今日早盘，A股市场延续窄幅震荡格局，主要指数呈现分化态势。深证成指、北证50、创业板指等低开后震荡上行，最终微幅收涨；上证指数、沪深300 则受权重板块拖累小幅收绿。两市个股涨跌比约为1.2:1，市场情绪整体平稳，但成交规模较前一交易日进一步萎缩，显示资金观望情绪有所升温。 人形机器人产业链：政策催化与产业趋势共振驱动估值重构 人形机器人上游材料及零部件板块早间掀起涨停潮，聚醚醚酮（PEEK）材料方向领涨市场。聚赛龙开盘仅5分钟即触及20%涨停板，新瀚新材、富恒新材 等个股随后快速封板，板块指数盘初一度飙升逾8%，创历史新高。碳纤维、减速器、自动化设备等关联板块亦集体走强，中研股份、天奇股份等多只个 股涨停或涨幅超10%。 这一轮行情的直接催化剂是行业标准化的突破。近日，由北京机械工业自动化研究所牵头，深圳优必选科技、北京人形机器人创新中心等机构共同参与的 首批人形机器人技术要求系列国家标准正式获批立项，涵盖环境感知、运动控制等核心技术领域。该标准的推出标志着我国人形机器人产业从"野蛮生 长"进入规范化发展阶段，为产业链上下游协同创新提供了制度保障。 从产业逻辑看，人形机器人"轻量化"趋势正加速材料端技术迭代 ...

4月28日晚间，帝科股份（300842）(300842.SZ)发布2025年第一季度业绩报告。公司实现营业收入40.56 亿元，同比增长11.29%，环比上年第四季度增长5.58%；实现归属于上市公司股东的净利润3462.79万 元，归属于上市公司股东的扣除非经常性损益的净利润6462.66万元，环比增长104.9%。 帝科股份是国内光伏导电银浆产业领先企业，在全球范围内，公司也已经跻身成为光伏导电银浆供应链 龙头企业，享有较高的品牌声誉和市场认知度，尤其是在N型TOPCon浆料领域。同时公司积极布局系 列低银金属化新技术以应对未来市场变化，以"可靠、可量产、可负担"为目标，针对TOPCon、TBC等 高温电池，公司系统性推出了高铜浆料设计，使用专门设计的超低银含高温共烧种子层浆料和独家设计 的高铜浆料进行协同联用的方案设计，具有稳健的可靠性和良好的大规模供应能力，直接兼容 TOPCon/TBC产线设备，可落地性强，在今年下半年有望推动大规模量产。 2025年以来，光伏行业迎来政策与市场双重驱动。国家层面连续出台政策文件，从电价市场化改革 到"沙戈荒"新能源基地建设，为行业注入长期发展动能。与此同时，产业链中 ...

公司户用及工商业电站规模略增、持续贡献稳定现金流及利润。2024 年公司户用光伏发电系统及新能 源电力生产实现营收20.8 亿元，同增约40%，其中分布式电站自持运营量达1.36GW，同比增加 0.18GW，实现营收6.17 亿元，同增111%；户用电站自持运营量为3.69GW，同比基本持平，实现营收 约14.6 亿元，同增23%，公司持续滚动开发，整体我们预计贡献利润6-7 亿元。2025Q1 户用及工商业电 站业务我们预计实现营收约4 亿元，贡献利润约1 亿元。 2024 年需求放缓并网出货同比略增，2025 有望恢复高增。我们预计公司2024 年并网实现出货约80 万台 +，同比略增，实现营收约37.9 亿元，同比-7%，其中2024Q4 出货我们预计约16 万台，环降约 20%-30%，2025Q1 国内抢装叠加欧洲、东南亚需求恢复带动并网出货提升，我们预计2025Q1 出货17 万台，环比略增，2025Q2 国内抢装+海外需求起量，有望推动并网出货环比高增，全年我们预计并网 出货110-120 万台，同增40%。 风险提示：竞争加剧，政策不及预期。 2024 年储能出货稳健增长，2025 年需求回暖 ...

Core Viewpoint - In 2024, GCL-Poly Energy Holdings Limited reported a revenue of 16.24 billion yuan, a year-on-year increase of 1.70%, but a net profit attributable to shareholders of 68.29 million yuan, a decline of 56.70% [1] Group 1: Company Performance - The company maintained a strategic focus on "performance and technology dual promotion, cost reduction and profit increase dual grasp" [1] - GCL-Poly ranked fourth in the industry for the scale of winning bids in large state-owned enterprise projects, with significant increases in battery and module production capacity utilization [1] - The company achieved a substantial increase in module shipments, ranking among the top eight globally [1][2] Group 2: Research and Development - In 2024, GCL-Poly increased its R&D investment to over 210 million yuan, a year-on-year increase of 43.59% [2] - The main products focus on TOPCon high-efficiency bifacial double-glass modules, with the highest conversion efficiency reaching 23.2% [2] - The company is actively developing GPC high-efficiency modules, with GPC battery efficiency surpassing 27.5% as of April 2024 [2] Group 3: Industry Trends - In 2024, China's new photovoltaic installations reached 277.57 GW, a year-on-year increase of 28.3% [3] - The photovoltaic industry faced a continuous decline in prices due to intense competition, leading to widespread losses among many companies [3] - The industry is showing signs of stabilization in component prices, with potential for rational price recovery in 2025 [3] Group 4: Future Outlook - GCL-Poly aims to maintain its global ranking among the top eight in module shipments while steadily increasing market share [3] - The company plans to continue increasing R&D investment and enhance the layout of battery and module research institutes [3]

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].