证券代码：603266 证券简称：天龙股份 公告编号：2025-017 宁波天龙电子股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波天龙电子股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号行业信息披露：第十三号——化工》有关规定和披露 要求，现将公司 2025 年第一季度主要经营数据披露如下： 产销量情况说明： 生产量仅指公司自制生产量，公司产品除自制生产外，还存在部分产品委外加 工，如以上电工电器类精密塑料结构件产品销售数量远大于自制生产量，主要是因 为此类产品委外生产比例较高引起。 二、主要产品价格变动情况 | 主要产品 | 2025 1-3 | 年 | 月平 | 2024 年 | 1-3 | 月平 | 变动比例（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 均售价(元) | | | 均售价(元) | | | | | | 汽车类精密塑料零 ...

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...

每经记者 赵李南 每经编辑 陈俊杰 4月28日，纳川股份（SZ300198，停牌，市值25亿元）发布了2024年年报，审计机构对纳川股份的2024 年财务报告出具了保留意见。 4月29日，《每日经济新闻》记者致电纳川股份。公司工作人员表示，目前公司仍在预重整。对于接下 来如何应对这样的情况，该工作人员称需要由临时管理人决定。 上会会计师事务所（特殊普通合伙）（以下简称上会所）是纳川股份的审计机构。 上会所称，纳川股份2024年发生净亏损约3亿元，连续4年亏损，累计亏损超10亿元；2024年末资产负债 率升至94.12%，流动负债超过流动资产约4亿元，存在大额受限资产以及逾期债务，因债务逾期引发多 起诉讼及仲裁案件，面临较大的经营风险和财务风险。 2025年3月，福建省泉州市中级人民法院（以下简称泉州市中院）决定对纳川股份启动预重整，并指定 福建纳川管材科技股份有限公司清算组担任纳川股份预重整临时管理人。 纳川股份在其2024年年报中称，泉州市中院同意对公司启动预重整，不代表法院正式受理公司重整。即 使启动预重整，后续进入重整程序前仍需履行相关的审批程序。截至本公告披露日，公司尚未收到法院 关于公司进入重整程序 ...

Core Viewpoint - The company, Changzhou Langbo Sealing Technology Co., Ltd., reported a significant increase in revenue and net profit for the year 2024, reflecting a positive trend in the automotive industry and the company's strong market position in rubber sealing products. Group 1: Company Overview - The company operates in the automotive sealing industry, producing rubber sealing components primarily for automotive air conditioning systems, power systems, and braking systems [10][11]. - The company has established long-term relationships with major clients, including well-known domestic automotive air conditioning compressor manufacturers [10][11]. Group 2: Financial Performance - For the year 2024, the company achieved operating revenue of 231.37 million yuan, an increase of 17.45% year-on-year [15]. - The net profit attributable to shareholders was 27.92 million yuan, reflecting a year-on-year increase of 39.35% [15]. - The net profit after deducting non-recurring gains and losses was 24.59 million yuan, up 60.04% year-on-year [15]. Group 3: Industry Context - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, marking a year-on-year growth of 3.7% and 4.5% [6][7]. - The production and sales of new energy vehicles surpassed 10 million units for the first time, with a year-on-year growth of 34.4% and 35.5% [8]. - The export of automobiles reached 5.86 million units, a year-on-year increase of 19.3% [9]. Group 4: Future Outlook - The automotive market is expected to continue its positive trend in 2025, supported by government policies aimed at stabilizing the economy and promoting technological innovation [5]. - The company plans to utilize part of its idle raised funds for cash management, aiming to enhance the efficiency of fund usage and generate additional returns for shareholders [16][20].

坚持全球化战略，海外墨西哥和印尼基地稳步推进。过去几年海 外多个国家和地区对中国生产的多种轮胎产品加征关税、进行反 倾销调查或者提高准入门槛以限制中国轮胎出口。为更有效的应 对国际贸易壁垒，公司坚持全球化战略，目前已在青岛、潍坊、东 营、沈阳及越南、柬埔寨建有轮胎生产基地，并正在建设墨西哥、 印尼等生产基地。印尼基地规划了 300 万条半钢胎、60 万条全钢 胎和 3.7 万吨非公路轮胎，墨西哥基地规划了 600 万条半钢胎， 目前两大基地均在建设中，预计今年能够完工投产，完善公司全球 化布局的同时也将推动公司业绩增长。 事件 2025 年 4 月 28 日公司发布了 2024 年报和 2025 年 1 季报，2024 年全年营业总收入 318 亿元，同比增加 22.4%；归母净利润 40.6 亿元，同比增长 31.4%。2025 年 1 季度营业总收入 84 亿元，同比 增长 15.3%，环比增长 2.9%；归母净利润 10.4 亿元，同比增长 0.47%，环比增长 26.8%。 经营分析 轮胎产销量规模快速增长，成本压力下经营业绩仍然稳健。2024 年公司轮胎产量为 7481 万条，同比增长 27.6%； ...

Core Viewpoint - The company demonstrated strong revenue growth and improved profitability in Q1 2025, with a focus on expanding its automotive business and leveraging new opportunities in the market [1][2]. Financial Performance - Q1 2025 revenue reached 840 million, a year-on-year increase of 27.2% - Net profit attributable to shareholders was 53 million, up 30.3% year-on-year - Non-recurring profit was 52 million, reflecting a 30.5% year-on-year growth [1]. Profitability Analysis - Gross margin for Q1 was 17.5%, showing a slight decline of 0.2 percentage points year-on-year, primarily due to product mix effects - The period expense ratio was 9.2%, an increase of 1.4 percentage points year-on-year, with management and R&D expense ratios decreasing by 0.3 and 1.3 percentage points respectively - Other income increased by 4.34 million due to enhanced VAT input tax deductions, while asset impairment losses rose by 6.22 million due to increased inventory write-downs [2]. Business Development - The company is expanding its automotive sealing business, leveraging existing customer resources from sunroof sealing strips to enter the complete vehicle sealing systems market - Collaborations with major automotive manufacturers such as GAC, SAIC, Changan, Great Wall, and Li Auto are underway, indicating a potential growth trajectory for the complete vehicle sealing segment [2]. Strategic Partnerships - The company has developed a new short edge frame product for photovoltaic modules, which reduces aluminum material usage and costs - A long-term supply agreement with LONGi Green Energy for 8GW of short edge frame products is expected to drive significant growth from June 2025 to June 2027 [3]. R&D and Innovation - The company is continuously investing in R&D through various platforms, including national-level postdoctoral research stations and joint research labs with universities - New product developments include lightweight designs for convertible vehicles and waterproof sealing solutions for major infrastructure projects [4]. Investment Outlook - Projected net profits for 2025 and 2026 are estimated at 210 million and 300 million, corresponding to P/E ratios of 29 and 21 times [5].

Group 1 - The company reported a revenue increase of 35.64% to 1.819 billion in 2024, with a net profit increase of 31.05% to 220 million [1] - In Q1 2025, the company achieved a revenue of 539 million, representing a year-on-year growth of 64.37% and a quarter-on-quarter growth of 12.34%, with a net profit of 77 million, showing a year-on-year increase of 105.12% and a quarter-on-quarter increase of 80.83% [1] - The company's expense ratios for sales, management, R&D, and finance were 2.47%, 8.05%, 4.37%, and -0.73% respectively, with year-on-year changes of -0.4, -3.49, -0.56, and -0.05 percentage points [1] Group 2 - Demand for new energy and health appliances is rising, leading to better-than-expected performance growth, with overseas production capacity being continuously released to strengthen competitive advantages [2] - Revenue from injection molding products increased by 38.13% to 909 million in 2024, with a gross margin increase of 0.73 percentage points to 31.57%; health products revenue rose by 42.83% to 538 million, with a gross margin decrease of 5.32 percentage points to 20.96% [2] - The company is actively expanding in the new energy sector and acquired Yuke Plastic in May 2024, benefiting from the trends in the new energy vehicle industry [2] Group 3 - The company is a key supplier for overseas giants like Kollmorgen, providing components for robots, and is advancing in the development of electronic skin [3] - The company supplies motor components and gears to major motor companies and collaborates with firms like DANFOSS to develop advanced materials for applications in components [3] - The company is working with renowned medical brand AMBU to develop plastic human skin, and its subsidiary Yuke Plastic is developing IME in-mold electronic technology, which is expected to accelerate electronic skin development [3] Group 4 - The company is projected to achieve revenues of 2.221 billion, 2.684 billion, and 3.232 billion from 2025 to 2027, with corresponding net profits of 316 million, 371 million, and 399 million, leading to P/E ratios of 23.7, 20.2, and 18.7 respectively [3]

| 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） | -0.2134 | 0.1582 | -234.89 | -0.2400 | | 每股净资产（元） | 0.57 | 0.8 | -28.75 | 0.04 | | 每股公积金(元) | 0.6 | 0.61 | -1.64 | 0.27 | | 每股未分配利润(元) | -1.13 | -0.92 | -22.83 | -1.36 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.42 | 9.33 | -9.75 | 10.56 | | 净利润(亿元) | -1.53 | 0.92 | -266.3 | -1.33 | | 净资产收益率(%) | -30.40 | 63.49 | -147.88 | -149.92 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 山西盛农投 ...

Financial Performance - The company reported a basic earnings per share of -0.1500 yuan for 2024, an improvement of 6.25% compared to -0.1600 yuan in 2023 [1] - The total revenue for 2024 was 3.33 billion yuan, representing a 28.08% increase from 2.6 billion yuan in 2023 [1] - The net profit for 2024 was -0.23 billion yuan, showing a slight improvement of 4.17% from -0.24 billion yuan in 2023 [1] - The return on equity for 2024 was -3.71%, slightly better than -3.77% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 56.6478 million shares, accounting for 46.63% of the circulating shares, which is a decrease of 1.8324 million shares from the previous period [1] - Ningbo Liyi Venture Capital Center (Limited Partnership) entered the top shareholders list with 24.3273 million shares, representing 20.03% of the total share capital [2] - Shanghai Kofeng Technology Venture Capital Co., Ltd. reduced its holdings by 261,600 shares, now holding 4.8051 million shares, which is 3.96% of the total [2] Dividend Policy - The company has decided not to distribute dividends or increase capital [3]

前十大流通股东累计持有： 30883.76万股，累计占流通股比： 38.31%，较上期变化： -0.10万股。 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） | 0.0400 | 0.1000 | -60 | 0.0900 | | 每股净资产（元） | 3.57 | 3.37 | 5.93 | 3.36 | | 每股公积金(元) | 1.13 | 0.66 | 71.21 | 0.66 | | 每股未分配利润(元) | 1.31 | 1.62 | -19.14 | 1.62 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.94 | 9.3 | -3.87 | 8.89 | | 净利润(亿元) | 0.33 | 0.69 | -52.17 | 0.65 | | 净资产收益率(%) | 1.09 | 2.76 | -60.51 | 2.71 | 数据四舍五入，查看更多财务数据>> 二、前10名 ...