公司发布2024 年&2025 年一季度报告。2024 年全年：1）实现营收124.02 亿元，同比+11.96%；归母净 利润10.23 亿元，同比+25.43%；扣非归母净利润9.93 亿元，同比+22.99%。2）全年毛利率22.36%，同 比+0.98pct；销售净利率9.02%，同比+0.71pct。3）期间费用率为11.04%，同比+0.16pct，销售/管理/研 发/财务费用率分别为3.99%、3.09%、4.44%、-0.47%，同比分别变动-0.08、+0.17、-0.29、+0.36pct。 2025Q1单季度：1）实现营收25.1 亿元，同比+22.82%，环比-44.41%；归母净利润3.58 亿元，同比 +55.94%，环比+115.68%；扣非归母净利润3.56亿元，同比+56.23%，环比+146.22%。2）毛利率 28.74%，同比+3.52pct，环比+9.72pct；净利率15.39%，同比+2.75pct，环比+11.03pct。3）期间费用率 为10.71%，同比+0.3pct，销售/管理/研发/财务费用率分别为4.38%、2.95%、4.17%、-0.79%，同比分 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 27.04 RMB [8][11]. Core Views - The company is expected to achieve a revenue of 64.65 billion RMB in 2025, representing a year-on-year growth of 12.60% [7]. - The company maintains a strong order backlog, with a total of 506.97 billion RMB in hand orders by the end of 2024, indicating robust business development [4]. - The company is positioned to benefit from the construction of new power systems, leading to sustained and stable growth in performance [1]. Revenue and Profitability - In 2024, the company achieved a revenue of 57.42 billion RMB, an increase of 11.33% year-on-year, and a net profit of 7.61 billion RMB, up 5.94% year-on-year [7]. - The gross and net profit margins for 2024 are projected to be 26.66% and 14.19%, respectively, indicating stable profitability [2]. Business Segments Performance - The revenue from the smart grid, digital energy integration, and low-carbon energy segments for 2024 is expected to be 28.47 billion RMB, 12.37 billion RMB, and 12.19 billion RMB, respectively, with growth rates of 10.70%, 11.05%, and 26.43% [3]. - The industrial interconnection segment is experiencing a decline, with a revenue drop of 9.51% [3]. Financial Forecasts - The forecasted net profit for 2025 is 8.33 billion RMB, reflecting a decrease of 9.59% from previous estimates due to potential impacts from changes in the renewable energy policy [5]. - The company’s PE ratio for 2025 is estimated at 22.27 times, with a target price based on this valuation [5][23].

Core Points - The establishment of application-oriented discipline committees in Shanghai universities aims to align talent cultivation with industry needs, enhancing the integration of education and industry [1][6] - The recent reforms in Shanghai's higher education system focus on involving industry experts in curriculum development and professional training, marking a significant shift towards practical, industry-relevant education [2][4] - The introduction of the "Management Measures for Industry Part-time Teachers in Ordinary Undergraduate Colleges" by the Ministry of Education encourages universities to hire industry professionals as part-time instructors, fostering deeper collaboration between academia and industry [2][7] Group 1 - The application-oriented discipline professional committee includes leaders from various industries, such as Yu Shu Technology and Shanghai Integrated Circuit Research Center, to ensure that educational programs meet market demands [1][6] - The committee's formation is part of a broader initiative to reform application-oriented higher education in Shanghai, with a focus on practical skills and industry relevance [1][5] - The involvement of industry leaders as part-time professors is expected to enhance the practical applicability of academic research and improve the quality of education [2][4] Group 2 - The Shanghai application-oriented universities' pilot reform aims to create a direct link between educational institutions and market needs, ensuring that curriculum and training are aligned with industry trends [6][7] - The committees will consist of at least 50% industry representatives, with the chairperson being a senior expert from the industry, to provide real-time insights into industry developments [6][7] - The goal of these reforms is to address the skills gap in the workforce and support national strategic industries, thereby enhancing the overall quality of talent produced by universities [7]

4月28日，新股打新市场迎来泽润新能（301636）在创业板的发行申购。它在网上发行455万股，顶格申购 需配深市股票市值4.50万元。 泽润新能的发行价并不算低，为33.06元，高于股民普遍认为的30元打新安全线。不过，在发行估值上，它 的发行市盈率为17.57倍，稍低于行业市盈率的17.89倍。 | | | | 申购 | 发行 | 网上 | 顶格申购 | 申购 | 发行 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票代码 | 股票简称 | 相关资料 | 代码 | 最近 | 发行 | 需配市值 | 下降 | | | | | | | (万股) | (万股) | (万元)(3) | (万股)3) | (2) | | 301636 | 泽润新能创 | 详细 研报 股吧 | 301636 | 1597 | 455 | 4.50 | 0.45 | 33.06 | 对于这样发行价偏高，但是发行估值稍微偏低的新股，那些曾经在几年前吃过新股破发的苦的股民恐怕还 是有些纠结的。回忆起几年前，中签新股曾被视为幸运女神的青睐，然而一旦新股上市首日就遭遇 ...

Group 1: ZTE Information - ZTE Information has approximately 7,000 active users for SnapDevelop and plans to release a paid commercial version in the future [1] - EazyDevelop, which focuses on rapid development using AI technology, will support MCP calls and is set to launch a free trial version [1] - Baidao Software has made breakthroughs in RISC-V firmware and is collaborating with major companies like Huawei and Lenovo [1] Group 2: Boji Pharmaceutical - Boji Pharmaceutical's new orders for 2024 are projected to be 1.515 billion yuan, a year-on-year increase of 30.07% [2] - The company aims for a revenue target of 682 million yuan for 2025, with a focus on clinical business and technology transfer services [2] - The company is exploring AI applications in clinical trial processes and has seen a 20% growth in traditional Chinese medicine CRO orders [2] Group 3: Kehua Data - Kehua Data's revenue for 2024 is expected to be 7.757 billion yuan, a decrease of 4.71% year-on-year, with a net profit of 315 million yuan [3] - The intelligent computing center business has seen a revenue increase of 14.07%, while the new energy business revenue has decreased by 15.98% [3] - The company plans to enhance its intelligent computing center business and has completed a convertible bond project for future funding [3] Group 4: Tongyu Communication - Tongyu Communication's growth in the first quarter is attributed to increased overseas revenue and contributions from satellite communication [4] - The company is focusing on R&D in satellite communication and 5G integrated antennas, achieving significant results [4] - Future plans include targeting high-end markets and leveraging overseas advantages to assist domestic satellite manufacturers [4]

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The company has implemented strategic adjustments over the past six months, including organizational design, talent development, and cultural construction [1] - The employee stock ownership plan aims to enhance competitiveness and reduce turnover [1] - E-commerce strategies include inventory optimization, price adjustments, and product iterations, with the Yuze B5 series positioned as a key product line on JD.com [1] - The company targets double-digit revenue growth this year and aims to turn profits around [1] - Long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Yingjie Electric - Yingjie Electric expects revenue of 1.78 billion yuan in 2024, a year-on-year increase of 0.59%, but a 25.19% decline in net profit attributable to shareholders [2] - Delays in revenue recognition in the photovoltaic industry and increased costs have impacted performance [2] - The company reported a net cash flow from operating activities of 601.77 million yuan, an increase of 462.05 million yuan year-on-year [2] - Inventory has decreased to 1.556 billion yuan, with contract liabilities maintained around 1.1 billion yuan [2] - New orders have decreased by approximately 40%, but the company has over 2.7 billion yuan in hand orders [2] - The company aims to confirm overseas photovoltaic orders by 2025, with expected revenue pressure but not a significant decline [2] - The semiconductor advanced process power products have begun mass production, with projected revenue of 350 million yuan in 2024 [2] - R&D investment is high, focusing on semiconductor development, with new hires primarily in this area [2] - Financial risks are manageable, with most photovoltaic payments received [2] - The company targets 5 billion yuan in revenue within the next 3-4 years and aims to enter the top 100 private enterprises in Sichuan [2]

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. is set to launch its IPO on the Shenzhen Stock Exchange, with a reduced fundraising target of approximately 528 million yuan, down from an initial plan of 720 million yuan [3][4]. Company Overview - Zerun New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, primarily providing integrated solutions for photovoltaic module junction boxes [4]. - The company was established in March 2017 and is located in Changzhou, Jiangsu Province, with a registered capital of 40 million yuan [4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 522 million yuan, 844 million yuan, and 876 million yuan, respectively, while net profits for the same years are about 86.4 million yuan, 120 million yuan, and 131 million yuan [6][8]. - Total assets at the end of 2022, 2023, and projected for 2024 are approximately 609.39 million yuan, 964.78 million yuan, and 1.069 billion yuan, respectively [7]. - The company's net profit margin has shown a consistent increase, with a basic earnings per share of 2.03 yuan in 2022, rising to 2.74 yuan in 2024 [7]. Fundraising and Use of Proceeds - The IPO will issue 15.967 million shares at a price of 33.06 yuan per share, with net proceeds expected to be around 462 million yuan [3]. - The funds raised will be allocated to the expansion of photovoltaic module production and to supplement working capital, with 150 million yuan specifically earmarked for liquidity [3][6]. Shareholder Information - Major shareholders include Chen Zepeng, Zhuhai International, and TCL, with Chen Zepeng holding a significant stake of 41.34% [4][5]. - The company has a history of profit distribution, having declared cash dividends of 23.38 million yuan in 2022 [3][6]. Customer Base - Key clients of Zerun New Energy include prominent companies such as Maxeon, TCL Zhonghuan, and JinkoSolar, indicating a strong market presence [4][5]. Regulatory Scrutiny - The listing committee has raised concerns regarding the company's reliance on major customers and the implications for its ongoing operational capacity, necessitating further disclosures [3].

一、主要会计数据和财务指标 前十大流通股东累计持有： 7342.79万股，累计占流通股比： 19.01%，较上期变化： -520.31万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | CHEN MANHONG | 2355.70 | 6.10 | 不变 | | 陈添旭 | 2256.59 | 5.84 | 不变 | | 吴昊 | 1077.77 | 2.79 | 不变 | | 代学荣 | 402.80 | 1.04 | 新进 | | WU HUAJUN | 397.81 | 1.03 | 不变 | | 邹晴 | 227.21 | 0.59 | 33.38 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 193.64 | 0.50 | 新进 | | 福州高新区智领三联私募基金管理有限公司-智领三联思一 | | | | | 燊腾私募证券投资基金 | 191.84 | 0.50 | -828.16 | | 何丽华 | 119.89 | 0.31 | 新进 ...

伟创电气公告，2025年第一季度营收为3.87亿元，同比增长18.16%；净利润为5665.66万元，同比增长 5.60%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期，不少外资机构看多中国资产。 4月23日，富兰克林邓普顿新兴市场股票团队投资经理Yi Ping Liao在接受中国证券报记者采访时表示， 中国A股对外资的依赖度显著低于亚洲其他市场，这一结构性特征增强了A股市场的韧性。中国股市仍 可以自下而上发掘优质投资机会，目前主要看好内需导向型中资股等。 路博迈集团在近日发布的二季度股票市场展望中表示："海外投资者在中国股票资产的持仓比例仍相对 较低，且中国经济和企业业绩出现惊喜的可能性相对较高，我们对中国市场的观点为超配。" 中国资产韧性凸显受到外资机构密切关注。 Wind数据显示，今年4月份以来，已有236家A股公司接受外资机构调研。其中，接受外资机构调研次数 居前十的公司分别为：华明装备、宏发股份、立讯精密、安克创新、蓝晓科技、乖宝宠物、水晶光电、 澜起科技、伟星新材、蓝思科技，涉及出海板块，与内需相关的消费电子、宠物经济，以及与科技创新 相关的人形机器人、芯片、电气设备等板块。 具体来看，4月至今，华明装备已被81家外资机构调研，包括摩根士丹利、路博迈、瑞银资产管理、富 兰克林邓普顿等知 ...