【DT新材料获悉】 获悉，过去的5月，国际光伏市场热闹非凡， 通威股份、爱旭股份、正泰新能、 协鑫集成、汉伏能源、华晟新能源、隆基绿能、赛拉弗、TCL光伏、晶澳科技 等光伏龙头企业接连 签约海外光伏订单。 主要订单来自于 德国、瑞典、波兰、巴基斯坦、澳大利亚、津巴布维、赞比 亚、秘鲁 等国家和地区，已披露的签约规模超4GW。其中，不乏GW级组件大单。 （1）通威股份 5月，通威与欧洲能源服务商 BayWa r.e. Solar Trade Holding GmbH 正式签署2025年战略合作协 议，围绕TNC 2.0全场景产品开展项目开发、系统集成与运维支持，实现资源共享与优势互补。 同期，通威与 INFO-Telecom 签署东欧地区项目供应协议。INFO-Telecom监管事务与发展项目总经 理Arben、薛青松副总经理见签。INFO-Telecom技术总监Ramush、通威股份光伏商务部组件营销东 欧及美洲区负责人季卫华代表双方签署协议。 （2）爱旭股份 5月，爱旭成功与海外客户签约1GW集中式订单，接连斩获340MW欧洲最大BC地面电站、225MW非 洲最大BC地面电站等高价值项目。 5月，协鑫集成分 ...

证券代码：002669 证券简称：康达新材 康达新材料（集团）股份有限公司 投资者关系活动记录表 编号：2025-004 | □特定对象调研 | ■分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 国泰海通证券：沈唯；广发证券：潘峰；光大证券：朱成凯； | | 参与单位名称及 | | | | 西南证券：李根林；光大保德信基金：詹佳；上银基金：杨东朔； | | | 和泰人寿保险：李镰超；中信建投基金：谢玮；红杉中国：Yan Huichen； | | 人员姓名 | 宝盈基金：何相事；华夏财富创新投资：刘春胜；尚诚资产：黄向前； | | | 循远资产：田超平；理成资产：徐杰超；正圆私募基金：张萍； | | | 峰岚资产：蔡荣转；pleiad：Simon Sun、CAPITAL GROUP：Hong Liu； | | | Manulife Investment Management Hong Kong Limited：李文琳。 | | 时间 | 年 月 日 2025 6 6 14:00— ...

（先赞后看，人生灿烂） 真实情况就是——尼日利亚主体剥离出了上市公司主体。 财报原文： 营业收入为1.239亿元人民币（合1690万美元），与2023年同期相比下降了23.9%。下降的主要原因是由于处置尼日利亚实体导致来自海外贷款的收入减 少，以及来自投资者推荐服务的收入减少。 上市公司就是不做尼日利亚了。 据说是卖给了自己人成立的新主体。 产品还是那个产品，人还是那帮人，但所属的公司主体不再是上市公司主体。 有从业者解释，上市公司资金出境流程比较复杂，剥离到表外也减少审计麻烦。 最近Q1的财报中，嘉银科技也是没有再提尼日利亚，其财报图文中的海外市场只体现了墨西哥和印尼。 在解析嘉银科技2025年Q1财报之前必须再提一下之前其2024年财报提到嘉银科技出售尼日利亚实体。 在投资者电话会中提及—— 印尼：新注册用户数量同比增长196%，贷款量增长190%，均实现显著突破。计划通过多元化合作与当地伙伴进一步深化合作。 墨西哥：业务风险指标有所改善。 不过，具体的贷款规模或者借款人规模数据，没有披露。 另一点关于海外部分，是其Q1应收贷款拨备和去年同期相比减少，财报解释为：2025年第一季度提供了额外的海外担保。 ...

Group 1: Company Overview and History - The company was established in the early 1990s and has over 30 years of experience in the transformer tap switch sector, with significant milestones including a successful backdoor listing in 2015 and the acquisition of its largest domestic competitor in 2018 [3][4]. - The company has built a full industrial chain production base in Shanghai, achieving over 80% self-sufficiency in components, which effectively shortens product development cycles [3][4]. Group 2: Market Dynamics - The domestic power grid has shown stable long-term growth, while non-grid sectors experienced rapid growth driven by new energy and electric vehicles from 2021 to 2023, increasing the demand for power equipment [4][5]. - As of last year, the revenue share from non-grid business was still higher than that from grid business, although the gap has narrowed [4][5]. Group 3: International Market Presence - The largest overseas market for the company is Europe, followed by Southeast Asia, with other regions like Africa, South America, and North America showing similar demand levels [6][7]. - The company has established assembly and testing plants in Turkey and Indonesia, and sales teams in Singapore, the USA, Brazil, France, Italy, and Germany to expand local and regional markets [10][11]. Group 4: Product and Service Strategy - The company aims to enhance its market share by introducing new suppliers to improve existing supply dynamics and increase bargaining power, leveraging its high self-sufficiency rate and quick response capabilities [16][17]. - The company’s products are critical components in transformer systems, with a design lifespan aligned with transformers, necessitating regular maintenance and inspections [20][21]. Group 5: Financial Performance and Projections - The company has a healthy cash flow, with accounts receivable levels influenced by varying payment terms with different customers, but overall cash flow remains robust [46][48]. - The company commits to a cash dividend of no less than 60% of distributable profits during the 2023-2025 shareholder return plan, with recent distributions nearing 80% [57][58]. Group 6: Challenges and Future Outlook - The company faces challenges in the North American market due to various external factors affecting progress, but sees potential for significant market share growth if it can establish a foothold [11][12]. - The company is cautious about the impact of raw material price fluctuations on costs, as it uses various basic materials, but believes that optimizing its product structure can mitigate these effects [51][55].

比亚迪王传福：公司今年海外销量数据将会非常好 未来海外销量相信会逐月提升 智通财经6月6日电，比亚迪董事长王传福6月6日上午在公司2024年度股东大会上表示，公司今年海外销 量数据将会非常好，未来海外销量相信会逐月提升，目前来看公司在多个海外市场销量已有逐月提升迹 象。"海外市场价格较为稳定，对公司盈利帮助较大。"王传福说，海外和高端化一样是公司的重要战 略。 ...

近日，百台徐工燃油自卸车鸣笛启程、奔赴海外，以硬核实力赋能当地重点基建项目。 本次交付的产品为徐工XG1 6×4 DH380T自卸车，为当地复杂地形与高强度作业工况量身打 造。 产品搭载行业主流领先工程版专用发动机，并进行多轮专业调校优化，兼顾动力性、可靠性和 经济性，能够从容应对当地大型基建连续重载运输任务；总成悬置系统解耦率超过95%，隔震 率达到80%以上，显著提升驾驶舒适性与车辆结构耐久性。 客户表示："徐工自卸车在高温环境下表现出色、动力强劲、运行稳定，能确保高效出勤。" 数据显示，徐工自卸车在当地市场的占有率已突破20%，稳居行业前列。徐工汽车以卓越品质 叩开海外市场之门，更凭借周到服务叩响客户心门。 徐工汽车组建"一流、高效、专业"的售后服务团队，当前已在海外为客户提供超过数万次紧急 服务支持。 ● 两连涨！5月重卡销8.3万辆！以旧换新政策发力，终端销量大涨20% | 光耀评车 ● 5月销售2308辆！上汽大通新能源轻客销量翻倍 ● 1.75亿元！郑州公交942辆纯电公交 "换芯" 招标 ● 动力电池新国标发布！6月起又一批行业新规将实施 | 头条 ● 劲爆！一汽解放沙特签下近万辆出口大单 不 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline in Q1 2025, attributed to reduced low-price gift box promotions during the Spring Festival, a decrease in traditional supermarket sales, and a high revenue base from the same period last year [4] - Despite the challenges, the company has shown strong growth in its comprehensive nut and bean series, with significant contributions from overseas markets [3][9] - The company is expected to improve its profit margins gradually as overseas market expansion continues and operational efficiencies are realized [8][9] Financial Performance Summary - In FY 2024, the company achieved a revenue of 2.257 billion yuan, a year-on-year increase of 22.18%, and a net profit of 376 million yuan, up 14.32% year-on-year [2] - For Q1 2025, the company reported a revenue of 504 million yuan, down 13.99% year-on-year, and a net profit of 53 million yuan, down 42.21% year-on-year [2] - The gross profit margin for FY 2024 was 35.46%, which decreased to 34.32% in Q1 2025, reflecting pressure from rising raw material costs and increased expenses [5][7] - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.598 billion yuan and 3.032 billion yuan, respectively, and has revised EPS estimates to 4.38 yuan and 5.13 yuan for the same years [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline in Q1 2025, attributed to reduced e-commerce activities and traditional retail performance, but showed a year-on-year increase when comparing Q4 2024 to Q1 2025 [4] - The company is focusing on expanding its overseas market presence, which has shown significant growth from a low base, indicating increasing influence and recognition [9] - Profit margins are expected to improve gradually in subsequent quarters as operational efficiencies are realized and overseas market contributions grow [9] Financial Performance Summary - In FY 2024, the company achieved revenue of 2.257 billion yuan, a year-on-year increase of 22.18%, and a net profit of 376 million yuan, up 14.32% [2] - For Q1 2025, revenue was 504 million yuan, down 13.99% year-on-year, with a net profit of 53 million yuan, down 42.21% [2] - The company's gross margin for FY 2024 was 35.46%, which decreased to 34.32% in Q1 2025 due to rising raw material costs and increased expenses [5][7] - The company’s sales expenses increased significantly in Q1 2025, reflecting investments in overseas market expansion and brand promotion [6] Revenue Breakdown - The company’s revenue from various product lines in FY 2024 included 705 million yuan from mixed nuts and beans, 524 million yuan from green peas, and 302 million yuan from sunflower seeds, with respective year-on-year growth rates of 39.80%, 12.56%, and 10.48% [3] - Revenue from overseas markets grew by 1762% year-on-year, highlighting the potential for future growth in international sales [3] Earnings Forecast - The revenue forecast for 2025 has been adjusted to 2.598 billion yuan, with EPS estimates revised to 4.38 yuan [10] - The company is projected to achieve revenues of 3.032 billion yuan in 2026 and 3.461 billion yuan in 2027, with corresponding EPS of 5.13 yuan and 5.72 yuan [10]

Event Overview - In FY24, the company achieved revenue of 2.257 billion, a year-on-year increase of 22.18%; net profit attributable to shareholders was 376 million, up 14.32% year-on-year; and net profit excluding non-recurring items was 341 million, an increase of 16.91% year-on-year. In Q4 24, revenue was 652 million, up 22.05% year-on-year; net profit attributable to shareholders was 99 million, down 13.91% year-on-year; and net profit excluding non-recurring items was 93 million, down 10.40% year-on-year. In Q1 25, revenue was 504 million, down 13.99% year-on-year; net profit attributable to shareholders was 53 million, down 42.21% year-on-year; and net profit excluding non-recurring items was 46 million, down 45.14% year-on-year [1]. Analysis and Judgment - The company saw strong growth in the comprehensive nut and bean series, with revenue from various product lines in FY24 as follows: comprehensive nuts and beans 705 million (+39.80%); green pea series 524 million (+12.56%); sunflower seeds 302 million (+10.48%); broad beans 277 million (+19.72%); other series 439 million (+21.17%); and other businesses 10 million (-3.84%) [2]. - By region, revenue in FY24 was as follows: East China 658 million (+45%); Southwest 365 million (+49%); Central China 339 million (+17%); e-commerce 239 million (+11%); North China 235 million (-28%); South China 160 million (+22%); Northwest 97 million (+2%); Northeast 71 million (-9%); overseas 83 million (+1762%); and other businesses 10 million (-4%) [2]. Q1 25 Revenue Pressure - Revenue in Q1 25 faced pressure due to several factors: 1) significant reduction in low-priced gift box live-streaming business during the Spring Festival to ensure healthy development of e-commerce; 2) decline in traditional supermarket business; and 3) timing differences of the Spring Festival leading to a high revenue base in the same period last year. Comparing Q4 24 and Q1 25, revenue showed a year-on-year increase of 3.2%, indicating stability [3]. Cost and Profitability - The company's gross margin for FY24, Q4 24, and Q1 25 was 35.46%, 35.14%, and 34.32%, respectively, showing a year-on-year decline of 0.78, 0.90, and 1.07 percentage points. The decline in gross margin was primarily due to significant promotional efforts during the year-end festival and a substantial increase in procurement costs for key raw materials like palm oil since Q1 25 [4]. - On the expense side, the company's expense ratios for sales, management, R&D, and financial expenses in FY24 were 12.67%, 3.75%, 1.42%, and -0.50%, respectively, with year-on-year changes of +1.18, -0.03, +0.17, and +0.33 percentage points. In Q1 25, these ratios were 17.34%, 4.87%, 1.23%, and -0.35%, with year-on-year changes of +4.24, +1.39, +0.17, and +0.22 percentage points. The increase in sales expense ratio was attributed to the company's expansion into overseas markets and increased brand promotion efforts [5]. - The net profit margin for FY24, Q4 24, and Q1 25 was 16.67%, 15.19%, and 10.47%, respectively, with year-on-year declines of 1.14, 6.34, and 5.11 percentage points. The net profit margin excluding non-recurring items was 15.12%, 14.34%, and 9.09%, with year-on-year declines of 0.68, 5.20, and 5.16 percentage points. The pressure on profitability was due to both cost and expense factors [6]. Future Outlook - The company is expected to improve profitability quarter by quarter, with a focus on breakthroughs in overseas markets. The significant growth in overseas markets reflects the company's increasing influence and recognition. Despite the pressure from raw material price fluctuations and increased overseas expenses, profitability is anticipated to improve as the overseas market expands [7][8]. Investment Recommendations - Based on the latest financial report, the company's revenue forecasts for 2025 and 2026 have been adjusted down to 2.598 billion and 3.032 billion, respectively, with a new forecast for 2027 revenue at 3.461 billion. The EPS forecasts for 2025 and 2026 have been revised down to 4.38 and 5.13, respectively, with a new forecast for 2027 EPS at 5.72. The PE ratios corresponding to the closing price of 64 yuan per share on May 30 are 15, 12, and 11 times, maintaining a "buy" rating [9].

在海外拿牌的热潮中，全球支付平台PingPong也有亮眼表现。近日，PingPong宣布获得马来西亚中央银行正式批 准，成为中国首家在当地持有MSB牌照的To B（面向企业客户）跨境支付机构。继新加坡、印尼牌照之后， PingPong此次获得马来西亚牌照，将进一步扩大公司在"一带一路"共建国家和地区的业务布局，完善本地生态网 络建设。 截至目前，PingPong已拥有60多张全球支付牌照及许可证，其合规网络建设覆盖了中国内地、中国香港、美国、 加拿大、欧盟、英国、新加坡、印尼、马来西亚、澳大利亚、日本等众多国家和地区。凭借广泛的牌照覆盖， PingPong可支持各类企业在北美、欧洲、东亚、东南亚等主要贸易区域内实现安全便捷的跨境资金往来，帮助企 业有效应对全球市场波动，抓住新兴市场的机遇。 同样关注新兴市场机遇的还有Airwallex空中云汇。今年初，Airwallex空中云汇成功获得巴西央行颁发的支付牌 照，并完成对墨西哥持牌机构MexPago的战略收购，为进入拉美两大关键市场铺平了道路。 目前，Airwallex空中云汇已经在澳大利亚、新加坡、中国香港、中国内地、日本、新西兰、英国、欧洲、美国、 加拿大、 ...