一、主要会计数据和财务指标 | 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） | 0.0750 | 0.1017 | -26.25 | 0.1051 | | 每股净资产（元） | 8.18 | 7.54 | 8.49 | 7.04 | | 每股公积金(元) | 3.87 | 3.47 | 11.53 | 3.45 | | 每股未分配利润(元) | 3.05 | 2.85 | 7.02 | 2.40 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 40.1 | 37.52 | 6.88 | 34.82 | | 净利润(亿元) | 0.59 | 0.71 | -16.9 | 0.74 | | 净资产收益率(%) | 0.99 | 1.34 | -26.12 | 1.51 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 33933.86万股，累计占流通股比： 48.81% ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the electrical equipment sector [4]. Core Insights - The electrical equipment sector underperformed the CSI 300 index in April, with a decline of 5.79% compared to the index's drop of 2.65%, resulting in a 3.14 percentage point underperformance [4][8]. - Macroeconomic indicators show a positive trend, with China's GDP growing by 5.4% year-on-year in Q1 2025, supported by robust industrial production and a manufacturing PMI returning to the expansion zone at 50.5% [4][15][16]. - The sector faces challenges from volatile raw material prices due to U.S. tariff policies, impacting supply chain management and cost control [4]. - Exports of electrical equipment remain strong, particularly transformers, wires, and cables, with significant year-on-year growth rates in March 2025: transformers up 26.2%, wires and cables up 32.9%, and high/low voltage switches up 48.1% and 18.4% respectively [4][46]. - Long-term growth drivers include the acceleration of domestic grid construction and the burgeoning smart equipment industry, which is expected to sustain demand for electrical equipment [4]. Summary by Sections 1. Market Review - The electrical equipment sector's performance in April was weaker than the CSI 300 index, with all sub-sectors showing declines, particularly distribution equipment which fell by 7.60% [8][12]. 2. Macroeconomic Overview - Q1 2025 GDP growth was 5.4%, with industrial production increasing by 7.7% year-on-year in March [15][16]. - The manufacturing PMI indicates a recovery, with production and new orders both rising [16]. 3. Electrical Equipment 3.1. Power Operation - Total electricity consumption reached 8,282 billion kWh in March 2025, a year-on-year increase of 4.8% [24]. 3.2. Industry Chain - Raw material prices for key components like silicon steel and copper have seen slight declines, aiding transformer manufacturing costs [46]. 3.3. Grid Tendering in April - The State Grid conducted multiple tenders for digital project equipment and ultra-high voltage project equipment [68][71]. 4. Regional Situation - In Henan, electricity generation in March 2025 was 30.092 billion kWh, a year-on-year increase of 5.23% [74]. 5. Industry Dynamics - Recent policy developments include guidelines for renewable energy green power certificate issuance and market price reforms for electricity [80][83].

Financial Performance - The company reported a basic earnings per share of 0.0130 yuan for Q1 2025, a significant increase of 6600% compared to a loss of 0.0002 yuan in Q1 2024 [1] - Operating revenue for Q1 2025 was 1.86 billion yuan, representing a 58.97% increase from 1.17 billion yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.05 billion yuan, compared to no profit in Q1 2024 [1] - The return on equity (ROE) improved to 0.30% in Q1 2025 from a negative 0.0050% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 30,183.91 million shares, accounting for 80.2% of the circulating shares, with an increase of 352.03 million shares from the previous period [1] - The largest shareholder, China Railway Electric Industry Co., Ltd., holds 26,868.16 million shares, representing 71.40% of the total share capital, with no change in holdings [2] - Notable changes include an increase of 194.65 million shares held by Li Shengjun and 123.12 million shares held by Cao Dong [2] Dividend Policy - The company has announced that it will not distribute dividends or bonus shares this time [3]

Core Insights - The report highlights the emergence of free cash flow (FCF) strategies as a new value blue-chip strategy in the Hong Kong stock market, with significant potential for application [3][4] - The FCF strategy is characterized by a selection logic based on the free cash flow ratio (FCF/enterprise value), which combines value and quality metrics, making it a dual-focused investment approach [3][4] Free Cash Flow Strategy Exploration - The report discusses the introduction of FCF strategy products in both A-share and Hong Kong markets, noting that the core selection logic remains the free cash flow ratio [9][10] - In the U.S. market, several ETFs utilize free cash flow as a selection criterion, indicating a broader acceptance of this strategy [11][13] Effectiveness of the FCF Factor in Hong Kong - The FCF factor has shown significant effectiveness in generating excess returns and possesses a unidirectional characteristic when tested in the Hong Kong market [4][5] - The "Hong Kong FCF30" strategy, based on TTM (Trailing Twelve Months) data, has achieved an annualized excess return of 8% and an annualized alpha of 9% over a 23-year backtest [4][5] Breakdown of the FCF30 Strategy - The FCF30 strategy demonstrates strong stock selection capabilities, although it lacks notable mid-level allocation ability [5] - The strategy consistently generates excess returns across most sectors, with the exception of the materials sector, which presents an opportunity for further optimization [5] Performance Analysis of A-share and U.S. Markets - The A-share FCF strategy has outperformed benchmarks over the long term, indicating its effectiveness and stability [43] - In contrast, the U.S. market's FCF strategies have shown less consistent long-term effectiveness, with varying performance across different ETFs [46][47] Construction of the FCF Strategy in Hong Kong - The report outlines the methodology for constructing the FCF strategy, including backtesting from 2002 to 2024, using the Hang Seng Composite Index as a benchmark [50][52] - The effectiveness of the strategy is validated through net value trends, showing that higher free cash flow ratios lead to significantly better performance compared to lower ratios [55]

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

一、主要会计数据和财务指标 | 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） | 0.0900 | 0.1600 | -43.75 | 0.1849 | | 每股净资产（元） | 6.48 | 5.52 | 17.39 | 5.2 | | 每股公积金(元) | 3.29 | 2.16 | 52.31 | 1.92 | | 每股未分配利润(元) | 1.84 | 2.01 | -8.46 | 1.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.56 | 11.53 | 0.26 | 12.08 | | 净利润(亿元) | 0.55 | 0.93 | -40.86 | 1.1 | | 净资产收益率(%) | 1.48 | 2.87 | -48.43 | 2.75 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 29320.06万股，累计占流通股比： 49.9 ...

大连电瓷（002606）公告，2024年营业收入14.96亿元，同比增长78.21%。归属于上市公司股东的净利 润2.11亿元，同比增长303.30%。基本每股收益0.48元/股，同比增长300.00%。公司拟向全体股东每10股 派发现金红利0.2元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

点击注册小程序 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。 打造技术型销售团队，研发下沉助力推广 随着技术复杂性更高的EMS2.0和EMS3.0产品推出，销售团队的技术水平要求显著提升。公司形成研发与 销售联动，部分研发人员下沉市场，对销售团队进行技术指导，助力产品推广。 风险提示： 电改进度不及预期风险、渠道扩展不及预期风险、市场竞争加剧风险。 发布日期： 2025-04-24 报告摘要 事件： 2024年公司实现营业收入10.63亿元，同比减少5.24%，实现归母净利润1.70亿元，同比减少15.68%，扣非 归母净利润1.51亿元，同比减少18.07%，拟向全体股东每10股派发现金红利3元（含税）。2025Q1公司实 现营业收入2.43亿元，同比增长0.58%；实现归母净利润0.52亿元， ...

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括泰康科技创新一年定开混合、华商新 锐产业混合、泰康颐享混合A，持股增加占比达0.10%。本期较上一季度持股减少的公募基金共计7个， 主要包括前海开源公用事业股票、华商研究精选混合A、华商万众创新混合A、华商研究回报一年持有 混合A、华商科技创新混合等，持股减少占比达0.70%。本期较上一季度新披露的公募基金共计61个， 主要包括华安安信消费混合A、华安精致生活混合A、华夏成长混合A、华安汇嘉精选混合A、华安聚嘉 精选混合A等。本期较上一季未再披露的公募基金共计6个，主要包括富国天惠成长混合(LOF)A/B、集 合-中金新锐A、淳厚信睿A、易米远见价值一年定开混合A、汇丰晋信慧嘉债券A等。 2025年4月24日，长高电新(002452.SZ)发布2024年年度报告。截至2025年4月23日，共有75个机构投资 者披露持有长高电新A股股份，合计持股量达6851.40万股，占长高电新总股本的11.04%。其中，前十 大机构投资者包括长高电新科技股份公司-2024年员工持股计划、长高电新科技股份公司-2024年员工持 股计划、湖南玖玥泉私募股权基金管理有限公司 ...

机构简介： 上海丹羿投资管理合伙企业是国内私募投资管理机构，成立于2015年4月，实缴资本金1000万。公司于 2015年在中国证券投资基金业协会管理备案编号：P1015236公司核心高管均从事投研工作十年以上， 在华宝兴业基金、国投瑞银基金、国金证券等机构担任过投资经理或首席研究员，期间管理基金规模数 十亿，名列前茅 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及4月23日披露的机构调研信息，知名私募丹羿投资近期对1家上市公司进行了调研， 相关名单如下： 1）伟创电气 （丹羿投资参与公司特定对象调研&电话会议） 调研纪要：2024年，伟创电气营业收入同比增长25.70%，净利润同比增长28.42%。公司业务活动有序 开展，产品销售势头良好，优化产品结构和性能，加强供应链管理和产线建设，加大研发投入。在高端 装备领域，国产工控产品替代趋势加速，企业选择国产产品降低成本、提高供应链安全性。公司在绿色 智能船舶制造产业取得进展，C800系列及C310-Pro系列变频器获中国船级社型式认可证书。公司PLC产 品实施"高效 ...