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） | -0.0300 | -0.7100 | 95.77 | -1.0600 | | 每股净资产（元） | 7.22 | 7.44 | -2.96 | 8.04 | | 每股公积金(元) | 6.63 | 6.62 | 0.15 | 6.51 | | 每股未分配利润(元) | -0.47 | -0.43 | -9.3 | 0.28 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.23 | 4.09 | 27.87 | 2.4 | | 净利润(亿元) | -0.03 | -0.72 | 95.83 | -1.06 | | 净资产收益率(%) | -0.40 | -9.22 | 95.66 | -12.34 | 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 前十大流通股东累计持有： 6591.25万股，累计占流通股比： 65 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业绩符合预期，国际化战略稳步推进 [Table_Title2] 威胜信息(688100) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688100 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 52.9/31.3 | | 目标价格： | | 总市值(亿) | 178.73 | | 最新收盘价： | 36.35 | 自由流通市值(亿) | 178.73 | | | | 自由流通股数(百万) | 491.69 | [Table_Summary] 事件： 公司发布 2025 年一季报，2025Q1 实现总营业收入 5.55 亿元，同比增长 23.96%；实现归母净利润 1.39 亿元， 同比增长 25.33%。 1、国际化战略稳步加速，在手订单情况持续增长 根据公司公众号，2025Q1 公司境内收入 4.55 亿元，同比增长 22.57%；实现境外收入 0.97 亿元，同比增长 30.58%。报告期内 ...

Group 1: Key Insights on Gujinggong Liquor (古井贡酒) - The company reported 2024 revenue of 23.58 billion, a year-on-year increase of 16.4%, and a net profit of 5.52 billion, up 20.2% year-on-year [12][16] - For Q1 2025, revenue reached 9.15 billion, growing 10.4% year-on-year, with net profit at 2.33 billion, a 12.8% increase [12][16] - The company maintains a buy rating with projected net profits for 2025-2027 at 5.92 billion, 6.29 billion, and 6.63 billion respectively, reflecting growth rates of 7.3%, 6.3%, and 5.3% [16] Group 2: Key Insights on Chongqing Bank (重庆银行) - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion, a 5.3% year-on-year increase, and a net profit of 1.6 billion, also up 5.3% [15][20] - The bank's non-performing loan ratio decreased to 1.21%, with a provision coverage ratio rising to 248% [15][20] - The bank's loan growth accelerated, with a 16.4% year-on-year increase, driven by a more than 30% growth in corporate loans [20] Group 3: Industry Insights on Real Estate - The recent political bureau meeting emphasized the importance of stabilizing the real estate market, highlighting the need for high-quality housing supply [22][26] - The meeting also called for optimizing the policies for acquiring existing housing stock, indicating a proactive approach to address market challenges [26] - The real estate sector is viewed as crucial for economic stability, with ongoing support expected to enhance market conditions [22][26]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 8.19 billion yuan for 2024, representing a year-on-year growth of 6.13%, with a net profit attributable to shareholders of 668 million yuan, up 18.53% year-on-year [6] - The growth in revenue is primarily driven by domestic vehicle and 5G FWA businesses, with a notable increase in revenue from the core business excluding the impact of the divested wireless vehicle business [6] - The company is positioned to benefit from the expected explosion in applications of edge AI and robotics, with new product launches such as the "Nebula Series" AI modules and the Fibot embodied intelligent robot development platform [6] - The company has a strong outlook for its vehicle and FWA businesses, with expectations for continued high growth supported by advancements in AI capabilities and product offerings [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 7.716 billion yuan in 2023 to 13.105 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.4% from 2025 to 2027 [5][8] - Net profit is expected to fluctuate, with estimates of 626 million yuan in 2025, 752 million yuan in 2026, and 966 million yuan in 2027, reflecting a growth trajectory despite a slight dip in 2025 [5][8] - The company's gross margin is projected to stabilize around 19.7% to 20.2% over the forecast period, indicating a focus on maintaining profitability amid revenue growth [5]

文 | 人民日报 丁怡婷 具备毫秒级响应速度的飞轮储能系统，功能灵活的液冷一体式移动储能车，可提前超15分钟预报燃爆等事故的新型储能安全监测平台……在日前 举办的第十三届储能国际峰会暨展览会上，新型储能技术"多点开花"，不少企业亮出"看家"产品。 会上发布的《储能产业研究白皮书2025》显示，2024年，我国新型储能新增装机连续3年保持全球第一，达到43.7吉瓦/109.8吉瓦时，占全球新 增装机的约六成。新型储能累计装机规模首次超过抽水蓄能，占比超56%。截至今年2月底，全国新型储能累计装机已超过7500万千瓦。 国家能源局能源节约和科技装备司相关负责人介绍，高可靠、高能效、长寿命的新型储能产品和技术供给能力不断提升，锂离子电池占据装机主 导的同时，压缩空气、液流电池、钠离子电池、重力储能、飞轮等非锂储能技术实现应用突破，技术多元化应用趋势凸显。 在展览会上，远景储能展出了8兆瓦时储能系统新品，内部由3300多颗电芯组成。"由于单颗电芯容量提升，相比市场主流的5兆瓦时储能系统， 电芯数量减少超过30%，容量提升约60%，全生命周期度电成本可降低约40%。"远景储能总裁田庆军介绍。 2024年，南网储能公司研 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，广东九联科技股份有限公司（688609.SH，下称"九联科技"、"上市公司"）发布公告，拟收购成都能通科技股份有限公司（下称"能通科技"） 51%股份，并实现控股，本次交易预计构成重大资产重组。 九联科技此次收购既是业务多元化的关键一步，也是响应国家军民融合战略的积极尝试。 制图：佘诗婕 资金压力 就本次交易双方的业务来看，九联科技核心业务以智能终端（如机顶盒、家庭网关）、物联网通信模块及智慧城市解决方案为主。 能通科技则专注于军用监视雷达、通信导航与电子对抗领域的部件及整机系统研发、生产与销售，已取得《武器装备科研生产许可证》《武器装备承制单 位资格证书》等军品生产资质，其技术能力覆盖军工电子核心领域。 此次收购后，上市公司将直接切入军工电子领域，借助能通科技的技术积累和资质，快速布局雷达、通信导航等高壁垒市场，实现从民用向"军民融合"的 转型。 不过，就上市公司账面来看，公司的现金流不是很乐观。截至2024年年末，公司货币资金为2.71亿元， 而短期借款由2023年的7.18亿元上升至2024年的 9.09亿元，资产负债率由2022年的54.37%上升至2 ...

Financial Performance - In 2024, the company achieved operating revenue of 967 million yuan, a year-on-year decrease of 4.81%, while net profit reached 159 million yuan, an increase of 8.08% [1] - The comprehensive gross profit margin for 2024 was 41.95%, up by 1.55% year-on-year [1] - The profit distribution plan for 2024 includes a cash dividend of 2.20 yuan per 10 shares (tax included), totaling over 100 million yuan, which accounts for more than 63% of the company's net profit for the year [1] International Business Growth - The company's overseas revenue in 2024 was approximately 934.16 million yuan, reflecting a year-on-year growth of 3.35% [2] - Revenue growth in various regions included Asia at 68.88%, Oceania at 27.56%, South America at 12.17%, and North America at 2.79% [2] - The company maintains a competitive advantage in international markets due to its strong market foundation and mature operational model [2] Emerging Business Opportunities - The company's emerging businesses showed significant growth, with cold chain products generating revenue of 136.99 million yuan, up 14.97% year-on-year [3] - Revenue from video vehicle networking reached 39.74 million yuan, a remarkable increase of 743.96% [3] - The company is leveraging new technologies such as artificial intelligence to drive a new wave of technological revolution and industrial transformation [3] Regulatory Impact and Market Strategy - The introduction of new national standards for electric two-wheelers is expected to create development opportunities for the company, despite initial market expansion challenges [4] - The company has developed multiple products for the electric two-wheeler market, which can be utilized in e-bikes, electric scooters, and electric motorcycles [4] - In Q1 2025, the company experienced a revenue decline of 26.12% and a net profit decline of 72.38%, prompting strategic adjustments in market diversification and supply chain management [4]

Core Viewpoint - Hanshuo Technology Co., Ltd. reported steady growth in its 2024 annual performance, with significant increases in revenue, net profit, and operating cash flow, indicating a robust business trajectory since its market debut [1] Financial Performance - The company achieved an operating revenue of 4.486 billion yuan, representing a year-on-year increase of 18.84% [1] - The net profit attributable to shareholders was 710 million yuan, up 4.81% year-on-year [1] - Operating cash flow net amount reached 1.032 billion yuan, marking a substantial increase of 62.29% [1] - Total assets at the end of 2024 amounted to 5.179 billion yuan, reflecting a growth of 36.99% year-on-year [1] Business Model and Product Development - Hanshuo Technology focuses on digital solutions for retail stores, leveraging IoT wireless communication technology [2] - The company has developed a comprehensive business system centered around electronic price tag systems and SaaS cloud platform services [2] - The latest HiLPC protocol allows a single store to support hundreds of cellular network base station devices, achieving an industry-leading concurrency level [2][3] - The company has launched over 40 electronic price tag products, demonstrating continuous innovation [2][3] Market Position and Competitive Advantage - Hanshuo Technology holds a 62% market share in the domestic electronic price tag market, ranking first in China and third globally [3] - The company invested 198 million yuan in R&D in 2024, a 17.34% increase, with 308 R&D personnel, accounting for 32.08% of the workforce [3] - The company aims to become a global leader in retail store digital solutions, focusing on R&D-driven growth [3] Global Expansion Strategy - The global market for electronic price tags is expected to reach 34.9 billion yuan by 2028, indicating significant growth potential [4] - Since 2014, the company has established a global sales and service network, partnering with major international retailers across over 70 countries [4] - In 2024, the company expanded its presence in markets such as Spain, Portugal, Poland, Canada, and Southeast Asia, contributing to revenue growth [4][5] Domestic Market Performance - The domestic revenue for 2024 was 264 million yuan, showing a remarkable year-on-year growth of 63.58% [5] - Support from national policies for digital economy and retail digitalization has created a favorable environment for business development [5] Future Outlook - The company plans to focus on optimizing organization, continuous innovation, and deepening market presence as core strategies [6] - Emphasis will be placed on the innovation of core technologies and products, particularly in AIoT and new energy sectors [6] - The goal is to enhance both the scale and profitability of core and innovative businesses through improved supply chain resilience and product competitiveness [6]

Financial Performance - In Q1 2025, the company achieved revenue of 981 million yuan, a year-on-year increase of 0.74% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 165 million yuan, reflecting a year-on-year growth of 7.14% [1] - The net cash flow from operating activities reached 93.83 million yuan, showing a significant year-on-year increase of 590.64% [1] - The company invested 42.42 million yuan in research and development during the reporting period [1] Business Overview - The company focuses on IoT wireless communication technology and has developed a business system centered around digital solutions for retail stores, including electronic price tag systems and SaaS cloud platform services [1] - The company has developed a proprietary high-density low-power cellular wireless communication protocol, HiLPC, which offers strong anti-interference capabilities and high concurrency [1] Strategic Direction - The company plans to promote the industrial application of innovative technologies such as IoT, cloud computing, big data, and artificial intelligence in sectors like smart retail, smart office, and intelligent manufacturing [2] - The strategic focus is on a "technology innovation + globalization layout" dual-driven strategy, with an emphasis on expanding its presence in key markets including Europe, Japan, Australia, Southeast Asia, and within China [2] - The integration of AI and IoT technologies is expected to drive a new growth cycle in the smart retail sector, aligning with the digital transformation of traditional industries [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025, primarily due to ongoing trade tensions and increased operational costs, while also highlighting growth in specific product lines within the IoT sector [9][10]. Company Overview - The company is a leading provider of wireless IoT devices and solutions, focusing on the development and sales of IoT terminal devices [4]. - Its products integrate advanced technologies such as satellite positioning, smart sensors, and AI processing, aimed at providing efficient information management and control for devices and vehicles [4]. Financial Performance - In Q1 2025, the company achieved revenue of 156.81 million yuan, a year-on-year decline of 26.12%, and a net profit attributable to shareholders of 9.79 million yuan, down 72.38% compared to the previous year [10]. - The increase in expenses, including sales, management, R&D, and financial costs, amounted to 8.45 million yuan compared to the same period last year, with R&D expenses accounting for 19.64% of total revenue [10]. Product Development - The company reported strong growth in emerging product lines, with revenue from animal traceability products increasing by 33.58% to 11.20 million yuan, and revenue from video vehicle networking products soaring by 561.01% to 10.60 million yuan [10]. - The establishment of a dedicated business line for industrial routers is part of the company's strategic focus to expand in this market [10]. Market Outlook - The company aims to leverage market research and optimize marketing strategies to explore new market opportunities, driven by the growing demand in the IoT industry [10].