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 公司发布2024年年报。2024年，公司实现营收3667亿元，同比减少20.12%；实现归母净利润14.19亿元， 同比减少9.86%；实现扣非后归母净利润4.07亿元，同比减少19.87%。2024Q4，公司单季度实现营收689.7 亿元，同比减少23.70%，环比减少26.80%；实现归母净利润5.29亿元，同比增长34.71%，环比增长 377.95%。 2025-2027年主营业务收入占营业收入比例的考核目标均为95%。此外，公司针对解除限售的业绩考核标准 进行了前提约束，各考核年度净利润增长率需大于0才可解除考核年度对应的限制性股票。 风险提示： 大宗商品价格波动，宏观经济下行风险，应收账款风险，终端需求不及预期，汇 ...

广西凭祥4月22日电(赵卫东 陆盛德)友谊关海关22日介绍，今年第一季度，经友谊关口岸进出口货值 1309.3亿元(人民币，下同)，同比增长18.4%；进出口货运量139.7万吨，同比增加39.8%，外贸实现"开 门红"。 位于广西凭祥市的友谊关口岸是中国通往东盟最便捷的陆路大通道之一。近年来，满载出口电子元件和 进口东盟水果的货车，在友谊关口岸来回穿梭，繁忙景象已成为口岸"常态"。 图为友谊关海关关员正在对进口菠萝蜜进行查验。赵卫东 摄 当地外贸的蓬勃发展，得益于友谊关口岸便利的通关条件和口岸通关货物类型的转变。据海关统计，今 年第一季度，经友谊关口岸进出口机电产品1074亿元，同比增长31.9%，占口岸进出口总值的82%。其 中，出口机电产品723.8亿元，同比增长47.5%，占友谊关口岸出口商品总值的78%；进口机电产品350.2 亿元，同比增长8.4%，占友谊关口岸进口商品总值的91.6%。 近日，在广西凭祥综合保税区仓库区，工人们正在操作叉车和板车装卸货物。 广西东聚供应链管理有限公司操作主管王树青介绍："这些是来自广东、福建等全国各地准备入库和出 口的货物。我们公司主要进出口手机、电脑零配件等机电 ...

Core Viewpoint - Shenzhen Yiyaton Supply Chain Co., Ltd. received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau due to non-compliance in corporate governance, financial accounting, and information disclosure [1][5][7]. Group 1: Governance Issues - The company exhibited irregularities in the operation of its three meetings, including incomplete meeting records and attendance issues from board members [2][3]. - There were deficiencies in the management of insider information, with some major events lacking proper documentation and confirmation from relevant personnel [2][3]. Group 2: Financial Accounting Issues - The company recognized revenue on the day of goods delivery, which contradicted its disclosed revenue recognition policy [3]. - There were inaccuracies in the calculation of expected credit loss rates for accounts receivable and misreporting of investment property value changes [3]. Group 3: Information Disclosure Issues - The company failed to follow required procedures for board approval regarding loans to shareholders and did not timely disclose the status of strategic cooperation agreements [4][5]. - The lack of continuous information disclosure was noted, which is against regulatory requirements [4][5]. Group 4: Regulatory Response and Remediation - The Shenzhen Securities Regulatory Bureau mandated the company to submit a written rectification report within 30 days, focusing on improving governance, financial accounting, and information disclosure practices [5][8]. - The company acknowledged the issues raised and committed to enhancing compliance awareness and operational standards to protect shareholder interests [8].

Core Viewpoint - The company has approved the 2025 Employee Stock Ownership Plan (ESOP) and has provided details regarding the stock source, number of shares, and implementation progress [1][4][10] Group 1: Employee Stock Ownership Plan Details - The stock for the ESOP comes from shares repurchased by the company through a dedicated securities account [1] - The total amount for the share repurchase plan approved in 2021 was between RMB 24 million and RMB 36 million, with a repurchase period not exceeding six months [2] - As of April 7, 2022, the company had repurchased a total of 954,500 shares, representing 0.69% of the total share capital at that time [3] Group 2: Fundraising and Share Subscription - The ESOP aims to raise a total of no more than RMB 12.08397 million, with each unit priced at RMB 1.00, and a maximum of 12.08397 million units [4] - The actual number of employees participating in the subscription was 64, contributing a total of RMB 12.08397 million, which did not exceed the approved limit [5] Group 3: Share Transfer and Accounting Treatment - The shares were transferred to the ESOP's dedicated account at a price of RMB 12.66 per share, which is 50% of the average repurchase price [10] - The ESOP has a duration of 48 months, with shares unlocking in three phases based on performance metrics [6] - The accounting treatment for the ESOP will follow relevant accounting standards, with impacts assessed through annual audit reports [9] Group 4: Related Party Transactions - The ESOP includes participants who are related to the company's major shareholders and executives, but these individuals will abstain from voting on related proposals [7] - There are no agreements for concerted actions among the participants that would affect voting rights [8]

Group 1 - The establishment of Kachun Yihai (Kashgar) Supply Chain Management Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The company is involved in various business activities including food sales, seasoning production, beverage production, and agricultural product sales [1] - The company is co-owned by Jinlongyu and Xinjiang Kachun Grain and Oil Co., Ltd. [1]

Financial Data and Key Metrics Changes - Consolidated net sales in 2024 were approximately $1.7 billion, consistent with 2023 record revenues [9] - GAAP earnings per share from continuing operations increased 18% to $3.19 per diluted share compared to $2.72 last year [12] - Full-year gross margins improved 60 basis points to 17% of net sales [13] - Adjusted operating income was $94 million compared to $90 million a year ago, an increase of 4% year-over-year [14] - EBITDA as defined was $152 million in 2024, up 13% compared to $134 million in 2023 [16] - Operating cash flow generated during the year was $35 million, and free cash flow was $15 million [17] Business Line Data and Key Metrics Changes - Supply Technologies segment achieved record sales of $779 million, up 2% compared to $766 million in 2023 [22] - Proprietary fastener manufacturing business saw greater than 10% growth year-over-year due to increased demand for new applications [10] - Assembly Components segment sales declined 7% year-over-year to $399 million, affected by lower unit volumes and pricing [25] - Engineered Products segment net sales were a record $482 million, up 3% compared to 2023, driven by strong customer demand [27] Market Data and Key Metrics Changes - Year-over-year growth in aerospace and defense, heavy-duty truck, consumer electronics, and electrical distribution markets [10] - Weaker demand observed in power sports, industrial and agricultural equipment, and lawn and garden markets [10] - Booking trends remained robust in both North America and Europe across major induction heating and melting brands [11] Company Strategy and Development Direction - The company aims to build a diverse set of complementary industrial businesses with competitive moats and above-average growth characteristics [5] - Focus on organic growth complemented by acquisitions through the business cycle [6] - Strategic investments to lower capital expenses and improve overall competitiveness and margin profile [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue growth driven by stable demand in most end markets for 2025 [33] - Anticipated year-over-year improvement in adjusted operating income, adjusted net income, EBITDA, and free cash flow [33] - Concerns about potential demand impact due to inflation and market chaos, but no current signs of decline [46] Other Important Information - Corporate expenses were $29 million in 2024, compared to $28 million in 2023, primarily due to higher employee-related costs [33] - The effective income tax rate for 2024 was 11%, expected to normalize to 21% to 23% in 2025 [16][33] Q&A Session Summary Question: Expectations for 2025 cadence and impact of tariffs - Management indicated that most of the business will not be significantly impacted by tariffs, with opportunities in domestic sourcing [38][39] Question: Potential standout end markets for 2025 - Aerospace and defense remain strong, with expectations for growth in capital equipment and heavy-duty truck markets [48][50] Question: M&A activity and economic outlook - The company is actively looking for strategic acquisitions to complement profitable businesses, with a steady volume of deals observed [58][60] Question: Fastener business strength and market mix - The fastener business benefits from diverse end markets, with strong performance in aerospace and defense contributing to overall success [110][112]