Core Viewpoint - The company Tianyin Electromechanical (300342) is experiencing stable revenue growth, with its radar and aerospace electronics business expected to enter a recovery and upward cycle [1] Financial Performance - In 2024, the company reported operating revenue of 1.048 billion yuan, an increase of 0.63%, and a net profit attributable to shareholders of 90 million yuan, up 175.80% [2][3] - The gross profit margin was 23.74%, an increase of 0.63 percentage points, while the net profit margin reached 8.75%, up 5.51 percentage points [2] Business Segments - The company operates primarily in two segments: refrigerator compressor parts and radar and aerospace electronics [2] - In the refrigerator compressor parts segment, sales volume reached 337 million units, up 4.56%, and revenue was 640 million yuan, an increase of 16.44% [3] - The radar and aerospace electronics segment saw revenue decline to 407 million yuan, down 17.07%, but sales volume increased significantly by 60.62% [4] Cost Management and R&D - The company successfully reduced its operating expenses, with a three-expense ratio of 7.90%, down 0.10 percentage points [5] - R&D investment increased to 80.46 million yuan, up 0.67%, with the number of R&D personnel rising to 390, an increase of 13.04% [5] Industry Outlook - The radar and aerospace electronics segment is expected to benefit from the military industry entering an upward cycle and the acceleration of satellite internet construction [6][8] - The company anticipates stable performance in the refrigerator compressor parts business due to ongoing "old-for-new" policies, while the radar and aerospace electronics business is expected to support revenue and profit growth in 2025 [8] Investment Projections - Revenue projections for 2025-2027 are estimated at 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan respectively [9]

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（投资者交流会） 参与单位名称及 人员姓名 财通证券、晟视天下资产、丹羿投资、德邦证券、东北证券、东 方证券、东兴基金、东兴证券、耕霁（上海）投资、广发证券、 广州金新投资、国金证券、国融基金、国泰海通证券、国元证券、 海富通基金、红华资本、鸿运私募、华创证券、开源证券、明河 投资、诺德基金、瑞腾（平阳）投资、山楂树资产、上海坤阳投 资、上海世亨投资、上海证券、申万宏源证券、深圳红年资产、 深圳量度资本、天弘基金、西部证券、羲和金泰资产、野村东方 国际证券、粵佛投资、招商证券、肇万资产、正圆投资、中金公 司、中泰证券、中信建投证券、中信证券、中银基金、珠海德若 投资。（排名不分先后） 时间 2025 年 4 月 25 日 15:15-16:15 地点 电话会议 上市公司接待人 员姓名 董事长：周炜先生 董事、高级副总裁：靳茂先生 高级副总裁：孙嘉明先生 高级副总裁、董事会秘书：徐子同女士 财务总监：王利先生 投资者关系活动 主要内容介绍 一、2024 年度及 2025 年第一 ...

中证智能财讯 创业慧康（300451）4月28日披露2025年第一季度报告。公司实现营业总收入2.9亿元，同比下降22.67%；归母净利润亏损1564.74万元，上年 同期盈利1235.97万元；扣非净利润亏损2795.93万元，上年同期盈利965.83万元；经营活动产生的现金流量净额为-1.52亿元，上年同期为-2.01亿元；报告期 内，创业慧康基本每股收益为-0.01元，加权平均净资产收益率为-0.35%。 近年来市盈率变化情况（倍） 1,000 (倍) 0 46942 26.88 13088 330 dc -1,000 -2,000 -3,000 -4,000 2020-06-30 2019-12-37 2021-06-30 2021-12-37 020-12-37 n -○- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市盈率(TTM)历史分位(%) 100 ହି 90 80 70 63g71 60 53-29 50 40 39 30 30~57 20 18.6 12o26 10 4.22 0 1-06-30 1 2019-12-37 ' 020-12-37 ' <1-12-37 2n- 公司 ...

Core Viewpoint - Tianyin Electromechanical's 2024 financial report shows stable revenue growth and potential recovery in radar and aerospace electronics business, leading to a "buy" rating from analysts [1][2]. Financial Performance - The company reported a revenue of 1.048 billion yuan, an increase of 0.63%, and a net profit of 90 million yuan, up 175.80% [2][3]. - The net profit for Q4 2024 was 35 million yuan, marking a turnaround from losses in the previous year [3]. - The gross margin improved to 23.74%, an increase of 0.63 percentage points, while the net margin rose to 8.75%, up 5.51 percentage points [2]. Business Segments - **Refrigerator Compressor Parts**: - Revenue from this segment reached 640 million yuan, a growth of 16.44%, with sales volume at 337 million units, up 4.56% [3][4]. - This segment remains the primary revenue source, accounting for 61.11% of total revenue [3]. - **Radar and Aerospace Electronics**: - Revenue decreased to 407 million yuan, down 17.07%, due to order delays and internal adjustments [4]. - Sales volume increased significantly by 60.62% to 1,346 units, and gross margin improved to 31.23% [4]. Cost Management and R&D - The company achieved a reduction in operating expenses, with the expense ratio at 7.90%, down 0.10 percentage points [4]. - R&D investment increased to 80.46 million yuan, up 0.67%, with the number of R&D personnel rising by 13.04% to 390 [4]. Cash Flow and Inventory - Operating cash flow decreased to 96 million yuan, down 46.59%, while inventory increased to 441 million yuan, up 6.64% [5]. - Inventory turnover days improved to 192.50 days from 216.29 days, indicating enhanced operational efficiency [5]. Industry Outlook - The radar and aerospace electronics sector is expected to benefit from the military industry entering an upcycle and the acceleration of satellite internet construction [5][6]. - The radar simulation and testing business is projected to recover due to the long-term growth of the domestic military radar market [6]. - The ultra-wideband signal application business is anticipated to see increased demand as military applications expand [6]. Future Projections - Revenue forecasts for 2025-2027 are 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan respectively [8]. - The company is expected to maintain a strong growth trajectory in both its core segments, supported by ongoing R&D efforts and market demand [8].

Core Viewpoint - In 2024, Changlian Co., Ltd. reported a total operating revenue of 1.519 billion yuan, a year-on-year decrease of 6.90%, and a net profit attributable to shareholders of 131 million yuan, down 14.51%, indicating overall weak performance despite growth in the medical and consumer goods sectors [1][4][6]. Revenue and Profit Decline - The total operating revenue for 2024 was 1.519 billion yuan, down from 1.632 billion yuan in 2023, reflecting a decline of 6.90% [4][5]. - The net profit attributable to shareholders was 131 million yuan, a decrease of 14.51% year-on-year [4][5]. - In the fourth quarter, revenue and net profit saw significant declines of 41.1% and 44.0% year-on-year, respectively, indicating substantial operational pressure at year-end [4][6]. Sector Performance - The medical and consumer goods sectors showed notable growth, contributing positively to the overall performance [4][6]. - Despite the growth in these sectors, the overall business structure requires further optimization due to poor performance in other areas such as high-tech electronics, medical devices, and machinery [5][6]. Information Technology and Digitalization - The company has made significant investments in information technology and digitalization, enhancing service capabilities and expanding its national network with 36 subsidiaries [6]. - However, the short-term effects of these investments have been limited, as evidenced by the decline in both operating revenue and net profit in 2024 [6].

4月25日，中山市人大常委会召开《中山市排水管理条例》（下称《条例》）颁布实施新闻发布会。该 条例是中山排水管理的第一部地方性法规，将从2025年5月1日起施行，对排水管理工作进行全链条把 控。 《条例》以中山实际问题为导向，细化国务院条例和省条例的规定，将中山市在排水管理工作中的成功 经验和做法总结形成固定法规制度，并针对中山市面临的特殊问题，制定相应的可行性措施。 此外，《条例》从排水规划、建设、管理、运营维护等环节作出相关规定；更加重视排水工作全过程管 理，贯彻"建管并重"工作思路，通过排水规划以及排水设施建设、维护运营全链条管控，解决当前排水 设施建设进度滞后、"重建轻管"问题。 此外，《条例》施行后，将让排水户管理更精细化。《条例》第二十八条将排水户分为重点排水户和一 般排水户，并且要求市排水主管部门制定排水户分类管理办法，通过对一般和重点排水户实施差异化管 理，在减少市场主体负担的同时，也提高了管理的精准度，并且有助于释放管理资源，提高行政管理效 能。 通沟余泥是典型的"环境高风险废弃物"，因其具有高含水率等特性，如果只进行简单填埋，易造成次生 环境污染。为解决通沟余泥的处理难题，《条例》第三十一 ...

Event Overview - In 2024, the company's revenue, net profit attributable to shareholders, net profit excluding non-recurring items, and operating cash flow were 2.786 billion, 180 million, 164 million, and 667 million yuan, respectively, representing year-on-year growth of 25.90%, 16.84%, 16.25%, and 9.77% [1] - In Q4 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 539 million, 5 million, and 3 million yuan, with year-on-year growth of 28.6%, -89.2%, and -88.2%, indicating a slight profit in the second half of the year despite rapid revenue recovery in Q4 [1] - The increase in operating cash flow was primarily due to an increase in advance payments for educational training services [1] Financial Performance - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 864 million, 74 million, and 59 million yuan, with year-on-year growth of 22.5%, 47.0%, and 27.9% [1] - The significant growth in net profit was mainly attributed to investment income from recovering previously impaired equity and a decrease in expense ratios [1] Business Segmentation - The education training, housing rental, equipment rental, and other income segments generated 2.7 billion, 1 million, 4 million, and 840 million yuan, with year-on-year growth of 25.64%, -91.67%, -20.00%, and 54.90% respectively [3] - The company has over 300 personalized learning centers and 30+ full-time training bases as of the end of 2024, with revenue from Beijing Xueda Information reaching 2.759 billion yuan, a year-on-year increase of 25.5% [3] - The company has made significant acquisitions in vocational education and established deep collaborations with various vocational colleges and industry leaders [3] Profitability Analysis - The company's gross margin for 2024 was 34.6%, a year-on-year decrease of 1.9 percentage points, primarily due to increased teacher costs and lower capacity utilization from school expansions [4] - In Q4 2024, the gross margin dropped to 32.8%, a year-on-year decline of 12.6 percentage points, with a net profit margin of 0.7% [4] - In Q1 2025, the gross margin was 32.0%, a year-on-year decrease of 0.4 percentage points, while the net profit margin improved to 8.5% [5] Cash Flow and Liabilities - As of Q1 2025, the company's contract liabilities amounted to 1.139 billion yuan, a year-on-year increase of 13.9%, primarily due to increased advance payments in the education training business [6] Investment Outlook - Short-term profitability may be impacted by intensified competition and expansion costs, but long-term growth is expected in personalized training and high-margin full-time education services [7] - The company has adjusted its revenue forecasts for 2025-2026 to 3.382 billion and 4.035 billion yuan, respectively, while lowering net profit forecasts to 255 million and 364 million yuan [7] - The projected earnings per share for 2025-2027 are adjusted to 2.09, 2.99, and 3.84 yuan, with a maintained "buy" rating based on the closing price of 54.2 yuan on April 25, 2025 [7]

——编 者 墨脱，藏语意为"隐秘的莲花"，地处喜马拉雅山脉南麓。这里雪山高耸，林海苍茫，从海拔150米的河 谷到7782米的南迦巴瓦峰，巨大的海拔高差造就了复杂多样的生态系统，既有热带雨林，又有高耸雪 峰。 雄伟神奇的景观背后，是复杂恶劣的气候条件和极为不便的道路交通。自上世纪60年代开始，西藏军区 某团边防营就进驻戍守在这里。1992年，中央军委授予该营"墨脱戍边模范营"荣誉称号。一代代官兵前 赴后继，扎根边关，守护祖国边疆安宁。 本报记者两进墨脱，聆听这群"最可爱的人"用青春热血忠诚戍边的故事。 一段段艰险路，被一双双"铁脚板"踏平 "界碑在我面前，人民在我身后，祖国在我心中，责任在我肩上。"祖国边关的土地上，处处可见戍边军 人坚实的脚印和无畏的身影。他们以身许国、献身使命，谱写了一曲曲动人的英雄赞歌。 边防工作是治国安邦的大事，关系国家主权和领土完整，关系改革发展稳定大局和对外工作全局，关系 强国建设、民族复兴伟业。即日起，国防版推出"探访边关一线"系列报道，记者实地探访边防部队，聆 听官兵们忠诚履行职责，为祖国站好岗、放好哨、守好边的故事和心声。 进墨脱的路险，墨脱的巡逻路更险。 "墨脱戍边模范营"戍 ...

证券代码：300629 证券简称：新劲刚 公告编号：2025-014 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为容诚会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股权登记日的总股本（剔除公司 回购专用证券账户中的股份）为基数，向全体股东每10股派发现金红利1.00元（含税），送红股0.00股 （含税），以资本公积金向全体股东每10股转增0.00股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 （一）公司基本情况 报告期内，公司集中资源聚焦于"特殊应用领域电子业务 ...

导读： 2025北京环保展，仪器信息网各厂商展出的2024年下半年至今上市的大气监测仪器新品做了不完全盘点，技术方法向自动化、智能化、信息化和网络化方 向发展。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 目前，国际上，对美关税及国外对中国科技产业的制裁加剧等一系列不确定性外部因素，使得相关仪器企业必须加快自主创新的步伐；在国 内，《关于加快建立现代化生态环境监测体系的实施意见》、《国家生态环境监测网络数智化转型方案》等文件的发布，也对环境监测技术方 法及设备提出了新的需求。 在此环境背景下，4月1 0日- 1 2日，为期三天的第二十三届中国国际环保展（CIEPEC 2 0 2 5）在中国国际展览中心盛大开幕，各参展厂商围绕大 气、水、噪声等领域集中展示生态环保产业在AI和新一代信息技术、低碳转型与"双碳"目标、绿色生态创新实践等方面的新产品、新技术、新 材料、新装备，充分展示了其现代技术创新成果。 在展会中，我们了解到，各仪器厂商正在逐渐摆脱传统增长路径，寻找新的技术方向以及产品创新模式，向 自动化、智能化、信息化和网络化 方 ...