4月28日晚间，国内背光模组头部企业南极光（股票代码：300940）对外公告2024年度报告。财报显 示，公司2024年全年营收4.57亿元；净利润2,062万元，较2023年亏损3.05亿元实现大幅逆转。如此大幅 度的扭亏转盈背后，是南极光从以手机背光为主向中大尺寸屏幕背光模组战略转型的显著成效，业务结 构优化与技术升级双轮驱动，或将持续向上修正业绩。 从手机到全场景：背光模组业务"破圈"升级 南极光成立于2008年，早期以手机背光显示模组为核心业务，凭借高亮度、低功耗等技术优势进入京东 方、华显光电、华星光电、帝晶光电、信利光电、联创电子、同兴达、群志光电等头部液晶显示模组企 业合格供应商体系，占据中高端市场份额，应用的手机终端品牌包括 OPPO、VIVO、小米、华为等。 然而，随着智能手机市场增速放缓，2023年起南极光加速向中大尺寸、高附加值领域延伸，逐步形 成"手机+平板/笔电+车载+家庭娱乐、电子竞技终端"的全场景产品矩阵。 2025年4月，任天堂对外表示，即将发售的Switch 2将采用一块7.9英寸的广色域LCD屏幕，分辨率达到 1080p(1920x1080)。这比初代Switch的6.2英 ...

Core Insights - Yutai Micro (688515.SH) reported a total revenue of 396.23 million yuan for 2024, marking a year-on-year growth of 44.86% [1][8] - The growth is attributed to the recovery in semiconductor market demand and the successful introduction of new products like the 2.5G Ethernet PHY chips [1][5] - The company has established a strong presence in the Ethernet PHY chip market, which is projected to grow at a compound annual growth rate (CAGR) of over 25% from 2022 to 2025, potentially exceeding 30 billion yuan by 2025 [2][11] Financial Performance - Yutai Micro's quarterly revenue showed consistent growth: Q1 at 72.53 million yuan, Q2 at 82.15 million yuan, Q3 at 111.39 million yuan, and Q4 at 130.16 million yuan [1] - The overseas revenue reached 73.76 million yuan in 2024, surpassing the total overseas revenue for 2023, which was 28.61 million yuan [2][13] Product Development and Market Position - The company has developed seven product lines, including Ethernet PHY chips and Ethernet switch chips, with significant production scale achieved [2][6] - Yutai Micro's products are widely used in various sectors, including data communication, security, consumer electronics, telecommunications, industrial applications, and automotive [1][4] - The company has made significant advancements in technology, with 143 patent applications filed, of which 41 have been granted [8][10] Strategic Initiatives - Yutai Micro is focusing on expanding its market presence both domestically and internationally, with a particular emphasis on the automotive sector and global market penetration [11][12] - The establishment of a dedicated automotive division aims to enhance the development of automotive Ethernet communication chips, targeting mass production by 2025 [11][12] - The company has set up a development center in Singapore to facilitate its global expansion strategy [13][14]

星环科技 20250428 摘要 • 星环科技湖仓一体架构在 2024 年被金融行业广泛接受，如徽商银行等已 采用其产品替代传统架构，提升数据处理性能并减少流转时间，其他数字 化转型较慢的央企也开始直接采用最新技术架构以省去迁移成本。 • 星环科技产品从管理域向生产域扩展，满足金融行业线上贷款秒批秒贷、 实时理财推荐等需求，以及工业领域工厂实时监控、设备实时告警等需求， 使得产品成为"must have"的必需品。 • 国产化替代加速，政府加大电子政务系统国产化改造力度，大数据平台被 纳入国产化目录，头部客户开始用星环科技 TDH 替代开源 CDH，以确保 供应链安全。 • 数字化转型向智能化推进，领先金融及央国企客户将数字平台扩展为 AI 平 台，星环科技从数据基础设施向 AI 基础设施延伸，通过底层数据平台为 AI 提供支持，实现数据与大模型结合形成应用。 • 2024 年星环科技收入 3.7 亿元，同比下降 20%，但高价值订单数量同比 增加 25%，平均订单金额增加约 10%，大模型相关订单金额全年合计约 5,000 万元，平均客单价 200 万元。 Q&A 2024 年 AI 行业的发展态势如何？星 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company achieved operating revenue of 1.72 billion yuan, a year-on-year increase of 14.45%, and a net profit attributable to the parent company of 190 million yuan, up 10.83% year-on-year. For Q1 2025, the operating revenue was 320 million yuan, reflecting a year-on-year growth of 16.02%, with a net profit of 40 million yuan, an increase of 18.45% year-on-year [2][6]. - The company completed the privatization of Jiexinlong, which enhances its business layout through multiple synergies in the supply chain and sales regions [2][6]. Summary by Sections Financial Performance - The company reported a total operating revenue of 1.72 billion yuan in 2024, with a gross profit of 510 million yuan, resulting in a gross margin of 29.62%, an increase of 2.90 percentage points year-on-year. The overseas revenue reached 228 million yuan, growing 33.28% year-on-year, which is higher than the overall growth rate [11]. - For Q1 2025, the company achieved an operating revenue of 320 million yuan, with a net profit of 40 million yuan, marking an 18.45% increase year-on-year [6]. Business Expansion - The acquisition of Jiexinlong is expected to enhance the company's business, particularly in overseas markets. Jiexinlong reported revenue of 357 million yuan in 2023, with a net profit of 55 million yuan and a healthy gross margin of 31.7% [11]. - The company plans to expand its production capacity, which is currently at full utilization, to support future revenue and profit growth [11]. Future Outlook - The company has set ambitious performance targets through a stock incentive plan, aiming for revenues of at least 2 billion yuan in 2024, 2.75 billion yuan in 2025, and 3.8 billion yuan in 2026, corresponding to growth rates of 32.9%, 37.5%, and 38.2% respectively [11]. - The projected net profits for 2024, 2025, and 2026 are 240 million yuan, 300 million yuan, and 360 million yuan, respectively, with corresponding price-to-earnings ratios of 20x, 16x, and 13x [11].

深圳市骏鼎达新材料股份有限公司投资者关系活动记录表 编号：20250428 | | ☑ 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □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 | 中信建投基金、国联安、泓德基金、信达澳亚、山西证券共 | | 人员姓名 | 计 7 人 | | | 2025 年 4 月 28 日 09:00-10:00 | | | 2025 年 4 月 28 日 10:00-11:00 | | 时间 | | | | 年 月 日 2025 4 28 14:00-15:00 | | | 2025 年 4 月 28 日 15:10-15:50 | | 地点 | 深圳市宝安区沙井街道民主西部工业园 E 区 2 栋骏鼎达公司 | | | 三楼会议室通过通讯方式进行交流 | | 上市公司接待人 | 财务负责人 肖睿 | | 员姓名 | 董事、董事会秘书 刘亚琴 | | | 证券事务专员 肖荣贵 | | | 一、公司董事会秘书就公司业务概况、2024 ...

股票代码：300349 股票简称：金卡智能 金卡智能集团股份有限公司 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） 参与单位名称及人 员姓名 线上参与金卡智能 2024 年度暨 2025 年第一季度网上业 绩说明会的投资者 时间 2025 年 04 月 28 日（星期一）下午 15:00-16:30 地点 "金卡智能"微信小程序 上市公司接待人员 姓名 董事长兼总裁：杨斌先生 独立董事：李建勋先生 董事、副总裁、董事会秘书兼财务总监：李玲玲女士 投资者关系活动主 要内容介绍 1、问：目前行业竞争日益激烈，金卡智能在智能燃气、水 务等领域面临诸多竞争对手，请问公司认为自身相对于竞争对 手的核心竞争优势是什么？ 答：尊敬的投资者，您好！公司深耕物联网领域二十余年， 坚持创新驱动发展，在行业构建了显著竞争优势。凭借技术研 发、渠道优势、供应链整合及综合解决方案能力，核心业务数字 燃气长期保持行业领先地位。2008 年，公司与广州燃气、新奥 燃气合作，成功推出全球首台 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 970 million yuan for Q1 2025, representing a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8%. The net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter. The net profit excluding non-recurring items was 130 million yuan, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter decrease of 0.2% [2][6]. Summary by Sections Company Overview - The company is engaged in the research, production, and sales of various high-end ceramic materials and products, forming six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials. Its products are applied in fields such as electronic information and communication, automotive and industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [10]. Business Performance - The company has expanded into new areas of ceramic materials through organic growth and horizontal mergers. The electronic materials segment is benefiting from policies that stimulate consumer electronics, with a recovery in downstream demand and rapid growth in emerging applications such as automotive electronics and AI servers. The catalytic materials segment has deepened cooperation with clients, entering the supply chain of leading overseas customers and covering domestic independent brands in the passenger vehicle sector [10]. Financial Metrics - For Q1 2025, the company's gross margin and net margin were 36.8% and 15.3%, respectively, showing a year-on-year decline of 2.0 percentage points and 2.4 percentage points. The R&D expense ratio was 7.3%, down 0.2 percentage points year-on-year. The company is expected to achieve net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for the years 2025, 2026, and 2027, respectively [10][16].

证券代码：301369 证券简称：联动科技 佛山市联动科技股份有限公司 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） | | 参与单位名称及人员 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 姓名 | | | 时间 | 2025年04月28日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 董事长 张赤梅 | | | 董事兼总经理 郑俊岭 | | 上市公司接待人员姓名 | 独立董事 杨格 | | | 副总经理兼董事会秘书 邱少媚 | | | 财务负责人 李映辉 | | | 1. 一季度下降原因是什么，何时可以扭转颓势？ | | | 答：尊敬的投资者您好，公司2025年一季度收入较去 | | 投资者关系活动主要 | 年同期增长12.59%，主要系本期市场开拓情况良好，产品 | | 内容介绍 | 销 ...

证券研究报告 | 公司深度报告 2025 年 04 月 28 日 麦加芯彩（603062.SH） 风电、集装箱涂料领先企业，新领域拓展有望推动经营 上新台阶 公司深耕风电与集装箱涂料行业，率先在行业内实现了国产化替代，目前在两 个领域分列国内第一、第二。风电与集装箱涂料行业周期性强，且行业规模天 花板有限，一定程度制约了公司的发展空间。公司目前正重点突破船舶涂料行 业，已经获得难度、销售额最大的船底漆认证，且具有一定的客户资源优势， 后续有望推动公司经营上新台阶。 风险提示：集装箱行业需求大幅下滑、风电行业复苏不及预期、新业务开展 不及预期，解禁造成股价波动风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 1141 | 2139 | 1924 | 2185 | 2661 | | 同比增长 | -18% | 88% | -10% | 14% | 22% | | 营业利润(百万元) | 196 | 247 | 266 | 360 | 482 ...