| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0174 | -0.0146 | -19.18 | -0.0520 | | 每股净资产（元） | 1.6 | 1.97 | -18.78 | 2.27 | | 每股公积金(元) | 0.79 | 0.79 | 0 | 0.79 | | 每股未分配利润(元) | -0.41 | -0.04 | -925 | 0.26 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.35 | 0.43 | -18.6 | 0.34 | | 净利润(亿元) | -0.06 | -0.05 | -20 | -0.17 | | 净资产收益率(%) | -1.09 | -0.74 | -47.3 | -2.27 | 数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 前十大流通股东累计持有： 16098.36万股，累计占流通股比： 50.71%，较上期变化： -206.4 ...

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.2100 yuan, a decrease of 8.7% compared to Q1 2024, which was 0.2300 yuan [1] - The net profit for Q1 2025 is 0.31 billion yuan, down 6.06% from 0.33 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 is 2.19 billion yuan, a decline of 2.67% from 2.25 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 1.46%, a decrease of 7.01% from 1.57% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 10,466.92 million shares, accounting for 76.81% of the circulating shares, with a slight increase of 0.38 million shares from the previous period [1] - Major shareholders include Xia Jifa with 5,880.00 million shares (43.15%) and Xia Zemin with 3,920.00 million shares (28.77%), both remaining unchanged [2] - New entrants among the top shareholders include Zhao Xiaomei with 42.60 million shares (0.31%) and Liu Desheng with 30.00 million shares (0.22%) [2] Dividend Policy - The company has decided not to distribute or transfer any dividends this time [3]

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 一季度工业企业营收、盈利均较去年增速有所上行，其中盈利由负转正，同比为小幅正增的0.8%。这与一季度GDP增速实现良好开局的情况比较吻 合。上市公司盈利和规模以上企业盈利在大的趋势上应具有同步性，我们估计表现会大致相似。 第二， 从3月单月来看，规上工业企业营收和盈利也处于加速趋势中。3月规上工业企业营收同比增长4.2%，较1-2月加快1.4个点；工业企业利润同比增长 2.6%，较1-2月的-0.3%加快3.1个点。从量、价、利润率三因素拆解，3月工增同比实现7.7%的高增，营收利润率同比降幅较1-2月小幅收窄，二者共同支 撑了利润的改善；PPI环比和同比降幅扩大，形成对利润改善幅度的制约。 第三， 哪些行业带来了整体利润的改善？从中观角度看，增速较快的行业线索有六：一是受益于涨价和新兴产业需求支撑的有色产业链；二是"两新"政策加力 驱动的专用设备、通用设备、电气机械和仪器仪表行业；三是受益于航空航天产业高速发展 [7]和出口增长的交运设备行业；四是必选消费相关的农副食品行 业；五是公用事业（废弃资源利用 ...

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 内蒙古北方重工业集团有限公司 | 4634.15 | 27.26 | 不变 | | 特沃(上海)企业管理咨询有限公司 | 2935.00 | 17.26 | -340.00 | | 中兵投资管理有限责任公司 | 510.00 | 3.00 | 不变 | | 华能贵诚信托有限公司-华能信托·沃诚1号集合资金信 | | | | | 托计划 | 340.00 | 2.00 | 新进 | | 周利敏 | 132.49 | 0.78 | 0.16 | | 徐铭 | 91.90 | 0.54 | 12.20 | | 毕克涛 | 81.50 | 0.48 | 不变 | | 吴文选 | 74.52 | 0.44 | 不变 | | 曲峻葳 | 65.20 | 0.38 | 不变 | | 郑宝海 | 55.35 | 0.33 | 0.30 | | 较上个报告期退出前十大股东有 | | | | | 朱永官 | 59.71 | 0.35 | 退出 | 三、分红送配方案情况 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.58 [7][8]. Core Views - The company reported a revenue of RMB 1.124 billion for 2024, a year-on-year decrease of 7.12%, and a net profit attributable to the parent company of RMB 0.856 billion, down 39.90% year-on-year. The first quarter of 2025 saw a revenue of RMB 0.271 billion, a decline of 5.36%, and a net profit of RMB 0.021 billion, down 25.40% year-on-year. The underperformance is attributed to slower growth in the oil and gas production system components business [1]. - The company is expected to benefit from the recovery in deep-sea product orders as the international oil price remains high, and upstream exploration and development investments are increasing. Global capital expenditure for offshore oil and gas projects is projected to exceed USD 100 billion in 2025, representing a year-on-year increase of over 20% [3]. - The company has been advancing its multi-directional forging project, which aims at high-end large valve localization, and is expected to enter a period of substantial returns following years of high capital expenditure [4]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 18.80%, a decrease of 3.18 percentage points year-on-year, primarily due to delays in downstream oil and gas projects and a decline in deep-sea product sales proportion. However, there was a notable increase in orders for cladding and precision machining, which is expected to gradually improve profitability [2]. - The total operating revenue for 2025 is projected to be RMB 1.387 billion, with a year-on-year growth of 23.39%. The net profit attributable to the parent company is expected to be RMB 1.500 billion, reflecting a 75.17% increase compared to 2024 [6]. Market Outlook - The company is positioned as a key supplier of specialized components in the deep-sea equipment sector for major players like TechnipFMC, SLB, and Baker Hughes, which is expected to enhance its market share as the deep-sea sector experiences structural recovery [3]. - The company’s multi-directional forging products are anticipated to have high visibility in downstream demand, with potential markets in aviation and nuclear power being particularly promising [4]. Profitability and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 downwards by 14% and 2% respectively, now estimating RMB 1.500 billion and RMB 2.450 billion. The estimated net profit for 2027 is RMB 2.960 billion. The adjustments are due to anticipated increases in costs and expense ratios [5]. - The company is assigned a price-to-earnings (PE) ratio of 28 times for 2025, reflecting a premium valuation due to its leading global technology in manufacturing processes and equipment [5].

Group 1 - In the first quarter, profits of industrial enterprises above designated size turned from a year-on-year decline of 3.3% in the previous year to a growth of 0.8%, reversing the continuous decline since the third quarter of last year [3] - In March, profits of industrial enterprises increased by 2.6%, improving from a decline of 0.3% in January-February [3] - Revenue growth for industrial enterprises accelerated, with a year-on-year increase of 3.4% in the first quarter, which is 0.6 percentage points faster than January-February [3] Group 2 - Nearly 60% of industries saw profit growth, with manufacturing showing significant improvement, achieving a profit growth of 7.6% in the first quarter, an acceleration of 2.8 percentage points [4] - The equipment manufacturing sector became a crucial support for profit growth, with a year-on-year profit increase of 6.4%, accounting for 32.0% of total profits of industrial enterprises above designated size [4] - High-tech manufacturing led high-quality development, with profits turning from a year-on-year decline of 5.8% in January-February to a growth of 3.5% in the first quarter, exceeding the average growth rate of all industrial enterprises by 2.7 percentage points [4] Group 3 - The "Two New" policies showed significant effects, with profits in specialized and general equipment industries increasing by 14.2% and 9.5% respectively [4] - The policy of replacing old consumer goods with new ones had a notable impact, with profits in wearable smart device manufacturing, electric bicycle manufacturing, and kitchen appliance manufacturing increasing by 78.8%, 65.8%, and 21.7% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has shown a revenue growth of 13% year-on-year in 2024, reaching 3.57 billion yuan, but the net profit attributable to shareholders decreased by 78% to 0.16 billion yuan due to various factors including increased costs and changes in product structure [1] - The company is expected to see a turning point in its main business in 2025, driven by product upgrades, category expansion, and domestic substitution [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.57 billion yuan, a 13% increase year-on-year, with a net profit of 0.16 billion yuan, down 78% [1] - For Q1 2025, the company reported a revenue of 0.89 billion yuan, a 7% increase year-on-year, and a net profit of 0.41 billion yuan, up 6% [1] - The operating cash flow for 2024 was 0.26 billion yuan, a 21% increase year-on-year, while Q1 2025 saw a significant increase of 138% to 0.77 billion yuan [1] Business Segments - The smart packaging production line generated 1.56 billion yuan in revenue, a 9% increase, with a gross margin of 25.5% [1] - Standard single machine equipment revenue reached 1.3 billion yuan, up 21%, with a gross margin of 25.4% [1] - Packaging materials revenue grew by 31% to 0.37 billion yuan, with a gross margin of 10.3% [2] Future Outlook - The establishment of a subsidiary focused on humanoid robots indicates a strategic entry into a new growth area [2] - The company plans to implement a stock incentive plan, with performance targets set for revenue and net profit from 2025 to 2027 [2] - Revenue projections for 2025-2027 are 4.0 billion, 4.5 billion, and 5.1 billion yuan, respectively, with net profits expected to grow significantly [3]

Group 1 - Jinchengxin signed a mining production contract with Western Mining for approximately 377 million yuan [1] - Weishinkang's subsidiary received a drug registration certificate for compound amino acid injection (18AA-Ⅸ) [1] - Kangyuan Pharmaceutical obtained a drug registration certificate for Yunu Jian granules [2] Group 2 - Zongheng Communication reported a net profit of 3.42 million yuan in Q1 2025, turning from loss to profit [3] - Phoenix Holdings achieved a net profit of 1.39 million yuan in Q1 2025, also turning from loss to profit [3] - Dayuan Pump Industry reported a net profit of 39.21 million yuan in Q1 2025, a decrease of 3.95% year-on-year [5] Group 3 - Shuo Beid reported a net profit of 14.53 million yuan in Q1 2025, an increase of 276.05% year-on-year [7] - Tongde Chemical reported a net profit of 10.31 million yuan in Q1 2025, a decrease of 51.51% year-on-year [8] - Vanadium Titanium Co. reported a net loss of 98 million yuan in Q1 2025, a decline of 40.84% in revenue [9] Group 4 - Xineng Taishan reported a net profit of 16.23 million yuan in Q1 2025, turning from loss to profit [10] - Andavil reported a net profit of 13.83 million yuan in 2024, a decrease of 87.82% year-on-year [12] - Xingyuan Environment reported a net loss of 302 million yuan in 2024, a reduction in loss by 69.46% [14] Group 5 - China Rare Earth reported a net loss of 287 million yuan in 2024, turning from profit to loss [15] - Zhejiang Huaye reported a net profit of 92.94 million yuan in 2024, an increase of 32.21% year-on-year [16] - Mengjie Co. reported a net profit of 24.88 million yuan in 2024, an increase of 10.99% year-on-year [18] Group 6 - Tongde Chemical reported a net loss of 71.99 million yuan in 2024, turning from profit to loss [19] - Rongsheng Development reported a net loss of 8.44 billion yuan in 2024, turning from profit to loss [21] - Sanwei Communication reported a net loss of 27.1 million yuan in 2024, turning from profit to loss [22] Group 7 - Wankang Technology reported a net loss of 16.3 million yuan in 2024, turning from profit to loss [24] - Huitian New Materials reported a net profit of 1.02 billion yuan in 2024, a decrease of 65.91% year-on-year [25] - Luzhou Laojiao reported a net profit of 13.47 billion yuan in 2024, an increase of 1.71% year-on-year [27] Group 8 - Haiyuan Composite reported a net loss of 16 million yuan in 2024 [29] - Hongchuan Wisdom reported a net profit of 15.8 million yuan in 2024, a decrease of 46.57% year-on-year [30] - Gree Electric reported a net profit of 32.18 billion yuan in 2024, an increase of 10.91% year-on-year [30]

深科达公告，2025年第一季度营收为1.79亿元，同比增长108.13%；净利润为1430.55万元，去年同期净 亏损2582.38万元。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under pressure in 2024, but lithium battery demand is expected to recover in 2025 [1][7] - Revenue for 2024 is projected to decline by 20.30% year-on-year, with a total revenue of 2.112 billion yuan, while net profit is expected to be a loss of 435.7 million yuan [1][7] - The company anticipates a significant recovery in net profit in 2025, with an expected profit of 248.3 million yuan, representing a year-on-year increase of 156.99% [1][7] Financial Summary - Total revenue forecast for 2023A is 2.65 billion yuan, decreasing to 2.112 billion yuan in 2024A, and expected to rise to 2.9084 billion yuan in 2025E [1][8] - The net profit for 2023A is 171.7 million yuan, projected to be a loss of 435.7 million yuan in 2024A, and a profit of 248.3 million yuan in 2025E [1][8] - The earnings per share (EPS) is expected to be -0.42 yuan in 2024A, recovering to 0.24 yuan in 2025E [1][8] Business Outlook - The company's revenue from material automation processing and component businesses is expected to decline in 2024 due to reduced demand in the lithium battery industry, but a recovery is anticipated in 2025 as the industry rebounds [7] - The company is expected to see a gradual increase in orders and profitability as the lithium battery demand recovers and traditional industries like fine chemicals maintain steady growth [7]