证券代码：300988 证券简称：津荣天宇 天津津荣天宇精密机械股份有限公司投资者关系活动记录表 | 投资者关系活动 |  特定对象调研□分析师会议 | | --- | --- | | 类别 | □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） | | 参与单位名称及 | 渤海证券股份有限公司郑连声、法务证券部张小丽 | | 人员姓名 | | | 时间 | 年 月 日 2025 5 19 15:00-16:00 | | 地点 | 津荣天宇会议室 | | 上市公司接待人 | 董事会秘书云志 | | 员姓名 | | | | 本次互动交流的情况主要如下： | | | 1、公司主要开展哪些工作使得汽车精密部品毛利率进一步 | | | 提升？ | | | 2024 年，公司汽车精密部品收入同比增长 4.04%，毛利率同 | | | 比增长 1.72%。主要原因是：公司除稳定核心客户主线业务持续 | | | 获得的情况下，持续发力国内主流新能源车企新项目, 积极开拓 | | | 安全系统铸铝产品，实现海外铸铝事业本地化项目正式落地，并 | ...

Group 1 - The company reported a total operating revenue of 505 million yuan for Q1 2025, a year-on-year increase of 97.5%, driven by increased shipment volume [1] - The total profit reached 63 million yuan, up 95.12% year-on-year, while the net profit attributable to shareholders was 56 million yuan, reflecting a 91.2% increase [1] - The non-recurring net profit was 53 million yuan, showing a significant year-on-year growth of 127.2% [1] Group 2 - The company is a leading global manufacturer of forged main shafts for wind power, covering a full range of models from 1.5MW to 9.5MW, with advanced technology and production processes [2] - The company has adopted hollow forging technology to improve material yield and capacity utilization for large MW forged main shafts, enhancing its market share in this segment [2] - In the casting segment, the company has ramped up R&D and production for large wind turbine components, achieving a 120% year-on-year increase in delivery volume for casting main shafts and bearing seats [2] Group 3 - The company has maintained stable growth in industrial casting and forging products, with a 29.46% year-on-year increase in revenue from other precision shaft products, reaching 376 million yuan in 2024 [3] - An employee stock ownership plan was announced in April 2025, involving up to 2.805 million shares, which is about 0.88% of the total share capital, aimed at enhancing operational vitality [3] - The company expects to benefit from high growth in wind power installations and increased shipment volumes, with profit recovery anticipated as casting capacity continues to ramp up [3]

Core Viewpoint - The Guangdong Sitong Group Co., Ltd. is preparing for its 2024 Annual General Meeting, focusing on the appointment of an auditing firm and reviewing its financial performance, including a significant increase in revenue and ongoing challenges in profitability [1][5][15]. Meeting Agenda - The meeting will cover the reappointment of "Xinyong Zhonghe Accounting Firm" as the company's auditing institution [1]. - The agenda includes the presentation of the 2024 annual report and the independent director's report [3][5]. Financial Performance - In 2024, the company reported a total revenue of approximately 285.22 million yuan, a 53.50% increase from 185.81 million yuan in 2023 [15]. - The net profit attributable to shareholders was a loss of approximately 23.47 million yuan, an improvement from a loss of 37.36 million yuan in the previous year [15]. - The total assets as of December 31, 2024, were approximately 1.05 billion yuan, with net assets of about 971.80 million yuan, reflecting a slight decrease from the previous year [16]. Operational Highlights - The company has focused on expanding its market presence in the home ceramic sector, achieving a 196.49% increase in domestic sales revenue [16]. - The company has also diversified into new materials, establishing a subsidiary for zircon and titanium mineral refining [8][9]. Cost Management - The company has implemented lean management practices to control costs across production, operations, and management, aiming to optimize processes and reduce expenses [11]. - Direct material costs increased significantly, accounting for 52.12% of total costs, reflecting a 36.89% rise compared to the previous year [19]. Future Outlook - The company aims to become a globally recognized supplier of home ceramic products, focusing on quality and market expansion while exploring new material business opportunities [12][14]. - Plans include enhancing technological innovation, sustainable practices, and improving brand recognition in both domestic and international markets [13][14].

Core Insights - The collaboration between the restaurant brand 湊湊 and the international IP 米菲 aims to enhance consumer perception of brand value through an immersive "米菲王国" theme experience [1][3] - The restaurant industry is facing challenges due to consumption downgrade and rising operational costs, particularly affecting the high-end dining market [2][4] - 湊湊's strategy has shifted towards cautious expansion, focusing on quality over quantity in store openings [3][5] Company Strategy - 湊湊 plans to launch themed packages and products in collaboration with 米菲, including special meal sets and themed stores [1] - The company aims for a significant increase in revenue during the collaboration period, targeting a 25% increase in customer traffic and a holiday table turnover rate of over 6 times [1][2] - Future collaborations are being evaluated, with 2-3 potential IPs in consideration to meet diverse consumer needs [1] Industry Context - The overall performance of listed restaurant companies has weakened, with notable declines in profits, such as 九毛九's net profit dropping by 90% and 呷哺呷哺's revenue falling to 4 billion yuan [2] - The restaurant market is gradually recovering, supported by government policies aimed at boosting consumption and enhancing service quality [4] - The competitive landscape remains intense, with many new entrants in the market, necessitating innovation in user experience and value-added services [4] Expansion Plans - As of the end of 2024, 呷哺呷哺 Group operates 957 restaurants, with 湊湊 having 197 locations [5] - The company plans to open no less than 95 new 呷哺呷哺 restaurants in 2025, while 湊湊 will adopt a more cautious approach, focusing on high-quality locations [5] - 湊湊's recent store openings have decreased, with only 13 new locations in 2024 compared to 48 in 2023, reflecting a strategic shift towards quality [5]

Core Insights - The company reported a revenue of 78.584 billion yuan in 2024, a year-on-year increase of 5.01%, and a net profit attributable to shareholders of 3.614 billion yuan, up 22.21% [1] - In Q1 2025, the company achieved a revenue of 15.858 billion yuan, a year-on-year increase of 3.85%, and a net profit of 1.127 billion yuan, significantly up by 180.99% compared to the previous year [1] Financial Performance - The company's gross profit margin for its main business reached 9.94% in 2024, an increase of 0.43 percentage points year-on-year, with the shipbuilding and marine engineering segment's margin at 9.57%, up 0.29 percentage points [2] - In Q1 2025, the gross profit margin surged to 12.84%, a substantial increase of 6.16 percentage points year-on-year [2] - The growth in performance is attributed to an increase in the volume and price of ships delivered in 2024, alongside improvements in production efficiency through smart manufacturing and lean management [2] Order and Delivery Performance - In 2024, the company signed 154 new ship orders totaling 1,039 billion yuan, an increase of 26 orders year-on-year, and delivered 93 ships, completing 112.74% of its annual tonnage target [3] - The company had a backlog of 322 ship orders by the end of 2024, with a total weight of 24.6107 million tons and a value of 216.962 billion yuan, indicating a strong order book extending production schedules to 2028 [3] Industry Outlook - The shipbuilding industry is experiencing a continuous supply-demand gap, with China's shipbuilding completion volume in 2024 reaching 50.7631 million tons, a year-on-year increase of 9.63%, and new ship orders rising by 62.38% [4] - The demand for green ships is increasing, driven by environmental requirements, with the proportion of green ship orders on the rise [4] - The company is expected to benefit from synergies following the merger with China Shipbuilding Industry Corporation, leading to improved efficiency and accelerated deliveries, with projected net profits of 7.35 billion yuan and 10.08 billion yuan for 2025 and 2026, respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's Q1 2025 performance was impacted by the timing of the Spring Festival, leading to a revenue decline of 25.81% year-on-year, with total revenue at 1.102 billion yuan and net profit attributable to shareholders at 181 million yuan, down 24.24% year-on-year [2][4]. - The company is focusing on marketing reforms and expanding its distribution channels, particularly in core markets such as South China and East China, to stabilize its operations and enhance product adaptability [5][6]. - The resolution of minority equity issues is expected to continue to enhance net profit margins, with projections for net profit attributable to shareholders of 928 million yuan and 1.064 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 16 and 14 times [7]. Summary by Sections Financial Performance - In Q1 2025, the company reported total revenue of 1.102 billion yuan, a decrease of 25.81% year-on-year, and a net profit of 181 million yuan, down 24.24% year-on-year. The adjusted net profit was 180 million yuan, reflecting a decline of 23.87% [2][4]. - The revenue breakdown shows soy sauce at 648 million yuan (down 31.57%), chicken essence at 130 million yuan (down 28.6%), and edible oil at 51 million yuan (down 50.01%) [5]. Profitability and Cost Management - The net profit margin improved by 0.34 percentage points to 16.44%, and the gross margin increased by 1.75 percentage points to 38.73%. This improvement is attributed to the continued benefits from raw material cost reductions and internal cost-cutting measures [6]. - The company completed the acquisition of a 20% minority stake in Chubang at the end of 2024, significantly reducing minority shareholder losses, which contributed positively to overall profitability [6]. Strategic Outlook - The company aims to drive growth through both organic and external strategies, focusing on enhancing management efficiency and product innovation while expanding into overseas markets [7]. - The company plans to stabilize its core markets and increase the number of distributors, which rose by 491 in Q1 2025, indicating potential for future growth [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][20][5] Core Viewpoints - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 7.344 billion yuan, representing an 8.5% year-on-year increase, and a net profit of 2.589 billion yuan, reflecting a 13.4% year-on-year increase [1][5] - The company is focusing on the growth of its cave series products, which are expected to continue to show double-digit growth throughout the year, despite a general decline in demand for other products [2][4] - The company is actively managing its channel structure to ensure healthy inventory levels and is expected to maintain a strong market presence in the domestic market [4][5] Summary by Sections Revenue and Profit Forecast - In 2024, the company is projected to achieve a revenue of 73.44 billion yuan, with a year-on-year growth of 8.5%, and a net profit of 25.89 billion yuan, with a year-on-year growth of 13.4% [1] - For 2025, the revenue is expected to be 74.00 billion yuan, reflecting a slight increase of 0.8%, and the net profit is projected to be 26.24 billion yuan, indicating a growth of 1.3% [5][6] Product Performance - The revenue from mid-to-high-end and ordinary white liquor in 2024 is expected to be 5.713 billion yuan and 1.290 billion yuan, respectively, with year-on-year changes of +13.8% and -6.6% [2] - The cave series products are anticipated to maintain strong growth, particularly the Dong 9 and Dong 6 variants, which are expected to outperform other product lines [2][4] Market Dynamics - The company’s revenue from domestic and foreign markets in 2024 is projected to be 5.093 billion yuan and 1.909 billion yuan, with year-on-year growth of 12.8% and 1.3%, respectively [2] - The company is experiencing a decline in revenue from ordinary liquor, with a year-on-year decrease of 28.6% in Q4 2024 [2][3] Financial Metrics - The company’s net profit margin is expected to improve to 35.3% in 2024, an increase of 1.55 percentage points year-on-year [2] - The projected earnings per share (EPS) for 2025 is 3.28 yuan, with a year-on-year increase of 1.3% [6][21]

Financial Performance - In Q1 2025, the company achieved a revenue of 4.115 billion CNY, a slight decline of 2.38% year-on-year [1] - The net profit attributable to shareholders was 148 million CNY, a significant increase of 338.28% year-on-year [1] - The net profit excluding non-recurring items was 170 million CNY, up 399.58% year-on-year [1] - Operating cash flow net amount reached 560 million CNY, an increase of 60.70% year-on-year [1] Sales and Market Strategy - The company adopted an omnichannel sales strategy, showing a stable competitive advantage, particularly in the C-end retail business, which grew over 30% year-on-year [1] - The restaurant system business saw rapid growth, driven by the expansion of Western and Chinese chain restaurants [1] Cost Management - The new self-developed breeding chicken "Shengze 901Plus" has optimized key indicators such as feed-to-meat ratio, leading to a continued decline in costs [1][2] - The comprehensive meat production cost in Q1 2025 decreased by approximately 10% compared to the same period in 2024 [2] Production Capacity and Product Development - The company has a parent stock capacity of 17.5 million sets, with nearly 5 million sets sold externally in 2024, and self-use slightly exceeding external sales [3] - The new breed "Shengze 901Plus" has shown significant improvement in feed-to-meat ratio and is well-received by customers [4] Future Business Plans - The company aims to become a world-class food enterprise, focusing on downstream deep processing and expanding both B-end and C-end markets [4] - C-end business is expected to maintain high growth over the next 3-5 years, supported by market expansion and increased outlet numbers [5] Financial Management and Dividend Policy - The company plans capital expenditures primarily on renovating old factories and upgrading production equipment [7] - Since its listing in 2009, the cumulative dividend payout has exceeded 60% of the cumulative net profit attributable to shareholders, with a commitment to continue a positive dividend policy [7] Efficiency and Cost Control - The company has improved financial control by adjusting its financing structure, reducing bank loans, and increasing the use of bills to lower financial costs [9] - Sales expenses are managed through efficiency analysis and return on investment assessments, maintaining a stable management expense ratio [9]

中证报中证网讯（王珞）2025年4月，历经三年深度调整的中公教育（002607），终于交出了一份业 绩"扭亏为盈"的年度成绩单。公告显示，2024年公司实现净利润1.84亿元，较上年同期净亏损2.09亿元 有明显改善。 2024年扭亏为盈 精益化管理成效显著 财报显示，中公教育2024年全年营收26.27亿元，同比下降14.89%，但净利润实现1.84亿元，较上年同 期净亏损2.09亿元有明显改善。值得关注的是，全年的毛利率提升了超5个百分点至59.66%，销售、管 理等费用均有不同程度下滑，这显示出精益化管理的显著成效。此外，公司的经营性现金流净额5.57亿 元，同比增长169.6%。 在运营层面，公司实施了组织架构调整计划，带动了直营网点产出比同比去年增长了10个百分点，人效 比同比去年大幅提升了51个百分点。年报显示，随着核心用户群体逐渐向Z世代青年转变，中公教育启 动了组织架构的年轻化变革，从业务管理层，到教研、市场、销售等部门的储备干部都呈现出明显的年 轻化趋势。此外，公司还加大对各大业务区的经营授权，提升业务前线决策敏捷性，释放业务区的市场 拓展动力。 战略转型：从培训供给到就业服务提供商 中公教 ...

2025年4月27日，武进不锈发布了2024年年报。数据显示，公司全年营业总收入为26.52亿元，同比下降 24.57%；归属净利润为1.26亿元，同比大幅下降64.25%；扣非净利润为1.03亿元，同比下降68.27%。这 一表现与2023年的显著增长形成鲜明对比，反映出公司在复杂国际形势和下游行业下行压力下的经营困 境。 公司指出，2024年国际形势复杂动荡，不稳定、不确定因素增多，国内经济虽然总体平稳，但工业增加 值增长放缓，规模以上工业企业利润总额同比下降3.3%。在这一背景下，武进不锈的经营压力进一步 加大，尤其是在石油化工行业下行严重的情况下，公司的主营业务收入和毛利率双双下滑。 精益化管理与市场拓展 营收与利润双降，市场竞争加剧 2024年，武进不锈的营业总收入从2023年的35.16亿元下降至26.52亿元，降幅达24.57%。毛利润也从 5.86亿元减少至4.02亿元，减少了31.40%。归属净利润和扣非净利润分别下降了64.25%和68.27%。这一 下滑趋势与2023年的增长形成鲜明对比，2023年公司营业总收入同比增长24.21%，归属净利润同比增 长63.43%，扣非净利润同比增长8 ...