腾远钴业（ [Table_StockNameRptType] 301219） 公司点评 业绩提升明显，打造产业一体化 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-04-28 | [Table_BaseData] 收盘价（元） 44.78 近 12 个月最高/最低（元） 64.80/33.90 总股本（百万股） 295 流通股本（百万股） 172 流通股比例（%） 58.34 总市值（亿元） 132 流通市值（亿元） 77 [公司价格与沪深 Table_Chart] 300 走势比较 -35% -15% 6% 27% 47% 4/24 7/24 10/24 1/25 4/25 腾远钴业 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 主要观点： ⚫[Table_Summary] 业绩 公司发布 2024 年及 2025 年一季度财报。2024 年实现营业收入达 65.42 亿元，同比增长 18. ...

药石科技 20250126 摘要 • 药石科技 2024 年营收 16.84 亿元，同比增长 11%，得益于降本控费和 提质增效措施。每股收益 1.1 元，同比增长 11%，经营现金流 3.03 亿元， 同比增长 22.68%，CDS 新签订单金额增长 12.43%。 • 公司收入结构中，药物研发阶段收入同比下降 4%至 3.3 亿元，CDMO 业 务基本持平为 13.54 亿元。大型跨国制药企业贡献收入 4.64 亿元，中小 生物医药公司贡献 12.24 亿元，海外业务占比约 70%，北美地区增长显 著。 • 药石科技完成超过 2,400 个临床前至二期项目及 78 个三期及商业化项目。 公司持续引入经验丰富的高管，加强欧美和日韩市场拓展，全球客户超 1,000 家，活跃客户增长超 12%，新增客户 258 家，同比增长超 65%。 • 公司首次承接全球 TOP10 制药公司的后期 API 项目，强化 GMP 交付能力， 浙江辉石生产基地服务 API 及 GMP 中间体项目增加 30%以上，新增四个 原料药 NDA 项目，其中三家获批，山东工厂通过国家药监部门检查。 • 药石科技积极应对全球生物医药投融资规 ...

Group 1 - The core viewpoint of the news is that Xincheng Technology Co., Ltd. reported a significant decline in both revenue and net profit for the year 2024, indicating financial challenges faced by the company [1] - In 2024, Xincheng Technology achieved an operating income of 1.349 billion yuan, a year-on-year decrease of 22.22% [1] - The net profit attributable to shareholders was a loss of 81.4595 million yuan, compared to a profit of 36.3645 million yuan in the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 91.8089 million yuan, down from a profit of 34.4089 million yuan in the previous year [1] - The net cash flow from operating activities was 105 million yuan, a year-on-year decline of 46.88% [1] Group 2 - Xincheng Technology has over 20 years of experience in the financial information technology sector, which enhances its competitiveness in areas such as electronic channels, payment settlement, and cloud platform applications [1] - The company provides software development services for financial clients, including electronic channel integration, trade financing, and blockchain platform services [1] - According to the company's disclosed development strategy, it aims to leverage its business advantages in channel management and trade finance to promote the application of innovative technologies [2] - The company plans to optimize its products through the integration of innovative technologies, enhancing its clients' digital transformation capabilities and increasing its market share [2]

①中信证券：中长期维度，三大高确定性趋势仍是选择重心；②财通证券：市场情绪逐步企稳，配置 上"以我为主、以内为主"；③长城证券：建议关注红利板块，重视经济周期下大类资产的价格规律。 ①中信证券：5月有三条线存在机会 中信证券表示，对于5月，有三条线存在机会：（1）新技术和产业题材；（2）海外科技映射链修复。 该方向主要受益于前期超跌，以及估值和业绩匹配度较高，建议关注海外算力链挂钩的光模块、PCB、 服务器等；（3）服务业扩内需，包括文旅产业链上的酒店、景区、OTA，以及医疗服务领域的眼科、 齿科、中医等。 ②财通证券：市场情绪逐步企稳，配置上"以我为主、以内为主" 财通证券表示，继汇金等国资增持ETF后市场情绪逐步企稳，3月下旬+4月以来金融/消费表现居前，月 度较全A有明显超额。从最新一季报来看，全A业绩修复，内需相关的食饮景气延续、消费龙头公司表 现更优。配置上"以我为主、以内为主"，重视内需支撑+政策预期的大金融地产链、消费、央企重组三 大权重方向，有业绩支撑+胜率催化+补涨动力+赔率性价比，仍是当前阻力较小方向： （1）大金融地产链：券商受益股市向上与央国企合并，股份行受益地产改善+补涨，地产后周期 ...

Core Insights - The report from CITIC Securities indicates that progress in US-China trade negotiations may be limited until all unilateral tariffs on China are completely lifted [1] - Domestic policies are characterized as stabilizing and responsive, with April representing the first wave of experimental and preventive measures [1] - The market sentiment is not considered low overall, with the technology sector being more sensitive to risk appetite recovery compared to pharmaceuticals and consumer sectors [1] Group 1 - In May, the focus will be on the rotation of new technologies and industrial themes, the repair of overseas technology mapping chains, and the implementation of domestic demand expansion policies in the service industry [1] - The current market environment favors themes that are less sensitive to performance, as the clearing of chips has been relatively thorough [1]

智通财经4月27日电，第137届广交会第二期线下展共展示展品约16.7万件，是本届广交会三期中最多的 一期，大量引领行业发展、促进产业升级、推动绿色创新的企业，成了全球客商的最佳选择。 (央视新 闻) 广交会二期展为期5天 创新技术成签下订单关键 ...

Core Viewpoint - The company reported its 2024 annual and Q1 2025 results, showing a mixed performance with revenue growth slowing in 2024 but a strong recovery in Q1 2025, driven by improved operational quality and new product launches [1][2][3]. Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 20.983 billion yuan, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.87% year-on-year [1][2]. - The company's non-recurring net profit was 3.099 billion yuan, down 11.82% year-on-year, indicating pressure on core profitability [2]. - Revenue breakdown: Refractive surgery revenue was 7.603 billion yuan (YoY +2.31%), optical business revenue was 5.279 billion yuan (YoY +6.42%), cataract surgery revenue was 3.489 billion yuan (YoY +4.87%), and posterior segment surgery revenue was 1.499 billion yuan (YoY +8.22%) [2]. Group 2: Q1 2025 Results - In Q1 2025, the company reported revenue of 6.026 billion yuan, a year-on-year increase of 15.97%, and a net profit attributable to shareholders of 1.050 billion yuan, up 16.71% year-on-year [1][3]. - The non-recurring net profit for Q1 2025 was 1.060 billion yuan, reflecting a 25.78% year-on-year increase, primarily due to a reduction in government subsidies [3]. - Revenue drivers included increased demand for refractive surgeries and the launch of new products, with a focus on stabilizing prices and enhancing customer value [3]. Group 3: Technological Advancements and Global Expansion - The company launched its AI vertical model AierGPT in September 2024, contributing to the development of an "AI Digital Ophthalmologist" [4]. - The digital human "Eyecho" was officially released in October 2024, enhancing the company's technological capabilities [4]. - By the end of 2024, the company expanded its global network to 163 ophthalmology centers, achieving revenue of 2.625 billion yuan from Hong Kong, Macau, Taiwan, and overseas markets, a year-on-year increase of 13.53% [4]. Group 4: Future Profitability Forecast - The company forecasts revenues of 23.623 billion yuan, 26.836 billion yuan, and 30.567 billion yuan for 2025-2027, with year-on-year growth rates of 12.58%, 13.60%, and 13.91% respectively [4]. - Expected net profits attributable to shareholders for the same period are 4.145 billion yuan, 4.846 billion yuan, and 5.659 billion yuan, with growth rates of 16.55%, 16.92%, and 16.78% respectively [4].

正在举行的第137届广交会上，中国制造业的创新成果吸引了全球采购商的目光。从五金工具到高端机 床，从传统制造到智能升级，中国产品不仅在技术上实现了质的飞跃，更在理念上完成了华丽蜕变。这 些令人瞩目的创新产品，不仅是中国制造业实力的生动展现，更是中国从"制造"迈向"智造"的有力见 证。 创新技术，中国制造实现了从跟跑到领跑的跨越。本届广交会期间，中国制造业的创新成果不仅提升了 中国制造业的国际形象，更为全球制造业发展提供了新的思路和解决方案。五金工具行业企业通过细节 创新和性能提升，逐渐摆脱了低价竞争的困境，开始向高端化、标准化迈进。宁波得力集团有限公司推 出的工具产品B系列全钢卷尺，新增底刹功能，耐磨度提升60%，精度从2级跃升至JIS 1级。这种技术 突破不仅延长了产品的使用寿命，提高了测量精度，更将普通工具提升到高端水准。 机床行业企业推出的创新产品不仅体现了技术实力，也为中国制造业在全球市场赢得了更多商机。在本 届广交会上，杭州大天数控机床有限公司推出的柔性复合高档数控机床系列产品受到了来自欧洲、东南 亚等地区采购商的青睐。 机床行业也在产品应用理念上实现了突破。广东省鑫全利激光智能装备有限公司以市场需 ...

Core Viewpoint - Nanjing Quanxin Transmission Technology Co., Ltd. (Quanxin Co.) reported a significant decline in multiple financial indicators for the year 2024, including an 86.67% drop in net profit, raising market concerns about the company's financial health and potential risks [1][2]. Financial Performance - Revenue for 2024 was 910,423,711.00 yuan, a decrease of 12.16% from 1,036,509,218.43 yuan in the previous year, primarily due to declining sales of optoelectronic systems and FC products, as well as price reductions [2]. - Net profit attributable to shareholders was 17,798,024.34 yuan, down 86.67% from 133,517,137.26 yuan year-on-year, influenced by decreased sales and increased asset impairment provisions [2]. - The basic earnings per share fell to 0.0572 yuan from 0.4289 yuan, reflecting the substantial drop in net profit [2]. Cost and Expense Analysis - Total operating costs for 2024 were 869,118,087.56 yuan, a slight decrease from 882,270,576.82 yuan in the previous year [3]. - Research and development (R&D) expenses increased by 2.67% to 91,365,289.24 yuan, indicating the company's commitment to technological innovation despite overall cost reductions in other areas [3]. Cash Flow Situation - The net increase in cash and cash equivalents was -117,250,058.36 yuan, a significant decline from a positive 16,157,466.40 yuan in 2023, indicating cash flow pressures [4]. - The net cash flow from operating activities was -4,843,237.92 yuan, down 103.57% from 135,506,340.16 yuan in the previous year, primarily due to reduced cash collections from sales [4]. R&D Personnel and Structure - The number of R&D personnel decreased by 17.24% to 168 in 2024, with a notable reduction in the number of researchers holding bachelor's degrees [5]. - The proportion of R&D personnel relative to total employees fell to 24.56% from 25.60% in the previous year, indicating a shift in workforce structure [5]. Market Risks and Challenges - The company faces intensified market competition and pressure from technological upgrades, which could impact its market share and profitability if it fails to adapt [6]. - There is a risk of declining gross margins due to price pressures from customers and changes in product sales structure, which could further affect overall profitability [6]. Executive Compensation - The chairman received a pre-tax remuneration of 251,300 yuan, while the former CEO received 820,500 yuan before leaving the company [7]. - The compensation for executives reflects the company's financial challenges and the need for effective leadership during this period [7].

Core Insights - The company reported a significant decline in net profit despite an increase in operating revenue, with net profit attributable to shareholders dropping by 71.46% and net profit excluding non-recurring gains and losses decreasing by 86.87% [1] Financial Performance Summary - Operating revenue for 2024 reached 493,037,354.27 yuan, a 23.33% increase from 399,770,522.35 yuan in 2023. The ozone equipment manufacturing segment generated revenue of 217,392,925.86 yuan, accounting for 44.09% of total revenue but decreased by 13.93%. In contrast, the chemical products manufacturing segment saw revenue of 203,391,883.87 yuan, representing 41.25% of total revenue and a substantial growth of 150.80% [2] - The net profit attributable to shareholders was -49,958,871.81 yuan, worsening from -29,137,344.28 yuan in the previous year. The net profit excluding non-recurring gains and losses was -54,835,102.70 yuan, compared to -29,344,122.29 yuan last year, indicating a more pronounced decline. The company attributed this drop to economic downturns, slower commissioning of ozone equipment, increased bad debt provisions, and rising expenses from early-stage R&D projects [3] - Basic earnings per share fell to -0.27 yuan, down 68.75% from -0.16 yuan per share in the previous year. The diluted earnings per share, excluding non-recurring gains and losses, also decreased significantly to -0.30 yuan [4] Expense Analysis - Overall expenses increased in 2024, with sales expenses rising by 13.82% to 40,012,843.77 yuan, management expenses increasing by 9.12% to 45,878,085.31 yuan, and financial expenses surging by 83.68% to 6,024,717.06 yuan. R&D expenses slightly decreased by 1.93% to 20,297,388.90 yuan [5] - The increase in sales expenses was driven by higher employee compensation and travel expenses, indicating greater investment in market expansion. Management expenses rose due to increased personnel and intermediary fees, reflecting higher operational costs. Financial expenses grew due to increased interest payments and reduced interest income [5] R&D and Innovation - R&D investment totaled 20,297,388.90 yuan, representing 4.12% of operating revenue. The number of R&D personnel increased from 88 to 104, with a higher proportion holding bachelor's degrees or above, indicating a focus on enhancing R&D talent [6] - Several R&D projects made progress, including the development of a 50kg/h IGBT ozone generator and a pilot experimental device for wastewater treatment, which, if successful, could enhance the company's technological competitiveness [7] Cash Flow Analysis - The net cash flow from operating activities significantly declined to -30,226,129.85 yuan, a 78.99% decrease from -16,887,066.58 yuan in the previous year, primarily due to increased inventory and accounts receivable [9] - Cash inflow from investing activities totaled 28,623,973.24 yuan, down 51.32%, while cash outflow was 55,227,598.78 yuan, a decrease of 58.67%. The net cash flow from investing activities was -26,603,625.54 yuan, an increase of 64.44% [10] - Cash inflow from financing activities reached 116,000,000.00 yuan, up 89.03%, due to new bank loans, while cash outflow was 128,166,675.91 yuan, an increase of 178.52%, driven by loan repayments and stock buybacks. The net cash flow from financing activities was -12,166,675.91 yuan, a decline of 179.27% [11]