公司报告 | 年报点评报告 半导体领域固晶键合封装设备：碳化硅与先进封装前瞻性布局取得突破。1）碳化硅领域， 24 年公司自主研发的银烧结系列设备加速技术迭代，已与英飞凌、博世等国际大厂及比亚迪 半导体、汇川技术、时代电气等本土龙头开展业务合作，其中银烧结核心模块——银烧结模 具可实现最短一个月交付，极大满足客户工艺迭代和快速量产的需求。2）半导体封装领域， 24 年高速高精固晶机 QTC1000 形成批量订单，子公司快克芯装备在半导体封装 Die Bonding 领域踏出了关键坚实的一步；此外，公司聚焦先进封装高端装备 TCB 的研发，2025 年年内 将完成样机研发并提供打样服务。 盈利预测：维持"买入"评级。考虑到消费电子行业复苏不及预期，我们对盈利预测进行调 整，预计 25-27 年归母净利润 2.53、3.20、3.99 亿元（25-26 年前值：3.97、4.94 亿元），维持 "买入"评级。 风险提示：原材料价格波动风险、消费电子行业复苏不及预期风险、在研项目不及预期的风 险 快克智能（603203） 证券研究报告 业绩符合预期，3C 设备稳步增长，半导体设备开启全新成长曲线 2024 年全年： ...

制造者说 - 一季报中的大制造 20250505 摘要 • 比亚迪 2025 年一季度销量同比增长 58%，接近百万台，新能源车出口量 同比翻番至 7.3 万台，单车毛利和净利坚挺。智驾版产品将成主销，e 平 台助力纯电动市场扩张，出口占比提升总体单车利润。 • 中鼎股份一季度业绩创新高，轻量化底盘和空气悬架业务增长显著，受益 于新能源车需求和乘用车高端化。加大机器人领域布局，预计今明年业绩 增速 11%~12%，估值较低。 • 均胜电子汽车安全与电子板块盈利能力回升，北美经营水平提升，成本下 降。订单质量改善，利润率提升趋势延续。作为全球汽车安全与电子巨头， 协同优势获取新订单，估值较低。 • 福田汽车一季度业绩增长归功于出口与新能源商用车销量大增。海外轻卡 销量领先，KT 工厂放量，海外盈利能力强于国内。新能源商用车销量同比 增长 35%至 5.4 万辆，市占率提高。 • 2025 年风电行业装机高增长，零部件公司盈利改善，海上风电迎来发展 大年。国内海上风电或进入十五五持续增长阶段，欧洲及其他地区海上风 电加速发展。 Q&A 2025 年一季度汽车行业的表现如何？有哪些公司业绩突出？ 2025 年一季度 ...

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].

一直以来，京东依托强大的供应链优势，持续携手iQOO等厂商深度合作，通过营销共创、差异化服 务、全渠道能力等给予新品首发助力，实现新品即爆品。同时，为进一步满足消费者新品国补换新需 求，给予用户更多"抢鲜"权益，京东携手iQOO等3C数码厂商、运营商及回收企业，发起"京东先人一步 加速换新计划"——消费者在京东下单3C数码新品可享国家补贴叠加以旧换新补贴、京补合约等多重补 贴福利。同时，在新品服务权益加码的基础上，消费者还可享受"权益随心选"这一全新购新方式，获得 更加自由灵活的换机体验。 iQOO Z10 Turbo系列分为iQOO Z10 Turbo和iQOO Z10 Turbo Pro。其中，iQOO Z10 Turbo搭载天玑8400 满血版，配置LPDDR5X + UFS 4.1,性能优异；配置帧率感知引擎，适配热门手游高帧率画质；同时搭 载自研电竞芯片Q1，支持自研游戏超分算法，带来更细腻的画面，支持新一代低时延游戏超帧，高帧 率、低功耗、低时延兼备，游戏体验更好；采用7K冰穹VC液冷散热，高性能持续稳定输出。此外， iQOO Z10 Turbo支持《暗区突围》全地图移动光追，通过KPL比赛用机测 ...

Core Viewpoint - Tianhe Magnetic Materials (603072) reported its first annual results since listing, achieving a raw material output of over 10,400 tons in 2024, a year-on-year increase of 23.51%, and total assets reaching 3.387 billion yuan, solidifying its position in the top tier of China's rare earth permanent magnet industry [1] Group 1: Production and Capacity - In 2024, the company’s raw material output reached 10,400 tons, representing a 23.51% year-on-year growth, positioning it among the industry leaders [2] - The release of production capacity has been a key support for performance, leveraging the full industry chain advantage from rare earth mining to deep processing in Baotou [2] Group 2: Technological Advancements - The company has increased its R&D investment, achieving breakthroughs in key technology areas such as multi-component regulation and grain refinement, with its main products' magnetic performance and corrosion resistance reaching advanced domestic levels [3] - The dual-mode layout of "finished products + raw materials" has enabled the company to penetrate emerging fields like electric vehicle drive motors and low-altitude economy eVTOLs, with revenue from the electric vehicle and components business increasing to 63.38%, up 6.09% year-on-year [3] Group 3: Market Expansion - The company focuses on high-performance rare earth permanent magnet materials, maintaining a business system driven by "neodymium-iron-boron as the mainstay and samarium-cobalt as a supplement," while expanding into new application areas such as electric vehicles, wind power, energy-efficient appliances, and robotics [4] - The low-altitude economy sector is expected to create a market demand of 10,000 tons by 2025, with energy-efficient air conditioning demand reaching 12,400 tons as penetration rates increase [4] - The company’s products have been certified by leading international clients like Bosch and Siemens, with nearly half of its revenue coming from overseas markets, indicating a successful global expansion [4] Group 4: Strategic Vision - In 2025, the company aims to be a leader in high-performance permanent magnet materials, focusing on R&D and technological innovation, while targeting applications in electric vehicles, wind power, smart manufacturing, and emerging industries [5] - The company is committed to implementing three main strategies: "technology-driven enterprise, intelligent manufacturing, and market diversification" to become a top global player in high-performance rare earth permanent magnet materials [5]

3C突围之后就算进入基底右侧了，但是，前几期观察中我也有提醒过，老特给的这次暴击回撤幅度偏大，以致于多数领涨股目前位置仍然偏离50日均线 较远，意味着右侧推升的过程可能会比较曲折，时间也会比较长。当然换个角度看，也可以理解为右侧介入机会比较多，不必为失去先手而焦急。 血脉贲张瞳孔放大之后，追涨肯定是不行的，大家不妨看一眼一分钟图，就明白了。这里举个例子： 你看，长盛轴承，上午开盘以后一路猛涨，然后10:20之后再次冲高，顶背离就出来了，这就是为什么多数股票分时冲浪之后，次日总会回撤的基本动量 原理。如果还想进，最好静静等待5分钟级别底背离出现。 这次机器人板块的3C突破是比较成功的，我欣赏的几只领涨股今天都放出了成交量，而且高于上次反转形成次高点时候的成交量： 如上一篇情绪观察所言，次级别中枢的VCP突破就这么来了。从上图再一次体会一下动量底背离之后反转，然后一步步的演变过程。 而且突破的领涨板块，本ID也准确捕捉到。对于择时，也给出了先手建议。今天的大涨只是兑现了预期。且看本ID的御用金股：兆威机电上午妥妥地涨 停。 3C突破的后量高于前量很重要，这是进一步明确了基底进入右侧的力度。有些人私信问我，现在如何 ...

如上图，9.24之后三次快速回撤掉入情绪冰点之后的走势和情绪反转模型都非常相似。市场语言都是：次级别横盘蓄势，准备下一笔上升。 再来看30分钟级别的走势展开： 上次情绪观察我提到，横盘结构在做第二次回落，今天上午则是第二次升起，一个经典的VCP结构已经豁然形成，上顶不破下底抬高，围而不打静待突 变。 如上次所言，这种波动收缩多见三次起落，不出意外的话，很快可以见到一个幅度更小的回落，操作意义上，愿意抢先手的可以尝试入仓了。 这是根据经验模型和指标给出的信号进行推导，不是凭空臆测。 昨天，我重点批判了北京马拉松的恶搞，这种完全不着调的比赛，既没有科技官方的主办方，也没有能代表科技水准的参赛方，一堆大学生的毕业设计作 品，纯粹娱乐，被一群自媒体小丑不知羞耻地调侃，妄图挫伤国民对科技发展的信心。作为一名交易者，必须要保持独立思考，去了解去求证，而不是跟 着小丑们扒狗粮。 今天开盘之后很给力，机器人板块的机构主力不为所动，有的甚至迅速放量发起了3C结构的第一次反击测试： 谣言、阴谋、荒诞也总是不攻自破！ 板块方面，防守行情看股息和消费，突破行情应该还是科技的份儿。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market due to overcapacity and increased competition in the carbon fiber industry [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.45 billion yuan, a year-on-year decrease of 2.69%, and a net profit attributable to shareholders of 741 million yuan, down 15.12% [1]. - For Q4 2024, revenue was 548 million yuan, a significant decline of 28.96%, with net profit dropping 49.93% to 126 million yuan [1]. Segment Performance - The carbon fiber and fabric segment generated revenue of 1.45 billion yuan, down 12.91% year-on-year, accounting for 59.27% of total revenue [2]. - The T800 grade carbon fiber saw a revenue increase of 64.64% to 472 million yuan, while the T700 grade remained stable due to increased demand for T700 in equipment [2]. - Wind power carbon beam business experienced a recovery with revenue of 537 million yuan, up 25.81% year-on-year [2]. - The prepreg business generated 234 million yuan, down 12.86%, primarily due to intensified competition and price declines [2]. - The composite technology segment achieved revenue of 107 million yuan, up 15.6%, driven by growth in drone-related businesses [2]. - The precision machinery segment saw a significant increase in revenue of 89 million yuan, up 161.20% [2]. New Product Development - The company is actively developing new products and expanding into new fields such as civil aviation, low-altitude economy, and electromagnetic energy storage [4]. - New T1100 and T1100 grade carbon fibers have been developed to meet high-end equipment needs, with successful applications in drones and electric aircraft [4]. - The GW300 carbon fiber and flame-retardant prepreg have been approved for use in large aircraft, marking a significant milestone for the company [4]. - New high-performance prepregs for various applications, including 3C consumer electronics and photovoltaic industries, have been successfully developed and are in stable supply [4]. Production Capacity Expansion - The company successfully passed the equivalence verification for a certain model of carbon fiber production line, ensuring product performance consistency [5]. - The first phase of the 4000-ton high-performance carbon fiber production line in Inner Mongolia was completed and began production in mid-2024 [5].

Celcuity Inc. (CELC) Q4 2024 Earnings Conference Call March 31, 2025 04:30 PM ET Company Participants Vicki Hahn - Chief Financial OfficerBrian Sullivan - Chief Executive Officer and Co-FounderModerator - Conference Call ModeratorOperator - Call Operator/FacilitatorAparva Chaluri - Investor Relations, ICR Healthcare Conference Call Participants Frances Doval (on behalf of Tara Bancroft) - Analyst, Teddy CohenHeather - AnalystChase Knickerbocker - Analyst, Craig Hallam Capital GroupUnknown - Analyst, Craig H ...