智通财经5月20日电，得邦照明董事长倪强在2024年度暨2025年第一季度业绩说明会上表示，针对美国 关税政策的不确定性，公司已提前在越南、印尼等地布局产能并投入使用。近日中美关税谈判取得实质 性进展，目前已经接收到部分客户从中国发货的需求，现有海外基地也产销两旺。今年一季度公司新增 多个项目定点，目前在手定点项目产品品类包含车灯控制器、车灯发光模组、车灯注塑部件及其他车载 控制器和总成项目。（智通财经记者 汪斌） 得邦照明：已收到部分客户从中国发货需求 现有海外基地产销两旺 ...

Group 1: Company Overview and Strategy - The company focuses on continuous R&D innovation to enhance product competitiveness and meet customer needs, aiming to increase market share [2] - The CNC machine tools launched in 2022 target the mid-to-high-end market, leveraging nearly 30 years of self-research experience [2] - The electric heating vulcanization machine has shown significant advantages in energy saving and environmental protection compared to traditional steam vulcanization machines [3] Group 2: Business Performance and Projections - Current business orders are robust, with expectations for sustained healthy development and good performance returns to investors [3] - The high-end casting project, with a capacity of 65,000 tons, is primarily for wind power components and is expected to start production around June 2025 [3] - The company anticipates a doubling of overall business output value for the vulcanization machine by 2025, indicating substantial market potential [5] Group 3: Market Demand and Trends - The market demand for wind power components is recovering in 2024 compared to the second half of 2023, while the gas turbine component demand remains strong [4] - The gas turbine market is expected to grow due to rising global electricity demand, with the company currently operating at full capacity [4] - Wind power product prices are volatile, while gas turbine product prices remain relatively stable [4] Group 4: International Expansion and Operations - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, creating a comprehensive global production service system [5] - The company collaborates with numerous domestic and international enterprises for CNC systems and components [5] Group 5: Investor Relations and Future Plans - The company plans to optimize investor return mechanisms based on operational performance and shareholder demands [5] - There are currently no plans to inject related company businesses into the listed company, with any future developments to be disclosed as required [5]

2025 年 05 月 15 日 开润股份 (300577) ——24 年营收净利双创新高，印尼产能战略价值凸显 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 15 日 | | --- | --- | | 收盘价（元） | 20.80 | | 一年内最高/最低（元） | 30.99/15.20 | | 市净率 | 2.3 | | 股息率%（分红/股价） | 1.15 | | 流通 A 股市值（百万元） | 2,917 | | 上证指数/深证成指 | 3,380.82/10,186.45 | | 注："股息率"以最近一年已公布分红计算 | | 05-15 06-15 07-15 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 05-15 -40% -20% 0% 20% 40% 开润股份 沪深300指数 (收益率) 上 市 公 司 纺织服饰 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Core Viewpoint - The company demonstrates stable performance with ongoing high levels of production and sales, supported by the orderly advancement of new expansion projects in Vietnam, Cambodia, Mexico, and Indonesia, which is expected to lead to a continuous upward trend in performance over the medium to long term [1]. Financial Performance - The company maintains a "Buy" rating, with projected EPS of 1.45/1.59 for 2025/2026 and a new forecast of 1.76 for 2027, supported by clear overseas capacity increases [2]. - For 2024, the company expects revenue and net profit attributable to shareholders to reach 31.802 billion and 4.063 billion respectively, representing year-on-year increases of 22.42% and 31.42% [2]. - In Q4 2024, revenue and net profit attributable to shareholders are projected at 8.174 billion and 819 million respectively, with quarter-on-quarter declines of 3.54% and 25.00% [2]. - In Q1 2025, revenue and net profit attributable to shareholders are expected to be 8.411 billion and 1.039 billion respectively, showing year-on-year growth of 15.29% and 0.47%, and quarter-on-quarter increases of 2.90% and 26.79% [2]. Production and Sales - The company achieved a tire production volume of 74.8111 million units in 2024, a year-on-year increase of 27.59%, with sales volume reaching 72.1558 million units, up 29.34% year-on-year [2]. - In Q1 2025, the revenue from self-produced and self-sold tires is projected to be 8.09 billion, with production and sales volumes of 19.8833 million and 19.3739 million units respectively, reflecting a year-on-year sales volume increase of 16.84% [3]. Profitability Metrics - The company’s gross margin and net margin for 2024 are expected to be 27.58% and 12.97%, showing a slight year-on-year decrease of 0.06 percentage points and an increase of 0.64 percentage points respectively [3]. - In Q1 2025, the gross margin and net margin are projected to be 24.74% and 12.64%, reflecting year-on-year decreases of 2.94 percentage points and 1.75 percentage points, and a quarter-on-quarter decrease of 0.54 percentage points for gross margin but an increase of 2.55 percentage points for net margin [3]. Capacity Expansion - The company is accelerating its global capacity layout, with ongoing construction of production bases in Vietnam, Cambodia, Mexico, and Indonesia, aiming for a total planned production capacity of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by 2024 [4]. - The global capacity layout allows the company to shorten delivery cycles, serve existing customers more efficiently, expand overseas markets, and mitigate risks from trade frictions, supporting long-term stable development [4]. - The company has successfully developed a proprietary "liquid gold" tire that optimizes three key performance metrics: rolling resistance, wet grip, and wear resistance, enhancing product competitiveness [4].

Q&A 美国对中国关税政策的变化对出口链的影响是什么？ 美国对中国关税政策的变化主要体现在两个方面。首先，尽管美国曾试图通过 高关税来限制中国商品，但事实证明，美国无力长期维持如此高的关税水平。 近期中美双方积极进行关税谈判，部分关税已经有所降低或暂停。假设现有关 税水平保持不变，对美出口和非对美出口将受到不同程度的影响。非对美出口 不会受到实质性影响，仅会在情绪上有所波动，因此继续推荐工程机械、船舶 等行业。而对于对美出口，需要优先考虑需求价格弹性小的行业，即价格上涨 后需求不会显著下降的行业。此外，还需关注中国与其主要竞争对手产能分布 情况，综合计算全球加权税率后，中国公司可能仍具竞争优势。例如巨星科技、 中际联合等公司在底部反弹了 30%，预计未来仍有上涨空间。 • 中美日内瓦谈判达成协议减弱了美国衰退预期，同时通胀压力减小，使联 储降息阻力降低。特朗普政府可能推行减税政策，这将与降息共同提振美 国需求韧性。 • 短期内，绝对股价回撤较大但尚未恢复以及具备快速海外产能建设能力的 公司，应给予估值重视，这些因素结合起来，将为短线投资提供良好机会。 中美贸易战暂停及其他国际事件如何影响国防军工和相关企业？ ...

Group 1 - The company, Suzhou Guder, focuses on the semiconductor and photovoltaic sectors, with products used in various fields including aerospace, automotive, and clean energy [1] - In 2024, the company plans to accelerate the iteration of automotive-grade products and develop specialized IGBTs for photovoltaic inverters, while establishing a dual-cycle production capacity system in Southeast Asia [1] - The company’s subsidiary, Suzhou Jingyin, is a leading supplier of photovoltaic cell conductive paste and has pioneered the domestic production of solar cell silver paste [1] Group 2 - In 2024, the company’s silver pastes for PERC, TOPCon, and HJT batteries are expected to maintain high performance and stability, with XBC battery paste sales doubling [2] - The company indicates that despite many photovoltaic companies facing losses due to significant price drops, Suzhou Jingyin is less affected by industry cycles due to fast inventory turnover and stable gross margins [2] - The subsidiary in Malaysia has commenced production in 2024 and achieved profitability, with the overseas capacity expansion aimed at capturing market opportunities despite domestic overcapacity [2] - The company is actively monitoring new technologies in the photovoltaic paste sector to ensure it can adapt to market trends [2]

Core Viewpoint - The company's growth in 2024 is primarily driven by export orders, with a strong performance in core components and a deepening global capacity layout, leading to an "overweight" rating [1] Financial Performance - The company expects 2024 revenue of 9.765 billion yuan, a year-on-year increase of 11.06%, and a net profit attributable to shareholders of 1.23 billion yuan, up 10.17% year-on-year [2] - In Q4 2024, revenue reached 2.519 billion yuan, a year-on-year increase of 8.5%, with a net profit of 352 million yuan, up 22% [2] - For Q1 2025, the company reported revenue of 2.387 billion yuan, a year-on-year increase of 3.23%, but net profit decreased by 16.19% to 228 million yuan [2] Business Segments - The clean health appliances and gardening tools segment generated revenue of 5.669 billion yuan in 2024, a year-on-year increase of 10.33%, while the motor, new energy vehicle precision components, and other parts contributed 3.874 billion yuan, up 11.74% year-on-year [2] - The automotive parts business exceeded 2 billion yuan in revenue, achieving record sales and profit growth [3] - The motor business also saw double-digit growth in sales and profits, with 17 new projects secured in the automotive motor sector [3] Regional Performance - Domestic sales were 2.705 billion yuan, down 2.71% year-on-year, while exports reached 6.839 billion yuan, up 17.4% year-on-year, indicating that exports were the main growth driver [3] Cost and Margin Analysis - In Q1 2025, the company's gross margin was 23.41%, down 2.52 percentage points year-on-year, and the net margin was 9.57%, down 2.21 percentage points year-on-year [3] - The increase in financial expense ratio is attributed to a decrease in exchange gains [3] Global Capacity Expansion - The company's production base in Vietnam is expected to be completed in Q2 2025, with a capacity of over 4 million small appliances and gardening tools, and 1.8 million motors [3] - The production base in Thailand is projected to be completed in Q3 2025, with an expected annual output value of 1.4 billion yuan [3] - The company aims to deepen its overseas layout, with global capacity expected to be further released as production bases come online [3]

华通线缆 20250508 摘要 • 华通线缆海外收入占比高，2024 年海外收入占比达 67%，毛利占比达 73%，显示出海型企业在全球贸易摩擦背景下的抗风险能力和竞争优势， 优于单纯的出口型企业。 • 公司在非洲安哥拉的电解铝项目利用当地廉价水电资源，显著降低生产成 本，预计吨铝利润较国内高 2000 元人民币以上，一期 3 万吨产能预计每 年可增加三个多亿利润。 • 预计 2025 年华通线缆主营业务利润可达 4 亿元以上，加上安哥拉电解铝 项目一期产能带来的近 6 亿元利润，总体利润预计接近 10 亿元，未来几 年总利润有望达到 20 亿以上。 • 安哥拉总统高度重视华通线缆项目，将其视为国家重要工程，并在 2024 年 3 月访华期间接见了公司董事长，显示该项目对中安两国合作具有战略 意义，具备较高确定性。 • 2023 年华通线缆传统业务净利润为 3.6 亿元，2024 年因汇兑损失降至 3.2 亿元。预计 2025 年，在汇兑平稳及韩国、巴拿马新产能释放下，传 统业务净利润可达 4 亿元左右。 Q&A 华通线缆的核心业务和盈利情况如何？ 华通线缆的核心业务包括传统的线缆业务和油服工程。公司主业的 ...

近期，美国所谓"对等关税"引发市场震动。对此，国轩高科表示将通过海外产能与供应链体系搭建应对 关税可能带来的长期影响。一方面，公司构建了全球多元市场供应格局，除美国市场外，海外业务已覆 盖亚太、欧非市场，增强了抵御局部风险的能力;另一方面，公司与海外客户与供应商加强沟通合作， 共同面对关税带来的挑战，以平稳过渡全球市场的本地化生产供应。 对于后续市场拓展的侧重点，国轩高科也在业绩说明会期间作出正面回应：动力电池市场方面，在现有 战略客户基础之上，侧重拓展中高端、大电量车型市场；储能市场方面，重点推进储能大电芯市场的布 局，同时逐步完成从电芯销售向集成销售的转型，进一步提升产品销售占比。此外，与国内外主流厂商 合作开发全新应用场景，包括低空飞行、人形机器人等新兴领域，进一步拓展业务深度与广度，实现业 务持续增长。 在当前锂电产能阶段性供需错配背景下，头部企业产能规划一直是市场关注的要点。在本次会议期间， 国轩高科指出，公司新增产能的节奏紧密围绕市场需求和战略规划展开，一方面稳步推进全球化产能布 局，确保海外项目按计划落地。目前，公司越南电芯工厂已建成并投产，摩洛哥、美国伊利诺伊州和斯 洛伐克的工厂均在稳步推进中 ...