证券代码： 002864 证券简称：盘龙药业 陕西盘龙药业集团股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 | 业绩说明会 □ 媒体采访 √ | | | □ 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） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 (周一) 下午 2025 5 12 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事长谢晓林、副总裁张德柱、董事会秘书吴杰、财务总监祝凤 | | 员姓名 | 鸣、独立董事任海云、独立董事牛晓峰、保荐代表人杨圣志 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： Q1:2024 年医药商业配送业务收入同比下降 36.72%，"一体 | | | 两翼"战略是否失衡？ ...

证券代码：003027 证券简称：同兴科技 同兴环保科技股份有限公司 投资者关系活动记录表 编号：2025-002 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（请文字说明其他活动内容） 活动参与人员 参与单位名称及人员姓名：参加同兴科技2024年度业绩网上说 明会的全体投资者。 上市公司接待人员姓名：董事长郑光明先生、独立董事唐先胜 先生、董事会秘书初宏洲先生、财务经理唐亚萍女士。 时间 2025年5月12日15:00-17:00 地点 全景网投资者关系互动平台（http:// ir.p5w.net） 形式 网络远程方式 交流内容及 具体问答记录 公司就投资者在本次说明会中提出的问题进行了回复： 1、您好，在贵公司的年报及回复投资者问答中，我发现有 如下用词，力争围绕 "一体两翼" 战略开展投资并购，整合技 术领先、市场空间广阔的优质资产。请问贵公司是否有并购重 组的可能性？或者是有计划整合领先技术及优质资产助力公司 整体发展？ 尊敬的投资者，您好！公司将围绕"一体两翼"战略发展 方向，开展投资并购，跟踪"小而美"的企业及低价的优 ...

公司点评报告 ·建材行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25821.12 | 29512.92 | 32931.62 | 35270.03 | | 收入增长率% | 15.14 | 14.30 | 11.58 | 7.10 | | 归母净利润(百万元) | 3646.94 | 4479.58 | 5192.93 | 5740.55 | | 利润增速% | 3.49 | 22.83 | 15.92 | 10.55 | | 摊薄 EPS(元) | 2.16 | 2.65 | 3.07 | 3.40 | | PE | 13.15 | 10.70 | 9.23 | 8.35 | | 1/89 11/2 - 1/2 - 1/2 - /\ == /\ H+ | and and for the state of 3 met ML T TT rear Promote | | | | 资料来源：公司公告,中国银河证券研究院 www.chinastock.com.cn 证券研究报告 | (0007 ...

涂料业务加速拓展，"一体两翼"稳步推进。公司发布对外投资公告，子公司北新涂料拟在安徽安庆投资 建设年产2万吨工业涂料生产基地，该项目有利于公司开拓华中、西南市场，提高工业涂料产品生产配 送效率和服务效率，提高北新涂料市场竞争力。随公司"两翼"业务加速布局，防水及涂料业务有望贡献 更多业绩增量。此外，公司主营石膏板业务规模不断扩大，进一步巩固石膏板龙头地位。"一体两翼"战 略有望带动公司业绩稳步提升。 投资建议：预计公司25-27年归每净利润为44.80/51.93/57.41亿元，每股收益为2.65/3.07/3.40元，对应市 盈率11/9/8倍。基于公司良好的发展预期，维持"推荐"评级。 其中销售/管理/研发/财务费用率分别为 同比分别+1.03pct/-0.20pct/-0.51pct/ 5.97%/4.47%/3.06%/0.19%, 0.06pct，销售费用率增加系新并购子公司导致销售费用增加所致。25Q1公司销售净利率为13.68%，同 比/环比分别-0.27pct/+4.01pct，公司盈利能力保持相对稳定。此外，2025Q1公司经营性现金流量净额 为-2.22亿元，同比多流出 1.96亿元，主 ...

2025 年 4 月 30 日 公司研究 外贸业务持续增长，一季度业绩增长表现靓丽 ——顾家家居（603816.SH）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：24.94 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com -29% -17% -4% 8% 21% 04/24 07/24 10/24 01/25 顾家家居 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 0.16 | -9.61 | -27.04 | | 绝对 | -2.84 | -10.26 | -22.43 | | 资料来源：Wind | | | | 相关研报 外贸业务延续增长，"1+N+X"渠道战略持 续推进中——顾家家居（603816.SH）2024 年三季报点评（2024-10-29） 外贸业务表现亮眼，毛利率同比有所提升— —顾家家居（603816.S ...

高管天价年薪引发的风波，再次将贝壳推上了舆论的风口浪尖。 4月17日，贝壳披露2024年年度报告，年报显示，公司董事会主席、首席执行官及控股股东彭永东2024年的年薪高达4亿元，联合创始人单一刚年薪也达 2.99亿元。相较于其他企业管理层薪酬，这一数据极具冲击力。 似乎是为了平复舆论风波，贝壳于年报披露当日宣布，彭永东拟捐出900万股A类普通股。以17日收盘价计算，对应捐赠金额约人民币4.4亿元。 事实上，关于贝壳高管薪酬的质疑并不是首次发生。将时间区间拉长至2021年至今，彭永东近四年的年薪分别为847.8万元、4.75亿元、7.13亿 元以及4亿元；单一刚的年薪分别为685.3万元、3.55亿元、5.29亿元及2.99亿元。 与两高管薪酬四年内增长数倍相反的是，公司近年来净利润经历了不小的波动，2021年及2022年连亏两年，2023年虽然成功扭亏，但2024年再次下滑三 成。 尽管4.4亿元的捐赠堪称大手笔，但这种临时灭火式的举动效果并不明显，公众的关注点已经从高管薪酬本身延展至高管收入与公司利润、员工薪酬之间 的关系讨论，而这些讨论更深层次的逻辑，在于公众对于数量庞大的基层员工待遇的关注。毕竟，截至2 ...

事件：公司发布 2025 年一季报，2025Q1 公司实现营业收入 62.46 亿元（yoy+5.09%），归母净利润 8.42 亿元（yoy+2.46%）。 Q1 营收/归母业绩同比增长，持续推进涂料业务布局。 2025Q1，公司实现营收 62.46 亿元，同比增长 5.09%，公司营收 实现同比正向增长，或主要系两翼业务营收增长所致。2025Q1， 公司实现归母净利润 8.42 亿元，同比增长 2.46%，归母净利润增 速低于营收增速或主要因公司费用率增加叠加投资收益同比减 少。公司发布公告，同意子公司北新涂料在安徽省安庆市投资建 设年产 2 万吨工业涂料生产基地项目，目标市场以中部地区安徽、 河南、湖北、湖南、江西 5 省为主，专注于生产工业设备、石油 石化、桥梁等工业工程防腐涂料，开发船舶及汽车涂料，助力北 新涂料开拓华中、西南市场。随产能建设完成达产，公司涂料业 务市场竞争力有望进一步提升，助力营收/业绩规模增长。 2025 年 04 月 28 日 北新建材(000786.SZ) Q1 营收/业绩同比增长，毛利率同比提 升 | | 其他装饰材料 | | | --- | --- | --- | | 投 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue for Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software vendor to a comprehensive financial service provider, with significant growth in both software sales and brokerage services [7] - The report anticipates a strong growth trajectory for the company, projecting net profits of 306 million yuan, 414 million yuan, and 539 million yuan for 2025, 2026, and 2027 respectively [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,113 million yuan, with a year-on-year decrease of 11.33%, followed by a recovery in 2024 with an increase of 37.37% to 1,529 million yuan [1] - The net profit attributable to shareholders is expected to be 73 million yuan in 2023, with a significant recovery to 104 million yuan in 2024, representing a 43.50% increase [1] - The earnings per share (EPS) is forecasted to rise from 0.12 yuan in 2023 to 0.17 yuan in 2024, and further to 0.51 yuan in 2025 [1] Revenue Breakdown - The financial information service revenue for Q1 2025 was 424 million yuan, reflecting a 76% increase year-on-year [7] - The net commission income from brokerage services increased by 143% year-on-year to 97 million yuan in Q1 2025 [7] - Investment income saw a remarkable increase of 259% year-on-year to 106 million yuan in Q1 2025 [7] Cost and Expense Analysis - Operating costs for Q1 2025 rose by 45% year-on-year to 42 million yuan, primarily due to increased employee compensation and communication expenses [7] - Research and development expenses increased by 49% year-on-year to 51 million yuan, with a slight decrease in the R&D expense ratio [7] - Sales expenses surged by 80% year-on-year to 259 million yuan, driven by higher advertising and sales personnel costs [7] Strategic Developments - The company is enhancing its brand promotion and customer acquisition efforts, leading to a significant increase in registered and paying users [7] - The acquisition of a 95% stake in Pioneer Fund is part of the company's strategy to deepen its "one body, two wings" approach [7] - The company is committed to enhancing shareholder returns through dividends and buybacks over the next three years [7]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company's total revenue in Q1 2025 increased by 85% year-on-year to 542 million yuan, while the net profit attributable to shareholders surged by 726% to 139 million yuan [1] - The company is transitioning from a software tool provider to a comprehensive financial service provider, enhancing its product offerings and expanding its market presence [7] - The report anticipates significant growth in net profit for 2025-2027, with projections of 306 million yuan, 414 million yuan, and 539 million yuan respectively, reflecting a strong long-term growth outlook [7] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 542 million yuan, a year-on-year increase of 85%, and a net profit of 139 million yuan, up 726% [1][7] - The company's total revenue for 2023 is projected at 1,113 million yuan, with a forecasted growth to 2,022 million yuan by 2025 [1][22] - The earnings per share (EPS) for 2025 is estimated at 0.51 yuan, with a price-to-earnings (P/E) ratio of 112.72 [1][22] Business Segments - The software segment saw a significant increase in revenue, driven by active capital markets and targeted marketing of high-end products, with a 76% year-on-year growth in financial information service revenue [7] - Brokerage and proprietary trading businesses also experienced rapid growth, with net commission income rising by 143% to 97 million yuan in Q1 2025 [7] Cost and Efficiency - Operating costs increased by 45% year-on-year to 42 million yuan, primarily due to rising employee compensation and communication expenses [7] - The report notes a decrease in expense ratios despite rising costs, indicating improved operational efficiency [7] Strategic Initiatives - The company is deepening its "one body, two wings" strategy, including acquiring a 95% stake in Pioneer Fund to enhance its service offerings [7] - The company is exploring advanced tools for stock selection, leveraging AI and deep learning to optimize investment strategies [7]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [6] Core Views - The company's performance is supported by its "two wings" strategy, which includes gypsum board and other businesses, as well as coatings and waterproofing, contributing to revenue growth [8] - The company is positioned as a leading player in the domestic gypsum board industry, with a strong competitive moat and is transitioning towards a comprehensive consumer building materials manufacturer and service provider [8] - The company is expected to benefit from domestic demand policies and has the potential for valuation uplift due to its growth trajectory and defensive attributes [8] Financial Summary - The company achieved a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year growth of 5.09%, and a net profit of 842 million yuan, up 2.46% year-on-year [8] - Revenue projections for 2025-2027 are estimated at 27.344 billion yuan, 28.961 billion yuan, and 31.137 billion yuan, respectively, with corresponding net profits of 4.025 billion yuan, 4.362 billion yuan, and 4.805 billion yuan [7][9] - The company's earnings per share (EPS) is projected to be 2.38 yuan in 2025, increasing to 2.84 yuan by 2027 [7][9] - The price-to-earnings (P/E) ratio is expected to decrease from 12.40 in 2025 to 10.38 in 2027, indicating a favorable valuation trend [7][9]