证券代码：003013 证券简称：地铁设计 广州地铁设计研究院股份有限公司 投资者关系活动记录表 编号：2025-007 投资者关系活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他（电话会议） 活动参与人员 开源证券 胡耀文 东兴证券 朱佳怡 地铁设计 许 维、孙艺汉 时间 2025年8月25日 地点 公司会议室 形式 电话会议 交流内容及具体问答 记录 一、简要介绍公司2025年上半年经营业绩情况。 二、交流环节 1.今年整体行业竞争加剧的情况下，公司上半年新签 订单情况? 受行业大背景影响，公司上半年新签订单情况有所下 滑，但公司合同周期较长，整体合同保有量充足，截至2025 年中期，合同保有量超过100亿元。 2.公司上半年在广东的收入占比有所提升，后续项目 拓展的策略是否有所改变? 公司总部地处广州，在广东省内具有一定的地域优 势，同时近年来随着广州、深圳等城市的轨道交通以及粤 港澳大湾区城际的投资建设，公司省内业务的收入占比有 所提升。公司项目拓展策略保持持续性，稳定推进"立足 粤港澳大湾区、辐射全国，逐步走向海外"的市场拓展策 略。 | ...

截至2025年8月25日收盘，科安达股价报13.54元，较前一交易日下跌1.67%。当日成交量为81462手，成 交金额达1.11亿元。 科安达主营业务为轨道交通信号控制系统及相关设备的研发、生产和销售。公司产品主要应用于城市轨 道交通、铁路等领域。 根据公司披露的2025年半年度报告，报告期内实现营业收入1.6亿元，同比增长12.27%；但归属上市公 司股东的净利润为5169.03万元，同比下降7.99%；扣非净利润4858.52万元，同比下降5.48%。 从资金流向来看，8月25日主力资金净流出1669.21万元，近五日主力资金累计净流出4549.67万元。 风险提示：股市有风险，投资需谨慎。 ...

11 时代电气（3898） 更新报告 买入 2025 年 8 月 25 日 轨交业务持续向好，半导体进入产能爬坡期 陈晓霞 852-2532 1956 xx.chen@firstshanghai.com.hk 黄晨 852-2532 1954 chen.huang@firstshanghai.com.hk | 行业 | 电气制造 | | --- | --- | | 股价 | 39.08 港元 | | 目标价 | 51.3 港元 | | | (+31%) | | 总市值 | 530.7 亿港元 | | 已发行股本 | 13.58 亿股 | | 52 周高/低 | 39.12 港元/23.99 港元 | | 每股净资产 | 29.93 元人民币 | 中车株洲电力机车研究所 44.21% 主要股东 盈利摘要 股价表现 | 截止日12月31日 | 2023实际 | 2024实际 | 2025预测 | 2026预测 | 2027预测 | | --- | --- | --- | --- | --- | --- | | 收入 (百万元人民币) | 21,799 | 24,909 | 27,435 | 30,298 | 33 ...

Company Overview - Zhejiang Yonggui Electric Co., Ltd. maintains a stable credit rating of AA- with a stable outlook, reflecting its strong position as a major supplier in the railway and automotive sectors, particularly in the context of the growing new energy vehicle market [3][6][8] - The company reported total assets of 44.94 billion and total liabilities of 10.75 billion as of March 2025, indicating a debt ratio of 43.09% [3][4][9] Financial Performance - The company's revenue for 2024 reached 20.20 billion, with a net profit of 1.52 billion, reflecting a year-on-year growth of 52.28% in the vehicle and energy information segment [4][14] - The gross profit margin for the overall business decreased, primarily due to lower profitability in the special equipment segment and increased competition in the automotive parts market [14][19] Market Environment - The domestic automotive market is experiencing growth, with total vehicle production and sales projected to reach 31.28 million and 31.44 million units in 2024, respectively, marking increases of 3.7% and 4.5% year-on-year [10][11] - The new energy vehicle segment is particularly strong, with production and sales expected to grow by 34.4% and 35.5% respectively, indicating a robust demand for related components [10][12] Industry Dynamics - The connector industry is facing challenges due to rising raw material costs, particularly copper and aluminum, which have seen price increases of 9.67% and 7.07% year-on-year, respectively [13][19] - The competitive landscape remains intense, with automotive manufacturers exerting pressure on suppliers to reduce prices, leading to potential margin compression for connector manufacturers [12][13] Production Capacity and Expansion - The company is in the process of expanding its production capacity, with ongoing projects expected to add significant output, including 936 million new connectors and charging products [20] - The establishment of an overseas production base in Thailand is aimed at enhancing the company's international market presence, although future order acquisition remains a concern [19][20] Customer Base and Sales - The customer base primarily consists of major railway vehicle manufacturers and leading new energy vehicle companies, ensuring a relatively stable demand for the company's products [14][18] - The company reported that its domestic sales accounted for 99.66% of total revenue in 2024, highlighting its focus on the local market [16][18]

Group 1 - The core viewpoint of the news is the approval of the national standard for "Ultra-Wideband Horn Measurement Antenna," which is a foundational standard in the field of precision measurement of radio frequency and microwave parameters in China [1][2] - The standard is based on the key technology developed by Professor Shi Xinrong's team at the Guangdong Provincial Metrology Institute, which has previously won the second prize of the Guangdong Provincial Science and Technology Progress Award in 2023 [1] - The implementation of this standard is expected to save over 100 million yuan in operational costs annually, contributing to the high-quality development of China's 5G/B5G technology industry [1] Group 2 - The ultra-wideband horn measurement antenna is an important standard instrument in the field of precision measurement of radio frequency and microwave parameters, characterized by a wide frequency band, high efficiency, and strong beam directionality [2] - The establishment of this standard aims to address traditional design defects such as impedance mismatch and higher-order mode resonance, which have long been monopolized by Western countries, hindering the development of related industries in China [2] - The standard will scientifically quantify and specify key technical indicators such as frequency band, gain, flatness, standing wave ratio, and radiation pattern, effectively solving the long-standing technical challenges of "unable to measure or measure inaccurately" in radio frequency parameters [2]

Core Viewpoint - Yonggui Electric (300351) announced that its subsidiary, Chongqing Yonggui, has received two bid notification letters from CRRC Logistics, with a total bid amount of 45.7357 million yuan (including tax) [1] Group 1: Company Developments - The projects won by the company are for the deep collection of urban rail transit corridors in Puzhen and Tangshan for the years 2025-2026 [1] - If the company can sign formal contracts and implement them successfully, it will have a positive impact on the company's operating performance in 2025 and future years [1] - This development will help enhance the company's competitive advantage in the rail transit sector [1]

Group 1: Company Overview - Jiangshun Technology specializes in aluminum profile extrusion molds and precision mechanical components, becoming a leading enterprise in the domestic market after over 20 years of industry experience [12][17]. - The company has 9 subsidiaries, focusing on customized production based on client needs [7][18]. Group 2: Market Position and Competition - The aluminum profile extrusion mold industry is characterized by a low concentration of firms, primarily consisting of small to medium-sized enterprises [4][17]. - The company has established long-term partnerships with notable clients in various sectors, including automotive lightweighting and aerospace [14][18]. Group 3: Financial Performance - In Q1 2025, the company reported a revenue of CNY 274.13 million, showing a slight increase of 5.97% in net profit compared to the previous year [16]. - The precision mechanical components segment achieved a revenue of CNY 158 million in 2024, reflecting a year-on-year growth of 18.67% [15]. Group 4: Product and Technology Advantages - The company has developed core technologies, including multi-outlet mold manufacturing and rapid extrusion mold technology, enhancing its competitive edge [3][7]. - Jiangshun Technology's products are widely used in various applications, including transportation, renewable energy, and consumer electronics [12][17]. Group 5: Future Growth and Strategy - The company aims to enhance its market competitiveness by focusing on synchronized R&D and production capabilities to meet evolving customer demands [6][10]. - Plans for overseas expansion include establishing subsidiaries in Singapore to strengthen production and service capabilities [8][10]. Group 6: Investor Relations and Shareholder Value - The company is committed to a stable profit distribution policy, considering shareholder interests while ensuring sustainable development [9][10]. - Jiangshun Technology emphasizes the importance of maintaining a stable market value through strategic management and operational efficiency [17][18].

Market Expansion and Business Development - In 2024, the company has made significant market expansions in various sectors, including rail transit equipment, new energy, and civil construction [2][3] - Key projects include winning bids for multiple rail transit projects and expanding into new markets such as wind power and petrochemicals [3][4] - The company aims to strengthen its market share in the rail transit sector while exploring new growth points in old house renovation and water conservancy projects [3][5] Research and Development Focus - The company is committed to optimizing existing products and enhancing product quality while expanding its product range to meet diverse customer needs [4][5] - Current R&D projects include protective coatings for railways, marine wind power, and new energy thermal management materials [4][5] Strategic Goals and Future Plans - The company plans to focus on high polymer materials, particularly in corrosion and waterproofing, while cautiously expanding into construction materials [5][6] - A dual marketing strategy will be implemented to drive both large-scale and high-margin sales, enhancing profit margins through better cost management [5][6] Financial Performance and Challenges - In 2024, the company reported a net loss of 139 million yuan, a 776.26% decrease compared to the previous year, primarily due to reduced revenue and increased costs [8][9] - The decline in gross margin was attributed to lower production volumes and changes in product and customer structure [8][9] Industry Outlook - The rail transit industry is expected to see sustained growth due to increased investment and demand, supported by national policies [7][8] - The construction waterproofing sector faces challenges but is expected to grow due to high-performance material demands from large infrastructure projects [7][8] - The new energy sector remains in a critical development phase, with opportunities arising from rapid clean energy advancements [7][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 20.055 billion yuan for 2024, representing a year-on-year growth of 14.35%. The net profit attributable to shareholders was 445 million yuan, up 15.20% year-on-year. However, the net profit excluding non-recurring items decreased by 2.46% [2][4]. - In Q1 2025, the company achieved a revenue of 4.158 billion yuan, a decline of 1.11% year-on-year, while the net profit attributable to shareholders increased by 26.30% to 152 million yuan. The net profit excluding non-recurring items fell by 16.82% [2][4]. Summary by Sections Financial Performance - For 2024, the company expects a stable revenue growth driven by wind energy (42% of revenue, up 23%), rail transportation (12%, up 26%), industrial engineering (10%, up 15%), and automotive (35%, up 4%). The total profit for the year is projected to be 521 million yuan, a 30.51% increase [9]. - The wind energy segment is anticipated to generate approximately 8.37 billion yuan in revenue, with a sales volume of about 21.2 GW, reflecting a 34% increase year-on-year. The average price per MW is expected to be around 386,000 yuan, down 8% [9]. - The automotive segment is projected to turn profitable, with a revenue of 7.1 billion yuan, improving from a loss of 217 million yuan to a profit of 11 million yuan [9]. Segment Analysis - The rail transportation segment is expected to achieve a revenue of 2.36 billion yuan in 2024, with a profit margin of 11.0%, while the industrial engineering segment is projected to generate 1.92 billion yuan, with a profit margin of 10.4% [9]. - In Q1 2025, the revenue from rail transportation and industrial engineering declined significantly due to temporary factory relocations, impacting overall profitability [9]. Future Outlook - The company anticipates continued growth across all segments in 2025, with wind energy expected to contribute the most to profit elasticity. The automotive segment is expected to solidify its turnaround, while rail transportation and industrial engineering may face short-term challenges due to factory relocations [9].

Group 1: Financial Performance - In 2024, the company's revenue reached 627 million, a year-on-year increase of 35.41%, while net profit attributable to shareholders was 100 million, a decrease of 2.05% [1] - For Q1 2025, the company reported revenue of 182 million, a year-on-year increase of 69.76%, but net profit attributable to shareholders fell by 55.94% to 11.01 million, primarily due to reduced government subsidies [1] - As of March 31, 2025, accounts receivable amounted to 542 million, an increase of 48.43% compared to the end of 2024, and inventory was 188 million, up 22.91% [1] Group 2: Profitability and Costs - The company's gross margin for 2024 was 28.30%, down 4.5 percentage points from the previous year, mainly due to lower margins on new projects and price declines in existing key projects [2] - In Q1 2025, the gross margin further decreased to 20.62%, but it is expected to recover as new projects ramp up and economies of scale are realized [2] - Total sales expenses in 2024 were 10.53 million, an increase of 18.27%, while management expenses were 28.63 million, up 5.27% [2] Group 3: Strategic Initiatives - The company is expanding its carbon fiber applications, which have significant potential in various sectors such as low-altitude economy, new energy vehicles, rail transportation, and aerospace [2] - The company has made progress in the aerospace sector with multiple new projects transitioning to production, including successful deliveries of key components [2] - The company is actively engaging in the advanced composite materials sector, establishing strategic partnerships and developing new manufacturing processes [3] Group 4: Future Outlook - Revenue projections for 2025-2027 are estimated at 853 million, 1.145 billion, and 1.427 billion, with corresponding net profits of 132 million, 179 million, and 221 million [3] - The company maintains a strong recommendation rating based on its growth potential and strategic positioning in the market [3]