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 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

Group 1: Company Overview - Xinsine Electric engaged in discussions with investors covering industry competition characteristics, product price trends, gross margin levels, integrated special machine applications, energy storage field, reasons for performance changes, industrial robot applications, humanoid robot collaboration attitude, and future three-year performance targets [1] - The company noted that with changes in the international market and the improvement of domestic industrial automation levels, industry competition is showing new characteristics, with a slight growth in project-based markets and a slight decline in the OEM market, while domestic brand share continues to rise [1] - The price of general frequency converters and specialized models is expected to decline, but the company is implementing various measures to maintain stable gross margins [1] Group 2: Financial Performance - For the first three quarters of 2024, the product gross margin was 36.08%, an increase of 3.69 percentage points year-on-year [1] - The 2024 performance report indicated that revenue remained relatively unchanged year-on-year, while profits declined, primarily due to reduced income from the logistics and construction machinery sectors, as well as increased selling, administrative, and R&D expenses [1] Group 3: Business Focus and Future Outlook - The integrated special machine products are applied in industries such as wire and cable, ceramic equipment, and petrochemicals, while the energy storage business focuses on user-side energy storage solutions and key components [1] - The servo system products are applied in upper-level robots and palletizing robots, with no current applications in humanoid robots [1] - In the next three years, the company will continue to deepen its focus on the industrial automation field and promote steady growth in sales scale [1]

Financial Performance - The company reported a basic earnings per share of 0.8700 yuan for 2024, an increase of 16% compared to 0.7500 yuan in 2023 [1] - The operating revenue reached 69.51 billion yuan, reflecting a growth of 20.87% from 57.51 billion yuan in the previous year [1] - Net profit for the year was 7.16 billion yuan, up 14.19% from 6.27 billion yuan in 2023 [1] - The return on equity (ROE) improved to 16.62%, a 7.43% increase from 15.47% in the prior year [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 47,347.81 million shares, accounting for 57.81% of the circulating shares, with a change of 97.81 million shares from the previous period [1] - The largest shareholder, Sifang Electric (Group) Co., Ltd., holds 35,050.77 million shares, representing 42.80% of the total share capital, with no change [2] - New entrants among the top shareholders include China Industrial Bank's flexible allocation mixed securities investment fund and China Construction Bank's energy innovation stock fund [2] Dividend Distribution - The company announced a dividend distribution plan of 10 yuan per share, including tax [3]