| 投资要点 | | --- | 营收方面，公司2025Q1实现营业收入2.03亿元，同比下降16.04%，环比下降21.44%。公司2025 年一季度营收同比下滑预计主要系清洗系统业务受合资车企客户销量下滑拖累。毛利率方面， 公司2025Q1单季度综合毛利率为32.22%，同比下降4.57个百分点，环比微降0.28个百分点。公 司2025年一季度毛利率同比有所下降，预计主要系对客户降价所致。期间费用方面，公司 2025Q1期间费用率为11.53%，同比提升3.63个百分点，环比提升1.37个百分点；其中，销售/管 理/研发/财务费用率分别为1.37%/7.63%/3.67%/-1.14%，同比分别+0.01/+2.50/+0.83/+0.29个百分 点。归母净利润方面，公司2025Q1实现归母净利润0.42亿元，同比下降35.48%，环比下降 16.71%；对应归母净利率20.61%，同比下降6.21个百分点，环比提升1.17个百分点。 公司在技术研发、成本控制、客户覆盖、产品拓展和产能布局等方面拥有核心竞争力： 技术研发： 公司在产品自主同步研发；产品试验；模具开发设计；智能化全自动产线自主研 发、设计及 ...

上 市 公 司 公用事业 ——短期工程业务承压，火改及氢能放量可期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 9.13 | | 一年内最高/最低（元） | 12.00/8.05 | | 市净率 | 1.0 | | 息率（分红/股价） | 4.93 | | 流通 A 股市值（百万元） | 8,604 | | 上证指数/深证成指 | 3,279.03/9,899.82 | 注："息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.37 | | 资产负债率% | 59.29 | | 总股本/流通 A 股（百万） | 956/942 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -20% -10% 0% 10% 20% 华光环 ...

Market Performance - On April 30, 2025, the A-share market showed mixed performance with the Shanghai Composite Index down by 0.23%, while the Shenzhen Component Index rose by 0.51% and the ChiNext Index increased by 0.83%[3] - The total market turnover reached 11,691.25 billion CNY, an increase of 1,471.99 billion CNY compared to the previous trading day[3] - A total of 3,488 stocks rose while 1,795 stocks fell across the market[3] Sector and Style Analysis - The top-performing sectors included Computer (up 2.44%), Automotive (up 1.71%), and Media (up 1.38%), while the worst performers were Banking (down 2.02%), Steel (down 1.34%), and Transportation (down 0.77%)[3][21] - In terms of investment style, growth stocks outperformed value stocks, with small-cap growth leading the performance rankings[21] Fund Flow Insights - On April 30, 2025, the net outflow of main funds was 35.49 billion CNY, with large orders seeing a net outflow of 45.43 billion CNY and small orders experiencing a net inflow of 115.40 billion CNY[4][26] - Southbound funds recorded a net inflow of 56.37 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 47.89 billion HKD and the Shenzhen-Hong Kong Stock Connect adding 8.48 billion HKD[5][28] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant trading volume increases, with respective turnover changes of +4.62 billion CNY and +0.23 billion CNY[4][31] - The CSI 1000 ETF was the primary beneficiary of fund inflows, attracting 3.83 billion CNY on April 29, 2025[4][31] Global Market Overview - On April 30, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index up 0.51% and the Nikkei 225 up 0.57%[5][34] - European indices also displayed varied performance, with the DAX Index rising by 0.69% while the CAC40 Index fell by 0.24%[5][34]

Market Overview - The Shanghai Composite Index closed at 3286.65 points, down 0.05%, with a trading volume of 430.88 billion yuan [1] - The Shenzhen Component Index closed at 9849.80 points, down 0.05%, with a trading volume of 591.24 billion yuan [1] - The ChiNext Index closed at 1931.94 points, down 0.13%, with a trading volume of 270.74 billion yuan [1] - The STAR 50 Index closed at 1003.87 points, up 0.1%, with a trading volume of 18.71 billion yuan [1] - Total trading volume for both markets was 1022.12 billion yuan, a decrease of 34.29 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included beauty care, media, machinery, light industry manufacturing, chemicals, home appliances, jewelry, and computers [3] - Active concepts included PEEK materials, humanoid robots, hub motors, noise reduction, integrated die-casting for automobiles, pet economy, AI, fluorine chemicals, and antibacterial fabrics [3] - Weak sectors included electric power, insurance, oil and petrochemicals, coal, and banking [3] Stock Performance - A total of 3381 stocks rose, while 1588 stocks fell, with 129 stocks remaining flat and 52 stocks suspended [3] - 76 stocks hit the daily limit up, while 62 stocks hit the daily limit down [3] - Liou Co. had the highest limit-up order volume with 118 million shares, followed by other notable stocks [3][4] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 2.352 billion yuan [5] - The machinery equipment sector saw the highest net inflow of main funds, amounting to 2.317 billion yuan [6] - A total of 10 sectors experienced net inflows, while 21 sectors saw net outflows [6] Individual Stock Highlights - Liou Co. had the highest net inflow of main funds at 884 million yuan [8] - Other stocks with significant net inflows included Miao Yi Innovation and Sichuan Changhong [8] - 38 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 390 million yuan [10] Institutional Activity - Institutions had a net selling of approximately 42.47 million yuan, with 13 stocks seeing net purchases [11] - The top net purchase was for Da Ye Co. at approximately 44.54 million yuan [11]

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 答：公司一季度营业收入为 20,283.21 万元，较上年的 24,158.93 万元下降 16.04%，归属于上市公司股东的净利润为 4,180.08 万元，较上年的 6,478.89 万元下降 35.48%。2025 年 一季度，公司收入和利润均呈现一定程度的下降。 从业务拆分情况来看，传统清洗业务板块依旧承压，一季 度仍未得到缓解。在电机业务板块也出现短期下滑，主要原因 在于部分客户账期逾期过长，基于应收账款风险和账期管控的 考量，暂缓对该部分客户的供货。这一偶发性因素对一季度收 入产生了不利影响，相关业务后续会逐步恢复正常。 编号：2025-010 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | 别 | □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 | 申万资管：李京；七匹狼控股：陈慧玲；世纪证券:李俊杰；创 | | | | 富兆业：崔华钦 ...

Core Viewpoint - The company has achieved significant growth in revenue and net profit during the reporting period, driven by the recovery in downstream industries and continuous innovation in product development and manufacturing capabilities [11][12][13]. Company Overview - The company operates in three main business segments: smart controllers, new energy, and smart terminal products, focusing on chip applications and smart control technology [4][5]. - The smart controller segment includes products for electric tools, home appliances, automotive electronics, and robotics, while the new energy segment covers lithium battery packs and energy storage inverters [4][5]. Financial Performance - In 2024, the company reported a revenue of 1,622,839,167.08 yuan, representing a year-on-year increase of 21.67% [11]. - The net profit attributable to shareholders was 51,706,423.16 yuan, up 29.20% from the previous year, with a non-recurring net profit of 45,756,022.60 yuan, an increase of 28.47% [11]. Business Drivers - The growth in revenue is attributed to the recovery of the downstream consumer market, particularly in the electric tools and home appliance sectors [11][12]. - The company has increased its R&D investment, with R&D expenses totaling 92.21 million yuan, accounting for 5.68% of revenue, leading to a 11.92% increase in patent numbers [12]. - Manufacturing capabilities have improved significantly, with the establishment of a new industrial park in Vietnam, enhancing production capacity for Southeast Asian markets [12]. Operational Model - The company follows a flexible production model based on customer demand, ensuring efficient and customized production processes [8]. - Sales are conducted through direct sales channels, with a focus on both domestic and international markets [9]. Future Outlook - The company aims to continue expanding into new business areas while consolidating its traditional business advantages, setting a solid foundation for sustainable growth [13].

在机器人行业，关节模组的性能直接决定了机器人的运动能力、负载效率及场景适应性，而传统关节模 组面临体积大、扭矩密度低、响应延迟等问题，导致机器人在狭小空间动力不足、复杂动作控制精度受 限。轴向磁通电机凭借结构紧凑、扭矩密度高、动态响应快等特性，成为破解上述痛点的关键，其通过 轴向磁路设计实现扁平化形态，在相同体积下输出更高扭矩，显著提升空间利用效率，同时以快速响应 能力精准控制关节动作，推动机器人运动性能与场景适应性实现突破，正成为驱动机器人性能进阶的关 键技术之一。 过往的轴向磁通电机由于复杂工艺和高成本较难应用于机器人行业，深圳的一家创业公司深圳璇玑动力 科技有限公司 （英文名称 "Astrall Dynamics"；以下简称"璇玑动力"）已成功突破轴向磁通电机的工 艺技术和成本问题，推动其成为机器人从"能用"到"高效能"跨越的核心动力单元，成为驱动机器人行业 革新的新动力。 ▍体积小、性能强，轴向磁通技术树立机器人关节新标杆 硬核扭矩参数，要强大也要高效： 机器人在实际应用中常需要在短时间内发挥较大力量来完成任务，如 突然抓取重物或快速启动。此时，峰值扭矩 高的关节模组就显得尤为重要。 扭矩密度高则是决 ...

证券代码：300835 证券简称：龙磁科技 公告编号：2025-009 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未变更。 非标准审计意见提示：□适用 √不适用 公司上市时未盈利且目前未实现盈利：□适用 √不适用 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为： 以期末总股本119,371,904股扣减公司回购专用证券账户持有的公司股份3,488,870股后115,883,034股为基 数，向全体股东每10股派发现金红利2.00元（含税），送红股0股（含税），以资本公积金向全体股东 每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 董事会审议的报告期利润分配预案或公积金转增股本预案 （一）报告期公司主营业务、产品及用途 公司主要从事永磁铁氧体新型功能材料的研发、生 ...

证券代码：600416 证券简称：湘电股份 公告编号：2025临-031 湘潭电机股份有限公司关于全资子公司对外投资公告 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： ● 投资标的名称：湖南湘电强磁科技有限公司（实际名称以工商登记机关核准的为准）（以下简称"强 磁科技"或"新公司"）。 ● 投资金额：注册资本为人民币10,000万元。其中湘潭电机股份有限公司（以下简称"公司"）之全资子 公司长沙湘电电气技术有限公司（以下简称"长研院"）以现金出资6,000万元；华中科技大学（以下简 称"华科大"）以知识产权认缴40%出资，分2期夯实到位，其中70%按政策奖励给技术团队个人持股， 30%由学校划转给其全资子公司武汉华中科大资产管理有限公司（以下简称"华科资管"）代表学校持 有。 ● 相关风险提示：本次对外投资可能会受宏观经济政策调整、行业竞争以及市场需求变化等因素的影 响，未来经营状况和收益存在不确定性。 一、对外投资概述 （一）对外投资的基本情况 磁悬浮轴承高速电机是未来电机发展趋势，也是公司确定的十大战略级 ...

Group 1 - The core point of the article is the establishment of a new company, Hunan Xiangdian Strong Magnetic Technology Co., Ltd., through a joint investment by Xiangdian Co., Ltd. and Huazhong University of Science and Technology, aimed at advancing the development of magnetic suspension bearing high-speed motor industry [1] - The registered capital of the new company is 100 million yuan, with Xiangdian Electric Technology Co., Ltd. contributing 60 million yuan in cash for a 60% stake, while Huazhong University contributes 40 million yuan through intellectual property for a 40% stake [1] - The investment has received unanimous approval from the board of directors and the supervisory board, and it does not constitute a related party transaction or a major asset restructuring [1]