固德威公告，2024年营业收入67.38亿元，同比下降8.36%。归属于上市公司股东的净利润-6181.04万 元，去年同期净利润8.52亿元。公司2024年度拟不进行利润分配，不派发现金红利，不送红股，不以资 本公积转增股本。 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 792.5万股，累计占流通股比： 23.44%，较上期变化： -198.48万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 成都富恩德股权投资有限公司-成都富恩德星羽股权投资基 | | | | | 金合伙企业(有限合伙) | 523.75 | 15.49 | -58.82 | | 王新林 | 159.38 | 4.71 | -83.27 | | 姜子超 | 20.73 | 0.61 | 新进 | | 洪微微 | 17.74 | 0.52 | 新进 | | 施强彭 | 13.74 | 0.41 | -1.27 | | 陈巧凝 | 12.52 | 0.37 | 新进 | | 王开鸿 | 12.10 | 0.36 | 新进 | | 中证2000 | 11.44 | 0.34 | -2.43 | | 湖南天生我才教育咨询有限公司 | 11.00 | 0.33 | 新进 | | 梅科达 | 10.10 | 0.30 | 新进 | | 较上 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report indicates that the demand for photovoltaic products is expected to slow down in 2024, leading to pressure on profitability. However, with the launch of new products, significant growth is anticipated in 2025 [8] - The company is adjusting its business focus towards AI operation and maintenance for power stations, which is expected to become a new growth engine [8] - The report projects a recovery in demand for photovoltaic products as the industry stabilizes, with the company expected to enhance its market penetration in the coming years [8] Financial Summary - The total revenue forecast for 2024 is 819.4 million yuan, a decrease of 54.49% year-on-year, while the net profit attributable to shareholders is expected to be -164.4 million yuan, a decline of 147.80% [1] - For 2025, the total revenue is projected to rebound to 1.9159 billion yuan, representing a year-on-year increase of 133.82%, with a net profit of 200.5 million yuan, reflecting a growth of 222% [1] - The earnings per share (EPS) for 2025 is estimated at 0.25 yuan, with a price-to-earnings (P/E) ratio of 47.21 [1][9]

证券研究报告·公司点评报告·光伏设备 聚和材料（688503） 2024 年报及 2025 一季报点评：出货环比提 升，新技术有望突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,290 | 12,488 | 14,240 | 15,810 | 17,854 | | 同比（%） | 58.21 | 21.35 | 14.03 | 11.02 | 12.93 | | 归母净利润（百万元） | 442.08 | 418.01 | 495.58 | 623.34 | 812.03 | | 同比（%） | 13.00 | (5.45) | 18.56 | 25.78 | 30.27 | | EPS-最新摊薄（元/股） | 1.83 | 1.73 | 2.05 | 2.58 | 3.36 | | P/E（现价&最新摊薄） | 17.35 | 18.35 | 15.48 | 12.30 | 9.45 | [Tabl ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a recovery in profit margins for the company's film products, with a significant increase in sales and profitability expected in the upcoming quarters [8] - The company is experiencing a surge in demand for its high-end products, particularly in the photoconductive dry film segment, which is on the verge of explosive growth [8] - The report maintains previous profit forecasts, projecting a net profit growth of 25% in 2025, 37% in 2026, and 32% in 2027 [8] Financial Summary - Total revenue for 2023 is projected at 22,589 million, with a year-on-year growth of 19.66% [1] - The net profit attributable to shareholders for 2023 is expected to be 1,850 million, reflecting a year-on-year increase of 17.20% [1] - The earnings per share (EPS) for 2023 is estimated at 0.71 yuan, with a price-to-earnings (P/E) ratio of 17.67 [1] - The company anticipates total revenue of 21,557 million in 2025, with a net profit of 1,630 million, indicating a year-on-year growth of 24.66% [1] - The projected EPS for 2025 is 0.62 yuan, with a P/E ratio of 20.05 [1]

证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2025 一季报点评：胶膜盈利修复，感光干膜 已至爆发前夕 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,589 | 19,147 | 21,557 | 24,599 | 28,063 | | 同比（%） | 19.66 | (15.23) | 12.58 | 14.11 | 14.08 | | 归母净利润（百万元） | 1,850 | 1,308 | 1,630 | 2,228 | 2,951 | | 同比（%） | 17.20 | (29.33) | 24.66 | 36.71 | 32.40 | | EPS-最新摊薄（元/股） | 0.71 | 0.50 | 0.62 | 0.85 | 1.13 | | P/E（现价&最新摊薄） | 17.67 | 25.00 | 20.05 | 14.67 | 11.08 | [Table_Tag] [ ...

Investment Rating - The report assigns an "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company's revenue from laser equipment shows impressive growth, with a significant competitive edge in laser micro-etching technology [6]. - In 2024, the company achieved a revenue of 2.014 billion yuan, a year-on-year increase of 25.20%, and a net profit attributable to shareholders of 528 million yuan, up 14.40% year-on-year [5]. - For Q1 2025, the company reported a revenue of 561 million yuan, reflecting a year-on-year growth of 24.55%, and a net profit of 163 million yuan, up 20.76% year-on-year [5]. Revenue and Profitability - In 2024, revenue from solar cell laser processing equipment reached 1.994 billion yuan, a year-on-year increase of 45.86%, with a gross margin of 45.86%, up 3.56 percentage points [6]. - The company continues to maintain a strong competitive advantage in its core products, particularly in laser-induced sintering (LIF) equipment for TOPCon technology, which has seen successful mass production orders [6]. Research and Development - The company has increased its R&D investment, with R&D personnel rising to 553, accounting for 36.26% of the total workforce, and R&D expenses reaching 283 million yuan, a year-on-year increase of 12.73% [6]. - New laser welding processes are being developed, with production samples already delivered, expanding the market for laser equipment applications in components [6]. Financial Forecasts - The company is expected to benefit significantly from the accelerated industrialization of back-contact (BC) batteries, with projected revenues of 2.456 billion yuan, 3.194 billion yuan, and 4.932 billion yuan for 2025, 2026, and 2027 respectively [6][8]. - Net profits attributable to shareholders are forecasted to be 717 million yuan, 919 million yuan, and 1.133 billion yuan for the same years [8]. - The current stock price corresponds to a P/E ratio of 22, 17, and 14 for 2025, 2026, and 2027 respectively [6].

Group 1: ZERUN New Energy - ZERUN New Energy's subscription code is 301636, with an issue price of 33.06 CNY per share and a price-to-earnings ratio of 17.57, compared to the industry average of 17.89 [3] - The total number of shares issued by ZERUN New Energy is 15.97 million, with 4.55 million shares available for online subscription. The maximum subscription limit for investors is 4,500 shares, requiring a market value of 45,000 CNY in the Shenzhen market [3] - ZERUN New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, providing integrated solutions for photovoltaic module junction boxes. It has been recognized as a national-level specialized and innovative "little giant" enterprise, with clients including TCL Zhonghuan and other well-known photovoltaic manufacturers [3][2] - The company's projected revenues for 2022, 2023, and 2024 are 522 million CNY, 844 million CNY, and 876 million CNY, respectively, with net profits of approximately 86.4 million CNY, 120 million CNY, and 131 million CNY [3] Group 2: Tiangong Co., Ltd. - Tiangong Co., Ltd.'s subscription code is 920068, with an issue price of 3.94 CNY per share and a price-to-earnings ratio of 14.98, compared to the industry average of 17.44 [6] - The total number of shares issued by Tiangong Co., Ltd. is 60 million, with 42 million shares available for online subscription. The maximum subscription limit for investors is 2.55 million shares [6] - Tiangong Co., Ltd. is a specialized manufacturer of titanium and titanium alloy materials, engaged in the research, production, and sales of titanium products. It has also been recognized as a national-level specialized and innovative "little giant" enterprise [6][5] - In 2023, Tiangong Co., Ltd. reported revenues of 1.035 billion CNY, a year-on-year increase of 170.05%, and a net profit of 170 million CNY, up 142.57% [7] - For 2024, the company expects revenues of 801 million CNY, a year-on-year decrease of 22.59%, while net profit is projected to be 172 million CNY, a slight increase of 1.57% [8]

业绩简评 2025 年4 月25 日，公司发布2024 年年报及2025 年一季报。2024全年公司实现营业收入20.14 亿元，同 比+25.20%；实现归母净利润5.28 亿元，同比+14.40%；2025 年一季度实现营业收入5.61 亿元，同比 +24.55%，实现归母净利润1.63 亿元，同比+20.76%，业绩符合预期。 经营分析 根据公司的在手订单情况及最新业务进展，下调公司2025-2026 年盈利分别为6.23（-17%）/6.36 （-23%）亿元，新增2027 年盈利为6.39 亿元，对应EPS 为2.28、2.33、2.34 元，当前股价对应PE 分别 为25/24/24 倍，维持"买入"评级。 合同负债逆势企稳，经营情况乐观向好：25Q1 公司实现毛利率47.9%，环比+4.4PCT；实现净利率 29.1%，环比+4.0PCT，公司光伏激光设备及工艺在行业中强劲的竞争力，是其盈利稳定且显著优于行 业平均水平的核心原因。截至2024 年底，公司合同负债约17.6 亿元，较Q3 末提升3%；25Q1 末合同负 债约17.5 亿元，较2024 年底基本持平，充分体现了公司作为稀缺的、具备成 ...

Core Viewpoint - Sunpower achieved significant revenue and profit growth in Q1 2025, indicating strong performance and operational efficiency [2][3][7] Revenue and Profit Growth - The company reported total revenue of 19.036 billion yuan, a year-on-year increase of 50.92% - Net profit attributable to shareholders reached 3.826 billion yuan, up 82.52% - Non-recurring net profit was 3.676 billion yuan, reflecting a growth of 76.46% [2] Profitability Improvement - Gross margin improved to 35.13%, an increase of 4.44 percentage points year-on-year - Net margin rose to 19.93%, up 19.25 percentage points - Earnings per share reached 1.85 yuan, a year-on-year increase of 83.17% [3] Cost Control - Total selling, administrative, and financial expenses amounted to 1.234 billion yuan, with a ratio of 6.48% of revenue, down 24.83% year-on-year - This indicates effective cost management while scaling operations [4] Cash Flow Situation - Operating cash flow per share was 0.86 yuan, showing a significant year-on-year growth of 362.94%, but the absolute value remains low - Cash and cash equivalents totaled 25.356 billion yuan, a 36.44% increase year-on-year, but the ratio of cash to current liabilities was only 73.86% [5] Accounts Receivable Risk - The company has a large accounts receivable balance of 25.88 billion yuan, which is 234.5% of the latest annual net profit - This high ratio may pose future cash flow pressures [6] Summary - Overall, Sunpower demonstrated excellent performance in Q1 2025 with substantial revenue and profit growth, improved profitability, and effective cost control - However, attention is needed on cash flow and accounts receivable risks for sustainable future development [7]