出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。随着房地产行业进入存量时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧房改造需求 虽然显著提升，但市场相对分散且决策周期长，短期内难以弥补缺口。 而据中国建材流通协会数据披露，2024年全国规模以上建材家居卖场累计销售额为1.49万亿元，同比减少3.9%；规模以上建材家居市场面积约为20495万平 方米，同比减少9.6%，连续第三年负增长且降幅扩大，整体空置率随之上升。与此同时，消费者偏好线上购物，导致传统线下卖场不再是唯一流量入口， 个性化、整家定制和智能家居的需求上升，也是单品零售模式式微的关键原因之一。 截至4月30日，居然智家、美凯龙和富森美3家A股上市的家居卖场公司均已发布2024年业绩报告。受新房销售低迷、消费信心不足及竞争加剧等多重不利因 素影响，报告期内三大公司皆营收、净利双降，门店坪效显著缩水，美凯龙的多元化战略、居然智家的数 ...

Group 1 - Aerospace Electronics disclosed two investment projects totaling 670 million yuan, with a focus on enhancing its subsidiaries' capabilities [1][2] - The first project involves the construction of an intelligent perception industrial base by Aerospace Long March Rocket Technology Co., Ltd., with a total investment of 250 million yuan and a construction period of 24 months [1][2] - The project will include a digital simulation computing network center and supporting facilities, covering an area of 16,800 square meters [1] Group 2 - Aerospace Long March Rocket Technology Co., Ltd. aims to optimize its resource distribution across multiple locations in Beijing to improve research and production efficiency [2] - The second project involves Aerospace Times Feihong Technology Co., Ltd. planning to invest 420 million yuan in the second phase of the Yanqing drone equipment industrial base [2][3] - The Yanqing drone equipment industrial base's first phase had a total investment of 832 million yuan, with 340 million yuan already invested as of April 2025 [3]

证券代码：300213 证券简称：佳讯飞鸿 北京佳讯飞鸿电气股份有限公司 投资者关系活动记录表 编号：2025-05-23 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | 动类别  | 现场参观 | |  | 其他 （《股东来了》—投资者走进佳讯飞鸿活动） 指导单位：北京证监局、北京上市公司协会 | | | 参与机构：中信建投证券、中信证券、东北证券、开源证券、银河证券、 | | 参与单位名称 | 财达证券、华福证券、万和证券、小米产业投资、立诺投资、上海偕沣 | | 及人员姓名 | 资产、金泰资本、青梧资本、弘璟资本、北京含章私募基金、北京领航 | | | 超越私募基金、南京金友私募基金、广州巨鼎私募基金、北京汇恒通资 | | | 管、中财融商（北京）资管、平安银行、证券时报、证券日报等 余 60 | | | 名参会人员。 | | 时间 2025 | 年 月 日 5 23 | | 地点 | 公司会议室 | | | 董事长兼总经理：林菁 | | 上市公司接待 | 独立董事：陈刚 | | 人员 ...

Core Viewpoint - The company, Inner Mongolia Yili Industrial Group Co., Ltd., is undergoing capital adjustments for its wholly-owned subsidiaries to enhance the efficiency of fundraising and ensure the smooth implementation of investment projects [2][3][6]. Fundraising Basic Situation - The company completed a non-public issuance of shares on December 9, 2021, raising a net amount of RMB 2,000 million after deducting issuance costs of RMB 6,284,207.02 [2][3]. Use of Remaining Fundraising - The company plans to allocate RMB 1,089.50 million of the remaining funds from completed projects, with RMB 689.00 million for AI and safety capability upgrades, RMB 60.00 million for digital equipment upgrades at the Dulun factory, and RMB 341.85 million for working capital [3][4]. Capital Adjustment Details - The company intends to reduce the capital of its subsidiary, Jinhao Yili, by RMB 749.00 million and increase the capital of another subsidiary, Dulun Yili, by RMB 60.00 million [4][5]. Financial Data of Subsidiaries - As of December 31, 2024, Jinhao Yili reported total assets of RMB 4,066.99 million and net assets of RMB 3,947.23 million, with a net profit of RMB 288.42 million [5][6]. - Dulun Yili reported total assets of RMB 203.21 million and net assets of RMB 68.51 million as of December 31, 2024, with a net profit of RMB 1.38 million [5][6]. Impact of Capital Adjustment - The capital adjustments are aligned with the fundraising plan and are expected to improve the efficiency of fund usage, ensuring the successful implementation of investment projects [6][7]. Fundraising Special Account and Supervision Agreement - The company has established a special fundraising account and signed a tripartite supervision agreement with the sponsor and a bank to enhance the management and oversight of the fundraising [6][7][8]. Approval Procedures - The board of directors and the supervisory board have approved the capital adjustments and the establishment of the special fundraising account, confirming compliance with relevant regulations and the protection of shareholder interests [12][13].

Core Viewpoint - The company is expected to face performance pressure in 2024 due to the divestiture of non-core businesses, but is projected to experience long-term growth driven by dual development in energy digitalization and energy internet, along with strengthened ecological cooperation and AI-enabled new applications [1] Investment Highlights - The investment recommendation is maintained at "Buy" with a target price raised to 17.76 yuan (+2.39). The expected EPS for 2025-2027 is 0.44 (-0.20), 0.56 (-0.19), and 0.67 yuan respectively. The average PE for comparable companies in 2025 is 29.09X. Given the company's focus on dual development strategy and accelerated performance growth through AI-enabled platform electricity trading, a 40 times PE is assigned for 2025, corresponding to the target price of 17.76 yuan, maintaining the "Buy" rating [2] - In 2024, the company is expected to face performance pressure with total revenue of 4.479 billion yuan, a year-on-year decrease of 5.24%. The net profit attributable to shareholders is projected to be -250 million yuan, compared to 604 million yuan in the same period of 2023, primarily due to the divestiture and restructuring losses of non-core businesses, leading to goodwill and inventory impairments and one-time financial impacts. In Q1 2025, the company achieved revenue of 667 million yuan, a slight decrease of 0.12% year-on-year, but turned a profit with a net profit of 3 million yuan, an increase of 22 million yuan year-on-year, with a gross margin of 48.39%, up 3.18 percentage points [2][3] Strategic Focus - The company continues to focus on dual development in energy digitalization and energy internet, collaborating with Ant Group to build a strong ecosystem. With over 27 years in the electric energy sector, the company is seizing new opportunities from electricity market reform and the construction of new power systems. Since 2013, the company has partnered with Ant Group to develop life payment service scenarios, and by the end of 2024, Ant Group will be the company's second-largest shareholder. Additionally, the company is closely cooperating with Ant Group in digital payment and technology, expanding services in countries like Indonesia and the Philippines [3] - The company is fully embracing the AI era, shifting from customer-driven to AI-driven business. Significant investments are being made in AI research and applications, with the establishment of an AI research institute in 2023 focusing on three main areas: electricity market trading prediction, energy intelligent applications, and energy-specific large models. The company is enhancing its "AI + Energy" strategy, increasing research and practice in AI platform construction, time series prediction models, and AI intelligent applications, thereby improving resource adjustment capabilities and supply-demand matching. Successful AI electricity spot trading has been implemented in provinces like Guangdong and Shandong, and the "New Electric Rabbit" AI charging assistant has been launched to provide intelligent charging services for electric vehicle users [4]

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) scheduled for May 29, 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings during the meeting [1][2][4]. Meeting Procedures - The AGM will be conducted in a hybrid format, combining in-person and online voting to facilitate participation [1][4]. - Only authorized personnel, including shareholders, directors, and legal representatives, will be allowed to attend the meeting to maintain order [2][3]. - Shareholders will have the right to speak, inquire, and vote during the meeting, with specific procedures in place for managing discussions and questions [3][4]. Agenda and Voting - The meeting agenda includes the presentation of the 2024 Annual Report and various proposals for shareholder approval, including financial reports and director remuneration plans [6][8]. - Voting will be conducted through a named ballot system, with results announced promptly after the meeting [4][6]. Business Overview - The company focuses on digital technology to enhance urban safety and improve industrial intelligence capabilities, with key business areas including security networks and enterprise intelligence [7][8]. - The company has seen positive growth in its core business metrics, driven by strategic initiatives in infrastructure digital transformation and safety solutions [8][9]. Financial Performance - For the reporting period, the company achieved a revenue of approximately 66.52 million yuan, with a net profit attributable to shareholders of about 2.07 million yuan, reflecting a significant decrease in revenue compared to the previous year [27][28]. - The company reported a net cash flow from operating activities of approximately 368.73 million yuan, indicating a recovery in cash generation despite previous losses [28].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Performance Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Strategic Initiatives - The company is enhancing its diagnostic services, with a revenue of 45.20 billion CNY in 2024, a decrease of 12.86% year-on-year, while focusing on key clients and diseases [8]. - The introduction of AI technology is being accelerated, with the launch of the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8].

在商业条款上，史本训强调，中国燃气更看重经济性与灵活性，尤其关注提货周期和气液转换灵活性。 并举例指出，去年冬天，受天气变化和国内管道气销售政策调整影响，传统45 - 80天的提货周期难以满 足需求，大量LNG积压在码头，这凸显了在提货周期和窗口期安排上要增强灵活性的必要性。此外， 管网互联互通、LNG槽运、气液互换等托运和交易的便利性，以及进口退税政策的返还情况，也是选 择接收站的重要考量因素。 对于理想LNG接收站应具备的特征，史本训提到，从基础设施条件来看，首先要有强大的接卸能力， 包括年接卸量、仓储量、周转能力以及靠岸吨位和水深条件；其次是出色的加工能力，即高效的气化和 液态装载外运能力，这与接卸、仓储能力协同，可显著提升接收站周转能力；最后，完备的应急保障能 力不可或缺，以应对各类极端天气情况。从运营条件来讲，接收站除做好自身运营调度外，应加强与用 户的信息沟通，及时共享码头窗口期货物库存液位、每天装车数量、气化方数，甚至在岗货运车辆等详 细信息，帮助用户科学安排，提高运营效率。 作为WGC2025的焦点议题，此次辩论不仅是一场行业智慧的深度碰撞，更将为全球LNG接收站优化运 营模式、应对未来挑战指 ...

"上周我在华盛顿时一直在强调，我们认为美国企业应该留在中国，原因有二：一是中国市场仍将保持增长， 规模不可忽视；二是中国在持续创新，我们希望通过在华企业了解这些创新，并在市场发展中分一杯羹。"5月 22日，中国美国商会会长何迈可在2025年全球贸易投资促进峰会上接受记者采访时表示。 责编：万健祎 校对：王朝全 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 全球经济贸易局势持续紧张，各国工商界都在寻求更好的合作机会与合作路径。如中国贸促会会长任鸿斌在会 上所说："各位谈的都是希望如何在动荡的世界里，找到更多确定性，为工商界找到更多稳定的市场、稳定的 出口目的地和进口来源地，都是想把生意做成。" 其中，科学技术的爆发式进步，尤其是人工智能、大数据、生物技术、量子计算、电动汽车等创新领域应用取 得突破进展，为全球工商界共商合作提供了新的机遇。 "对德国企业来说，特别是在汽车领域，我们需要缔结（新的）合作伙伴关系。合作方向不光是生产，更多的 是提升合作水平，比如说当前快速发展的人工智能、数字孪生、无人驾驶等新技术，都是开展合作的蓝 海。" ...

数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 迈瑞医疗 沪深300 相关研究报告 医药生物/医疗器械 迈瑞医疗（300760.SZ） 国内市场蓄势待发，海外业务高歌猛进 2025 年 05 月 22 日 投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(元) | 226.67 | | 一年最高最低(元) | 351.60/206.80 | | 总市值(亿元) | 2,748.24 | | 流通市值(亿元) | 2,748.19 | | 总股本(亿股) | 12.12 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 29.21 | 股价走势图 《高耗+设备整体解决方案落地与数 智化发展可期—公司信息更新报告》 -2024.6.18 Yoy ——公司信息更新报告 | 余汝意（分析师） | 石启正（联系人） | | --- | --- | | yuruyi@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S079052307000 ...