证券代码：002497 证券简称：雅化集团 四川雅化实业集团股份有限公司投资者关系活动记录表 编号：20250429 投资者关 系活动类 别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位 名称及人 员姓名 长江证券：王筱茜、徐静、肖百桓 景顺长城：韩文强 中欧基金：王颖俐 长城基金：李金鸿 华宝基金：董宇博 工银瑞信：董明斌 易方达基金：胡致远 诺德基金：孙小明 边域基金：夏天 混沌投资：黎晓楠 幻方量化：徐程惠 慎知资产：张洪宇 工银理财：张田远 世纪证券：马子淇 中天国富证券：邓运盛 长江自营：胡加琪 招商信诺：陈江威 中信保诚保险：韩宇 华泰资产：郭元方 摩根士丹利：蒋卓 民生证券：南雪源、徐颖 中金公司：张家铭 光大证券：马俊 国海证券：杨丽蓉 美国银行：陈颖欣 华福证券：周丹露 方正证券：韩宇、黄雪茹 高盛：Joy Zhang、Daisy Dai 时间 2025 年 4 月 29 日 地点 线上电话会议 上市公司 接待人员 姓名 董事会秘书：郑璐 投资者关系管理：黄国城 投资者关 系活动主 要内容介 绍 一、公司 2024 年及 2025 ...

芯片业务核心板块依托三大创新方向实现显著突破，持续引领行业前沿发展。触控IC方面，探路者深化 与头部屏厂战略合作，成功导入新一代显示触控产品并完成车载OLED柔性屏大尺寸触控芯片验证。通 过"纵向深耕+横向拓展"策略，客户矩阵从单一向多领域延伸，产品覆盖车载、手机、平板等多场景， 并推出高可靠性主动笔触控方案，强化技术壁垒与市场渗透力。Mini LED显示驱动IC(AM方式)方面， 探路者聚焦"背光+直显"双技术路径，加速供应链国产化降本，同步开拓海外高利润市场。深化与国内 模组厂协同，缩短大客户验证周期，加速项目导入。作为国内首家同时拥有直显与背光Mini LED主动 式驱动芯片的企业，技术优势进一步巩固。芯片封测方面，公司深化红外探测器领域晶圆级、陶瓷及金 属封装代工服务，升级3.0版工艺技术，通过产线改造和工业线扫相机模块封装线新增，构建多元化客 户生态，强化大客户黏性并提升市场竞争力。 近日，探路者在中关村论坛期间举办"探路芯征程，智链向未来"生态计划发布会，重磅推出革命性产品 ——透辉TransHolo全息透明屏，以三大核心技术突破重新定义行业标杆。通过像素点间距P2.84-p10+的 宽幅适配能力 ...

Core Viewpoint - Han Commercial Group (600774.SH) reported a revenue of 1.175 billion yuan for 2024, a decrease of 15.41% year-on-year, primarily due to market fluctuations and policy adjustments in the medical sector [1] Group 1: Financial Performance - The company experienced a revenue decline attributed to the medical sector's income reduction caused by market environment changes and policy adjustments [1] - The company anticipates a recovery in performance by 2025 as it deepens its "Big Health + Big Business" dual main business strategy [1] Group 2: Pharmaceutical Sector - Han Commercial Group has expanded its presence in the big health sector, focusing on chemical drugs, traditional Chinese medicine, and medical devices through its subsidiary, Dikon Pharmaceutical [2] - The company invested over 50 million yuan in R&D for 2024, emphasizing innovation and product development [1] - The company holds complete intellectual property rights for its global Class I innovative drug DDCI-01, which has completed Phase II clinical trials and is entering Phase III for indications related to pulmonary arterial hypertension and benign prostatic hyperplasia [1] Group 3: Traditional Chinese Medicine - The company is progressing with the resumption of production for Dikon Traditional Chinese Medicine following the bankruptcy restructuring of Dongfang Pharmaceutical, achieving the market launch of 13 products [2] - The star product, Tongqiao Bi Yan Granules, sold over 13 million boxes in 2024, marking a 20% increase year-on-year [2] Group 4: Medical Devices - Dikon Zhongke, a subsidiary, has seen growth in its absorbable medical devices, including absorbable bone fixation screws and membranes, with successful bids in various provinces [2] - The company is advancing the development of new medical devices, obtaining multiple registration certificates and inspection approvals [2] Group 5: Assisted Reproductive Technology - The company plans to enhance support for key disciplines in assisted reproduction, aiming to establish a well-known specialty hospital in the field [2] Group 6: Commercial Exhibition Sector - The company is adapting its shopping centers and business operations to market changes, exploring new business models such as low-altitude logistics [3] - The transformation of the former Wuhan wedding photo material city into the Han Chao Z6 project aims to attract a younger demographic [3] - The Wuhan International Exhibition Center is undergoing operational upgrades to create a new service model for the exhibition industry [3] Group 7: Future Strategy - The company aims to strengthen its pharmaceutical sector by focusing on traditional Chinese medicine, enhancing sales, and driving R&D [3] - The commercial sector will focus on precise positioning and upgrading to enhance profitability and invigorate traditional brands [3]

Core Insights - In 2024, the company faced significant challenges in the capital market, leading to a revenue decline of 13.77% to 413 million yuan, but maintained a robust financial structure with a core business gross margin of 42.68% and an 81.56% reduction in operating cash flow outflow [1][2] - The company successfully optimized its revenue structure, with the landscape design business's share decreasing from 83.85% in 2020 to 52.16% in 2024, while the cultural tourism business's share increased to 40.37% [2] - The company has made significant strides in AI technology, with the Urban Flow platform enhancing project efficiency and reducing planning cycles from weeks to hours [3] Revenue Structure Optimization - The company's revenue structure has become more balanced, with over 70% of revenue coming from the collaboration between urban renewal and family tourism businesses [2] - The creative design business has excelled in urban renewal, with contract amounts surpassing traditional business, and the family tourism segment has expanded to over 250 projects across more than 50 cities, achieving a 42% year-on-year revenue increase [2] - The company invested over 100 million yuan in self-branded projects, aiming for profitability this year [2] AI and IP Development - The Urban Flow 3.0 model integrates extensive project experience and resources, significantly improving operational efficiency [3] - The establishment of Yueqi Culture marks the company's entry into the international IP market, transitioning from project-based models to independent brand operations [3] - Successful integration of AI and IP has been demonstrated in projects like the Guangzhou Children's Park, where AI reduced design time by 60% and increased foot traffic by 30% in the first month of a themed pop-up store [3] Project Wins and Future Outlook - In Q1 2025, the company secured major projects, including a 300 million yuan investment in the Qizhou Yanjia Yu Island project and a 1.275 billion yuan urban renewal project, showcasing its strength in managing large-scale projects [4] - The company expressed optimism about overcoming market challenges and is positioned for growth following a period of adversity [4]

Core Viewpoint - The rapid reform in the electricity industry has led to increased attention on the performance of listed companies in the sector, particularly State Grid Yingda's financial and operational results, which show significant growth and a focus on shareholder returns [1][13]. Financial Performance - State Grid Yingda reported a total revenue of 11.288 billion yuan for 2024, representing a year-on-year increase of 3.60%, and a net profit of 1.574 billion yuan, up 15.39% [1]. - Yingda Trust achieved a revenue of 2.99 billion yuan, a growth of 7.29%, and a net profit of 1.776 billion yuan, increasing by 10.63%, ranking third in the industry for revenue [3]. - Yingda Securities experienced a revenue decline of 25.64% to 860 million yuan, but net profit rose by 64.43% to 176 million yuan due to improved investment returns [3]. Business Segments - The company's main business segments include Yingda Trust, Yingda Securities, Yingda Carbon Assets, and Zhixin Electric, with financial services playing a crucial role in supporting net profit [1][2]. - Zhixin Electric reported a revenue of 7.375 billion yuan, up 6.86%, and a net profit of 149 million yuan, increasing by 45.18%, benefiting from rising market demand [6]. Carbon Asset Development - Yingda Carbon Assets generated revenue of 70.016 million yuan, a growth of 13.39%, and a net profit of 10.405 million yuan, up 14.51%, indicating a growing potential in this emerging business area [11]. - The carbon trading market's development has positively impacted Yingda Carbon Assets, with the cumulative transaction volume reaching 190 million tons and a total transaction value of 18.1 billion yuan [11][12]. Shareholder Returns - The company plans to distribute a cash dividend of 0.51 yuan per share, totaling 292 million yuan, reflecting a commitment to shareholder returns [1][13]. - Since its restructuring in 2020, the company has maintained a cash dividend ratio of over 30%, with cumulative dividends expected to exceed 1.9 billion yuan [13]. Regulatory Compliance and Risk Management - The company has implemented a comprehensive risk management system and is focusing on compliance as a core competitive advantage [14][16]. - The 2025 action plan emphasizes enhancing business profitability and optimizing risk management to better serve the main business and improve investor return expectations [16].

Core Viewpoint - Dalian Baiao Chemical Co., Ltd. reported a revenue of 1.312 billion yuan for 2024, marking a year-on-year increase of 23.09%, and a net profit of 345 million yuan, up 5.14% year-on-year. The company is strategically expanding into the semiconductor equipment business while consolidating its traditional industrial biocide operations [2][4]. Group 1: Financial Performance - The company achieved a revenue of 1.312 billion yuan in 2024, a 23.09% increase compared to the previous year [2]. - The net profit attributable to shareholders was 345 million yuan, reflecting a year-on-year growth of 5.14% [2]. - The industrial biocide business generated 1.207 billion yuan in revenue, up 14.49% year-on-year, with foreign revenue reaching 762 million yuan, a 26.20% increase [3]. Group 2: Business Segments - The industrial biocide segment, focusing on isothiazolinone-based products, has over 40,000 tons/year production capacity, making it the largest producer in Asia [3]. - The company has developed over 50 formulation products, with more than 30 currently on sale, aiming to enhance profit margins and market presence [3]. - The newly acquired semiconductor business generated revenue of 97.78 million yuan in 2024, with a gross margin of 43.38% [4]. Group 3: Strategic Initiatives - The company plans to distribute 4 shares for every 10 shares held and pay a cash dividend of 6 yuan per share [2]. - A share repurchase plan is in place, with a budget of 200 million to 400 million yuan to support employee stock ownership plans [2]. - The acquisition of Suzhou Xinhuilian Semiconductor Technology Co., Ltd. is expected to enhance the company's capabilities in the semiconductor sector, contributing to a dual-driven growth model of "chemicals + semiconductors" [5][6].

4月10日，大东方今日收盘4.93元，上涨3.35%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到33.24倍，总市值43.62亿元。 从行业市盈率排名来看，公司所处的医疗服务行业市盈率平均46.62倍，行业中值44.83倍，大东方排名 第25位。 来源：金融界 最新一期业绩显示，2024年三季报，公司实现营业收入27.62亿元，同比2.87%；净利润1.01亿元，同 比-23.08%，销售毛利率14.93%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)25大东方33.2427.021.3343.62亿行业平均 46.6242.163.39143.31亿行业中值44.8336.172.4845.23亿1普瑞眼科-197.9724.752.9966.30亿2何氏眼 科-148.4345.501.4928.92亿3迪安诊断-94.6028.481.2487.56亿4光正眼科-87.47207.837.0519.24亿5创新医 疗-80.49-112.482.0938.57亿6南华生物-75.94-99.9211.3228.15亿7国际医学-33.01-32.093.24118.22亿8 ...

Core Viewpoint - The company has demonstrated strong performance in its home textile exports and new materials business, indicating a solid competitive advantage and growth potential in the textile industry [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.346 billion yuan, a slight increase of 0.11% year-on-year, and a net profit of 348 million yuan, representing a growth of 21.39% [1]. - The home textile segment generated a revenue of 3.853 billion yuan, a year-on-year decrease of 1.67%, but the gross profit margin improved to 23.31%, an increase of 2.55 percentage points from 2023 [1]. Group 2: Domestic Market Strategy - The company is focusing on expanding its domestic market, achieving a revenue of 743 million yuan in the home textile business during the reporting period [2]. - The company has launched new products under the "Furui" and "Jieyu" brands and is enhancing the management of channel partners and direct stores to attract new customers [2]. Group 3: New Materials and Other Business Segments - The new materials business has become a significant growth driver, with revenue from coating materials reaching 202 million yuan, a year-on-year increase of 49.63% [2]. - The company has established a marine engineering division to target the marine transportation anti-corrosion market and has successfully entered the supplier system of major state-owned enterprises [3]. - The company has made substantial progress in its electrolyte additive business, achieving a revenue of 177 million yuan from VC products, a remarkable growth of 472.49% [3].

Group 1: Business Performance and Market Position - The company maintains a leading position in the lithium carbonate industry through long-term stable partnerships with major lithium-ion battery and vehicle manufacturers, while its stainless steel business holds a market share among the top three in China [2][3] - The company’s lithium carbonate production capacity is 30,000 tons per year, with a current project aiming for an annual output of 10,000 tons of battery-grade lithium carbonate undergoing technical upgrades [9][10] Group 2: Cost Control and Competitive Strategy - The company has established an integrated supply chain from mining to deep processing of lithium carbonate, ensuring stable raw material costs and controllable production costs [3][4] - In response to the oversupply in the lithium market, the company plans to adjust sales strategies, enhance technological development, and strengthen cost management to improve product competitiveness [4][5] Group 3: Research and Development - In 2024, the company invested 334.19 million yuan in R&D, accounting for 4.14% of its revenue, focusing on developing new products to meet market demands and reduce production costs [6][10] - The company is actively researching environmentally friendly disposal methods for lithium slag, becoming the first in Jiangxi Province to classify its smelting slag as general industrial waste [6] Group 4: Future Plans and Market Expansion - The company aims to optimize its sales model in the lithium battery sector, focusing on a multi-win ecosystem and enhancing its supply chain to meet market needs [5][10] - Future capital expenditures will focus on increasing lithium salt production capacity and upgrading products in the special steel materials sector [9][10] Group 5: Shareholder Engagement and Market Management - The company has implemented a share repurchase plan, buying back 11.38 million shares for a total of 500 million yuan, and has established a market value management system [8][9] - The company plans to continue annual dividends to reward investors and share development results [9]