证券代码：002459 证券简称：晶澳科技 晶澳太阳能科技股份有限公司投资者关系活动记录表 | | □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 （请文字说明其他活动内容） | | 参与单位名称 | 通过网络方式参加公司 2024 年度网上业绩说明会的投资者。 | | 及人员姓名 | | | 时间 | 2025 年 5 月 13 日 | | 地点 | "进门财经"(https://s.comein.cn/vkthyxd9) | | 上市公司接待 | 董事、副总经理 杨爱青 | | 人员姓名 | 财务负责人 李少辉 | | | 董事会秘书 秦世龙 | | | 独立董事 秦晓路 1、公司目前在全球的产能分布情况如何？ | | | 公司生产工厂在国内和海外均有布局，国内主要分布在内蒙古、河北、江苏、安徽、上 | | | 海、浙江和云南，海外生产工厂包括越南北江以及正在筹建的阿曼工厂。截至2024年末公司 | | 投资者关系活 | 组件产能达100GW，硅片与电池产 ...

□媒体采访 □现场参观 □新闻发布会 证券代码：831304 证券简称：迪尔化工 公告编号：2025-022 山东华阳迪尔化工股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 回复：感谢您的关注和提问，公司一季度业绩下滑主要因年产 5 万吨硝酸钾 装置"三化"改造以及主要产品平均销售单价下降所致。公司"三化"改造计划 于 2025 年 6 月 30 日前完成，改造期间将会影响公司硝酸钾产品产销量，进而影 响 2025 年上半年公司整体经营业绩。尽管"三化"改造会对公司短期业绩产生 一定影响，但长远来看，"三化"改造将有助于全面提升装置的生产效率、产品 质量和安全水平，符合公司的经营发展和战略规划。此外，公司所处的基础化工 行业具有较强的周期性，与宏观经济形势密切相关。公司以"硝酸-硝酸盐-熔盐、 硝基水溶肥"全产业链协同发展为战略核心，持续强化硝酸、硝酸钾、硝酸镁等 基础产品竞争优势，同时加速熔盐储能全产业链布局， ...

Revenue and Growth - In 2024, the revenue from kitchen waste treatment reached CNY 462 million, a year-on-year increase of 27.29%, primarily driven by projects in Huzhou, Suzhou, Luoyang, and Bengbu [1] - The revenue from municipal solid waste treatment was CNY 2.296 billion, accounting for 72.3% of total revenue, with an oil extraction rate of 3.84% [4] - The overseas business revenue amounted to CNY 394 million, representing a year-on-year growth of 120% [4] Cost Management and Efficiency - The company's expense ratio decreased by 1.8 percentage points in 2024, attributed to a 19.51% reduction in sales expenses, a 2.43% decrease in management expenses, and a 9.84% decline in financial expenses [1] - The South Taihu Phase V project increased power generation from 350 kWh to a theoretical value of 700 kWh per ton of waste, effectively doubling efficiency [3] Debt and Financial Management - The company has CNY 1.15766 billion of its CNY 1.4 billion convertible bonds remaining unconverted, with over a year until maturity, and is focused on balancing debt management with shareholder interests [2] - A shareholder return plan for 2024-2026 was announced, ensuring a minimum dividend payout ratio of 30% while allowing flexibility based on cash flow and capital expenditure [3] Research and Development - In 2024, the company invested CNY 135 million in R&D, a year-on-year increase of 31.39%, focusing on waste leachate treatment technologies [5] - The proportion of R&D personnel reached 18.7%, with a dedicated team for carbon neutrality technology [4] Accounts Receivable and Client Base - Accounts receivable stood at CNY 1.217 billion, a 10.2% increase from the previous year, with government projects constituting the majority of the client base [4] - The company indicated that the risk of default on government payments is low, as most projects are secured by contractual agreements [4] Patent and Innovation - In 2024, the company obtained 15 new patents, with ongoing research in anaerobic ammonia oxidation technology [5] - The company has not yet developed a "waste incineration carbon emission accounting system" [5]

Group 1 - The steel industry is rated "overweight" by Guotai Junan, with a long-term trend towards increased industry concentration and high-quality development, benefiting companies with product structure and cost advantages [1] - Last week, the apparent consumption of five major steel products was 8.452 million tons, a decrease of 1.2566 million tons week-on-week, while total inventory rose to 14.7607 million tons, an increase of 289,700 tons [1] - The operating rate of blast furnaces among 247 steel mills was 84.62%, up 0.29 percentage points week-on-week, indicating a slight recovery in production capacity [1] Group 2 - The average gross profit per ton for rebar was 192.3 CNY, down 39.7 CNY week-on-week, while the average gross profit for hot-rolled coil was 67.2 CNY, down 34.7 CNY [2] - The profitability rate of 247 steel companies was 58.87%, an increase of 2.59 percentage points week-on-week, suggesting a potential recovery in industry profitability [2] - Iron ore inventory at 45 ports was 142.39 million tons, a decrease of 640,000 tons week-on-week, indicating a potential easing of supply constraints [2] Group 3 - The negative impact of the real estate sector on steel demand is expected to diminish, while infrastructure investment will continue to support demand stability [3] - There is a possibility of further production cuts or even shutdowns in the supply side due to cash flow issues among smaller steel companies [3] - The National Development and Reform Commission has proposed continued regulation of crude steel production in 2025, aiming for industry consolidation and long-term profitability recovery [3]

个股跌多涨少，全市场超3200只个股下跌。沪深两市全天成交额1.29万亿元，较上个交易日缩量169亿元。 继上周三（5月7日）之后，A股再现"高开低走"行情。 5月13日，市场全天高开低走，三大指数涨跌不一。截至收盘，沪指涨0.17%，深成指跌0.13%，创业板指跌 0.12%。 这样的走势，也让"股市"一词在早盘时段登上热搜榜。 板块方面，港口、光伏设备、环氧丙烷、银行等板块涨幅居前，军工、商业航天、轨交设备、小金属等板块跌 幅居前。 当新股民或者财经自媒体还在惊呼"追高被套"，一些老股民可能已默念口诀——"逢高先卖"，顺手低位接回。 毕竟短线就是需要决策果断，稍一犹豫，其他资金（尤其没有感情的量化资金）便先发制人了。 不过，这"题"好像大家上周刚刚做过。 | F9 不复权 韶级营加 圆线 11 | 全A平均股价 | | | | 8841719 | | --- | --- | --- | --- | --- | --- | | 2024/10/09-2025/05/13(144日) | | | | | -0.06 -0.27% | | 3.0 | | | | | Wind概念指数 / ● + | | | | ...

证券研究报告 | 公司动态点评 2025 年 05 月 13 日 顺络电子（002138.SZ） 新兴领域增速显著，25Q1 营收/归母创历史新高 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,040 | 5,897 | 7,177 | 8,618 | 10,245 | | 增长率 yoy（%） | 18.9 | 17.0 | 21.7 | 20.1 | 18.9 | | 归母净利润（百万元） | 641 | 832 | 1,081 | 1,339 | 1,666 | | 增长率 yoy（%） | 48.0 | 29.9 | 29.9 | 24.0 | 24.3 | | ROE（%） | 11.3 | 13.7 | 16.1 | 17.3 | 18.1 | | EPS 最新摊薄（元） | 0.79 | 1.03 | 1.34 | 1.66 | 2.07 | | P/E（倍） | 35.5 | 27.3 | 21.1 | 17.0 | 13.7 | | ...

Group 1 - The photovoltaic concept stocks experienced a strong rally, with the photovoltaic equipment sector leading the gains, rising over 4% during the day, and trading volume exceeding the previous day's total within just one hour [1] - The prices of polysilicon futures have rebounded significantly, with the main contract price reaching 38,880 yuan, up over 13% from the low of 34,375 yuan, marking the largest consecutive increase since the listing of polysilicon futures [1] - Several key projects in the photovoltaic industry have made breakthrough progress, including the first "photovoltaic microgrid DC-DC direct hydrogen production" project in Beijing's Daxing District, which has completed trial operations [1] Group 2 - There are rumors that the top six silicon material manufacturers are planning to acquire all remaining silicon material production capacity, with proposals for production cuts to stabilize prices [2] - Some industry insiders have suggested that a potential solution to the current low-price loss situation in the silicon material sector could involve companies halting production for one to two months to prioritize inventory digestion [2] - According to Guotai Haitong, domestic demand for photovoltaic products is expected to remain stable in the context of carbon neutrality, with significant growth in newly connected capacity in the first quarter of 2025 indicating strong demand resilience [2]

Group 1: Production and Operational Performance - In 2024, the company produced 155,200 tons of copper concentrate, 1,768,000 tons of cathode copper, 415,800 tons of copper processing materials, 5,359,600 tons of sulfuric acid, 229.1 tons of gold, 5,476.7 tons of silver, 393,600 tons of iron concentrate, and 447,300 tons of sulfur concentrate, successfully meeting production targets [3] - The company achieved operating revenue of 145.531 billion yuan, a year-on-year increase of 5.88%; total profit of 5.508 billion yuan, up 2.15%; and net profit attributable to shareholders of the parent company of 2.809 billion yuan, an increase of 4.05% [4] Group 2: Safety and Environmental Management - The company maintained a "zero work-related death" and "zero environmental incident" goal, enhancing safety and environmental culture through various initiatives [5] - The company added two photovoltaic power generation projects, generating over 12 million kWh, and purchased over 112 million kWh of green electricity, reducing carbon emissions by 2.02% [5] Group 3: Technological Innovation and Development - R&D investment reached 4.68 billion yuan, a year-on-year increase of 12.38%, with 334 key technology projects implemented [7] - The company received 9 provincial and ministerial-level science and technology achievement awards, including 6 first prizes and 3 second prizes, and was granted 329 patents, including 269 invention patents [7] Group 4: Industry and Market Trends - In 2024, global refined copper consumption grew by 2.9%, with China being the core driver, particularly benefiting from the rapid growth of the electric vehicle industry, which saw a year-on-year increase of over 34% in production and sales [11] - Copper prices fluctuated significantly, with an annual average price of 74,904 yuan/ton, up 9.7% year-on-year, ranging between 67,830 yuan/ton and 88,940 yuan/ton [12] Group 5: Future Plans and Strategic Goals - For 2025, the company plans to produce 194,900 tons of copper concentrate, 1,896,000 tons of cathode copper, and 430,500 tons of copper processing materials, among other targets [16] - The company aims to enhance operational efficiency and cost control, focusing on quality improvement and resource optimization to maintain competitiveness [18] Group 6: Social Responsibility and ESG Initiatives - The company allocated 4.34 million yuan for scholarships benefiting 86 university students and purchased agricultural products worth 13.5389 million yuan for consumption assistance [10] - The company was recognized in the "ESG Pioneer 100 Index" and the "Top 50 ESG Listed Companies in the Yangtze River Delta" for its commitment to social responsibility [10]

Core Insights - By the end of 2024, China's installed capacity of renewable energy, primarily wind and solar, is expected to reach 1.45 billion kilowatts, surpassing thermal power for the first time [1] - The retail penetration rate of new energy passenger vehicles in China is projected to reach 57.6% in 2024 [1] - The energy sector is anticipated to undergo significant transformations, with key catalysts expected in 2025 [1] Group 1: Future Energy Landscape - Wind and solar energy will continue to be the mainstay of clean energy, with steady growth expected due to mature technology and economic viability [2] - Energy storage is set to become a crucial regulator for renewable energy, addressing issues like grid absorption and the intermittency of renewable generation [2] - Controlled nuclear fusion is emerging as an ideal future energy source, with advancements in technology accelerating its commercialization timeline to potentially 2030-2035 [2][6] Group 2: 2025 Significance - The year 2025 marks a pivotal transition for renewable energy, where it is expected to officially surpass traditional energy sources in installed capacity [4] - The penetration rate of new energy vehicles is projected to exceed 50% in 2025, indicating a shift towards mainstream adoption [4] - 2025 will also see the full market entry of renewable energy, with energy prices determined by supply and demand, enhancing the role of energy storage in profitability [5] Group 3: China's Leadership in Energy Revolution - China's energy transformation is supported by robust policy frameworks, with a comprehensive "1+N" policy system guiding carbon neutrality efforts [8] - The country is a global leader in solar energy, accounting for approximately 40% of global installed capacity and 90% of production capacity [8] - The manufacturing capabilities of China are crucial for the energy revolution, showcasing the integration of high-end manufacturing and technological innovation [10] Group 4: Investment Opportunities in Future Energy - Future energy-related ETFs can be categorized into three levels: carbon neutrality, the entire renewable energy supply chain, and specific segments [10] - ETFs such as E Fund (562990) cover deep decarbonization fields, while others like E Fund (516090) encompass a broad range of renewable sectors including lithium batteries, solar, wind, and nuclear power [10][11] - Investors can select suitable ETFs based on personal circumstances to engage in future energy investments [11]

完善绿电、绿证交易制度。政府部门、电网企业、交易中心等相关方需要共同建立起常态化的绿证、绿 电交易等市场机制，同时保证其中环境权益的唯一性、权威性、可溯源性，提高其在全球范围内的认可 度。在绿电供给较为紧张的地区，宜进一步畅通跨省跨区绿电交易机制，从而提高交易频次、交易规模 和输电通道的可得性。 发展算力与电力系统的友好互动，有利于实现电网清洁化和数据中心用电低碳化的协同效应。 在碳中和背景下，解决算力增长带来的能耗和碳排放问题变得尤为迫切。随着全球产业数字化、智能化 转型升级趋势进一步加深，尤其在人工智能技术进步的带动下，算力已成为最受重视的战略性生产力， 市场需求快速攀升，预计未来五年内全球算力规模年均增速将超过50%。同时，由于算力产生于数据中 心的运行，伴随着大量的电力消耗，全球数据中心年用电量预计将从2022年的4600亿千瓦时快速上升到 2030年的7500亿~2.3万亿千瓦时，对应年碳排放将达到约3.4亿~10.4亿吨二氧化碳。要在大力发展数字 经济的同时实现碳中和目标，必须实现算力增长与电力消耗碳排放的解耦。若算力发展能在未来进一步 打破由传统能源带来的碳排放约束，实现规模化增长，算力驱动的数 ...