公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

Core Insights - In the first quarter of 2025, the export value of ships from Dalian reached 5.5 billion RMB, marking a 54% year-on-year increase [1] Group 1: Industry Development - The Chinese shipbuilding industry is accelerating its transition towards green and intelligent manufacturing, showing strong growth and gradually dominating the global market [3] - Dalian Port Customs is actively promoting the implementation of processing trade facilitation policies to support the development needs of enterprises [3] Group 2: Company Performance - Dalian Zhongyuan Shipping Heavy Industry Co., Ltd. is set to deliver 12 multi-purpose pulp transport ships in 2025, following the delivery of 11 ships in the previous year, with a construction speed of one ship per month [3] - The "Group Bonded" policy implemented by Dalian Port Customs allows for smoother internal supply chain and production chain operations within group companies, saving nearly 3 million RMB in logistics costs annually [3] Group 3: Customs Innovations - Dalian Port Customs has introduced an innovative "Bonded Lubricating Oil" supervision model to optimize the import and export processes for lubricating oil, resulting in the supervision of over 11,000 tons of imported lubricating oil and saving approximately 28 million RMB in tax expenses [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 168 million yuan in Q1 2025, representing a year-on-year increase of 227.91% but a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, indicating a reduction in losses [5][11] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from engineering general contracting services in 2025-2026 [11] - The company is focusing on high-end, green, and intelligent development in response to national policies aimed at promoting the chemical industry [11] - The petrochemical equipment market is expected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] - The projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, respectively, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11] Summary by Sections Financial Performance - In Q1 2025, the company's revenue was 168 million yuan, a year-on-year increase of 227.91% and a quarter-on-quarter decrease of 81.52%. The net profit attributable to the parent company was -8 million yuan, showing a reduction in losses [5][11] Order Book and Revenue Recognition - The company has 5.868 billion yuan in orders on hand, with engineering general contracting services expected to contribute significantly to revenue recognition in 2025-2026 [11] Industry Outlook - The petrochemical equipment market is projected to grow at a compound annual growth rate of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [11] Strategic Focus - The company is actively pursuing high-end, green, and intelligent development in alignment with national policies aimed at enhancing the chemical industry [11] Profit Forecast - Projected net profits for the company from 2025 to 2027 are 130 million yuan, 150 million yuan, and 200 million yuan, with corresponding price-to-earnings ratios of 19.3X, 16.9X, and 12.3X [11]

Group 1: Business Performance Overview - The material handling segment's revenue increased by approximately 56.1% in 2024 due to a rise in orders influenced by global supply chain adjustments [2][3] - The new energy equipment segment's revenue grew by about 35.4% in 2024, driven by significant fixed asset investments [4] - The metallurgy equipment segment's revenue saw a 10.7% increase in 2024, despite a slowdown in the steel industry [5] Group 2: Profitability Insights - The material handling segment's gross margin decreased by 5.3 percentage points in 2024, but the company aims to enhance profitability through smart product technologies [3] - The new energy equipment segment's gross margin fell by 4.3 percentage points in 2024 due to intense competition [4] - The metallurgy equipment segment's gross margin improved by 0.53 percentage points in 2024, supported by strong product competitiveness [5][6] Group 3: Order and Demand Trends - In Q1 2025, the company received new orders worth 5.14 billion yuan, marking an 11.02% year-on-year increase [6][7] - The material handling segment's new orders in Q1 2025 decreased by 22% year-on-year, while the new energy equipment segment saw a 17.4% increase [7] - The metallurgy equipment segment's new orders fell by 6.8% in Q1 2025 due to weak market demand [7][8] Group 4: Future Outlook - The company plans to increase casting production by over 20% in 2025, with a focus on market demand [8] - The wind power gearbox product shipments are expected to rise significantly in 2025, driven by policy support and market demand [8] - The engineering contracting segment's revenue is projected to improve through international market expansion, particularly in Southeast Asia and along the Belt and Road [6][8] Group 5: Cost Reduction and Efficiency Measures - The company is focusing on expanding operational scale and enhancing customer management to improve value creation [10][11] - Efforts are being made to implement lean management practices and integrate supply chain operations to reduce costs [11][12] - The company aims to achieve significant breakthroughs in core technologies and increase patent applications [11][12] Group 6: Corporate Governance and Reforms - The company is actively pursuing state-owned enterprise reforms and enhancing quality management initiatives [12][13] - A new lean operational management model has been established, leading to improved production efficiency [13][14] - Organizational restructuring is underway to optimize governance and align with market-oriented reforms [14]

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Tongda Electric, with a significant increase in revenue and net profit in both the annual and quarterly reports [1][2] - In 2024, the company achieved an operating income of 666 million yuan, representing a year-on-year growth of 16.62%, and a net profit attributable to shareholders of 25.61 million yuan, up 10.52% [1] - The first quarter of 2025 showed even more robust growth, with operating income reaching 185 million yuan, a 50.85% increase year-on-year, and a net profit of 18.74 million yuan, up 59.21% [1] Group 2 - Tongda Electric is positioned as a smart transportation system service provider, leveraging an integrated solution of "vehicle-road-field-cloud" to establish a customer base primarily among bus manufacturers and operators, while gradually penetrating the commercial vehicle sector [1] - The company has established long-term stable partnerships with major domestic bus manufacturers, including Yutong Bus, Haige Bus, and King Long Bus, and has also formed supply relationships with commercial vehicle manufacturers [1] - The sales of buses, particularly those over 5 meters, have continued to grow in 2024, alongside successful market expansion efforts in the truck and engineering machinery sectors, contributing to the company's positive operational performance [1] Group 3 - In the mobile medical field, the company integrates high-precision medical equipment with vehicles to address challenges such as shock resistance and electromagnetic interference, aiming to provide convenient and efficient medical services [2] - The mobile medical series generated an operating income of 18.86 million yuan in 2024, reflecting a year-on-year growth of 34.16% [2] - The company is committed to responding to the industry's trends towards intelligence and sustainability, as highlighted by the government's focus on energy-saving and carbon reduction in transportation [2]

"产品批量化稳定生产，意味着降低成本、提高效益。"在冷轧生产线上干了25年，刘晓峰见证了本钢板 材公司产品质量的持续跃升——实现世界最宽幅2150毫米汽车板的高效稳定生产，解决冷轧热冲压成型 高强度钢稳定焊接难题…… "技术研发升级，生产流程也得更智能。"刘晓峰说，近年来，团队还致力于参与第三冷轧厂集中控制中 心二期项目的开发。 集中控制中心是生产线上的"智慧大脑"。2023年9月，集中控制中心一期投入使用，原本分布在4条生产 线、28个点位的操作人员和控制功能，全都集中在一间屋内，通过大屏上的监控画面、工艺参数等，实 时掌握生产线上的情况。这样的数据协同共享，带动产线劳动生产率提高65%，产品合格率提升10%， 能源消耗降低30%。刘晓峰说："能为钢铁制造迈向高端化、智能化、绿色化出一份力，我们感觉很自 豪！" （人民日报记者 胡婧怡） "交货周期能不能保证，就看这次试验了！"本钢板材股份有限公司冷轧总厂总工程师刘晓峰出差归来， 一下飞机就赶到第三冷轧厂，和团队成员一起研究酸轧机组工作进展。 近年来，公司生产的1.3米宽、强度超1000兆帕超高强钢的订单量快速增长。但超高强钢轧制难度大， 轧制过程中钢带更硬 ...

近日，有两则新闻引人关注。其一，自然资源部、国家林业和草原局通报了2025年一季度18起破坏 耕地、毁林毁草典型问题，其中有4起毁林毁草开垦耕地的事例。 其二，内蒙古印发《毁林毁草违规违法行为集中整治工作方案》，称将用一年时间，集中整治毁林 毁草、乱开滥垦等行为。 这两则新闻，提醒我们注意当前占用林地、草地、湿地等开垦耕地违法违规行为的苗头。 粮食安全是"国之大者"，耕地则是粮食生产的命根子。2021年以来，全国耕地总量增加1758万亩， 连续3年实现净增加，遏制了耕地持续多年减少的态势。这是意义重大且难度很高的巨大成就。因为我 们面临的基础条件是耕地空间分布不均、总体质量不高，人均耕地仅有1.36亩，不足世界平均水平的四 成。为此，我国实行了最严格的耕地保护制度。 但是，生态文明建设同样在我国全局工作中处于突出位置，同确保粮食安全、千方百计保护耕地并 行不悖。尤其是，我国已进入加快绿色化、低碳化的高质量发展阶段，生态环境保护结构性、根源性、 趋势性压力尚未根本缓解。当此之时，更须时时保持加强生态文明建设的战略定力。 从这个角度看，毁林毁草违法违规行为不可小视，反映的是各级政府部门能否真正领悟绿色化、低 碳化 ...

图① 在第137届广交会的智慧生活专区，境外采购商参观格兰仕家电产品。 新华社记者 邓 华摄 图② 客商在第137届广交会上选购厨具。新华社记者 卢汉欣摄 作为中国外贸的重要平台和对外开放的重要窗口，有"中国第一展"之称的中国进出口商品交易会（以下简 称"广交会"）一直被视为中国外贸的"风向标""晴雨表"。第137届广交会于4月15日至5月5日在广州分3期举 办，展览总面积155万平方米，展位总数约7.4万个，参展企业首次突破3万家，比上届增加近900家。 从智能家电到服务机器人，从汽车零配件到农业机械，从建材家具到装饰礼品，在第137届广交会现场，来自 世界各地的参展商、采购商汇聚一堂，展示新品、洽谈生意、广交朋友。 科大讯飞智能座舱人机交互效果评测机器人VIAS是展会一大焦点。这款机器人能对车载智能系统进行全面测 试，满足90%以上智能座舱交互场景的自动检测需求。"VIAS融合了星火大模型的多模态断言算法，能自动 判断测试结果。自主研发的噪声还原系统，能在实验室模拟出高速公路风噪、城市道路胎噪等各种真实驾驶 环境。"国家智能语音创新中心市场经理陈百川介绍，此前人工测试和实车路测可能需要3周时间，在VIAS ...

2024年，钢铁行业供需矛盾仍存，行业整体呈现"供给保持高位、需求结构调整、出口增长强劲、价格 持续下降、效益不断挤压"的特征，钢铁行业利润普遍下降。中钢协发布的数据显示，2024年中钢协重 点统计企业实现利润总额429亿元，同比下降50.3%；平均销售利润率0.71%，同比下降0.63个百分点。 在复杂的外部环境下，首钢股份（000959）展现出强劲韧性。2024年，公司实现营收1083.11亿元，利 润总额7.46亿元，归母净利润4.71亿元；2025年第一季度，公司实现营业收入265.33亿元，归母净利润 3.28亿元，同比大幅扭亏，环比增长22.61%。 4月18日，首钢股份在全景网举行2024年度及2025年第一季度业绩说明会，公司高管团队悉数到场，围 绕公司经营情况及发展规划等与投资者进行深入交流。透过这个窗口，我们也得以从中观察到公司的战 略布局和转型成效。 高端化构筑差异化竞争壁垒 2024年是钢铁行业深度调整的关键一年。"持续实施粗钢产量调控，推动钢铁产业减量重组"等政策措施 加速推进钢铁行业进入存量优化、减量发展的阶段。 与此同时，下游钢材消费结构也进一步分化，"工业强、建筑弱"格局凸显， ...

4月21日晚间，明新旭腾（605068）公告2024年年报，实现营业收入11.8亿元、同比增长30.21%，净利 润-1.7亿元、同比下降412.54%，公司亏损主要来自信用资产减值。展望2025年，公司将通过"技术穿透 产业，创新重构价值"的战略路径，实现从汽车新材料专家向智能表面系统解决方案商的转型升级，为 全球智能制造发展提供"明新方案"。 年报显示，明新旭腾是一家专注于汽车内饰新材料研发、清洁生产和销售的高新技术企业，自设立以来 一直专注于汽车内饰新材料业务，经过不断的技术研究、新品开发和市场拓展，采用绿色生产技术，生 产出一系列符合安全环保要求且舒适美观的汽车内饰新材料，形成了从材料研究、工艺开发、清洁生产 到销售推广和终端应用的汽车内饰新材料一体化业务体系。 明新旭腾表示，作为行业领先的汽车内饰材料解决方案服务商，公司坚守"可持续发展"战略核心， 以"技术突破+客户深耕+产能赋能"为主线，在复杂市场环境中实现稳健增长；客户结构快速优化，新 能源汽车客户业务收入占公司营收比重不断攀升，真皮与水性合成革两大核心品类竞争力持续强化，全 球化制造网络雏形初现，品牌价值与内部管理效能同步提升。 真皮以其天然 ...