鼎龙股份 20250429 鼎龙股份 2024 年度及 2025 年第一季度的业绩表现如何？ 鼎龙股份在 2024 年度实现营业收入 33.37 亿元，同比增长 25%；归母净利 润为 5.21 亿元，同比增长 134%。2025 年第一季度，公司实现收入 8 亿多元， 净利润为 1.42 亿元。值得注意的是，公司在 24 年度的收入和利润均创历史新 高，尤其是较 23 年的利润规模 2.22 亿元有显著增长。此外，公司新业务如 CMP 环节的抛光垫、柔性显示材料等同比增长超过 80%，抛光液清洗整体增 长超过 180%，柔性材料同比增长超过 130%。这些新业务端的收入占比已接 近公司总销售规模的一半。 鼎龙股份的新业务对整体业绩有何影响？ 鼎龙股份的新业务对整体业绩产生了显著影响。公司孵化期的重点业务包括半 导体高端晶圆光刻胶、先进封装材料以及芯片设计，这三块业务对 2024 年的 报表影响合计超过 8,000 万元。此外，股权激励计划也带来了 4,000 万元的费 • 鼎龙股份正着力开拓外资厂家在中国的代工厂市场，以及大硅片和有机硅 等新型半导体材料领域，以实现多元化增长，降低对本土企业的依赖。 • 公 ...

Core Viewpoint - Weiman Sealing (唯万密封) reported significant growth in revenue and net profit for the year 2024, driven by active industry application expansion, cost reduction, efficiency improvement, and technological innovation across various business sectors [1][2]. Group 1: Financial Performance - The company achieved a revenue of 716 million yuan, representing a year-on-year increase of 97.02% [1]. - The net profit attributable to shareholders was 53.17 million yuan, reflecting a year-on-year growth of 43.35% [1]. Group 2: Business Segments - In the engineering machinery sealing market, the company launched new high-performance products, resulting in sales revenue of 407.29 million yuan, up 62.19% year-on-year [1]. - The coal mining machinery sealing market saw improvements in product performance and production efficiency, with the company supplying a complete sealing package for a world-first 10-meter high intelligent hydraulic support sealing system [1]. - The agricultural machinery sealing market generated sales revenue of 24.81 million yuan, a 43.09% increase year-on-year, with successful entries into major tractor manufacturers' supply chains [2]. - In the pneumatic and automation sealing sector, sales revenue reached 14.43 million yuan, growing by 14.09% year-on-year, with enhanced production processes and partnerships with leading companies [2]. - The oil and gas sealing sector achieved sales revenue of 124.25 million yuan, with products used widely in domestic and international markets [2]. - The general industrial sealing segment introduced new specialty engineering plastic sealing products, becoming a leading supplier in the domestic market [2]. Group 3: Company Overview - Weiman Sealing specializes in the research, production, and sales of hydraulic and pneumatic sealing products, with applications across engineering machinery, coal mining machinery, agricultural machinery, and industrial automation [3].

Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, but showed signs of recovery in Q1 2025, with expectations for growth in specific business segments [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 538 million yuan, a year-on-year decrease of 43.62%, and a net profit attributable to shareholders of 16.15 million yuan, down 92.57% year-on-year [1]. - In Q1 2025, the company reported revenue of 262 million yuan, an increase of 9.27% year-on-year, and a net profit of 53.8 million yuan, a decrease of 26.72% year-on-year [1]. - The company faced short-term performance pressure due to lower revenue, a higher proportion of lower-margin landing gear business, and slower payment collection influenced by industry factors, leading to a credit impairment loss of 131 million yuan in 2024 [1]. Group 2: Business Development - The company made significant progress in the research and delivery of various landing gear types, with expectations for continued revenue growth in 2025 [2]. - In 2024, a specific type of landing gear began batch production and delivery, and preparations for batch production of two other types are underway, with small batch deliveries expected in 2025 [2]. - The launch of a surface treatment production line for large aircraft landing gear is expected to enhance cost efficiency and support the research, production, and delivery of landing gear products [2]. Group 3: Market Trends - The company is positioned to benefit from the domestic substitution trend in civil aviation brake systems, as international suppliers dominate the market [3]. - The increase in domestic aircraft production capacity, particularly with the C919 program, is expected to enhance the company's opportunities in the civil aviation supply chain [3]. - Profit forecasts for the company indicate a net profit of 188 million yuan in 2025, 355 million yuan in 2026, and 461 million yuan in 2027, with corresponding EPS of 0.57, 1.07, and 1.39 yuan [3].

2025 年 4 月 29 日 公司研究 起落架业务有望放量，民航刹车制动产品迎国产化机遇 ——北摩高科（002985.SZ）2024 年年报及 2025 年一季报点评 要点 事件：2024 年，公司实现营业收入 5.38 亿元，同比-43.62%；实现归母净利润 1615 万元，同比-92.57%。2025Q1，公司实现营收 2.62 亿元，同比+9.27%； 实现归母净利润 5380 万元，同比-26.72%。 下游及行业因素致短期业绩承压，起落架业务落地收入，有望持续放量。24 年， 受客户单位总体合同签订进度等因素影响，部分已明确的采购需求因合同签订和 价格确定的时间较晚，未能形成收入。业绩端短期承压，原因包括：第一，公司 收入下滑；第二，毛利率相对较低的起落架业务占比提升，24 年，飞机刹车控 制系统及机轮、检测试验、刹车盘（副）、起落架分别实现收入 1.63 亿元、2.10 亿元、6583万元、8362万元，分别同比-60.60%、-35.98%、-65.80%、+1766.18%， 毛利率分别为 56.08%、63.46%、64.90%、13.91%；第三，行业因素影响下回 款变慢，24 年计提 ...

本报讯 （记者刘钊）4月28日晚间，青岛高测科技股份有限公司（简称"高测股份"）发布2024年度业绩 报告。公司全年实现营业收入44.74亿元，归属于上市公司股东的净利润为-4400万元。受光伏行业大环 境影响，高测股份2024年业绩承压，但公司核心业务仍展现强劲韧性。 （文章来源：证券日报） 年报显示，高测股份正加快磨削研发能力的场景迁移，积极布局人形机器人行星滚柱丝杠磨削方面的设 备研发。在光伏行业盈利普遍承压的大背景下，高测股份稳中求破，积极进军丝杠磨床新赛道的决策， 与自身底层研发能力高度契合。其在半导体、蓝宝石及碳化硅等领域推出的一系列高精密磨削设备，积 累了丰富的精密磨削设备研发能力。加之公司在光伏及半导体等领域装备国产化替代进程中积累的宝贵 经验，以及跨行业技术迁移能力，为其在丝杠磨床领域的研发奠定了一定基础。而此时恰逢丝杠磨床国 产替代的黄金机遇期，市场对丝杠设备降本需求极为迫切，高测股份此时锚定这一新兴赛道，在巩固现 有业务优势的同时，将为公司积极开拓新的业务增长点，为未来的持续发展奠定坚实基础。 在光伏设备领域，高测股份市场占有率稳居行业首位，持续巩固其龙头地位；金刚线业务表现亮眼，钨 丝 ...

Core Viewpoint - Wangsu Technology and United Imaging Medical Technology have signed a cooperation agreement to establish an AI medical-focused computing center, aiming to enhance the digital transformation of the healthcare sector [1] Group 1: Partnership Details - The partnership will leverage Wangsu's Shanghai Jiading Cloud Computing Data Industrial Park to build a computing cluster that supports United Imaging's comprehensive digital transformation across R&D, supply chain, marketing, and services [1] - The initiative aims to boost technological innovation and productivity, facilitating the domestic replacement process of medical devices [1] Group 2: Project Objectives - The project will support the establishment and operation of United Imaging's enterprise-level large model platform and the development of intelligent applications [1] - By fostering open innovation capabilities, the partnership seeks to drive digital transformation across the upstream and downstream of the medical industry, enhancing the quality and efficiency of the industrial chain [1]

Development History of Heat Exchangers - The global development of heat exchangers can be divided into three periods: exploration in the 19th century, preliminary development in the first half of the 20th century, and rapid development from the second half of the 20th century to the present [1][2] - In China, the heat exchanger industry has gone through four stages: initiation in the 1960s, growth in the 1980s, development in the 21st century, and innovation in recent years, with a focus on high efficiency and energy saving [3] Competitive Landscape of the Heat Exchanger Industry - The heat exchanger industry has formed a competitive landscape driven by technological advancement and market orientation, with leading foreign companies like Alfa Laval and domestic companies like Lansi Heavy Industry [4] - The market concentration for spiral tube heat exchangers is relatively high, with domestic companies holding a market share of 63.4% in 2021 [4] Industry Chain Analysis - The upstream of the heat exchanger industry includes raw material supply such as steel, rubber, and graphite, while the midstream focuses on manufacturing, and the downstream encompasses various application fields including petrochemicals and power generation [5][7][11] Market Size of the Heat Exchanger Industry - The market size of China's heat exchanger industry reached 845.6 billion yuan in 2021, with a projected growth from 868.9 billion yuan in 2022 to 992.1 billion yuan by 2026, reflecting a compound annual growth rate of 3.4% [20] - The spiral tube heat exchanger market in China is expected to grow from 19.3 billion yuan in 2022 to 38.1 billion yuan by 2026, with a compound annual growth rate of 18.5% [22] Development Trends in the Heat Exchanger Industry - The industry is moving towards larger, more efficient, and energy-saving products, with significant advancements in heat transfer efficiency and reduced pressure loss [23] - There is a deepening collaboration across the entire industry chain, with suppliers needing to customize products to meet specific client requirements [24] - The pace of domestic substitution is accelerating, with significant breakthroughs in materials and manufacturing processes for spiral tube heat exchangers, supported by national policies [25][26]

产品生态链完善，与伙伴和客户合作密切。公司致力于构建可持续发展的、合作共赢的工业设计软件生 态系统，打造CAx 一体化解决方案，满足不同体量、不同行业、不同类型客户对产品的差异化需求。 2024 年，基于过往二十余年间在工程建设行业和制造业中积累的客户资源与行业知识，中望软件与生 态合作伙伴携手，完善行业应用解决方案。公司将业务团队与研发团队更加紧密的结合在一起，提升信 息传递效率的同时，给KA 客户提供更加优质快速的服务；在泛行业中小企业客户拓展方面，公司召开 渠道伙伴加盟会，吸引渠道商与公司建立合作关系，为公司未来的渠道销售发展打开空间。 公司发布2024 年年度报告及2025 年一季度报告，2024 年营业收入8.88亿元，同比增长7.31%；实现归 母净利润0.64 亿元，同比增长4.17%。 2025 年一季度营业收入1.26 亿元，同比增加4.56%；实现归母净利润-0.48 亿元。 2D 产品销售额平稳增长，3D CAD 产品营收贡献持续增强。2024 年公司2DCAD 产品收入同比增长 2.12%；3D CAD 产品收入2.42 亿元，同比增长29.21%；CAE 产品收入 974 万元，同增 ...

Core Viewpoint - The company reported lower-than-expected financial performance for 2024 and Q1 2025, primarily due to slower growth in the oil and gas production system components business, but anticipates potential market opportunities from upcoming projects [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.124 billion yuan, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 86 million yuan, down 39.90% year-on-year [1]. - For Q1 2025, revenue was 271 million yuan, a decline of 5.36% year-on-year, with a net profit of 21 million yuan, down 25.40% year-on-year [1]. - The annual report's performance was below expectations, with a forecasted net profit of 104 million yuan [1]. Profitability and Cost Structure - The gross margin for 2024 was 18.80%, a decrease of 3.18 percentage points, attributed to delays in downstream oil and gas projects and a decline in deep-sea product sales [2]. - In Q1 2025, the gross margin was 18.96%, showing a year-on-year decrease of 0.54 percentage points but an increase of 0.62 percentage points from the previous quarter [2]. - The total expense ratio for 2024 was 9.47%, an increase of 0.58 percentage points year-on-year, driven by higher management expenses due to the acquisition of a Singapore subsidiary [2]. Market Outlook and Opportunities - The offshore oil and gas exploration and development sector remains robust, with deep-sea product orders expected to rebound as international oil prices remain high [2]. - According to Clarkson's forecast, global capital expenditure for offshore oil and gas projects is expected to exceed 100 billion dollars in 2025, representing a year-on-year increase of over 20% [2]. - The company is a key supplier of specialized components in the deep-sea equipment sector for major players like TechnipFMC, SLB, and Baker Hughes, positioning it to benefit from the structural recovery in deep-sea markets [2]. Investment Projects and Future Growth - The company has been advancing its multi-directional forging project for over a decade, targeting the domestic replacement of high-end large valves, with leading global forging technology [3]. - The project is on schedule, having completed critical phases such as equipment installation and main equipment debugging, indicating a potential for substantial returns from high capital expenditures [3]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 14% and 2% respectively, estimating net profits of 150 million yuan and 245 million yuan [4]. - The estimated net profit for 2027 is projected to be 296 million yuan [4]. - The company is assigned a target price of 21.58 yuan for 2025, based on a price-to-earnings ratio of 28 times, reflecting a premium due to its leading technology in investment projects [4].

美埃科技出台股权激励，未来业绩成长可期：公司2024 年8 月发布覆盖高管及核心技术人员的股权激励 预案，授予价格为15.60 元/股，考核期间公司业绩考核目标分别为：1）（100%归属）2024 年-2026 年 收入分别不低于20 亿元、27.5 亿元、38 亿元，对应收入增速分别为32.9%、37.5%、38.2%；2）（80% 归属）2024-2026 年收入不低于17 亿元、22.5 亿元和29 亿元，对应收入增速分别为13%、32.4%、 28.9%。 产能扩张带动未来业绩持续提升。随着中美贸易在高科技行业的摩擦加剧，半导体行业国产化替代趋势 逐渐加速，此外半导体产业迁移至东南亚地区的趋势愈发明显。公司现有产能利用率已经持续处于饱和 状态。随着募投项目分批逐渐投产后，预计公司的产销量将会稳步增长，从而带动公司收入及利润提 升。预计美埃科技2024-2026 年归母净利润分别为2.4 亿元、3.0 亿元和3.6 亿元，目前股价对应PE 分别 为20x、16x 和13x，维持"买入"评级。 风险提示 事件描述 2024 年公司实现营业收入17.2 亿元，同比增长14.45%，归母净利润1.9 亿元，同 ...