Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is recovering, driven primarily by its main business of vacuum insulation panels, which achieved a revenue of 915 million yuan in 2024, reflecting a year-on-year increase of 11.4% [8] - The gross profit margin is under pressure due to a decrease in export sales and rising costs, with the overall gross margin for 2024 at 29.1%, down 3.9 percentage points year-on-year [8] - The company is actively expanding production capacity and optimizing product processes, with significant investments in fixed and intangible assets [8] Financial Performance Summary - Total revenue for 2024 is projected at 933.54 million yuan, with a year-on-year growth of 11.16% [1] - The net profit attributable to shareholders for 2024 is expected to be 77.16 million yuan, a decrease of 27.27% year-on-year [1] - Earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Revenue and Profit Forecast - Revenue is expected to grow to 1,138.94 million yuan by 2025, with a year-on-year increase of 22% [1] - The net profit attributable to shareholders is forecasted to recover to 97.92 million yuan in 2025, representing a growth of 26.90% [1] - The projected EPS for 2025 is 0.58 yuan, with a P/E ratio of 24.76 [1] Market Data - The closing price of the stock is 14.45 yuan, with a market capitalization of approximately 2,424.91 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.35 [5] Operational Insights - The company is focusing on new application development, particularly in the field of battery insulation, which is expected to drive future growth [8] - The company is also working on the installation and debugging of new production equipment, aiming for trial production in the first half of 2025 [8]

东亚机械（301028）2024 年报以及 2025 年一季报点评 强推（维持） 盈利能力保持优异，国产替代及品类拓展持 续推进 事项： 公司发布 2024 年报以及 2025 年一季报业绩。公司 2024 年实现收入 11.40 亿 元，同比+18.9%，实现归母净利润 2.17 亿元，同比+33.23%。25 年 Q1 公司实 现收入 3.01 亿元，同比+6.53%，实现归母净利润 0.56 亿元，同比增长 9.78%。 评论： 公司研究 其他专用机械 2025 年 04 月 28 日 目标价：15.47 元 当前价：11.63 元 华创证券研究所 证 券 研 究 报 告 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 38,177.41 | | --- | --- | | 已上市流通股(万股) | 24,618.39 | | 总市值(亿元) | 44.40 | | 流通市值(亿元) ...

在气化装置开车以后，该公司不断拓宽气化原料煤的指标范围，在590天不间断运行期间，先后使用过 20余种煤。其中煤质灰熔点最低1140℃，最高超1350℃，灰分含量在8%～14%波动，气化炉始终稳定 运行。 "这些实际运行效果的获得主要得益于航天工程在核心装备和工艺流程上持续不断的研发创新。"航天长 征常务副总经理朱玉营指出，在核心装备方面，该项目使用的半废锅航天炉，在废锅段采用熔渣冷幕墙 技术和在线振打清灰技术，解决了废锅积灰堵渣和蒸汽衰减的行业难题;在激冷段采用自研的雾化激冷 和溢流结构，不仅结构简单，大大减少了定检维修工作量，还解决了因煤质和负荷变化引起激冷室液位 不稳定的另一行业难题。在工艺流程上，该项目首创了新型三合一式的合成气分离洗涤塔，并就近布置 在气化框架内，该新型流程不仅投资低、占地小，而且延长了合成气管道使用寿命、降低了系统压降。 在节能降碳方面，该项目也进行了多项技术升级：半废锅气化炉通过废锅回收合成气在高温区的显热， 产出高品位蒸汽，实现能量高效稳定的梯级利用;粗合成气经废锅换热后经激冷水带走热量较少，减少 渣水系统循环水的热量损失;采用三级闪蒸代替两级闪蒸，增加低压闪蒸罐和低闪汽提塔， ...

证券代码：301519 证券简称：舜禹股份 公告编号：2025-012 一、重要提示 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 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 容诚会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为容诚会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以总股本164,160,000股扣除回购专户中已回购股份 5,034,242股后的股本159,125,758股为基数，向全体股东每10股派发现金红利1元（含税），送红股0股 （含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 公司系水务行业的国 ...

Core Points - The "Shenzhen" is the world's largest car carrier, successfully completing its maiden voyage from Suzhou Port to Brazil with over 7,000 new energy vehicles onboard [1] - This shipment represents the largest single export batch of cars from China [1] - The "Shenzhen" measures 219.9 meters in length and 37.7 meters in width, featuring 16 decks and 9,200 standard car slots, equivalent to the parking space of 20 standard football fields [1] Environmental and Technological Aspects - The vessel utilizes the latest LNG dual-fuel clean power technology, equipped with energy-efficient main engines and a recondensation system [1] - It incorporates energy-saving devices and anti-fouling paint technologies, significantly enhancing energy conservation and emission reduction efficiency [1] - The ship meets the latest environmental standards set by the International Maritime Organization, positioning it as a green, intelligent, and efficient car carrier [1]

建筑材料 2025 年 04 月 27 日 政治局会议巩固地产稳定态势，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 建筑材料 沪深300 相关研究报告 《提振内需预期加强，关注建材投资 机会—行业周报》-2025.4.20 《对等关税利空落地，内需刺激值得 期待—行业周报》-2025.4.13 《建材出口区域多元化，"对等关 税"实际影响有限 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政治局会议巩固地产稳定态势，关注建材投资机会 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作，会议强 调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层 "三保"底线。会议并指出，继续实施地方政府一揽子化债政策，加快解决地方政 府拖欠企业账款问题。加力实施城市更新行动，有力有序推进 ...

Core Viewpoint - The company achieved stable revenue growth and core business resilience through a strategy of "technological innovation + market expansion," despite intense market competition [1][3]. Financial Performance - The company reported a revenue of 1.634 billion yuan and a net profit of 60.44 million yuan for the fiscal year 2024, with a significant increase in net cash flow from operating activities reaching 214 million yuan, up 81.22% year-on-year [1]. - The company plans to distribute a cash dividend of 0.30 yuan per 10 shares (including tax) [1]. Business Segments - The glass tempering equipment business generated revenue of 778 million yuan, a year-on-year increase of 6.95%, accounting for 47.64% of total revenue, with a strong market presence in over 110 countries and regions, and an international market share of nearly 36% [1][2]. - The high-end curtain wall glass business achieved revenue of 584 million yuan, growing by 8.45%, focusing on landmark projects with significant technical barriers and maintaining a high gross margin [1]. International Market - Revenue from overseas markets reached 581 million yuan, reflecting a year-on-year growth of 2.15%, with over 80% coverage in countries participating in the "Belt and Road" initiative, demonstrating strong anti-cyclical capabilities [2]. Research and Development - The company invested 117 million yuan in R&D for 2024, holding a total of 446 authorized patents, including 106 invention patents, with significant advancements in energy-efficient technologies [2]. - The company launched a 2.0 version of an intelligent flexible production line, generating 41.21 million yuan in revenue, a remarkable increase of 98.75% year-on-year [2]. Capital and Asset Management - The company completed a private placement of shares, raising a net amount of 493 million yuan for projects aimed at enhancing high-end production capacity, with total assets reaching 3.109 billion yuan, a year-on-year increase of 22.59%, and a healthy debt-to-asset ratio of 34.5% [2]. Strategic Positioning - The company is positioned to leverage trends in energy conservation and intelligent upgrades in the industry, with improved cash flow and core business growth indicating operational resilience [3].

Core Viewpoint - Jiangsu Hengshang Energy-Saving Technology Co., Ltd. reported stable financial performance for 2024, with operating revenue of 2.159 billion yuan and net profit attributable to shareholders of 93.353 million yuan, driven by strategic focus and innovation [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 2.159 billion yuan and a net profit of 93.353 million yuan in 2024 [1]. - The new signed project amount reached 2.084 billion yuan, reflecting a year-on-year increase of 5.36% [2]. Group 2: Business Operations - Hengshang Energy-Saving specializes in the design, manufacturing, and construction of building curtain walls and windows, focusing on high-end public building projects [1]. - The company has a diverse project portfolio, including high-end office buildings, commercial complexes, high-tech industrial parks, and residential buildings [1]. Group 3: Market Strategy - The company is deepening its presence in the Yangtze River Delta region, securing several landmark projects [2]. - Research and industrial building projects accounted for approximately 20.64% of revenue, while commercial complexes and high-end office buildings contributed 37.19% and 21.26%, respectively, totaling about 79.09% of revenue [2]. Group 4: Innovation and Sustainability - Hengshang Energy-Saving is enhancing its technological capabilities and optimizing production processes to solidify its core technical barriers [2]. - The company established a wholly-owned subsidiary, Wuxi Hengzhishang New Materials Co., Ltd., to expand into green energy-saving building materials [2][3].

施工焊接过程中产生的烟尘和有害气体会对环境和人体健康造成危害。现场展示的一款焊烟收集器能改 善焊接作业环境。记者看到，这款收集器由吸气臂、过滤系统、风机等组成，施工时将吸气臂对准焊接 作业位置，通过负压吸风将焊烟吸入，经阻火、沉降、多级过滤及吸附处理，有效去除烟尘和有害气 体。 此外，在观摩中，雁熙云锦DK7项目以"智慧+绿色"为驱动，打造扬尘治理新样板。在施工现场，智能 雾炮与扬尘监测系统配合，实时监测并抑制扬尘。项目借助物联网技术，将扬尘在线监测、自动喷淋、 车辆冲洗等系统互联互通，构建起全方位、智能化的防尘体系，对围挡喷淋、裸土覆盖等环节实行数字 化管理。 "这款爬架喷淋抑尘系统通过智能化控制实现高效降尘，如同为建筑披上一件'会呼吸的智能外衣'。"近 日，在陕西省西安市2025年度扬尘治理暨建筑节能推广观摩会上，现场展示的多款防治扬尘"黑科技"产 品，为西安市住建领域大气污染治理工作提供助力。 此次观摩会由西安市住建局、莲湖区政府主办。在主会场的建筑施工扬尘治理工作机制展示区，记者看 到，360度高压遥控旋转雾桩、新能源洒水车、抑尘打磨机、扫地车、焊烟收集器等一大批扬尘防治科 技产品纷纷亮相。 隆汇城C ...

本报记者丁波上海报道 由上海企业与高校联合研发的"飞灰炉内低碳协同减量和无害化处理工 艺"（以下称FAST工艺）近日获生态环境部复函支持，正式迈入规模化推广阶段。这一技术属国际首创 且达国际领先水平，将有力助推上海"无废城市"建设实现"零填埋"目标。 焚烧发电现已成为生活垃圾处理的主流方向。然而，垃圾焚烧过程中会产生大量飞灰，因其含二噁 英与重金属等有毒有害物质，被列为危险废物。 国际上多数国家直接采用填埋方式处理飞灰。我国每年产生飞灰超1000万吨，当前，安全填埋仍是 最主要的处理方式，但大量占用土地资源，还存在污染扩散风险。 在长三角的江浙皖等省份，多将垃圾焚烧后的飞灰运往水泥厂，添加其他物质后入高炉加工，制成 水泥制品用于建筑行业。但随着国内水泥制品需求下降，飞灰的这一处理途径渐受阻碍。从处理工艺 看，即便满足环保要求，水泥行业仍是高耗能产业，飞灰加工成水泥制品对水、电消耗巨大，新兴固废 飞灰处理技术迭代势在必行。 自2022年起，上海环境 (集团)有限公司与同济大学启动飞灰资源化技术产学研联合工程化研究。 专项科研团队秉持"创新路径、工艺、技术"理念，推进生活垃圾焚烧飞灰资源化利用探索。历经两年多 攻 ...