投资者关系活动记录表 | 投资者关系活动类别 | ■特定对象调研 □分析师会议 □媒体采访 | | | | | --- | --- | --- | --- | --- | | | □业绩说明会 □新闻发布会 □路演活动 | | | | | | □现场参观 ■其他 线上 | | | | | 参与单位名称及人员姓 | 丁祎 华创证券、周鑫雨 东北证券、丁珰 | | 西南证券、徐宇星 | 华泰柏瑞、 | | 名 | 樊艳阳 阳光资产、吴建明 信泰人寿、史彦刚 太平基金、张桥石 | 明河 | | | | | 投资、魏巍 中信期货、乌焕强 红筹投资、李晓青 仁桥资产、李思琦 | | | 中 | | | 天国富证券（自营）、王钟琪 华夏未来资本、汪自兵 方物基金、成佩剑 | | | | | | 五地投资、朱宏达 Willing Capital Management、刘宏 富敦投资、杨云杰 | | | | | | 西南证券、黄帅斌 光大证券 | | | | | 时间 | 2025 年 4 月 27 日 | | | | | 地点 | 厦门东亚机械工业股份有限公司 | | | | | 上市公司接待人员 | 董事会秘书韩文浩、证 ...

期货研究报告|宏观数据 2025-04-28 工企利润回暖 ——中国盈利系列十 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 4 月 27 日周日，国家统计局公布数据显示，1—3 月份，全国规模以上工业企业实现利 润总额 15093.6 亿元，同比增长 0.8%。 核心观点 ■ 营收压力仍存 总量：利润增速回升，需求端压力仍存。2025年 1-3月，全国规模以上工业企业利润总 额同比增长 0.8%，扭转了 2024 年三季度以来的持续下滑趋势，其中 3 月单月利润增速 回升至 2.6%，较 1-2 月的-0.3%显著改善。这一回升一方面得益于政策驱动效应逐步释 放，大规模设备更新和消费品以旧换新政策（"两新"政策）推动装备制造业利润同比 增长 7.6%，对工业利润增长的贡献率达 40%以上，成为核心拉动力量。另一方面海外 订单回升带动出口依赖型行业（如电子设备、船舶制造）利润增长，1-3 月电子行业利 润增长 3.2%，铁路船舶运输设备增长 14.2%；同时，消费品制造业利润增长 7 ...

证券研究报告 依沃西单抗一线治疗NSCLC获批上市，全球首 个对比帕博利珠单抗临床3期获显著阳性结果 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 研究助理：臧文清一般证券从业资格编号:S1060123050058邮箱：Z ...

Group 1 - The transportation industry in Guangzhou shows steady growth in Q1 2025, driven by Spring Festival travel and growth stabilization policies, with airport passenger throughput exceeding 20 million [2] - Guangzhou Baiyun Airport, now the only four-runway airport in the Guangdong-Hong Kong-Macao Greater Bay Area, achieved a passenger throughput of 20.06 million and cargo throughput of 560,000 tons, with international passenger volume increasing by 26.1% [3] - The port's foreign trade cargo throughput reached 46.48 million tons, a significant increase of 16.9%, with foreign trade container throughput growing by 22.5%, marking it as a key growth driver [4] Group 2 - The logistics efficiency in Guangzhou has improved, with total freight volume reaching 212 million tons and freight turnover increasing by 6.9% to 5.525 trillion ton-kilometers [5] - The express delivery business saw a robust growth of 16.2%, completing 3.527 billion packages in Q1 2025, supported by rapid production recovery and increased online consumption [5] - The passenger transport network is undergoing a transformation, with total passenger volume at 80.45 million, reflecting a slight decrease of 0.5% year-on-year, while rail and air travel saw increases [6] Group 3 - Guangzhou's urban public transport structure is evolving, with the metro system facilitating 782 million trips, accounting for 73.7% of the city's public transport volume, marking a 3.2% increase [7]

静待智能化订单交付 公司发布年报及一季报 业绩下滑系市场有效需求不足、部分项目延期落地等因素影响。 公司紧跟市场变化，及时调整市场策略，及时推出租建结合、运营服务等 多元模式，满足客户不同需求。同时，公司紧跟国家"设备更新"的政策， 积极协助各地各部门进行项目申报，助力客户落地教育信息化设备更新； 抓住各地专项债、特别国债等财政政策积极孵化高产值项目，为公司业务 增收奠定基础。 公司报告 | 年报点评报告 佳发教育（300559） 证券研究报告 25Q1 公司营收 0.6 亿同减 52%，归母净利-0.1 亿，扣非后归母净利-0.11 亿 元；2024 年公司营收 4.3 亿同减 29%，归母净利 0.36 亿，扣非后归母净利 0.34 亿元。 随着公司英语机考、智慧体育、理化生实验考试等新产品及高职高校领域 市场推广成果的呈现，公司产品线更加丰富，市场覆盖领域更加宽广、商 业模式也更加灵活。 由过去单一产品销售和整体解决方案模式转变为产品销售、解决方案、运 营服务、租赁服务融合一体的多元模式；客户群体也由 G 端客户、B 端客 户向 C 端客户进行试点延伸。 多项 AI 产品与应用场景持续落地 公司的"AI ...

创新：技术储备构筑长期壁垒 具体来看，报告期内，格力电器产品品类不断丰富，多个品类家电深受市场青睐，零售额和零售量位居 行业前列。欧睿国际（Euromonitor）发布数据显示，格力位列 2024 年全球分体式空调零售量第一。奥 维云网数据显示，2024 年格力品牌家用空调线上零售额份额为25.40%，位居行业第一；电风扇线上零 售额份额为13.01%，位居行业第二；电暖器线上零售额份额为9.66%，位居行业第三；空气能热水器线 上零售额份额为17.45%，位居行业第三。 格力电器表示，2025年一季度以稳健业绩实现"开门红"，离不开核心技术的突破与产品的迭代创新。 4月27日，格力电器发布2024年年度报告及2025年第一季度报告。数据显示，公司2024年全年实现营业 总收入1900.38亿元，同比下降7.31%；归母净利润321.85亿元，同比增长10.91%，盈利能力持续提升。 2025年一季度营业总收入达416.39亿元，归母净利润达59.04亿元，同比分别增长13.78%和26.29%，以 稳健业绩实现"开门红"。 此外，2024年度，格力电器拟向全体股东每10股派发现金红利20元（含税），再加上去 ...

Group 1: Company Performance Overview - In 2024, the total procurement amount for medical devices in China significantly decreased due to domestic industry policy factors and the company's strategic investments, leading to a decline in revenue from ultrasound and endoscope businesses [2][3]. - In Q1 2025, the company experienced a noticeable recovery in hospital procurement, with a marked increase in successful bids, although revenue still declined due to a lag between market bids and reported income [2][3]. - The company added over 400 employees in 2024, resulting in increased R&D and sales expenses, which contributed to a significant drop in net profit in Q1 2025 [2][3]. Group 2: Revenue and Product Development Outlook - The company anticipates that the procurement from terminal hospitals in 2025 will exceed that of the previous year, with a return to revenue growth expected [2][3]. - 2025 is projected to be a significant year for new product launches, including the ultrasound 80 platform and HD-580 series endoscopes, which will support stable revenue growth [2][3]. Group 3: Gross Margin Challenges and Strategies - The decline in gross margin is attributed to several factors, including the reclassification of warranty fees to operating costs and a decrease in domestic business revenue proportion [4]. - Increased market competition and concentrated procurement projects have led to a continuous decline in terminal bid prices for ultrasound and endoscope products, impacting overall gross margins [4]. - The company aims to maintain market share while investing heavily in R&D to launch advanced products, which will help sustain higher gross margins [4]. Group 4: Impact of Tariffs and Market Trends - The company’s cost structure shows that raw materials constitute a low percentage, and recent tariff increases are not expected to significantly impact product costs [5]. - The rollout of large-scale procurement plans for medical device updates is anticipated to occur in 2025, potentially increasing market demand [6]. - The concentration of procurement projects may signal a downward trend in overall industry gross margins, prompting the company to adapt its strategy by focusing on high-end products and diversifying its product lines [6]. Group 5: New Product Lines and Growth Potential - The minimally invasive surgery product line achieved a 30% revenue growth in 2024, with expectations for over 100% growth in Q1 2025, indicating a strong upward trend [6][7]. - The cardiovascular intervention product line is still in the strategic investment phase, with plans to introduce a broader product range to improve profitability in the future [7].

Core Insights - National scale industrial enterprises in China achieved a total profit of 15,093.6 billion yuan in the first quarter, marking a year-on-year increase of 0.8% [1] - The profit growth in March was 2.6%, reversing a decline of 0.3% in January-February, indicating an improvement in corporate profits [1] - The overall industrial profit trend shifted from a 3.3% decline in the previous year to a positive growth of 0.8% in the first quarter, ending a continuous decline since the third quarter of the previous year [1] Group 1: Profit by Industry - In the first quarter, the mining industry reported a total profit of 2,204.4 billion yuan, a year-on-year decrease of 25.5% [3] - The manufacturing sector achieved a profit of 10,826.4 billion yuan, reflecting a growth of 7.6% [3] - The electricity, heat, gas, and water production and supply sector saw profits of 2,062.8 billion yuan, increasing by 5.4% [3] Group 2: Sector Performance - Out of 41 major industrial categories, 24 experienced year-on-year profit growth, indicating a growth rate of nearly 60% [3] - The equipment manufacturing sector emerged as a significant contributor to profit growth, with a 6.4% increase in profits, accounting for 32.0% of total profits among large-scale industrial enterprises [3] - The contribution of the equipment manufacturing sector to overall profit growth was 2.0 percentage points, showing an increase in its impact compared to earlier months [3] Group 3: Policy Impact - The "two new" policies significantly boosted profits, with specialized and general equipment industries seeing profit increases of 14.2% and 9.5%, respectively, surpassing the average industrial profit growth [4] - Specific sectors such as electronic and electrical machinery manufacturing experienced rapid profit growth rates of 56.3% and 24.6% [4] - The consumer goods sector benefited from policies promoting the replacement of old products, with industries like wearable smart devices and kitchen appliances seeing profit increases of 78.8% and 21.7% [4] Group 4: Financial Metrics - The profit margin for large-scale industrial enterprises was 4.70% in the first quarter, a decrease of 0.12 percentage points year-on-year [5] - As of the end of March, accounts receivable for large-scale industrial enterprises totaled 25.59 trillion yuan, a year-on-year increase of 9.9% [6] - The average collection period for accounts receivable increased to 70.9 days, reflecting a rise of 4.0 days year-on-year [6]

"开利集团虽然是跨国企业，但是扎根在中国。"4月25日，开利暖通空调北亚区总裁余敏义在接受南都 湾财社记者等媒体采访时表示，北亚区市场是开利集团发展战略的重要组成部分，而中国作为全球最大 的暖通空调细分市场之一，对开利暖通空调北亚区实现增长战略至关重要。 自去年7月份以来，发改委、财政部联合发布《关于加力支持大规模设备更新和消费品以旧换新的若干 措施》，统筹安排3000亿元左右超长期特别国债资金，加大支持大规模设备更新和消费品以旧换新。各 地政策也积极响应"两新"政策，配套出台一系列细化落实举措。期望通过能效标准提升、绿色建筑认 证、财政补贴与税收优惠等多种激励手段，鼓励各大企业参与到大规模设备更新中来。这些政策的出 台，不仅为包含暖通空调系统在内的大规模设备更新改造提供了有力的政策保障，也为市场的发展注入 了强大的动力。 （文章来源：南方都市报） 据介绍，开利空调在中国的员工数量超过7000人，在全国拥有超过100个办事处。与此同时，开利空调 在中国还拥有开利、东芝空调、积微GCHV、菲斯曼、利雅路等多个品牌。 余敏义表示，目前在中国，我们拥有4大研发中心和7大制造基地，共同致力于以新质生产力，驱动绿色 可 ...

重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 R否 一、主要财务数据 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000544 证券简称：中原环保 公告编号：2025-26 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 R否 注：1、营业收入变动的主要原因：公司PPP项目陆续进入运营期，建设期收入同比下降。 2、归属于上市公司股东的净利润变动的主要原因：公司营业收入同比减少；公司污水、污泥业务成本 有所增加。 （二） 非经常性损益项目和金额 R适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况 □适用 R不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行 ...