恩威医药股份有限公司投资者关系活动记录表 编号：20250508 | | □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 | 线上参与公司 年度暨 年一季度网上业绩说明会的 2024 2025 | | 人员姓名 | 投资者 | | 时间 | 2025 年 5 月 8 日（周四）15:00~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、公司董事长兼首席执行官薛永江 | | | 2、公司副总裁陈磊 | | 员姓名 | 3、公司副总裁、董事会秘书、财务总监胡大伟 | | | 4、独立董事刘娅 | | | 5、保荐代表人石坡 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司网络销售占营收比越来越高，请问 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 06 日 [Table_Title] 线上渠道提供增量，整体经营静待恢复 [Table_Title2] 天味食品(603317) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603317 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.78/8.5 | | 目标价格： | | 总市值(亿) | 120.24 | | 最新收盘价： | 11.29 | 自由流通市值(亿) | 120.24 | | | | 自由流通股数(百万) | 1,065.00 | [Table_Summary] 事件概述 25Q1 公司实现营收6.42 亿元，同比-24.80%；实现归母净利润0.75 亿元，同比-57.53%；实现扣非归 母净利润 0.51 亿元，同比增长-65.41%。 分析判断: ► 春节错期导致承压，线上渠道提供增量 受制于春节错期因素，公司 25Q1 销售有所承压。合并 24Q4 及 25Q1 来看，公司共实现收入 17.54 亿 元 ...

2025 年 05 月 06 日 索辰科技(688507.SH) 收入稳健增长，物理 AI+外延并购打开 全新成长空间 工程仿真软件业务是支撑公司报告期业绩增长的主要动力 分业务来看，2024 年公司通用工程仿真软件产品实现营收 2.28亿元， 同比增长 21.72%，毛利率为 96.39%，同比提升 1.28 个百分点，是公 司 2024 年业绩增长的主要支撑。定制化仿真产品开发业务实现营收 1.37 亿元，同比增长 4.56%，毛利率为 33.21%，同比下降 0.01 个百 分点。技术服务业务实现营收 0.11 亿元，同比增长 3,150.08%，毛 利率为 56.92%，同比提升 12.02 个百分点；技术服务业务增速较快， 主要因 2023 年 11 月收购阳普智能、2024 年 9 月收购富迪广通，技 术服务收入增加所致。 期间费用率控制良好，收并购中介费增加导致管理费增幅较大 公司期间费用率整体控制良好，2024 年销售费用率为 6.44%，同比增 加 0.11 个百分点；2025Q1 为 15.73%，同比下降 3.86 个百分点。2024 年管理费用率为 17.95%，同比增加 6.10 个 ...

中证报中证网讯(王珞)4月28日晚间，至纯科技（603690）披露2024年年度报告。报告显示，公司2024 年营业总收入36.05亿元，同比增长14.40%；归属于上市公司股东的净利润2359.75万元。 在高端半导体设备和材料领域，至纯科技通过加大研发投入力度，已在多个关键产品线上取得技术突 破。2024年，公司研发投入达4.42亿元，较2017年的0.13亿元实现大幅跃升，过去五年公司累计研发投 入超过15亿元。高研发投入下，公司构建起覆盖湿法工艺全环节的四大技术平台，覆盖湿法几乎全部工 艺，并在部分机台环节保持了国内领先的验证及交付进度。公司自主研发的高纯特气设备、化学品设备 全年累计出货量突破3.6万台，单年出货量超1万台，其中88.46%服务于12英寸先进制程客户，成为国内 一线晶圆厂的核心供应商。 凭借行业客户的认可，2024年公司取得新增订单总额为55.77亿元，其中5年以上长期订单总额为1.17亿 元。在除去大宗气站、TGM、TCM等电子材料及专项服务的长交期订单的影响后，2024年新签订单与 2023年相比实现了17.88%的增长。2024年新增订单中来自集成电路行业的订单额占比达84.5 ...

4月28日晚间，至纯科技（603690）披露了2024年年度报告。年报显示，公司2024年营业收入36.05亿 元，同比增长14.40%。归属于上市公司股东净利润2359.75万元。年报还显示，2024年公司取得新增订 单总额为55.77亿元，其中5年以上长期订单总额为1.17亿元。 年报显示，2024年至纯科技研发投入达4.42亿元，较2017年的0.13亿元实现大幅提升，过去五年公司累 计研发投入超过15亿元。高研发投入下，公司构建起覆盖湿法工艺全环节的四大技术平台，覆盖湿法几 乎全部工艺，并在仍然被国际厂商垄断的部分机台环节保持了国内领先的验证及交付进度。公司自主研 发的高纯特气设备、化学品设备全年累计出货量突破3.6万台，单年出货量超1万台，其中88.46%服务于 12英寸先进制程客户，成为国内一线晶圆厂的核心供应商。 当前，至纯科技的创新图谱不断拓展，正向半导体全产业链延伸。公司践行LAB2FAB 战略，通过产业 基金构建的生态投资体系，已形成对半导体产业链的创新赋能网络，持续推动产学研深度融合。这 种"技术研发+产业协同"的双轮驱动模式，为企业打开了穿越产业周期的成长空间。 根据年报，至纯科技正筹 ...

事件概述 炬光科技发布2024 年及2025 年一季报。 2024 年实现营业收入6.20 亿元，同比+10.49%；归母净利润-1.75 亿元，同比-293.17%；扣非归母净利 润-1.82 亿元，同比-355.94%。 25Q1 实现营业收入1.70 亿元，同比+23.75%；归母净利润-0.32 亿元，同比-97.38%；扣非归母净利 润-0.33 亿元，同比-73.75%。 其中： 1）激光光学元器件毛利率同比-10.39pct，主因：光纤激光器市场激烈竞争，快轴准直镜（FAC）受到 持续价格下行压力；同时对瑞士炬光资产评估增值带来成本压力和相对瑞士炬光相对较高的运营成本。 2）汽车应用解决方案毛利率同比大幅下降，主因：用于投影照明的压印光学器件之前由于在瑞士生 产，成本较高、处于负毛利状态，拉低汽车应用解决方案整体毛利率。截至 2024 年底，公司已将压印 光学器件的生产从瑞士纳沙泰尔转移至中国韶关，韶关基地目前已正式投入生产运营并于 2025 年 1 月 正式出货，此举预期将大幅降低压印光学器件的生产成本，提升毛利率。 3）全球光子工艺和制造服务业务毛利率为负：该业务为公司完成对 Heptago ...

Core Viewpoint - In Q1 2025, Fuling Zhacai reported a revenue of 710 million yuan, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 270 million yuan, a slight increase of 0.2% [1] Group 1: Financial Performance - The gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, primarily due to a 31% decrease in the purchase price of green vegetable heads in 2024 [2] - The net profit margin reached 38.19% in Q1 2025, reflecting a year-on-year increase of 1.9 percentage points [2] - The sales expense ratio was 12.94%, up 0.72 percentage points year-on-year, attributed to the company's "targeted explosion" city projects and related brand advertising [2] Group 2: Strategic Development - The company is enhancing its e-commerce and catering channels, with a focus on product planning, pricing discounts, and live streaming promotions for e-commerce in 2025 [3] - The catering channel division has shown rapid growth, exceeding 100 million yuan in revenue in 2024, and the company plans to manage large packaging products to maintain balance between catering and household markets [3] - Fuling Zhacai aims to expand into "Zhacai+" and related categories through mergers and acquisitions, with a planned acquisition of 51% of Sichuan Weizimei Food Technology Co., Ltd. to enhance market reach and profitability [3] Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, estimating net profits of 878 million, 939 million, and 991 million yuan respectively, translating to EPS of 0.76, 0.81, and 0.86 yuan [4] - The current stock price corresponds to PE ratios of 18x, 17x, and 16x for 2025-2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 17.90% year-over-year in Q1 2025, with total revenue of 663 million yuan and a net profit of 444 million yuan, down 15.87% year-over-year [1]. - The gross margin remained stable at 93.85%, with a slight decrease of 0.70 percentage points year-over-year, while the net profit margin increased by 1.61 percentage points to 66.88% [2]. - The company is pursuing growth through acquisitions and international expansion, notably a planned acquisition of a Korean company for 190 million USD, which is expected to enhance its sales capabilities and open up overseas markets [3]. - The company has a robust pipeline of internal R&D projects, with 11 Class III medical device products already available, and several others in various stages of development, which is expected to support a return to growth [4]. Financial Summary - The company forecasts revenues of 3.29 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.13 billion yuan, 2.40 billion yuan, and 2.73 billion yuan for the same years [4][10]. - The company’s financial metrics indicate a PE ratio of 25x for 2025, decreasing to 20x by 2027, reflecting an expected improvement in profitability [4][10].

Group 1: Corporate Control Change - The actual controller of Kailong Co., Ltd. has changed following the completion of a share transfer, with Hubei Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller through Changjiang Industrial Group [1] - The share transfer involved Changjiang Industrial Group acquiring 75% of Zhongjing Group's shares from the Jingmen Municipal Government's State-owned Assets Supervision and Administration Commission for a transaction price of 2.776 billion yuan [1] - This transition marks Kailong Co., Ltd.'s elevation from a local state-owned enterprise to a provincial strategic platform, potentially enhancing its financing capabilities and industry integration opportunities [1] Group 2: Financial Performance - In the 2024 annual report, Kailong Co., Ltd. reported an operating income of 3.686 billion yuan and a net profit attributable to shareholders of 148 million yuan, with a net cash flow from operating activities of 402 million yuan [2] - Total assets reached 8.058 billion yuan, reflecting a 7.97% increase from the previous year, while equity attributable to shareholders surged by 61.19% to 2.533 billion yuan [2] - The company declared a cash dividend of 1 yuan for every 10 shares to all shareholders [2] Group 3: Industry Outlook - The civil explosives industry is experiencing a positive trend, with industrial explosive production showing slight growth and profits continuing to rise [3] - Kailong Co., Ltd. has expanded its civil explosive production capacity in Xinjiang to 60,100 tons, increasing its market share and successfully executing its first blasting project in the region [3] - The company aims to leverage the improving industry conditions through a dual strategy of organic growth and external acquisitions to capture market opportunities [3]

Core Viewpoint - The company, New Dairy Industry (002946.SZ), has demonstrated a better market performance than the industry average despite the overall downturn in the dairy sector, particularly through its focus on low-temperature milk products. Group 1: Financial Performance - In 2024, the company's revenue is projected to be 10.665 billion yuan, reflecting a slight decline of 2.93%, while the dairy product segment still achieved a growth of 0.83% [2] - The overall sales of dairy products across all channels fell by 2.7% in the past year, with major competitors like Mengniu (2319.HK) and Yili (600887.SH) experiencing revenue declines exceeding 10% and 12% respectively in their liquid milk segments [4] - New Dairy Industry achieved a net profit of 538 million yuan, marking a year-on-year increase of 24.8%, attributed to a higher proportion of low-temperature milk and declining raw milk costs [4] Group 2: Market Dynamics - The low-temperature milk segment has seen its penetration rate increase from 23% in 2020 to 41% in 2024, with nearly 60% of households in first-tier cities purchasing fresh milk more than twice a week [8] - Over half of New Dairy Industry's revenue comes from low-temperature products, capitalizing on the growth opportunities in this niche market [9] - The company has experienced a rise in gross margin to 28.36%, an increase of 3.8 percentage points over the past four years, driven by a higher proportion of high-margin products [12] Group 3: Competitive Landscape - The low-temperature milk market remains competitive, with no clear leader, as major brands are rapidly expanding their market shares [13] - In the second half of 2024, Guangming (600594.SH) is expected to catch up to Yili in market share, while Mengniu's high-end low-temperature brand "Daily Fresh" is gaining traction through aggressive marketing [14] - Price wars are looming, putting pressure on New Dairy Industry's mid-to-high-end products, as promotional expenses increased by 100 million yuan, while revenue growth for the "24-hour" series slowed from 40% to 15% year-on-year [15] Group 4: Strategic Initiatives - New Dairy Industry has pursued a national expansion strategy through acquisitions, having spent over 3.3 billion yuan on acquisitions since its listing, which has allowed it to operate 15 sub-brands [24][25] - The company is now focusing on "internal growth" and aims for a compound annual growth rate of double digits and a 10% reduction in debt ratio over the next five years [30] - The company plans to enhance operational quality in existing businesses while remaining open to acquisition opportunities, particularly in the growing low-temperature milk markets in second and third-tier cities [31]