Core Viewpoint - The company reported a decline in domestic revenue and an increase in overseas revenue, indicating a shift in market dynamics and potential growth opportunities in international markets [3]. Financial Data Summary - Domestic revenue for the reporting period was ¥5,549,038,182.34, representing a year-on-year decrease of 8.59% - Overseas revenue reached ¥6,567,868,698.71, showing a year-on-year increase of 15.17%, with export revenue specifically increasing by 19.68% [3]. Board Meeting Summary - The company's board of directors held its first temporary meeting of 2025 on April 29, 2025, via telecommunication, with all members participating and voting unanimously in favor of the agenda items [9][11]. - The board approved the company's first-quarter report for 2025, which was subsequently disclosed on April 30, 2025 [11]. - The board also approved a feasibility analysis report for engaging in financial derivatives business and revised the working rules of the nomination committee [12]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific numbers were not disclosed in the provided documents [6]. Compliance and Governance - The company confirmed compliance with the latest Hong Kong Stock Exchange listing rules by appointing a female director to the nomination committee, ensuring gender diversity in governance [16].

Group 1 - Jiangsu province is a key player in the "Belt and Road" initiative, with 2,448 domestic investors operating 3,915 overseas enterprises in 118 countries, achieving a 21.6% year-on-year increase in new foreign investment projects [1] - The actual direct investment amount reached 224.135 billion yuan, with total overseas income exceeding 1 trillion yuan for the year [1] - The provincial tax bureau launched a campaign to enhance tax services for "going out" enterprises, focusing on creating a better tax service system based on enterprise needs [1] Group 2 - The Sihanoukville Special Economic Zone in Cambodia has attracted 202 enterprises, accounting for approximately 70% of the factories in Sihanoukville province, creating 32,000 jobs [2] - Jiangsu Yongyuan Investment Co., Ltd. established the only national-level overseas economic and trade cooperation zone in Ethiopia, with over 140 enterprises and a total output value of 2.45 billion USD [2] - Jiangsu enterprises are increasingly participating in international markets, with significant investments in various sectors, including biopharmaceuticals and engineering machinery [2] Group 3 - The tax bureau's new measures for supporting "going out" enterprises include establishing communication channels, innovative service methods, and enhancing service quality [3][4] - A focus on compliance and cooperation is emphasized, with the establishment of cross-border tax policy service stations in key overseas parks [4][5] - The measures aim to provide tailored tax services throughout the entire business cycle for enterprises operating abroad [3][5] Group 4 - The complexity of international tax regulations necessitates targeted support from tax authorities for enterprises engaged in cross-border operations [3][6] - The concept of "tax credit" allows enterprises to benefit from tax exemptions in host countries while still being able to claim credits in their home country [6] - The establishment of one-stop service centers overseas aims to assist enterprises in overcoming local challenges and enhancing operational efficiency [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company continues to exceed expectations with a Q1 2025 revenue of 21.05 billion yuan, up 19.2% year-on-year, and a net profit of 2.47 billion yuan, up 56.4% year-on-year, driven by strong domestic and international demand [2] - The company benefits from a high demand for excavators, with domestic sales increasing by 38% in Q1 2025, and a recovery in non-excavator machinery [2][4] - The company has demonstrated excellent cost control, with a significant reduction in expense ratios, and is expected to further decrease costs as the upcycle continues [3] Financial Performance - The company forecasts total revenue of 89.6 billion yuan for 2025, with a year-on-year growth of 14.31% [1] - The projected net profit for 2025 is 8.5 billion yuan, reflecting a year-on-year increase of 42.23% [1] - The latest diluted EPS is expected to be 1.00 yuan per share for 2025, with a P/E ratio of 19.14 [1][10] Market Position and Strategy - The company is positioned as a leader in the excavator market, with a strong domestic presence and ongoing global expansion efforts [4] - The company has made significant strides in electrification, achieving 4.03 billion yuan in revenue from new energy products in 2024, a 23% increase year-on-year [4] - The company’s competitive advantages are expected to strengthen as it continues to execute its globalization and electrification strategies [4]

Macro Economic Policy - The recent important national meeting has outlined the economic work priorities and goals for the near future, emphasizing the continuation of proactive fiscal policies and increased investment in infrastructure, which will inject strong momentum into the financial market [1] - The advancement of infrastructure projects is expected to boost related industries such as steel, cement, and construction machinery, leading to more orders and improved performance, thereby attracting capital inflow into related stocks and driving up their prices [1] - Increased infrastructure investment will also stimulate social financing demand, expanding the credit business of banks and improving their profit expectations, which will enhance the attractiveness of bank stocks in the capital market [1] Monetary Policy - The meeting has signaled a flexible and moderate approach to monetary policy, emphasizing the maintenance of reasonable liquidity, which will help stabilize market expectations [2] - A more abundant liquidity environment is likely to lead to increased market funding supply, resulting in rising bond prices and declining yields, thus lowering the cost of corporate bond issuance and easing financing difficulties [2] - The low interest rate environment will encourage investors to shift funds from low-yield products like money market funds to the bond market, further stimulating market activity [2] Industrial Policy - The meeting's support measures for emerging industries and key sectors are expected to reshape investment hotspots in the financial market, particularly in areas like new energy, artificial intelligence, and semiconductors [4] - Policies such as tax incentives and fiscal subsidies will attract significant capital into these sectors, leading to increased investor interest and potential stock price surges in related concept stocks [4] - Venture capital and private equity firms are likely to increase investments in startups within emerging industries, providing necessary funding for innovation and development, thus fostering a virtuous cycle between capital markets and the real economy [4] Capital Market Reform - The meeting's deployment of capital market reform will enhance the vitality and competitiveness of the financial market, with proposed measures to improve the registration system, strengthen investor protection, and enhance the quality of listed companies [4] - These reforms are expected to attract more long-term capital into the market and optimize the investor structure, while also boosting foreign confidence in China's capital market, potentially increasing the inflow of northbound funds and enhancing market valuation [4]

一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长2123%，中船防务同比增长1099.85%，北方稀土同比增长727.3%，国泰海通同比增长391 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 12.117 billion yuan in Q1 2025, representing a year-on-year increase of 2.92% and a quarter-on-quarter increase of 9.24%. The net profit attributable to shareholders was 1.41 billion yuan, up 53.98% year-on-year and 270.08% quarter-on-quarter [1]. - The company's gross margin for Q1 2025 was 28.67%, with a net margin of 12.51%, reflecting improvements in profitability due to a higher proportion of high-margin overseas business and recovery in domestic sales [1]. - The company is focusing on enhancing its platform-based development potential, with significant growth in traditional product lines and emerging businesses, including a 122% year-on-year revenue increase in agricultural machinery [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a net operating cash flow of 740 million yuan, a year-on-year increase of 141%, indicating substantial improvement [1]. - The forecast for total revenue from 2024 to 2027 shows a growth trajectory, with expected revenues of 52.649 billion yuan in 2025, 63.309 billion yuan in 2026, and 73.651 billion yuan in 2027, reflecting growth rates of 15.8%, 20.2%, and 16.3% respectively [4][9]. Business Development - The company is expanding its overseas market presence, with a diversified regional sales structure and a focus on enhancing its direct sales system, which supports market expansion and risk mitigation [3]. - The company is also investing in new business areas such as mining machinery and emergency equipment, driven by technological innovation and increased R&D investment [2]. Profitability and Valuation - The projected net profit attributable to shareholders for 2025 is 5.062 billion yuan, with a corresponding PE ratio of 12x, indicating a favorable valuation outlook [4][9].

今天，A股三大指数震荡整理。截至收盘，上证指数、深证成指均下跌0.05%，创业板指数下跌0.13%。 沪深两市成交额超万亿元，较昨日小幅缩量。 整个市场共有3557只个股上涨，1674只个股下跌，个股涨跌幅的中位数为上涨0.76%，而昨天个股涨跌 幅的中位数为下跌1.39%。两相对比，可以看出市场赚钱效应确实比较一般。 从巨潮资讯网的预约披露时间来看，有超过1000只个股的一季报预披露时间在4月30日，也就是今天收 盘后陆续披露。 待上市公司的年报及一季报披露完毕后，业绩风险出清，利空落地，再加上资金对美国关税政策的担忧 逐渐消散，炒概念题材的游资将在5月回归，行情届时或出现转机。 板块方面，PEEK材料、美容护理、化学制品、人形机器人等板块涨幅居前，电力、白酒、可控核聚 变、电商等板块跌幅居前。 从板块热点来看，大致分为两类：一类是人形机器人、减速器、汽配、PEEK材料，这几个方向的个股 交集比较多，此前达哥也多次提过；另一类是涨价逻辑，比如化工、染料等。 PEEK材料成为近期市场最靓的仔，自4月9日以来，板块指数上涨了33%。概念股持续活跃，聚赛龙、 新瀚新材"20CM"涨停，中欣氟材实现6天4板，大洋生 ...

Financial Performance - The company reported a basic earnings per share of -0.1925 yuan for Q1 2025, a decrease of 1.48% compared to -0.1897 yuan in Q1 2024, and a significant decline from -0.1061 yuan in Q1 2023 [1] - The net profit for Q1 2025 was -2.42 billion yuan, slightly worse than -2.39 billion yuan in Q1 2024 and an improvement from -1.33 billion yuan in Q1 2023 [1] - The operating revenue decreased by 14.57% to 4.34 billion yuan in Q1 2025, down from 5.08 billion yuan in Q1 2024 and 6.49 billion yuan in Q1 2023 [1] - The return on equity was -5.82% in Q1 2025, worsening from -4.64% in Q1 2024 and -2.24% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 59,657.19 million shares, accounting for 47.45% of the circulating shares, with an increase of 590.17 million shares compared to the previous period [1] - Shaanxi Coal and Chemical Industry Group Co., Ltd. remains the largest shareholder with 37,184.26 million shares, representing 29.58% of the total share capital, unchanged from the previous period [2] - The National Social Security Fund 404 Combination increased its holdings by 73.71 million shares, now holding 1,991.26 million shares, which is 1.58% of the total [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

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 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） | 0.4100 | 0.3300 | 24.24 | 0.3000 | | 每股净资产（元） | 3.9 | 3.77 | 3.45 | 3.53 | | 每股公积金(元) | 0.35 | 0.45 | -22.22 | 0.51 | | 每股未分配利润(元) | 2.24 | 2.05 | 9.27 | 1.85 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 27.25 | 22.35 | 21.92 | 20.25 | | 净利润(亿元) | 3.44 | 2.79 | 23.3 | 2.49 | | 净资产收益率(%) | 9.97 | 9.07 | 9.92 | 8.60 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | - ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved total operating revenue of 9.39 billion yuan in 2024, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.51 billion yuan, up 0.4% [1]. - In Q1 2025, the company reported total operating revenue of 2.42 billion yuan, a year-on-year increase of 2.56%, and a net profit attributable to shareholders of 618 million yuan, up 2.61% [1]. - The company's non-recurring net profit margin reached over 28% in Q1 2025, reflecting significant improvements in cost control and management capabilities [1]. Summary by Sections Excavator Sector - The excavator market in China saw a total sales volume of 201,131 units in 2024, marking a year-on-year growth of 3.13%, with domestic sales increasing by 11.7% [2]. - The domestic market shows strong growth momentum, particularly in sectors such as water conservancy projects and rural revitalization, which are driving demand for small excavators [2]. - The traditional peak season for the engineering machinery industry occurs from March to May, with revenue recognition expected in Q2 [2]. Screw Rod Business - The screw rod business is currently in a phase of temporary scale disadvantage due to ongoing investments in electric drive strategies and linear actuator projects [3]. - The company has invested 1.4 billion yuan in the linear actuator project, which is now entering the mass production phase [3]. - Early investment periods may exert pressure on the company's performance, as significant expenditures are required without immediate revenue generation [3]. Financial Projections - The company is projected to achieve net profits of 2.8 billion yuan, 3.1 billion yuan, and 3.5 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 12%, 11%, and 12% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 34, 31, and 27 for the years 2025, 2026, and 2027 [4].