4月8日，中共安顺市委、安顺市人民政府发布2025年民营经济表彰决定，固达电缆集团执行总裁李浩杰凭借在产业升级、科技创新与社会责任领域的卓越 贡献，荣膺"安顺市十大杰出民营企业家"。这份荣誉不仅是对李浩杰个人领导力的充分肯定，更是对固达电缆集团以创新驱动高质量发展、以实业担当践 行社会责任的权威认可。 | 附件 | | --- | | "安顺市突出贡献民营企业、安顺市杰出民营 | | 企业家、安顺市优秀民营企业家、安顺市 | | 优秀民营企业"表彰名单 | | 一、安顺市突出贡献民营企业(2家)(按企业纳税多少排序) | | 贵州百灵企业集团制药股份有限公司 | | 贵州三力制药股份有限公司 | | 二、安顺市杰出民营企业家(10名)(按姓氏笔画排序) | | 于以祥 安顺市宝林科技中药饮片有限公司董事长 | | 王 刚 贵州南智云谷数字产业发展有限公司董事长兼总经理 | | 王 华 康命源(贵州)科技发展有限公司董事长 | | 王金斗 安顺市乾辰谷材科技有限公司董事长兼总经理 | | 句爱明 贵州南山婆食品加工有限公司董事长 | | 李浩杰 固达电线电缆(集团)有限公司执行总裁 | | 邱黄杰 贵州西秀翠宏 ...

Group 1: Event Overview - The 2025 Wuzhen Health Conference and the 4th OTC Conference opened on April 9, showcasing the health industry with various forums and discussions on policies, trends, and dynamics [1] - The event featured multiple segments including the 4th OTC Conference, Traditional Chinese Medicine Anti-Aging Conference, and Digital Health Industry Conference, promoting diverse exchanges and sharing [1] Group 2: Company Showcase - Tianshili set up an independent exhibition booth, creatively designed to blend modern technology with traditional Chinese medicine culture, showcasing its star products in cardiovascular, oncology, digestive metabolism, and neuroscience [3] - The innovative health product display area featured health drinks and nutritional supplements tailored for different age groups, attracting health-conscious consumers [5] Group 3: Thematic Meetings - Tianshili held a special presentation titled "Project Upgrade + Category Innovation to Build a New Engine for OTC Market Growth," emphasizing its commitment to OTC market development and innovation [6] - The presentation included insights on the impact of policy on the nutritional supplement market and Tianshili's innovative growth paths, with attendees actively engaging and taking notes [6][7] Group 4: Networking and Collaboration - The "Tianshili Night" event provided a relaxed atmosphere for business discussions, allowing clients to share market feedback and needs while Tianshili's staff listened and responded [8] - The company aims to foster collaboration and mutual understanding, laying a solid foundation for future partnerships [8] Group 5: Industry Significance - Tianshili's performance at the Wuzhen Health Conference is significant amid challenges like strict regulations and intensified market competition, showcasing its innovative approaches in product development and marketing [10] - The company is committed to collaboration and shared market opportunities, driving continuous growth in the OTC market [10]

Investment Rating - The investment rating for Yunnan Baiyao is "Buy-A" with a target price of 64.49 yuan for the next six months, which corresponds to a dynamic price-to-earnings ratio of 22 times for 2025 [8][11]. Core Insights - The company reported a steady growth in performance for 2024, achieving a revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% year-on-year [1][11]. - The pharmaceutical business segment showed remarkable performance, with a revenue of 6.924 billion yuan, reflecting an 11.8% year-on-year growth, and ten products exceeding 100 million yuan in sales [2][3]. - The health products segment generated a revenue of 6.526 billion yuan, a 1.6% increase year-on-year, with the oral care product line maintaining the top market share in China [3][9]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.118 billion yuan, a 7.38% year-on-year increase, and a net profit of 0.423 billion yuan, with a non-recurring net profit of 0.258 billion yuan, marking a turnaround from losses [1]. - The gross margin improved to 27.90%, up 1.39 percentage points year-on-year, and the net profit margin reached 11.91%, an increase of 1.37 percentage points [1]. Business Segments - **Pharmaceutical Segment**: The main business revenue was 6.924 billion yuan, with significant growth in core products such as Yunnan Baiyao aerosol, which surpassed 2.1 billion yuan in sales, growing over 26% year-on-year [2]. - **Health Products Segment**: Revenue reached 6.526 billion yuan, with a notable 30.3% increase in sales for the anti-hair loss product line [3]. - **Traditional Chinese Medicine Resources Segment**: Generated 1.751 billion yuan in revenue, with a 3.13% year-on-year growth, while maintaining stable supply and pricing for strategic products [3]. - **Provincial Pharmaceutical Company**: Achieved a revenue of 24.607 billion yuan, a 0.48% increase year-on-year, with significant growth in non-pharmaceutical business areas [9]. Innovation and Development - The company is focusing on innovation with ongoing projects in short, medium, and long-term development, including secondary innovation of major traditional Chinese medicine products and new drug development [10][11]. - The projected revenue growth rates for 2025 to 2027 are estimated at 4.7%, 4.5%, and 4.5%, respectively, with net profit growth rates of 10.1%, 9.5%, and 8.7% [11].

Core Insights - The company, Nipe Mining Machinery, reported a revenue of 1.122 billion yuan for 2024, representing a year-on-year growth of 19.62% (adjusted) and a net profit of 116 million yuan, with a year-on-year increase of 45.46% (adjusted) [1] - The company specializes in the research, production, sales, and service of heavy mining equipment and wear-resistant parts, focusing on high-performance rubber materials to enhance equipment efficiency and reduce costs [1][2] Financial Performance - Nipe Mining Machinery achieved an operating income of 1.122 billion yuan, a 19.62% increase compared to the previous year [1] - The net profit reached 116 million yuan, marking a 45.46% increase year-on-year [1] - The basic earnings per share were reported at 0.76 yuan, with a cash dividend distribution plan of 0.7 yuan per 10 shares (tax included) [1] Market Expansion - The company's wear-resistant materials and heavy mining equipment have been applied in several large domestic metal mines and exported to countries such as Mongolia, Chile, and Kazakhstan [2] - In 2024, Nipe Mining Machinery added 38 new clients, with significant growth in overseas orders, including a 125% increase in Africa, 77% in the Asia-Pacific and Middle East regions, and 58% in Latin America [2] - The company secured a project for a 750M slurry pump in Tibet, filling a domestic gap in this equipment type and reinforcing its market leadership [2] Product Development - A milestone was achieved with the successful application of a new forged composite liner in a large mine in Tibet, which is expected to drive the development of other equipment and parts [2] - The successful trial of the 760NZJM flow component in the South American market has broken the long-standing monopoly of international giants in this heavy slurry pump category [2] Future Strategy - Nipe Mining Machinery aims to enhance its global production layout to better implement its international strategy, focusing on increasing market share in Latin America, Central Asia, and Africa [3] - The company targets to have international market sales revenue account for 60%-80% of its total revenue in the future [3] - Plans include improving product design and wear-resistant material research capabilities, while also increasing production capacity for large and high-end mining equipment to meet growing market demand [3] - The company intends to strengthen its comprehensive service capabilities, evolving into a leading manufacturer of mining equipment with integrated supply, design consulting, and operational maintenance capabilities [3]

Core Viewpoint - The company is actively implementing the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2024, focusing on high-quality development and enhancing investor returns [2][6][13] Group 1: High-Quality Development - The company has been dedicated to the defense technology industry, specializing in missile solid engine power and control products, and ammunition equipment, primarily for military use [2][3] - R&D investment has increased by 25.95% compared to the previous year, leading to breakthroughs in 39 key technologies, significantly enhancing product competitiveness [2][6] - The company is expanding its market presence through strategic cooperation with core customers and optimizing internal management to improve operational efficiency [2][5] Group 2: Investment Projects - The company plans to invest 810 million yuan in the "Power Module Capability Construction Project" to meet production capacity needs and support scale development [3][4] - An investment of 343 million yuan is proposed for the "Aerospace Power Construction Project," aiming to extend from engine components to complete engine assembly and related industries [4][5] Group 3: Innovation and R&D - The company emphasizes innovation as a core driver, with a focus on developing new quality production capabilities and enhancing technological innovation [6][7] - As of 2024, the company has obtained 176 authorized patents, including 30 invention patents, and has successfully transitioned several products from research to production [6][7] Group 4: Investor Returns - The company is committed to a long-term, stable, and sustainable shareholder return mechanism, utilizing methods such as dividend distribution and share buybacks [8][9] - A share buyback plan was disclosed, with a budget of 70 million to 130 million yuan, aiming to enhance investor confidence and promote long-term healthy development [8][9] Group 5: Investor Relations Management - The company prioritizes investor relations management, ensuring transparent and timely information disclosure to enhance investor trust [10][11] - Various communication channels are utilized to maintain effective interaction with investors, including performance briefings and institutional research receptions [10][11] Group 6: Corporate Governance - The company emphasizes the integration of party leadership and corporate governance, continuously improving its governance structure and decision-making processes [12][13] - A robust internal control framework is being established to mitigate operational risks and ensure compliance with legal regulations [12][13]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [1][5]. Core Insights - The company has shown a significant quarter-on-quarter recovery in Q4 2024, driven by innovation and expansion into overseas markets. The revenue for Q4 2024 reached 33.46 billion RMB, reflecting a year-on-year decrease of 15.90% but a substantial quarter-on-quarter increase of 106.43% [3][6]. - The company is focusing on increasing R&D investments and optimizing operational efficiency, which is expected to drive a return to growth. New innovative products, such as silicon carbide MRI and zero-noise DSA, are anticipated to create new growth opportunities [6][5]. - The company achieved a total revenue of 103.00 billion RMB in 2024, a year-on-year decline of 9.73%, with a net profit of 12.62 billion RMB, down 36.08% year-on-year. However, projections for 2025 and 2026 indicate a recovery with expected revenues of 124.13 billion RMB and 150.58 billion RMB, respectively [3][5]. Financial Performance Summary - The company’s total revenue for 2024 is projected at 103.00 billion RMB, with a year-on-year growth forecast of 20.51% for 2025 and 21.31% for 2026 [5][10]. - The net profit for 2024 is expected to be 12.62 billion RMB, with a significant recovery projected for the following years, reaching 18.46 billion RMB in 2025 and 23.72 billion RMB in 2026 [5][10]. - The earnings per share (EPS) is forecasted to be 1.53 RMB in 2024, increasing to 2.24 RMB in 2025 and 2.88 RMB in 2026 [10].