亚玛顿 (002623 CH) 证券研究报告 布局海外产能，关注钙钛矿/超薄玻璃 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 玻璃 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 28.9/-1.3 亿元，同比 -20.3%/-2.1 亿元，24 年业绩符合业绩预告中值（-1.35 亿元）。25Q1 公司 收入/归母净利 5.6/0.05 亿元，同比-36.8%/-58.3%，收入及盈利下滑但毛利 率同环比改善，公司在超薄玻璃等产品上具备差异化优势，维持"增持"。 电子玻璃销量收入及毛利率明显提升，25Q1 毛利率同环比改善 24 年公司太阳能玻璃/太阳能组件/电力销售/电子玻璃及其他玻璃产品实现 收入 26.2/0.4/0.5/1.6 亿元，同比-20.2%/-76.8%/-6.1%/+68.7%，毛利率分 别为 2.8%/-2.0%/28.7%/11.7%，同比-4.2/-5.7/-1.7/+11.4pct，光伏玻璃量 增价减毛利率下滑，特斯拉储能门玻璃产品订单增长带动电子玻璃销量及毛 利率明显提升。2 ...

Group 1 - The core narrative revolves around the challenges faced by Fuyao Glass and its founder, Cao Dewang, during the construction of the Fuyao Industrial Village, highlighting issues with contractor performance and legal disputes [1][2][3] - Fuyao Glass, after a successful stock issuance in 1991, aimed to expand its industrial base by establishing the Fuyao Industrial Village, which was expected to enhance production capacity and create local jobs [1] - The initial contractor, Fujian Yijian, faced difficulties in project execution, leading to delays and subpar construction quality, which prompted Cao Dewang to demand rework [2] Group 2 - The construction project was plagued by multiple subcontractors, resulting in inconsistent quality and further delays, which frustrated Cao Dewang [2] - A legal dispute arose when Fujian Yijian demanded additional funds to continue work, claiming that the initial payment had been exhausted, leading to a court case initiated by the contractor against Cao Dewang [2][3] - In court, Cao Dewang challenged the fairness of the proceedings, alleging potential corruption involving the judge, which led to a more favorable outcome for Fuyao Glass in the subsequent legal battle [3]

| 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） | -0.3600 | 0.6600 | -154.55 | 0.5800 | | 每股净资产（元） | 5.61 | 6 | -6.5 | 5.33 | | 每股公积金(元) | 2.21 | 2.11 | 4.74 | 2.26 | | 每股未分配利润(元) | 1.92 | 2.47 | -22.27 | 2.07 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 10.15 | 8.92 | 13.79 | 7.63 | | 净利润(亿元) | -0.66 | 1.16 | -156.9 | 1.04 | | 净资产收益率(%) | -6.26 | 11.60 | -153.97 | 10.92 | 一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) ...

丨证券研究报告丨 公司研究丨点评报告丨旗滨集团（601636.SH） [Table_Title] 光伏持续进步，浮法底部盈利 报告要点 [Table_Summary] 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。 2025Q1 公司实现收入 34.84 亿，同比下滑 9.7%；实现归属净利润 4.70 亿，同比增长 6.4%； 实现扣非归属净利润亏损-0.03 亿，同比下滑 100.7%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 [Table_Title2] 光伏持续进步，浮法底部盈利 [Table_Summary2] 事件描述 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。折合 2024Q4 实现收入 40.49 亿，同比下滑 10.0%；实现归属净利润亏损 3.17 亿， 同比下滑 162.4%。 2025Q1 公 ...

Financial Performance - The company reported a basic earnings per share of -0.0721 yuan for Q1 2025, a decrease of 600.69% compared to 0.0144 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.28 billion yuan, representing a decline of 566.67% from a profit of 0.06 billion yuan in Q1 2024 [1] - The return on equity (ROE) was -2.68% in Q1 2025, a significant drop of 682.61% from 0.46% in Q1 2024 [1] - The company's total revenue for Q1 2025 was 3.72 billion yuan, showing a slight increase of 1.64% from 3.66 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 10,964.21 million shares, accounting for 36.75% of the circulating shares, with an increase of 710.43 million shares compared to the previous period [1] - Major shareholders include Hangzhou Jinjiang Group Co., Ltd. with 4,138.65 million shares (13.87%), and Shi Weidong with 3,103.98 million shares (10.41%), both remaining unchanged [2] - New entrants among the top shareholders include CITIC Securities Asset Management (Hong Kong) Co., Ltd. with 469.57 million shares (1.57%) and UBS AG with 197.18 million shares (0.66%) [2] Dividend Policy - The company has decided not to distribute dividends or allocate bonus shares in the current period [3]

撰写品种：玻璃 撰写时间：2025 年 4 月 28 日 回顾周期：周度 研究员：何宁 咨询证号：Z0001219 玻璃周度报告 一、行情回顾 上周玻璃期货市场呈现震荡偏弱走势，玻璃主力合约 FG2509 较上一周下降了 1 元 /吨，收盘价为 1121 元/吨；现货方面报价为 1245 元/吨，玻璃期现结构为期货贴水现 货。分合约看，近月合约 FG2505 周内下跌 1.38%，远月合约 FG2509 持仓量环比减少 10.7 万手，成交量达 652 万手。 二、供需关系方面 从供应端来看：全国浮法玻璃日产量为 15.78 万吨，环比下降 0.44%，同比减少 9.32%，产能利用率维持 79%左右。冷修产线增加，但沙河地区新点火一条产线，整体 产能波动较小。不同燃料类型利润分化明显，天然气和石油焦亏损，煤制气微利。低利 润下，企业冷修意愿增强，但复产计划延缓。 从需求端来看："金三银四"传统旺季进入尾声，南方梅雨季临近，沙河产销率均 值降至 70%。中下游以刚需采购为主，深加工订单天数 9.3 天，同比下降 17.7%。第一 季度房屋竣工面积同比下降 14.3%，新开工面积下降 24.4%，玻璃需求缺乏长 ...

Core Viewpoint - The article emphasizes the importance of compliance in business operations and tax payment as foundational elements for long-term development, highlighting the case of Qianjiang Feiliwa Quartz Glass Materials Co., Ltd. as a model for integrity in tax practices [1][4]. Group 1: Compliance and Business Operations - Compliance in business operations and lawful tax payment serve as both a "tightening spell" and a "protective talisman" for enterprises, ensuring stable operations and long-term growth [1]. - Qianjiang Feiliwa has established a comprehensive tax internal control mechanism covering procurement, production, and sales, ensuring that all tax-related activities are legal and compliant [1]. Group 2: Smart Taxation and Policy Application - The Hubei tax authority utilizes big data analysis to create detailed profiles of taxpayers, allowing for precise policy application and reducing the risk of tax-related issues due to misunderstandings [3]. - By tailoring tax policies to fit specific business needs, the tax authority helps lower compliance costs, enabling companies to allocate more resources towards innovation and capacity expansion [3]. Group 3: Credit Incentives and Tax Compliance - A-grade tax credit provides significant advantages in competitive bidding processes, such as reduced cash flow requirements and expedited patent application processes, enhancing the company's market position [4]. - The practice of integrity in tax payment is not only a legal obligation but also a core competitive advantage for long-term development, as demonstrated by Qianjiang Feiliwa's experience [4].

2025-04-28 纯碱玻璃周度报告汇总 研究员：于小栋 从业资格号：F3081787 交易咨询从业证书号：Z0019360 目 录 C O N T E N T S 01 纯碱市场综述 02 月度供需 03 基差价差 04 纯碱市场价格 05 纯碱供应 06 纯碱需求 07 纯碱库存 08 仓单数量/有效预报 09 地产相关数据 01 玻璃市场综述 02 月度供需 03 基差价差 04 玻璃市场价格 05 玻璃供应 06 玻璃需求 07 玻璃库存 纯碱 玻璃 01 纯碱市场综述 目录 目 录 周度市场综述 | | | | | | 纯 碱 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 项 目 | 备 注 | 当 期 | 环 比 | 下期 (E) | 下下期 (E) | 思 路 | | | | 总产量（万吨） | | 75.51 | -0.05 | 73.71 | 69.94 | 阿拉善周内产量短时波动，供应整体高位运行；5月检修计划逐步明 | | | 供 应 | 重质产量（万吨） | | 41.55 | -0.10 | ...

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

旗滨集团 投资要点 东吴证券股份有限公司黄诗涛,石峰源近期对旗滨集团（601636）进行研究并发布了研究报告《2024年年 报、2025年一季报点评：Q1毛利率改善，静待供需平衡进一步修复》，给予旗滨集团增持评级。 风险提示：地产竣工下行超预期、光伏玻璃竞争格局恶化、新业务开拓不及预期的风险。 证券之星数据中心根据近三年发布的研报数据计算，民生证券李阳研究员团队对该股研究较为深入，近三 年预测准确度均值为26.86%，其预测2025年度归属净利润为盈利10.26亿，根据现价换算的预测PE为 14.63。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年业绩 | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-27 | 财通证券 | 朱健 | r | - | - | 5.77 Z | 2.43 ...