounted to 106 million yuan [2] - The total transaction value of the top five buying and selling proprietary trading seats was 219 million yuan, with buying transactions totaling 162 million yuan and selling transactions totaling 56.43 million yuan, resulting in a net purchase of 106 million yuan [3]

财联社12月26日电，川环科技公告，公司近日获得某服务器整体解决方案服务商的某项目采购订单，将 为本项目本批次提供60,000套用于服务器的液冷管路系统。 但本次新获订单受具体执行、实施进度等因素影响，可能会导致订单存在部分或全部无法履行或终止的 风险。 公司获得此类产品订单，是客户对公司技术能力和市场竞争力的认可，有利于提升公司在数据服务器液 冷管路领域的影响力，推动公司相关产品的进一步拓展，对公司液冷管路系统业务的增长及持续盈利能 力提升产生积极影响。 公司在液冷管路系统方面加大了研发投入，特别是用于数据服务器、数据中心、储能等应用场景的液冷 管路系统开发。 ...

近年来，公司在液冷管路系统方面加大了研发投入，特别是用于数据服务器、 数据中心、储能等应用场景的液冷管路系统开发，其中数据服务器领域所用的液 冷管路系统相关技术指标达到了 V0 标准，现已通过了美国 UL 认证。公司目前已 经形成了较完整的产品体系，进入了多家储能和数据服务器领域客户的供应商体 系。公司获得此类产品订单，是客户对公司技术能力和市场竞争力的认可，本项 目的获取有利于提升公司在数据服务器液冷管路领域的影响力，推动公司相关产 品的进一步拓展，对公司液冷管路系统业务的增长及持续盈利能力提升产生积极 影响。 三、风险提示 本次新获订单受具体执行、实施进度等因素影响，可能会导致订单存在部分 或全部无法履行或终止的风险。敬请广大投资者谨慎决策，注意投资风险。 证券代码：300547 证券简称：川环科技 公告编号：2024-038 四川川环科技股份有限公司 关于获得客户订单的公告 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。 一、订单概述 四川川环科技股份有限公司（以下简称"公司"）近日获得某服务器整体解决 方案服务商（限于保密要求，无法披露其名称，以下简称 ...

Investment Rating - The report maintains a "Recommend" rating for Chuanhuan Technology (300547 SZ) [3] Core Views - The impact of high temperatures in Q3 2024 has gradually dissipated, and the company's order intake has returned to normal [1] - Chuanhuan Technology has successfully expanded its customer base, securing new clients in the automotive, energy storage, and liquid cooling server sectors [2] - The company's strong R&D capabilities and cost control measures have resulted in high gross and net profit margins in Q3 2024 (25 51% and 16 54% respectively) [3] - The energy storage and liquid cooling server markets are identified as promising new application areas for the company's rubber and plastic pipeline products [2] Financial Performance and Projections - Q3 2024 revenue growth slowed to 3 7%, significantly lower than Q1 and Q2 growth rates of 45 8% and 33 7% respectively [1] - The company's revenue is projected to grow from 1,451 69 million yuan in 2024E to 2,344 36 million yuan in 2026E, representing a compound annual growth rate of 27 49% [4] - Net profit attributable to the parent company is expected to increase from 208 17 million yuan in 2024E to 334 84 million yuan in 2026E [4] - The company's ROE is forecasted to improve from 17 39% in 2024E to 22 19% in 2026E [4] Business Development - In the automotive pipeline sector, the company has secured a designated project for the Zunjie model, a collaboration between Huawei and Jianghuai, and is involved in the development of related pipelines for the Zhijie model [2] - In the energy storage sector, the company has entered the supply chains of major clients including Guoxuan High-Tech, BYD, Times Star Cloud, Singularity Technology, Suzhou Beiren, and Hangdian Micro [2] - In the liquid cooling server sector, the company has expanded its supplier network to include Xunqiang, Xingqihong, Feirongda, and Envicool, following its initial success with Customer No 1 [2] - The company's liquid cooling pipeline system technology has obtained UL certification in the United States [2] Valuation Metrics - The company's PE ratio is projected to decrease from 21x in 2024E to 13x in 2026E [4] - The PB ratio is expected to decline from 3 68x in 2024E to 2 92x in 2026E [4] - EPS is forecasted to grow from 0 96 yuan in 2024E to 1 54 yuan in 2026E [4] Market Performance - The company's 52-week stock price range is between 12 36 yuan and 22 79 yuan [5] - As of the report date, the company has a total market capitalization of 4 327 billion yuan and a circulating market capitalization of 3 556 billion yuan [5]