Waters (WAT) 2025 Conference June 04, 2025 08:45 AM ET Speaker0 Everybody. I'm Tycho Peterson from the life science tools diagnostics team at Jefferies. It's my pleasure to introduce our next company this morning, Waters. We've got Udit with us. Maybe, Udit, just to kick it off, you and I were talking, walking in about ASMS and obviously a lot of new innovation coming, new products. And I think you've really revitalized the portfolio, so I think maybe that's a good place to start. Maybe just talk about some ...

华泰证券研报指出，预计全年的电表招标需求或维持在9000万只左右(2024年8939万台)，本轮替换周期 高峰有望延续至2026年。价格层面，继续呈现下滑趋势，整体环比降幅约9.6%；市场集中度相对稳 定。后续分布式"四可"要求下对于智能电表模块升级要求与物联表需求提升，相关设备投资有望受到带 动。近年来电表企业股利支付情况较好，当前我们认为电表企业估值已处于低位。 ｜2025年5月30日星期五｜ NO.1中信证券：当前消费领域呈现出三条趋势主线 中信证券研报指出，当前消费领域呈现出三条趋势主线：1)回归理性、品质升级与消费平替并行；2)快 乐生活、为精神满足感和情绪价值付费；3)技术进步和迭代催生的消费新方向，这将提供诸多长期结构 性"新消费"机会，建议持续配置。维持建议从攻守兼备配置渐进至弹性配置，攻守兼备：消费互联网、 低估值高回报且经营有望率先企稳的乳制品、大众餐饮等板块。弹性配置：顺周期特征明显的餐饮供应 链、酒类、人力资源服务、酒店等行业。提振内需的政策预期将逐渐增强，消费配置表现有望迎来高 潮，再次强调增配消费。 NO.2华泰证券：电表企业估值已处于低位 NO.3中金：微盘风格可能呈现优势边际弱 ...

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

FreightCar America (RAIL) Q1 2025 Earnings Call May 06, 2025 11:00 AM ET Speaker0 Welcome to FreightCar America's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants' lines are in a listen only mode. For those of you participating on the conference call, there will be an opportunity for your questions at the end of today's prepared comments. Please note this conference is being recorded. An audio replay of the conference call will be available on the company's website w ...

Waters (WAT) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants Caspar Tudor - Head, Investor RelationsUdit Batra - President and CEOAmol Chaubal - Senior VP & CFOTycho Peterson - Managing DirectorPuneet Souda - Senior MDBrandon Couillard - Managing DirectorVijay Kumar - Senior Managing DirectorDan Arias - Managing DirectorDaniel Brennan - Managing Director Conference Call Participants Jack Meehan - Equity Research AnalystCatherine Schulte - Senior Research AnalystSung Ji Nam - Managing Dir ...

公司25 年Q1 实现营收4.33 亿元（yoy-7.40%、qoq-10.29%），归母净利1.75 亿元（ yoy+56.05% 、 qoq+42.18% ）； 扣非归母净利1.46 亿元（yoy+5.84%、qoq+76.89%）。当前国内处于智能电表替换周 期高峰，叠加配网"四可"要求升级下，电表需求有望受到带动。同时公司海外市场开拓顺利，我们看好 公司收入、利润持续向上，维持"增持"评级。 费率控制优异，盈利能力显著提升 公司25 年Q1 实现毛、净利率分别为42.52%、40.67%，同比提升1.13%、17.36%，盈利能力显著提升。 公司25 年Q1 期间费用率为5.00%，其中销售、管理、财务、研发费用率分别为2.67%、 3.01%、-5.76%、5.09%，同比变化-0.23、-0.04、-2.98、+1.47pct。其中，财务费用率显著下降主要系银 行存款利息增加所致；研发费用率提升主要系持续加大研发投入所致。同时，公司25 年Q1 实现其他收 益0.40 亿元，主要系收到的政府补助增加；实现公允价值变动收益926 万元，去年同期为-4062 万元， 同比提升主要系金融资产的公允价值变 ...

证券研究报告 炬华科技 (300360 CH) 一季度净利润高增，费率控制优异 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 电气设备 | 公司 25 年 Q1 实现营收 4.33 亿元（yoy-7.40%、qoq-10.29%），归母净利 1.75 亿 元（ yoy+56.05%、 qoq+42.18%）；扣非归母净利 1.46 亿 元 （yoy+5.84%、qoq+76.89%）。当前国内处于智能电表替换周期高峰，叠加 配网"四可"要求升级下，电表需求有望受到带动。同时公司海外市场开拓 顺利，我们看好公司收入、利润持续向上，维持"增持"评级。 费率控制优异，盈利能力显著提升 公司 25 年 Q1 实现毛、净利率分别为 42.52%、40.67%，同比提升 1.13%、 17.36%，盈利能力显著提升。公司 25 年 Q1 期间费用率为 5.00%，其中销 售、管理、财务、研发费用率分别为 2.67%、3.01%、-5.76%、5.09%，同 比变化-0.23、-0.04、-2.98、+1.47pct。其 ...