25 年 1-2 月行业数据向好，后续季度报表有望好转。根据机床工 具工业协会数据，25 年 1-2 月金属切削机床行业营收同比增长 12.1%，金属加工机床新签订单同比增长 26.2%，在手订单同比增 长 15.2%，行业数据有所好转。根据新华社信息，在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标，加大逆 周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优 结构提质量，做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性，后续季度报 表有望好转。 四期产能逐步投放，关注新品的未来成长前景。公司四期产能建 设持续推进，设计产能 7 亿，预计 25 年上半年投产。伴随产能扩 张，公司将有更多新品投放市场，包括适用于人形机器人减速器、 丝杠加工的卧式车床系列产品等，未来有较好成长前景。 盈利预测、估值与评级 预计公司 25 至 27 年分别实现归母净利润 3.7/4.27/4.83 亿元， 对应当前 PE18X/15X/13X，考虑公司后续有望受益行业景气度复 苏，新品成长前景较好,维持"增持"评级。 业绩摘要 公司 2025 年 4 月 2 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, achieving operating income of 2.977 billion yuan, a year-on-year growth of 38.82%, and a net profit of 431 million yuan, up 53.76% [1] Group 1: Business Performance - The electric golf cart segment experienced explosive growth, with sales revenue reaching 812 million yuan, a staggering increase of 934.79% year-on-year [2] - The all-terrain vehicle (ATV) segment also showed strong performance, generating sales revenue of 738 million yuan, reflecting an 18.92% year-on-year growth [3] Group 2: Global Supply Chain Strategy - The company has established a resilient global supply chain with production bases in China, Southeast Asia, and North America, enhancing efficiency and flexibility [4] - Key breakthroughs in local manufacturing in North America were achieved, with the Texas plant producing the first locally assembled electric golf cart [4] Group 3: Market Expansion and Brand Development - The company has expanded its sales channels by signing over 170 dealers, penetrating various markets including family communities, universities, and professional fields [2] - Participation in international events like PGA SHOW and MotoGP has strengthened brand presence and attracted high-profile users [2] Group 4: Future Outlook - The company aims to enhance its global market competitiveness and brand influence through its strategic production layout and collaborative synergies [5] - With the establishment of overseas manufacturing bases and continuous product iterations, the company is positioned to become a leading player in the electric low-speed vehicle industry [5]

"应急出口一定要保持畅通，消防设施设备要定期检查，确保在有效期内。"日前，在萧山区临浦镇 的杭州兆达五金工具厂内，临浦镇政府的工作人员正在对企业开展安全隐患排查。 据悉，"镇街预约"指导服务是萧山区应急管理局推出的"预约式服务"的延伸。"预约式服务"是该局 于2025年3月10日推出的安全服务新模式，企业线上"点单"提诉求，部门线下"接单"送服务，全面构 建"无事不扰，随叫随到"的涉企行政检查增值化新生态。 "自今年3月初推出'预约式'指导服务以来，企业预约量不断增加。针对重点项目和难点问题，我们 在专家库中抽取业务骨干根据企业需求精准'派单'，由部门为其提供定制化安全'体检套餐'。在此基础 上，针对日常安全生产服务需求，按照快速响应的原则，我们全新推出了'镇街预约'模式，企业可自主 选择部门或者镇街专业力量就近开展上门服务、常态指导，以此来实现人员、资源等方面的精准分配， 既保障了助企服务质量，也扩大了服务群体。"该区应急管理局行政执法队队长周彬杰介绍。 自"预约式服务"上线以来，该局已开展服务30余次，解决问题隐患140余处。据悉，"预约式"指导 服务中发现的隐患一律不作为行政处罚依据。 杭州兆达五金工具 ...

正在举行的第137届广交会上，中国制造业的创新成果吸引了全球采购商的目光。从五金工具到高端机 床，从传统制造到智能升级，中国产品不仅在技术上实现了质的飞跃，更在理念上完成了华丽蜕变。这 些令人瞩目的创新产品，不仅是中国制造业实力的生动展现，更是中国从"制造"迈向"智造"的有力见 证。 创新技术，中国制造实现了从跟跑到领跑的跨越。本届广交会期间，中国制造业的创新成果不仅提升了 中国制造业的国际形象，更为全球制造业发展提供了新的思路和解决方案。五金工具行业企业通过细节 创新和性能提升，逐渐摆脱了低价竞争的困境，开始向高端化、标准化迈进。宁波得力集团有限公司推 出的工具产品B系列全钢卷尺，新增底刹功能，耐磨度提升60%，精度从2级跃升至JIS 1级。这种技术 突破不仅延长了产品的使用寿命，提高了测量精度，更将普通工具提升到高端水准。 机床行业企业推出的创新产品不仅体现了技术实力，也为中国制造业在全球市场赢得了更多商机。在本 届广交会上，杭州大天数控机床有限公司推出的柔性复合高档数控机床系列产品受到了来自欧洲、东南 亚等地区采购商的青睐。 机床行业也在产品应用理念上实现了突破。广东省鑫全利激光智能装备有限公司以市场需 ...

Core Viewpoint - Benlang New Materials (836807) reported a revenue of 573 million yuan and a net profit attributable to shareholders of 23.4661 million yuan for the year 2024, while proposing a cash dividend of 1.00 yuan per 10 shares to all shareholders [1]. Group 1: Financial Performance - In 2024, Benlang New Materials achieved a revenue of 573 million yuan and a net profit of 23.4661 million yuan [1]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders [1]. - The new business segment, including rare earth permanent magnet components and other main businesses, generated a total revenue of 116.2552 million yuan, accounting for an increase of 5.45 percentage points compared to the previous year [2]. Group 2: Business Development - The company has maintained stable operations in its diamond tool business despite challenges in the ceramic and stone sectors due to overseas market demand and competition [1]. - Benlang New Materials is one of the few companies in China with capabilities in research, formulation design, product structure design, production process innovation, and application expansion for diamond tools and bonding materials [1]. - The advanced ceramic materials business has rapidly developed, establishing a comprehensive system for research, preparation, testing, and verification, leading to significant breakthroughs in production and sales [2]. Group 3: Technological Innovation - In 2024, Benlang New Materials was selected for the National Excellent Engineer Innovation Research Institute's "Excellent Engineer Workstation" [3]. - The company has implemented several manufacturing technology upgrades, including automatic production lines for diamond segments and grinding wheel components, significantly improving production efficiency [3]. - The company has received recognition for its long-term commitment to cash dividends, having distributed over 110 million yuan in cash dividends cumulatively, and won the "Outstanding Shareholder Return Award" at the Fifth Panorama Investor Relations Gold Award [3]. Group 4: International Expansion - Benlang New Materials is accelerating its internationalization by establishing a production subsidiary in Turkey, which will support its strategic market expansion into the Middle East, Africa, and Europe [3]. - The company has increased its overseas after-sales service coverage to three additional countries and regions [3].

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。 今 日 聚 焦 【房地产】Q1重点城市土拍热度持续上升，核心30城宅地成交均价同比+24%——土地市场月度跟踪报告 （2025年3月） Q1百城宅地成交建面4,197万平，同比+0.1%，成交楼面均价7,373元/平方米，同比+15.1%；30城成交宅地总建 面2,134万平，同比+16.1%，成交楼面均价13,080元/平，同比+24.1%；Q1光大核心30城成交宅地整体溢价率 18.7%，同比+11.3pct。 （何缅南/韦勇强）2025-04-24 （赵乃迪/蔡嘉豪/王礼沫）2025-04-24 您可点击今日推送内容的第1条查看 【机械】3月出口延续1月增长态势，割草机、缝纫机数据亮眼 ——机械行业海关总署出口月报（十） 您可点击 ...

点击注册小程序 事件： 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 4月22 日 巨星科技发布 2024年年报 ， 2024年公司实现营收147.95亿元，同比+35.4%；实现归母净利润 23.04亿元，同比+36.2%；实现扣非归母净利润23.04亿元，同比+35.7%。2024年销售毛利率为32.0%，同 比+0.2pct。单季度来看，2024Q4公司实现营收37.12亿元，同比+60.0%，环比-15.3%；实现归母净利润 3.68亿元，同比+98.6%，环比-50.4%；实现扣非归母净利润3.71亿元，同比+146.5%，环比-48.9% 。 点评： 2024年业绩持续高增长，盈利能力稳步提升 2024年全球工具市场需求稳定，维修维护的需求明显回暖，公司业绩实现高增长主要受益于：1）全球化 ...

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。 报告摘要 事件： 4月22 日 巨星科技发布 2024年年报 ， 2024年公司实现营收147.95亿元，同比+35.4%；实现归母净利润 23.04亿元，同比+36.2%；实现扣非归母净利润23.04亿元，同比+35.7%。2024年销售毛利率为32.0%，同 比+0.2pct。单季度来看，2024Q4公司实现营收37.12亿元，同比+60.0%，环比-15.3%；实现归母净利润 3.68亿元，同比+98.6%，环比-50.4%；实现扣非归母净利润3.71亿元，同比+146.5%，环比-48.9% 。 点评： 2024年业绩持续高增长，盈利能力稳步提升 2024年全球工具市场需求稳定，维修维护的需求明显回暖，公司业绩实现高增长主要受益 ...

2024年，开创电气（301448.SZ）交出了一份亮眼的成绩单。公司2024年年报显示，实现营业收入 83,703.82万元，同比增长42.77%，归属于母公司股东净利润7,038.79万元，同比增长36.92%，总资产 94,735.96万元，归母净资产70,405.16万元。在电动工具行业整体复苏的背景下，公司增速显著跑赢行 业，展现出强劲的市场竞争力。 作为国家专精特新"小巨人"企业、浙江省制造业单项冠军培育企业，开创电气通过"产学研用"一体化模 式巩固技术优势。2024年，公司研发投入2,230.64万元，同比增长7.27%。2024年，公司共开发新产品 132款，涉及21个品类，具备量产条件25款，试产58款。公司锂电池平台在安全可靠的基础上，容量更 大，能满足各类锂电工具需要；震动类工具减震技术取得新突破，大幅提升了用户操作舒适度与工具耐 用性，获得客户一致好评；GALAXPRO电圆锯入选2023年度"浙江制造精品"；重载往复锯平衡减震结 构专利导航被列入浙江省专利导航项目拟立项名单。 公司高度重视知识产权的保护工作，不断强化知识产权的申请与维护，成果丰硕。2024年，共新申请专 利43项，其中 ...

Core Insights - The company, Plad (301353.SZ), reported a robust growth in its Q1 2025 financial results, with revenue reaching 227 million yuan, a year-on-year increase of 23.88% [1] - The company aims to solidify its position as a leading ODM manufacturer and OBM brand in the electric tools sector, leveraging its dual strategy [1][2] Financial Performance - In Q1 2025, the total profit amounted to 21 million yuan, reflecting a year-on-year growth of 12.84%, while the net profit attributable to shareholders was 18 million yuan, up by 4.75% [1] - The net cash flow from operating activities surged by 216.69% to 14.18 million yuan, primarily due to increased export tax rebates and improved supply chain management [1] Market Position and Strategy - Plad has established a comprehensive product matrix covering seven product series and nearly 400 specifications, enhancing its competitive edge in the market [2] - The company continues to deepen strategic partnerships with international giants, providing ODM services to top global brands like Stanley, Bosch, and Makita, which strengthens customer loyalty [2] Research and Development - In 2024, the company's R&D investment reached 35.4 million yuan, a year-on-year increase of 33.76%, contributing to a strong patent portfolio of 518 patents, including 48 invention patents [2] Market Outlook - The global electric tools market is projected to grow from 39.5 billion USD in 2024 to approximately 45.5 billion USD by 2029, with a stable annual growth rate of 2.9% [3] - The company is implementing an automated production line project with an annual capacity of 8 million DC lithium electric tools, aimed at enhancing operational efficiency [3] Shareholder Returns - The profit distribution plan for 2024 proposes a cash dividend of 5 yuan per 10 shares (including tax) and a stock increase of 3 shares, with a total cash dividend amounting to 36.97 million yuan, resulting in a total return rate of 138% when combined with share buybacks [3]