Financial Performance - The company's revenue for Q1 2025 was ¥3,656,152,858.21, representing a 10.59% increase compared to ¥3,306,076,731.31 in the same period last year[5] - Net profit attributable to shareholders was ¥460,716,041.98, up 11.44% from ¥413,430,234.37 year-on-year[5] - Basic and diluted earnings per share increased by 11.44% to ¥0.3857 from ¥0.3461 in the same period last year[5] - Net profit for the current period was ¥482,365,511.63, representing a growth of 12.69% from ¥427,821,090.06 in the previous period[19] - The total comprehensive income for the current period was ¥522,528,546.63, compared to ¥427,789,121.26 in the previous period, reflecting a growth of 22.14%[19] - The total comprehensive income attributable to the parent company was approximately ¥500.82 million, an increase from ¥413.61 million in the previous period, representing a growth of about 21.1%[20] Cash Flow - The net cash flow from operating activities surged by 225.47% to ¥548,052,938.23, compared to ¥168,387,520.85 in the previous year[5] - Cash inflow from operating activities totaled approximately ¥3.99 billion, up from ¥3.07 billion, marking an increase of about 29.8%[20] - Cash inflow from investment activities was approximately ¥2.52 billion, compared to ¥93.04 million in the previous period, representing a substantial increase[21] - Cash outflow for purchasing goods and services was approximately ¥2.31 billion, compared to ¥1.92 billion in the previous period, indicating a rise of about 20.9%[21] - Cash inflow from financing activities was approximately ¥585.02 million, down from ¥1.10 billion in the previous period, indicating a decrease of about 46.8%[21] Assets and Liabilities - Total assets decreased by 4.18% to ¥22,138,770,566.73 from ¥23,104,639,375.15 at the end of the previous year[5] - Total liabilities decreased to ¥5,023,498,850.14, down 22.93% from ¥6,519,100,418.39 in the previous period[17] - The company's equity increased to ¥17,115,271,716.59, up 3.21% from ¥16,585,538,956.76 in the previous period[17] - The company's cash and cash equivalents decreased to ¥5,682,847,511.28 from ¥6,852,110,987.40, a decline of approximately 17.0%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 44,150[11] - The largest shareholder, Giant Star Holdings Group Co., Ltd., holds 38.82% of shares, totaling 463,739,864 shares[11] Operational Challenges - The company faced challenges in production capacity, particularly in Southeast Asia, impacting sales revenue[12] - The company conducted asset impairment and provisions in the first quarter, affecting net profit[13] - The company is actively responding to risks associated with changes in U.S. tariffs, which have impacted product delivery[13] Other Financial Metrics - Research and development expenses for the current period were ¥81,226,335.90, an increase of 19.21% compared to ¥68,124,327.51 in the previous period[18] - The company reported an investment income of ¥102,881,724.01, which is a slight increase from ¥98,979,392.50 in the previous period[19] - The company reported a significant increase in cash received from sales, totaling ¥3,674,777,200.22, a 30.78% rise from ¥2,809,809,283.89[9] - Cash flow from investment activities saw a dramatic increase of 3245.33%, reaching ¥2,509,000,000.00 compared to ¥75,000,000.00 in the previous year[9] - The company experienced a 900.42% increase in cash paid for debt repayment, amounting to ¥647,303,306.95, compared to ¥160,650,415.45 last year[9] - The company reported a 1330.08% increase in asset impairment losses, totaling ¥54,035,522.00, compared to ¥3,778,494.29 in the previous year[9]

证券代码：002444 证券简称：巨星科技 杭州巨星科技股份有限公司投资者关系活动记录表 编号：[2025 年]第 002 号 | | □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 | | 参与单位名称及 | 通过价值在线网站或小程序参与公司 2024 年度网上业绩 | | 人员姓名 | 说明会的投资者 | | 时间 | 2025 年 4 月 25 日 15:00-17:00 | | 地点 | 线上交流 | | 上市公司接待人 | 董事长仇建平先生、独立董事王刚先生、财务总监倪淑一女士、 | | 员姓名 | 公司副总裁兼董事会秘书周思远先生. | | | 1、问：高管您好。请问贵公司本期财务报告中，盈利表现如 | | | 何？谢谢。 | | | 答：尊敬的投资者您好，公司已披露 2024 年年度报告，2024 | | | 年，公司实现营业收入 1,479,545.33 万元，同比增长 35.37%， | | | 归属于上市公司股东的净利润 230,362.4 ...

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry [7]. Core Insights - The low-altitude economy is accelerating, with significant growth in export machinery. The report highlights strong performance in the mechanical sector, with a 2.69% increase in the Shenwan Mechanical Equipment Index, outperforming the CSI 300 Index by 2.31 percentage points [2][12]. - The report emphasizes the resilience of domestic and export sales in the excavator market, with a total of 61,372 units sold in Q1 2025, representing a year-on-year growth of 22.8% [4]. Weekly Market Review - From April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The Shenwan Mechanical Equipment Index outperformed these indices with a 2.69% increase, ranking 4th among 31 Shenwan primary industries [2][12]. - The sub-sectors of general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced varied performance, with increases of 4.65%, 2.32%, 0.43%, 1.30%, and 2.45% respectively [12][15]. Key Sector Tracking - The low-altitude economy is characterized by deepening policies and accelerated application scenarios. The government has included low-altitude consumption in its top-level design, with cities like Shenzhen and Hefei promoting industrialization through substantial subsidies [3]. - The mechanical equipment sector is significantly influenced by the ongoing U.S.-China tariff negotiations, with a recommendation to focus on companies with strong overseas production capabilities and diversified customer bases [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wan Feng Ao Wei, Yihang Intelligent, Zongheng Co., and Green Energy Hui Charge [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quan Feng Holdings, and Nine Companies for the export chain, and Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery [5].

Mergers and Acquisitions - Fushun Special Steel plans to absorb and merge its wholly-owned subsidiary Fushun Xinxing Steel Plate Co., Ltd, aiming to optimize management structure, reduce management costs, and improve operational efficiency [1] - Shenghang Co., Ltd. has completed the acquisition of 25.2762% of Shenghang Haoyuan's shares, now holding a total of 78.3316% of the company [2] - Yuanshang Co., Ltd. has completed the industrial and commercial change registration for the acquisition of 60% of Wuhan Hechuan You's shares [3] Earnings Disclosure - Sinopec reported Q1 2025 revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, with a net profit of 13.26 billion yuan, down 27.6% [4] - Yunnan Baiyao achieved Q1 2025 revenue of 10.841 billion yuan, a year-on-year increase of 0.62%, with a net profit of 1.935 billion yuan, up 13.67% [5] - Haitian Flavor Industry reported Q1 2025 revenue of 8.315 billion yuan, an increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [6] - CICC reported Q1 2025 revenue of 5.721 billion yuan, a significant increase of 47.69%, with a net profit of 2.042 billion yuan, up 64.85% [7] Share Buybacks - China Nuclear Power plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum price of 13.98 yuan per share [8] - Yituo Co., Ltd. intends to repurchase up to 10% of its issued H shares, using self-owned and raised funds [9] - Xingguang Co., Ltd.'s actual controller plans to increase shareholding by no less than 10 million yuan and no more than 20 million yuan within three months starting from April 29, 2025 [10] - Haiou Co., Ltd. plans to repurchase shares worth between 60 million and 120 million yuan, with a maximum price of 17 yuan per share [11] Risk Matters - Lifang Shuke received a notice from the CSRC regarding an investigation into suspected information disclosure violations [12] - Boda Co., Ltd. will implement a delisting risk warning starting April 30 due to negative net profit and revenue below 300 million yuan [13] - Sitong Co., Ltd. will also face a delisting risk warning starting April 30 for similar financial issues [14] - Yuanshang Co., Ltd. will implement a delisting risk warning starting April 30 due to negative financial results [15]

2025 年 4 月 28 日 行业研究 开普勒 K2"大黄蜂"进入上汽通用车厂实训，工程机械景气度持续复苏 ——机械行业周报 2025 年第 17 周（2025.4.21-2025.4.27） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 近日，国产机器人厂商开普勒发布了其人形机器人 K2"大黄蜂"在上汽通用汽车工 厂中的实训视频，视频中，开普勒 K2"大黄蜂"丝滑上岗质检、巡航、搬运等工作 流程。开普勒 K2"大黄蜂"身高 175cm、体重 75kg，全身有 52 个自由度；整机算 力达 100 TOPS，能 ...

Important Market News - The Ministry of Commerce and six other departments announced a notification to optimize the departure tax refund policy, lowering the threshold for tax refunds to 200 RMB for foreign travelers purchasing eligible goods [1] - The notification aims to enhance the supply of tax refund products, encouraging stores to offer a wider range of quality products, including traditional brands and cultural items [1] Industry Insights - UBTECH announced significant progress in its collaboration with major automotive manufacturers, signing a procurement contract for industrial humanoid robots, marking the first small-scale purchase of humanoid robots for manufacturing [2] - The humanoid robot market is expected to grow rapidly, with projections indicating it could exceed one trillion RMB in the next five years, driven by advancements in AI and technology [2] - The Chinese government is focusing on strengthening AI development and regulation, emphasizing breakthroughs in foundational theories and technologies [3] - Shenzhen has successfully deployed an AI governance assistant, improving efficiency in over 240 government scenarios by more than 20% [3] - The Ministry of Commerce's notification on departure tax refunds is expected to stimulate inbound tourism and consumer spending, enhancing the overall economic development [4] - The State Council approved multiple nuclear power projects, including five projects and ten new units, with a total investment exceeding 200 billion RMB [5] - The approval of these nuclear projects is seen as a significant boost to the economy, with potential benefits for companies in the nuclear power supply chain [5]

Mergers and Acquisitions - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring. The company aims to strategically expand its business boundaries and achieve deep industry chain collaboration through the integration of core technologies in permanent and soft magnetic materials, as well as powder metallurgy [1] - Deep Keda intends to purchase 16.92% of Xianma Technology for 47.376 million yuan, which will increase its ownership to 80.92%. Xianma Technology is noted for having the highest gross margin and profitability within the company's consolidated financial statements [2] - Zhongrun Optical plans to use its own funds and part of the raised funds to acquire 51% of Dais Optoelectronics for a total of 158 million yuan. This acquisition will allow for shared market channels and customer resources, enhancing technological collaboration and achieving complementary advantages [3] Performance Disclosure - Gree Electric reported a revenue of approximately 189.164 billion yuan for 2024, a year-on-year decrease of 7.26%, while net profit attributable to shareholders increased by 10.91% to 32.185 billion yuan. The company has diversified its product categories, achieving strong retail performance [4] - Luzhou Laojiao announced a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, with a net profit of 13.473 billion yuan, up 1.71%. The company emphasizes its marketing strategy focused on digital innovation and efficient collaboration [5] - China Power Construction reported a revenue of 633.685 billion yuan for 2024, a 4.07% increase, but net profit decreased by 7.21% to 12.015 billion yuan. The company highlights steady operational improvements and compliance in its business practices [6] Share Buybacks - Lian Ce Technology plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 40 yuan per share, intended for employee stock ownership plans or equity incentives [7] - Zhenhua Heavy Industry intends to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.93 yuan per share, for the purpose of cancellation and reducing registered capital [9] - Wanxing Technology's actual controller proposed a share buyback of 25 million to 50 million yuan, to be executed through centralized bidding for future employee stock ownership plans or equity incentives [10]

Investment Rating - Industry rating: Recommended [5] Core Insights - The production of major home appliances, particularly air conditioners and refrigerators, is accelerating month by month, driven by seasonal stocking in the domestic market. The total production of the three major home appliances in May increased by 5.9% year-on-year, accelerating from 4.3% in April [9][10] - Air conditioner production for May to July shows year-on-year growth rates of +15.4%, +28.8%, and +36.7%, respectively, while export production is under pressure with declines of -1.6%, -12.0%, and -16.7% [9] - Refrigerator production for May to July shows a year-on-year growth of -3.4%, +1.8%, and +4.9%, with exports also facing challenges, showing declines of -8.1%, -9.9%, and -7.1% [9] - Washing machine production in May also saw an increase, with year-on-year growth rates of +4.6%, +1.0%, and -0.2% for May to July [10] - Gree Electric has appointed Zhang Wei as the new president, succeeding Dong Mingzhu, which may influence the company's strategic direction [12] Summary by Sections Section 1: Weekly Topic - The production data for May indicates a month-on-month acceleration in the domestic production of air conditioners and refrigerators, with significant year-on-year growth rates [9] - Gree Electric has elected a new president, which may impact its operational strategies moving forward [12] Section 2: Key Company Announcements - Several companies, including XGIMI Technology, Dechang Co., and Giant Star Technology, have released their annual reports for 2024, reflecting their financial performance [3] Section 3: Data Tracking - Raw material prices have shown fluctuations, with copper and aluminum prices increasing by 2.9% and 3.6% respectively [25] - Shipping rates have also seen a slight increase, with the CCFI composite index rising by 1% [33] - Real estate data indicates a decline in sales area, completion area, and new construction area, with year-on-year changes of -3%, -14%, and -24% respectively [36]

巨星科技发布年报，2024 年实现营收147.95 亿元（yoy+35.37%），归母净利23.04 亿元 （yoy+36.18%），扣非净利23.04 亿元（yoy+35.74%）。其中Q4 实现营收37.12 亿元（yoy+60.00%， qoq-15.31%），归母净利3.68 亿元（yoy+98.55%，qoq-50.36%），公司年报业绩超出我们预期主要系东 南亚产能瓶颈突破，公司跨境电商营收增速较快，带来营收增长超出预期（预期营收133.72 亿元，超出 预期10.6%；预期归母净利22.36 亿元，超出预期3%）。尽管短期海外关税波动或对企业出货造成一定 影响，但公司全球化的产能布局有望为公司提供较为稳定的供应能力，维持"买入"。 考虑到公司东南亚产能有望持续释放，产能效率有望提升，公司盈利能力有望持续优化。我们上调公司 25-26 年盈利预测，上调7.4%/12.4%归母净利润至28.68 亿、34.72 亿，并预测2027 年归母净利润为 41.89 亿元，对应EPS 分别为2.40、2.91、3.51 元。可比公司 25 年 Wind 一致预期 PE 均值为14 倍，考 虑到当前关税变化仍 ...

今日早参 2025 年 4 月 25 日 黄乐平 全球科技战略首席研究员 座机：14715372496 邮箱：huangleping@htsc.com 庄汀洲 石油与化工行业首席研究员 座机：010-56793939 邮箱：zhuangtingzhou@htsc.com 今日热点 科技：车展观察：安全、出海、世界模型 4/23，我们参加上海车展媒体日活动，实地走访了包括小米、比亚迪、问 界 、 蔚来 、 理想 、小 鹏、 极 氪等 整 车品 牌， 以及 地 平线 、 黑芝 麻、 Momenta、芯驰等芯片/平台公司。我们观察到：1）智能驾驶改名，企业强 调安全。参展公司在宣传中弱化"智驾"宣传，安全成为消费者考虑的重 点；2）会场上国际记者/博主增多，出海是企业主线。国际记者以及博主参 展较多，侧面反映中国电动车的全球影响力；3）"世界模型"成为 AI 辅助驾 驶的新技术趋势。会场上各车企及平台供应商强调"世界模型"，智能驾驶 竞争进入"深水区"。 风险提示：AI 及技术落地不及预期；本研报中涉及到未上市公司或未覆盖个 股内容，均系对其客观公开信息的整理，并不代表本研究团队对该公司、该 股票的推荐或覆盖。 石 ...