□ 本报记者王丽华 作为国家级非物质文化遗产"南京金箔锻制技艺"的保护单位，南京金线金箔总厂至今成立70周年，位于 栖霞区龙潭街道——南京金箔的发源地。然而在20世纪90年代，决定金箔品质的关键核心原材料乌金 纸，质量大幅度下滑，直接影响了金箔产业的发展。 锻制金箔时，要用乌金纸包好金片，经过几万次锻打，这就要求乌金纸耐冲击、耐高温、薄而不破。上 等品质的乌金纸，可以大幅度降低金箔制造中黄金的用量。乌金纸非常敏感，它的配方都要随着季节、 天气而变化，还必须烘烤，控制水分湿度，否则无法达标。明清以来，龙潭片区的乌金纸都是从浙江采 购的，然而浙江乌金纸万张金箔的耗金量明显上升，生产成本明显上涨。 厂里开始寻求国外主要金箔产地的乌金纸。曾任南京金线金箔总厂厂长的李宝祥回忆，1997年厂里先是 寻求与日本方面合作，找到了一位日本金箔技艺传承人，但对方并不想提供乌金纸技术，之后他又去了 欧洲，在德国一个金箔厂家花8000元买了乌金纸，结果拿回国后发现一张纸都打不出来。"后来德国商 家说这个技术是不可能卖给我们的，日本商家甚至放言，'再给你们20年也不可能突破这个技术'。" 1997年初，南京金线金箔总厂组建攻关小组，一 ...

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 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） | -0.2500 | 0.0300 | -933.33 | -0.0300 | | 每股净资产（元） | 0.04 | 0.07 | -42.86 | 0.06 | | 每股公积金(元) | 0.6 | 0.37 | 62.16 | 0.37 | | 每股未分配利润(元) | -1.68 | -1.43 | -17.48 | -1.45 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.12 | 4.46 | -30.04 | 6.78 | | 净利润(亿元) | -1.06 | 0.11 | -1063.64 | -0.11 | | 净资产收益率(%) | -2303.38 | 35.93 | -6510.74 | -30.08 | | 名称 | 持有数量(万股) | 占 ...

Core Insights - The company reported a slight decline in revenue but a significant drop in net profit, while cash flow from operating activities showed substantial growth [1][2][4] Financial Performance - Revenue for 2024 was approximately 2.71 billion yuan, a decrease of 2.17% from 2023's 2.77 billion yuan. Manufacturing revenue increased by 3.33% to about 2.14 billion yuan, while service revenue fell by 17.90% to approximately 535.80 million yuan, impacted by reduced demand in the infrastructure sector [2] - Net profit attributable to shareholders was approximately 172.26 million yuan, down 37.27% from 2023's 274.62 million yuan, primarily due to declining profits in inspection and testing services and losses in the lithium battery sector [2] - Basic earnings per share decreased by 37.63% to 0.2272 yuan, reflecting the drop in net profit [2] Cost Management - Total expenses for 2024 were approximately 349.10 million yuan, down from 388.75 million yuan in 2023. Sales expenses decreased by 2.06%, management expenses by 11.71%, and R&D expenses by 9.29% [3] - The company maintained a research and development investment of approximately 1.33 billion yuan, with an R&D intensity of 4.92%, focusing on projects to enhance product competitiveness [3] Cash Flow Analysis - The net increase in cash and cash equivalents was -9.50 million yuan, a significant decrease from 444.59 million yuan in 2023, influenced by changes in operating, investing, and financing activities [4] - Cash flow from operating activities was approximately 320.17 million yuan, up 142.47% year-on-year, indicating improved cash collection capabilities [4] - Cash flow from investing activities was -89.03 million yuan, a decrease of 137.58%, reflecting increased payments for fixed asset construction [4] - Cash flow from financing activities was -240.91 million yuan, a decrease of 415.50%, indicating a focus on debt repayment and prudent financial management [4] Management Compensation - The chairman received a pre-tax compensation of approximately 989,800 yuan, while the general manager received about 990,900 yuan. Compensation for vice presidents varied, with one receiving 846,400 yuan and another 784,700 yuan, linked to their responsibilities and performance [5]

点击注册小程序 查看完整报告 公司持续高研发投入，产品结构持续优化提升 报告摘要 事件： 2025Q1公司实现营业收入28.83亿元，同比+20.67%，环比-23.64%；实现归母净利润3.89亿元，同比 +18.59%，环比-12.64%，创历史同期新高水平；实现扣非后归母净利润3.94亿元，同比+15.72%，环 比-21.91%。 2025Q1公司扣除联营企业投资收益后归母净利润同比+26.50% 2025Q1公司对联营企业和合营企业的投资收益为0.14亿元，同比-56.29%。2025Q1公司实现扣除联营企业 投资收益后归母净利润3.75亿元，同比+26.50%。 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。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯 ...

Core Viewpoint - The stock of Saifutian (603028) experienced a limit-up today, with a trading volume of 1.63 billion yuan and a turnover rate of 9.10%, indicating strong market interest and activity [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's daily limit-up board due to a price deviation of 10.16%, with a net buying amount of 16.94 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction amount of 50.43 million yuan, with a buying amount of 33.69 million yuan and a selling amount of 16.74 million yuan, resulting in a net buying of 16.94 million yuan [2]. - The largest buying brokerage was Huaxin Securities, with a purchase amount of 14.48 million yuan, while the largest selling brokerage was UBS Securities, with a selling amount of 7.80 million yuan [2]. Historical Performance - Over the past six months, the stock has appeared on the limit-up board five times, with an average price drop of 3.73% the following day and an average decline of 18.40% over the next five days [3]. - Today's main capital inflow was 37.90 million yuan, with large orders contributing 13.30 million yuan and big orders contributing 24.59 million yuan. The net inflow over the past five days was 29.61 million yuan [3]. Financial Performance - On April 25, the company reported its Q1 financial results, showing a revenue of 349 million yuan, a year-on-year increase of 24.80%, and a net profit of 1.07 million yuan, a year-on-year increase of 117.64% [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a turnaround in Q1 2025, achieving profitability after a loss in 2024, with Q1 2025 revenue of 349 million yuan, a year-on-year increase of 24.8%, and a net profit of 1 million yuan, up 118% year-on-year [4][8] - The company is focusing on opportunities in marine engineering and industrial robotics, leveraging its expertise in steel wire rope technology to expand into high-end equipment sectors [5][6] - The photovoltaic business faced challenges in 2024 but is expected to improve profitability in 2025 as market conditions change [7][8] Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.247 billion yuan, a decline of 22.34% year-on-year, and a net loss of 189 million yuan, a decrease of 694.08% year-on-year [4][10] - The fourth quarter of 2024 saw revenue of 215 million yuan, down 29.39% year-on-year, with a net loss of 161 million yuan [4] - For 2025, projected revenues are 1.502 billion yuan, 1.733 billion yuan, and 1.946 billion yuan for 2025, 2026, and 2027 respectively, with expected year-on-year growth rates of 20.5%, 15.3%, and 12.3% [8][10] Business Segments - The marine engineering segment has established itself as a benchmark in the industry, with long-term partnerships with major clients such as CNOOC and Guangzhou Salvage Bureau [5] - The industrial robotics segment is expanding by applying traditional steel wire rope technology to high-performance lifting components, marking a significant transition from traditional manufacturing to high-end intelligent equipment [6] - The photovoltaic segment, despite facing a downturn, achieved a shipment of 2.78 GW of battery products in 2024, a year-on-year increase of 60.96% [7] Future Outlook - The company aims to cultivate new growth points through its three main business divisions, with expectations of improved profitability and revenue growth in the coming years [8] - The projected net profit for 2025 is 15 million yuan, with significant growth expected in subsequent years, reaching 32 million yuan by 2027 [10]

Core Viewpoint - The company reported a revenue of 3.524 billion yuan for 2024, representing a year-on-year increase of 3.40%, while the net profit attributable to shareholders was 249 million yuan, reflecting a year-on-year decrease of 22.08% [1][2]. Group 1: Performance Analysis - The decline in net profit is attributed to fluctuations in raw material prices leading to increased costs, as well as adjustments in product prices due to changes in market demand [2]. - The competitive landscape in the high-temperature alloy industry has intensified, potentially squeezing product prices and profit margins [2]. - Rising costs of production factors, including raw materials and labor, along with increased R&D expenditures, have impacted profitability [2]. Group 2: Technological Advancements - In 2024, the company made significant progress in product and technology development, establishing a comprehensive industrial layout with production capabilities for various high-temperature alloy products [3]. - The company has developed new technologies and products, including capabilities for producing 5,000 tons of aerospace high-temperature alloy mother alloy and over 10,000 aerospace ring forgings annually [3]. Group 3: Strategic Initiatives - The company aims to enhance its R&D investment and strengthen collaborations with universities and research institutions to foster innovation and break the domestic market monopoly of foreign products [4]. - The company plans to leverage opportunities from the "Belt and Road" initiative to expand its overseas market presence and increase product exports [4]. - Future profit forecasts for 2025-2026 have been adjusted to 265 million and 329 million yuan, respectively, with a new projection for 2027 at 376 million yuan, reflecting the company's leading position in high-temperature alloy R&D and production [4].

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为10.05%，资本回报率一般。去年的 净利率为3.73%，算上全部成本后，公司产品或服务的附加值不高。偿债能力：公司现金资产非常健 康。融资分红：公司上市16年以来，累计融资总额9.59亿元，累计分红总额1.68亿元，分红融资比为 0.17。商业模式：公司业绩主要依靠研发驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为58.75%)建议关注公司应收账款 状况(应收账款/利润已达492.96%) 分析师工具显示：证券研究员普遍预期2025年业绩在2.08亿元，每股收益均值在0.84元。 最近有知名机构关注了公司以下问题： 据证券之星公开数据整理，近期禾盛新材(002290)发布2025年一季报。截至本报告期末，公司营业总收 入6.27亿元，同比上升14.21%，归母净利润5095.13万元，同比上升82.72%。按单季度数据看，第一季 度营业总收入6.27亿元，同比上升14.21%，第一季度归母净利润5095.13万元，同比上升82.72%。本报 告期禾盛新材应收账款上升，应收账款同比增幅 ...

近日，锐新科技（300828）(300828.SZ)发布2024年度财报，在国内外复杂经济环境下，公司通过持续 技术创新、深化研发投入及全球化布局，行业竞争优势进一步巩固。 汽车轻量化及热管理领域，锐新科技新能源汽车电机机壳、电池箱体及源管理系统散热器销售放量。公 司生产的乘用车防撞系统项目已应用于丰田BZ4X、沃尔沃新车型等多高端产品线；凭借自身铝型材研 发能力和加工制造能力与潍柴动力（000338）、苏州汇川等优秀企业达成深度合作，年度实现营收 16,747.94万元。 面对全球产业链竞争加剧，锐新科技持续强化技术研发。报告期内，公司持续加大在模具技术、计算机 仿真技术、人工智能自动化技术、新材料技术、深加工工艺技术等方面的研究与投入，深入提高创新能 力。截至2024年12月末，公司及控股子公司共拥有发明和实用新型专利共85项，其中发明专利17项，并 且大部分专利已运用到实际生产中。 海外业务方面，为满足海外业务发展需要，锐新科技在香港投资设立全资子公司锐新昌(香港)有限公 司，并与全资子公司锐新昌(香港)有限公司共同在泰国投资设立锐新科技(泰国)有限公司建设泰国生产 基地，为公司进一步拓展海外市场奠定产 ...

Overview of Operating Performance - The company reported total revenue of 6.927 billion yuan in 2024, a year-on-year decrease of 8.60% [1] - The net profit attributable to shareholders was 229 million yuan, down 31.39% year-on-year [1] - The net profit after deducting non-recurring items was 203 million yuan, a decline of 35.04% year-on-year [1] - In Q4, total revenue was 1.891 billion yuan, a decrease of 7.98% year-on-year [1] - The net profit for Q4 was 96.528 million yuan, down 10.07% year-on-year [1] Profitability Analysis - The company's gross margin was 6.48%, a decrease of 19.57% year-on-year [2] - The net margin was 3.31%, down 24.93% year-on-year [2] - The gross margin for hot-dip galvanized sheets was 4.05%, while for color-coated sheets it was 9.93% [2] - Other products had gross margins ranging from 8.99% to 11.18% [2] Cash Flow and Debt Situation - The net cash flow from operating activities was -2.364 billion yuan, a decline of 586.13% year-on-year [3] - Cash and cash equivalents amounted to 4.664 billion yuan, an increase of 87.42% year-on-year [3] - Interest-bearing debt rose to 2.796 billion yuan, a significant increase of 423.53% year-on-year [3] Cost and Expense Control - The ratio of three expenses (selling, administrative, and financial expenses) to revenue was 0.27%, an increase of 2599.27% year-on-year [4] - The operating cash flow per share was -4.62 yuan, a decrease of 586.13% year-on-year [4] Debt Repayment Ability and Financing Situation - The company has a healthy cash asset position, but the interest-bearing asset-liability ratio reached 36.04% [5] - The average operating cash flow over the past three years has been negative, indicating some risk in debt repayment [5] - Cumulative financing since the company's listing totaled 841 million yuan, with cumulative dividends amounting to 313 million yuan, resulting in a dividend financing ratio of 0.37 [5] Future Development Outlook - Despite the decline in performance in 2024, the company is actively advancing the Nantong industrial base project and enhancing technological innovation and new product development [6] - The company aims to expand its domestic market and optimize its business layout [6] - With the implementation of national economic revitalization plans and stimulus policies, downstream demand in the industry is expected to maintain growth, potentially increasing production and sales [6] - The company plans to continue increasing R&D investment to enhance its overall competitiveness and profitability [6]