2025 年 5 月 6 日 ——东方铁塔（002545.SZ）2024 年报及 2025 一季报点评 增持（维持） 分析师：周家诺 公司研究 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 24 年氯化钾产销量显著提升，积极推进第二个百万吨项目建设 市场数据 当前价：7.62 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com | 总股本(亿股) | 12.44 | | --- | --- | | 总市值(亿元)： | 94.80 | | 一年最低/最高(元)： | 5.66/8.48 | | 近 3 月换手率： | 91.10% | 股价相对走势 -17% -8% 2% 12% 21% 04/24 07/24 10/24 01/25 东方铁塔 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 6.03 | 9.66 | -2.89 | | 绝对 | 11.08 | 9.01 | 0.19 ...

NO.1 银粉生产商建邦高科首次递表港交所 ｜2025年5月6日星期二｜ 5月2日，建邦高科向港交所主板提交上市申请。该公司主要研究、开发、生产及销售银粉，其银粉产品主要用于光伏银浆（生产光伏电池的关 键原材料）的生产。2024年，建邦高科收入约39.5亿元，同比增长41.99%；毛利1.31亿元，同比增长21.96%；净利润约0.79亿元，同比增长 31.95%。 点评：建邦高科赴港交所主板递表，彰显其拓展资本版图的决心。近年营收、利润双增长，展现良好发展态势。作为光伏银粉领域头部企业， 有望借上市契机，依托行业发展东风，进一步扩大规模、提升竞争力，开拓更广阔市场空间 。 NO.5新三板创新层企业讯众股份再次递表港交所 4月30日，新三板创新层企业讯众股份（BJ832646，股价5.01元）向港交所主板提交上市申请。2024年7月26日，该公司就曾向香港联交所递交 过招股书。讯众股份定位为智能云通信建设与服务商，按2023年收入排名计，讯众股份是中国最大的全栈式云通信服务提供商，市场份额占 2023年中国云通信服务市场总收入的1.8%。 5月2日，伟鸿集团控股（HK03321，股价0.056港元）宣布，截至 ...

Core Viewpoint - Yunlu Co., Ltd. (688190) reported a decline in total operating revenue for Q1 2025, while net profit showed a slight increase, indicating mixed financial performance [2][4]. Financial Performance - Total operating revenue for Q1 2025 was 421.06 million yuan, a decrease of 4.87% year-on-year [2][4]. - Net profit attributable to shareholders was 78.91 million yuan, an increase of 4.34% year-on-year [2][4]. - Deducted non-recurring profit and loss net profit was 77.45 million yuan, up 13.05% year-on-year [2][4]. - Basic earnings per share were 0.66 yuan, compared to 0.63 yuan in the same period last year [2][4]. - The weighted average return on equity was 3.10%, down 0.16 percentage points year-on-year [21]. Cash Flow and Assets - Net cash flow from operating activities was -116.89 million yuan, a decrease of 130 million yuan year-on-year [25]. - Total assets at the end of Q1 2025 were approximately 3.25 billion yuan, an increase from the previous year [4][33]. - Significant changes in assets included a 69.82% decrease in other non-current assets and an 88.22% increase in receivables financing [33][36]. Shareholder Structure - As of the end of Q1 2025, the top ten shareholders included a new shareholder, Ruizhong Life Insurance Co., Ltd., replacing a previous fund [43][44]. - The largest shareholder, China Aviation Power Asset Management Co., Ltd., held 28.5% of the shares, unchanged from the previous period [44]. Valuation Metrics - As of April 29, 2025, the price-to-earnings (P/E) ratio was approximately 30.06 times, the price-to-book (P/B) ratio was about 4.24 times, and the price-to-sales (P/S) ratio was around 5.83 times [4].

证券代码：836699 证券简称：海达尔 公告编号：2025-040 无锡海达尔精密滑轨股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 活动时间：2025 年 4 月 28 日至 2025 年 4 月 29 日 活动地点：线上会议 参会单位及人员：华源证券、中信建投基金、汇安基金、博远基金、开源证 券、中金公司、民生证券、华鑫证券、万和证券、中泰证券、浙商证券、国泰海 通证券、青岛中航赛维投资有限公司、上海益和源资产管理有限公司、鹏山资产、 巨鹿投资、上海汇瑾资产管理有限公司、上海天驷资产管理有限公司、远信(珠 海)私募基金管理有限公司、上海朴信投资管理有限公司、尚正基金管理有限公 司、杭州俊腾私募基金管理有限公司、陕西趋势投资管理有限公司、深圳市尚诚 资产管理有限责任公司、江苏苏豪投资集团有限公司、上海天猊投资、上海递归 私募基金管理有限公司、工银瑞信基金管理 ...

证券代码：300709 证券简称：精研科技 江苏精研科技股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系 | 特定对象调研 分析师会议 | | --- | --- | | 活动类别 | 媒体采访 业绩说明会  | | | 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） | | 参与单位名 | | | 称及人员姓 | 线上参与精研科技 2024 年度网上业绩说明会的投资者 | | 名 | | | 时间 | 年 月 日 2025 4 30 15:00-16:30 | | 地点 | 价值在线（www.ir-online.cn） | | 上市公司接 | 董事长、总经理：王明喜先生 | | 待人员姓名 | 董事、董事会秘书、副总经理：黄逸超女士 | | | 独立董事：刘永宝先生 | | | 副总经理、财务总监：杨剑先生 | | | 公司于 2025 年 4 月 30 日（星期三）下午 15:00-16:30 在价值 | | 投资者关系 | 在线举办 2024 年度业绩说明会，本次业绩说明会采用网络互动方 | | 活动主要内 | 式举行，业 ...

Core Insights - In 2024, Henggong Precision (301261.SZ) continues to focus on technology and market orientation, driving breakthroughs and applications in high-end equipment components [1] - The company reported a revenue of 1.033 billion yuan in 2024, representing a year-on-year growth of 16.91% [2] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 21.9725 million yuan [3] Revenue Growth - The revenue for the fourth quarter increased by 21.90% quarter-on-quarter to 286 million yuan, indicating a recovery in market demand [2] - Revenue from hydraulic equipment components grew by over 30%, with continuous casting iron and hydraulic equipment generating revenues of 338 million yuan and 341 million yuan, respectively, reflecting growth rates of 2.03% and 31.73% [4] - The transmission components revenue surged by 70.02% to 26 million yuan, while air compression components contributed 227 million yuan [4] Strategic Focus - Henggong Precision is actively developing its robot core components business, which is seen as a strategic direction for future growth [5] - The company has established partnerships with strategic clients to enhance its product offerings in the humanoid robot sector, focusing on high-value components such as RV and harmonic reducer parts [5][6] - The company is committed to increasing its R&D investment, which reached approximately 38.66 million yuan, a 30.78% increase from the previous year [7] Market Position - Henggong Precision holds a 63% market share in the domestic market for continuous casting iron products, ranking first, and a 19% share globally, ranking second [2] - The company is leveraging the "Belt and Road" initiative to enhance international cooperation and market development [4] Future Outlook - The company plans to continue expanding its production capacity for new energy vehicle components and robot structural parts, seeking new business growth points [8] - By 2025, Henggong Precision aims to enhance the proportion of precision machining core components and build a comprehensive service platform for customers [7]

Group 1: Company Performance - In 2024, the company achieved a revenue of 5.085 billion CNY and a net profit of 13.6075 million CNY [2] - In Q1 2025, the revenue was 1.117 billion CNY, with a net profit of 5.67 million CNY, representing a 390.50% increase compared to the same period last year [2] Group 2: Competitive Advantages - The company possesses independent intellectual property rights and has a cost advantage due to proximity to resources like methanol and hydrochloric acid in the production area [2] - Continuous technological upgrades and market management strategies are being implemented to enhance competitiveness and reduce costs [2] Group 3: Future Growth Prospects - The company is focusing on deepening its development in the metal products and chemical sectors, aiming to improve profitability and brand value [3] - The company has acquired mining rights for the Longtoushan gold mine and is conducting detailed exploration to assess gold resource reserves [3]

Financial Overview - The company reported significant revenue and net profit growth in Q1 2025, with total revenue reaching 720 million yuan, a year-on-year increase of 66.52% [9] - The net profit attributable to shareholders was 152 million yuan, reflecting a year-on-year growth of 41.26% [9] - The net profit after deducting non-recurring gains and losses was 146 million yuan, up 34.15% year-on-year [9] Profit Margin Analysis - Despite the substantial growth in revenue and net profit, the company's profit margins have declined, with a gross margin of 33.89%, down 12.42% year-on-year [9] - The net profit margin was reported at 21.1%, a decrease of 15.17% compared to the previous year [9] Expense and Cash Flow Management - Total operating expenses (including sales, management, and financial expenses) amounted to 38.65 million yuan, accounting for 5.37% of revenue, which is an increase of 28.61% year-on-year [9] - The company demonstrated strong cash flow management, with operating cash flow per share at 1.72 yuan, a significant increase of 95.76% year-on-year [9] - Cash and cash equivalents reached 836 million yuan, reflecting a year-on-year growth of 28.31% [9] Assets and Liabilities - Accounts receivable surged to 329 million yuan, marking a year-on-year increase of 103.81%, indicating expanded sales but also potential bad debt risks [6][9] - Interest-bearing liabilities increased dramatically to 368 million yuan, a staggering growth of 516.90%, which raises concerns about the company's financial structure [6][9] Key Financial Indicators - The company's equity per share rose to 19.8 yuan, a year-on-year increase of 44.26% [9] - Earnings per share were reported at 1.48 yuan, reflecting a growth of 39.62% year-on-year [9]

Revenue and Profit - The company achieved total revenue of 230 million yuan in Q1 2025, representing a significant year-on-year increase of 101.08% [2] - However, the net profit attributable to shareholders was only 17.18 million yuan, a year-on-year decrease of 27.29%, while the non-recurring net profit was 16.25 million yuan, down 29.96% year-on-year [2] Costs and Expenses - The total of the three expenses (financial, sales, and administrative) rose significantly to 23.72 million yuan, with the proportion of total revenue increasing from 5.76% in the same period last year to 10.30%, marking a growth of 79% [3] Profitability Indicators - The company's gross margin was 27.95%, a decrease of 18.08 percentage points compared to the same period last year; the net margin was 9.6%, down 53.68 percentage points year-on-year [4] Assets and Cash Flow - As of the end of the reporting period, the company's cash and cash equivalents amounted to 339 million yuan, a decrease of 40.94% year-on-year; accounts receivable reached 328 million yuan, an increase of 104.59% year-on-year [5] - The ratio of accounts receivable to profit reached 405.7%, indicating a need to monitor collection [5] - Operating cash flow per share was 0.52 yuan, a substantial year-on-year increase of 715.14%, indicating improved cash inflow from operating activities [5] Shareholder Equity - The net asset value per share was 17.68 yuan, an increase of 32.70% year-on-year, indicating growth in shareholder equity [6] - Earnings per share were 0.18 yuan, a decrease of 40.00% year-on-year, reflecting a decline in per-share profitability [6] Summary - Overall, while the company achieved a doubling of revenue in Q1 2025, it faces significant challenges in profitability and cost control, particularly due to the notable increase in the proportion of expenses and the rapid rise in accounts receivable, which require attention [7]

近期罗普斯金（002333）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 罗普斯金在2025年一季度实现营业总收入3.8亿元，同比上升15.87%。然而，归母净利润为1393.08万 元，同比下降28.67%；扣非净利润为1102.12万元，同比下降23.69%。这表明公司在营业收入增长的同 时，盈利能力有所下降。 现金流与应收账款 公司每股经营性现金流为-0.11元，同比减少411.23%，显示出公司在经营活动中现金流状况不佳。此 外，应收账款达到7.52亿元，占最新年报归母净利润的比例高达1471.91%，这可能对公司未来的现金流 产生不利影响。 成本与费用 尽管三费(销售费用、管理费用、财务费用)总计2459.98万元，占营收比例为6.47%，同比减少了 14.28%，但公司仍需关注其费用控制情况，以确保盈利能力的提升。 总结 总体来看，罗普斯金在2025年一季度虽然实现了营业收入的增长，但利润水平出现明显下滑，尤其是净 利率和每股收益的大幅下降。同时，公司需特别关注现金流状况和应收账款的管理，以改善未来的财务 健康状况。 盈利能力 公司的毛利率为12.69%，较去年同期减少9.38个百 ...