金宏气体 20250428 摘要 • 2025 年一季度，受光伏行业景气度下降影响，特种气体氨气销量和毛利 率显著下降，氨气毛利率从去年同期的 60%降至 30%，氧化亚氮（笑 气）销量略有下降，毛利率小幅下降至 40%。 • 公司综合毛利率有所下降，一季度约为 28%-29%，主要受制造业景气度 不高导致液体销售价格下降以及特种气体产品受光伏行业影响销量和价格 大幅下降所致。 • 公司经营活动现金流净额同比增长 21.82%至 9,600.1 万元，同时增加了 资本性支出和研发投入，研发投入同比增长 16.97%至 2,770 万元，占收 入比重为 4.46%。 • 公司未来几年将重点发展特种气体、大宗零售及现场制气三大业务，特种 气体品种预计每年保持可观增长，大宗零售受益于大型线氧制器项目增速 加快。 • 公司在电子大宗气体市场面临金宏和广钢的竞争，但凭借年轻专业的团队、 高效的决策机制以及已投产项目的经验，仍保持了约 11%的投资回报率。 Q&A 金宏气体 2025 年一季度的财务状况如何？ 2025 年一季度，金宏气体实现营业收入 6.23 亿元，同比增长 5.62%。归母 净利润为 4,000.4 ...

Core Viewpoint - The photovoltaic industry is experiencing a downturn, significantly impacting all segments of the supply chain, including upstream material suppliers like Meichang Co., Ltd. [1][4] Financial Performance - Meichang Co., Ltd. reported a 49.66% year-on-year decline in revenue for 2024, totaling approximately 2.27 billion yuan, and a staggering 90.84% drop in net profit, amounting to about 145.52 million yuan [2][10][17] - In Q1 2025, the company continued to face substantial declines, with total revenue down 50.61% year-on-year to 423 million yuan and net profit down 86.46% to approximately 26.47 million yuan [3][11] Market Conditions - The company's main product, diamond wire, has seen a significant price drop from 37.64 yuan/km in 2023 to around 17 yuan/km in 2024, while silicon wafer prices only fell by 30% during the same period [7][8] - The competitive landscape has intensified, leading to a "price war" that has severely eroded profit margins [8][21] Customer Dependency - Meichang Co., Ltd. has a high customer concentration, with the top five customers accounting for 68.02% of sales in 2024, indicating a reliance on a few large clients [18][19] - The largest customer’s sales proportion decreased from over 53% in 2023 to 34.01% in 2024, yet it remains a significant contributor to revenue [19][20] Industry Dynamics - The global diamond wire production capacity is projected to exceed 300 million kilometers in 2024, while the growth rate of new photovoltaic installations is expected to slow to about 25%, leading to an oversupply situation [21] - Technological advancements in the industry, particularly the shift towards N-type batteries and larger silicon wafers, are increasing the demand for higher-quality diamond wire, presenting both challenges and opportunities for Meichang Co., Ltd. [22][23] Research and Development - The company plans to accelerate its focus on tungsten wire technology, with a 230 million yuan investment in expanding tungsten wire production capacity, although current capacity remains limited [24][28] - Despite facing challenges, the company has seen a reduction in R&D expenses by 49.86% to approximately 59.85 million yuan in 2024, with a decrease in the number of R&D personnel [24][28]

证券研究报告·公司点评报告·光伏设备 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 余慧勇 欧普泰（836414） 2024 年报&2025 一季报点评：2024 年光伏需 求放缓盈利承压，2025 年随新产品放量高增 可期 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 180.05 | 81.94 | 191.59 | 242.89 | 305.38 | | 同比（%） | 35.42 | (54.49) | 133.82 | 26.78 | 25.72 | | 归母净利润（百万元） | 34.39 | (16.44) | 20.05 | 27.18 | 39.16 | | 同比（%） | 17.92 | (147.80) | 222.00 | 35.53 | 44.10 | | EPS-最新摊薄（元/股） | 0.43 | (0.21) | ...

从行业层面来看，绿康生化与其业务协同性较为薄弱。绿康生化的公司业务最初是兽药研发、生产和销 售，由于近几年国内畜牧市场低迷，加之过于依赖单一市场，致使其业绩不断下滑。于是2022年，绿康 生化溢价6倍收购了江西纬科，跨界进军光伏胶膜行业，并大手笔投资了浙江海宁启动年产8亿平方米光 伏胶膜项目。 然而，在高点进入光伏行业的绿康生化还未回本，就遭遇了行业下行周期冲击。其子公司光伏胶膜原材 料存货因价格下行存在减值，收购形成的商誉也被一次性全部减值。 4月25日晚，绿康生化发布复牌公告称，公司控股股东康怡投资、股东义睿投资等四位股东，正筹划将 总计4660.84万股股份转让给福建纵腾网络有限公司（简称"纵腾网络"），占公司总股本的29.99%，转 让价款合计约6.4亿元。 权益变动完成后，绿康生化的控股股东康怡投资的持股比例将由30.43%降至12.85%。届时，绿康生化 的控股股东将由康怡投资变更为纵腾网络，实控人也将由赖潭平变更为王钻。 二级市场上，28日复牌，绿康生化"一字"涨停，每股报16.78元，最新市值为26.08亿元。 资料显示，收购方纵腾网络成立于2009年，以"全球跨境电商基础设施服务商"为定位， ...

源设备产能调整导致验收周期推迟，原本应该在 2024 年内确 认收入的项目未能如期确认。目前光伏行业仍有近 19 亿元的 发出商品未确认销售收入（但有 60%左右的货款公司已经实际 收取）。其次，因为光伏行业发出商品金额较高，针对当前的光 伏行业较为艰难的状况，公司对光伏行业的发出商品计提了约 4,371 万元的存货跌价准备。第三，期间费用增加，尤其是研 发费用同比增长 40%，包括了股权激励费用的摊销以及为加强 研发团队而招聘高学历人才带来的薪酬支出。 问题 3：存货跌价准备对净利润的影响如何？ 证券代码：300820 证券简称：英杰电气 四川英杰电气股份有限公司投资者关系活动记录表 编号：2025-001 | | √特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系 活动类别 | □媒体采访 □业绩说明会 | | | | | | | | | □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 | 详见参会投资者清单 | | | | | 及人员姓名 | | | | | | ...

Core Viewpoint - The company reported a significant decrease in revenue and various financial metrics for the first quarter, primarily due to adverse market conditions in the photovoltaic sector, while also outlining a profit distribution plan for 2024. Financial Performance - The company’s operating income decreased by 36.80% compared to the same period last year, attributed to the impact of the photovoltaic market despite a slight increase in sales prices [5][6]. - The net cash flow from operating activities decreased by 70.42% year-on-year, mainly due to reduced revenue leading to lower cash receipts [10]. - The company’s short-term borrowings increased by 34.67%, driven by increased bank loans and reclassification of discounted letters of credit [5]. - The company reported a 76.28% decrease in employee compensation payable, due to the payment of bonuses accrued from the previous period [5]. Profit Distribution Plan - The company proposed a cash dividend of RMB 5 per 10 shares (including tax) for the 2024 fiscal year, totaling RMB 96,531,256.50, based on a share base of 193,062,513 shares after excluding repurchased shares [16][29]. - The profit distribution plan is subject to approval at the 2024 annual general meeting [21]. Business Operations - The company continues to focus on the photovoltaic glass sector, with no significant changes in its main business operations or products during the reporting period [31]. - The company has maintained a strong position in the glass deep processing industry, being a leader in photovoltaic coating glass and ultra-thin photovoltaic glass products [31]. Other Financial Metrics - The company’s financial expenses increased by 55.35% year-on-year, primarily due to higher interest expenses from increased bank loans [7]. - The company’s investment income decreased by 103.65% year-on-year, attributed to changes in the fair value of financial assets and reduced bank wealth management income [7].

华东重机（SZ002685，股价6.74元，市值67.92亿元）开启反诉捷佳系之路。 4月25日，华东重机公告称，下属二级子公司华东光能科技（徐州）有限公司（以下简称"徐州光能"） 以合同纠纷为由，向江苏省沛县人民法院提起诉讼，并于近日被法院受理，涉案金额为3.06亿元。截至 公告披露日，该案尚未开庭审理。 本案被告为捷佳伟创（SZ300724，股价57.32元，市值199.31亿元）及其下属子公司常州捷佳创精密机 械有限公司（以下简称"捷佳精密"）、常州捷佳创智能装备有限公司（以下简称"捷佳智能"），统 称"捷佳系"。 此前的3月10日，华东重机披露，下属一级子公司无锡华东光能科技有限公司（以下简称"无锡光能"） 和徐州光能被捷佳系以设备买卖合同纠纷、设备维修纠纷为由告上法庭，涉及四项案件，涉案金额合计 2.08亿元。 华东重机：不排除"和谈" 据公告，华东重机称，2023年5月，徐州光能为在沛县经济开发区建设太阳能电池片生产线，与捷佳伟 创沟通磋商，由该公司向徐州光能出售电池片生产线设备并完成生产线的建设工程施工任务。捷佳系三 家公司系全资母子公司关系，所售设备分别为生产线之一部分，共同组成电池片生产线。 ...

4月27日，仕净科技（301030）(证券代码：301030)披露了2024年业绩报告，数据显示，其营业收入为 20.54亿元，与上年同期的34.43亿元相比，同比下降40.34%。这一显著下滑主要归因于制程污染防控设 备收入的大幅减少，其降幅高达65.68%，这一核心业务板块的萎缩对公司整体营业收入构成了较大冲 击。 分业务来看，制程污染防控设备作为公司的传统核心业务，报告期内该业务实现收入11.15亿元，占营 业收入比重为54.30%，仍为公司的主要收入来源之一。而光伏产品业务方面，作为公司新拓展的业务 领域，报告期内贡献收入6.44亿元，占比达到31.35%，迅速崛起为公司营业收入的重要组成部分。这一 新业务板块的快速发展，为公司整体收入结构注入了新的活力，有助于降低对单一业务的依赖风险。 不仅如此，公司承接的大型光伏废气治理系统和光伏工厂机电系统项目存在推迟或延缓，部分项目本着 谨慎的原则尚未进行收入确认，导致主营业务收入不及预期。这并非公司自身能力不足，而是行业整体 节奏放缓的体现。在行业复苏的预期下，这些项目有望在未来为公司带来可观的收入。 逆境显韧性：技术优势与产能潜力构筑护城河 尽管短期业绩承 ...

Core Viewpoint - The significant decline in Quartz Co., Ltd.'s performance in 2024 is primarily attributed to fluctuations in the photovoltaic industry, leading to a drastic reduction in revenue and profits [4][6]. Financial Performance - The total revenue for 2024 was 1.21 billion, a decrease of 83.15% compared to 7.18 billion in 2023 [4][5]. - Gross profit for 2024 was 556 million, and net profit attributable to shareholders was 334 million, reflecting year-on-year declines of 93.38% and 94.55% respectively [4][5]. - The rolling quarter-on-quarter growth rates for total revenue, net profit, and non-recurring net profit were -46.95%, -70.87%, and -75.53% respectively, indicating a significant performance downturn [4]. Industry Impact - The decline in performance is largely due to reduced demand for quartz materials used in photovoltaic applications, as the industry undergoes capacity reduction and inventory clearance [4][6]. - Despite challenges in the photovoltaic sector, the semiconductor materials segment is emerging as a new growth point for the company [5][6]. Strategic Focus - The company is committed to prioritizing the development of semiconductor materials, increasing research and development investments in this area [5][6]. - The high-purity quartz sand produced by the company has successfully entered the semiconductor field and has passed key customer certifications, enhancing its market access [5]. Financial Health and Shareholder Returns - Despite the significant drop in performance, the company plans to distribute a cash dividend of 1.9 per 10 shares (including tax), totaling 102 million, which represents 30.69% of the net profit attributable to shareholders [5]. - The company's financial ratios indicate a relatively stable financial condition, with a debt-to-asset ratio of 10.69%, a current ratio of 6.949, and a quick ratio of 5.351 [5].

2024年，众森检测累计完成约3GW光伏电站的检测评价项目，服务客户近百家，涵盖了国家电力投资集团、华电集团、中国电建集团等大型能 源和工程建设企业，以及众多地方电力投资和建设公司。为了推动光伏行业的创新发展，众森检测在2024年新增了12个新型号组件产品的实验 室测评和户外发电实证。同时，公司还参与了多项国际和行业标准编制项目，通过标准的制修订工作，完善光伏行业生产和建设流程的检测方 法和质量底线。这些努力不仅提升了众森检测的技术实力，也为光伏行业的标准化、规范化发展做出了积极贡献。 此次荣获"光能杯"最具影响力认证/检测企业称号，不仅是对众森检测过去一年工作的肯定和鼓励，更是对未来发展的鞭策和动力。公司相关负 责人表示，将以此为契机，继续坚守初心、砥砺前行，为光伏产业的繁荣发展贡献更大的力量。 作为光伏行业备受瞩目的评选活动，"光能杯"自启动以来，始终忠实记录着中国光伏行业的发展历程，见证着标杆企业的成长与辉煌。作为获 得CNAS认可和CMA认定的专业第三方检测机构，众森检测一直秉承"科学、公正、准确、满意"的质量方针，坚守初心，以质量为基础，创新 引领，以技术为能量，承担着光伏检测机构应有的使命担当。公 ...