前十大流通股东累计持有： 9480.11万股，累计占流通股比： 39.75%，较上期变化： -4.47万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0600 | 0.3100 | -80.65 | 0.2500 | | 每股净资产（元） | 0 | 3.19 | -100 | 2.57 | | 每股公积金(元) | 0.49 | 0.48 | 2.08 | 0.04 | | 每股未分配利润(元) | 1.50 | 1.48 | 1.35 | 1.33 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.93 | 10.24 | 6.74 | 8.63 | | 净利润(亿元) | 0.23 | 1.05 | -78.1 | 0.84 | | 净资产收益率(%) | 1.93 | 10.42 | -81.48 | 9.50 | 数据四舍五入，查看更多财务数据>> 二、前10名无限 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth due to management system reforms and is positioned in a vast blue ocean market, particularly benefiting from the rapid development of AI technology [3]. - The company is a leader in the Chinese PHM industry, actively building a partner ecosystem, expanding into new industries, and investing in AI technology [3]. - The company's revenue for 2024 is projected to be 584 million yuan, a year-on-year increase of 17.21%, with a net profit of 107.52 million yuan, reflecting a significant growth of 71.49% [1][3]. Financial Performance Summary - For 2024, the company achieved total revenue of 584 million yuan, with a net profit of 107.52 million yuan, exceeding market expectations [1]. - In Q1 2025, the company reported revenue of 84 million yuan, a year-on-year increase of 37.51%, and a net profit of -6 million yuan, showing a growth of 66.89% [1]. - The company's operating cash flow improved significantly, with 72 million yuan in 2024 and 7 million yuan in Q1 2025, compared to negative cash flows in the previous year [8]. Industry and Market Position - The company is positioned in a rapidly growing market, with significant revenue growth in sectors such as metallurgy, coal, and non-ferrous industries [8]. - The number of connected devices has rapidly increased, with over 180,000 devices monitored, showcasing the company's technological advancements and market competitiveness [8].

Group 1 - In the first quarter, the 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% [2][5] - In March, the profits of these enterprises increased by 2.6%, reversing a 0.3% decline in January and February [6][8] - The revenue of industrial enterprises in March grew by 4.2%, accelerating by 1.4 percentage points compared to January and February [6][8] Group 2 - High-tech manufacturing profits surged by 14.3% in March, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3][8] - The specialized and general equipment sectors saw profit increases of 14.2% and 9.5%, respectively, outperforming the average profit growth of all industrial enterprises [3][8] - In the first quarter, 24 out of 41 industrial categories reported profit growth, indicating nearly 60% of industries experienced improvements [8] Group 3 - The private and joint-stock enterprises showed significant profit growth in March, with private enterprises increasing by 16.0% and joint-stock enterprises by 3.5% [7] - The equipment manufacturing sector accounted for 32.0% of the total profits of industrial enterprises, with a year-on-year profit growth of 6.4% [8] - The aerospace industry experienced a profit increase of 23.9%, while sectors like smart consumer devices and medical equipment also reported substantial profit growth [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company has returned to high growth with a significant improvement in cash flow, driven by management system reforms and a focus on AI technology in a rapidly developing market [3]. - The company achieved a revenue of 584 million yuan in 2024, representing a year-on-year growth of 17.21%, and a net profit of 107.52 million yuan, up 71.49% year-on-year [1][3]. - In Q1 2025, the company reported a revenue of 84 million yuan, a 37.51% increase year-on-year, although it recorded a net loss of 6 million yuan [1]. Financial Performance Summary - The company’s total revenue is projected to grow from 498.04 million yuan in 2023 to 1,362.79 million yuan by 2027, with a compound annual growth rate (CAGR) of 35.29% [1]. - The net profit is expected to increase from 62.70 million yuan in 2023 to 278.72 million yuan in 2027, reflecting a CAGR of 43.54% [1]. - The earnings per share (EPS) is forecasted to rise from 0.72 yuan in 2023 to 3.19 yuan in 2027, indicating strong profitability growth [1]. Industry and Market Position - The company is positioned as a leader in the PHM (Predictive Health Management) industry in China, with a strategy focused on building a partner ecosystem and expanding into new sectors [3]. - The company has made significant advancements in AI technology, with over 180,000 devices connected for remote monitoring and a robust database of over 30,000 industrial equipment failure cases [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]

近期杭齿前进（601177）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 费用控制 三费(销售费用、管理费用、财务费用)总计为5769.31万元，占营收的比例为12.79%，同比增加了 7.91%。这说明公司在费用控制方面面临一定压力。 资产负债情况 截至报告期末，公司的货币资金为3.17亿元，同比大幅增长38.86%。但应收账款达到6.08亿元，同比上 升33.40%，应收账款的快速增长可能对公司现金流造成一定压力。有息负债为10.51亿元，同比减少了 4.02%。 现金流状况 每股经营性现金流为-0.01元，虽然较去年同期的-0.22元有所改善，但仍为负值，同比增幅为94.24%。 这提示公司需要进一步关注其现金流管理。 财务健康度 财报体检工具显示，公司需关注现金流状况(货币资金/总资产仅为7.31%、货币资金/流动负债仅为 40.2%、近3年经营性现金流均值/流动负债仅为4.51%)。此外，还需关注债务状况(有息资产负债率已达 20.88%、有息负债总额/近3年经营性现金流均值已达25.49%)以及财务费用状况(财务费用/近3年经营性 现金流均值已达60.04%)。同时，应收账款/利润 ...

Financial Performance - The company reported total revenue of 154 million yuan for Q1 2025, a decrease of 3.06% year-on-year [1] - The net profit attributable to shareholders was 22.5 million yuan, an increase of 30.23% year-on-year [1] - Gross margin increased by 9.86% to 31.9%, while net margin rose by 34.34% to 14.59% [1] - Total expenses (selling, administrative, and financial) amounted to 14.39 million yuan, accounting for 9.33% of revenue, a decrease of 18.1% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased by 32.46% to 0.16 yuan [1] - Operating cash flow per share rose by 24.92% to 0.18 yuan [1] - The company's net assets per share increased by 3.23% to 6.39 yuan [1] - The company's receivables decreased by 4.72% to 109 million yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 6.38%, indicating average capital returns [3] - The net profit margin for the previous year was 10%, suggesting average added value for products or services [3] - The company has raised a total of 467 million yuan since its listing, with cumulative dividends of 110 million yuan, resulting in a dividend-to-financing ratio of 0.24 [3] Project Development - The smart manufacturing project for precision transmission components is expected to be completed by October 31, 2024, with an anticipated annual production capacity increase of approximately 300,000 high-precision gears and 180,000 turbocharger housing parts [3] - The project is projected to achieve benefits of 8.78 million yuan in 2024, with cumulative benefits expected to reach 12.38 million yuan by the end of 2024 [3]

2025年4月22日，A股上市公司华嵘控股（600421）发布2024年年度业绩预亏更正公告，公司预计2024 年年度实现利润总额为-120万元至-180万元，与此前预计的-70万元至-100万元相比，预亏额度进一步扩 大。这一消息无疑给本就承压的华嵘控股股价带来更大压力，公司股票也面临被实施退市风险警示的风 险。 华嵘控股在公告中表示，随着年报审计工作的推进，公司与年审会计师沟通后，对公司2024年度业绩预 告进行了更正。本次业绩预告更正的主要原因系公司个别客户经营恶化，应收账款收回可能性降低，公 司对该部分客户的应收账款追加计提了坏账准备，导致公司利润总额减少。 一旦公司股票被实施退市风险警示，将在股票简称前加上"*ST"标识，这不仅会影响公司的市场形象， 还可能引发投资者的抛售情绪，进一步加剧公司的股价下跌压力。 注：本文结合AI生成，文中观点不构成投资建议，仅供参考。市场有风险，投资需谨慎。 责任编辑：AI观察员 从财务数据来看，华嵘控股在2024年度的经营压力显著增大。公司预计2024年年度实现营业收入1.1亿 元至1.2亿元，虽然与上一年度相比可能变化不大，但扣除与主营业务无关的业务收入和不具备商 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4522 | 0.5875 | -23.03 | 0.6618 | | 每股净资产（元） | 12.16 | 12.2 | -0.33 | 11.98 | | 每股公积金(元) | 8.3 | 8.26 | 0.48 | 8.24 | | 每股未分配利润(元) | 2.56 | 2.81 | -8.9 | 2.48 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.15 | 10.57 | -13.43 | 9.33 | | 净利润(亿元) | 0.76 | 0.99 | -23.23 | 1.02 | | 净资产收益率(%) | 3.66 | 4.81 | -23.91 | 6.44 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | ...