"善战者，先为不可胜，以待敌之可胜。" 古人打仗靠谋略，今人融资拼"讲述"。在这个资本市场故事横飞的时代，企业讲述的是未来的辉煌蓝图，投资人却默默在心里套算现值模型和PEG曲线。表 面是你侃侃而谈"我有一个梦"，背地里别人只在乎"你值几个点"。 美国更好并购集团（Goheal）在长期实践中发现一个悖论：资本运作的成败，越来越依赖"讲好故事"，而估值逻辑的建立，却越来越依赖"拆穿故事"。 2025年初，一桩貌似"普通"的控股权转让案，把市场的目光再次聚焦到"讲故事的艺术"上。 主角之一是天迈科技，一家主营轨道交通智能化的北交所上市公司，曾一度陷入营收下滑、连续亏损的"资本冷宫"。主角之二，是以苏州启瀚为代表的并购 基金，背后操盘者是启明创投——业内著名的"故事工厂"。 美国更好并购集团 这不是资本市场的两难，而是它的本质。 那么，问题来了——在今天这个人人都能自诩为"叙事大师"的时代，上市公司到底该怎么"讲故事"，投资人又如何识破"水分"，读懂真正影响估值的叙事密 码？ 让我们从一个热辣的案例开始。 谁的故事，谁的控制权？ 启明不是产业玩家，也并非战略买家，却用一纸协议、一个承诺、一套表决权安排，顺利拿下控股权 ...

Meeting Overview - The company held a Q1 2025 earnings presentation on May 26, 2025, from 16:00 to 17:00 at the Shanghai Stock Exchange Roadshow Center [1][2] - Key executives including the Chairman and CEO Liu Wei, CFO Mo Xiuchun, and independent director Lai Jianhuang participated in the meeting [2] Financial Performance - The company reported a revenue of 2.254 billion yuan, a year-on-year increase of 106.26% [2] - The net profit attributable to shareholders was 120 million yuan, marking a return to profitability [2] - The net profit excluding non-recurring gains and losses was 10.34 million yuan, also indicating a return to profitability [2] New Product Launches - The company introduced several new products, including the AI Traffic Control Intelligent Agent Platform and the Cloud Hub Intelligent Connected Data Empowerment Platform [2][3] - The AI Traffic Control Intelligent Agent Platform enhances urban traffic signal control through precise traffic indicator predictions [3] - The Cloud Hub platform integrates various traffic data sources to support comprehensive traffic operation metrics [3] Collaboration with Deepseek - The company has integrated its products with Deepseek, enhancing its AI capabilities in the transportation sector [4] - The training efficiency of the Zhixing large model has improved by over 150% compared to early 2024 [4] - The company plans to further strengthen its core competitiveness in the AI and transportation sectors [4] Progress in Rail Transit - The company’s smart rail transit product line includes core products for network command centers and smart stations [5] - The company has participated in the construction of smart subway lines and stations across 46 cities globally, covering over 2,200 subway stations [5] - The revenue growth in the rail transit sector is attributed to the successful completion of smart transportation projects in cities like Guangzhou and Chengdu [5]

Group 1 - Cixing Co., Ltd. (300307.SZ) announced plans to acquire Shenyang Shunyi through a combination of issuing shares and cash payments, following the termination of a previous acquisition of Wuhan Minsong three months prior [1][4] - The trading of Cixing's shares will be suspended starting May 20, with a plan to disclose the transaction details within 10 trading days, expected to resume trading on June 4 [1] - Shenyang Shunyi recently disclosed its IPO progress, with Changjiang Securities assisting in meeting the requirements for its public offering [1][2] Group 2 - The decision for Shenyang Shunyi to seek acquisition instead of pursuing an IPO is influenced by the uncertainty of the IPO process and the pressure for investors to exit, leading to a preference for mergers and acquisitions [3] - Recent policy changes have increased IPO thresholds while encouraging mergers and acquisitions, making the latter a more viable exit strategy [3] - Cixing's previous acquisition attempt of Wuhan Minsong was unsuccessful due to a lack of agreement on specific terms, which may have prompted the current acquisition strategy [4] Group 3 - Cixing operates in the intelligent knitting machinery sector, while Shenyang Shunyi focuses on high-tech intelligent control technologies, indicating a significant difference in their business areas [4] - As of May 19, Cixing's stock price was 8.99 yuan per share, with a total market capitalization of 7.14 billion yuan [6]

证券研究报告·行业 2024 年报及 2025 一季报综述 板块业绩结构性特征明显，关注 订单基本面复苏机遇 核心观点 军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点公司 情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.16%。分 板块来看，船舶、航发、及航空是三个营收维持正增长的板块；利 润方面，受下游需求、部分型号产品价格下调等多重因素影响，国 防军工板块归母净利润有所下滑。2025 年一季度部分板块见底回 暖，地面兵装、航天（弹）业绩同比企稳回升。板块业绩接近底部， 2025 年行业业绩有望迎来触底回升。2024 年年底以来，军工板块出 现诸多积极信号，核心公司发布合同公告，核心公司业绩有望企稳， 2025 年预计关联交易额增加，显示军工基本面已经开始加速回暖。 摘要 1、军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点 公司情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.1 6 %。 分板块来看，船舶、航发、及航空是三个营收维持正增长的板块；利 润方面，受下游需求、部分型号产品价格下调等多重因素影响，国防 军工板块归母净利润 ...

主要内容 1、军工板块发布 2024 年年报，从我们跟踪的 162 家军工板块重点公司 情况来看，板块共实现营业收入 7649.03 亿元，同比上升 1.16%。分板 块来看，船舶、航发、及航空是三个营收维持正增长的板块；利润方面， 受下游需求、部分型号产品价格下调等多重因素影响，国防军工板块归 母净利润有所下滑。2025 年一季度部分板块见底回暖，地面兵装、航天 （弹）业绩同比企稳回升。板块业绩接近底部，2025 年行业业绩有望迎 来触底回升。 2、配置方面建议围绕三条投资主线，一是传统军工方向，我们建议重 点关注有订单修复预期、有业绩支撑的航发产业、船舶产业以及航空 航天产业；二是新域新质方向，新式战争方面我们建议关注围绕低成 本、智能化、体系化三大特点的行业，包括低成本精确制导弹药、无 人系统以及新一代智能化作战底座；新质生产力方面，我们建议关注 应用市场空间广阔、行业处于快速成长期、国产化率较低的行业，主 要为商业航天、低空经济、大飞机；新技术方面，我们建议关注 MEMS 器件、增材制造以及陶瓷基复合材料。三是改革出海方向，我 们建议关注有资产整合预期、军贸市场具有竞争力的相关公司。 3、推荐标的：传 ...

就公司行业表现，林琳称，建科智能作为中国智能化钢筋加工装备行业首家上市公司和行业领军企业， 秉承"中国智造，筑梦全球"的发展愿景，坚持长期可持续发展的经营理念，以"做智能化钢筋加工机器 人装备技术的全球领导者"作为企业的发展目标，目前，企业已发展成为国内最大、全球前列的智能化 钢筋加工机器人装备行业内产品门类及配套最完整、产销量最大的公司之一，暂无特别类似的可比上市 公司。（全景网） 更多业绩说明会详情，请点击：https://rs.p5w.net/html/147322.shtml 谈及国际化发展事宜，建科智能副总经理、董事会秘书林琳介绍，公司产品已销往日本、韩国、意大 利、泰国、印度尼西亚、马来西亚、俄罗斯等100多个国家和地区，其中出口80多个"一带一路"沿线国 家和地区，2024年公司外销业务占公司营业收入的32.75%。 林琳进一步强调，2025年，在全球化战略指引下，公司持续深化营销服务体系变革，构建起覆盖重点市 场的立体化服务网络。基于对全球基建市场需求的深度研判，我们创新推出"区域定制化产品开发体 系"：针对"一带一路"新兴基建市场研发模块化快速施工经济型装备，面向发达国家市场开发智能减碳 定 ...

证券代码： 300823 证券简称：建科智能 回复：尊敬的投资者：您好！感谢您的关注与提问！公司作 为中国智能化钢筋加工装备行业首家上市公司和行业领军企业， 秉承"中国智造，筑梦全球"的发展愿景，坚持长期可持续发展 的经营理念，以"做智能化钢筋加工机器人装备技术的全球领导 者"作为企业的发展目标，目前，企业已发展成为国内最大、全 球前列的智能化钢筋加工机器人装备行业内产品门类及配套最 完整、产销量最大的公司之一，暂无特别类似的可比上市公司。 感谢您的关注与支持，谢谢！ 三、高管您好，请问贵公司未来盈利增长的主要驱动因素有 哪些？谢谢。 编号：2025-002 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 投资者网上提问 时间 2025 年 05 月 16 日（周五）下午 15:30~16:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、建科智能 董事长、总经理 ...

值得关注的是，在新能源汽车快速发展的背景下，发动机企业也开始积极探索新能源产品的研发与生产，以拓展新的业务领域和增长点。例如，潍柴动力坚 持"燃料电池、混合动力、纯电动"多路线并举，抢占新能源动力市场先机，新能源整车整机战略逐步落地。据悉，2025年3月，潍柴弗迪（烟台）新能源动 力产业园首台电池产品下线，该产业园由潍柴和比亚迪联合打造，是目前全球最大的商用车专用电池生产基地之一；4月，潍柴动力旗下陕汽重卡在潍柴 （烟台）新能源产业园，发布全自主新能源"智汇"重卡品牌。云内动力在新能源动力方面，也持续加大混动、增程式、双燃料、氢燃料电池等新能源产品的 开发推广，持续推进"智能农机项目"、"L4自动驾驶物流配送车项目"等新兴业务，助力公司转型升级。 4月一过，随着2024年报陆续出炉，汽车零部件上市公司的业绩披露情况成为市场关注的焦点，也展现出行业转型期的复杂生态。在全球汽车产业格局 深度重塑的过去一年，零部件行业加速"洗牌"。 从整个汽车行业来看，以旧换新政策的实施极大地激发了市场的消费活力。在这一波市场增长中，新能源汽车的表现格外引人注目。2025年1～3月，我国新 能源汽车产销累计完成318.2万辆和30 ...

Group 1 - The core viewpoint of the report is that the information disclosure obligor, Xie Kai, has increased his shareholding in Sichuan Tianwei Electronics Co., Ltd. (*ST Tianwei) to 5,141,457 shares, representing 5.0000% of the total share capital, through secondary market transactions [1][7]. - The purpose of the equity change is to express confidence in Chinese assets and the future of the Chinese capital market, responding to the government's call for increasing long-term capital [4][5]. - The company is recognized as a national high-tech enterprise with a strong focus on the military industry, particularly in the development of fire extinguishing and explosion suppression systems for armored vehicles [4][5]. Group 2 - The company has successfully developed and produced military fire extinguishing and explosion suppression systems, becoming one of the few in the industry with independent research and production capabilities [5]. - The company has a stable control structure, low debt-to-asset ratio, and sufficient cash flow, indicating significant potential for reversing its current challenges [5][6]. - The information disclosure obligor does not rule out the possibility of further increasing his shareholding in the company within the next 12 months [6][10].

Core Viewpoint - The company, Guodian NARI (国电南瑞), is experiencing steady growth in its operating performance as it continues to enhance its industrial layout amid the accelerating energy transition [2][4]. Financial Performance - In 2024, Guodian NARI achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.15% [4][5]. - The net profit attributable to shareholders reached 7.610 billion yuan, up 6.06% year-on-year, while the net profit excluding non-recurring items was 7.389 billion yuan, growing by 11.14% [2][4]. - As of the end of 2024, the company had an order backlog of 50.697 billion yuan, with new orders signed in 2024 amounting to 29.006 billion yuan [3][6]. Business Segments - Guodian NARI focuses on four major industrial clusters: smart grid, digital energy integration, low-carbon energy, and industrial interconnection [3][8]. - In 2024, the revenue from these segments was as follows: smart grid 28.468 billion yuan, digital energy integration 12.365 billion yuan, low-carbon energy 12.185 billion yuan, and industrial interconnection 2.867 billion yuan [8][9]. R&D and Innovation - The company invested 4.032 billion yuan in R&D in 2024, representing 7.02% of its operating revenue, an increase of 0.29 percentage points year-on-year [9]. - Guodian NARI has made significant advancements in technology, including the establishment of four international standards and the issuance of seven national industry standards in 2024 [9]. Dividend Policy - In 2024, Guodian NARI increased its dividend distribution, with a total cash dividend of 4.565 billion yuan, which is approximately 65% of its net profit [7][9]. - The company plans to distribute a maximum of 40% of its net profit as cash dividends in the first half of 2025, contingent on positive net profit [7].