证券代码：300197 证券简称：节能铁汉 中节能铁汉生态环境股份有限公司 2024年度业绩说明会投资者关系活动记录表 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 线上参与公司2024年度网上业绩说明会的投资者 时 间 2025年4月29日 15:00-17:00 地 点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事长 何亮 董事、财务总监（总会计师）兼董事会秘书 董学刚 独立董事 白俊仁 保荐代表人 曹东明 投资者关系活动主要内容 介绍 1.24年年报列示，公司财务费用3.09亿，利息费用6.16亿。所以 降低负债是公司25年工作的重中之重，请问公司在这方面有哪些具 体的举措？ 答:投资者您好，2025年，公司拟采取以下措施，一是加速清收 清欠。二是加快推进PPP项目分类处置。三是继续严格把控成本费用 压降工作。四是强化资金统筹管理，全力保障资金链安全。谢谢。 2.（1）请问迪拜项目是否已开工，进展如何？（2）请问2025年 控股 ...

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24年年报及25年一季报，2024年，公司实现总营业收入11.09亿元，同比增长6.27%；利润总额达 到2.90亿元，同比减少1.69%；实现归母净利润2.55亿元，同比减少2.53%。25年一季度，公司实现总营业 收入2.72亿元，同比增长16.63%；利润总额达到1.02亿元，同比增长38.37%；实现归母净利润0.90亿元， 同比增长40.92%。 点评： 核心业绩稳健增长，国际化战略成效显著 2024年公司实现营业收入11.09亿元，同比增长6.27%，延续稳健增长态势；归属于上市公司股东的净利润 2.55亿元，受研发投入增加及费用上升影响，同比微降2.53%，扣非归母净利润2.33亿元，仅同比下降 ...

证券代码：002444 证券简称：巨星科技 杭州巨星科技股份有限公司投资者关系活动记录表 编号：[2025 年]第 002 号 | | □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 | | 参与单位名称及 | 通过价值在线网站或小程序参与公司 2024 年度网上业绩 | | 人员姓名 | 说明会的投资者 | | 时间 | 2025 年 4 月 25 日 15:00-17:00 | | 地点 | 线上交流 | | 上市公司接待人 | 董事长仇建平先生、独立董事王刚先生、财务总监倪淑一女士、 | | 员姓名 | 公司副总裁兼董事会秘书周思远先生. | | | 1、问：高管您好。请问贵公司本期财务报告中，盈利表现如 | | | 何？谢谢。 | | | 答：尊敬的投资者您好，公司已披露 2024 年年度报告，2024 | | | 年，公司实现营业收入 1,479,545.33 万元，同比增长 35.37%， | | | 归属于上市公司股东的净利润 230,362.4 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company has shown significant improvement in financial performance, achieving a revenue of 1.407 billion yuan in 2024, a year-on-year increase of 11.75%, and a net profit of 31 million yuan, up 116.54% year-on-year [6]. - The first quarter of 2025 saw a revenue of 354 million yuan, a slight decrease of 1.97% year-on-year, but net profit increased by 106.21% to 26 million yuan, indicating strong profitability despite revenue fluctuations [6]. - The company is actively expanding its international presence, particularly in the EU, with overseas sales revenue reaching approximately 224.37 million yuan, a year-on-year growth of about 61.96% [7]. - The integration of AI in drug development is enhancing the efficiency and quality of new drug research, with several innovative projects underway [8]. Financial Performance Summary - In 2024, the company achieved a gross margin of 68.69%, which slightly decreased by 2.10 percentage points year-on-year, while the expense ratio improved significantly by 28.13% to 63.37% [6]. - The projected revenues for 2025, 2026, and 2027 are 1.884 billion yuan, 2.298 billion yuan, and 2.700 billion yuan, respectively, with expected year-on-year growth rates of 33.9%, 22.0%, and 17.5% [11]. - The net profit forecast for the same years is 141 million yuan, 207 million yuan, and 338 million yuan, reflecting substantial growth rates of 347.1%, 47.2%, and 62.9% [11]. Strategic Initiatives - The company is focusing on enhancing its international marketing structure and expanding its product offerings in key disease areas, which is expected to bolster its market position [7]. - The company has received GMP certification and market approval for its paclitaxel product in the EU, marking a significant milestone in its international expansion efforts [7]. - Ongoing collaborations and innovative drug development projects are expected to yield new therapeutic options, particularly in oncology and autoimmune diseases [8][9].

Core Viewpoint - The company reported a revenue of 20.98 billion yuan for 2024, with a year-on-year growth of 3.0%, and net profits meeting market expectations. The first quarter of 2025 showed a revenue of 6.03 billion yuan, a year-on-year increase of 16.0%, exceeding market expectations, primarily due to the recovery in consumer business [1]. Group 1: Business Performance - In 2024, the consumer business faced pressure, with refractive and optical revenues growing by 2.3% and 6.4% year-on-year, respectively. However, in Q1 2025, both segments are expected to outperform the overall company revenue growth due to the elimination of price base pressure and the application of new technologies [2]. - The serious medical segment maintained stable growth in 2024, with cataract, anterior segment, and posterior segment revenues increasing by 4.9%, 5.9%, and 8.2% year-on-year, respectively. The company anticipates continued stable performance in Q1 2025 [2]. Group 2: Expansion and Service Improvement - By the end of 2024, the company operated 581 domestic medical institutions and 163 overseas institutions, having acquired nearly 90 domestic medical institutions and the Optimax Group to enter the UK ophthalmology market. This expansion is expected to enhance market positioning and achieve economies of scale [3]. - The company is optimizing service models by extending outpatient hours and building smart hospital platforms to meet diverse patient needs, achieving a patient satisfaction rate close to 99.0% in 2024 [3]. Group 3: Financial Metrics - In 2024, the company reported a gross margin of 48.1%, a sales expense ratio of 10.3%, and a management expense ratio of 14.2%. The net profit margin for the parent company was 16.9% [4]. - In Q1 2025, the company achieved a gross margin of 48.0%, with a reduction in sales and management expense ratios to 9.0% and 12.6%, respectively. The net profit margin for the parent company increased to 17.6% year-on-year [4]. Group 4: Profit Forecast and Valuation - The company adjusted its net profit forecast for 2025-2026 down by 7.73% and 7.94% to 4.09 billion yuan and 4.699 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 29.9x for 2025 and 26.0x for 2026 [5]. - The target price is maintained at 16.0 yuan, corresponding to a P/E ratio of 36.5x for 2025 and 31.8x for 2026, indicating a potential upside of 22.0% from the current stock price [5].

Core Viewpoint - The company reported a strong financial performance for 2024, with significant increases in revenue and net profit, alongside strategic advancements in product competitiveness and international expansion [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 26.6 billion yuan, a year-on-year increase of 35.0% - The net profit attributable to shareholders reached 3.0 billion yuan, up 39.5% year-on-year - The non-recurring net profit was 2.73 billion yuan, also reflecting a 35.0% increase year-on-year - The gross margin for 2024 was 20.8%, with a net margin of 11.3% - The overall expense ratio decreased by 0.9 percentage points compared to 2023 [1]. Product Competitiveness - The company is enhancing its competitiveness in interior functional components, lightweight chassis, and thermal management, with steady revenue growth - Orders for automotive electronic products are increasing, with rapid growth in air suspension projects and successful mass production of various projects including intelligent cockpit and electric drive systems - The robot electric drive actuator project is progressing well, with multiple samples delivered to clients and plans for mass supply [2]. International Expansion - The company is expanding its partnerships with major domestic automakers such as Huawei, Li Auto, NIO, and BYD, with increasing per-vehicle supply amounts - Internationally, collaborations are growing with innovative U.S. automakers and established brands like Ford, GM, and BMW in the new energy vehicle sector - Production capacity is being expanded with new factories in Mexico and Poland, and plans for a production base in Thailand are underway [3]. Investment Outlook - The company maintains a "strong buy" investment rating, focusing on the automotive industry for over 40 years with a diverse product range - The average per-vehicle supply amount is approximately 30,000 yuan, with significant room for product line expansion - Expected net profits for 2025-2027 are projected at 3.52 billion, 4.36 billion, and 5.10 billion yuan respectively [4].

Summary of the Conference Call for Aopumai Company Overview - **Company**: Aopumai - **Industry**: Biotechnology, specifically focusing on cell culture products and services Key Financial Metrics - **Q1 2025 Revenue**: 83.68 million yuan, a year-on-year increase of 4.98% [2][5] - **Net Profit**: 14.66 million yuan, a year-on-year decrease of 25% due to increased R&D expenses leading to higher taxes [2][5] - **R&D Expenses**: Increased by 56.51% to 12.11 million yuan, primarily for the U.S. subsidiary's R&D lab [2][5] - **Cash Flow**: Net cash inflow from operating activities was 43.30 million yuan, a significant increase of 665% year-on-year [5] Market Performance - **Domestic Market Growth**: Approximately 3% [2][9] - **International Market Growth**: Over 8% [2][9] - **Order Volume**: Cultivation medium orders doubled year-on-year, reaching a historical high [2][9] Strategic Developments - **New Facilities**: The Taicang factory's agarose production line and liquid culture medium filling line have commenced trial operations, enhancing production capabilities [2][6] - **U.S. Operations**: The U.S. subsidiary's lab is operational, accelerating factory construction to address trade challenges [2][6] - **Acquisition Plans**: Actively pursuing the acquisition of Tencent's project to enhance cell culture product and service integration [2][6] R&D and Product Development - **Product Focus**: Continued emphasis on developing innovative products such as diagnostic reagents, agarose, and cell culture media [2][10] - **Clinical Projects**: 258 drug pipelines are utilizing Aopumai's culture media, with 11 new pipelines added in Q1 [3][17] Profitability and Cost Management - **Gross Margin**: Comprehensive gross margin decreased by 5.9% year-on-year but improved by 19% quarter-on-quarter [4][11] - **Management Expenses**: Significant reduction in management expense ratio, indicating improved operational efficiency [4][11] Future Outlook - **Growth Potential**: Aopumai is positioned for rapid growth despite global uncertainties, with a focus on expanding international operations, particularly in the U.S. [7][21] - **Customer Payment Improvement**: Customer payment amounts increased by 44.73% year-on-year, indicating improved cash flow and customer stability [7][8] - **Market Expectations**: Anticipated growth in overseas markets, with a goal to exceed domestic market value [20][21] Risks and Challenges - **Global Economic Uncertainty**: Ongoing trade tensions and tariff issues pose potential risks to future business development [8][21] - **CDMO Business Recovery**: The CDMO business is gradually recovering but still faces challenges due to the need for commercial orders to reach a breakeven sales scale of approximately 100 million yuan [4][12][13] Conclusion Aopumai is navigating a complex market landscape with strategic investments in R&D and facility expansion, while also addressing challenges posed by global economic conditions. The company remains optimistic about future growth and is committed to enhancing its product offerings and market presence.

Summary of the Conference Call for Dewel Company Overview - Dewel reported a revenue of 270 million yuan and a net profit of 21.05 million yuan for Q1 2025, with a year-on-year decline of 5.36%, 25.4%, and 21.36% respectively, primarily due to slow growth in industry capital expenditure, intense market competition, and rising costs [2][4][3] Financial Performance - For the fiscal year 2024, Dewel achieved a revenue of 1.124 billion yuan and a net profit of 85.6 million yuan, with a year-on-year decline of 7.12%, 39.9%, and 39.7% respectively, attributed to weak global economic recovery and cautious capital expenditure from oil companies [3] - Management expenses increased by 9.67% due to higher personnel costs and acquisition-related expenses, while R&D expenses decreased by 9.83% [3] - The gross margin for the main business decreased by 3.56 percentage points, influenced by stagnant order prices and rising costs [3] Product Segmentation - In 2024, the revenue breakdown by product category was as follows: - Deep-sea equipment components: 42% of revenue, gross margin of 33% - Wellhead components: 37% of revenue, gross margin of 8% - Fracturing components: 18% of revenue, gross margin of 12% - Drilling components: 4% of revenue, gross margin of 18% - Deep-sea equipment orders accounted for nearly 60% of new orders in 2025, indicating a potential improvement in profitability [2][5] Strategic Acquisitions - Dewel completed the acquisition of 100% of HME in Singapore, aiming to enhance capacity and achieve synergies, with expected revenue and profit growth of approximately 20% this year [2][11] - The Singapore subsidiary reported a revenue of 18 million yuan in Q1, with a full-year target of 240 million yuan, and an expected net profit margin of 15-20% [12][13] Market Dynamics - The share of orders from Shanghai increased from 40% last year to 60% this year, indicating a growing concentration of domestic market demand [3][10] - The deep-sea oil and gas demand remains stable, with decreasing extraction costs and advancements in exploration technology, positioning Dewel favorably for future growth [9] Pricing Strategy - Dewel has gradually increased product prices since December 2024, with significant price hikes for deep-sea products and limited increases for wellhead products [16][18] - The overall average price increase is limited, as some products are bound by fixed-price agreements [17] Project Development - Dewel is advancing its fundraising projects, having completed key stages such as equipment installation and product design, with clients showing strong interest in the new factory [8] - The company is focusing on high-end valve and piping component manufacturing, with plans to expand into aerospace and nuclear power sectors [8] Challenges and Future Outlook - The company faces challenges related to rising costs, including labor and depreciation, which have contributed to a decline in overall gross margin [4] - Dewel is committed to optimizing its pricing strategy and enhancing operational capabilities at the Singapore facility to improve market competitiveness and achieve long-term growth [24]

Core Insights - In 2024, the company reported a revenue of 25.435 billion yuan, a year-on-year increase of 3.71%, and a net profit attributable to shareholders of 1.33 billion yuan, a decrease of 37.7% compared to the previous year [1] - The first quarter of 2024 showed a steady performance with a revenue of 6.137 billion yuan and a net profit of 540 million yuan, reflecting an 11.09% year-on-year growth [1] - The decline in net profit was primarily due to increased sales and management expenses, credit impairment losses, and operational challenges faced by its subsidiary, Beijing Bairui Medical Equipment Co., Ltd. [1] Financial Performance - The company proposed a cash dividend of 0.32 yuan per share, with a cash dividend payout ratio exceeding 57% [1] - The asset-liability ratio decreased from 44.49% at the beginning of the reporting period to 43.32% at the end, following the divestiture of non-core assets [2] Strategic Focus - The company is implementing a "core focus" strategy, concentrating resources on high-barrier and high-synergy areas [2] - In 2024, the company emphasized product line planning and development, establishing a competitive edge in the fields of neurological drugs, steroid hormones, and Uyghur medicine [2] Research and Development - As of the end of 2024, the company held 565 production approvals, with 301 products included in the national medical insurance catalog and 132 specifications in the basic medical insurance catalog [2] - The company has applied for 449 patents, with 101 new patents granted, totaling 822 authorized patents, including 407 invention patents and 74 overseas patents [2] International Expansion - The company has expanded its international business to cover mature markets in Europe and the U.S., as well as emerging markets in South America, Southeast Asia, Central Asia, and West and East Africa [3] - As of the end of the reporting period, subsidiaries had obtained over 230 FDA-approved ANDA numbers [3] Corporate Restructuring - The company's controlling shareholder, Wuhan Contemporary Technology Industry Group Co., Ltd., was subject to bankruptcy reorganization, with a restructuring plan approved in April 2025 [3] - After the restructuring, China Merchants Group will act as a strategic investor to support the company's industrial upgrade and maintain operational stability [3]

Core Insights - The Brazilian food delivery market is experiencing increased competition with the re-entry of Didi's "99 Food" and the anticipated entry of Meituan, amidst challenges faced by the dominant player iFood [1][3][7] Market Dynamics - iFood holds an 80% market share in the food delivery app sector, but its actual market share drops to 20-25% when considering traditional ordering methods like phone and WhatsApp [3][6] - iFood's service issues, including high prices and slow delivery, have led to a decline in consumer preference, creating an opportunity for competitors [3][6] Competitive Landscape - Didi's "99 Food" was initially launched in 2019 but faced challenges against iFood's dominance, leading to a temporary suspension in 2023 [5][10] - Didi has a significant user base with over 50 million users, representing over 40% of Brazil's mobile users, and a driver network of 1.5 million [6][10] - Meituan is actively preparing to enter the Brazilian market, having engaged with local logistics operators and established a tax and operational framework [7][11] Strategic Advantages - Didi's re-entry leverages its existing driver resources and user base, potentially lowering operational costs and enhancing competitive positioning [10][11] - The unique motorcycle culture in Latin America allows for efficient dual-use of drivers for both ride-hailing and food delivery services [6][10] Future Outlook - The Brazilian online food delivery market is projected to grow at a compound annual growth rate of 17.6% from 2023 to 2030, indicating a robust growth environment [7] - The competition may evolve into a subsidy war among Didi, Meituan, and iFood, with the outcome dependent on resource integration capabilities [11][12]