业绩简评 7 月11 日，公司发布2025 半年度业绩快报，1H25 实现营收84.5 亿元，同比+37.8%，归母净利润12.9 亿 元，同比+45.7%；Q2实现营收52.7 亿元，同比+50.2%，归母净利润8.5 亿元，同比+61.5%，大超预 期。 经营分析 主网建设超预期，变压器出口维持高景气，网外新能源装机高增。 公司前三批合计中标39.2 亿元，同比+80%，主要系750kV GIS 中标份额大幅提升。 2）海外：2025 年1-5 月我国电力变压器出口20 亿美元，同比+45%，维持高速增长。公司在英国、意大 利、沙特、科威特等多个国家市场实现了多款产品的突破，并通过了多个国家的资质认证，有望持续受 益于海外电力设备需求外溢，海外订单加速兑现。 1）国内：2025 年1-5 月电网工程完成投资2040 亿元，同比+20%。 国网输变电设备第3 批中标结中标金额211.9 亿元，同比+38%，创单批次中标金额新高，前3 批累计中 标540.6 亿元，同比+25%，我们预计主要由于西北电网建设超预期带动设备招标快速增长。 公司发展战略明确、业务规划清晰，在国内电网投资加速、海外电力设备需求持续景 ...

2025年，湖南省积极响应国家政策，加力扩围实施大规模设备更新和消费品以旧换新工作，形成了覆盖多领域、多品类的政策体系。 在设备更新方面，湖南省扩大了重点支持领域，在工业、能源电力等传统领域基础上，新增电子信息、安全生产、设施农业等领域，鼓励工业园区和产业集 群整体推进设备更新。加力实施贷款贴息政策，在中央财政贴息1.5个百分点基础上，申请国家超长期特别国债额外贴息，降低经营主体融资成本。同时， 加快存量设备评估诊断，依法淘汰落后低效设备，加强项目储备。 消费品以旧换新领域，政策覆盖多个品类。汽车方面，将国四排放标准燃油乘用车纳入报废更新补贴范围，报废旧车并购买新能源车补贴2万元，购买2.0升 及以下燃油车补贴1.5万元；置换更新新能源车最高补贴1.5万元，燃油车最高1.3万元。家电方面，补贴品类扩至16类，按能效等级给予15%-20%补贴，每类 产品每位消费者最多补贴3件（部分品类1件），单件不超2000元。 数码产品方面，手机、平板等3类产品按售价15%补贴，单件最高500元。电动自行车以旧换新，交售老旧车换购新车给予补贴，其中锂离子蓄电池换铅酸蓄 电池车补贴600元，其他情形500元。家装厨卫聚焦5大类 ...

欢迎扫描下方二维码关注： 政策依据 《财政部 税务总局关于先进制造业企业 僧值税加计抵减政策的公告》（财政部 税务 总局公告2023年第43号） 目肋，怕匹阿帆川丁瓦생애。 享受主体 ✔ 先进制造业企业 加大设备器具税前扣除力度 ◀ 区 政策内容 企业在2024年1月1日至2027年12 月31日期间新购进的设备、器具，单位 价值不超过500万元的，允许一次性计 入当期成本费用在计算应纳税所得额时 扣除，不再分年度计算折旧。 ☑ 享受主体 自2019年1月1日起，全部制造业领 域企业新购进的固定资产，可由企业选 择 缩 短 折 旧 年 限 或 采 取 加 速 折 旧 的 方 法。 �缩短折旧年限的：最低折旧年限不 得低于企业所得税法实施条例规定折旧 年限的60%。 �采取加速折旧方法的：可采取双倍 余额递减法或者年数总和法。 ■新购进设备 ■器具的企业 区 政策依据 《财政部 税务总局关于设备、器具 扣除有关企业所得税政策的公告》（财 政部 税务总局公告2023年第37号) 固定资产加速折旧政策 区 政策内容 来源青岛税务 欢迎扫描下方二维码关注： 区 享受主体 ■ 全部制造业领域企业 ▽ 政策依据 1.《财 ...

导读： 近日，zycgr发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出31项仪器设备采购意向，预算总 额达1.81亿元。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，多个企业发布 31 项仪器设备采购意向，预算总额达 1.81亿 元，涉及低温扫描纳米磁成像仪、车载光学望远 镜 系 统 、 可 移 动 车 载 量 子 链 路 节 点 望 远 镜 系 统 、 强 磁 场 低 温 测 量 系 统 、 X 射 线 衍 射 仪 等 ， 预 计 采 购 时 间 为 202 5 年 3~8月 。 z ycgr2025年 3 ~ 8 月 仪器设备采购 意向汇总表 | 采购项目 | 需求概况 | 预算 | 注：" Z Y C G R " 这个缩写出现在政府采购网的招标信息 中，代表的 是一 采购 | | --- | --- | --- | --- | | | | | 个或多个未透露具体名称的参与政府招标项目的单位。 从提供的背景信 | | | | 万元 | 时间 | | | 兼顾高空间分辨率、高灵敏度、宽温区的低温扫描纳米磁 ...

天眼查App显示，近日，珠海商仁科技有限公司成立，法定代表人为黄启荣，注册资本200万人民币， 由珠海稳启建筑工程劳务有限公司全资持股。 序号股东名称持股比例1珠海稳启建筑工程劳务有限公司100% 经营范围含许可项目：建筑智能化系统设计。（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以相关部门批准文件或许可证件为准）创业空间服务；智能农业管理；智能车载设 备制造；智能农机装备销售；智能车载设备销售；智能家庭网关制造；智能家庭消费设备制造；可穿戴 智能设备制造；智能机器人销售；人工智能硬件销售；智能物料搬运装备销售；智能仪器仪表销售；智 能家庭消费设备销售；智能水务系统开发；智能控制系统集成；人工智能通用应用系统；智能输配电及 控制设备销售；人工智能应用软件开发；软件销售；软件开发；软件外包服务；数字文化创意软件开 发；计算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；信息技术咨询服务；建筑材料销 售；建筑装饰材料销售；五金产品批发；五金产品零售；金属制品销售。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动） 企业名称珠海商仁科技有限公司法定代表人黄启荣注册资本200万 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 长期以来，高通对穿戴类芯片的投入远不如其智能手机芯片那般精细。其可穿戴芯片多数是在现有智能手机芯片基础上稍 作改动而来，有些甚至仅是换了更先进的工艺节点。事实上，高通提供给 OEM 的早期参考设计中，有些甚至直接使用未 修改的手机芯片。当然，高通也会对芯片进行一些必要的优化（比如传感器集线器和无线通信方面），但从未真正优先考 虑为可穿戴设备打造完全定制的设计。过去，平台中唯一的定制部分是外接协处理器芯片，但即便如此，它们也尽量使用 现成 IP，采用最便宜的方式制造。 举 个 例 子 ， Snapdragon W5+ Gen 1 的 QCC5100 协 处 理 器 就 整 合 了 Arm 设 计 的 Ethos ML 核 、 Cadence 的 HiFi 5 DSP，以及 Think Silicon 的 Nema|pico 2.5D GPU，尽管高通本身拥有可执行这些功能的自研核心，并且完全可以将它 们缩小，用于协处理器中。 但如今看来，高通或许终于开始认真对待这一品类了。我们获悉的一款新芯片——代号为 Aspen、型号为 SW6100——目 前正处于高通内部测试 ...

Core Viewpoint - The company is convening the first bondholders' meeting for its convertible bonds, focusing on the proposed change in the use of raised funds to enhance operational efficiency and align with market demands [1][4][16] Meeting Information - The bondholders' meeting is scheduled for July 29, 2025, at 14:30, in Jiangsu Province, Nantong City [2][3] - The agenda includes participant registration, announcement of attendees, reading of meeting guidelines, election of vote counters, and discussion of the proposal to change the investment project [2][3][4] Fundraising Overview - The company raised a total of RMB 617.1 million from the issuance of convertible bonds, with net proceeds amounting to RMB 610.1 million after deducting issuance costs of RMB 7 million [4][5] - As of June 30, 2025, RMB 103.89 million has been invested in projects, with RMB 536.91 million remaining uninvested [5][6] Proposed Change in Investment Project - The company plans to reallocate RMB 195 million (31.81% of net proceeds) from the original project focused on lithium battery anode materials to a new project involving silicon carbide and carbon-based composite anti-corrosion equipment [6][8] - The original project faced challenges due to market conditions, including declining prices and increased competition, prompting the company to slow its implementation [7][8] New Project Details - The new project aims to produce high-performance anti-corrosion equipment for the chemical, energy, and environmental sectors, enhancing the company's product offerings and market competitiveness [8][10] - The project is expected to generate a net profit of RMB 33.27 million, with an internal rate of return of 14.65% and a payback period of 8.9 years [10][11] Strategic Rationale - The shift to the new project aligns with industry trends towards high-efficiency, low-carbon solutions, addressing the limitations of traditional materials in harsh environments [11][12] - The company leverages its strong brand reputation and customer base to support the new project's market entry, ensuring a solid foundation for sales [12][13] Technical and Team Capabilities - The company possesses robust R&D capabilities and a skilled workforce, which are critical for the successful implementation of the new project [13][14] - Continuous innovation and a focus on customer needs position the company to effectively meet market demands and enhance its competitive edge [14][15]

丨证券研究报告丨 行业研究丨点评报告丨机械 [Table_Title] 6 月挖机销量点评：内销重回增长通道，出口显 著提速 报告要点 [Table_Summary] 6 月我国挖掘机内销量同比增长 6.2%，继 5 月内销同比微幅下滑后重回增长通道；展望后续， 国内伴随更新周期上行、人工替代、电动化等因素，预计未来上行趋势明确。出口方面，6 月 挖机出口量同比增长 19.3%，环比 5 月明显提速，Q2 增速较 Q1 或有改善；中长期看，工程 机械出海增长具备持续性：1）伴随国产品牌全球竞争力提升，海外份额有望稳步抬升；2）新 兴市场景气或较好，同时欧美需求有望筑底回升。此外，头部主机厂持续推进内部管理优化、 降本提效等措施，叠加结构优化，板块盈利能力有望持续上行，持续看好工程机械板块性机会。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 王硕 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.c ...

Group 1 - The company Chongqing Wangbian Electric (603191) expects a net profit attributable to shareholders of 46 million to 54 million yuan for the first half of the year, representing a year-on-year increase of 32.21% to 55.20% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 42 million and 50 million yuan, showing a significant year-on-year growth of 153.79% to 202.13% [1] - The overall performance improvement is attributed to the production of an 80,000-ton high-end magnetic new material project, which has positively impacted the gross profit margin of oriented silicon steel [1] Group 2 - Yunnan Transformer Electric Co., a subsidiary of Wangbian Electric, has seen steady revenue growth in its power distribution and control equipment business, contributing to profit increases [1] - In April 2024, Wangbian Electric successfully acquired 79.97% of Yunnan Transformer Electric, enhancing its supply capacity from 110kV to 500kV [1] Group 3 - Yunnan Transformer Electric's newly developed OSFPSZ18-250000/220 autotransformer has received certification from the KEMA laboratory, a significant achievement for entering high-end markets [2] - The KEMA certification is recognized globally and is essential for market entry in Europe and North America, indicating that the product meets international standards [2] Group 4 - The new 220kV three-phase autotransformer features innovative design elements, including a series coil voltage regulation method and a forced oil circulation cooler integrated into the transformer body [3] - The product underwent rigorous testing, including 39 test items, to meet IEC standards, showcasing its advanced technical performance [4] - The successful certification marks Yunnan Transformer Electric's entry into the global high-end power equipment supplier market, with plans for continuous innovation and integration of international standards [4]

Core Viewpoint - Wangbian Electric (603191) expects significant growth in net profit for the first half of 2023, driven by the successful launch of its high-end magnetic materials project and steady revenue growth from its subsidiary Yunbian Electric [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 46 million to 54 million yuan, representing a year-on-year increase of 32.21% to 55.20% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 42 million and 50 million yuan, showing a substantial year-on-year growth of 153.79% to 202.13% [1] Business Development - The successful production of high magnetic induction oriented silicon steel grades has positively impacted the overall gross margin of the oriented silicon steel business [1] - Yunbian Electric's revenue from power distribution and control equipment has steadily increased compared to the same period last year, contributing to profit growth [1] Strategic Initiatives - In 2024, Wangbian Electric acquired equity in Yunbian Electric, strategically entering the high-end power transformer market (220kV and above), enhancing its R&D capabilities, product quality, and market competitiveness in the power distribution equipment sector [1] Product Certification - Yunbian Electric's newly developed product, the OSFPSZ18-250000/220 autotransformer, has received certification from the KEMA laboratory in the Netherlands, marking its entry into the global high-end power equipment supplier market [2] - The product features innovative design elements, including a series of technical advancements that significantly improve its performance and reduce installation complexity [2] Market Positioning - KEMA certification is recognized globally as a critical qualification for entering high-end markets in Europe, North America, and Southeast Asia, ensuring that the product meets stringent international standards [2] - The successful certification indicates that the company's product technology has reached international first-class levels, laying a solid foundation for expansion into high-end markets [2]