查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 公司发布2024年年度报告及2025年一季报。公司2024全年实现营业收入27.11亿元，同比增长9.87%；实现 归母净利润1.31亿元，同比增长3.37%。2025年一季度营业收入6.39亿元，同比下降0.46%；实现归母净利 润0.45亿元，同比下降18.12%。公司拟向全体股东每10股派发现金红利0.5元（含税）。 电子新材料板块成长显著，高分子复合材料板块盈利能力提升 点击注册小程序 公司靶材业务技术壁垒较高，ITO靶材项目正式投产 2024年，丰联科光电靶材业务市场占有率逐步扩大，核心竞争力日渐强劲。其中，应用于AMOLED领域的 新产品银合金靶材出货较2023年大幅增长，AMOLED钼宽靶海内外市场占有率持续提升。在I ...

Group 1: Industry Overview - China's building energy consumption accounted for 44.8% of the total national energy consumption in 2022, with carbon emissions from the building sector making up 48.3% of national energy-related carbon emissions [2] - Only about 3%-5% of newly constructed buildings each year are energy-efficient, with air conditioning, lighting, and power facilities consuming nearly 80% of the energy [2] - The building energy-saving market in China has seen an average annual growth rate of over 15% in the past five years, with expectations to exceed 300 billion yuan by 2029, indicating significant market potential [5] Group 2: Policy and Targets - By 2025, the building sector aims to have a more robust energy-saving and carbon reduction system, with new ultra-low energy buildings increasing by over 20 million square meters compared to 2023, and existing building energy-saving renovations increasing by over 200 million square meters [4] - Policies such as the "14th Five-Year Plan for Building Energy Conservation and Green Building Development" emphasize the importance of smart energy-saving technologies and the promotion of ultra-low energy and near-zero energy buildings [2][4] Group 3: Technological Innovations - Hitachi has introduced the SET-FREE RIII series multi-split air conditioning units, which utilize new pressure control technology to reduce renovation costs and improve energy efficiency [6][7] - The SET-FREE Extreme series employs high-efficiency heat recovery technology, achieving energy savings of 30%-70% compared to traditional methods, and is designed for various industrial applications [7] - Hitachi has completed its digital transformation, achieving breakthroughs in AI energy optimization and zero-carbon algorithm models, with a goal to reduce carbon emissions across its product lifecycle by 41% and production emissions by 16% [10]

从行业角度来看，清洁能源市场未来仍有广阔的发展空间。2024 年全球光伏新增装机总量近 530GW， 同比增速 36%。中国新增装机规模 277.17GW，同比增速 28%。尽管增速有所放缓，但全球清洁能源装 机容量仍有较大缺口，至 2030 年全球仍有近 5000GW 的清洁能源装机容量缺口，其中 80% 将来源于光 伏。 数据显示，2024 年，双良节能的光伏与新能源装备业务营收占比显著提升，成为公司发展的一大亮 点。其单晶硅三期产能完成爬坡，产能进入行业前三位。公司在技术创新方面也取得了突破，成功开发 了掺锑产品、36 吋热场拉制的 N 型 210 单晶及 N 型 210R 矩形单晶，并实现了大批量生产。 光伏组件业务表现出色，实现订单超 2GW，并发布了 "银河" 系列组件中的 "鲲鹏""玄武""金乌""麒麟" 四款产品，能够满足多种特殊应用环境的需求。此外，公司多晶硅还原炉市场占有率连续多年超 65%，2024 年成功中标阿曼联合太阳能项目，合同总价值达到 5832 万美元。 然而，受到市场需求变化及竞争加剧影响，公司光伏硅片与组件业务收入出现下滑，叠加硅料价格波动 导致生产成本上升，市场竞争激烈导 ...

*ST旭蓝[000040] 2025-04-29 15:00 5PMA = 10PMA = 20PMA = 30PMA = 1.91 1.71 1.52 1.32 1.13 0.94 0.74 0.55 0.35 194万 成交里: 98327 145万 96.83万 48.42万 OL 03-31 11-08 03-07 03-19 *ST嘉寓[300117] 2025-04-29 15:30 5PMA = 10PMA = 20PMA = 30PMA = 1.52 1.37 1.22 + 1.07 0.92 0.77 0.62 0.47 0.32 160万 成交里:35323 120万 80.02万 40.01万 0 01-02 13-31 *ST东方[600811] 2025-04-29 15:00 5PMA = 10PMA = 20PMA = 30PMA = 3.02 2.65 2.29 1.92 1.55 1.19 0.82 0.45 0.09 1276万 成交里:8242333 957万 638万 319万 o Ш■■ 03-07 03-20 04-01 04-14 01-14 01-24 02-1 ...

4家公司明日将正式告别A股。 4月29日晚间，*ST旭蓝（000040）发布公告称，公司于2025年4月28日收到深交所下发的《关于东旭蓝天新能源股份 有限公司股票终止上市的决定》，公司股票将于4月30日摘牌。 同日，*ST嘉寓（300117）发布公告称，公司于2025年4月25日收到深交所下发的《关于嘉寓控股股份公司股票终止 上市的决定》，公司股票将于4月30日摘牌。 此外，*ST东方（600811）、*ST富润（600070）也在昨日公告，收到交易所终止上市决定，将于4月30日摘牌。 *ST旭蓝收到终止上市决定 明日摘牌 4月29日，深交所发布了《关于东旭蓝天新能源股份有限公司股票终止上市的公告》，决定*ST旭蓝股票终止上市。 *ST旭蓝（000040）当日晚间亦发布了相关公告。 根据公司公告，公司股票在2024年12月31日至2025年3月31日期间，通过交易系统连续20个交易日的每日收盘价均低 于1元，触及深交所《股票上市规则（2024年修订）》第9.2.1条第一款第四项规定的股票终止上市情形，深交所公司 股票终止上市。 由于公司股票交易因触及交易类强制退市情形而被终止上市，公司股票不进入退市整理期。 ...

Group 1 - Yunnan Yuxi Branch has supported private enterprises with a total of 516 million yuan in new loans by the end of the first quarter, becoming a strong backing for local private enterprise development [1] - The new generation of polyurethane boards produced by Yunnan Tianzhixing Energy-saving Building Materials Co., Ltd. has been used to upgrade over 30,000 mobile tobacco drying rooms in the province, showing initial success [2] - The polyurethane boards have a lower thermal conductivity, higher fire rating, and a lifespan extension of 30%-50% compared to traditional EPS foam boards [2] Group 2 - Yunnan Yifeng Refractory Materials Co., Ltd. has developed a patented product called "anhydrous mud," which significantly enhances material erosion resistance and sealing performance at high temperatures [3] - The company holds 16 utility model patents and supplies refractory materials to major steel groups, including Sichuan Dazhou Steel Group and Yunnan Yukun Steel [3] - The company received an 8 million yuan credit loan from the bank to ensure timely supply and upgrade production equipment due to increased raw material procurement [3] Group 3 - Yunnan produces 100,000 tons of blast furnace gas ash and zinc-containing waste annually, which poses environmental risks if not handled properly [4] - Yunnan Yimen Keyuan Industrial Solid Waste Comprehensive Utilization Co., Ltd. has transformed waste into valuable metals using "oxidation-reduction aggregation" technology [4] - The company received a 3 million yuan loan from the bank to acquire high furnace waste and has been supported for 20 years, recently receiving an additional 1.75 million yuan loan to enhance resource utilization and reduce energy consumption [4]

长江商报消息 新项目落地，青达环保（688501.SH）业绩爆发。 近日，青达环保发布2025年第一季度报告，财报显示，公司一季度实现营业收入6.19亿元，同比增长 317.43%；实现净利润6871.27万元，同比增长990.26%；扣非净利润6792万元，同比增长1067.48%。 今年一季度青达环保业绩保持增势，且增速迅猛。近日，青达环保发布2025年第一季度报告显示，公司 一季度实现营业收入6.19亿元，同比增长317.43%；净利润6871.27万元，同比增长990.26%；扣非净利 润6792万元，同比增长1067.48%。 青达环保曾在2024年年报中表示，截至2024年底，公司建设的胶州市李哥庄镇120MW渔光互补项目已 顺利完成并网发电。公司通过为该项目提供EPC总承包服务，预计对公司2025年度经营业绩产生积极影 响。受此影响，公司一季度业绩暴增。 累计获得发明专利72项 青达环保表示，业绩变动主要是营业收入大幅增长所致，渔光互补项目交付完成。 长江商报记者注意到，青达环保持续推动氢能发展。截至2024年底，青达环保建设的胶州市李哥庄镇 120MW渔光互补项目已顺利完成并网发电。该项目标志 ...

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 陕西省国际信托股份有限公司-陕国投·持盈88号证券投资 | | | | | 集合资金信托计划 | 791.72 | 2.71 | 不变 | | 徐爱卿 | 718.06 | 2.46 | 不变 | | 陕西省国际信托股份有限公司-陕国投·聚宝盆30号证券投 | | | | | 资集合资金信托计划 | 413.05 | 1.41 | 不变 | | 梁斌 | 316.13 | 1.08 | 2.69 | | 赵军 | 280.00 | 0.96 | 104.20 | | 华成强 | 267.00 | 0.91 | 新进 | | 姜秀艳 | 212.33 | 0.73 | 新进 | | 尹蕾 | 211.67 | 0.72 | 不变 | | 梁学温 | 201.27 | 0.69 | 不变 | | 岳琳 | 200.00 | 0.68 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 程名望 | 236.64 | 0.82 | 退出 | ...

Core Viewpoint - The management of Sait New Materials has voluntarily decided to forgo or reduce their salaries for the year 2025 to demonstrate confidence in the company's future and to optimize cost structure, aiming to enhance competitiveness and operational efficiency [3][5]. Group 1: Management Salary Adjustments - The chairman, Wang Kunming, will forgo his basic salary from April to December 2025, while other senior management members will reduce their salaries by 20% during the same period [3][5]. - The total annual salaries for key executives in the previous year were reported as follows: Wang Kunming (721,400 CNY), Yan Langji (771,300 CNY), Qiu Jue (837,100 CNY), Shi Fanglu (476,600 CNY), and Xiao Yuanbin (547,100 CNY) [3][4]. Group 2: Company Performance - Sait New Materials reported a total revenue of 934 million CNY for 2024, reflecting an increase of 11.16% year-on-year, while the net profit attributable to shareholders decreased by 27.27% to 77.16 million CNY [5][6]. - The company's performance has been declining, with the net profit and non-recurring net profit for Q1 2025 showing a significant drop of over 65% compared to the previous year [7]. - The overall gross margin has decreased due to lower sales prices and increased raw material costs, alongside rising operational expenses from its wholly-owned subsidiary, Wei Ai Ji [7]. Group 3: Market Position and Future Plans - Sait New Materials specializes in vacuum insulation solutions and has been expanding its applications beyond the refrigerator manufacturing industry into cold chain and construction sectors [5]. - The company plans to enhance operational efficiency and market competitiveness through continuous cost control, market development, product research, and automation improvements [3][5].

Core Viewpoint - The company,节能环境, reported significant growth in its 2024 annual results, with a revenue of 5.919 billion yuan and a net profit of 605 million yuan, reflecting a year-on-year increase of 166.65% in net profit [1][4]. Business Segments Waste-to-Energy Business - The company focuses on providing comprehensive waste management services, aligning with national ecological and environmental strategies, and has developed a profitable model centered on waste treatment and electricity generation [1][4]. - The company is expanding its services to include the treatment of kitchen waste, sludge, and the harmless disposal of dead livestock, enhancing economic efficiency [1]. Environmental Equipment Business - The subsidiary, 中节能兆盛环保有限公司, is a leading manufacturer in the wastewater treatment equipment sector, involved in the design, research, manufacturing, and sales of various environmental equipment [2]. - The company has engaged in research for small-scale waste incineration technology and has completed prototype manufacturing for this equipment [2]. Electrical Equipment Business - The subsidiary, 中节能西安启源机电装备有限公司, produces various electrical equipment and is advancing towards smart manufacturing solutions [3]. - The company has supplied over 2,600 units of equipment to nearly 500 enterprises, maintaining a leading market share and exporting to over 50 countries [3]. Financial Performance - In 2024, the company achieved a total solid waste treatment volume of 20.1587 million tons and generated 5.365 billion kWh of electricity [4]. - The company plans to distribute a total cash dividend of 372 million yuan for the year [1]. Innovation and R&D - The company increased its R&D investment to 169 million yuan, with a research intensity of 2.86% [5]. - It has received multiple national and provincial-level recognitions for its technological advancements and has filed 216 patents, including 58 invention patents [5]. Future Development Strategy - The company has established a business development framework centered on waste incineration, supported by multi-source waste treatment and equipment manufacturing [6]. - It aims to enhance its core competitiveness in waste management while adhering to green and low-carbon development principles [6].