Core Insights - Huawei Technology (stock code: 001380) reported strong growth in its 2024 annual report, with operating revenue reaching 1.86 billion yuan, a year-on-year increase of 49.67%, and net profit attributable to shareholders at 226 million yuan, up 38% [2] - The company's impressive performance is attributed to its focus on core business, continuous innovation in new technologies and processes, and significant R&D investment of 89.68 million yuan, which grew by 45.43% compared to 2023 [2] - Huawei Technology has established a strong technical foundation with 20 national invention patents and 179 utility model patents, excelling in spring steel wire quenching processes, induction heat treatment technology, spring product design, and inspection [2] Strategic Developments - Since its listing in 2023, the company has been expanding into overseas markets, with its global strategy beginning to show results in 2024 [3] - In 2025, the company plans to continue its "local to global" strategy by establishing a presence in Germany, Mexico, and Morocco, creating an international network covering technology R&D, smart manufacturing, and regional supply chains [3] - The establishment of a R&D and overseas market center in Germany will focus on intelligent suspension systems and advanced manufacturing processes, enhancing communication with European clients [3] - The dual production bases in Mexico and Morocco will serve as strategic points in response to global supply chain needs and geopolitical factors, helping to shorten delivery times and strengthen supply chain resilience [3] Future Outlook - With a focus on technological innovation, sound financials, and forward-looking strategies, Huawei Technology is transitioning from "Made in China" to a "World-Class Supplier" [3] - The company's overseas expansion is expected to provide new momentum for revenue growth and demonstrate significant potential for sustainable long-term development [3] - In the context of the reshaping of the global high-end manufacturing landscape, Huawei Technology is positioned to become a prominent "Chinese Intelligent Manufacturing" star [3]

新京报贝壳财经讯（记者朱玥怡）"在固态电池技术方面，公司全固态电池已完成小软包电池组装工艺开发，百 MWh的中试线预计在2025年投入运行；公司计划于2026年推出主要应用于混合动力领域的高功率全固态电池，于 2028年逐步推出400Wh/kg的高比能全固态电池。"4月28日，亿纬锂能（300014.SZ）副总裁、董事会秘书兼财务 负责人江敏在公司业绩会上就固态电池进展进行了披露。 亿纬锂能数日前公布的2024年年报显示，公司全年实现营业收入486.15亿元，同比微降0.35%；归母净利润40.76 亿元，同比微增0.63%；扣除非经常性损益的净利润为31.62亿元，同比增长14.76%。 亿纬锂能提出的2024年主要经营目标包括满产满销、市占率提升等。公司去年产能利用率为86.56%，这一数据高 于行业龙头宁德时代（300750.SZ）的76.33%。 公司三大业务板块中，消费电池去年实现营收103.22亿元，占比21.23%；动力电池营收191.67亿元，占比 39.43%；储能电池营收190.27亿元，占比39.14%。 亿纬锂能过去两年营收构成 制图/新京报贝壳财经记者 朱玥怡 储能电池业务成为亿纬锂 ...

业绩简评 4月25日公司披露2024年年报及2025年一季报，2024年实现营收284亿元，同比-52%，实现归母净 利-98.2亿元，同比-387%；其中Q4实现营收58亿元，同比-44%，环比-8%，实现归母净利-37.6亿元，同 比-36%、环比-25%。1Q25实现营收61亿元，同比-39%、环比+5%，实现归母净利润-19.1亿元，同 比-117%、环比+49%。 经营分析 国金证券股份有限公司姚遥,张嘉文近期对TCL中环（002129）进行研究并发布了研究报告《Q1硅片减 亏，海外布局提升竞争力》，给予TCL中环增持评级。 TCL中环 硅片出货持续增长，Q1亏损显著收窄。2024年公司硅片出货125.8GW，同比+10.5%，硅片整体市占率 18.9%、居行业第一。2024年行业供需失衡加剧、产业链价格快速下跌，公司硅片业务Q2出现毛利亏损 并加速进入现金成本亏损阶段，全年硅片业务毛利率-20.5%。25Q1终端抢装需求带动下光伏产业链各 环节供需比有所改善，硅片价格回升，公司硅片业务盈利能力环比大幅改善，带动销售毛利率修复 5.48PCT至-6.96%。 组件产品结构调整，Q1订单量明显增加。2 ...

Core Viewpoint - Gree Electric Appliances is facing significant challenges in 2024, highlighted by the controversial remarks of its chairperson, Dong Mingzhu, regarding overseas returnees, which may reflect deeper concerns about the company's future and market position [2][21]. Group 1: Company Leadership and Governance - Dong Mingzhu has publicly stated that Gree will not hire overseas returnees due to potential espionage risks, a stance that has drawn criticism and may harm the company's image [2][12]. - The recent shareholder meeting saw Dong Mingzhu re-elected as chairperson while stepping down as CEO, indicating a significant leadership transition within the company [10]. - Gree's governance issues include excessive centralization of power under Dong Mingzhu, which poses risks to the brand's reputation and may lead to legal repercussions due to her controversial statements [12][20]. Group 2: Market Position and Competition - Gree's market share in the domestic air conditioning sector has declined, with competitors like Midea surpassing it, indicating a shift in market dynamics [13][20]. - The company's revenue has shown a year-on-year decline of 5.39% in the third quarter of 2024, breaking a trend of continuous growth over the past several quarters [13][20]. - Gree's reliance on traditional markets and its slow adaptation to new sales channels, such as e-commerce and live streaming, have hindered its competitive edge [19][20]. Group 3: Strategic Challenges - Gree is pursuing a diversification strategy to seek new profit growth points, but its efforts in areas like mobile phones and green energy have not been successful, with significant revenue declines reported [17][20]. - The company faces challenges in international expansion, with its export share remaining below that of competitors like Midea and Haier, and limited presence in key markets such as the U.S. and Europe [19][20]. - Gree's approach to talent selection appears to be heavily influenced by personal preferences, raising concerns about the future leadership and succession planning within the company [15][20]. Group 4: Future Directions - To address its challenges, Gree aims to improve governance by balancing power and establishing a more effective talent selection system [23][25]. - The company plans to enhance its diversification strategy by increasing R&D investment and expanding its product categories beyond air conditioning [23][25]. - Gree is also focusing on upgrading its sales channels and enhancing its international presence through strategic partnerships and sponsorships [23][25].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.01 CNY [5] Core Views - The company is expected to see improvements in profitability for its self-owned new energy brands, with a focus on advancing smart technology and expanding overseas [1] - The forecast for net profit attributable to the parent company for 2025-2027 is 80.30 billion, 94.71 billion, and 113.13 billion CNY respectively, with a target price based on a PE ratio of 21 times the average of comparable companies [2] Financial Performance Summary - The company's revenue for 2023 is projected at 151.298 billion CNY, with a year-on-year growth of 24.8%. The revenue is expected to reach 159.733 billion CNY in 2024, growing by 5.6% [4] - The net profit attributable to the parent company for 2023 is estimated at 11.327 billion CNY, reflecting a 45.2% increase year-on-year. However, it is expected to decrease to 7.321 billion CNY in 2024, a decline of 35.4% [4] - The gross margin for 2023 is 17.3%, with projections of 14.9% in 2024 and improvements to 18.2% by 2027 [4] - The company plans to distribute a cash dividend of 2.95 CNY for every 10 shares to all shareholders in 2024 [9] Sales and Market Expansion - The sales volume of the company's self-owned new energy vehicles is expected to maintain high growth, with significant increases in sales for brands like Deep Blue and Avita [9] - The company aims to introduce 12 new products in high-growth markets such as Southeast Asia, Europe, and the Middle East in 2025 [9]

Core Viewpoint - Dongwei Technology reported a significant decline in revenue and profit for 2024, primarily due to a drop in revenue from new energy equipment, despite advancements in R&D and brand development [1][4][6]. Group 1: Financial Performance - The company achieved total revenue of 750 million yuan in 2024, a year-on-year decrease of 17.51% [1]. - Net profit attributable to shareholders was 69 million yuan, down 54.25% year-on-year [1]. - The non-recurring net profit was approximately 61.46 million yuan, reflecting a decline of 54.59% compared to the previous year [1]. Group 2: R&D and Innovation - Dongwei Technology increased R&D investment to 82.64 million yuan, accounting for 11.02% of total revenue [4]. - The company obtained 72 new patents, including 24 invention patents and 48 utility model patents [4]. - A project for high-efficiency vertical continuous copper plating equipment for photovoltaic cells received government support of 10 million yuan [4]. Group 3: Market and Brand Development - The company actively participated in industry exhibitions and technical exchanges to enhance brand visibility and influence [4]. - New products, such as the horizontal TGV electroplating line and photovoltaic copper plating equipment, received positive market feedback, with some products filling domestic gaps and gaining customer recognition [4][5]. - Despite these efforts, the market response was below expectations, particularly in the new energy sector, where revenue from optimized equipment did not significantly increase [5]. Group 4: Market Position and Global Expansion - Dongwei Technology maintained a leading position in the domestic vertical continuous electroplating equipment market, achieving record-high order amounts in the PCB sector [6]. - The company is expanding its global footprint, with a production base in Thailand serving numerous Southeast Asian clients [6]. - However, the overseas operations have yet to make a significant contribution to overall performance, and the company faces challenges in enhancing its brand influence and sales capabilities in international markets [6].

Core Viewpoint - Longbai Group reported a revenue of 27.539 billion RMB for FY 2024, a 3% year-on-year increase, but a 33% decrease in net profit attributable to shareholders at 2.169 billion RMB, with a cash dividend of 6 RMB per 10 shares [1] Group 1: Financial Performance - For FY 2024, the company achieved revenue of 19 billion RMB from titanium dioxide and 2.7 billion RMB from sponge titanium, with year-on-year growth of 7% and 17% respectively [2] - The gross margin for titanium dioxide was 31%, up 2.8 percentage points, while sponge titanium's gross margin was 3%, down 14.8 percentage points [2] - In Q1 2025, the company reported a revenue of 7.060 billion RMB, a 3% year-on-year decrease, and a net profit of 686 million RMB, down 28% year-on-year [1][2] Group 2: Market Trends and Challenges - The company is experiencing a trend of increasing sales volume but decreasing prices, with titanium dioxide prices down 10% year-on-year and sponge titanium prices down 3% in Q1 2025 [2] - The company exported 500,000 tons of titanium dioxide from January to March, a 2% year-on-year increase [2] - The decline in prices is attributed to lower prices for sponge titanium and iron concentrate, as well as underperformance in the new energy sector [2] Group 3: Strategic Initiatives - The company is advancing its integrated supply chain strategy, focusing on upstream raw material security and developing key projects such as the joint development of the Hongge North Mine and the Xujia Gou Iron Mine [3] - Longbai Group is also expanding its overseas presence, planning to invest 100 million USD in its wholly-owned subsidiary, Baililian Hong Kong, to support international business expansion [3] - The company aims to establish a full-process internationalization from raw materials to sales, responding to trade challenges such as anti-dumping investigations in the EU, Brazil, and India [3] Group 4: Future Outlook - The company forecasts net profits attributable to shareholders of 2.91 billion RMB, 3.76 billion RMB, and 4.29 billion RMB for 2025-2027 [3]

2025年4月23日晚，宁波精达（603088）(603088.SH)公告2025年一季度报告。报告期内，公司实现营业 收入1.86亿元，实现归母净利润3637.71万元。公司2025年一季度业绩增速回落，主要受2024年同期高基 数、季节性营收分布及海外市场结构性调整等因素影响。此外，销售回款中承兑汇票占比提高对当期现 金流有所影响。尽管短期数据承压，公司通过多元化外销布局、产业链整合及高分红策略，持续强化长 期竞争力。 高基数压制同比增速，订单周期影响释放节奏。回溯公司2024年一季度表现，公司营收与归母净利润分 别达1.83亿元(同比+17.23%)和0.53亿元(同比+40.97%)，创近四年单季度峰值。该表现缘于新能源车用 压力机订单集中交付及微通道换热器设备国际供应链放量。高基数效应下，2025年一季度即使维持同等 规模，同比增速亦将显著承压。 从季节性规律看，公司营收呈现"前低后高"特征。2019—2024年财报显示，一季度营收占比约为 22.59%，第二至第四季度占比约为77.41%。这与下游家电、汽车行业生产周期密切相关——设备采购 多集中在上半年招标，下半年进入交付验收阶段。2025年一季 ...

Core Insights - The company reported a slight increase in revenue but a decline in net profit and non-recurring net profit, indicating challenges in cost control and profitability [1] - The company is actively expanding its overseas production to mitigate tariff impacts and has established a factory in Thailand with a production capacity of 5 million sets of lighting products for export to the U.S. [4] - The company has made significant progress in its hydrogen energy strategy, including the establishment of a subsidiary focused on hydrogen technology and the development of a microgrid demonstration project [5][6] - The company has optimized its product and customer structure, achieving a 4.8% increase in lighting sales and significant growth in various regional markets [7] Financial Performance - The company achieved total revenue of 3.176 billion yuan, a year-on-year increase of 3.27% [1] - The net profit attributable to shareholders was 203 million yuan, a year-on-year decrease of 5.73% [1] - The non-recurring net profit was 147 million yuan, down 19.77% year-on-year [1] Overseas Expansion - To counter U.S. tariffs on Chinese products, the company invested 300 million Thai Baht (approximately 61.92 million yuan) to establish a subsidiary in Thailand [4] - The Thai factory commenced operations in June 2024 and has been certified for quality and safety standards [4] - The company signed an exclusive export agreement with a Vietnamese lighting company, with export amounts nearing 10 million USD in 2024 [4] Hydrogen Energy Strategy - The company established Zhejiang Sunshine Green Hydrogen Technology Co., Ltd. to focus on hydrogen energy research and applications [5] - A 5kW anion exchange membrane electrolyzer was successfully developed, and a microgrid demonstration project was completed at the company’s headquarters [5][6] - The company collaborates with research institutions to promote hydrogen technology and has applied for national innovation projects [6] Market Expansion - The company achieved a 4.8% increase in lighting sales, marking a successful transition from a focus on light sources to lighting products [7] - The Asia-Pacific marketing center saw a 12% growth in South Korea and a remarkable 142.41% growth in Taiwan [7] - The Americas marketing center experienced a 14.02% sales increase, while the European marketing center's net profit grew by 22.87% [7]

Core Viewpoint - In 2024, Ruiqi Co., Ltd. reported a revenue of 437 million yuan and a net profit attributable to shareholders of -19.26 million yuan, indicating challenges in a complex macroeconomic environment while actively pursuing brand development, technological research, market expansion, and external investments [1][2]. Group 1: Brand Development - The company focused on the "Craftsmanship Quality" brand theme, enhancing brand exposure and channel confidence through participation in industry exhibitions such as the Shanghai Hardware Expo and the Canton Fair, as well as collaborations with KOC/KOL [1]. - The launch of the 12V and 20V lithium battery impact drills became best-selling products, boosting sales of other products on the same platform [1]. - In international markets, the company participated in major exhibitions like the Dubai BIG5 and the Cologne Fair, successfully attracting new customers from regions including Russia, Southeast Asia, the Middle East, India, and Turkey [1]. Group 2: Technological Advancements - The company made significant progress in R&D, achieving breakthroughs in high-performance battery technology, enhancing the safety, endurance, and longevity of lithium tools [2]. - Upgrades were made to the 12V, 16V, and 20V voltage platforms, with the development and preliminary testing of a 40V platform for future product line planning [2]. - The company received 1 U.S. patent and 47 domestic patents during the reporting period, including 18 invention patents, 24 utility model patents, and 5 design patents [2]. Group 3: External Investments - The company reported positive developments in external investments, with the Guangzhou Intelligent Manufacturing Fund recovering a total of 234 million yuan in investment costs and returns [2]. - The company participated in several funds, which are operating normally, with some projects already completed and partial investment costs recovered [2]. - The establishment of a production base in Thailand was advanced, with an investment of 20 million USD and sales revenue of 17.70 million yuan generated during the reporting period [2]. Group 4: Product Overview - Ruiqi Co., Ltd. primarily produces electric drills, electric wrenches, hammers, angle grinders, and other tools, which are used in cutting, grinding, drilling, and fastening processes in industries such as manufacturing and construction [3].