事件描述 2025Q1 公司毛利率为-9.08%，已经修复到2024 年上半年水平。 展望后续，公司将持续开展新产品、新技术的研发创新工作，重点推进碳陶制动盘、锂电热场部件、光 伏加热器、多孔碳等新产品的市场推广，通过积极的销售策略，进一步提升公司在技术、服务、质量、 品牌等方面的综合竞争优势，努力改善经营业绩，为全体股东创造价值。 风险提示 1、竞争格局恶化； 2、光伏装机不及预期。 金博股份发布2024 年年报及2025 年一季报，2024 年公司实现收入5.37 亿元，同比下降50%；归母净 利-8.15 亿元；其中，2024Q4 实现收入0.96 亿元，同比下降50%；归母净利-6.69 亿元。2025Q1 实现收 入1.6 亿元，同比下降21%；归母净利-0.86 亿元。 事件评论 2024 年，面对国内市场竞争加剧、产业链价格波动及下游客户开工率不足等多重挑战，公司紧扣年度 经营目标，以碳材料产业化平台战略为核心，全面落实提质降本增效措施，通过在光伏、半导体、交 通、锂电、氢能等领域碳基材料产品的技术创新和产业协同，不断提升产品竞争力和新产品渗透率，实 现了各业务板块协同发展。分业务看，公司实现先 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 537 million yuan, a year-on-year decrease of 50%, and a net loss attributable to shareholders of 815 million yuan [3][4]. - In Q4 2024, the company achieved revenue of 96 million yuan, also down 50% year-on-year, with a net loss of 669 million yuan [3]. - For Q1 2025, the company reported revenue of 160 million yuan, a year-on-year decrease of 21%, and a net loss of 86 million yuan [3][4]. - The company is facing challenges such as intensified domestic market competition, price fluctuations in the supply chain, and insufficient operating rates from downstream customers [8]. - Despite these challenges, the company is focusing on promoting new products and enhancing its competitive edge through technological innovation and collaboration across various sectors, including photovoltaic, semiconductor, transportation, lithium battery, and hydrogen energy [8]. Financial Performance - The company recorded a total revenue of 537 million yuan in 2024, with a gross loss of 86 million yuan, resulting in a gross margin of -16% [14]. - The company incurred asset impairment losses totaling 582 million yuan, primarily due to fixed asset impairment losses of 455 million yuan and inventory write-downs of 128 million yuan [8]. - In Q1 2025, the company experienced a slight improvement in profitability, with a gross margin of -9.08%, recovering to the level seen in the first half of 2024 [8]. - The company plans to continue its research and development efforts, focusing on new products such as carbon-ceramic brake discs, lithium battery thermal components, photovoltaic heaters, and porous carbon [8].

Financial Performance - The company reported a total revenue of 160 million yuan for Q1 2025, a decrease of 20.99% year-on-year [1] - The net profit attributable to the parent company was -85.51 million yuan, down 56.33% year-on-year [1] - The gross margin was -9.08%, a decline of 263.45% compared to the previous year [1] - The net margin was -52.68%, a decrease of 95.71% year-on-year [1] - The company’s accounts receivable accounted for 67.49% of the latest annual revenue [1] Key Financial Metrics - Total revenue for Q1 2024 was 202 million yuan, compared to 160 million yuan in Q1 2025 [1] - The company’s cash and cash equivalents decreased by 38.85% to 171 million yuan [1] - The total interest-bearing debt was 338 million yuan, down 19.91% [1] - Earnings per share for Q1 2025 was -0.42 yuan, a decline of 61.54% year-on-year [1] - The company’s net asset per share was 24.95 yuan, down 42.32% [1] Business Model and Strategy - The company relies heavily on capital expenditure and equity financing for its performance, necessitating careful evaluation of capital projects [3] - The company has developed a carbon materials industrialization platform focusing on diverse applications and advanced carbon-based composite materials [5] - The company is actively promoting its carbon-based composite materials in various fields, including photovoltaics, semiconductors, transportation, hydrogen energy, and batteries [5] Fund Holdings - The largest fund holding in the company is the Guotai Golden Eagle Growth Mixed Fund, with 2.3081 million shares newly entered into the top ten holdings [4] - Other funds that have newly entered the top ten holdings include Zhongyin Income Mixed A and Guotai Research Advantage Mixed A [4]