一、主要会计数据和财务指标 前十大流通股东累计持有： 20567.65万股，累计占流通股比： 64.27%，较上期变 化： 23.30万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 黄建平 | 8853.40 | 27.67 | 不变 | | 蔡镇城 | 1447.70 | 4.52 | 不变 | | 蔡镇煌 | 1443.71 | 4.51 | 不变 | | 蔡镇锋 | 1443.64 | 4.51 | 不变 | | 蔡镇茂 | 1443.64 | 4.51 | 不变 | | 李维香 | 1443.64 | 4.51 | 不变 | | 蔡镇通 | 1443.64 | 4.51 | 不变 | | 谢悦增 | 1333.40 | 4.17 | 不变 | | 邓建华 | 1333.40 | 4.17 | 不变 | | 潘红亮 | 381.48 | 1.19 | 23.30 | 三、分红送配方案情况 不分配不转增 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 970 million yuan for Q1 2025, representing a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8%. The net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter. The net profit excluding non-recurring items was 130 million yuan, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter decrease of 0.2% [2][6]. Summary by Sections Company Overview - The company is engaged in the research, production, and sales of various high-end ceramic materials and products, forming six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials. Its products are applied in fields such as electronic information and communication, automotive and industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [10]. Business Performance - The company has expanded into new areas of ceramic materials through organic growth and horizontal mergers. The electronic materials segment is benefiting from policies that stimulate consumer electronics, with a recovery in downstream demand and rapid growth in emerging applications such as automotive electronics and AI servers. The catalytic materials segment has deepened cooperation with clients, entering the supply chain of leading overseas customers and covering domestic independent brands in the passenger vehicle sector [10]. Financial Metrics - For Q1 2025, the company's gross margin and net margin were 36.8% and 15.3%, respectively, showing a year-on-year decline of 2.0 percentage points and 2.4 percentage points. The R&D expense ratio was 7.3%, down 0.2 percentage points year-on-year. The company is expected to achieve net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for the years 2025, 2026, and 2027, respectively [10][16].

投资者关系活动记录表 | □特定对象调研 | 分析师会议 □ | 投资者关系活动 | | --- | --- | --- | | □ 媒体采访 | √ 业绩说明会 | 类别 | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | 其他 □ | （请文字说明其他活动内容） | | | 投资者网上提问 | | 参与单位名称及 | | | | 人员姓名 | | 年 月 2025 4 | 日 (周一) 下午 28 15:00~16:30 | 时间 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | 地点 | | 采用网络远程的方式召开业绩说明会 | | | | 1、董事长 | 卜爱民 | 上市公司接待人 | | 2、常务副总经理（代总经理） | 梁向阳 | 员姓名 | | 3、财务总监、副总经理、董事会秘书 | 董惠 | | | | 4、中信证券投行委工业与先进制造行业组副总裁 肖尧 | | | | 5、中航证券有限公司证券承销与保荐分公司业务董事 闫亚格 | | | 投资者提出的问题及公司回复情况 | 公司就投资者在本次说明会中提出的问题进行了回 ...

中瓷电子（003031.SZ）2024 年年报及 2025 年一季报点评 经营业绩稳健，持续深耕高端领域聚焦国产替代 2025 年 04 月 28 日 ➢ 事件：4 月 25 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 26.48 亿元，同比下降 1.0%，实现归母净利润 5.39 亿元，同比增长 10.0%，实现扣非归母净利润 4.65 亿元，同比增长 56.0%。2025 年一季度来 看，单季度实现营收 6.14 亿元，同比增长 12.0%，实现归母净利润 1.23 亿元， 同比增长 48.8%，实现扣非归母净利润 1.14 亿元，同比增长 68.8%。 ➢ 公司经营业绩稳健，各项业务稳步发展：按细分业务拆分公司 2024 年营收， 1）电子陶瓷材料及元件：2024 年实现营收 18.78 亿元，同比增长 1.23%，营 收占比为 59.6%，毛利率为 27.35%，同比下降 0.72pct；2）第三代半导体器件 及模块：2024 年实现营收 12.72 亿元，同比下降 12.05%，营收占比为 40.4%， 毛利率为 36.27%，同比增长 6.38%。综合毛利率来 ...

进入2025年，公司经营持续保持稳健增长态势。公司一季报数据显示，2025年1-3月，中瓷电子实现营 收6.14亿元，同比增长12.01%；净利润同比增长48.81%至1.23亿元；扣非净利则同比大幅增长68.76%至 1.14亿元。 2024年，电子陶瓷行业的领跑者——中瓷电子（003031）(003031.SZ)着力于主营业务发展和核心技术 创新，不断加强公司的研发能力、提高产品的质量以及提升生产效率，随着业务规模的逐步扩大，公司 也在不断积极开拓新市场，扩展新产品，保持公司产品竞争优势，不断推动公司健康发展。报告期内， 公司扣非净利同比实现了近60%的增长，盈利能力再度提升。 浙商证券（601878）研报指出，中瓷电子深耕国产自主可控核心赛道。精密陶瓷零部件实现批量供货, 解决"卡脖子"问题,估值有望提振，首次覆盖,给予"买入"评级。 需要提及的是，在陶瓷外壳系列产品方面，中瓷电子是国内能与国际知名企业进行竞争的少数厂商之 一，是我国电子陶瓷外壳的主要代表企业，是国务院国资委创建世界一流专业领军示范企业、工信部第 八批制造业单项冠军企业和专精特新"小巨人"企业，在国内电子陶瓷行业具有重要影响力。 天眼查 ...

4月27日，来自"世界陶瓷之都"福建省泉州市德化县的50家陶瓷企业亮相2025年香港礼品及赠品展，并 举办"中国白·德化瓷"(香港)推介会。图为推介会现场主礼嘉宾合影。(主办方供图) 中新网香港4月28日电 (记者 戴梦岚)来自"世界陶瓷之都"福建省泉州市德化县的50家陶瓷企业27日亮相 2025年香港礼品及赠品展，并举办"中国白·德化瓷"(香港)推介会。其中，环保陶瓷、3D打印陶瓷等绿 色科技产品吸引大批采购商关注。 本届香港礼品及赠品展由香港贸易发展局主办，设有11个展馆，吸引来自31个国家及地区的4300多家参 展商参与。(完) 德化县委书记方俊钦致辞表示，该县正推进"中国白·德化瓷"产业高质量发展五年行动计划，力争到 2027年建成陶瓷千亿元人民币产业集群。希望此次推介活动，促成更多贸易合作，让大家更加深入了解 德化陶瓷，厚植香港和德化两地交流合作的基础。 作为全国最大的陶瓷工艺品生产和出口基地，德化县60%以上陶瓷产品销往全球190多个国家和地区。 展会现场，参展企业展品涵盖工艺瓷、日用瓷等领域，展出千余款新品。 福建省春秋陶瓷实业有限公司负责人徐昌毅对记者表示，香港是国际航运和贸易中心，此次来港参 ...

Core Viewpoint - The company, Hunan Hualian Ceramics Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed, and confirming that the report has not been audited [1][2][7]. Financial Data - The company has confirmed that there are no adjustments or restatements required for previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. - The company has not defined any items listed in the public offering securities disclosure as recurring profit and loss [3]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders, but no changes were reported regarding the lending of shares by major shareholders [5]. Board Meeting - The fifth board meeting of the company was held on April 25, 2025, with all nine directors present, and the meeting complied with legal and statutory requirements [9]. - The board approved the first quarter report for 2025 with unanimous support [10]. - The board also approved the establishment of a special account for fundraising and the signing of a four-party supervision agreement related to the funds [11]. Supervisory Meeting - The fifth supervisory meeting was also held on April 25, 2025, with all three supervisors present, and the meeting adhered to legal and statutory requirements [15]. - The supervisory board approved the first quarter report for 2025 with unanimous support [16]. - Similar to the board, the supervisory board approved the establishment of a special account for fundraising and the signing of a four-party supervision agreement [15].

Core Insights - The company reported a 33.34% increase in revenue for 2024, reaching 274,814,290.78 yuan, but still recorded a net loss of -76,642,428.20 yuan, indicating ongoing financial challenges despite revenue growth [1][2] - The net profit loss decreased by 40,355,900 yuan compared to the previous year, reflecting some improvement in operational efficiency, but the company remains in a loss position [2] - Cash flow from operating activities showed a significant negative trend, with a net cash outflow of -48,254,365.13 yuan, indicating increased cash outflows that may pressure liquidity [4] Financial Performance - Revenue growth was driven by strategic adjustments, including expanding into large customer segments domestically and growth in international markets [2] - The company’s basic earnings per share improved from -0.94 yuan to -0.62 yuan, indicating a narrowing of losses [2] - Non-operating profit and loss adjustments resulted in a net profit of -78,343,725.27 yuan, showing a reduction in losses and suggesting core business performance is gradually improving [2] Expense Analysis - Sales expenses increased by 17.33% to 30,496,576.58 yuan, primarily due to higher export costs and domestic marketing efforts [3] - Management expenses decreased by 12.55% to 32,662,106.41 yuan, reflecting effective cost control measures [3] - Research and development expenses rose by 31.92% to 8,838,715.16 yuan, indicating a commitment to innovation despite potential short-term profit impacts [3] Cash Flow Dynamics - Investment activities generated a net cash outflow of -5,637,123.56 yuan, a significant decline from the previous year, which may hinder future asset expansion [4] - Financing activities saw a net cash inflow of 44,748,758.42 yuan, a 167.34% increase, suggesting improved funding strategies [4] Research and Development Focus - R&D expenses accounted for 3.22% of total revenue, highlighting the company's focus on enhancing product innovation and market competitiveness [5] - The R&D team consists of 81 members, with a relatively low number of high-level researchers, which may limit long-term innovation capabilities [5]

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： 公司发布24年年报及25年一季报,24年公司实现营业收入/归母净利润/扣非归母净利润46.3/1.2/1.0亿元，同 比-21.8%/-53.1%/-57.5%。25Q1公司实现营业收入/归母净利润/扣非归母净利润6.9/-0.6/-0.7亿元，同 比-16.1%/转亏/转亏。 点评： 陶瓷行业低迷，公司经营承压 受房地产行业调整影响，市场竞争加剧，陶瓷行业持续承压，24年全国陶瓷砖产量为 59.1 亿平方米，同比 下降12.2%。在较为低迷的行业背景下，公司经营持续承压，24年营收及利润均同比下滑，25Q1营收仍有 所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失（应收坏账准备、存货跌价准备以 及工抵房 ...

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 【电新】上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术——碳中和领域动态追踪（一 百五十五） 宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差。增程车型有望成为电动化下半 场主力，大电量增程成为趋势。重卡等商用车电动化加速。上海车展新车型发布，大电量增程、商用车电 动化等趋势有望带动锂电需求，新技术突破有望催化固态电池、钠电等主题行情。 （殷中枢/陈无忌） 2025-04-27 您可点击今日推送内容的第1条查看 【汽车】2025上海车展开幕，聚焦智能化主旋律——汽车和汽车零部件板块跟踪报告 2025上海车展开幕，智驾+机器人共振，全产业链变革加速。1）预计2025E销量提振前景依然可期， ...