公司回购股份在时间、价格及委托时段等方面，均符合回购方案及相关监管指引规定。公司未在重大事 项影响股价的敏感期间回购，集中竞价交易回购也满足委托价格、交易时段等要求，且未同时进行股份 回购与发行行为。后续，公司将依据市场状况，在回购期限内继续推进本次回购，并依规及时披露信 息，提醒投资者注意风险。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 西安中熔电气股份有限公司于2024年7月9日召开第三届董事会第十六次会议，通过以自有资金集中竞价 交易回购A股股份的方案，用于股权激励或员工持股计划。回购资金总额2000万元至4000万元，回购价 格上限起初为100元/股，后因权益分派调整，2024年7月17日起 ...

关于回购公司股份进展的公告 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。 西安中熔电气股份有限公司（以下简称"公司"）于2024年7月9日召开了第 三届董事会第十六次会议，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方式回购公司部分人民币普通股（A股） 股份（以下简称"本次回购"），用于实施股权激励计划或员工持股计划。本 次回购的资金总额不低于人民币2,000万元（含），不超过人民币4,000万元（ 含），回购价格上限不超过人民币100元/股（含）。回购股份的实施期限自公 司董事会审议通过回购方案之日起12个月内。具体内容详见公司2024年7月9日 和2024年7月16日刊登于巨潮资讯网（www.cninfo.com.cn）的《关于回购公司 股份方案的公告》（公告编号：2024-049）和《回购报告书》（公告编号： 2024-057）。公司于2024年7月18日于巨潮资讯网披露了《关于2023年年度权益 分派实施后调整回购股份价格上限的公告》（公告编号：2024-058），自2024 年7月17日起调整回购股份价格上限为99 ...

编号：2025-001 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 天风电新、中金公司、景顺长城、财通资管、中邮基金、东吴电新、 | | 人员姓名 | 富达基金、银河基金、长江财富、天弘基金、中金资管、广发电新、 | | | 招商基金、工银瑞信等机构 | | 时间 | 2025 年 4 月 21 日~4 月 25 日 | | 地点 | 公司会议室通过腾讯会议线上参会 | | 上市公司接待人 | 董事会秘书刘冰先生； | | 员姓名 | 证券事务代表苏律文女士； | | | 接待人员与投资者进行了沟通交流，在会议交流过程中，相关人员严 | | | 格按照有关制度规定，没有出现未公开重大信息泄露等情况，主要内 | | | 容如下： | | | 1、激励熔断器 | | | 2024 年激励熔断器的销售额达 1.37 亿元，年增长幅度约为 189%，电 | | | 动车领域增长显著。随着市场需求的增 ...

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 within the next six months [26]. Core Views - The company has demonstrated strong performance in 2024, with total revenue reaching 1.421 billion yuan, a year-on-year increase of 34.11%, and net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for incentive fuses is significantly increasing, driven by the growth in the electric vehicle and renewable energy sectors, which is expected to continue into 2025 [9][11]. - The company's products, particularly in the electric fuse segment, are well-positioned to benefit from the ongoing electrification trend in the automotive industry, with a projected sales increase in the electric vehicle sector [9][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.421 billion yuan, a 34.11% increase year-on-year, and a net profit of 187 million yuan, reflecting a 59.80% growth [4]. - For Q1 2025, the company reported revenue of 390 million yuan, a 44.98% increase, and a net profit of approximately 60.75 million yuan, up 125.81% [4]. Product Demand and Market Position - The company's main products include electric fuses, incentive fuses, and smart fuses, with the electric fuse segment generating 1.279 billion yuan in revenue, accounting for 90% of total sales [9]. - The incentive fuse segment saw remarkable growth, with revenue of 137 million yuan, a 189.12% increase year-on-year, driven by rising standards and safety requirements in high-voltage applications [9][11]. Industry Outlook - The electric vehicle market is expected to maintain robust growth, with projected sales of 12.866 million units in 2024, a 35.5% increase, which will positively impact the company's sales of fuses [11]. - The company is well-positioned to capitalize on the expanding market for electric vehicles and renewable energy, with a competitive advantage in the electric fuse sector [9][11].

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 within the next six months [26]. Core Views - The company has shown impressive performance in 2024, with a total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, up 59.80% [4][9]. - The demand for circuit protection components, particularly in the electric vehicle and renewable energy sectors, has significantly boosted the company's product demand, especially for its incentive fuses, which saw a revenue increase of 189.12% [9][11]. - The company is expected to continue benefiting from the growing market for electric vehicles, with a projected net profit of 283 million yuan in 2025, reflecting a growth rate of 51.18% [12][24]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.421 billion yuan, with a net profit of 187 million yuan and a cash flow from operating activities of 122 million yuan [4]. - For Q1 2025, the company reported a revenue of 390 million yuan, a 44.98% increase year-on-year, and a net profit of approximately 60.75 million yuan, up 125.81% [4][9]. Product Performance - The company's main products include power fuses, incentive fuses, and smart fuses, with the incentive fuses showing remarkable growth, contributing 137 million yuan to revenue [9]. - The electric vehicle sector accounted for 8.97 billion yuan in revenue, marking a 50.47% increase, while the renewable energy sector contributed 3.49 billion yuan, growing by 1.03% [9]. Market Outlook - The report anticipates continued strong demand for the company's products in the electric vehicle market, with expected sales growth driven by favorable government policies and market trends [11][12]. - The company is well-positioned to capitalize on the increasing penetration of electric vehicles, with a projected sales volume growth that outpaces the overall market growth [11].

Core Viewpoint - Zhongrong Electric (301031) reported record highs in revenue, net profit, and cash flow for 2024, indicating strong growth and market position in the circuit protection industry, particularly in the electric fuse sector [2][6][9]. Financial Performance - The company achieved total revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, marking eight consecutive years of growth since 2014 [2]. - The net profit attributable to shareholders reached 187 million yuan, up 59.8%, also a record high [2]. - The net cash flow from operating activities was 122 million yuan, reflecting a 44.29% increase [2]. - For Q1 2025, revenue was 390 million yuan, a 44.98% increase, and net profit was 60.75 million yuan, up 125.81%, the highest growth rate for the same period post-listing [5]. Business Segments - The main business includes the research, production, and sales of fuses and related components, with significant contributions from electric fuses, incentive fuses, and smart fuses [6][9]. - Revenue from the new energy vehicle sector was 897 million yuan, growing 56.27%, while revenue from wind and solar power and energy storage reached 349 million yuan, up 32.59% [7][9]. - The company has a leading market share in the domestic low-voltage electric fuse sector and is well-positioned in high-end markets such as new energy vehicles and energy storage [7][9]. Research and Development - The company invested 136 million yuan in R&D, a 12.25% increase, with an R&D intensity of 9.55% [8]. - It holds 279 valid patents, including 266 domestic patents and 13 overseas patents, showcasing strong innovation capabilities [8]. - The company has received multiple awards from industry leaders, indicating recognition for its quality and innovation [8]. Market Outlook - The demand for circuit protection components is rapidly increasing, driven by the growth in new energy generation and consumption sectors [7][9]. - The company is actively engaging with leading clients in the artificial intelligence data center and eVOLT markets to develop products that meet new industry requirements [10].

中熔电气 2025042120250416 摘要 • 2025 年一季度公司营收 3.9 亿元，净利润 6,000 万元，毛利率 38.56%。新能源汽车业务占比超 60%，风光储业务占比超 20%。受益 于市场政策如 530 抢装政策和出口关税预期，公司一季度业绩超预期。 • 激励熔断器销售额显著增长，2024 年达 1.37 亿元，同比增长 189%。随 着电池新国标的实施，高压快充平台、纯电和插混车型对激励熔断器的需 求将持续增加，预计 2025 年出货目标为 2 亿元以上。 • 公司通过设备自动化改造和精益化管理，持续优化生产流程并降低成本。 尽管去年通过电商平台降低大宗金属采购成本效果不佳，今年计划继续进 行医疗投资，并优化设计和零件统一化以降低零部件成本。 • 泰国工厂去年亏损几百万，对整体利润影响较小。公司将根据国际关税政 策动态调整泰国工厂的生产策略，若关税政策有利，将加大投入，服务北 美及欧洲客户。 • 数据中心业务规模尚小，但英伟达下一代 1,200 伏 HVDC 架构将催化熔断 器需求。公司正积极储备相关产品，并关注高压化趋势对熔断器需求的积 极影响，加大资源投入拓展相关业务。 Q&A ...

Group 1 - The company reported a revenue of 1.421 billion in 2024, representing a year-on-year growth of 34.11% and a net profit attributable to shareholders of 187 million, up 59.80% year-on-year [1] - In Q1 2025, the company achieved a revenue of 390 million, a year-on-year increase of 44.98%, and a net profit of 61 million, reflecting a significant growth of 125.81% year-on-year [1] - For Q4 2024, the company recorded a revenue of 455 million, which is a 50.80% increase year-on-year, and a net profit of 67 million, up 112.38% year-on-year [1] Group 2 - The company has established stable partnerships with major manufacturers in the electric vehicle market, including CATL, BYD, and Tesla, ensuring a strong customer base [2] - In the renewable energy sector, key clients include Sunshine Power, Huawei, and Goldwind Technology, indicating a diversified market presence [2] - The company has a strong foothold in the high-voltage fuse market, with a production volume of 1.5701 million units in 2024, marking a year-on-year increase of 168.48% [3] Group 3 - The revenue from high-voltage fuses reached 137 million in 2024, showing a remarkable growth of 189.12% and accounting for 9.65% of total revenue [3] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 1.960 billion, 2.649 billion, and 3.402 billion for 2025, 2026, and 2027, respectively [3] - The projected net profits for 2025, 2026, and 2027 are 332 million, 460 million, and 606 million, with corresponding growth rates of 77.5%, 38.6%, and 31.9% [3]

Group 1: Company Performance - In Q1 2025, the company achieved operating revenue of 390 million yuan, a year-on-year increase of 44.98%, and a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 125.81% [1] - For the full year 2024, the company reported operating revenue of 1.421 billion yuan, a year-on-year increase of 34.11%, and a net profit attributable to shareholders of 187 million yuan, a year-on-year increase of 59.8% [1] - The company's net profit growth turned positive in Q2 2024, with consecutive high growth in the following quarters, showing a quarterly increase of 112.38% in Q4 2024 [1] Group 2: Industry and Market Trends - The company's main business involves the research, production, and sales of fuses and related components, primarily serving the renewable energy generation and consumption sectors [2] - The demand for circuit protection components is rapidly increasing, driven by the growth in industries such as new energy vehicles, renewable energy generation, and data centers [2] - In 2024, the company generated 897 million yuan in revenue from the new energy vehicle sector, accounting for 63.13% of total revenue, with a year-on-year growth of 50.47% [2] Group 3: Financial Health - The company's cash flow from operating activities was 122 million yuan in 2024, a year-on-year increase of 44.29%, but showed a negative cash flow of -33 million yuan in Q1 2025 [2] - The company's gross margin has been under pressure, declining to 39.74% in 2023 and further to 38.56% in Q1 2025 [3] - The company's asset-liability ratio increased to 49.42% at the end of Q1 2025, up from 38.97% in the same period last year [3]

Core Insights - The company's performance in 2024 met expectations, with a revenue of 1.42 billion and a net profit of 190 million, reflecting a year-on-year growth of 34% and 60% respectively [1] - In Q4 2024, revenue reached 460 million, showing a quarter-on-quarter increase of 51% and a year-on-year increase of 22%, while net profit was 70 million, with a quarter-on-quarter increase of 112% [1] - For Q1 2025, revenue is projected at 390 million, with a quarter-on-quarter increase of 45% but a year-on-year decrease of 14% [1] Revenue Breakdown - The automotive segment saw a significant revenue increase of 50% in 2024, totaling 900 million, with Q4 revenue expected to be 300 million, a quarter-on-quarter increase of 20% [1][2] - The sales volume of incentive fuses reached 1.36 million units in 2024, a year-on-year increase of 201%, generating revenue of 140 million [1] - The company anticipates that the automotive segment will maintain a growth rate of over 50% in 2025 due to the increasing penetration of high-voltage fast-charging vehicles [2] New Energy Sector - The new energy segment generated revenue of 350 million in 2024, a slight year-on-year increase of 1%, with Q4 revenue expected to be 110 million, a quarter-on-quarter increase of 20% [2] - The gross margin for the new energy segment was 41% in 2024, down 4 percentage points year-on-year due to intensified industry competition [2] - The company is focusing on high-margin products and expects stable revenue and gross margins in 2025, with strong demand for photovoltaic energy storage in Q1 [2] Other Segments - The industrial power supply sector reported revenue of 100 million in 2024, a year-on-year increase of 78%, while the communication sector generated 50 million, up 22% [2] - Revenue from rail transportation reached 20 million, reflecting a year-on-year increase of 12% [2] Profit Forecast and Investment Rating - The company forecasts net profits of 320 million and 450 million for 2025 and 2026 respectively, an increase from previous estimates [2] - The projected net profit for 2027 is 600 million, representing year-on-year growth rates of 72%, 40%, and 33% for the respective years [2] - The company maintains a "buy" rating with a target price of 171, based on a 25x PE ratio for 2026, reflecting its leading position in the power fuse market [2]