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鑫宏业(301310):2024年年报及2025年一季报点评:特种线缆龙头,机器人、核聚变、液冷超充线缆技术领先
EBSCN· 2025-05-01 09:18
2025 年 5 月 1 日 公司研究 特种线缆龙头,机器人、核聚变、液冷超充线缆技术领先 ——鑫宏业(301310.SZ)2024 年年报及 2025 年一季报点评 要点 新能源车与工业线缆收入快速增长,毛利率承压。公司 24 年新能源汽车线缆收 入为 14.86 亿元,同比增长 37.71%,毛利率为 13.33%,较上年下降 2.38pcts。 公司光伏线缆收入为 7.31 亿元,同比增长 16.88%,毛利率为 4.4%,较上年下 降 3.01pcts。公司工业线缆收入为 3.14 亿元,同比增长 52.88%,毛利率为 10.39%,较上年下降 5.94pcts。 核电线缆材料助力可控核聚变装备国产化替代,有望贡献业绩增量。公司已参与 全球最大人造太阳国际热核聚变实验堆(ITER)项目,主要交付 PIC-电力、控 制和仪表电缆,深度参与"华龙一号"等三代/四代核电机组建设,并布局可控 核聚技术。超导材料加工需专用熔铸与拉伸设备,耐辐射材料改性、超导导体绞 合等核心工艺依赖长期试错与数据积累,研发壁垒较高。 灵巧手柔性线缆突破头部客户。公司开发出人形机器人超柔性线缆系列产品,大 幅超越普通工业机器人线 ...
高澜股份(300499):25Q1良好开局 海外电力实现规模订单突破
Xin Lang Cai Jing· 2025-04-29 02:50
Group 1 - In 2024, the company reported revenue of 691 million yuan, a year-over-year increase of 21%, but a net loss of 50 million yuan compared to a loss of 32 million yuan in 2023, primarily due to unchanged gross margin, increased operating expenses, asset impairment losses, and higher income tax expenses [1] - In Q1 2025, the company achieved revenue of 218 million yuan, a year-over-year increase of 22%, and a net profit of 13 million yuan, a year-over-year increase of 131%, with a non-recurring net profit of 9 million yuan, a year-over-year increase of 246% [1] Group 2 - The company maintained strong performance in high-voltage direct current, offshore flexible direct current, data centers, and energy storage markets, with revenue from high-power density thermal management products reaching 328 million yuan, a year-over-year increase of 74.66%, although the gross margin decreased by 6.69 percentage points [2] - The company has established long-term stable partnerships with major power grid companies and is expected to benefit from new power transmission projects in countries along the "Belt and Road" initiative, including a recent contract in Saudi Arabia worth 361 million yuan [3] - The company is expanding its market share in the energy storage sector by increasing R&D efforts and collaborating with power grid enterprises and research institutions, focusing on new thermal management systems for energy storage [4] Group 3 - The company is expected to see a turning point in its power grid business, with projected revenues of 1.039 billion yuan, 1.299 billion yuan, and 1.618 billion yuan for 2025-2027, and corresponding net profits of 44 million yuan, 83 million yuan, and 131 million yuan, with PE ratios of 123, 65, and 41 times respectively [5]
润泽科技(300442):云基础设施服务引流策略和机房改造扰动业绩 AIDC长期需求向好
Xin Lang Cai Jing· 2025-04-29 02:50
事件概述 AIDC 机房陆续交付,支撑中长期成长 2025 年公司AIDC 机房陆续交付。根据公司年报披露,截至2024 年末,公司累计交付14 栋算力中心, 部署机柜约8.2 万架,成熟算力中心上架率超过 90%。公司京津冀、长三角及大湾区三大园区已交付的 及即将交付的算力中心全部取得投产订单,预计2025 年可完成上架并趋向成熟,将形成稳定的现金流 压舱石,为未来长期稳健发展提供基础保障。进一步抢占市场先机,公司积极调动全部资源建设了平湖 园区单体100MW 和廊坊园区单体200MW 两栋新一代智算中心,预计2025 年完成投运,这将为公司 在"人工智能+"时代持续保持领先地位奠定坚实的战略基础。 公司机柜储备资源丰富,中长期成长趋势良好。根据公司年报披露,公司全国合计布局了约 61 栋智算 中心、32 万架机柜,且主要集中于北京、上海、广州、深圳等一线城市的卫星城,已基本完成了全 国"一体化算力中心体系"框架布局。截至 2024 年末,公司能耗指标储备较2023 年末增加约130%。公司 七大园区中五大园区(京津冀园区、长三角园区、惠州园区、重庆园区及兰州园区)已建、在建、待建 项目已全部取得所需能耗, ...
同飞股份:4月28日召开业绩说明会,投资者参与
Zheng Quan Zhi Xing· 2025-04-28 16:08
Core Viewpoint - The company is focused on providing system solutions in the industrial temperature control sector, aligning with national strategies for intelligent manufacturing and energy conservation, indicating a positive growth outlook for the industry [2][3]. Industry Overview - The company's products are utilized in various fields including CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices, ensuring the safety and reliability of equipment operation [3][5]. - The industrial temperature control industry is experiencing a long-term prosperous development phase, driven by technological advancements and increasing demand for product upgrades and energy efficiency [3][5]. Financial Performance - In 2024, the company achieved a revenue of 2.16 billion yuan, representing a year-on-year growth of 17.07%. However, the net profit attributable to shareholders decreased by 15.87% to 153.43 million yuan, primarily due to intensified competition in the power electronics temperature control product market [7][9]. - The company's comprehensive gross margin declined by 4.27 percentage points compared to the previous year, reflecting the competitive pressures in the market [9]. Dividend Policy - For the fiscal year 2024, the total cash dividend amounted to 84.7 million yuan, accounting for 55.20% of the net profit attributable to shareholders. The company plans to maintain a strong cash dividend policy to enhance investor confidence [4]. Market Position and Strategy - The company is committed to technological research and innovation in industrial temperature control, with a strong technical team and sufficient reserves, which enhances its competitive advantage [5]. - The company is actively expanding its presence in the data center market, focusing on liquid cooling solutions that offer significant energy efficiency benefits [6]. Recent Developments - As of the first quarter of 2025, the company reported a revenue of 574 million yuan, a year-on-year increase of 109.02%, and a net profit of 61.91 million yuan, up 1104.89% [10].
润禾材料“三箭连发” 液冷、三防漆涂层、硅凝胶类产品有望迎来突破
Zheng Quan Shi Bao Wang· 2025-04-28 15:34
Core Viewpoint - Company has achieved significant recognition for its environmentally friendly new materials, particularly in the organic silicon sector, following four years of high investment in R&D [2][3] Group 1: Financial Performance - The company reported a revenue growth of 7.93% and a net profit growth of 21.42% in its latest quarterly report, indicating strong performance within the organic silicon industry [2] Group 2: New Material Development - The company focuses on developing new organic silicon products that are both environmentally friendly and economically viable, addressing the growing restrictions on fluorinated compounds (PFAS) due to their environmental persistence [3] - The company has introduced ultra-low viscosity cooling liquids and three-proof paints made from non-toxic organic silicon, which can replicate the functions of fluorinated materials [3] Group 3: Market Opportunities - The company is positioned as a provider of comprehensive solutions for immersion cooling, with products already on the market that meet safety standards for electric vehicle batteries, which will be enforced starting July 2026 [4] - The market for organic silicon immersion cooling liquids is expected to grow significantly, driven by the rapid development of the new energy industry and increasing cooling demands from data centers [5] Group 4: Regulatory Environment - Upcoming regulations in the U.S. and China are set to restrict the use of PFAS in electronic products, creating a pressing demand for alternative materials such as the company's three-proof paints [6] - The company’s three-proof paint products are designed to meet the protective needs of various electronic applications, offering advantages in moisture resistance, insulation, and heat resistance [6] Group 5: Medical Applications - The company has also ventured into the medical and personal care sectors with its silicone gel products, which can aid in scar treatment and skin adhesion [7] - Recent regulatory actions against multinational companies in the medical silicone gel market present an opportunity for domestic companies to capture market share [7]
大元泵业(603757):家用板块重回增长,盈利能力短期承压
Tianfeng Securities· 2025-04-28 11:45
公司报告 | 季报点评 大元泵业(603757) 证券研究报告 家用板块重回增长,盈利能力短期承压 事件:24 年公司实现营业收入 19.1 亿元,同比+1.57%;归母净利润 2.6 亿 元,同比-10.55%;扣非归母净利润 2.1 亿元,同比-24.99%。其中 24Q4 营 业收入 6.1 亿元,同比+32.57%;归母净利润 0.6 亿元,同比+70.02%;扣非 归母净利润 0.6 亿元,同比+65.44%。25Q1 公司实现营业收入 3.8 亿元,同 比+37.21%;归母净利润 0.4 亿元,同比-3.95%;扣非归母净利润 0.4 亿元, 同比-8.01%。同时拟向全体股东每 10 股派发现金红利 2 元(含税),派发 现金红利 3295 万元(含税),全年现金分红总额 1.15 亿元(含税),占 24 年归母净利润比例 45%。同时发布 25-27 年股东分红回报规划,在满足现 金分红条件时,每年以现金方式分配利润不低于当年可分配利润的 20%。 点评: 家用板块拐点已至,新业务和新场景快速增长。2024 年公司传统业务波动, 新业务和新场景取得较快增长——全年农泵业务发展前低后高实现收入 ...
溯联股份(301397):营收端持续高增长,新市场开拓可期
Dongxing Securities· 2025-04-28 10:53
公 司 研 究 溯联股份(301397.SZ):营收端持 续高增长,新市场开拓可期 近日,公司发布 2024 年财报及 2025 年一季报:2024 年公司实现营业收入 124,182.22 万元,同比增长 22.89%,实现归母净利润 12,252.67 万元,同比 下降 18.72 %。2025 年一季度实现营收 33,946.01 万元,同比增长 47.22%, 归母净利润 3,351.22 万元,同比增长 3.08%,对此,我们点评如下: 市场、新产品开拓持续发力,营收端维持高速增长。分业务看,2024 年公司 汽车流体管路及总成业务实现营收 108,259.26 万元,同比增长 22.93%;汽车 流体控制件及精密注塑件实现营收 14,197.73 万元,同比增长 31.93%。公司 受益新能源汽车行业持续增长带来的热管理管路需求提升,2024 年,公司新 能源汽车流体管路总成实现销量 2,916.46 万件,营收 67,567.79 万元,销量 占比(分母为汽车流体管路总成)61.3%,营收占比 62.4%。且该业务增长迅 速,销量较 2023 年增长 118.5%,营收增长 76.6%。 公司新 ...
英维克:4月25日召开业绩说明会,投资者参与
Sou Hu Cai Jing· 2025-04-28 09:17
Core Viewpoint - Company reported a 25.07% year-on-year increase in revenue for Q1 2025, but net profit decreased by 22.53% due to delayed project acceptance affecting revenue recognition [63][34][15]. Group 1: Financial Performance - In Q1 2025, the company's revenue reached 933 million yuan, reflecting a 25.07% increase year-on-year [63]. - The net profit attributable to shareholders was 48.01 million yuan, down 22.53% compared to the previous year [63]. - The gross profit margin for the company was reported at 26.45% [63]. Group 2: Revenue Growth Factors - The company experienced a 30.04% revenue growth in 2024, with some projects not yet accepted impacting revenue recognition [2]. - The company maintains an optimistic outlook for 2025, citing strong demand in its main business areas and solid industry position [9]. Group 3: Market and Operational Insights - The company is closely monitoring changes in U.S. tariff policies, noting that overseas revenue accounted for 14.38% of total revenue in 2024, suggesting limited impact from tariffs [3]. - The company has a stable order book and production capacity across multiple bases, including Shenzhen and Suzhou, to meet current demand [13][52]. Group 4: R&D and Future Prospects - The company is increasing its R&D investments, with a 32.98% rise in R&D expenses in 2024, focusing on innovative products like ultra-thin dehumidifiers [27]. - The liquid cooling business is experiencing growing demand, although it is influenced by chip types [7]. Group 5: Stock Performance and Investor Relations - The company's stock has faced a continuous decline, with management emphasizing the importance of value enhancement and shareholder returns [16][50]. - The company adheres to consistent information disclosure principles and encourages investors to refer to official reports for updates [4][51].
润泽科技(300442):引流策略和机房改造扰动业绩,AIDC长期需求向好
Guotou Securities· 2025-04-28 07:35
2025 年 04 月 28 日 润泽科技(300442.SZ) 引流策略和机房改造扰动业绩,AIDC 长期需求向好 事件概述 公司近期发布 2024 年年报,2024 年公司实现营业收入 43.65 亿元, 同比增长 0.32%,实现归母净利润 17.90 亿元,同比增长 1.62%。公 司 24Q4 业务出现一定程度的扰动,主要由于引流策略和机房改造带 来短期影响,但中长期来看,公司 AIDC 业务卡位明确,客户需求良 好,我们仍然看好公司长期的业绩增长。 引流策略和机房改造扰动短期业绩,2025 年影响消除 公司 24Q4 收入和利润均出现一定程度的下降,从而影响公司 2024 年全年的业绩,我们认为主要是两个方面原因的影响: 1)"引流策略"吸引 AI 头部客户,但带来短期收入波动:2024 年为 了抢抓 AI 头部客户的智算建设需求,公司通过搭配销售算力模组的 "引流策略"来加速客户入驻,成功通过全栈式的智算服务赢得了 AI 客户深度信任,在客户多样性方面取得了重大突破。然而根据公 司投资者关系活动表的披露,一方面公司 AIDC 业务中的高性能算力 模组业务的部分收入确认方法从"总额法"调整为"净额 ...
飞龙股份(002536) - 002536飞龙股份投资者关系管理信息20250402
2025-04-02 10:24
Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [1] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1][2] - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a focus on new energy thermal management components [2] Group 2: Product Development and Market Reach - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [2] - Current R&D projects exceed 100, covering various applications in both automotive and civilian sectors [2] - The company is prioritizing new energy thermal management products, such as electronic pumps and temperature control valves, while expanding into civilian markets [3] Group 3: Financial and Strategic Insights - The company is implementing a dual-line penetration strategy in automotive and industrial sectors to enhance profitability [3] - The average price of electronic pump products in the civilian sector is slightly higher than in the automotive sector due to market potential and technology [2] - The overseas production base in Thailand is expected to enter trial production by the end of June 2025 [2]