调研行业：通用设备 参与调研的机构：面向全部投资者等 大元泵业分析师会议 调研日期：2025年05月15日 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

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报 告 摘 要 当上市公司盈余公告的业绩发生大幅变化时，作为对上市公司跟踪调研最为密切的群体，分析师通常会在其研报的标题中鲜明标示其"业绩超预期"或"利润 超预期"，相比其它判定方式，标题超预期是分析师融合了上市公司客观盈余数据和主观调研跟踪之后的综合判断，对上市公司是否超预期的判定更为综 合、全面。本文主要对上市公司披露2025年一季报业绩预告或者正式财报后，至少有一篇分析师点评超预期（标题中出现"业绩"、"利润"、"营收"、"增 长"、"超预期"、"好于预期"等关键词）研报的公司进行梳理。 一季报披露情况 截至2025年4月30日，在2025年1月1日前已上市的A股公司中，共5360家公司披露了2025年一季报的正式财报。 从不同指数成分股来看，沪深300指数成分股一季报累计净利润同比增速中位数最高。从板块来看，科技板块的一季报累计净利润同比增速中位数为 8.20%，相对较高。从中信一级行业来看，非银行金融、农林牧渔、钢铁一季报累计净利润同比增速中位数较高。 公募基金持有比例较高的热点概念内，半导体精选指数、国家大基金指数等热点概念的一季报累计净利润同比增速中位数较高，均超过20%。具有代表性 的行业主题 ...

截至5月8日收盘，空气能热泵概念上涨2.76%，位居概念板块涨幅第9，板块内，44股上涨，鑫磊股份 20%涨停，汉钟精机、冰轮环境等涨停，瑞德智能、鲍斯股份、冰山冷热等涨幅居前，分别上涨 10.98%、5.94%、5.74%。跌幅居前的有万和电气、泰福泵业、海信家电等，分别下跌0.52%、0.38%、 0.04%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 000811 | 冰轮环 境 | 10.00 | 7.88 | 13511.56 | 18.34 | | 002158 | 汉钟精 机 | 10.00 | 3.08 | 11209.89 | 36.85 | | 002917 | 金奥博 | 5.31 | 20.64 | 6059.05 | 7.65 | | 301317 | 鑫磊股 份 | 20.01 | 31.06 | 3835.50 | 10.66 | | 603366 | 日出东 方 | 1.96 | 5 ...

5月8日，A股震荡攀升，创业板指一度涨近2%，截至上午收盘，上证指数涨0.38%报3355.26点，深证成指涨1.03%，创业板指涨1.74%，北证50涨0.14%，科 创50跌0.28%，中证A500涨0.74%，A股半日成交8271亿元。 资金面，央行公告称，5月8日以固定利率、数量招标方式开展了1586亿元7天期逆回购操作，操作利率1.40%，投标量1586亿元，中标量1586亿元。 消息面，金融监管总局副局长丛林表示，金融服务重点领域和关键环节的民营企业，发力点放在"一业一策"上，立足行业产业特点，提供有针对性的金融服 务。目前已经设立74只私募股权投资基金，另外在18个试点城市落地了科技企业并购贷款，支持科技企业畅通资本循环。 板块方面，军工股延续强势，通信光模块方向活跃。 | | 板块名称 | 均涨幅%1 | | --- | --- | --- | | 1 | 地热能 | 2.89 | | 2 | 铜缆高速连接 | 2.46 | | 3 | 热泵概念 | 2.40 | | 4 | 远程办公 | 2.37 | | 5 | BC电池 | 2.19 | | 6 | 人脑工程 | 2.16 | | 7 | ...

A股午评：创业板指涨1.74% 人脑工程概念等涨幅居前 金十数据5月8日讯，今日早盘，三大指数低开后震荡上行，截至午间收盘，沪指涨0.38%，深证成指涨 1.03%，创业板指涨1.74%。盘面上看，人脑工程概念走强，爱朋医疗一度20%涨停；铜缆高速连接概念 盘中拉升，沃尔核材涨停；国防军工概念继续走强，中航成飞涨近12%；保险板块、AI应用概念、热泵 概念、光伏概念、ST板块等涨幅居前；PEEK材料概念大跌，中欣氟材一度跌停；种业概念、化肥概念 等跌幅居前。全市场半日成交额逾8000亿元，约3800只个股上涨。 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 联美控股(600167) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Author 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 清洁能源主业稳中向好，高分红彰显股东回 [Table_ReportDate] 2025 年 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 联美控股(600167) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Author 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 清洁能源主业稳中向好，高分红彰显股东回 报 [Table_ReportDate] 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Core Viewpoint - The report highlights that Rujing Technology (儒竞科技) is expected to face challenges in 2024 due to a downturn in the heat pump market, but it maintains a "buy" rating as new growth opportunities arise in automotive thermal management and other sectors [2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.297 billion yuan, a decrease of 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year [2]. - The first quarter of 2025 showed a revenue of 351 million yuan, an increase of 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year [2]. - Revised profit forecasts for 2025 and 2026 are 270 million yuan and 389 million yuan respectively, with an additional forecast of 545 million yuan for 2027 [2]. Business Segments - In the HVAC/R sector, 2024 revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, a decrease of 3.19 percentage points [3]. - The automotive thermal management segment saw a revenue of 453 million yuan in 2024, an increase of 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [3]. - The servo drive and control systems segment reported a revenue of 27 million yuan in 2024, down 31.77% year-on-year [3]. Growth Opportunities - The company is expanding its product line in the automotive sector, moving from cabin and battery thermal management to intelligent control of electric motors [3]. - Emerging applications in precision air conditioning, medical cold chain, and logistics cold chain are expected to provide new growth points [3]. - Established partnerships with well-known manufacturers like Copeland, McQuay, Ariston, and Haier are anticipated to benefit the company as the industry develops [3].