Core Viewpoint - Hanbell Precise Machinery reported a revenue of 3.674 billion yuan for 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a decrease of 0.28% year-on-year, primarily due to the downturn in the real estate market affecting demand for refrigeration compressors and photovoltaic vacuum pumps [1] Financial Performance - The gross margin for 2024 was 38.31%, down by 2.01 percentage points year-on-year, mainly due to a price war triggered by supply-demand mismatches in the photovoltaic industry [2] - The net profit margin improved to 23.53%, an increase of 1.02 percentage points year-on-year, reflecting effective cost control measures [2] - The operating expense ratio for 2024 was 11.34%, down by 3.08 percentage points year-on-year, with management expenses at 4.03% (up 0.19 percentage points), sales expenses at 3.84% (down 0.88 percentage points), and R&D expenses at 4.95% (down 0.76 percentage points) [2] Industry Outlook - The demand for refrigeration compressors is expected to benefit from growth in the cold chain logistics and heat pump industries, as well as equipment upgrades, despite pressure from the commercial central air conditioning market due to real estate adjustments [3] - The total demand for cold chain logistics in 2024 is projected to reach 365 million tons, a year-on-year increase of 4.3% [3] - The semiconductor vacuum pump market is seeing a trend towards domestic substitution, with the company increasing its marketing efforts in the domestic semiconductor industry and beginning bulk deliveries to recognized semiconductor manufacturers [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 931 million yuan, 1.032 billion yuan, and 1.138 billion yuan, respectively, reflecting a downward adjustment due to unexpected pressures on commercial air conditioning and photovoltaic vacuum pumps [4] - The target price is set at 20.88 yuan, based on a 12 times price-to-earnings ratio for 2025, maintaining a "buy" rating [4]

近日，国家卫健委宣布启动"体重管理年"3年行动普及健康生活方式，呼吁大家积极参加体重管理共同 迈向健康中国。在此背景下，游泳作为一项低重力、全身性的有氧运动，成为了健身领域的热门运动。 广西省南宁市迈靖恒温游泳馆始终响应国家健康生活方式的倡议，率先于2023年完成了场馆热水设备的 增设。该游泳馆引入了6台25HP中广欧特斯空气源热泵(空气能)泳池机组，为泳客提供更舒适的游泳环 境，即便是在气温骤降之时，也能保障泳客正常开展锻炼活动。 项目背景 南宁市体育场迈靖恒温游泳馆面积近2200㎡，包含10个标准泳道的室内恒温池和室外冷水池、深水池 等，其中深水池深度达4.5米，是集休闲健身、运动训练为一体的综合性水上运动场馆。 2023年，南宁市迈靖恒温游泳馆在未进行升级改造之前，面临着冬季气温骤降时泳客锻炼体验大打折扣 的问题。为切实提升泳客的游泳体验，游泳馆于2023年10月装修升级，将重点放在增设泳池恒温设施设 备上，力求打造全年四季恒温的舒适游泳环境。 该项目于2023年10月中旬正式启动，历时一个多月的紧张施工后完工交付，并在迈靖游泳馆重新营业时 正式投入使用。同时，中广欧特斯还为迈靖恒温游泳馆提供了全面的售 ...

AI技术正在重塑泵行业，在泵产业的设计环节、生产环节和运维过程中，推动产品研发效率和运维水 平跃升。目前，利欧泵业在产品设计、市场分析以及项目承接等环节已深度应用AI技术，并且已经取 得显著的效果。据公开消息，2024年，利欧泵业"5G全连接工厂的智能制造和智慧运营解决方案"入选 浙江省人工智能应用场景名单，同时利欧泵业被认定为浙江省人工智能应用标杆企业。此外，年报显 示，公司浙江温岭基地的5G+数字孪生智能工厂成功入选国家5G工厂名录，成为行业标杆。通过融合 5G、AI、边缘计算、大数据等前沿技术，工厂实现了全生产要素数据的互通与协同，引领了水泵行业 数字化改革。 在数字营销领域，利欧数字通过深度应用AI技术，实现全链路营销的智能化升级。据年报显示，在AI 全链路应用方面利欧数字已取得一系列的技术研发成果，通过AI的创新与应用，实现了内容生产与广 告投放效率的显著提升。公司目前正全面推进自研的AI工具与数据算法贯穿营销全链路，打造策略智 能体、创意智能体、投放智能体、运营智能体等营销各环节专属智能体，构建智能体工具矩阵。通过人 工智能技术重构营销价值链，实现从策略制定、创意生产到用户运营等全环节智能化升级。 ...

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Gorman-Rupp (GRC) identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][9]. Earnings Growth - Gorman-Rupp has a historical EPS growth rate of 8.7%, but projected EPS growth for this year is expected to be 13.7%, significantly outperforming the industry average of 6.4% [5]. Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 19.3%, which is substantially higher than the industry average of 1.3%. Over the past 3-5 years, Gorman-Rupp's annualized cash flow growth rate has been 10.6%, compared to the industry average of 8.5% [6][7]. Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Gorman-Rupp, with the Zacks Consensus Estimate for the current year increasing by 0.5% over the past month, indicating strong near-term stock price movement potential [8]. Overall Assessment - Gorman-Rupp has achieved a Growth Score of B and holds a Zacks Rank 2, reflecting its strong growth prospects and positive earnings estimate revisions, making it a solid choice for growth investors [9][10].

Core Viewpoint - The article emphasizes the importance of sustainable development practices for companies in the context of climate change and resource constraints, highlighting Grundfos as a leader in water pump and technology solutions that integrates sustainability into its operations and product development [1][4]. Group 1: Sustainable Development Goals - Grundfos has established four key sustainability goals: energy savings, water conservation, circular economy, and water accessibility, which are interconnected and form a complete value chain [1]. - By 2024, Grundfos provided safe drinking water to 17.2 million people, reduced self-extraction water by 46% compared to the 2008 baseline, and decreased total CO2 emissions by 24% from the 2020 baseline [1]. - The company received a platinum certification from EcoVadis, ranking in the top 1% among 130,000 companies assessed [1]. Group 2: Innovations and Solutions - Grundfos is developing innovative water resource management solutions to help countries and regions better address climate challenges, with a focus on improving quality of life [4]. - The company has implemented a comprehensive water-saving system, exemplified by its Changshu factory, which collects 5,675 cubic meters of rainwater annually, equivalent to the monthly water needs of 150 four-person households [4]. - In the municipal water sector, Grundfos provided a closed-loop pumping solution to Quanzhou Water Group, ensuring water safety and quality while reducing energy consumption by 15% and saving nearly 300,000 yuan in annual operating costs [4]. Group 3: Energy Efficiency Achievements - Grundfos has achieved significant energy savings through technological advancements such as variable frequency drives and permanent magnet motors, exemplified by a project that reduced CO2 emissions by 250 tons and achieved a 34% energy savings rate [5]. - The company received China's first energy efficiency certification for variable frequency clean water centrifugal pump units, contributing to the national standard for energy efficiency [6]. Group 4: Integrated Innovation Model - Grundfos is promoting an integrated innovation model combining hardware, software, and services to drive an energy efficiency revolution in the industrial sector [7]. - The Changshu factory, certified with LEED Platinum, generates 50% of its electricity from rooftop solar panels, with an annual output of 1.78 million kWh and a self-use rate of 81% [7]. - The factory's geothermal heat pump system has replaced traditional air conditioning, achieving a 60% reduction in energy consumption for heating and cooling [7]. Group 5: Supply Chain Sustainability - Grundfos is accelerating energy efficiency audits and assessments for its core suppliers to drive decarbonization across the supply chain [8]. - The company's sustainable procurement policy requires key suppliers to obtain third-party certifications like EcoVadis to ensure compliance with environmental standards throughout the supply chain [8]. - Grundfos demonstrates that commercial success and environmental protection can coexist through technological innovation and value reconstruction [8].

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。 今 日 聚 焦 【电新】25年新增核准10台核电机组，可控核聚变领域近期频现突破——碳中和领域动态跟踪（一百五十七） 我国核电项目审批已经进入规模化核准阶段。"十五五"期间核电设备年市场需求有望突破870亿 元，其中核岛设备单年投资规模有望突破400亿元。我国可控核聚变领域近期频现突破，中国聚变 能应用"三步走"战略稳健推进。 （殷中枢/郝骞/宋黎超） 2025-04-28 （ 王招华/戴默） 2025-04-28 您可点击今日推送内容的第2条查看 【晶瑞电材（300655.SZ）】大额商誉减值影响24年业绩，拟发行股份收购湖北晶瑞股权—— 2024年报及2025 一季报点评 2024年，公司实现营收14.35亿元，同比增长10.44% ...

要点 2025 年 4 月 28 日 公司研究 2024 年业绩承压，看好半导体真空泵业务 ——汉钟精机（002158.SZ）2024 年年报点评 事件： 4 月 25 日汉钟精机发布 2024 年年报。2024 年公司实现营收 36.74 亿元， 同比-4.6%；实现归母净利润 8.63 亿元，同比-0.3%；实现扣非归母净利润 8.21 亿元，同比-2.2%。其中，2024Q4 公司单季度实现营收 8.18 亿元，同比-13.6%； 归母净利润 1.41 亿元，同比-23.7%；扣非归母净利润 1.32 亿元，同比-31.3%。 2024 年销售毛利率为 38.3%，同比下滑 2.0pct。 点评：收入小幅下滑，利润基本稳定 受下游需求波动影响，公司全年营收略有下滑，但得益于产品结构持续优化与成 本控制，归母净利润与上年基本持平。海外布局方面，越南北宁工厂正式投产， 海外收入同比增长 8.3%，国际化进程稳步推进。随着产品持续迭代、国产替代 加速落地，叠加海外市场稳步拓展，展望中长期，公司盈利能力有望逐步提升。 压缩机业务稳中有升，真空业务短期承压。分产品来看，2024 年公司压缩机（组） 收入 20.3 ...

一、主要会计数据和财务指标 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： 3691.79万股，累计占流通股比： 47.62%，较上期变化： -210.73万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 温岭市地久电子科技有限公司 | 1800.00 | 23.22 | 不变 | | 陈宜文 | 453.75 | 5.85 | 不变 | | 毛世俊 | 231.28 | 2.98 | 不变 | | 毛世良 | 210.00 | 2.71 | -67.99 | | 温岭市宏泰投资合伙企业(有限合伙) | 200.00 | 2.58 | 不变 | | 邵雨田 | 191.39 | 2.47 | 不变 | | 温岭市益泰投资合伙企业(有限合伙) | 185.00 | 2.39 | 不变 | | 潘军平 | 152.66 | 1.97 | -3.10 | | 李勇 | 151.18 | 1.95 | -84.54 | | 赵林森 | 116.53 | 1.50 | 新进 | | | 较上个报告期退出前十大股 ...

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） | 1.5400 | 1.7100 | -9.94 | 1.5700 | | 每股净资产（元） | 0 | 9.74 | -100 | 8.88 | | 每股公积金(元) | 2.56 | 2.79 | -8.24 | 2.76 | | 每股未分配利润(元) | 5.43 | 5.32 | 2.07 | 4.62 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 19.09 | 18.79 | 1.6 | 16.78 | | 净利润(亿元) | 2.55 | 2.85 | -10.53 | 2.61 | | 净资产收益率(%) | 15.35 | 17.61 | -12.83 | 18.94 | 数据四舍五入，查看更多财务数据>> | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- ...

﹝共探智慧泵站新方案﹞ 携手山东建筑大学 在智慧城市与数字化转型加速推进的背景下 泵站 作为城市水务系统中的关键基础设施 其 智能化升级 正成为行业发展的核心命题 近日，上海凯士比泵有限公司水业务事业部与山东建筑大学市政与环境工程学院联合举办 "2025 年凯士比智慧泵站研讨会" ，共同探讨智慧泵站技术发展新趋势，推动产学研深度融合。 本次研讨会在山东建筑大学举行，吸引了众多专家学者与企业代表参与。围绕 " " 这一 核心议题，双方 从理论研究到工程实践 ，展开了深入交流，聚焦数字化技术如何提升泵站的运行 效率与可持续性。 山东建筑大学市政与环境工程学院在 绿色建筑、智慧市政工程 等领域具有深厚的科研基础。研讨 会上，学校专家从 大数据分析、智能控制、模拟仿真 等角度，深入剖析了智慧泵站当前面临的关 键技术挑战，为凯士比提供了重要的理论支持和创新思路。 作为拥有150余年历史的流体设备专家，KSB在全球多个标志性水务项目中积累了丰富的实践经 验。从纽约的 、新加坡的 ，到柏林的 、上海的 ， KSB 始终以高效可靠的产品与服务，助力全球城市水系统的稳定运行 。 高校的前沿研究与企业的工程实践在此次交流中实现了 ...