4月26日，由团广东省委等单位联合主办的"百万英才汇南粤"——青年服务"百县千镇万村高质量发展工 程"专题招聘活动在华南农业大学举办，线上线下提供超3万个岗位。 今年是"百千万工程"实现三年初见成效之年，本次招聘会为广东县域高质量发展链接优质青年人才。不 少粤东粤西粤北地区的县域企业诚意满满到现场揽才。走访发现，如今青年学子回乡意愿有所增强，前 往县镇村工作，成为他们的求职新选择。 回乡发展，拥抱广阔天地 活动现场设置了"青春助力百千万"兴乡青年招募专区，依托广东"百千万工程"青年兴乡培育计划，支持 鼓励青年返乡创新创业。 "我们公司位于汕尾，今天有70%的求职者都是汕尾人。"在广东真陨石珠宝公司摊位，公司创始人林建 安笑着翻阅手中的简历，"2个小时就收了20多份，主播岗位特别受欢迎。越来越多年轻人想回乡工作 了！" 因"咖啡+美景"而带旺汕尾"美丽经济"的广东浮日计划公司也来到现场招聘。2022年，该公司创始人刘 德江从广州返乡开起海景咖啡店，打造了古堡咖啡等一批汕尾"顶流打卡点"。浮日计划公司合伙人林建 安介绍，很多大一学生奔着"古堡咖啡"而来，了解未来实习就业机会，当中不少青年期望成为一名咖啡 师。 吸 ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 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） | -0.2500 | 0.0300 | -933.33 | -0.0300 | | 每股净资产（元） | 0.04 | 0.07 | -42.86 | 0.06 | | 每股公积金(元) | 0.6 | 0.37 | 62.16 | 0.37 | | 每股未分配利润(元) | -1.68 | -1.43 | -17.48 | -1.45 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.12 | 4.46 | -30.04 | 6.78 | | 净利润(亿元) | -1.06 | 0.11 | -1063.64 | -0.11 | | 净资产收益率(%) | -2303.38 | 35.93 | -6510.74 | -30.08 | | 名称 | 持有数量(万股) | 占 ...

Financial Performance - The basic earnings per share for Q1 2025 is 0.6400 CNY, a decrease of 1.54% compared to Q1 2024, which was 0.6500 CNY [1] - The net profit for Q1 2025 is 0.52 billion CNY, showing a slight increase of 1.96% from 0.51 billion CNY in Q1 2024 [1] - The operating revenue for Q1 2025 is 3.32 billion CNY, down by 5.14% from 3.5 billion CNY in Q1 2024 [1] - The return on equity for Q1 2025 is 3.11%, a decrease of 3.42% from 3.22% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11.2012 million shares, accounting for 25.25% of the circulating shares, with an increase of 3.1678 million shares compared to the previous period [1] - New entrants among the top shareholders include the Penghua Carbon Neutral Theme Mixed Securities Investment Fund, holding 3.8604 million shares (8.70%) [2] - Significant changes in holdings include Fu Weiping increasing his stake by 46.32% to 1.5615 million shares, while Tang Weiguo reduced his holdings by 58.05% to 1.1005 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Core Insights - The company reported a slight decline in revenue but a significant drop in net profit, while cash flow from operating activities showed substantial growth [1][2][4] Financial Performance - Revenue for 2024 was approximately 2.71 billion yuan, a decrease of 2.17% from 2023's 2.77 billion yuan. Manufacturing revenue increased by 3.33% to about 2.14 billion yuan, while service revenue fell by 17.90% to approximately 535.80 million yuan, impacted by reduced demand in the infrastructure sector [2] - Net profit attributable to shareholders was approximately 172.26 million yuan, down 37.27% from 2023's 274.62 million yuan, primarily due to declining profits in inspection and testing services and losses in the lithium battery sector [2] - Basic earnings per share decreased by 37.63% to 0.2272 yuan, reflecting the drop in net profit [2] Cost Management - Total expenses for 2024 were approximately 349.10 million yuan, down from 388.75 million yuan in 2023. Sales expenses decreased by 2.06%, management expenses by 11.71%, and R&D expenses by 9.29% [3] - The company maintained a research and development investment of approximately 1.33 billion yuan, with an R&D intensity of 4.92%, focusing on projects to enhance product competitiveness [3] Cash Flow Analysis - The net increase in cash and cash equivalents was -9.50 million yuan, a significant decrease from 444.59 million yuan in 2023, influenced by changes in operating, investing, and financing activities [4] - Cash flow from operating activities was approximately 320.17 million yuan, up 142.47% year-on-year, indicating improved cash collection capabilities [4] - Cash flow from investing activities was -89.03 million yuan, a decrease of 137.58%, reflecting increased payments for fixed asset construction [4] - Cash flow from financing activities was -240.91 million yuan, a decrease of 415.50%, indicating a focus on debt repayment and prudent financial management [4] Management Compensation - The chairman received a pre-tax compensation of approximately 989,800 yuan, while the general manager received about 990,900 yuan. Compensation for vice presidents varied, with one receiving 846,400 yuan and another 784,700 yuan, linked to their responsibilities and performance [5]

点击注册小程序 查看完整报告 公司持续高研发投入，产品结构持续优化提升 报告摘要 事件： 2025Q1公司实现营业收入28.83亿元，同比+20.67%，环比-23.64%；实现归母净利润3.89亿元，同比 +18.59%，环比-12.64%，创历史同期新高水平；实现扣非后归母净利润3.94亿元，同比+15.72%，环 比-21.91%。 2025Q1公司扣除联营企业投资收益后归母净利润同比+26.50% 2025Q1公司对联营企业和合营企业的投资收益为0.14亿元，同比-56.29%。2025Q1公司实现扣除联营企业 投资收益后归母净利润3.75亿元，同比+26.50%。 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。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯 ...

Core Viewpoint - The recent financial report of Jiuli Special Materials (002318) shows strong growth in revenue and net profit for Q1 2025, indicating a positive performance despite challenges in the market environment [1][5]. Financial Performance - Total revenue for Q1 2025 reached 2.883 billion yuan, a year-on-year increase of 20.67% compared to 2.389 billion yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 389 million yuan, up 18.59% from 328 million yuan in the same period last year [1]. - The gross profit margin improved to 28.08%, an increase of 4.00% year-on-year, while the net profit margin decreased to 13.82%, down 4.54% [1]. - The company reported a significant increase in operating cash flow per share, which rose to 0.04 yuan, a remarkable increase of 693.75% [1]. Accounts Receivable and Financial Health - Accounts receivable amounted to 1.479 billion yuan, representing 99.21% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - The company’s cash and cash equivalents decreased by 36.38% to 2.501 billion yuan, raising concerns about liquidity [1][3]. - The total expenses for sales, management, and finance were 193 million yuan, accounting for 6.71% of revenue, which is an increase of 6.76% year-on-year [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 16.89%, reflecting strong capital efficiency [3]. - Analysts expect the company to achieve a revenue of 1.714 billion yuan and an average earnings per share of 1.75 yuan for the year 2025 [3]. - Jiuli Special Materials has been favored by prominent fund managers, with increased holdings noted in several funds [4]. Strategic Response to Market Challenges - The company is actively monitoring macroeconomic conditions and adjusting its strategies to maintain stable performance amid market volatility and international trade tensions [5]. - Emphasis is placed on technological innovation and market expansion to optimize product structure and enhance collaboration with quality clients [5]. - The company aims to provide long-term returns to shareholders through steady operational performance and potential share buybacks and dividends [5].

Financial Performance - The company reported total revenue of 878 million yuan for Q1 2025, a decrease of 15.34% year-on-year compared to 1.037 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 26.26 million yuan, down 46.57% from 49.14 million yuan in the same quarter last year [1] - The gross margin was 11.1%, reflecting a decline of 13.54% year-on-year, while the net margin decreased by 33.29% to 3.65% [1] - Total expenses (selling, administrative, and financial) amounted to 37.82 million yuan, representing 4.31% of revenue, an increase of 22.21% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable reached 730 million yuan, accounting for 362.52% of the net profit, indicating a significant concern regarding cash flow [1][4] - The cash and cash equivalents decreased to 499 million yuan, down 41.32% from the previous year [1] Business Model and Market Position - The company specializes in various types of pipes and fittings, which are widely used in water supply, drainage, firefighting, gas, oil and gas transportation, construction, and communication sectors [4] - The company has maintained a stable operation despite a decline in performance due to external factors, particularly in the real estate sector [4] - The company has a low debt ratio and healthy financial status, with a cumulative financing amount of 1.237 billion yuan and cumulative dividends of 1.004 billion yuan since its listing [3]

Core Viewpoint - The stock of Saifutian (603028) experienced a limit-up today, with a trading volume of 1.63 billion yuan and a turnover rate of 9.10%, indicating strong market interest and activity [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's daily limit-up board due to a price deviation of 10.16%, with a net buying amount of 16.94 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction amount of 50.43 million yuan, with a buying amount of 33.69 million yuan and a selling amount of 16.74 million yuan, resulting in a net buying of 16.94 million yuan [2]. - The largest buying brokerage was Huaxin Securities, with a purchase amount of 14.48 million yuan, while the largest selling brokerage was UBS Securities, with a selling amount of 7.80 million yuan [2]. Historical Performance - Over the past six months, the stock has appeared on the limit-up board five times, with an average price drop of 3.73% the following day and an average decline of 18.40% over the next five days [3]. - Today's main capital inflow was 37.90 million yuan, with large orders contributing 13.30 million yuan and big orders contributing 24.59 million yuan. The net inflow over the past five days was 29.61 million yuan [3]. Financial Performance - On April 25, the company reported its Q1 financial results, showing a revenue of 349 million yuan, a year-on-year increase of 24.80%, and a net profit of 1.07 million yuan, a year-on-year increase of 117.64% [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a turnaround in Q1 2025, achieving profitability after a loss in 2024, with Q1 2025 revenue of 349 million yuan, a year-on-year increase of 24.8%, and a net profit of 1 million yuan, up 118% year-on-year [4][8] - The company is focusing on opportunities in marine engineering and industrial robotics, leveraging its expertise in steel wire rope technology to expand into high-end equipment sectors [5][6] - The photovoltaic business faced challenges in 2024 but is expected to improve profitability in 2025 as market conditions change [7][8] Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.247 billion yuan, a decline of 22.34% year-on-year, and a net loss of 189 million yuan, a decrease of 694.08% year-on-year [4][10] - The fourth quarter of 2024 saw revenue of 215 million yuan, down 29.39% year-on-year, with a net loss of 161 million yuan [4] - For 2025, projected revenues are 1.502 billion yuan, 1.733 billion yuan, and 1.946 billion yuan for 2025, 2026, and 2027 respectively, with expected year-on-year growth rates of 20.5%, 15.3%, and 12.3% [8][10] Business Segments - The marine engineering segment has established itself as a benchmark in the industry, with long-term partnerships with major clients such as CNOOC and Guangzhou Salvage Bureau [5] - The industrial robotics segment is expanding by applying traditional steel wire rope technology to high-performance lifting components, marking a significant transition from traditional manufacturing to high-end intelligent equipment [6] - The photovoltaic segment, despite facing a downturn, achieved a shipment of 2.78 GW of battery products in 2024, a year-on-year increase of 60.96% [7] Future Outlook - The company aims to cultivate new growth points through its three main business divisions, with expectations of improved profitability and revenue growth in the coming years [8] - The projected net profit for 2025 is 15 million yuan, with significant growth expected in subsequent years, reaching 32 million yuan by 2027 [10]

Group 1: Sales and Revenue - The company reported a revenue of 676 million yuan in Q1, representing a year-on-year increase of 13.84% [2] - The direct sales model currently accounts for 100% of sales, with no plans to introduce other sales channels at this time [2] Group 2: Investment and Financial Performance - The long-term equity investment income under the equity method was -7,706,983.99 yuan, a significant decline compared to the previous period, primarily due to a decrease in stock price after the listing of the investment project [2] - The company has seen historical highs in performance due to product grade improvements, structural adjustments, and favorable industry developments [3] Group 3: Legal and Operational Concerns - The company is currently involved in pending litigation related to operating contracts, which it is monitoring to protect its rights [2] - The company has established a public opinion management system to address financial risks and enhance market value management [3] Group 4: Industry Outlook and Future Growth - The company is at the forefront of the new energy power station boiler market, providing advanced materials that replace imports [2] - The future direction of the industry is focused on high parameters, which is seen as a key development trend [3]