Group 1: Haida Group - Haida Group has set short-term and medium-term goals for its feed business, targeting an increase of 3 million tons by 2025 and 51.5 million tons by 2030 [1] - The company emphasizes the importance of core technological capabilities, particularly in breeding technology, farming models, and feed technology [1] - The overseas strategy focuses on Southeast Asia, Africa, and South America, with capital expenditures aimed at overseas capacity construction and domestic equipment upgrades [1] - The company is exploring a light-asset, low-risk pig farming model and aims to maintain procurement advantages through technological research and development [1] - In aquaculture, factory-based shrimp farming has become a key focus, with plans for future expansion [1] - The company plans to distribute 1.8 billion yuan in cash dividends for the year 2024 [1] Group 2: Jiangsu Shentong - Jiangsu Shentong continues to invest in R&D in the nuclear valve sector, successfully launching products that meet the requirements of third and fourth-generation nuclear power technologies [2] - The company expects to complete bidding by the end of 2025 to early 2026, with phased deliveries of nuclear valve products over the next 2-3 years [2] - The gross margin stands at 36.75%, within a normal fluctuation range [2] - The company emphasizes the management of accounts receivable and has implemented various measures to reduce bad debt risks [2] - Future profit growth is concentrated in key areas such as nuclear power, hydrogen energy, semiconductor equipment, and marine engineering [2] Group 3: Anji Technology - Anji Technology continues R&D in electroplating solutions and additives, with local production progressing smoothly in 2024 [3] - The company has seen significant growth in functional wet electronic chemicals, particularly in post-etch cleaning and post-polishing cleaning solutions [3] - The gross margin is expected to improve in 2024 due to product diversification and enhanced production efficiency [3] - The company is strengthening its supply capability of core raw materials to enhance product stability and competitiveness [3] - Product pricing is determined by market mechanisms, taking into account customer demand and other factors [3]

江苏神通机构投资者 路演活动会谈纪要 会议地点：浦东丽晶酒店 出席人数：8 名 一、会议开始 本次路演活动由方正证券组织，公司副总裁兼董秘章其强先生应约参加路演 活动，首先向参加此次路演活动的机构投资者表示感谢，向投资者介绍了公司基 本情况、公司发展战略规划及近期主要工作的进展情况，同时强调了关于遵守承 诺函的约定和上市公司信息披露的有关规定。 二、沟通交流 问：2024 年核电毛利下滑，是成本端上升，还是收入端下降导致的呢？ 答：根据公司披露的 2024 年年度报告，公司在核电行业阀门产品毛利率为 36.75%， 这一毛利率水平处于正常波动范围之内。 问：目前海工阀门的产能情况如何，相比之前是否有变化呢？ 会议时间：2025 年 5 月 13 日 会议主持：章其强 会议记录：章其强 答：公司近年来依托南通市海工船舶基地的产业优势，积极把握海工船舶专用阀 门产业链的发展机遇，不断提升产品研发与制造能力。在此基础上，公司积极参 与海洋石油平台等各类海工项目，目标是打造专业的海工船舶专用阀门生产基地。 未来，海工阀门产能配置将结合市场开拓成果进行动态评估。 问：公司蝶阀、球阀以外的核级产品在市场上的竞争情况如何呢 ...

事件： 公司研发费用持续提升，2024 年研发费用率为4.71%，同比提升0.28cpt。当前核电阀门国产化率不断提 升，公司有望受益。氢能方面，公司产品涵盖由制氢、储氢、运氢到加氢站用的高压阀门。半导体装备 领域，公司长期布局，为半导体装备及光伏设备所需关键零部件、产业链所需核心零部件产品提供配 套。 投资建议 公司发布2024 年年报，2024 年公司实现营收21.43 亿元，同比+0.48%，实现归母净利润2.95 亿元，同 比+9.68%，业绩符合预期。 考虑到公司核电阀门产品交付节奏问题，我们预计公司2025-2027 年营业收入分别为23.92/25.92/27.43 亿元，同比分别+11.59%/+8.36%/+5.83%；归母净利润分别为3.25/3.65/4.06 亿元，同比增速分别为 +10.15%/+12.31%/+11.26%，EPS 分别为 0.64/0.72/0.80 元/股。维持"买入"评级。 产品结构优化，高价值产品带动毛利率提升 风险提示：下游项目建设不及预期，原材料涨价风险，市场竞争风险 受益于核电行业建设加速，核电行业收入同比+7.06%，毛利率为36.75%（同比-3. ...

Core Viewpoint - The company reported strong financial results for 2024 and Q1 2025, with revenue and net profit growth exceeding market expectations, indicating robust operational performance and market position [1][2][4]. Financial Performance - For 2024, the company achieved revenue of 29.838 billion yuan, a year-on-year increase of 35.14%, and a net profit of 5.621 billion yuan, up 44.17% year-on-year, aligning with previous forecasts [1]. - In Q1 2025, revenue reached 8.206 billion yuan, reflecting a 37.90% year-on-year growth, with net profit at 1.581 billion yuan, up 38.80% year-on-year, slightly exceeding market expectations [1]. Revenue Breakdown - In 2024, electronic equipment revenue was 27.707 billion yuan, up 41.28% year-on-year, with a gross margin of 41.50%, an increase of 3.83 percentage points [2]. - Semiconductor equipment revenue included over 8 billion yuan from etching equipment, over 10 billion yuan from thin film deposition equipment, and over 2 billion yuan from thermal processing equipment [2]. Expense Management - Sales and management expenses for 2024 were 1.085 billion yuan and 2.111 billion yuan, showing a year-on-year increase of 0.1% and 20.5%, respectively, indicating improved expense efficiency [3]. - R&D expenses rose to 3.669 billion yuan, a 48.2% increase year-on-year, with R&D personnel increasing from 3,656 to 4,583, reflecting a strong commitment to innovation [3]. Inventory and Debt - As of the end of 2024 and Q1 2025, inventory stood at 23.479 billion yuan and 25.211 billion yuan, respectively, while contract liabilities were 6.214 billion yuan and 5.751 billion yuan [3]. - Long-term borrowings increased from 3.946 billion yuan at the end of 2024 to 4.858 billion yuan in Q1 2025, with plans to issue bonds up to 15 billion yuan for working capital [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenue growth of 27.2% and 24.1% for 2025 and 2026, reaching 37.960 billion yuan and 47.102 billion yuan, respectively [4]. - The current stock price corresponds to a P/E ratio of 31.4x for 2025 and 25.1x for 2026, with a target price of 515 yuan, indicating a potential upside of 14% [4].