看不见的股东回报与看得见疯狂募资、套路减持！飞荣达： 业绩不行，套路贼溜 导语：上市 8 年，累计股权募资 20.7 亿，实控人套现超 3 亿，仅分红 1.4 亿。 作者：市值风云 App：白猫 5 月 9 日，飞荣达（300602.SZ）发布公告，控股股东、实控人马飞与云南国际 信托就解除协议转让公司部分股份达成一致，双方的权利义务全部终止，互不承 担违约责任。 该股份转让协议在 2024 年 11 月 25 日拟定，马飞拟向云南国际信托转让公司 2900 万股股份，占总股本的 5%。转让价格为 25 日前一交易日收盘价的 82%， 即 15.72 元/股，转让价款总共将近 4.6 亿元。 公告显示转让的目的是："实控人为引入认可公司内在价值和看好未来发展的战 略投资者，优化股权结构，推动公司战略发展，同时有效改善实际控制人财务结 构，降低质押等财务风险。" 从二级市场表现来看，过去半年间公司股价确实经历了一定幅度的波动。不过， 自今年 4 月中旬后，其股价已基本回调至上一年的 11、12 月份水平。风云君觉 得应该不至于是因股价波动而引起的终止。 （市值风云 APP） 此外，这中间还有一个小插曲，2024 ...

大股东高位套现 19 亿，解禁两年减持 74 亿！东鹏饮料：股价创新高， 但一季报暴露两大不利信号 导语：两个先行指标值得关注。 作者：市值风云 App：木鱼 2025 年 5 月 21 日盘后，东鹏饮料（605499.SH）披露一则减持结果公告，显示 第三大股东鲲鹏投资在今年 3 月 14 日-5 月 21 日期间，合计减持了 716.78 万股， 减持金额高达 19.08 亿。 | 股东名称 | 鲲鹏投资 | | --- | --- | | 减持数量 | 7,167,800股 | | 减持期间 | 2025年3月14日~2025年5月21日 | | 减持方式及对应减持数量 | 集中竞价减持,1,968,000 股 | | | 大宗交易减持,5,199,800 股 | | 减持价格区间 | 254.28~293元/股 | | 减持总金额 | 1,907,883,386. 20元 | | 减持完成情况 | 未完成:1144 股 | | 減持比例 | 1. 3784% | （来源：上市公司公告 20250522） 这前后不过才两个月时间，就能轻松到手 19 个小目标，果然上市才是最大的造 富机器。没错，风云君这 ...

导语：国际化，大客户。 作者：市值风云 App：塔山 用高通量换热器撕开进口垄断，打入世界 500 强，锡装股份： 平均分红率 68%，盈利创新高 一、主打换热压力容器，高端产品替代进口 锡装股份（001332.SZ，下称公司）前身为成立于 1984年的华东化工学院无锡红旗联 合化工机械厂，是无锡县红旗低压设备厂和华东化工学院（现华东理工大学）机械工 程系联合组建的村办集体企业。 后续经过几轮改制，2014 年整体变更设立为股份有限公司，2022 年完成上市。 （来源：招股书） 公司控股股东及实控人为曹洪海，截至 2024 年末，曹洪海持股比例为 57.99%。公司 第二大股东邵雪枫、第三大股东惠兵均为曹洪海的姐夫，但三人不属于一致行动人。 （来源：2024 年报） 公司自成立至今一直从事金属压力容器相关业务，已在业内深耕 30 余年，产品包括换 热压力容器、反应压力容器等非标压力容器，主要应用于炼油及石油化工、基础化工、 核电、光伏、船舶及海洋工程等领域。 换热压力容器是公司主打产品，其中，高通量换热器属于高附加值产品，公司在该类 产品方面具备明显优势，这主要得益于"产学研"合作模式。 （来源：公司公告） ...

Investment Rating - The report indicates a strong market recognition of the company's value, as evidenced by its IPO performance and significant oversubscription rates [1][9]. Core Insights - The company has transitioned from a single battery supplier to a zero-carbon ecosystem builder, connecting transportation, energy, and industrial markets [1][33]. - The global energy transition investment scale is expected to double from $1 trillion in 2020 to $2 trillion by 2025, positioning the company favorably within this trend [9][20]. - The company has maintained a leading position in the global battery market, with a market share of 37.9% in 2023 and a projected compound annual growth rate (CAGR) of 25.3% for battery shipments from 2024 to 2030 [10][5]. Summary by Sections Section 1: IPO Performance - The company’s H-share was priced at 263 HKD, achieving a total market capitalization of 1.53 trillion HKD, with a 28.3% increase in stock price over two days [1]. - The IPO saw international placements oversubscribed by over 30 times and a 151 times oversubscription in the Hong Kong public offering, marking a record in recent years [1]. Section 2: Zero-Carbon Technology Investment - The report highlights a global shift towards zero-carbon technologies, with significant growth in electric vehicles and battery storage systems [2][5]. - The global penetration rate of new energy vehicles is expected to reach 55.7% by 2030, with a fivefold increase in sales from 2020 to 2024 [5]. Section 3: Battery and Energy Storage - The company’s revenue from power batteries reached 253 billion CNY in 2023, with a projected CAGR of nearly 60% from 2020 to 2024 [10]. - The company leads the global energy storage market with a 36.5% market share and a revenue of 57.3 billion CNY, reflecting a 133% CAGR over the past five years [18]. Section 4: Research and Development - The company has invested over 71.8 billion CNY in R&D over the past decade, with a record R&D expenditure of 18.6 billion CNY in 2024 [23]. - It holds over 43,000 patents, ranking as the second-highest in overseas patent applications among Chinese companies [23]. Section 5: Dividends and ESG Performance - The company has distributed nearly 60 billion CNY in cash dividends since its listing, with a dividend payout ratio exceeding 50% for two consecutive years [30]. - It achieved an AA rating in the MSCI ESG assessment for 2024, placing it in the top 5% globally, with a closed-loop recycling system for used batteries [31].

导语：资本输血非长久之计，客户依赖与低毛利困局隐现。 作者：市值风云 App：白猫 EGR 龙头转型新能源，驱动电机铁芯高增！隆盛科技：行业红利难 掩资本依赖症 大家有没有发现，近两年新能源汽车中插混汽车销量占比提高的很快。 根据中汽协的最新数据，2024 年插混汽车销量占新能源汽车比例为 40%，较 2022 年来看，提高了 17 个百分点！ 还记得几年前，插电混动？更多人是带着些许观望和试探的意味。 从"备胎"到"真香"，这背后，是新能源用户画像的悄然改变，可谓"你一 票，我一票，插混就出道"。 今天要来解读的隆盛科技（300680.SZ，公司），其业务便和"插混"有关。 近 7 年来，公司业务持续高速成长。在二级市场上，开年以来，其股价也屡创新 高。 那么，这家公司的质地究竟如何呢？ 风云君核心观点如下： (制图：市值风云 APP) 一、三驾马车驱动，高速增长 公司总部位于无锡，成立于 2004 年，是国家专精特新小巨人企业，实控人倪茂 生、倪铭父子俩合计直接持股 29.38%。 | (前十大股东，市值风云 APP) | | --- | 父子两人分别曾在威孚高科（000581.SZ）担任市场部部长、工程 ...

导语：各大新茶饮品牌的竞争不再是单纯卷规模、卷价格，下一阶段更趋复杂。 作者：市值风云 App：白猫 新茶饮江湖风云再起：洗牌、突围与未来之战！ 2024 年新茶饮扩张速度集体放缓。 根据窄门餐眼数据显示，截至 2024 年 11 月 12 日，全国奶茶饮品行业门店总 数 41.3 万家，近一年新开 14.2 万家门店，净增长为-1.7 万家，也就是说近一年 奶茶饮品门店关闭近 16 万家，关店数量甚至超过开店数量。 消费疲软加上日益激烈的竞争，新茶饮行业正经历一场大规模的洗牌，分散的 市场格局正在持续整合。 根据灼识咨询，按 GMV 计，前五大现制茶饮店品牌的市场份额由 2020 年的 38.5%提升至 2023 年的 46.8%。 从 2024 年各大新茶饮品牌的财报来看，明显感受到 2024 年营收规模增速的 放缓，甚至下滑。 如今奶茶店在大街小巷是随处可见，随之而来的是，消费者对品牌的同质化感 到麻木。 从近年具代表性的新茶饮品牌的产品动向可以看出，各家公司纷纷追求产品创 新和健康。 以沪上阿姨（02589.HK）为例，在 2022 年、2023 年及 2024 年各年均推出超 过 100 款新产品。 ...

Investment Rating - The report indicates a strong performance for the company, with a projected revenue of 57.796 billion RMB for 2024, representing a year-on-year growth of 27.7% [2] Core Insights - The company is expected to surpass UMC and GlobalFoundries, becoming the second-largest foundry globally, excluding IDM manufacturers like Samsung and Intel [2] - Despite a decline in net profit by 23.3% year-on-year to 3.699 billion RMB, the overall performance is considered better than expected [3][5] - The fourth quarter of 2024 showed a revenue of nearly 16 billion RMB, with a year-on-year increase of over 30%, marking the fifth consecutive quarter of growth [7] - The gross margin for Q4 2024 increased by 2.1 percentage points to 22.6%, attributed to an optimized product mix and a 6% rise in average selling prices [10][11] - The company provided guidance for Q1 2025, expecting a revenue increase of 6-8% quarter-on-quarter, approximately 17 billion RMB, with a year-on-year growth rate of around 35% [13] - The gross margin for Q1 2025 is projected to be between 19% and 21%, significantly higher than the 14.2% margin in the same period of 2024 [14] Summary by Sections Revenue Performance - The company reported a strong revenue performance with a total revenue of 57.796 billion RMB for 2024, a 27.7% increase year-on-year [2] - The fourth quarter revenue reached nearly 16 billion RMB, showing a year-on-year growth of over 30% [7] Profitability - The net profit for 2024 was 3.699 billion RMB, reflecting a 23.3% decline year-on-year [3] - In Q4 2024, the net profit was 999.3 million RMB, down 13.5% year-on-year, primarily due to decreased financial income [8][9] Capital Expenditure - The capital expenditure for 2024 is approximately 73.3 billion RMB, remaining stable compared to 2023 [23] - The expectation for capital expenditure in 2025 is to remain flat compared to 2024, indicating a sustained investment level in the semiconductor sector [18][30]

Investment Rating - The report indicates a positive outlook for BYD, highlighting its leadership in the smart driving sector and the introduction of the "Tianshen Eye" high-level driving system [1][4][11]. Core Insights - BYD is leading the charge in democratizing smart driving technology, breaking the traditional pricing logic that associates smart features with high-end models [2][3]. - The company aims to equip over 60% of its models with advanced NOA (Navigation On Autopilot) systems by 2025, positioning itself as a key player in the smart driving market [11]. - The report emphasizes the importance of large-scale technology adoption as a benchmark for evaluating the development level of smart driving [12]. Summary by Sections Smart Driving Technology - BYD's "Tianshen Eye" system will be available across its entire lineup, with a focus on affordability for models priced below 100,000 yuan [1][4]. - The company has made significant advancements in smart driving, now ranking among the top tier in the industry alongside competitors like Xpeng and Li Auto [5][6]. Research and Development - In 2023, BYD invested nearly 40 billion yuan in R&D, with 33.3 billion yuan allocated in the first three quarters of 2024 [10]. - The company possesses the largest vehicle cloud database in China and maintains a robust self-developed smart driving research system [9]. Market Opportunities - The report identifies several A-share companies that could benefit from BYD's advancements in smart driving, including Desay SV, Ruiming Technology, and Haon Automotive [15][19]. - The laser radar market is dominated by Chinese manufacturers, capturing 84% of the global market share, with notable players like Hesai Technology and RoboSense [15]. Components and Systems - The smart driving system is categorized into three main systems: perception, decision-making, and execution, with BYD's "Tianshen Eye" featuring advanced components from NVIDIA [13][14]. - Companies like Huace Navigation and Four-Dimensional Map New are highlighted for their roles in high-precision navigation and positioning, essential for smart driving [25][28].

Investment Rating - The report ranks the company at 64 in the market value wind rating [2] Core Insights - The company has failed to create a second growth curve to offset the decline in its core business [1] - Revenue for the first three quarters of 2024 was 26.7 billion, a year-on-year decrease of 6.78% [4] - The company has a strong cash position with 9 billion in cash and a total market value of 20 billion [2][36] Revenue and Profitability - The company's operating income for the first three quarters was 26.66 billion, down 11.07% year-on-year, with a net profit attributable to shareholders of 4.43 billion, down 18.49% [5] - The return on equity (ROE) has declined from 21.2% in 2020 to 15.3% in 2021 [4] - The gross margin for the kitchen appliance segment was 48.28% in the first half of 2024, with key products like range hoods and gas stoves maintaining margins above 50% [16][43] Product Performance - The main revenue contributors, range hoods and gas stoves, still show growth, but other categories like integrated stoves and ovens have seen declines [9][10] - The integrated stove category grew by 20.58% year-on-year, while the dishwasher segment increased by 27.94% [10][9] - In 2024, almost all product categories are expected to experience negative growth [11] Market Position and Strategy - The company is heavily reliant on its main products, which account for 70% of revenue, and has not diversified sufficiently [7] - The company has a strong brand presence, particularly in the high-end market, with a market share of 27% in kitchen appliance packages [46] - The company plans to adopt a dual-brand strategy to target both high-end and low-end markets [46] Financial Health - The company has minimal debt, with only 90 million in short-term loans, and a total of 89.2 billion in cash and cash equivalents [36] - Since its IPO, the company has returned 5.9 billion to shareholders through dividends, with a payout ratio of 54% in 2023 [40] Challenges and Opportunities - The company faces significant challenges due to its dependence on the real estate market, which affects its revenue and profit margins [14][16] - Despite the downturn, there are potential benefits from new policies aimed at stimulating consumption and equipment upgrades [53]

Investment Rating - The report indicates a positive outlook for the metal packaging industry, particularly highlighting the strategic mergers and acquisitions that are shaping the market dynamics [1][16]. Core Insights - The merger between Orijin and COFCO Packaging is expected to create a new industry giant, enhancing market concentration and competitive positioning within the metal packaging sector [2][5]. - COFCO Packaging holds significant market shares in various segments, including being the third largest in the two-piece can market and fourth in the three-piece can market in China [3][19]. - The report emphasizes the importance of customer barriers, capital barriers, and technological barriers as the three core competitive advantages in the metal packaging industry, with customer barriers being the most critical [4][19]. Summary by Sections Mergers and Acquisitions - Orijin has successfully acquired 98.59% of COFCO Packaging's shares and plans to privatize the company, which will lead to COFCO Packaging's delisting from the Hong Kong Stock Exchange [1][7]. - The acquisition price proposed by Orijin is HKD 7.21 per share, which represents a premium over previous offers, indicating competitive bidding dynamics in the market [9][11]. Market Position and Clientele - COFCO Packaging has a strong client base, including major brands such as Budweiser, Coca-Cola, and Nestlé, which underscores its market influence and customer loyalty [3][4]. - The report notes that the top five customers of COFCO Packaging accounted for 42.8% of its revenue in 2023, indicating a stable revenue stream from key clients [4][19]. Industry Growth and Challenges - The metal packaging industry in China is experiencing stagnation, with a market growth rate of nearly zero in 2023, yet it still holds a significant portion of the overall packaging market [19][20]. - The report highlights the low penetration rates of metal packaging in China compared to developed countries, suggesting potential for future growth as consumer habits evolve [20][27]. Financial Health and Cash Flow - Orijin's strong cash flow, with nearly RMB 12 billion in operating cash flow over the past seven years, positions it well to manage the financial implications of the acquisition [13][14]. - The report indicates that both Orijin and COFCO Packaging have reasonable debt levels, allowing for financial maneuverability post-acquisition [14][19].