Event Overview - The company reported Q1 2025 results with revenue of 1.833 billion yuan, a year-over-year increase of 17.24% and a quarter-over-quarter decrease of 8.08%. The net profit attributable to shareholders was 533 million yuan, up 23.02% year-over-year and down 9.28% quarter-over-quarter. The non-recurring net profit was 449 million yuan, reflecting an 18.71% year-over-year increase and a 9.36% quarter-over-quarter decrease. The gross margin was 41.01%, up 0.87 percentage points year-over-year but down 2.56 percentage points quarter-over-quarter. The net profit margin was 29.07%, an increase of 1.34 percentage points year-over-year and a decrease of 0.34 percentage points quarter-over-quarter [1]. Profit Margin Analysis - In Q1, the company experienced a decline in profit margins quarter-over-quarter due to rising costs, particularly from precious metals. The first quarter is traditionally a low season with fewer working days, which contributed to a quarter-over-quarter revenue decline. However, the company still achieved significant year-over-year growth due to demand recovery and successful customer expansion [2]. Product Development and Market Position - The company is continuously enhancing its MLCC (Multi-Layer Ceramic Capacitor) technology through increased R&D investment, overcoming technical challenges, and improving product quality and stability. A comprehensive product matrix has been established, with diverse series tailored to various application scenarios, thereby meeting the differentiated needs of different customer groups. The core competitiveness of the company's MLCC products has significantly improved, leading to a steady increase in market share, which is expected to contribute positively to future performance [3]. - In the ceramic insert sector, the rapid development of emerging technologies like artificial intelligence is reshaping the demand landscape in the optical communication market. This evolution imposes higher requirements on product performance, manufacturing processes, material selection, and overall production workflows. The company is actively pursuing technological breakthroughs and innovations, introducing new products such as MT inserts and ceramic packaging tubes, which have garnered attention from global clients. The accelerating construction of data centers worldwide is positively impacting the demand for ceramic inserts and related products [3]. Investment Outlook - Considering the uncertainties in the macroeconomic environment, the company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.707 billion yuan, 3.35 billion yuan, and 3.943 billion yuan, respectively. This is a revision from previous estimates of 2.736 billion yuan and 3.184 billion yuan for 2025 and 2026. Based on the closing prices for 2025, 2026, and 2027, the price-to-earnings ratios are expected to be 24.3, 19.6, and 16.7 times, respectively, maintaining a "buy" rating [4].

中国基金报记者 李智 一起来看下上午的市场情况及最新资讯。 5月6日上午，A股市场高开高走，沪指突破3300点关口，创业板指领涨。截至午间收盘，沪指涨0.94%，深成指涨1.66%，创业板指涨2%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3309.95 | 10064.21 | 1367.94 | | +30.91 +0.94% | +164.38 +1.66% | +36.81 +2.77% | | 科创50 | 创业板指 | 万得全A | | 1026.09 | 1987.04 | 5034.31 | | +13.68 +1.35% | +39.01 +2.00% | +78.23 +1.58% | W 上证指数(000001) 05-06 11:30:03 【导读】鸿蒙概念股表现活跃，汽车零部件板块多股涨停 | 3309.95 | | 昨收 | 3279.03 | 成交额3495.90亿 | | --- | --- | --- | --- | --- | | +30.91 | +0.94% | 今井 | 3295.25 | 成交量 302.68亿 | ...

| 华安研究 2025年5月金股组合 | 归母净利润（百万） | 归母净利润增速 | 营业收入（百万） | 营业收入增速 | eps | pe(pb有说明) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2023A | 2024A/E | 2025E | 2 ...

深市公司2024年整体经营稳健向好 数据来源：深交所 ◎记者 时娜 2024年，深市上市公司继续劈波斩浪，稳"舵"前行，总体业绩稳中有进。截至4月30日，按期披露2024 年年报的深市2865家公司合计实现营业收入20.82万亿元，"十四五"以来复合增长率达8.55%；合计实现 净利润8064.47亿元。 其中，共有1585家公司实现收入增长，占比55.30%；2064家公司实现盈利，占比72.02%；1345家公司 净利润同比改善，占比46.93%。深市龙头公司表现尤其亮眼，36家千亿元市值公司以强劲的发展态势 为深市贡献约六成的利润。 龙头公司"压舱石"作用凸显 2024年，深市公司整体经营稳健向好，个股和板块表现均可圈可点。整体来看，共有32家公司2024年营 业收入实现倍增；910家公司连续盈利且同比增长；264家公司连续盈利且同比增长超过50%；142家公 司连续盈利且同比增长超过100%。 实体经济"基本盘"依然稳固，实体类上市公司平均营业收入69.49亿元，"十四五"以来复合增长率达 9.48%；平均净利润达2.82亿元。 分板块来看，深市主板公司2024年度合计实现营业收入16.78万亿元；合 ...

Core Viewpoint - Guangdong Golden Key Group, a once-popular investment firm, has collapsed, with its chairman admitting to complete depletion of funds and fleeing to the UK [2][4][10]. Group 1: Company Operations and Financials - The chairman, Lin Chunhao, acknowledged in a farewell message that the company had consumed all of the 1.34 billion yuan raised from investors and personally lost 715 million yuan [9][10]. - The company promised annual returns of 6%-9% to investors, utilizing funds for P2P lending, stock trading, and cryptocurrency investments, with significant losses reported in the cryptocurrency sector amounting to 68.98 million yuan [7][10]. - The operational strategy of the group involved traditional high-yield investment schemes, which ultimately led to its downfall [8][10]. Group 2: Investor Impact and Reactions - The collapse has shocked investors, particularly those in Shenzhen, Zhongshan, Guangzhou, and Foshan, many of whom were introduced to the firm through friends and family [10]. - Investors were initially attracted by financial education courses offered by the company, which later led to high-yield investment product purchases [10][12]. - The company had previously been recognized as a "AAA credit enterprise," which helped build investor trust before the collapse [13]. Group 3: Historical Context and Leadership - Founded in 1999, the Golden Key Group initially thrived in the electronics sector before shifting focus to finance, managing a government industry fund of 2 billion yuan and collaborating on large municipal projects [13][20]. - Lin Chunhao was an influential figure in Shenzhen's business community, holding various leadership roles and receiving accolades for charitable contributions [16][17].

Core Insights - The article highlights the rapid development of the new energy and petrochemical industries in Luoyang, with significant projects like CATL's (宁德时代) new energy battery production base and the Henan Refining's ethylene project marking a new industrial landscape by 2025 [1][4]. Group 1: Industry Development - CATL's Luoyang base is set to become a competitive national-level new energy battery industry cluster, with phases three and four of the project underway, aiming for an annual output value exceeding 20 billion yuan [1][4]. - The Henan Refining's ethylene project is part of a larger initiative to create a billion-level petrochemical materials base, contributing to local employment and economic growth [5]. - The strategic focus on "four new industries and one equipment" aims to enhance the scale and quality of major industrial projects in Luoyang [4][5]. Group 2: Innovation and Technology - Luoyang is fostering innovation through high-level platforms that integrate talent cultivation, technological innovation, and industrial incubation, with a notable increase in technology contract transactions reaching 7.033 billion yuan in Q1, up 217.8% year-on-year [3]. - The establishment of high-tech enterprises is a priority, with companies like Luoyang Xin'an New Energy Co. achieving significant advancements in lithium extraction technology [3]. - The high-tech manufacturing sector in Luoyang saw a 92.3% increase in added value in Q1, accounting for 7.8% of the industrial output, reflecting a 3.5 percentage point increase from the previous year [3]. Group 3: Project Execution and Economic Impact - The rapid construction of projects like CATL's battery production lines demonstrates Luoyang's commitment to meeting production targets, with a goal of achieving over 20 billion yuan in output for the year [4]. - The strategic initiatives have led to a 16.3% year-on-year growth in the added value of strategic emerging industries, now representing 12.1% of the industrial output [5]. - The establishment of the largest battery foil production base in the country is underway, with plans to increase production lines from 11 to 18 by the end of the year [6]. Group 4: Reform and Policy Support - Luoyang is implementing significant reforms to enhance the business environment, facilitating rapid project initiation and production [6]. - The introduction of a 10 billion yuan angel fund aims to support early-stage projects, addressing previous investment hesitations [6]. - Reforms in technology transfer and ownership are being pursued to ensure that more research outcomes are commercialized effectively [6].

Core Viewpoint - The company reported significant revenue and profit growth for 2024, driven by recovery in downstream markets and increased sales of high-value products [1] Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 7.38 billion, a year-on-year increase of about 28.8% [1] - The net profit attributable to shareholders for 2024 was approximately 2.19 billion, reflecting a year-on-year growth of about 38.6% [1] - The net profit excluding non-recurring items for 2024 was approximately 1.93 billion, with a year-on-year increase of about 58.2% [1] - For Q1 2025, the company reported revenue of approximately 1.83 billion, a year-on-year increase of about 17.24% [1] - The net profit attributable to shareholders for Q1 2025 was approximately 533 million, showing a year-on-year growth of about 23.02% [1] - The net profit excluding non-recurring items for Q1 2025 was 450 million, with a year-on-year increase of about 18.7% [1] Group 2: Market and Product Development - The company's strong performance in 2024 was attributed to the recovery in demand from downstream markets such as consumer electronics, automotive, and optical communications [1] - The company has made significant advancements in MLCC technology, achieving breakthroughs in high-capacity and small-size production, with multiple high-capacity specifications now in mass supply [2] - The company is expanding its product applications in high-end MLCC and ceramic insert products, including developments in optical communication and semiconductor components [2] - The company plans to continue exploring diverse product applications in areas such as optical communication, data centers, automotive, new energy, AI, robotics, and healthcare [2] Group 3: Future Profit Projections - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 2.73 billion, 3.26 billion, and 3.88 billion respectively, with upward adjustments from previous forecasts [3] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 24.32, 20.36, and 17.13 times respectively [3]

证券代码：301566 证券简称：达利凯普 大连达利凯普科技股份公司 投资者关系活动记录表 编号：2025-002 尊敬的投资者，您好！关于公司发展战略布局，公司将严 格按照相关法律法规履行信息披露义务。感谢您的关注，谢谢。 5、要延迟召开吗？看不到画面听不到声音 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 参与公司 2024 年度网上业绩说明会的投资者 时间 2025 年 4 月 30 日 15:00-17:00 地点 全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待人 员姓名 1、董事长赵丰 2、总经理、财务总监王大玮 3、副总经理、董事会秘书才纯库 4、独立董事曲啸国 5、保荐代表人袁琳翕 投资者关系活动 主要内容介绍 1、领导，您好！我来自四川大决策 请问新凯来近期发布 多款半导体设备，请问公司产品是否可以用于半导体设备的射 频电源？ 尊敬的投资者，您好！我公司产品可以用于半导体设备的 射频电源中。 2、公司本期盈利水平如何？ 尊敬的投资者，您好！2024 年度： ...

证券代码：301359 证券简称：东南电子 东南电子股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐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名 线上参与公司2024年年报业绩说明会的投资者 时间 2025年04月30日 16:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事长、总经理 仇文奎 副董事长、副总经理 张立 财务总监、董事会秘书 周爱妹 投资者关系活动主要内容 介绍 1.你们在设计产品过程中使用的软件是否合规？是否合法？ 答:尊敬的投资者，您好！本公司购买了相关正版软件，合法合 规使用。感谢您对公司的关注！ 2.各位领导你们好，公司上市已经两年多了，募集资金投资项目 进展如何？为什么一再延期？希望公司在新能源开关业务拓展这块 加足马力。 答:尊敬的投资者，您好！募集资金项目进展可以关注2025年4月 18日公司披露于巨潮资讯网上的《关于2024年度募集资金存放与使 用情况的专项报告》,募投项 ...