文/飞云 截至2025年4月30日，A股5411家上市公司中，共有5071家公司在2024年年度报告中披露了具体的研发费 用，其中研发费用过亿的有2012家。研发费用前五名分别为：比亚迪、中国建筑、中国移动、中国中铁、 中国交建。科创板、创业板公司研发费用最多的分别是百济神州、宁德时代。本文根据同花顺提供的最新 数据，整理统计了A股研发费用前100名、科创板和创业板研发费用的前30名，具体如下： 一、A股2024年研发费用前100名 研发费用最高的100家公司研发费用合计76995146.25万元，中位数为365510.85万元，平均数为769951.46万 元。比亚迪以5319474.50万元的研发费用位列2024年A股上市公司研发投入榜首。 | 序号 | 股票代码 | 股票简称 | 研发费用(万元) | | --- | --- | --- | --- | | | | | 2024/12/31 | | 1 | 002594.SZ | 比亚迪 | 5319474.50 | | 2 | 601668.SH | 中国建筑 | 4545933.90 | | 3 | 600941.SH | 中国移动 | 281630 ...

Core Viewpoint - The company,瑞泰科技, has reported a decline in both revenue and net profit for the first quarter of 2024, indicating a worsening performance compared to previous periods [1][2]. Group 1: Financial Performance - In Q1 2024, the company achieved an operating income of 980 million yuan, a year-on-year decrease of 13.71%, and a net profit of 16.49 million yuan, down 26.47% year-on-year [1]. - For the full year 2024, the company reported an operating income of 4.352 billion yuan, a decline of 5.98%, marking the second consecutive year of revenue decrease, with the decline rate accelerating [2]. - The net profit for 2024 was 57 million yuan, a year-on-year decrease of 21.68% [2]. Group 2: Business Segment Performance - Revenue from refractory materials for cement kilns and steel industries decreased by 19.29% and 6.98% respectively in 2024, while revenue from glass kiln refractory materials saw growth [2]. - The company's gross profit margin for 2024 was 14.75%, down 1.32 percentage points year-on-year, with specific declines in gross margins for cement kiln (down 3.81 percentage points), glass kiln (down 1.91 percentage points), and steel kiln (down 0.94 percentage points) refractory materials [2]. Group 3: Industry Challenges - The refractory materials industry is facing weakened profitability due to complex downstream conditions, with demand for refractory materials directly impacted by the macroeconomic environment and downstream industries [3]. - The steel demand has weakened overall due to ongoing adjustments in the domestic real estate market and stricter environmental policies, leading to declines in revenue and profit for key steel enterprises in 2024 [3]. - The cement market demand continues to fluctuate with downstream real estate investment and infrastructure projects, resulting in the lowest cement production levels since 2010 [3]. Group 4: Research and Development - The company has emphasized innovation and technology support for new market development, despite a reduction in R&D investment for the second consecutive year [4]. - As of the end of 2024, the company had 366 R&D personnel, an increase of 85.79%, with R&D staff constituting 12.66% of the total workforce, up 5.95 percentage points [4]. - The R&D expenditure for 2024 was 160 million yuan, a decrease of 9.09%, representing 3.67% of operating income, also a decline for two consecutive years [4].

5月5日，采纳股份发布2024年年报，公司全年实现营业收入3.88亿元，同比下降5.50%；归属净利润 0.53亿元，同比大幅下滑52.83%；扣非净利润3207.56万元，同比下降62.20%。财报显示，公司业绩大 幅下滑主要受美国FDA进口警示影响，部分产品销售不及预期，同时公司对相关存货和应收款项计提了 减值准备。尽管在动物器械和实验室耗材板块表现亮眼，但医疗器械板块收入同比下降23.56%，成为 拖累整体业绩的主要因素。 动物器械板块的增长得益于国内畜牧养殖业规模化程度的提升以及宠物诊疗市场的快速发展。随着国内 养殖业逐步走向科学化管理，动物用注射穿刺器械的市场需求持续增长。实验室耗材板块的快速增长则 与全球科研投入增加和实验室设备更新换代密切相关。 然而，这两大板块的收入占比相对较低，未能对整体业绩形成有力支撑。相比之下，医疗器械板块的显 著下滑成为公司业绩的主要拖累。这表明，公司在核心业务领域的竞争力正在减弱，亟需通过创新和优 化产品结构来提升市场表现。 海外布局与研发投入成未来关键 业绩大幅下滑，FDA警示成"罪魁祸首" 采纳股份2024年业绩表现不佳，净利润同比腰斩，扣非净利润更是下滑超六成。 ...

2024年，沪市公司研发投入规模突破万亿元大关，占全国企业研发经费投入近四成。沪市主板实体企业 研发投入金额合计约9200亿元，连续多年保持增长态势，五年间实现研发投入翻倍。723家公司研发投 入过亿，831家公司研发投入保持增长。(上证报) ...

•我国一季度对欧盟进出口1.3万亿元，同比增长1.4% •2024年，A股27家公司研发支出超百亿元 转自：新华财经 【重点关注】 •统计数据显示，2024年共有290家A股上市公司研发支出超10亿元，研发支出占营收比例超10%的公司有925家，这2项数据均创历史新高。27家公司研发支 出超百亿元，比亚迪、中国建筑、中国移动、中国石油、中国中铁排名前五。比亚迪2024年研发支出达到541.61亿元，A股历史上首次跻身榜首位置。（证 券时报） •数据显示，4月份共有1189家私募证券管理人参与对A股上市公司的调研，覆盖27个申万一级行业中的639只个股，合计调研次数达7647次，较3月的3513次 环比增长117.68%。其中，电子、医药生物、机械设备成为当月私募调研热度最高的三个行业，立讯精密等个股成为4月热门调研股。（新华财经） •香港金管局：股票相关投资及区内货币兑美元升值支持港元汇率 【国内要闻】 •5月3日，全国铁路预计发送旅客1800万人次，计划加开旅客列车1563列。5月2日，全国铁路发送旅客1955万人次，同比增长11.1%，运输安全平稳有序。 （新华社） •"五一"假期首日，出境游需求井喷，其 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved revenue of 2.567 billion yuan, a year-on-year increase of 44.19%, and a net profit attributable to the parent company of 307 million yuan, up 17.43% year-on-year [2][6]. - In the first quarter of 2025, the company reported revenue of 685 million yuan, a year-on-year increase of 13.86% and a quarter-on-quarter increase of 2.56%. The net profit attributable to the parent company was 63 million yuan, down 36.86% year-on-year but up 80.80% quarter-on-quarter [2][6]. - The company continues to strengthen its R&D investment, with R&D expenses reaching 437 million yuan in 2024, a year-on-year increase of 49.25%, and the R&D expense ratio at 17.01% [13]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of 1.030 billion yuan, with a gross margin of 40.12%, down 2.18 percentage points year-on-year [13]. - For the first quarter of 2025, the gross margin was 38.16%, down 4.41 percentage points year-on-year but stable compared to the previous quarter [13]. R&D and Innovation - The company placed significant emphasis on R&D, with the number of R&D personnel increasing to 567 by the end of 2024, a growth of 50% year-on-year [13]. - In 2024, the company obtained 26 new patents, bringing the total to 115, and developed five core technologies that have been applied to its products [13]. Market Position and Growth - The company is a leader in the charge pump industry, expanding its product offerings across various applications, including mobile devices, automotive electronics, and industrial sectors [13]. - Revenue from automotive electronics chips reached 86 million yuan in 2024, a year-on-year increase of 179.07%, indicating strong growth potential in this segment [13].

Group 1: Production and Sales - In 2024, the company achieved a steel production of 51.41 million tons, a decrease of 1% year-on-year, and sales of 51.59 million tons, down 0.6% [1] - Cold-rolled plate sales reached 21.21 million tons, an increase of 3.4% [1] - The company exported 6.067 million tons of steel, marking a historical high with a growth of 3.94% [1] Group 2: Revenue and Profitability - The total operating revenue for 2024 was 322.116 billion yuan, a decline of 6.60% year-on-year, primarily due to decreased market demand and lower sales prices [2] - The average steel price in 2024 was 4,523 yuan per ton, down 6.57% [2] - The gross profit margin for 2024 was 5.5%, a decrease of 0.75 percentage points [2] Group 3: Expenses and Net Profit - The expense ratio for 2024 was 3.34%, an increase of 0.31 percentage points [3] - The company recorded a net profit attributable to shareholders of 7.362 billion yuan in 2024, a decrease of 38.36% [3] - In Q1 2025, the net profit attributable to shareholders was 2.434 billion yuan, an increase of 26.4% [3] Group 4: Financial Health and Dividends - The company's asset-liability ratio for 2024 was 39.7%, a decrease of 1.8 percentage points [3] - The company plans to distribute a cash dividend of 0.21 yuan per share for H2 2024, accounting for 61.34% of the net profit for that period [4] Group 5: Future Outlook - The company is focusing on optimizing product structure and investing in advanced technology to enhance core competitiveness [4] - Future net profit projections for 2025-2027 are 9.758 billion, 10.467 billion, and 11.452 billion yuan, respectively [4]

Core Viewpoint - The Shanghai Stock Exchange's main board companies demonstrated strong resilience and stability in 2024, achieving a total operating revenue of 49.57 trillion yuan and a net profit of 4.35 trillion yuan, supported by a series of incremental policies [1][2]. Group 1: Financial Performance - In 2024, the total operating revenue of the main board companies was 49.57 trillion yuan, maintaining stability year-on-year; net profit reached 4.35 trillion yuan, with a year-on-year growth of 1.9% [2]. - Approximately 80% of companies reported profits, with 40% experiencing year-on-year net profit growth; over 230 companies saw net profit increases exceeding 30%, and 78 companies turned losses into profits [2]. - The annual trend showed a decline in net profit of 1% in the first half, followed by a significant recovery with a 5% increase in the second half; operating cash flow improved notably, with a 15% year-on-year growth in the fourth quarter [2]. Group 2: Stability and Growth - Over the past five years, the main board's operating revenue and net profit have both seen a compound annual growth rate (CAGR) of 5% [3]. - A total of 744 "long-distance running" companies achieved positive compound growth in both revenue and net profit over five years, contributing nearly 70% of total revenue and over 80% of total profit [3]. - Key sectors such as finance, energy, construction, and transportation played a significant role, contributing over 80% of profits, while emerging sectors like automotive, biomedicine, and intelligent manufacturing showed a net profit CAGR of 10% over three years [3]. Group 3: Emerging Industries - In the past decade, the proportion of companies in emerging industries such as electronics, communications, biomedicine, and automotive has risen to 40%, with the number of firms in sectors like semiconductors and new energy vehicles doubling [4]. - Emerging industries contributed over 40% of net profits in manufacturing and services, with a net profit CAGR of 11%, outperforming traditional industries by 5 percentage points [4]. - In 2024, industries such as electronics, communications, and automotive saw net profit growth of 11%, 6%, and 4% respectively, driven by trends in AI technology, cloud computing, and electrification [4]. Group 4: R&D Investment - In 2024, R&D investment by companies on the main board exceeded 1 trillion yuan, accounting for nearly 40% of national R&D expenditure [5]. - The main board's entities invested approximately 920 billion yuan in R&D, with 723 companies investing over 100 million yuan [5]. - Companies with R&D investments exceeding 1 billion yuan and a CAGR above 5% over three years saw average net profit growth outperforming the overall level by 3.6 to 6.1 percentage points [5]. Group 5: Dividends and Shareholder Returns - In 2024, 1,259 companies on the main board announced cash dividends, with a total dividend amount of 1.77 trillion yuan, reflecting a year-on-year growth of 6% [7]. - The overall dividend payout ratio reached 39%, an increase of 0.83 percentage points year-on-year, with 1,041 companies distributing over 30% of their profits as dividends [7]. - A trend of multiple dividends within a year emerged, with 366 companies implementing interim dividends totaling 574.9 billion yuan, marking a significant increase [7]. Group 6: Share Buybacks and Support Measures - In 2024, the number of disclosed share buyback plans reached 400, and important shareholder buyback plans reached 380, both doubling year-on-year [8]. - The total amount for proposed buybacks and increases reached 843 billion yuan and 537 billion yuan respectively, showing significant growth [8]. - Since the introduction of special loans in September 2024, 205 companies disclosed buyback plans utilizing these loans, with a total loan amount exceeding 52 billion yuan [8].

Core Viewpoint - The company is facing significant challenges in its transformation efforts, as evidenced by worsening financial performance despite advancements in global expansion and R&D initiatives [1][4][7]. Financial Performance - In 2024, the company's total revenue was 828 million yuan, a year-on-year increase of 0.95% [1]. - Gross profit decreased to 263 million yuan, reflecting a decline of 25.5% compared to the previous year [1]. - The net profit attributable to shareholders was a loss of 529 million yuan, worsening by 33.06% from a loss of 398 million yuan in 2023 [1][7]. - The company's net cash flow from operations was -348 million yuan, although this represented a 78.8% improvement year-on-year, it remained negative [7]. - Total assets decreased by 10.0% to 8.095 billion yuan, and net assets attributable to shareholders fell by 10.6% to 6.645 billion yuan [7]. Global Expansion Efforts - The company accelerated its global expansion in 2024, establishing production and research bases in various locations including the U.S. and several cities in China [4]. - Acquisitions of companies such as Confirm in the U.S. and others in China were made to enhance its market presence in North America, Europe, and Southeast Asia [4]. - A large POCT production base was established in the U.S., and the company received CLIA certification, marking the official launch of its laboratory business in the U.S. [4]. R&D Investments - The company made significant strides in R&D, including the establishment of a North American R&D center and a digital innovation headquarters in Shanghai [4]. - Important certifications were obtained for products in various fields, including emergency use authorization from the FDA and IVDR registration from the EU [4]. - Despite increased R&D investments, the company reported a non-recurring net profit loss of 571 million yuan, which expanded by 32.60% year-on-year, indicating that R&D efforts have not yet translated into profit growth [5][6]. Challenges Ahead - The company’s financial deterioration and cash flow pressures highlight the need for improved commercialization of its products and effective management of its financial health [7]. - The ongoing losses and lack of immediate economic benefits from global expansion and R&D efforts pose significant challenges for the company's future profitability [1][4][7].

Group 1 - The company, Tokyo Electron, plans to invest 300 billion yen in research and development to achieve maximum growth in the future [1]