证券研究报告 | 公司点评报告 2025 年 05 月 28 日 顺威股份（002676.SZ） 国际化布局和新能源构建新成长动能 TMT 及中小盘/中小市值 事件：公司发布 2024 年年度报告以及 2025 年第一季度报告 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2267 | 2697 | 3257 | 3480 | 3718 | | 同比增长 | 8% | 19% | 21% | 7% | 7% | | 营业利润(百万元) | 41 | 77 | 112 | 145 | 155 | | 同比增长 | -5% | 85% | 46% | 30% | 7% | | 归母净利润(百万元) | 35 | 54 | 80 | 105 | 112 | | 同比增长 | -17% | 54% | 48% | 30% | 7% | | 每股收益(元) | 0.05 | 0.08 | 0.11 | 0.15 | 0.16 | | PE | 118. ...

证券代码：600458 证券简称：时代新材 公告编号：临2025-025 株洲时代新材料科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利0.216元（含税） 本次利润分配方案经公司2025年5月21日的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 2.分派对象： 3.分配方案： 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易所收 市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红 利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公司保 管，待办理指定交易后再进行派发。 2.自行发放对象 无 ● 相关日期 ■ ● 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 二、分配方案 ...

项目总投资5000万元，主要从事短切纤维、编织纤维、热塑性材料板棒材、纤维预浸料、 碳纤维管材 和碳纤维异形件的生产，预计年产短切纤维60吨、编织纤维5万平方米、热塑性材料板棒材350吨、纤维 预浸料300万平方米、碳纤维管材30.74万件、碳纤维异形件70.17万件。 【DT新材料】获悉，近日，惠州市生态环境局博罗分局拟对惠州市沃特特种材料有限公司碳纤维复合 材料建设项目环境影响评价文件作出批准决定并予以公开。 惠州市沃特特种材料有限公司是深圳市沃特新材料股份有限公司的全资子公司，成立于2021年8月。其 设立旨在进一步完善沃特新材料的特种高分子材料业务和战略布局，其主要经营范围包括工程塑料及合 成树脂、高性能纤维及复合材料、石墨及碳素制品的生产与销售等。 目前，沃特新材料已开发了包括短切碳纤维技术和连续长碳纤维技术在内的，以各类热塑性树脂 （PP、PC、MPPE、尼龙、聚酯、LCP）为基材的热塑性碳纤维复合材料，相关产品已应用于汽车、无 人机、笔记本电脑、打印机复印机、自动柜员机等对机械性能和轻量化要求极高的行业。目前，公司新 增的热固性碳纤维复合材料产线已于2024年投入使用，用于生产片材、板材和管材等 ...

【DT新材料】 获悉，近日， 惠州市生态环境局博罗分局拟对 惠州市沃特特种材料有限公司 碳纤维复合材料建设项目环境影响评价文件作出批准决定 并予以公开 。 项目总投资 5000万元 ，主要从事 短切纤维、编织纤维、热塑性材料板棒材、纤维预浸料、 碳纤维管材 和 碳纤维异形件 的生产， 预计年产短切纤维 60吨 、编织纤维 5万平方米 、热塑性材料板棒材 350吨 、纤维预浸料 300万平方米 、碳纤维管材 30.74万件 、碳纤维异形件 70.17万件 。 惠州市沃特特种材料有限公司 是 深圳市沃特新材料股份有限公司 的全资子公司， 成立于2021年8月。其设立旨在进一步完善 沃特新材料 的 特种高分 子材料 业务和战略布局，其主要经营范围包括工程塑料及合成树脂、高性能纤维及复合材料、石墨及碳素制品的生产与销售等。 目前， 沃特新材料 已开发了包括 短切碳纤维技术 和 连续长碳纤维技术 在内的，以 各类热塑性树脂（PP、PC、MPPE、尼龙、聚酯、LCP） 为基材 的 热塑性碳纤维复合材料 ，相关产品已应用于汽车、无人机、笔记本电脑、打印机复印机、自动柜员机等对机械性能和轻量化要求极高的行业 。目 前，公司新 ...

Group 1 - The stock of 聚石化学 (688669) has a comprehensive score of 64.54, indicating a strong performance [1][2] - The main cost analysis shows the following prices: current main cost at 18.80 yuan, 5-day main cost at 19.00 yuan, 20-day main cost at 17.92 yuan, and 60-day main cost at 16.43 yuan [1][2] - The stock has experienced no limit-up and one limit-down in the past year [1] Group 2 - The short-term pressure level is at 19.72 yuan, while the short-term support level is at 18.32 yuan [2] - The K-line pattern indicates a "Double Flying Crows," suggesting a potential market peak and subsequent decline [2] - As of May 28, 2025, the net outflow of main funds is 282.07 million yuan, accounting for 5% of the total transaction volume [3][2] Group 3 - Financial data reveals earnings per share of 0.07 yuan, operating profit of 0.16 billion yuan, and a sales gross margin of 12.5% [4][2] - The net profit reported is 13,578,897.23 yuan [4] - Related industry sectors such as plastic products, photolithography (glue), biodegradable plastics, and phosphorous chemicals have shown declines of -0.77%, -1.27%, -0.53%, and -1.36% respectively [4][2]

证券代码：301003 证券简称：江苏博云 江苏博云塑业股份有限公司 投资者关系 活动类别 特定对象调研 □媒体采访 □新闻发布会 □专场机构交流会 □其他 □分析师会议 业绩说明会 □路演活动 □现场参观 参与单位名称及 人员姓名 招商证券 葛小川 华创证券 申起昊 财通证券 韩家宝 华富基金 邓贤波 东吴证券 程颙 上海证券 刘阳东 时间 2025 年 5 月 28 日 地点 公司会议室 上市公司接待 人员姓名 董事会秘书、财务负责人邓永清 证券事务代表杨玉婷 投资者关系管理 薛炜 投资者关系活动 主要内容介绍 1、新的募投项目预计一条产线一年对应多少产能？ 回复：2024 年末公司募投项目"研发测试中心及实验室建设项目" 及募投项目"改性塑料扩产及塑料制品成型新建项目"中的 4 条挤 出机生产线达到预定可使用状态，4 条新的生产线整体产能为 3 万 吨。 2、公司的马来西亚生产基地，主要生产什么材料？ 回复：马来西亚子公司生产基地今年进行了搬迁改造，由原来的租 赁物业改为购买自有物业，其主要业务是色母粒生产，同时也预留 了改性塑料生产的空间。 3、公司是否涉足机器人领域，有无相关业务？ 回复：公司目前产 ...

证券代码：300305 证券简称：裕兴股份 公告编号：2025-033 债券代码：123144 债券简称：裕兴转债 江苏裕兴薄膜科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 江苏裕兴薄膜科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召 开第六届董事会第八次会议，于 2025 年 5 月 7 日召开 2024 年年度股东大会，分 别审议通过了《关于公司 2025 年度担保额度预计的议案》，同意公司为控股子 公司常州福洛力新能源材料科技有限公司（以下简称"常州福洛力"）向银行申请 综合授信提供不超过人民币 5,000 万元的担保。具体内容详见公司在中国证监会 指定的创业板信息披露网站发布的《关于公司 2025 年度担保额度预计的公告》 （公告编号：2025-020）。 二、担保进展情况 近日公司与交通银行股份有限公司常州分行签署保证合同，为公司控股子公 司常州福洛力在交通银行股份有限公司常州分行申请综合授信提供连带责任保 证，担保金额不超过人民币 1,176 万元。 成立日期：2023 年 9 月 15 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a comprehensive analysis of various asset classes and industries. It maintains the view of more volatility and a preference for safe - haven assets overseas, and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. Overseas, the US inflation expectation structure is stable with short - term fundamental resilience, while in China, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Different industries and asset classes are expected to show different trends, mostly in a state of oscillation [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: Tariff and US debt concerns are the main drivers of market volatility in May. The EU has requested an extension of the tariff negotiation deadline to July 9, which was approved by President Trump. The US House of Representatives passed a large - scale tax - cut and spending bill, increasing concerns about US debt. US retail sales in April increased slightly by 0.1%, and the May manufacturing and service PMIs were better than expected [6]. - **Domestic Macro**: April's domestic economic data showed resilience, and policy expectations were generally stable. The China - ASEAN Free Trade Area 3.0 negotiation was completed. The 1 - year and 5 - year - plus LPRs were both cut by 10BP in May, and major state - owned banks lowered deposit rates. Investment and consumption growth in April slightly slowed down but remained resilient. Fixed - asset investment from January to April increased by 4.0% year - on - year, and social consumer goods retail总额 increased by 5.1% year - on - year in April [6]. - **Asset View**: In the large - scale asset category, the report maintains the view of more volatility and a preference for safe - haven assets overseas and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. In the overseas market, the US inflation expectation structure is stable, and the short - term fundamentals are resilient. In the Chinese market, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Bonds have allocation value after the capital pressure eases, and stocks and commodities are expected to oscillate in the short term [6]. 3.2 View Highlights Financial Sector - **Stock Index Futures**: The proportion of small - cap and micro - cap trading volume shows a downward trend, and the stock index discount is converging, with an expected oscillation [7]. - **Stock Index Options**: The short - term market sentiment is positive, and attention should be paid to the option market liquidity, with an expected oscillation [7]. - **Treasury Bond Futures**: The bond market may continue to oscillate, and attention should be paid to changes in the capital market and policy expectations, with an expected oscillation [7]. Precious Metals - **Gold/Silver**: The progress of China - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Attention should be paid to Trump's tariff policy and the Fed's monetary policy, with an expected oscillation [7]. Shipping - **Container Shipping on the European Route**: Attention should be paid to the game between the peak - season expectation and the implementation of price increases. The short - term trend is expected to oscillate, and attention should be paid to tariff policies and shipping company pricing strategies [7]. Black Building Materials - **Steel**: Demand continues to weaken, and both futures and spot prices are falling. Attention should be paid to the progress of special bond issuance, steel exports, and molten iron production, with an expected oscillation [7]. - **Iron Ore**: The arrival of shipments has been continuously low, and port inventories have decreased slightly. Attention should be paid to overseas mine production and shipments, domestic molten iron production, weather factors, and port inventory changes, with an expected oscillation [7]. - **Coke**: The second - round price cut has started, and coke enterprises are having difficulty in shipping. Attention should be paid to steel mill production, coking costs, and macro - sentiment, with an expected oscillation and decline [7]. - **Coking Coal**: The pressure to reduce inventory is increasing, and market sentiment is low. Attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment, with an expected oscillation and decline [7]. Non - ferrous Metals and New Materials - **Copper**: Inventory continues to accumulate, and copper prices oscillate at a high level. Attention should be paid to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and weaker - than - expected domestic demand recovery, with an expected oscillation and increase [7]. - **Aluminum Oxide**: The event of revoking mining licenses has not been finalized, and the aluminum oxide market oscillates at a high level. Attention should be paid to the failure of ore production to resume as expected, the over - expected resumption of electrolytic aluminum production, and extreme market trends, with an expected oscillation and decline [7]. Energy and Chemicals - **Crude Oil**: The expectation of production increase is strengthened, and oil prices continue to face pressure. Attention should be paid to OPEC + production policies, the progress of Russia - Ukraine peace talks, and the US sanctions on Iran, with an expected oscillation and decline [9]. - **LPG**: Demand continues to weaken, and LPG maintains a weak oscillation. Attention should be paid to the cost progress of crude oil and overseas propane, with an expected oscillation and decline [9]. - **Ethylene Glycol**: Concerns about tariffs have subsided, and the over - expected scale of EG maintenance has boosted futures prices. Attention should be paid to the terminal demand for ethylene glycol, with an expected oscillation and increase [9]. Agriculture - **Livestock and Poultry**: The spot price of pigs stopped falling before the festival, but the futures market remained weak. Attention should be paid to breeding sentiment, epidemics, and policies, with an expected oscillation and decline [9]. - **Cotton**: Cotton prices oscillate slightly. Attention should be paid to demand and production, with an expected oscillation [9].

Financial Performance Summary - In 2024, the company achieved operating revenue of 333.00 million yuan, a year-on-year increase of 28.15% compared to 259.86 million yuan in 2023 [2] - The net profit attributable to shareholders was -22.65 million yuan, improving by 5.14% from -23.87 million yuan in the previous year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -31.88 million yuan, a decrease of 2.79% from -32.79 million yuan in 2023 [2] - The net cash flow from operating activities was 42.71 million yuan, showing a significant increase of 112.01% from 20.14 million yuan in the previous year [2] Q1 2025 Performance - For the first quarter of 2025, the company reported operating revenue of 7.44 million yuan, a year-on-year growth of 10.97% compared to 6.71 million yuan in the same period last year [3] - The net profit attributable to shareholders was -0.38 million yuan, worsening from -0.10 million yuan in the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -0.47 million yuan, compared to -0.32 million yuan in the same period last year, reflecting a decline of 47.79% [3] - The net cash flow from operating activities was -2.67 million yuan, a significant decrease from 0.32 million yuan in the previous year [3] Company Background - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on July 10, 2020, with an initial public offering of 25 million shares at a price of 13.99 yuan per share [4] - The total amount raised was 350 million yuan, with a net amount of 293 million yuan allocated for production capacity expansion projects [4]

Company Overview - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) has been accepted for IPO on the Beijing Stock Exchange, with a proposed fundraising of 289 million yuan for new projects [3] - The company was established in 1989 and has a registered capital of 61 million yuan, focusing on the research, production, and sales of flexible pipelines and hose assemblies for fluid transportation [3][5] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 189 million yuan, 219 million yuan, and 262 million yuan, respectively [6] - Net profits for the same years are expected to be 47.92 million yuan, 60.78 million yuan, and 84.14 million yuan, showing a consistent growth trend [6] - The gross profit margins are forecasted to increase from 51.97% in 2022 to 59.95% in 2024, indicating improved operational efficiency [6] Shareholding Structure - The chairman and general manager, Xu Jincheng, controls 73.79% of the company's shares, making him the controlling shareholder and actual controller [5] Employee Demographics - As of December 31, 2024, the company has 367 employees, with 93.46% being over 40 years old, indicating an experienced workforce [8]