[Table_Reportdate] 2025年04月29日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [国轩高科 Table_NewTitle]（002074）：全球化布局成效显 著，业绩表现亮眼 两行报告标题内容 ——公司简评报告 投资要点 电 力 设 备 赵敏敏 zmmin@longone.com.cn [数据日期 Table_cominfo] 2025/04/28 收盘价 20.11 总股本(万股) 180,299 流通A股/B股(万股) 172,510/0 资产负债率(%) 72.81% 市净率(倍) 1.22 [Table_QuotePic] -22% -13% -3% 6% 16% 25% 34% 44% 24-04 24-07 24-10 25-01 国轩高科 沪深300 [相关研究 Table_Report] 1. 《国轩高科（002074）：大众入局 赋能公司转型，积极出海拥抱全球电 动化浪潮 — — 公 司 简 评 报 告 》 2024.05.14 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600356 公司简称：恒丰纸业 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、天健会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每股派发现金红利0.12元（含税）。截至2024年12月31日，公司总股本298,731,378 股，以此计算合计拟派发现金红利35,847,765.36元（含税）。2024年度,公司实现归属于上市公司股东的 净利润 115,819,658.61 元，本年度公司现金分红总额占比为30.95%。 ■ 2、报告期公司主要业务简介 2024年中国造纸产量为1.58亿吨?，同比增长8.6%，首次突破1.5亿 ...

公司持续推进全球化布局，2024年海外组件销售额占比接近70%。与沙特公共投资基金(PIF)及沙特能源 设备公司(Vision Industries Company)合作建设的10GW高效电池及组件项目进展顺利，预计2026年下半 年逐步投产，将增强公司在中东市场的竞争力；美国工厂完成升级改造与扩产，2GW产能实现满产运 营，本土化供应突破贸易壁垒。 4月29日晚间，全球光伏龙头企业晶科能源(688223.SH)发布2024年度业绩。财报显示，公司在2024年实 现组件出货量92.87GW，同比增长18.28%，第六次蝉联全球组件出货量冠军。公司全年营收924.7亿 元，实现归属于上市公司股东的净利润0.99亿元。值得注意的是，2024年公司实现经营性现金流78.67亿 元，全年资产负债率逆势下降2个百分点。 在全球光伏行业供需格局深度调整的背景下，公司凭借在技术创新、全球化布局、数智化转型及储能业 务的多维突破，展现出强大的经营韧性，持续巩固行业龙头地位。截至报告期末，公司黄金片区电池量 产平均效率超26.7%，实验室TOPCon钙钛矿叠层电池效率达34.22%，为当前主流技术与下一代技术融 合打开空间。公 ...

Group 1: Core Insights - The construction of the "A+H" dual capital market platform is aiding companies in achieving global breakthrough strategies amid changing international geopolitical landscapes [1][2] - Major home appliance and consumer electronics companies are accelerating their overseas base layouts, with fundraising in Hong Kong being a key factor [1][2] - Midea Group successfully raised over HKD 31 billion in its H-share issuance, marking the highest fundraising amount in the Hong Kong market in nearly three years [2] Group 2: Company Strategies - Midea Group's internationalization and global operations are long-term strategic goals, with joint manufacturing bases established in multiple countries [2] - Sanhua Intelligent Controls is applying for H-share issuance to enhance its international image and competitiveness, with funds aimed at global R&D and expanding product offerings [2][3] - Haier Smart Home emphasizes the importance of China's advanced infrastructure in facilitating communication between consumers and enterprises, enhancing product iteration speed [3] Group 3: Industry Trends - The consumer electronics industry is increasingly focusing on global diversification to mitigate risks associated with geopolitical uncertainties [4][5] - Lens Technology is seeking to expand its global business layout through its Hong Kong listing, enhancing its delivery capabilities and customer diversity [4][5] - GoerTek is planning to spin off its subsidiary for a Hong Kong listing to solidify its leadership in smart sensing solutions and capitalize on market transformation opportunities [5]

证券代码： 300014 证券简称：亿纬锂能 惠州亿纬锂能股份有限公司 投资者关系活动记录表 编号：2025-002 | □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 | | □新闻发布会 | □路演活动 | | 类别 | □现场参观 □电话会议 | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 年度业绩说明会的全体投资者 2024 | | 人员姓名 | | | 时间 2025 年 04 | 月 28 日 15:00-17:00 | | 地点 | 价值在线-易董价值平台（https://www.ir-online.cn/） | | 董事长 | 刘金成先生 | | 上市公司接待人 独立董事 | 汤勇先生 | | 员姓名 | 董事、副总裁、董事会秘书兼财务负责人 江敏女士 | | 保荐代表人 | 史松祥先生 | | 公司于 | 2025 年 4 月 28 日（星期一）下午 15:00-17:00 在价值在线-易董 | | 价值平台举办 | 年度业绩说明会，本次业绩说明会采用网络远程的 2024 | | | ...

根据奥维云网数据，2025年1-2月石头科技扫地机零售额份额为24.7%，同比增长3.4个百分点；同期， 公司洗地机的线上零售额份额为11.8%，同比增长7.4个百分点。 4月29日，石头科技(688169.SH)发布了2025年一季报。公司一季度营业收入为34.28亿元，较上年同期增 长86.22%；归属于上市公司股东的净利润为2.67亿元。 石头科技表示，营收快速增长的原因主要系公司进一步丰富了产品矩阵和价格矩阵，并在主流价格段重 点突破。同时石头科技通过积极的市场策略，进一步优化销售结构，实现了公司国内和海外业务收入的 跃升。 在国内市场，受益于家电行业"以旧换新"补贴政策的消费刺激，收入增速显著；在海外市场，公司精细 化运营，市场竞争力持续增强。 一季度石头科技持续加强产品研发和创新投入，引进培育技术人才，不断提升品牌核心竞争力，公司一 季度研发投入为2.66亿元，同比增长36.9%。 分业务来看，扫地机仍然是公司重要的收入来源，洗地机在今年一季度表现同样亮眼，增长迅猛。 从技术和产品方面来看，石头科技在2025年第一季度发布了搭载全球首创5轴折叠仿生机械手的扫地机 器人G30 Space探索版，实现 ...

新泉股份（603179.SH）系列点评七 2025Q1 业绩符合预期 剑指全球内外饰龙头 2025 年 04 月 29 日 事件：公司披露 2024 年报及 2025 一季报：2024 年营收 132.6 亿元，同比 +25.5%，归母净利9.8亿元，同比+21.2%，扣非归母净利9.7亿元，同比+20.5%； 2025Q1 营收 35.2 亿元，同比+15.5%/环比-3.8%；归母净利 2.1 亿元，同比 +4.4%/环比-26.8%；扣非归母净利 2.1 亿元，同比+3.7%/环比-31.8%。 ➢ 2025Q1 业绩符合预期 海外业务进展顺利。公司 2024Q4 营收同比 +12.5%/环比+6.3%，2025Q1 营收同比+15.5%/环比-3.8%，业绩同比持续增 长主要系：1）国内重点客户奇瑞、吉利、上汽、国际知名品牌电动车企业销量持 续提升，带动客户收入向上；2）海外产能量产顺利，2024 年墨西哥及美国子公 司分别实现营收 5.9 亿元/0.1 亿元，同比增长 74.5%/96.8%，新增斯洛伐克子 公司收入 3.7 亿元，未来展望海外产能持续爬坡上量。 公司 2024Q4 毛利率 17.5 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 新泉股份（603179.SH） 业绩符合预期，切入座椅领域支撑未来增长 事件：公司发布 2024 年报及 2025 一季报。2024 年，公司收入 133 亿元， 同比+25%；归母净利润 9.8 亿元，同比+21%；2025 年 Q1，公司收入 35 亿元，同比+15%；归母净利润 2.1 亿元，同比+4%。 业绩符合预期，全球化布局稳步推进。2024 年/2025Q1，国内新能源车销 量分别为 1287/308 万辆，同比+36%/+47%。受益于海外市场开拓+多元 化客户结构，公司 2024Q4/2025Q1 收入分别实现 37/35 亿元，同比 +12%/+15%，环比+6%/-4%；归母净利润分别为 2.9/2.1 亿元，同比 +19%/+4%，环比+6%/-27%。公司持续推进墨西哥、斯洛伐克等生产基 地建设，积极拓展中高端外资和合资品牌客户，且获得部分新车型项目仪 表板、保险杠等产品的定点开发和制造，支撑未来业绩增长。 会计准则变更影响毛利率，汇兑收益变化影响净利率。，公司销售毛利率 17.5%，同比-3.3 ...

Core Viewpoint - The company reported a revenue of 7.183 billion yuan in Q1 2025, reflecting a year-on-year increase of 20.39% but a quarter-on-quarter decrease of 8.81%. The net profit attributable to shareholders was 162 million yuan, down 40.96% year-on-year and down 24.24% quarter-on-quarter, while the net profit excluding non-recurring items was 138 million yuan, a year-on-year decrease of 47.62% [1][2]. Financial Performance - The company's Q1 2025 gross margin was 8.83%, showing a year-on-year decline of 0.83 percentage points and a quarter-on-quarter decline of 0.49 percentage points [2]. - The total expense ratio for the first quarter was 6.74%, which increased by 0.14 percentage points quarter-on-quarter, primarily due to a rise in financial expense ratio by 0.26 percentage points [2]. Global Expansion and Market Position - The company's global layout may effectively hedge against tariff impacts, with factories established in Thailand and Mexico. The Thai aluminum alloy project is expected to be operational in 2024, while the Mexican wheel factory is still ramping up production [3]. - The U.S. imposes a 10% tariff on Thailand, which has a relatively minor impact. Mexico is not subject to U.S. tariffs, allowing the company to potentially increase its market share in the U.S. automotive supply chain [3]. Product Development and Innovation - The company is actively developing products in emerging fields, with mass production of non-heat-treated alloy materials already achieved. The high-strength, high-yield non-heat-treated die-casting aluminum alloy is being validated in robotics and drone applications [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 800 million yuan, 1.069 billion yuan, and 1.34 billion yuan for 2025-2027, with corresponding EPS of 1.26, 1.69, and 2.12 yuan [4]. - The average PE ratio for comparable companies in 2025 is projected at 21.1 times, while the company is assigned a target PE of 17 times, resulting in a target price of 21.42 yuan [4].

Core Insights - The company reported a total revenue of 4.1 billion yuan for 2024, representing a year-on-year increase of 48% [1] - The net profit attributable to shareholders reached 410 million yuan, up 28% year-on-year, while the non-recurring net profit was 390 million yuan, reflecting a 25% increase [1] - In Q4 2024, the company achieved revenue of 1.1 billion yuan, a significant year-on-year growth of 71%, with net profit also increasing by 86% to 110 million yuan [1] Revenue Breakdown - The home appliance segment saw rapid growth, benefiting from new customer acquisitions and orders for new product categories, with vacuum cleaner revenue at 2.1 billion yuan, up 30% year-on-year, and small home appliances revenue at 1.4 billion yuan, a 69% increase [1] - Other small appliances outpaced vacuum cleaners in growth, indicating strong category expansion capabilities [1] Product Development and Market Expansion - The company is enhancing its product lineup and increasing R&D efforts, focusing on personal health and garden tools to explore new market opportunities [1] - The dishwasher business has commenced mass production and received CQC and CE certifications [1] Automotive Parts Business - The automotive parts segment achieved its first-year profitability with revenue exceeding 410 million yuan, doubling year-on-year, and a gross margin improvement to 21.7% from 11.4% in 2023 [1][2] - The company added 9 new designated projects, with total sales exceeding 2.3 billion yuan over the product lifecycle [2] Financial Metrics - The company reported a gross margin of 17.36% for 2024, a decrease of 1.8 percentage points year-on-year, with stable expense ratios for sales, management, R&D, and finance [2] - Financial expenses were impacted by reduced foreign exchange gains and decreased dollar asset settlements [2] Strategic Initiatives - The company has been proactively establishing production bases in Southeast Asia since 2019, including a new factory in Vietnam with an annual capacity of 3 million small appliances and a factory in Thailand with a capacity of 5 million appliances [2] - This multi-country base layout ensures stable and flexible product supply, mitigating risks associated with high revenue exposure to the U.S. market [2] Investment Outlook - The company is projected to achieve net profits of 500 million, 610 million, and 760 million yuan for 2025-2027, reflecting year-on-year growth rates of 22%, 22%, and 24% respectively [2] - The current stock price corresponds to PE valuations of 15, 12, and 10 times for the respective years, maintaining a "strong buy" investment rating [2]