近日，北交所官网披露，因深圳市控汇智能股份有限公司（以下简称：控汇股份中）撤回发行上市申请，根据《北京证 券交易所股票发行上市审核规则》第五十五条的有关规定，北交所决定终止对控汇股份首次公开发行股票并在北交所上 市的审核。 公司本次拟公开发行不超过1,419.00万股（未考虑超额配售选择权的情况下）人民币普通股（A股）股票，本次发行不涉 及老股东公开发售其所持有的公司股份，实际募集资金扣除发行费用后，全部用于公司主营业务相关的项目。 | 代码 | 839418 | 简称 | 控汇股份 | | --- | --- | --- | --- | | 公司全称 | 深圳市控汇智能股份有限公司 | 受理日期 | 2023-11-03 | | 审核状态 | 终止 | 更新日期 | 2025-05-09 | | 保存机构 | 长江证券承销保荐有限公司 | 保存代表人 | 许超,草希 | | 会计师事务所 | 容诚会计师事务所(特殊普通合伙) | 签字会计师 | 蔡浩,甘进崇,章少霞 | | 律师事务所 | 北京市嘉源律师事务所 | 签字律师 | 李旭东,王浩 | | 评估机构 | | 签字评估师 | | 公司是一家专业从事 ...

Group 1 - The core viewpoint of the legal opinion is that the procedures for convening and holding the shareholders' meeting of Shanghai Weitai Industrial Automation Co., Ltd. comply with relevant laws and regulations [3][5] - The shareholders' meeting was convened based on a resolution from the company's ninth board of directors meeting held on April 27, 2025, and the notice was published on April 29, 2025, meeting the required notice period [2][3] - A total of 183 shareholders and their proxies attended the meeting, representing 78,420,549 shares, which accounts for 54.6681% of the company's total shares [4] Group 2 - The meeting included the review of 24 proposals, which were disclosed in various announcements prior to the meeting [2][4] - The voting process combined on-site and online voting, with specific measures taken for minority investors and related party transactions [4][5] - The results of the voting confirmed that all proposals were effectively passed, and the meeting's resolutions were deemed legally valid [5]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Machinery Manufacturing Index reported at 5816.79 points [1] - The CSI 300 Machinery Manufacturing Index has decreased by 0.21% in the past month, 5.59% in the past three months, and increased by 1.11% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weighted stocks in the CSI 300 Machinery Manufacturing Index are: Huichuan Technology (18.05%), Sany Heavy Industry (13.92%), CRRC Corporation (11.06%), Weichai Power (10.23%), China Shipbuilding (8.73%), XCMG (8.66%), China Heavy Industry (6.25%), Hengli Hydraulic (4.67%), Zoomlion (4.48%), and Yutong Bus (4.1%) [1] - The market share of the CSI 300 Machinery Manufacturing Index is 54.88% from the Shanghai Stock Exchange and 45.12% from the Shenzhen Stock Exchange [1] Group 3 - The industry composition of the CSI 300 Machinery Manufacturing Index includes: Engineering Machinery (27.07%), Electric Motors and Industrial Control Automation (18.05%), Shipbuilding and Other Marine Equipment (18.04%), Commercial Vehicles (15.21%), Urban Rail and Railways (14.16%), Fluid Machinery (4.67%), and Other Specialized Machinery (2.80%) [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Investment Rating - The report maintains an investment rating of "Recommended" for the machinery equipment industry [2][51]. Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization, despite recent market underperformance [4][51]. - April excavator sales increased by 17.6% year-on-year, indicating a recovery in both domestic and export markets, supported by new replacement cycles and favorable policies [52][53]. - The manufacturing PMI recorded at 49, reflecting a slight decline, but the report suggests potential structural opportunities amidst a weak recovery [53][54]. Summary by Sections Industry Performance - The machinery equipment index fell by 2.22% from May 19 to May 23, ranking 30th among 31 primary industries, with all sub-industries showing declines [4][51]. - Notable declines were observed in automation equipment (-3.42%) and general equipment (-3.45%) [4][51]. Excavator Sales - In April 2025, a total of 22,142 excavators were sold, marking a 17.6% increase year-on-year, with domestic sales at 12,547 units (up 16.4%) and exports at 9,595 units (up 19.3%) [52][53]. - From January to April 2025, total excavator sales reached 83,514 units, a 21.4% increase year-on-year, with domestic sales up 31.9% and exports up 9.02% [52][53]. Manufacturing PMI - The manufacturing PMI for April 2025 was recorded at 49, down 1.4 percentage points year-on-year and 1.5 percentage points month-on-month [53][54]. - New orders PMI was at 49.2, and production PMI at 49.8, indicating a contraction in manufacturing activity [53][54]. Industrial Robot Production - In April 2025, industrial robot production surged by 51.5% year-on-year, totaling 71,547 units, attributed to government policies promoting equipment upgrades [54][54]. - The report suggests potential investment opportunities in high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diverse application scenarios [54]. Key Companies to Watch - The report highlights several companies for potential investment, including XCMG Machinery (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion Heavy Industry (000157.SZ) in the excavator segment [52][53]. - For the machine tool sector, companies like Huazhong CNC (300161.SZ) and Neway CNC (688697.SH) are recommended due to expected demand growth from government support [53][54].

□ 本报记者 付奇 周永金 友达光电的全球顶尖透明显示屏、三一重机的全球首台电动无人微型挖掘机、革新了行业技术的科沃斯 （603486）洗地机器人……从工业应用到生活消费，"江苏智造"背后是大数据、人工智能等技术在生产 端的深度应用。最新数据显示，4月份，江苏规模以上高技术制造业增加值增长12.9%、数字产品核心 制造业增长11.4%。 作为工业大市，去年，苏州规模以上工业总产值迈上4.7万亿元新台阶。日前，记者跟随工信部"新型工 业化媒体调研行"团队走进苏州多地，寻访传统工业企业和新兴科技企业如何利用"AI+"共同驱动新型工 业化进程。 "智慧大脑"， 让工业生产不断"进化" 一个智能工厂的效率有多高？两个人一天就能下线一台挖掘机！ 走进位于昆山市澄湖路的三一重机微挖智能工厂装配车间，"智能感"扑面而来。这个面积仅有1.4万平 方米的厂房，能同时生产200多种不同型号、满足不同装配需求的微型挖掘机。 "几年前，我们还要向客户解释什么是'对话式AI'，现在通过ChatGPT、DeepSeek，越来越多的人已经懂 得了这一概念，这就是工具的演进。"思必驰战略部工作人员李明川表示，每家人工智能企业在自身业 务发展 ...

Core Insights - Shenyang is undergoing a significant transformation by integrating artificial intelligence (AI) into its traditional industrial base, aiming to become a national hub for AI innovation and application [1][2][11] - The city has established the Shenyang Artificial Intelligence Computing Center, which has expanded its computing power to 450P, making it the largest domestic AI computing center in Northeast China [1][2] Group 1: Industrial Transformation - Shenyang's deep industrial heritage provides a strong foundation for digital transformation, but challenges such as outdated equipment and the need for skilled talent remain [2][4] - The city is implementing a three-layer integration model that combines policy guidance, computing center support, and the establishment of industry-academia-research alliances to overcome these challenges [2][3] - Traditional industries are revitalized through AI, with examples like the "robot+" initiative that enhances efficiency and reduces costs in manufacturing processes [4][5] Group 2: AI and Robotics - The Shenyang Artificial Intelligence Computing Center collaborates with over 200 partners, providing computing support and developing over 300 solutions [3][6] - Robotics technology is being integrated into mining operations, significantly improving safety and efficiency, with autonomous robots capable of performing complex tasks [5][6] - The use of AI in medical imaging has led to substantial improvements in diagnostic efficiency, exemplified by Eastsoft's CT machines that reduce scan times dramatically [7][8] Group 3: Emerging Industries - New industries are rapidly developing in Shenyang, particularly in low-altitude economy sectors, with companies like Ruixiang Aviation making strides in electric aircraft technology [9][10] - The city aims to create a 100 billion yuan aerospace industry cluster, leveraging AI and digital technologies to enhance manufacturing processes [10][11] - Shenyang's strategic focus on 12 key future industries, including AI and advanced energy storage, positions it for significant growth and innovation [10][11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].

Summary of Key Points Core Viewpoint - The company, Shanghai Buke Automation Co., Ltd., announced a cash dividend of 0.3 yuan per share, totaling 25.2 million yuan, to be distributed on May 30, 2025 [1][3]. Trading Information - On May 23, 2025, Buke shares closed at 89.34 yuan, down 0.53%, with a turnover rate of 1.69% and a trading volume of 14,200 shares, resulting in a transaction value of 129 million yuan [1]. - The fund flow on the same day showed a net outflow of 11.09 million yuan from main funds, while speculative funds saw a net inflow of 2.9 million yuan, and retail investors had a net inflow of 8.19 million yuan [1][3]. Company Announcement - The annual equity distribution plan for 2024 was approved at the shareholders' meeting on May 16, 2025, with the cash dividend distribution details as follows: - Cash dividend of 0.3 yuan per share (before tax) [1]. - The record date for shareholders is May 29, 2025, and the ex-dividend date is May 30, 2025 [1]. - Different tax treatments apply based on the type of shareholder, with specific details provided for individual and institutional investors [1].

点击注册小程序 查看完整报告 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。 报告摘要 本周市场核心观点与市场复盘： 4月以来，市场在主题快速轮动特征下，呈现"红利+微盘"显著占优特征。本周"红利+微盘"在创出年内高 点之后出现短线快速调整的反转变化，短期需警惕"红利+微盘"持续调整带来的交易偏好下降。中长期角 度，流动性宽松叠加风险偏好上行仍将驱动A股震荡上涨；短线调整结束后，"红利+小盘"杠铃组合仍是配 置优选。 本周上证综指下跌0.57%，上证50下跌0.18%，沪深300下跌0.18%，中证500下跌1.10%，中证1000下跌 1.29%，创业板指下跌0.88%，北证50指数下跌3.68%。 截至2025年5月23日，宽基指数来看，创业板指处于估值分位数"安全"等级，其余各大宽基指数处于估值 分位数"适 ...

Core Viewpoint - The company Huichuan Technology (300124) has experienced a decline in stock price, with a current market capitalization of 179.235 billion yuan, ranking first in the automation equipment sector and 66th in the A-share market [1]. Shareholder Changes - On May 20, 2025, executive Liu Yingxin reduced his holdings by 299,900 shares, accounting for 0.0111% of the total share capital, during which the stock price increased by 0.34% to close at 68.53 yuan [2]. - On May 19, 2025, supervisor Bai Ziping sold 2,000 shares, representing 0.0001% of the total share capital, with the stock price decreasing by 0.51% to close at 68.3 yuan [2]. - On May 16, 2025, Bai Ziping also reduced his holdings by 30,000 shares, which is 0.0011% of the total share capital, while the stock price rose by 0.23% to close at 68.65 yuan [2]. Institutional Research Highlights - The company has achieved good market share in servo systems, variable frequency drives, and small PLC products in the Chinese market, and plans to enhance product competitiveness through multi-product solutions [3]. - The company is actively developing components for humanoid robots and providing scenario-based products and solutions for the manufacturing industry [3]. - There has been significant improvement in products and solutions for process industry applications, with certain business growth achieved [3]. - The company is strengthening its capabilities in digitalization and large PLCs, aiming to create model points and penetrate the process industry [3]. - Following the acquisition of Shanghai Lain in 2018, the company has developed mature high-precision ball screw design and manufacturing capabilities, and the recent acquisition of Korean SBC has supplemented its precision linear guide product line [3]. - The new factory in Nanjing has commenced production, focusing on industrial robots and precision machinery products [3]. - The company is pursuing investments and acquisitions that are highly synergistic with its main business in automation, precision machinery, industrial software, new energy, and upstream and downstream industry chains to build and enhance its industrial ecosystem [3].