一、重要提示 登录新浪财经APP 搜索【信披】查看更多考评等级 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 天衡会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所为天衡会计师事务所（特殊普通合伙），未 发生变更。 证券代码：300617 证券简称：安靠智电 公告编号：2025-013 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以164,034,064股为基数，向全体股东每10股派发现金红 利2.4元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 □不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业 ...

Group 1 - The core focus of the news is on the QFII (Qualified Foreign Institutional Investors) holdings in various companies, highlighting their increased presence and the impact of U.S. tariffs on these investments [1][9] - As of the end of Q1 2025, QFII holdings have increased, with 20 stocks having over 1% QFII ownership, including companies like Zijin Mining, China XD Electric, and Huace Testing [1][2] - QFII's presence in the top ten shareholders of companies like Sunshine Dairy and Huace Testing indicates a trend of foreign institutional investment in these firms [2][3] Group 2 - Starry Technology has a QFII holding ratio close to 6%, positioning it as a leading video surveillance chip company [2] - Sunshine Dairy's top ten shareholders include four QFII entities, with significant increases in holdings from UBS and Morgan Stanley [2] - Huace Testing has also seen QFII involvement, with Morgan Stanley and Goldman Sachs among its top shareholders, and it has received substantial increases from the Stock Connect program [2][3] Group 3 - Among the 45 stocks analyzed, 38 have seen an increase in QFII holdings, with 14 stocks experiencing an increase of over 1 percentage point [5] - Companies like Fangzheng Electric and Jinchengzi have attracted new QFII investments, indicating a growing interest in sectors such as machinery and basic chemicals [5] - Silver Technology has also seen a QFII increase of over 2 percentage points, maintaining a significant portion of its revenue from overseas [6] Group 4 - The average increase in stock prices for QFII-added stocks is nearly 20% year-to-date, while those with reduced QFII holdings have seen an average decline of over 4% [7] - Specific stocks like Shuanglin Co. and Xiaoming Co. have shown significant price increases, while others like China XD Electric have experienced declines [7] Group 5 - Companies with overseas business operations are actively addressing the potential impacts of U.S. tariffs, with many asserting that the effects will be limited [9][10] - Tianjian Co. has reported that its overseas revenue from the U.S. has been significant, but it plans to leverage its international production bases to mitigate tariff impacts [9] - Other companies, such as Yingweiting and Changhong Huayi, are also evaluating the potential effects of tariffs on their operations and are taking proactive measures to ensure stability [10][11]

Group 1 - The core viewpoint of the article highlights the transformation of Sichuan's manufacturing industry through intelligent and digital upgrades, significantly enhancing production efficiency and reducing costs [16] - The implementation of "smart transformation and digital transition" (智改数转) has led to remarkable improvements in productivity, with some factories reporting a 620% increase in per capita output and a 90% reduction in labor intensity [2][12] - Sichuan has successfully established several smart factories, with 10 factories, including the Dongfang Electric Group, recognized as national-level exemplary smart factories [16] Group 2 - The high-tech manufacturing sector in Sichuan has shown impressive growth, with a 14.5% year-on-year increase in added value for large-scale high-tech manufacturing [17] - The production of artificial intelligence-related products, such as industrial robots and sensors, has surged, with output increasing by 20.9% and 23.3% respectively [17] - Companies like Chengdu Micro Network Youlian Technology have set benchmarks in the industry by implementing advanced technologies like 5G and industrial internet, leading to significant efficiency gains [16]

Core Viewpoint - The major shareholder of Henan Senyuan Electric Co., Ltd. plans to reduce its stake in the company by up to 9,297,569 shares, representing approximately 1% of the total share capital, due to funding planning reasons related to a collective asset management plan [1][3][5]. Group 1: Shareholder Information - The major shareholder, Huajin Securities, holds 51,140,834 shares, accounting for 5.50% of the company's total share capital [2]. - The reduction will occur through centralized bidding or block trading methods [6]. Group 2: Reduction Plan Details - The reduction period is set to begin 15 trading days after the announcement and will last for three months [7]. - The price for the reduction will be determined based on market conditions at the time of the transaction [8]. Group 3: Compliance and Commitments - Huajin Securities has confirmed that the reduction plan does not violate any relevant intentions or commitments [9]. - The shareholder is not classified as the company's controlling shareholder or actual controller, ensuring that the reduction will not lead to a change in control or significantly impact the company's governance structure [11].

Core Insights - The company achieved an annual revenue of 1.64 billion yuan, representing a year-on-year increase of 25.70%, and a net profit attributable to shareholders of 245 million yuan, up 28.42% year-on-year [1] - In Q4 2024, the company reported a revenue of 483 million yuan, reflecting a year-on-year growth of 34.45%, with a net profit attributable to shareholders of 35 million yuan, which is a 2.13% increase year-on-year [1] Business Development - The company is deeply engaged in the humanoid robot sector, offering a complete set of motion actuator solutions, including rotary joint modules, linear joint modules, hollow cup motor modules, and frameless torque motor dexterous hand power solutions, all of which are independently developed [2] - The core components are characterized by lightweight, modularity, efficiency, high performance, and high precision [2] - The company is focusing on multi-modal fusion AI AGENT robots and AI ultra-micro vision system solutions [2] - In 2024, the company signed a joint venture agreement with Keda Li and Shanghai Mengli to establish Weidali, further deepening its investment in the humanoid robot field [2] International Expansion - The overseas revenue for 2024 reached 455.61 million yuan, marking a 45.23% increase compared to the same period last year [2] - The company continues to explore opportunities in countries along the Belt and Road Initiative, as well as in Asia, Africa, and Latin America, maintaining a global strategic layout [2] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 320 million yuan, 380 million yuan, and 470 million yuan, respectively, indicating year-on-year growth rates of 29%, 21%, and 22% [2] - As of April 17, the market capitalization corresponds to PE valuations of 31 and 25 times for 2025 and 2026, respectively [2]

Core Viewpoint - The partnership between KSB Shanghai and Chint Automation marks a significant step towards enhancing collaboration in the field of smart manufacturing, aiming to drive digital transformation and expand market opportunities [1][7]. Group 1: Company Profiles - KSB Group is a world-leading supplier of pumps, valves, and system solutions, with over 150 years of technological expertise and innovation, maintaining a strong leadership position in the global pump and valve industry [1]. - Chint Group is a leading enterprise in China's electrical industry, with an annual revenue exceeding 50 billion yuan, recognized as one of the most influential manufacturers of electrical equipment and energy solutions in China [2]. Group 2: Collaboration Details - The signing ceremony involved a visit by KSB Shanghai's General Manager and a team to Chint Automation and Shanghai Xinhua Control Technology Group, where they explored Chint's technical capabilities and application scenarios [3]. - Discussions focused on each company's business strengths, market prospects, and potential collaboration models, particularly in areas such as factory automation, digital twins, intelligent logistics, and predictive maintenance [5]. - The agreement emphasizes a principle of "joint development and win-win cooperation," leveraging each company's technological and market advantages in pumps, automation, and digitalization to create smart manufacturing solutions and enhance customer experience [7]. Group 3: Future Initiatives - The partnership is seen as a strategic starting point, with plans to establish a strategic cooperation leadership group to regularly organize technical and marketing discussions, as well as project alignments, to deepen multi-dimensional collaboration [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability and optimization of its business structure, with a notable increase in gross margin [1][5] - The company reported a revenue of 22.175 billion yuan in 2024, representing a year-on-year growth of 5.59%, and a net profit attributable to shareholders of 1.054 billion yuan, up 17.50% year-on-year [4][5] - For Q1 2025, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 11.27%, and a net profit of 295 million yuan, up 42.10% year-on-year [4][5] Financial Performance - The company’s revenue by business segment in 2024 included: - Switches: 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% - Transformers: 9.218 billion yuan, up 10.26%, with a gross margin of 14.35% - Capacitors and surge protectors: 985 million yuan, up 20.28%, with a gross margin of 23.20% - R&D and testing: 665 million yuan, up 2.52%, with a gross margin of 51.73% [5] - The company expects net profits for 2025, 2026, and 2027 to be 1.697 billion yuan, 2.006 billion yuan, and 2.369 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 13 [6] Key Financial Indicators - The company’s key financial indicators for 2024 and projections for 2025-2027 include: - Revenue: 22.281 billion yuan (2024A), projected to grow to 25.432 billion yuan (2025E) and 32.516 billion yuan (2027E) - Net profit: 1.054 billion yuan (2024A), projected to grow to 1.697 billion yuan (2025E) and 2.369 billion yuan (2027E) - Gross margin: 20.7% (2024A), projected to increase to 22.6% (2027E) [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability and optimization of its business structure, with a notable increase in gross margin [1][5] - In 2024, the company achieved a revenue of 22.175 billion yuan, a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 1.054 billion yuan, up 17.50% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 5.245 billion yuan, representing an 11.27% year-on-year growth, with a net profit of 295 million yuan, up 42.10% year-on-year [4][5] Financial Performance Summary - The company’s revenue by business segment in 2024 included: - Switches: 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% - Transformers: 9.218 billion yuan, up 10.26%, with a gross margin of 14.35% - Capacitors and surge protectors: 985 million yuan, up 20.28%, with a gross margin of 23.20% - R&D and testing: 665 million yuan, up 2.52%, with a gross margin of 51.73% [5] - The company is expected to achieve net profits of 1.697 billion yuan, 2.006 billion yuan, and 2.369 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19, 16, and 13 [6][8] Key Financial Indicators - For 2024, the company reported a gross margin of 20.75%, which improved by 2.92 percentage points year-on-year, and for Q1 2025, the gross margin was 21.02%, an increase of 3.17 percentage points year-on-year [4][5] - The projected revenue growth rates for the next few years are 14.1% for 2025, 13.1% for 2026, and 13.1% for 2027 [8] - The return on equity (ROE) is expected to rise from 4.8% in 2024 to 8.4% in 2027 [8]

点击蓝字 关注凯士比 2025年4月9日， 上海凯士比泵有限公司 与 正泰自动化有限公司 在上海成功举行 。此次签约，标志着 双方将在智能制造领域展开更为紧密的深度合作 ，共同推动产业 数字化升级，携手开拓更广阔的市场空间。 作为 世界领先的泵、阀及其系统解决方案供应商 ，凯士比集团凭借150余年的技术积淀与 创新经验，在全球泵阀行业始终保持着卓越的领导地位。 正泰集团作为中国电气行业的龙头企业，拥有完整的低压电器、高压电器、工控自动化等 产业链，年营收超过500亿元，是 中国最具影响力的电气设备制造商和能源解决方案提供 商之一 。 在会议交流环节，与会双方分别就正泰集团 发展历史、核心技术、自动化板块与相关应用 ，及 凯士比北亚区业务布局及上海工厂概况 展开了详细讨论。双方聚焦 工厂自动化、数字孪生、智 能物流、预测性维护 等前沿领域，围绕 KSB ETA项目推进 、 智能制造水平提升 及 市场拓展 合作 进行了深入探讨。 在双方团队的共同见证下， 上海凯士比泵有限公司 与 正泰自动化有限公司 正式签署了 。根据协议，双方将以 "共同发展、合作共赢" 为原则，发挥各自在 泵阀、自动化、 数字化 等领域的 技 ...

现代工业革命离不开技术基石，而提到全球工业的代表，就绕不开施耐德。 成立于1836年的施耐德，从一个小铸钢厂起家，到两次世界大战的军火巨头，再到电气领域的世界级公 司，上演了一次又一次的华丽蜕变。 施耐德的影响力有多强？ 很多人都认为是施耐德缔造了法国工业史的一系列辉煌。 从法国第一台火车的轰鸣到世界第一艘蒸汽战舰的起航，再到埃菲尔铁塔的耸立，施耐德的名字与无数 工业史上的里程碑紧密相连。 历经两个世纪的风雨，从普鲁士移民的银行家到法国工业革命的旗手，作为横跨钢铁、军火和电力三个 行业的巨头，施耐德因战争兴盛，但又因轰炸化为废墟，随后在电气时代重获新生。 时至今日，它仍然是一个员工超16万，年营收2900亿人民币（数据截至2024年年末）的巨无霸。 当全球制造业面临新变局，这个穿越过工业革命所有周期的法国巨头，将如何用"进化而非革命"的信 条，书写第四次工业革命的突围剧本？ 今天，我们解码施耐德跨越189年的生存密码。 一、不务正业 施耐德家族的祖先从普鲁士移民到法国，并在那里经营银行业，逐渐巩固了商业帝国和社会地位。 19世纪30年代，跟随父亲经营多年的大哥阿道夫·施耐德（Adolphe Schneider ...