证券代码：603100 证券简称：川仪股份（603100） 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 重庆川仪自动化股份有限公司 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：万元 币种：人民币 ■ 本报告期，受宏观环境影响，行业竞争加剧，公司营业收入同比下降7.63%；归属于上市公司股东的扣 除非经常性损益的净利润下降26.16%，主要系联营企业下游有效需求不足、竞争加剧，利润大幅下 降，致使公司投资收益减少。 注1：《企业准则第34号一每股收益》第十三条规定：发行在外普通股或潜在普通股的数量因派发股票 股利、公积金转增资本、拆股而增加或因并股而减少,但不影响所有者权益金额的，应当按调整后的股 数重新计算 ...

Group 1 - The company plans to use idle self-owned funds for entrusted wealth management, with a maximum amount not exceeding 1.2 billion yuan, from the date of approval at the 2024 annual shareholders' meeting until the 2025 annual shareholders' meeting [1][59][87] - The board of supervisors has also approved the proposal for utilizing idle self-owned funds for entrusted wealth management [2][69] - The proposal for entrusted wealth management still needs to be submitted for review at the 2024 annual shareholders' meeting [3][19] Group 2 - The company emphasizes strict risk control in selecting wealth management products, acknowledging potential market, policy, liquidity, and force majeure risks [4] - The finance department will conduct thorough analysis and research on the entrusted wealth management products, adhering to internal control systems to mitigate investment risks [5][6] Group 3 - The investment will not affect the company's normal operations and aims to improve fund utilization efficiency, generating investment returns to enhance overall performance and shareholder value [7] - The company will report the purchased wealth management products as trading financial assets, with related income recognized in fair value changes and investment income [7] Group 4 - The company is actively promoting a "quality improvement, efficiency enhancement, and return to shareholders" initiative, aligning with national policies and market demands [10] - The company aims to strengthen its core business, enhance market share, and improve product competitiveness through various measures [10][11] - The company has a commitment to continuous cash dividends, with a proposed cash dividend of approximately 136 million yuan for 2024, subject to shareholder approval [12]

Group 1 - The company plans to distribute a cash dividend of 27.62% of its net profit attributable to shareholders for the year 2024, which is below the 30% threshold [1] - The decision to retain a portion of profits is aimed at enhancing internal capital accumulation and supporting digital transformation initiatives [1] - The company maintains a stable and continuous profit distribution policy, with an increase in both cash dividends per share and the dividend payout ratio compared to the previous year [1] Group 2 - The board of directors approved the 2024 profit distribution plan during the 12th meeting of the 9th board on April 24, 2025, and will submit it for shareholder approval [2] - The supervisory board supports the profit distribution plan, emphasizing its alignment with sustainable development and regulatory requirements [3] Group 3 - The company intends to renew its contract with KPMG Huazhen for auditing services, which has been in operation since 1992 and has a significant number of registered accountants [8][9] - KPMG Huazhen's revenue for 2023 exceeded RMB 4.1 billion, with a substantial portion coming from auditing services [8] - The audit fees for 2025 are set at RMB 3.58 million, remaining consistent with the previous year [16] Group 4 - The company has initiated a valuation enhancement plan in response to its stock price being below the net asset value per share for 12 consecutive months [22][24] - The plan includes measures to strengthen development advantages, improve management efficiency, and enhance investor relations [26][30] - The company emphasizes a commitment to stable and predictable shareholder returns, with a history of increasing cash dividends since its IPO [33]

Group 1 - The company approved the 2025 remuneration plan for directors and senior management, confirming the execution of the 2024 remuneration plan [2][5][42] - The company agreed to reappoint Tianjian Accounting Firm as the financial and internal control auditor for the year 2025, pending shareholder approval [6][8][44] - The company conducted a self-assessment report on the independence of independent directors, which was approved by the board [9][10] Group 2 - The company reported a net profit of RMB 233,235,938.80 for the year 2024, with a proposed cash dividend of RMB 2.50 per share, totaling RMB 100,002,500 [67][68][90] - The company plans to distribute a total of RMB 160,004,000 in cash dividends for the year 2024, which represents 68.60% of the net profit attributable to shareholders [67][90] - The company has established a mid-term dividend distribution plan for 2025, with a maximum distribution amount not exceeding 50% of the net profit for that period [70][71] Group 3 - The company reported a revenue of RMB 2.651 billion for 2024, reflecting a year-on-year growth of 11.91%, and a net profit growth of 8.99% [88][89] - The company emphasized its commitment to continuous and stable dividend policies, enhancing shareholder returns through increased cash dividend frequency [89][90] - The company has implemented a fundraising management system to ensure effective use and storage of raised funds, complying with regulatory requirements [80][81]

Core Viewpoint - The company is committed to enhancing quality and efficiency while ensuring shareholder returns through a comprehensive action plan aimed at high-quality development and value recovery [31][32]. Financial Data - The company has not audited its first-quarter financial statements for 2025 [3]. - The company reported a net profit of 0 yuan for the merged entity prior to the merger [9]. Shareholder Information - As of the end of the reporting period, the controlling shareholder, China Communications Construction Company, and its affiliates hold approximately 57.01% of the company's total shares [5][6]. - The company plans to increase its shareholding through its subsidiary, with a minimum investment of 1.0 billion yuan and a maximum of 2.0 billion yuan [6][7]. Corporate Governance - The board of directors and the supervisory board have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][11]. - The company emphasizes the importance of corporate governance and compliance with legal regulations to protect shareholder rights [40]. Strategic Initiatives - The company aims to focus on high-quality development by enhancing its core competitiveness in design consulting services and expanding into related areas [32]. - The company plans to deepen its international presence and engage in significant projects along the Belt and Road Initiative [33]. Shareholder Returns - The company has established a cash dividend policy, committing to distribute at least 30% of its average distributable profits over the last three years [36]. - The company has distributed a total of 757 million yuan in cash dividends since its listing, ensuring stable returns for shareholders [36]. Investor Communication - The company will hold an investor briefing on April 29, 2025, to discuss its first-quarter performance and address investor questions [21][23]. - The company is committed to improving the quality of information disclosure and enhancing communication channels with investors [38].

Core Viewpoint - The company aims to enhance operational efficiency and investor returns through a comprehensive action plan for 2025, focusing on core business development, technological upgrades, and effective investor communication [7][21]. Financial Data - The first quarter financial report is unaudited, and the company has experienced a decline in revenue compared to the previous year due to strategic price reductions and decreased procurement demand from clients [4][5]. Business Strategy - The company specializes in the research, production, and sales of semiconductor masks, with a focus on key technology and independent intellectual property [7][8]. - The company plans to expand its production capabilities and product offerings, targeting process nodes of 90nm and 65nm, and aims to enhance its market competitiveness [8][13]. Technological Development - The company is committed to accelerating technological upgrades and optimizing product structures, with a focus on third-generation semiconductor mask technology [9][10]. - Significant investments will be made in research and development to improve product quality and production management [10][11]. Talent Management - The company will enhance its talent acquisition and training programs to build a high-quality research and development team, fostering a culture of continuous learning and innovation [11][12]. Investor Relations - The company emphasizes the importance of investor relations and plans to improve communication through various channels, ensuring transparency and timely information disclosure [19][20]. - A cash dividend of RMB 4.00 per share is proposed for the 2024 fiscal year, reflecting a commitment to returning value to shareholders [15]. Governance and Compliance - The company is focused on strengthening its governance structure and internal control systems to ensure compliance with relevant laws and regulations [16][17]. - Continuous evaluation and adjustment of governance practices will be undertaken to enhance operational efficiency and risk management [17][18].

Core Viewpoint - The company, Chongqing Zai Sheng Technology Co., Ltd., has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders Action Plan" for 2025, focusing on enhancing operational efficiency, core competitiveness, and ensuring sustainable development while prioritizing investor interests [1]. Group 1: Focus on Core Business - The company aims to strengthen its core business by focusing on three main categories: "Clean Air Materials," "High-Efficiency Energy-Saving Materials," and "Dust-Free Air Conditioning Products" [1]. - The company has achieved breakthroughs in domestic production of high-efficiency air filter paper and other materials for nuclear power plants, and plans to increase R&D investment in core technologies [1]. Group 2: Digital Transformation and Smart Systems - The company will continue to promote automation and smart systems in production management, aiming to reduce operational costs through digital transformation [2]. - Advanced information technology and automation equipment will be integrated to enhance production efficiency and flexibility while lowering energy consumption and waste rates [2]. Group 3: Brand Development and User Engagement - The company will explore the "On-Site as the First Salesperson" concept to enhance brand image through user interactions and feedback [3]. - A 1,600 square meter passive house certified by Germany's PHI will be established to showcase the company's green energy-saving products [3]. Group 4: Innovation and R&D - Innovation and R&D are identified as core drivers of high-quality development, with a focus on high-end filtration materials and product upgrades [4]. - The company will strengthen collaborations with renowned research institutions and enhance its patent strategy to foster a cycle of "R&D - Transformation - Revenue - Reinvestment" [5]. Group 5: Talent Development - The company will deepen talent training and team building to create a high-quality, professional elite team [6]. - A diverse training system will be established to meet various employee learning needs, enhancing professional skills and innovation capabilities [6]. Group 6: Corporate Governance and Internal Control - The company will optimize its organizational structure to create a more efficient management framework [7]. - Internal risk control systems will be improved to enhance governance levels and ensure compliance with regulations [10][11]. Group 7: Shareholder Returns - The company emphasizes long-term and sustainable shareholder returns, planning to implement a stable profit distribution policy and explore multiple dividend mechanisms [8]. - The company will focus on balancing operational quality, performance growth, and shareholder returns [8]. Group 8: Investor Communication - The company prioritizes investor communication, aiming to enhance the quality of information disclosure and protect investor rights [9]. - Various channels will be utilized to maintain high-frequency and high-quality communication with investors [9]. Group 9: Fund Management - The company has established a specialized account for managing raised funds, ensuring compliance with relevant regulations [49][50]. - The company has utilized part of the idle raised funds for cash management, ensuring that it does not affect the normal operation of fundraising projects [62][63].

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in the market and operational performance [3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21.36 billion yuan, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 499 million yuan, down 11.8% year-on-year [3]. - In Q4 2024, the company recorded revenue of 5.28 billion yuan, a year-on-year decline of 4% and a quarter-on-quarter decrease of 0.7%, with a net profit of 104 million yuan, down 52% year-on-year but up 55% quarter-on-quarter [3]. Group 2: Industry Analysis - The narrowing price differentials for soda ash and PVC negatively impacted the company's Q4 performance, despite a slight recovery in the viscose staple fiber sector [4]. - In Q4 2024, the viscose staple fiber price differential was 5,244 yuan/ton, up 38 yuan/ton year-on-year and 154 yuan/ton quarter-on-quarter, while the soda ash price differential was 46 yuan/ton, down 1,018 yuan/ton year-on-year and 263 yuan/ton quarter-on-quarter [4]. Group 3: Project Development - The company is advancing its "Three Chains and One Cluster" industrial layout, with a focus on high-end product development, achieving a 48% investment in emerging industries by the end of 2024 [5]. - Key projects include the high-end electronic chemicals project, which was completed in 13 months, and the first phase of the fine chemicals project, which is 65% complete [5]. Group 4: Shareholder Returns - The company has implemented a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" plan, committing to distribute at least 30% of the net profit attributable to shareholders as cash dividends from 2025 to 2027 [6]. - Since its listing, the company has returned a total of 4.226 billion yuan in cash dividends to shareholders [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件 ： 公司发布 2024年年度报告，2024年公司实现营业收入213.6亿元，同比-2.6%；实现归母净利润4.99亿元， 同比-11.8%。其中Q4单季度公司实现营业收入52.8亿元，同比-4%，环比-0.7%；实现归母净利润1.04亿 元，同比-52%，环比+55% 。 点评： 纯碱、 PVC价差收窄，2024年Q4业绩同比承压下滑 2024年Q4，粘胶短纤价差5244元/吨，同比+38元/吨，环比+154元/吨；纯碱价差46元/吨，同比-1018元/ 吨，环比-263元/吨；PVC价差1982元/吨，同比-442元/吨，环比-358元/吨。2024年Q4，粘胶短纤 行业开 工稳定、库存低位，下游需求保持刚需支撑 ， ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on improving operational quality and shareholder returns through a new action plan [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 21.36 billion yuan, a year-on-year decrease of 2.6% [1]. - The net profit attributable to shareholders was 499 million yuan, down 11.8% year-on-year [1]. - For Q4 2024, the company reported operating revenue of 5.28 billion yuan, a decline of 4% year-on-year and 0.7% quarter-on-quarter [1]. - The net profit for Q4 was 104 million yuan, a significant drop of 52% year-on-year, but an increase of 55% quarter-on-quarter [1]. Industry Analysis - The price spread for various products showed mixed results in Q4 2024: - Viscose staple fiber price spread was 5,244 yuan/ton, up 38 yuan/ton year-on-year and 154 yuan/ton quarter-on-quarter [2]. - Soda ash price spread was 46 yuan/ton, down 1,018 yuan/ton year-on-year and 263 yuan/ton quarter-on-quarter [2]. - PVC price spread was 1,982 yuan/ton, down 442 yuan/ton year-on-year and 358 yuan/ton quarter-on-quarter [2]. - The viscose staple fiber industry showed stable operations and low inventory, with downstream demand providing support, leading to a slight recovery in price spread [2]. Strategic Initiatives - The company is advancing its "three chains and one cluster" industrial layout, with 48% of new industry investments focused on high-end products [3]. - Key projects include: - High-end electronic chemicals project completed in 13 months, with some products already in trial production [3]. - Phase one of fine chemicals project is 65% complete [3]. - Phase three of silicon industry project is running smoothly and recognized as a high-quality project [3]. - Seawater desalination project has received necessary approvals and is moving into design and bidding phases [3]. - The 100,000-ton battery-grade sodium carbonate project is in the commissioning stage [3]. Shareholder Returns - The company has implemented a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, focusing on operational quality and cash dividends [4]. - Since its listing, the company has returned a total of 4.226 billion yuan to shareholders through various methods [4]. - For 2025-2027, the company plans to distribute at least 30% of the net profit attributable to shareholders as cash dividends each year [4]. Profit Forecast and Valuation - Due to the downturn in soda ash and PVC markets, the company has revised its profit forecasts for 2025-2026 downwards, with new estimates for 2027 introduced [4]. - Expected net profits for 2025-2027 are 662 million yuan (down 30%), 852 million yuan (down 23%), and 1.219 billion yuan, respectively [4]. - The company maintains a "buy" rating, anticipating significant improvement in profitability with a recovery in industry conditions [4].