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 您可点击今日推送内容的第3条查看 【震裕科技（300953.SZ）】锂电结构件盈利改善持续，人形机器人业务彰显能力——2024年年报点评 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2528.14%，拟每10股派发现金股利2.1元（含税）、转增4股。 （殷中枢/陈无忌） 2025-04-23 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1 ...

报告摘要 事件： 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。 24年公司部分项目成交价格相对较低，在收入下滑的同时，公司单位固定成本上升，致使24年毛利率同比 下滑，24年公司毛利率/净利率为31.6%/-33.8%,同比-2.91/-27.85pcts。隔震/减震产品毛利率分别为27.7%及 39.5%,同比-5.8/+4.6pcts。24年公司销售费用率大幅上扬，带动期间费用率整体抬升，从而导致净利率显 著下滑，销售/管理/财务/研发费用率为22.5%/12.5%/5.0%/7.8%,同比+8.14/+3.26/+1.33/+1.76pcts。年内公 司强化现金流管控，加强催收，24年应收账款较2023年有所减少，24年经营现金流净流入0.96亿元，较上 年同期多流入0.1 ...

证券代码：300767 证券简称：震安科技 公告编号：2025-051 2025 年 4 月 24 日 震安科技股份有限公司 2025 年第一季度报告披露提示性公告 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。 《震安科技股份有限公司 2025 年第一季度报告》全文于 2025 年 4 月 24 日 在中国证券监督管理委员会指定的创业板信息披露网站上披露，请投资者注意查 阅。 巨潮资讯网网址为：www.cninfo.com.cn 特此公告。 震安科技股份有限公司 董事会 ...

| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0259 | -0.0302 | 14.24 | 0.0165 | | 每股净资产（元） | 5.91 | 5.95 | -0.67 | 6.22 | | 每股公积金(元) | 3.2 | 2.48 | 29.03 | 2.45 | | 每股未分配利润(元) | 1.43 | 2.16 | -33.8 | 2.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.93 | 1.1 | -15.45 | 1.27 | | 净利润(亿元) | -0.07 | -0.07 | 0 | 0.04 | | 净资产收益率(%) | -0.44 | -0.48 | 8.33 | 0.25 | 一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 北京华创三鑫投 ...

Financial Performance - The company's revenue for Q1 2025 was ¥93,037,576.11, a decrease of 15.26% compared to ¥109,791,718.94 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥7,148,394.76, showing an improvement of 4.12% from a loss of ¥7,455,260.04 in the previous year[5] - The company's basic earnings per share improved by 14.24% to -¥0.0259 from -¥0.0302 in the same period last year[5] - Operating profit for the current period was CNY -6,907,376.36, slightly improved from CNY -7,473,406.37 in the previous period[22] - The company reported a net loss of CNY 6,840,458.62 for the current period, slightly worse than the loss of CNY 6,750,118.21 in the previous period[22] - The net profit for the current period is -6,781,547.89, compared to -7,520,755.40 in the previous period, showing an improvement[23] - Total comprehensive income attributable to the parent company is -7,148,394.76, compared to -7,455,260.04 in the previous period[23] Cash Flow - The net cash flow from operating activities increased by 7.73% to ¥71,934,614.65, compared to ¥66,772,169.20 in Q1 2024[5] - Cash flow from operating activities for the current period is 71,934,614.65, an increase from 66,772,169.20 in the previous period[24] - The company reported a 217.27% increase in cash received from other operating activities, totaling ¥39,974,357.90, compared to ¥12,599,568.36 in Q1 2024[7] - The net cash flow from financing activities decreased significantly by 297.91%, resulting in a net outflow of ¥50,784,971.91[7] - The net cash flow from financing activities for the current period is -50,784,971.91, compared to 25,660,836.68 in the previous period, indicating a significant decline[24] - The cash outflow for purchasing goods and services increased to 86,228,433.18 from 73,955,792.49 in the previous period[24] - The company reported a decrease in cash flow from investment activities, with a net cash flow of -3,150,184.05 compared to -7,973,870.79 in the previous period[24] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥2,407,080,731.74, down 2.71% from ¥2,474,119,733.74 at the end of the previous year[5] - Current assets totaled CNY 1,660,298,374.88, a decrease of 3.2% from CNY 1,715,589,345.49 at the beginning of the period[20] - Total liabilities decreased to CNY 767,281,186.36 from CNY 827,538,640.47 at the beginning of the period, reflecting a reduction of 7.3%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,830[9] - Beijing Huachuang Sanxin Investment Management Co., Ltd. holds 18.12% of shares, totaling 50,072,944 shares[9] - Mr. Li Tao holds 17.28% of shares, totaling 47,754,030 shares, with 35,815,522 shares under lock-up[9] - The total number of restricted shares at the beginning of the period was 36,593,534, with no shares released during the period[12] Investments and Projects - Research and development expenses increased significantly by 675.89% to ¥729,203.54, reflecting ongoing investment in new technologies[7] - The company has completed the project conclusion for its IPO fundraising projects and will permanently supplement working capital with the remaining funds[15] - The company authorized the use of up to CNY 50 million of idle raised funds for cash management, ensuring it does not affect normal operations[18] Regulatory and Audit - The company is actively addressing regulatory issues identified by the China Securities Regulatory Commission, with corrective measures being implemented[17] - The company has appointed Xinyong Zhonghe Accounting Firm as the internal control audit institution for the year 2024[16] Bonds and Capital - The company will fully redeem the "Zhen'an Convertible Bonds" on December 25, 2024[13] - The company's registered capital has increased to 276,291,028 yuan following the conversion of "Zhen'an Convertible Bonds"[14]

事件： 公司发布24 年年报,24 年公司实现营业收入/归母净利润/扣非归母净利润4.2/-1.4/-1.4 亿元，上年同期为 6.9/-0.4/-0.4 亿元。24Q4 公司实现营业收入/归母净利润/扣非归母净利润1.0/-0.8/-0.8 亿元，上年同期为 1.5/-0.6/-0.6 亿元。 点评： 从2024 年公司营收结构来看，学校、医院在建筑减隔震市场需求中仍然占比最大，达42%；其次是机 场和其他公建项目，占比23%；剩余为商业、地产及桥梁等领域。 公司积极布局未来新兴产业，聚焦绿色低碳、智能制造、数字化转型、新质生产力等前沿领域，培育新 的业务增长点，推动产业结构优化升级。同时也积极探索海外市场的新机遇。 盈利预测、估值与评级：考虑到公司业绩持续承压，且市场修复尚需一定时间，我们下调公司25/26 年 归母净利润至-0.50/0.05 亿元（分别下调1.0/0.5 亿元），新增27 年归母净利润预测为0.23 亿元，下调公 司评级至"中性"。随着各地政策的出台，减隔震市场稳步扩张，在传统建筑减隔震市场需求放缓的背景 下，公司也正积极培育新的业务增长点，同时也探索出海机会，在业绩承压的背景下加强现 ...

2025 年 4 月 22 日 公司研究 股价相对走势 经营业绩持续承压，现金流管控良好 ——震安科技（300767.SZ）2024 年年报点评 中性（下调） 当前价：9.48 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 2.76 | | --- | --- | | 总市值(亿元)： | 26.19 | | 一年最低/最高(元)： | 7.29/13.89 | | 近 3 月换手率： | 268.25% | -27% -12% 3% 18% 33% 04/24 07/24 10/24 01/25 震安科技 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -11.28 | 5.88 | -10.66 | | 绝对 | -14.59 | 4.64 | -3.46 | | 资料来 ...

证券代码：300767 证券简称：震安科技 公告编号：2025-050 震安科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 2024 年 12 月 2 日，公司召开了第四届董事会第十一次会议、第四届监事会 第七次会议，审议通过了《关于授权使用部分闲置募集资金进行现金管理的议案》， 同意在不影响公司正常生产经营和募集资金投资项目建设及确保资金安全的前 提下，使用最高不超过人民币 10,000 万元的闲置募集资金进行现金管理，用于 购买安全性高、流动性好的现金管理产品。上述闲置募集资金投资产品在额度和 期限范围内授权董事长行使投资决策权，并由公司财务负责人具体办理相关事宜。 上述闲置募集资金投资额度自公司第四届董事会第十一次会议审议之日起 12 个 月内可循环滚动使用。闲置募集资金现金管理到期后将及时归还至募集资金专户 [内容详见 2024 年 12 月 3 日刊登在巨潮资讯网 www.cninfo.com.cn 上的《震安科 技股份有限公司第四届董事会第十一次会议决议公告》《震安科技股份有限公司 ...

Core Viewpoint - The company specializes in seismic isolation technology and has become a leading manufacturer in the domestic market, focusing on the development, production, and sales of various seismic isolation products, which are increasingly in demand due to rising earthquake risks in China [5][20][24]. Company Overview - The company is engaged in the consulting, design, production, sales, and maintenance of seismic isolation products, establishing itself as a high-tech enterprise with significant production capacity [5][6]. - Key products include rubber bearings, sliding bearings, energy-dissipating dampers, and various vibration control devices, which are essential for enhancing building safety against seismic activities [6][8][9][10]. Business Model - The company adopts a sales-driven procurement model, ensuring reasonable inventory levels while maintaining a list of qualified suppliers [14]. - Production is based on sales orders, allowing for flexibility in meeting market demands [15]. - The company emphasizes technical services, providing comprehensive support from project consultation to post-installation maintenance [16]. Market Dynamics - China is located in a seismically active region, with a significant portion of its territory at risk of earthquakes, driving the demand for seismic isolation technologies [20]. - Recent regulations, such as the "Construction Engineering Seismic Management Regulations," have increased the demand for seismic isolation products in public buildings [22][24]. - The company has strategically adjusted its sales and collection policies to enhance cash flow and mitigate risks, leading to a temporary decline in revenue but positioning for long-term stability [19][22]. Technological Advancements - The company is committed to improving product quality and industry standards, collaborating with research institutions to enhance testing methodologies for seismic isolation products [25]. - Ongoing development of economic benefit assessment methods for seismic isolation technologies aims to demonstrate their cost-effectiveness and long-term advantages [26][27]. Future Outlook - The company plans to expand its market presence by establishing regional sales centers and enhancing collaboration with design institutes to promote seismic isolation technologies [21][28]. - With increasing government support and regulatory frameworks, the seismic isolation industry is expected to grow, providing significant opportunities for the company [24][25].

为进一步完善利润分配政策，建立健全持续、稳定、科学的分红机制，增强 利润分配决策的透明度和可操作性，便于投资者形成稳定的回报预期，切实保护 投资者的合法权益，根据《关于进一步落实上市公司现金分红有关事项的通知》 （证监发〔2012〕37号）、中国证券监督管理委员会《上市公司监管指引第 3 号 ——上市公司现金分红》以及《公司章程》等相关规定，进一步细化《公司章程》 中关于利润分配原则的条款，增加利润分配决策透明度、参与度和可操作性，便 于股东对公司经营和分配进行监督，公司对股东分红回报事宜进行了专项研究论 证，特制订未来三年（2025—2027年）股东分红回报规划（以下简称本规划）， 具体情况如下： 一、公司制定本规划考虑的因素 公司着眼于长远和可持续发展，在综合分析企业发展战略、社会资金成本、 外部融资环境等因素的基础上，充分考虑公司目前及未来盈利规模、现金流量状 况、发展所处阶段、项目投资资金需求、银行信贷等情况，平衡股东的短期利益 和长期利益，对利润分配作出制度性安排，从而建立对投资者持续、稳定、科学 的分红回报机制，以保证公司利润分配政策的连续性和稳定性。 震安科技股份有限公司 《未来三年（2025— ...