| 投资者关系活动 | √特定对象调研 □ | 分析师会议 | | --- | --- | --- | | 类别 | □ 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 | 张越 开源证券 | | | 人员姓名 | 高庆勇 中信建投 | | | | 赵皓 国投证券 | | | | 唐保威 华福证券 | | | | 蒲明琪 广发证券 | | | | 徐正敏 北京泰德圣投资有限公司 | | | | 朱静怡 华福证券 | | | | 林毅 利多星上海投资管理有限公司 | | | | 叶子侃 宁波川砺投资 | | | | 林睿霆 上海君汯资产管理有限公司 | | | | 朱令群 杭州博海汇金资产管理有限公司 | | | | 邵康英 杭州博海汇金资产管理有限公司 | | | | 吴浩博 新都金控 | | | | 洪雷 价远投资 | | | | 刘彪 价远投资 | | | | 姚松林 | | | 时间 | 年 月 日 2025 4 28 | | | 地点 | 四楼会议室 | | | 上市公 ...

Core Viewpoint - The company Tianyin Electromechanical (300342) is experiencing stable revenue growth, with its radar and aerospace electronics business expected to enter a recovery and upward cycle [1] Financial Performance - In 2024, the company reported operating revenue of 1.048 billion yuan, an increase of 0.63%, and a net profit attributable to shareholders of 90 million yuan, up 175.80% [2][3] - The gross profit margin was 23.74%, an increase of 0.63 percentage points, while the net profit margin reached 8.75%, up 5.51 percentage points [2] Business Segments - The company operates primarily in two segments: refrigerator compressor parts and radar and aerospace electronics [2] - In the refrigerator compressor parts segment, sales volume reached 337 million units, up 4.56%, and revenue was 640 million yuan, an increase of 16.44% [3] - The radar and aerospace electronics segment saw revenue decline to 407 million yuan, down 17.07%, but sales volume increased significantly by 60.62% [4] Cost Management and R&D - The company successfully reduced its operating expenses, with a three-expense ratio of 7.90%, down 0.10 percentage points [5] - R&D investment increased to 80.46 million yuan, up 0.67%, with the number of R&D personnel rising to 390, an increase of 13.04% [5] Industry Outlook - The radar and aerospace electronics segment is expected to benefit from the military industry entering an upward cycle and the acceleration of satellite internet construction [6][8] - The company anticipates stable performance in the refrigerator compressor parts business due to ongoing "old-for-new" policies, while the radar and aerospace electronics business is expected to support revenue and profit growth in 2025 [8] Investment Projections - Revenue projections for 2025-2027 are estimated at 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][3]. Core Views - The company reported a revenue of 3.021 billion yuan in Q1 2025, representing a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 218 million yuan, up 4.34% year-on-year [1]. - The automotive parts business is expected to maintain high double-digit growth, supported by a favorable production schedule in the air conditioning sector [2]. - The company is positioned as a leader in the refrigeration components sector, with ongoing structural upgrades in its home appliance business and improvements in profitability [3]. Summary by Sections Financial Performance - In Q1 2025, the gross margin was 16.1%, down 1.4 percentage points year-on-year, attributed to a decline in high-margin equipment business and raw material costs [2]. - The net profit margin for Q1 2025 decreased by 0.7 percentage points to 7.2% [2]. Business Segments - The automotive valve market is entering an expansion phase, driven by new strategies from companies like BYD, which is expected to create significant demand for valve components [2]. - The company’s dual business segments are performing well, with projected net profits of 1.19 billion, 1.38 billion, and 1.57 billion yuan for 2025, 2026, and 2027 respectively [3]. Market Outlook - The overall production schedule for air conditioning is expected to show double-digit growth, which will support the company's revenue in the second quarter [2]. - The company is leveraging opportunities in the high-growth new energy vehicle thermal management sector [3].

中航证券有限公司张超,王宏涛,滕明滔近期对天银机电进行研究并发布了研究报告《天银机电（300342） 2024年报点评：收入稳中有增，雷达与航天电子业务发展有望进入修复上行周期》，首次覆盖天银机电给 予买入评级。 2024年报点评：收入稳中有增，雷达与航天电子业务发展有望进入修复上行周期》研报附件原文摘录） 天银机电(300342) 事件：4月12日公司公告，2024年公司营业收入（10.48亿元，+0.63%），归母净利润（0.90亿元， +175.80%），扣非归母净利润（0.71亿元，+126.87%)，毛利率（23.74%，+0.63pcts），净利率（8.75%， +5.51pcts）。 公司主要围绕"冰箱压缩机零配件"和"雷达与航天电子"两大板块开展业务。冰箱压缩机零配件板块，公司 是国内各大冰箱压缩机厂的主流供应商，核心产品包括起动器、吸气消音器、变频控制器等，主要客户为 加西贝拉、尼得科、美芝、万宝等国内一线压缩机厂商。雷达与航天电子板块，主要依托子公司华清瑞 达、讯析科技及天银星际，其主要业务分别是雷达仿真及测试业务、超宽带信号应用、人造卫星姿态控制 系统及相关配件业务。 收入稳中有增，单季 ...