3.高管您好，能否请您介绍一下本期行业整体和行业内其 他主要企业的业绩表现？谢谢。 | | □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 □电话会议 | | | （请文字说明其他活动内容） □其他： | | 参与单位名称 | 瑜欣电子2024年度业绩说明会采用网络远程方式进行，面向全 | | 及人员姓名 | 体投资者 | | 时间 | 2025 年 5 月 9 日 15:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈" | | | 栏目 | | 公司接待人员 | 董事长：胡云平先生 | | 姓名 | 董事会秘书、财务总监：樊地先生 | | | 独立董事：罗楠女士 | | | 1.高管您好。请问贵公司本期财务报告中，盈利表现如何？ | | | 谢谢。 | | 投资者关系活 | 答：2024 年报告期内，公司实现营业总收入为 548,819,60 | | 动主要内容介 | 元，较上年同期增长 1.59 7.8 ...

事件：公司发布 2024 年年报及 2025 年第一季度报告，公司 2024 年实现营收18.6 亿元，同比 +49.7%，实现归母净利润2.3 亿元，同比+38.0%。 盈利预测：我们预计公司2025-2027 年归母净利润分别为2.9 亿元、3.6亿元和4.4 亿元，对应PE 分别20 倍、17 倍、13 倍。 风险因素：汽车销量不及预期、盈利能力不及预期、新车推出不及预期等。 7%，同比-1.7pct；归母净利率为12.2%，同比-1.0pct；对应归母净利润为2.3 亿元，同比+38.0%。 2025Q1 毛利率为25.0%，同比-0.8pct，环比-2.1pct；归母净利率为14.2%，同比+0.8pct，环比+2.6pct； 对应归母净利润为0.6 亿元，同比+57.4%，环比-12.5%。从费用率来看，2024 年销售/管理/研发/财务费 用率分别为3.2%/2.6%/4.8%/-0.2%，分别同比+0.1pct/-0.3pct/-0.1pct/+0.0pct；2025Q1 销售/管理/研发/财 务费用率分别为2.7%/2.7%/5.1%/0.0%，分别同比-0.6pct/-0.9pct/-0. ...

Core Viewpoint - Kaisheng Technology (600552.SH) reported a significant increase in revenue and net profit for Q1 2025, driven by reduced losses in traditional display materials and successful market acceptance of new products [1] Group 1: Financial Performance - The company achieved a revenue of 1.265 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders reached 23.8475 million yuan, marking a year-on-year increase of 73.01% [1] Group 2: Business Segments - Kaisheng Technology operates primarily in two segments: display materials and application materials [1] - In the display materials sector, the company has established a comprehensive industrial chain from glass substrates to integrated modules, enhancing cost control and quality consistency [1] Group 3: Application Materials - The application materials business focuses on zirconium, silicon, and titanium, transitioning from traditional ceramics to high-value electronic applications such as semiconductors and biomedical materials [2] - The company has developed a "large industry" platform for new materials, leveraging its leading position in the electric melting zirconia industry [2] Group 4: Innovation and R&D - Innovation is a core driver for the company's growth, with significant investments in R&D through national-level innovation platforms [2] - Kaisheng Technology has obtained a total of 582 authorized patents, including 167 invention patents [2] Group 5: Market Presence and Talent - The company has established a strong marketing network serving both domestic and international clients, including major brands like Amazon and Samsung [3] - Kaisheng Technology boasts a robust R&D team of 724 members and has received national recognition for its engineering teams [3] Group 6: Future Outlook - For 2025, the company aims to enhance operational quality and integrate technology with industry innovation, focusing on high-value product expansion in electronic information and semiconductor markets [3]

Group 1: Financial Performance - In 2024, the company's revenue reached 2.213 billion CNY, representing a year-on-year growth of 16.26% [3] - The net profit attributable to shareholders was 76.69 million CNY, a decline of 40.45% compared to the previous year [3] - In Q1 2025, revenue was 679 million CNY, showing a significant year-on-year increase of 66.60% [3] Group 2: Research and Development - The R&D investment for 2024 was 197.76 million CNY, an increase of 12.33% from 2023, accounting for 8.94% of total revenue [2] - In Q1 2025, R&D expenses were 55.99 million CNY, which is 8.24% of revenue [2] - The company achieved 20 utility model patents and has 8 invention patents under review in 2024 [2] Group 3: Cost Management and Strategy - The decline in net profit is attributed to increased R&D and management expenses due to product line expansion and sales promotion efforts [3] - The company is implementing cost reduction and efficiency enhancement plans, optimizing raw material inventory management, and maintaining stable relationships with suppliers [3] - The company aims to improve net profit margins by scaling up emerging product lines and achieving vertical integration [4] Group 4: Market Expansion and Future Outlook - The company is focusing on expanding product lines, including gaming power supplies, smart security, and energy storage systems, to achieve scale and profitability [4] - The establishment of a factory in Vietnam has helped mitigate risks associated with U.S. tariffs on exports [3] - Future growth drivers include technological advancements leading to higher speed, power, and intelligence in products [4]

Core Insights - Yongshun Bio achieved operating revenue of 269 million yuan and net profit of 40 million yuan in 2024, maintaining a steady operational trend [1] - The company has successfully expanded its overseas revenue, surpassing 20 million yuan for the first time [1] - In Q1 2025, Yongshun Bio reported operating revenue of 65.46 million yuan and net profit attributable to shareholders of 7.92 million yuan, continuing its stable performance [1] Product and Market Position - Yongshun Bio is a leading domestic veterinary biological product company, focusing on swine and poultry vaccines with over 30 product varieties [2] - The company holds a strong market position in core products, with significant market shares in swine vaccines, particularly the classical swine fever live vaccine and the three-in-one vaccine for swine [2] - Key products such as the pseudorabies live vaccine and the porcine circovirus type 2 inactivated vaccine saw substantial sales growth, with revenues of 14.91 million yuan (up 35.47%) and 8.12 million yuan (up 71.71%) respectively in 2024 [2] Financial and Operational Efficiency - Yongshun Bio has optimized its financial structure, reducing total liabilities by 16.35% compared to the beginning of the year, enhancing its balance sheet [2] - The company invested 23 million yuan in R&D in 2024, accounting for 8.54% of its operating revenue, and obtained new drug registration certificates and patents, enriching its product line [3] - The production system has undergone technological innovation and management upgrades, with successful GMP dynamic acceptance of its bacterial inactivated vaccine production line [3] International Expansion - Yongshun Bio has successfully registered new products in Egypt, adding to its international presence alongside Vietnam, with a total of 7 and 2 products registered in these countries respectively [4] - The company’s overseas revenue reached over 20 million yuan in 2024, marking a year-on-year growth of 34.31%, indicating an increasing contribution from international markets [4]

Group 1: Revenue and Market Outlook - The company aims for a sales revenue target of 11.8 billion CNY for 2025, with an ambitious goal of 12.5 billion CNY [2] - The impact of the complex international trade environment on the company includes direct and indirect effects on compressor exports, with ongoing assessments being conducted [2] - The domestic market for closed piston compressors is expected to see a year-on-year decline of approximately 1% in 2025, while the export market is projected to grow by about 1% [3] Group 2: Business Development and Client Structure - The company is focusing on the development of automotive air conditioning compressors, with over 95% of its major clients being domestic [3] - The company is committed to enhancing technology research and development, optimizing product structure, and expanding its client base to close the gap with industry leaders [3] Group 3: Shareholder Returns and Stock Buyback - The company has increased cash dividends in recent years and plans to use 150 million to 300 million CNY for stock buybacks to reduce registered capital and implement equity incentives [3] - A proposal for the stock buyback was disclosed on April 10, with the company committed to following regulatory procedures for execution [6] Group 4: Competitive Advantages - The company holds a leading position in the closed piston compressor industry, with core advantages in technology research, customer resources, and brand recognition [4] - Continuous efforts are being made to enhance product competitiveness, adjust product structure, and improve operational efficiency to tackle market competition [4] Group 5: Production Capacity and Material Costs - The Mexico plant has achieved a total capacity of 4 million units per year, with significant customer factory audits completed [5] - Fluctuations in raw material prices may impact profits, but strategic partnerships with suppliers are in place to mitigate these effects [6]

Core Viewpoint - The company focuses on providing advanced LED lighting solutions, including LED drivers, sensors, control systems, and modules, while also expanding into energy storage and new energy charging products. Company Overview - The company is a leading enterprise in the LED driver power supply and lighting accessory products, dedicated to offering high-quality and cost-effective intelligent LED lighting solutions [6][8]. - The main products include LED driver power supplies, intelligent lighting control systems, and LED modules, which are widely used in various fields such as residential, industrial, commercial, and agricultural [6][11]. Business Model - The company employs a research and development model that incorporates international best practices, ensuring technological foresight and rapid market response [12][17]. - The procurement strategy combines pull and push supply chain management, ensuring raw material supply security and competitive pricing [12][13]. - The production model is primarily based on sales-driven production, allowing for customization according to customer orders, which enhances service quality and reduces inventory costs [13][14]. - The sales model includes direct sales and distribution partnerships, with a focus on integrating the sales and service teams of the acquired OSRAM brand [15][16]. Performance Drivers - The company's global strategy has established a stable revenue stream through a comprehensive global presence in production, sales, and R&D [16]. - Continuous technological innovation in LED driver power supplies has positioned the company to quickly respond to market demands and capture opportunities [17][18]. - The implementation of a robust information system supports decision-making and operational efficiency across global operations [18]. Financial Data - The company has undergone adjustments in accounting policies, impacting the presentation of financial data, with a focus on aligning with new accounting standards [19]. - The company has disclosed its financial performance metrics, indicating a commitment to transparency and compliance with regulatory requirements [20]. Important Events - The company has decided to terminate the plan for issuing A-shares to specific investors, reflecting strategic adjustments in capital raising efforts [21]. - The company has made investments in industry funds, indicating a proactive approach to diversifying its investment portfolio [23]. - A significant asset purchase from OSRAM has been completed, enhancing the company's product offerings in the LED lighting sector [24].

Core Viewpoint - The company, Hongchang Electronics, reported a decline in both revenue and net profit for 2024, primarily due to poor performance in its epoxy resin business, which has been significantly impacted by a challenging external environment and weak downstream demand [1][4]. Financial Performance - The total operating revenue for 2024 was 2.144 billion yuan, a year-on-year decrease of 4.29% [1][4]. - The net profit attributable to shareholders was 50.61 million yuan, down 41.59% year-on-year [1][4]. - The non-recurring net profit was 42.49 million yuan, reflecting a decline of 47.06% compared to the previous year [1]. Business Segment Performance - The epoxy resin business generated a net profit of 28.83 million yuan, showing a significant year-on-year decline [4]. - The production and sales volumes of epoxy resin were 97,100 tons and 97,500 tons, respectively, with decreases of 1.72% and 1.45% year-on-year [4]. - The copper-clad laminate and semi-cured sheet businesses performed relatively well, with increases in production and sales, but could not offset the negative impact from the epoxy resin segment [4]. Market Challenges - The company cited a complex international political and economic environment, slow global economic recovery, and multiple challenges in domestic economic operations as factors leading to weak market demand for epoxy resin and copper-clad laminates [4]. - Weak terminal consumption has adversely affected product gross margins and profitability [4]. Fundraising and Investment - To address market challenges, the company is actively pursuing a private placement of shares, having issued 249 million shares in September 2023, raising a total of 1.168 billion yuan, with a net amount of 1.154 billion yuan after expenses [5]. - The raised funds will primarily be allocated to the Zhuhai Hongchang Phase II project, which aims to produce 140,000 tons of liquid epoxy resin annually, and the Zhuhai Hongchang Phase III project, targeting 80,000 tons of electronic-grade functional epoxy resin [5][6]. Research and Development - Despite market challenges, the company continues to invest in R&D, particularly in high-frequency and high-speed resin and copper-clad laminate materials [7]. - New products, including a next-generation polyether formulation resin and halogen-free phosphorus-containing polyether resin, have passed customer evaluations and are making progress in the ultra-5G resin sector [7]. - The company has acquired a 67GHz PNA network analyzer to meet the electrical testing requirements for the latest products from Intel and AMD, and has made advancements in high-frequency materials for Nvidia platforms [7].

Core Viewpoint - Hanbang Gaoke (300449) has made significant progress in its strategic transition from a service provider in "smart security," "audio-video monitoring," and "digital watermark technology" to a comprehensive intelligent service provider, achieving a revenue of 148 million yuan in 2024, with a year-on-year growth of 11.12% and a narrowed net loss of 62.15 million yuan, improving profitability significantly [1] Group 1 - The company has established a comprehensive business matrix that includes intelligent computing service solutions, smart security solutions, audio-video solutions, audio-video products, digital watermarking, and operation and maintenance services [1] - The intelligent computing service solutions have become a new growth engine for the company, providing full-stack services from computing cluster debugging to large model application platform implementation [2] - In the smart security field, the company leverages its deep technical accumulation and brand advantages to offer complete industry solution capabilities, focusing on sectors like smart finance, smart public security, and smart communities [2] Group 2 - The company serves as a major service provider for the National Radio and Television Administration, providing nationwide broadcasting monitoring systems and equipment [2] - The company has developed a comprehensive digital watermark technology application system based on video, audio, and images, and aims to promote its application across various industries [2] - The company has strong R&D capabilities, with multiple projects making progress, including the completion of the foundational framework for a general large model platform and the initial version of an intelligent agent platform [3] Group 3 - The company emphasizes the importance of continuous product and service innovation to meet diverse customer needs and the application of new technologies [3] - The company is committed to leveraging existing mature technologies to create new products and technologies that are competitive in the market [3]

Core Viewpoint - Yonggui Electric achieved significant revenue and profit growth in 2024, driven primarily by its new energy business, despite a decline in overall gross margin due to cost pressures and market challenges [1][4][6] Group 1: Financial Performance - In 2024, Yonggui Electric reported total revenue of 2.02 billion yuan, a year-on-year increase of 33.04%, and a net profit of 126 million yuan, up 24.47% [1] - The company's gross profit was 559 million yuan, with a gross margin of 27.67%, slightly down from 28.39% in 2023, indicating challenges in cost control and market competition [4] Group 2: Business Segments - The vehicle and energy information segment generated 1.17 billion yuan in revenue, a 52.24% increase, accounting for 57.90% of total revenue, marking a significant shift in revenue structure [4] - The new energy business alone contributed 1.12 billion yuan, becoming the main growth engine for the company [4] Group 3: Global Expansion - Yonggui Electric is accelerating its globalization strategy, establishing a subsidiary in Singapore and a production base in Thailand to enhance its local operational network [5] - This global expansion aims to mitigate market risks and reduce costs through localized production, although challenges such as cultural differences and regulatory issues remain [5] Group 4: R&D Investment - The company invested 165 million yuan in R&D, representing 8.18% of its revenue, with a year-on-year increase of 24.83%, focusing on key areas like electric vehicles and charging infrastructure [6] - Yonggui Electric secured 101 patent authorizations during the reporting period, bringing the total to 726, including 128 invention patents, reinforcing its technological leadership [6]