证券研究报告 -163 68 1,076 272 366 公司研究 5% 1. 4% 12.8% 10 % .7 % 14.6% 18.4 % -4.3% 1. 8% 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 -0.16 0. 07 1.07 0.27 0.37 宁波华翔（002048.SZ） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852 ...

-0.16 0. 07 1.07 0.27 0.37 宁波华翔（002048.SZ） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 证券研究报告 -163 68 1,076 272 366 公司研究 5% 1. 4% 12.8% 10 % .7 % 14.6% 18.4 % -4.3% 1. 8% 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 7, 2025, from 15:00 to 17:00 [3] - The event was conducted online via the Shanghai Securities News and China Securities Network [3] - Key participants included the Chairman and General Manager, CFO, and sponsoring representatives [4] Group 2: Sales and Production Capacity - The company reported a decline in sales revenue for 2024 and discussed strategies to absorb increased production capacity from the new factory [3] - Strategies to manage new capacity include developing new products for existing customers, increasing demand in the domestic special medical food sector, and expanding into overseas markets [4] Group 3: Research and Development Progress - The project on "Preparation Method and Industrialization Research of High Purity L-Leucine" is currently in the industrialization verification stage, with expected sales in the second half of the year [4] - The histidine project is also in the industrialization verification phase, with significant progress noted in the establishment of a production line [5] Group 4: Supplier Relations and Market Impact - The acquisition of Japan's Kyowa by Meihua Group may have implications for the supply of raw materials, but the company believes the impact will be minimal due to a sufficient supply of amino acid raw materials [5] - The company is focused on enhancing its technological innovation and overall strength to mitigate potential supply chain risks [5]

内部资料 注意保密 华设设计集团股份有限公司 会 议 材 料 二 O 二五年五月二十日 华设设计集团股份有限公司 （2025-05-20） 议案 1： 董事会 2024 年度工作报告 各位股东： 《证券法》、 《上海 证券交易所股票上市规则》、 《公司章程》和《董事会议事规 则》等有关法律法规、规范性文件，勤勉尽责地开展各项工 作，推动公司持续健康发展。现在我代表华设设计集团股份 有限公司董事会，作《董事会 2024 年度工作报告》 ，请予审 议。 第一部分 经营生产业绩 ●实现营业收入： 比上年度下降 17.28%。 ●实现净利润：2024 年集团实现净利润 3.92 亿元，比上 年下降 45.05%。 ●实现收款：2024 年集团实现收款 45.23 亿元，比上年 下降 9.63%。 第二部分 预算执行情况 公司 2024 年营业收入的预算为 51.45 亿元，2024 年决 算实现营业收入比 2023 年下降 17.28%，与预算目标差距 归属于上市公司股东的净利润的目标为不低于 6.6 亿元， 并力争在 2023 年基础实现 5%以上增长，2024 年决算归属于 上市公司股东的净利润比 2023 年下 ...

Core Viewpoint - Tai Li Technology's listing on the ChiNext board is a significant milestone in its development, aiming to leverage raised funds for enhancing production efficiency, R&D capabilities, product optimization, sales network expansion, and brand building [1][3]. Company Overview - The company has established a fully automated production line at its Hubei factory, developing intelligent equipment such as bag folding machines and quality inspection machines, which has significantly improved production efficiency and reduced labor by over 200 workers [2]. - Tai Li Technology's vacuum storage bags have maintained a market share of over 22% on Tmall for three consecutive years, ranking first in the industry, while its vertical wall storage products hold approximately 1.4% market share, placing it among the top five [2]. Strategic Focus - In the next three years, the company will focus on four key areas: bedroom storage, kitchen and bathroom space utilization, food preservation, and outdoor safety protection, leveraging its advantages in new materials and vacuum technology to develop smart home products [2]. - The company plans to enhance its online sales strategy through platforms like Tmall, JD.com, and Amazon, while also accelerating its expansion into overseas markets [2]. Financial Performance - From 2022 to 2024, the company's revenue growth and gross margin are expected to exceed the industry average [3]. - The company is set to issue 27.07 million new shares, accounting for 25% of the total share capital post-issue, with an offering price of 17.05 yuan per share [3].

证券研究报告 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 05 | 08 | 日 | | | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 98.75 | | | | | | | | 一 年 最 最 | 高 | | | | | | / | 低 | 内 | | 131.50/58.18 | | （元） | | | | | | | | | | | ...

Group 1 - The company Lexin Technology (688018.SH) announced a share reduction plan by its major shareholder and senior management [1] - Lexin Hong Kong plans to reduce its holdings by up to 1,350,000 shares, representing approximately 1.2032% of the total share capital [1] - Senior executive Shao Jingbo intends to reduce his holdings by up to 6,029 shares, accounting for about 0.0054% of the total share capital [1] Group 2 - As of the announcement date, Lexin Hong Kong holds 45,016,142 shares, which is 40.1212% of Lexin Technology's total share capital [1] - Shao Jingbo holds 24,118 shares, representing 0.0215% of the total share capital [1] - The share reduction will occur within three months starting from June 2, 2025, to September 1, 2025 [1] Group 3 - Lexin Technology's 2024 annual report indicates that Lexin Hong Kong is the controlling shareholder [2] - The company plans to raise up to RMB 177,787.67 million through a specific issuance of A-shares, with net proceeds intended for various R&D projects and working capital [2] - The total number of shares to be issued in this specific offering will not exceed 11,220,043 shares, which is 10% of the pre-issue share capital [2] Group 4 - Lexin Technology's initial public offering raised a total of RMB 125,200.00 million, with a net amount of RMB 113,165.22 million after deducting issuance costs [3] - The company originally planned to raise RMB 101,140.93 million for various technology and R&D projects [3] - The actual issuance costs totaled RMB 12,034.78 million, including underwriting fees of RMB 10,794.42 million [3]

以下文章来源于DT钙钛矿 ，作者Darren徐哲 DT钙钛矿 . 解析钙钛矿全球产业布局、资本风向与科研突破，把握产研脉络 2025年一季度，光伏行业的严峻形势已从二三线厂商全面传导至头部阵营。晶科、隆基、晶澳、天 合四大巨头相继发布的财报无不透露出深深的无奈与压力。当期，四家公司营收全面下滑，净利润则 齐刷刷跌入亏损区间。 其中，晶科能源营业收入138.43亿元，净亏损13.9亿元；隆基绿能收入 136.52亿元，亏损14.36亿元；晶澳科技收入106.72亿元，亏损额扩大至16.38亿元；天合光能收 入143.35亿元，同样亏损13.2亿元，且为上市以来首次单季度连续亏损。 即便是行业龙头，也难 逃"由盈转亏"的命运，足见产业链价格战与需求疲软带来的冲击之深。 钙钛矿站上风口，但产业化之路依然道阻且长 在此背景下，钙钛矿作为新兴光伏技术路线被寄予厚望。虽然它无法在短时间内扭转整体市场需求疲 软的大环境，但凭借更高的理论效率、更低成本的工艺特性，以及柔性、叠层等独特优势， 钙钛矿 有望为光伏产业开辟全新的应用疆域。 从建筑一体化到可穿戴设备，从智能物联到消费电子领域， 钙钛矿正在打开一片晶硅难以触达的新蓝海 ...

股票研究 /[Table_Date] 2025.05.08 Q1 持仓回升，Q2 内需为锚 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 [Table_subIndustry 相关报告 ] ——有色金属 2025 年一季度机构配置综述 [table_Authors] 于嘉懿(分析师) 梁琳(研究助理) 021-38676666 021-38676666 登记编号 S0880522080001 S0880125042230 股 票 研 究 行 业 深 度 研 究 证 券 研 究 报 告 [Table_Summary] 维持有色行业增持评级，看好。1）持仓角度上，有色金属板块整体 被增持，处于超配状态，25Q1 铜、金板块增持较多。2）基本面角 度， 2025Q2 我们看好：①工业金属：基本面韧性，关注优质铝加 工企业。展望 Q2，我们认为随着国内宏观政策推动内需回暖，利好 工业金属板块，就铝而言，供给侧电解铝产能已接近天花板，供需 紧平衡对铝价形成有力支撑。由于美国关税政策外部扰动，铝加工 板块股价承压有所调整。考虑到行业基本面稳健，叠加铝材需求有 望充分受益于内需改善 ...

非晶电机行业专家交流要点： 一、核心观点 1.行业定位与前景 -0到1的赛道：非晶电机作为新兴领域，正处于产业化临界点，接近量产阶段。 -底层材料革命：非晶合金替代传统硅钢片，属百年电机行业的底层创新，应用潜力无限。 -广泛应用场景：短期聚焦新能源汽车电驱系统（增程/纯电），远期拓展至家用电器、工业电机、飞行器、人形机 器人等领域。 非晶电机行业专家交流要点： 一、核心观点 1.行业定位与前景 -0到1的赛道：非晶电机作为新兴领域，正处于产业化临界点，接近量产阶段。 -底层材料革命：非晶合金替代传统硅钢片，属百年电机行业的底层创新，应用潜力无限。 -广泛应用场景：短期聚焦新能源汽车电驱系统（增程/纯电），远期拓展至家用电器、工业电机、飞行器、人形机 器人等领域。 2.产业进展 -关注度显著提升：第三届非晶电机大会参会者增多，包括二级市场投资者（去年仅1家→今年4-5家）、主机厂 （广汽、比亚迪、蔚来等）、硅钢企业（关注替代风险）、电机厂（博世、尼德科、卧龙电驱等）。 -主机厂动态： 广汽埃安：非晶电机已在昊铂HL车型（双电驱版）上车，5月起量；实测显示CLTC工况铁损降低40-60%，能量效 率提升2%，续航 ...