• 咸亨国际营收结构变化，电网领域占比下降，新兴领域占比提升，但新兴 领域毛利率较低。公司整体毛利额增长速度超过费用增长，净利润显著提 升，其中净利润同比增长 181%，扣非归母净利润同比增长 168%，显示 出较强的盈利能力。 • 公司积极布局新质生产力，重点关注技术创新，在液压工具机械化作业装 备、状态检测和不停电作业等领域推出创新产品。例如，轮履一体立杆机、 声学成像融合红外模块等产品提升了市场竞争力。 • 咸亨国际通过技术创新提升市场竞争力，包括定制化液压工具机械化作业 装备、声学成像融合红外模块、电缆故障智能诊断技术以及个人防护类产 品及智能工器具的研发投入。 • 公司是国内最早一批进行工业无人机自主研发和生产的企业之一，与北航 合作，后转型为大疆生态合作伙伴，基于大疆无人机和机场进行二次开发， 满足能源、交通应急领域客户的需求。 • 咸亨国际关注机器人在能源行业的应用，成立机器人事业部，专注于基于 成熟本体进行二次开发，满足专业化客户场景需求。计划三个月内完成基 于四足机器人巡检变电站及石油石化产站解决方案演示场景搭建。 咸亨国际 20250429 摘要 Q&A 咸亨国际在 2025 年第一季度的 ...

Core Insights - The Chinese biotechnology industry, focusing on biopharmaceuticals, biomanufacturing, and bioagriculture, is experiencing high-quality development supported by national policies, with a projected industry scale of 21.4 trillion yuan in 2024, representing a year-on-year growth of 3.88% [1][8] - Technological innovation is identified as the core engine for industry advancement, with significant breakthroughs in gene editing, synthetic biology, and cell therapy, enhancing China's competitive position in the global biotechnology landscape [1][8] Industry Overview - The biotechnology sector encompasses living organisms and is classified based on similarities in morphology and physiology, aiding in understanding evolutionary relationships [2] - The industry has evolved through five stages, from initial laboratory research in the 1980s to a focus on commercialization and internationalization in recent years [3][4][5] Market Scale - The biopharmaceutical sector is projected to face pricing pressures, with the PPI index for biopharmaceutical manufacturing at 95.7, down 4.3% year-on-year as of March 2025, yet the demand for biopharmaceuticals is expected to grow due to aging populations and increased health awareness [10] - The biomass power generation capacity in China is expected to reach 45.99 million kilowatts by 2024, with a year-on-year growth of 4.19%, indicating a significant role in the low-carbon energy transition [12] Key Enterprises - Major players in the biopharmaceutical sector include Huazhong Biotech, which has a comprehensive blood product portfolio and a significant vaccine production platform, and Longping High-Tech, known for its hybrid rice innovations and international breeding initiatives [18][20] - The biomanufacturing and bioenergy sectors are led by companies like Guoneng Bio and Malu Bio, focusing on biomass power generation and organic waste treatment, respectively [15][16] Industry Development Trends - Technological innovation is driving breakthroughs across multiple fields, including personalized medicine in biopharmaceuticals and enhanced efficiency in bioenergy production [22][23] - The integration of biomanufacturing and bioagriculture is expected to yield innovative solutions, improving resource utilization and creating a circular economy [25]

编号：2025-002 | | √特定对象调研 □分析师会议 | | --- | --- | | 投 资 者 关 系 活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | █其他 投资机构线上交流 | | 参 与 单 位 名 称 及人员姓名 | 长江证券、中信证券、广发证券、国泰海通证券、国金证券、中金公 生证券、华创证券、华安证券、东方证券、华福证券、英大证券、方 | | | 司、国信证券、华泰证券、西南证券、申万宏源证券、国投证券、光 | | | 大证券、太平洋证券、开源证券、中信建投证券、国盛证券、国联民 | | | 正证券、华西证券、中泰证券、中国银河证券、贝莱德基金、华商基 | | | 金、泓德基金、鑫元基金、南方基金、交银施罗德基金、国投瑞银基 | | | 金、盈峰资本、创金合信基金、广州市航长投资、深圳广汇缘资产管 | | | 理、浙江浙商证券资产管理、浙江三耕资产管理、长江养老保险、中 | | | 汇人寿保险等 61 方接入电话会议。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 电话线上交流 | | | 董事 ...

Industry Overview - Olive oil is a type of vegetable oil derived from the fresh fruit of the olive tree, cold-pressed without heating or chemical treatment, preserving its natural nutrients [1][5] - The olive oil market in China is experiencing rapid growth, with the market size projected to increase from 3 billion yuan in 2019 to 8 billion yuan in 2024, and expected to exceed 10 billion yuan by 2025 [1][14] Current Industry Status - The olive oil industry plays a significant role in rural revitalization, ecological protection, and the nutritional upgrade of edible oils [10] - As of the end of 2023, China's olive planting area reached 2.0325 million acres, with a stable fresh fruit yield of over 90,000 tons and an olive oil production of 11,000 tons [10][12] Competitive Landscape - The global olive oil market is highly competitive, primarily concentrated in Mediterranean countries, with leading brands like Sovena Group, Poulina, and Borges [16] - Domestic brands such as Luhua and Olivoila are emerging, enhancing product quality and market competitiveness through advanced technologies [16][18] Development Trends - Health-conscious consumer behavior is driving the continuous growth of olive oil demand, particularly in emerging markets like China and India [24] - Technological innovations in planting and processing are expected to improve olive oil yield and quality, with advancements like gene editing and cold-pressing techniques gaining traction [25][26] - Brand building is becoming a crucial focus for companies, with strategies like organic certification and participation in international competitions enhancing brand recognition [27]

Core Viewpoint - TCL Electronics has demonstrated significant success in global television sales, showcasing the effectiveness of its high-end and global strategies, leading to a notable increase in stock price following the release of its performance data [1][4]. Group 1: Structural Upgrade Driving Profit Quality Improvement - The shift in consumer preferences towards high-end products has transformed televisions from traditional entertainment devices to essential smart home components, driving market growth [5]. - Government subsidy policies, such as trade-in programs and consumption subsidies, have lowered the cost barrier for consumers to purchase high-end large-screen products, shifting market demand from price sensitivity to quality orientation [6]. - In Q1 2025, TCL's Mini LED television shipments in China surged by 341.1%, with a market share increase of 13.2 percentage points to 17.6%, while shipments of 65-inch and larger products grew by 18.3% [6][7]. Group 2: Global Strategy Deepening, Continuously Releasing Brand Potential - TCL's global strategy focuses on "global localization," balancing efficiency and flexibility, resulting in an 11.6% increase in overseas shipments, with Europe achieving a 15.8% growth [8][9]. - The company is enhancing its brand value by partnering with top-tier IPs, transitioning from a "Chinese leader" to a "global high-end brand," which supports pricing power [8]. - In Q1 2025, TCL ranked among the top two in retail volume in several European countries and first in markets like Australia and the Philippines, indicating strong brand synergy [8]. Group 3: Investment Logic and Valuation Insights - The global layout allows TCL to effectively diversify risks and enhance efficiency, with differentiated growth drivers in various markets [9]. - The current stock price reflects a strong technical recovery, surpassing previous resistance levels, yet the valuation remains significantly below the industry average, indicating a potential for value recognition [11]. - The core valuation drivers for TCL have shifted from traditional cost control to innovation premium, with future growth dependent on technological advancements and global operational capabilities [12].

Core Viewpoint - Audi is redefining luxury and safety in the automotive industry through technological innovation and a focus on user experience, emphasizing that true luxury is not just about specifications but also about enhancing everyday life [1][11]. Technological Innovation - Audi is responding to the challenges of electrification and intelligence in the automotive sector with a "technological revolution" [1]. - In battery safety, Audi has set a baseline of "non-combustibility," subjecting its batteries to rigorous testing, including mechanical vibration tests that exceed national standards by three times, and extensive immersion tests [1]. - The battery undergoes a total of 172 hours of testing, including exposure to extreme temperatures and conditions, ensuring user safety [1]. Lighting Technology - Audi's lighting technology is a key asset, with significant investment in an intelligent lighting system testing center, totaling over 22 million yuan [3]. - The lighting tunnel, measuring 105 meters, allows for precise adjustments and testing of lighting systems, ensuring compliance with Audi's stringent standards [3]. - Audi has added 18 additional safety-related standards beyond the national requirements for lighting, emphasizing its commitment to safety [3]. Safety Protection - Audi has reduced electromagnetic radiation limits to 1/700 of national standards, with a dedicated testing center that cost 150 million yuan [4]. - Vehicles are subjected to extreme electromagnetic field tests, significantly exceeding national requirements, to ensure comprehensive safety [4]. User Experience - Audi prioritizes human-centered technology, integrating Huawei's advanced technology in the A5L model, which includes dual laser radar and a self-cleaning feature for sensors [7]. - The latest electronic architecture allows for high-speed data interaction, challenging the notion that fuel vehicles cannot support advanced driving technologies [7]. After-Sales Service - Audi offers enhanced after-sales services, such as a 60-minute quick maintenance and a 20-kilometer vehicle pick-up and delivery service, reflecting a deep understanding of user time value [9]. - These service improvements illustrate Audi's commitment to making luxury experiences seamless and convenient for users [9]. Conclusion - Audi's century-long journey showcases its evolution in turning the impossible into possible, particularly in the electric vehicle sector, where it combines its manufacturing heritage with advanced safety and lighting technologies [11]. - The brand aims to redefine the core value of luxury vehicles, positioning them as reliable partners rather than mere transportation tools [11].

Core Insights - Traditional manufacturing is climbing up the value chain through technological innovation and brand building, with product differentiation becoming key to breaking through market challenges [1][16] - There is a noticeable increase in price sensitivity among customers, with quotes reportedly lowered by over 30% compared to previous years due to intensified competition and economic downturns [1][5] - Global customers are increasingly seeking both good prices and high quality, reflecting a shift in purchasing behavior [1] Industry Trends - The foreign trade market is experiencing changes, with small and micro enterprises facing both challenges and opportunities amid a tough environment [5][12] - Companies are diversifying their markets and optimizing supply chains to mitigate risks, with a focus on high-value products [16] - The demand for modular construction products is rising in various regions, driven by reconstruction needs and the growth of the tourism industry [12] Company Strategies - Companies are investing in factory expansions and advanced equipment to enhance production efficiency and quality [14][15] - There is a trend of companies shifting focus from traditional markets to emerging markets, with significant increases in orders from regions like Russia and the Middle East [12][17] - Effective cash flow management is becoming a core competitive advantage for companies navigating the complexities of the global trade environment [16] Market Dynamics - The structure of China's foreign trade market is evolving, with a significant increase in local collection accounts in emerging markets, reflecting a shift in trade dynamics [16] - Trade with traditional markets remains resilient, with notable growth in imports and exports with countries like Germany and the UK [17]

公司持续推进全球化布局，2024年海外组件销售额占比接近70%。与沙特公共投资基金(PIF)及沙特能源 设备公司(Vision Industries Company)合作建设的10GW高效电池及组件项目进展顺利，预计2026年下半 年逐步投产，将增强公司在中东市场的竞争力；美国工厂完成升级改造与扩产，2GW产能实现满产运 营，本土化供应突破贸易壁垒。 4月29日晚间，全球光伏龙头企业晶科能源(688223.SH)发布2024年度业绩。财报显示，公司在2024年实 现组件出货量92.87GW，同比增长18.28%，第六次蝉联全球组件出货量冠军。公司全年营收924.7亿 元，实现归属于上市公司股东的净利润0.99亿元。值得注意的是，2024年公司实现经营性现金流78.67亿 元，全年资产负债率逆势下降2个百分点。 在全球光伏行业供需格局深度调整的背景下，公司凭借在技术创新、全球化布局、数智化转型及储能业 务的多维突破，展现出强大的经营韧性，持续巩固行业龙头地位。截至报告期末，公司黄金片区电池量 产平均效率超26.7%，实验室TOPCon钙钛矿叠层电池效率达34.22%，为当前主流技术与下一代技术融 合打开空间。公 ...

Core Insights - The company demonstrated operational resilience in a complex market environment, with significant growth in net profit despite a decline in operating cash flow [1] Financial Performance Summary - Revenue showed steady growth, reaching CNY 4,066,719,390.71 in 2024, a 9.95% increase from CNY 3,698,698,929.53 in the previous year, indicating successful market expansion and sales [2] - Net profit attributable to shareholders increased significantly to CNY 472,876,416.35, up 27.53% from CNY 370,808,626.75 in 2023, driven by effective cost control and favorable market conditions [3] - Deducting non-recurring gains, the net profit was CNY 482,269,470.66, reflecting a 26.17% increase from CNY 382,244,672.31, indicating enhanced core business profitability [4] - Basic earnings per share rose to CNY 0.94, a 27.03% increase from CNY 0.74, while the diluted earnings per share increased to CNY 0.96, up 26.32% from CNY 0.76, showcasing improved returns for shareholders [5] Expense Analysis - Sales expenses slightly decreased to CNY 38,054,212.16, a minor drop of 0.02% from CNY 38,060,535.31, indicating stable cost management [6] - Management expenses also saw a slight decline to CNY 265,428,135.66, down 0.51% from CNY 266,793,810.71, reflecting effective administrative cost control [7] - Financial expenses decreased by 12.08% to CNY 28,906,852.36 from CNY 32,880,377.29, likely due to optimized debt structure and increased interest income [8] - Research and development expenses increased to CNY 128,345,946.19, an 11.98% rise from CNY 114,610,064.25, highlighting the company's commitment to innovation and product upgrades [9] Cash Flow Analysis - Operating cash flow net amount decreased by 15.87% to CNY 333,426,615.89 from CNY 396,313,628.35, potentially due to increased cash payments for goods and services or longer accounts receivable collection periods [11] - Investment cash flow net amount was negative at CNY -363,939,933.53, worsening from CNY -274,208,180.24, indicating significant cash outflows for fixed asset acquisitions and capacity expansion [12] - Financing cash flow net amount turned positive at CNY 197,954,308.94, compared to CNY -138,212,278.80 in the previous year, reflecting improved cash inflows from borrowing and reduced debt repayments [13] R&D and Personnel Insights - Total R&D investment was CNY 128,345,946.19, accounting for 3.16% of revenue, emphasizing the importance of technological advancement for future growth [14] - The R&D team consisted of 281 personnel, representing 13.53% of the total workforce, with a stable educational and age structure, ensuring a strong foundation for innovation [15]

导读： 5月份新实施的标准中，涉及大量的色谱、质谱、光谱等仪器检测，三大谱仪器检测占近百项标准，除此之外还有元素分析、 环境监测仪、生物检测仪器等 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5年5月，我们将迎来一大批新的国家标准、行业标准及地方标准的实施，涵盖多个领域，旨在推动行业规范化发 展，提升产品质量和安全水平。这些新标准的实施将对相关行业产生深远影响，促进技术创新和质量提升。 在 农林牧渔食品领域 ，共有 114份 标准将实施。这些标准涉及纸吸管、优质小麦、粮油检验、饲料检测、葡萄酒产 地识别等多个方面。在这些标准中涉及液质联用仪器、气质联用仪器、液相色谱、离子色谱、红外与近红外、紫外分 光、元素分析以及生物检测仪器。 环境环保 领域有 20份 新标准实施，涵盖了固定污染源废气、水质、温室气体排放等多个方面。其中HJ 1361— 2024、HJ 1362—2024、HJ 1363—2024、HJ 1364—2024行标需要我们重点关注，涉及到气体及水质检测。 医药卫生 领域有 17份 标准将实施，涉及分子体 ...