Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company has shown resilience with a revenue of 12.105 billion yuan in 2024, a slight decline of 2.97% year-on-year, while the net profit attributable to shareholders increased significantly by 91.27% to 0.332 billion yuan [5] - The retail business is rapidly growing, with a notable improvement in product structure and profitability, particularly in the home decoration wall paint segment [7] - The company is expected to achieve revenues of 13.7 billion yuan and 15.5 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 0.752 billion yuan and 0.949 billion yuan, indicating substantial growth [7] Financial Performance - In 2024, the company reported a gross margin of 29.6%, a decrease of 1.9 percentage points year-on-year, attributed to price declines in engineering wall paints [6] - The company’s total assets are projected to grow from 140 billion yuan in 2024 to 177 billion yuan by 2027, reflecting a steady increase in operational capacity [12] - The earnings per share (EPS) is expected to rise from 0.63 yuan in 2024 to 2.25 yuan in 2027, indicating strong profitability growth [12]

Market Performance - The Dow Jones and S&P 500 recorded six consecutive days of gains, with the Dow up 300.03 points (0.75%) to 40,527.62 and the S&P 500 up 32.08 points (0.58%) to 5,560.83, marking the longest winning streak since November of the previous year [1] - Major companies like Honeywell and Sherwin-Williams reported better-than-expected earnings, leading to stock price increases of 5.4% and 4.8% respectively [1] - Wells Fargo announced a $40 billion stock buyback plan, resulting in a 2.4% increase in its stock price [1] Consumer Confidence and Economic Indicators - The Conference Board reported a decline in the consumer confidence index to 86, the lowest since May 2020, reflecting concerns over economic and employment prospects due to recent tariff policies [3] - The JOLTs report indicated a decrease in job openings to 7.192 million, below expectations, suggesting signs of a slowing job market [3] Corporate Earnings and Forecasts - General Motors withdrew its full-year guidance due to uncertainties surrounding tariff policies, resulting in a 0.6% drop in its stock price [2] - UPS announced a workforce reduction of 20,000 employees and a scaling back of its Amazon delivery business, leading to a 0.4% decline in its stock price [2] Trade Deficit - The U.S. trade deficit surged by $14 billion in March, reaching a record $162 billion, attributed to companies stockpiling goods ahead of new tariffs [2] Oil and Gold Prices - International oil prices fell, with WTI crude down $1.63 (2.63%) to $60.42 per barrel and Brent crude down $1.61 (2.44%) to $64.25 per barrel, amid concerns over demand and supply dynamics [4] - Gold prices also faced pressure, with COMEX June gold futures down 0.52% to $3,330.20 per ounce [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved an annual revenue of 12.1 billion yuan in 2024, a year-on-year decrease of 3%. However, the net profit attributable to shareholders was 330 million yuan, representing a year-on-year increase of 91%. The non-recurring net profit was approximately 150 million yuan, showing a significant year-on-year growth of 234% [3][4]. - In the first quarter, the company reported a revenue of 2.1 billion yuan, which is a year-on-year increase of 3%. The net profit attributable to shareholders reached 110 million yuan, up 123% year-on-year, while the non-recurring net profit was approximately -10 million yuan, indicating a substantial improvement [3][4]. Summary by Sections Revenue and Profitability - The company’s total revenue for 2024 was 12.1 billion yuan, down 3% year-on-year. The core business of wall coatings saw a 4% decline, accounting for 58% of total revenue. However, the revenue from home decoration wall paint grew by 13% [8]. - The first quarter of 2025 showed a revenue growth of 3%, with wall coatings generating 1.25 billion yuan, a 9% increase year-on-year. The engineering wall coatings also saw a 9% increase in revenue [8]. Market Performance - The company’s retail revenue continued to grow positively, while the engineering business faced challenges due to price wars. The retail revenue showed double-digit growth, contrasting with a 13% decline in engineering wall coatings revenue [8]. Cost and Margin Analysis - The gross margin for 2024 was approximately 29.6%, a decrease of 1.9 percentage points year-on-year, but showed a quarterly improvement to 31.0% in Q1 2025, up 2.7 percentage points year-on-year. The operating expense ratio also improved, with a decrease in the period expense ratio to 25.7% for 2024 [8]. Cash Flow and Financial Health - The company maintained a strong operating cash flow, with a cash collection ratio of 1.11, 1.18, and 1.15 over the past three years. The net cash flow from operating activities for 2024 was approximately 1 billion yuan, with Q1 2025 achieving a positive cash flow of 110 million yuan, marking the first positive cash flow in Q1 in history [8]. Future Outlook - The company is positioned as a core player in the stock market, adapting to the new era of renovation. The projected net profits for 2025 and 2026 are approximately 1 billion yuan and 1.31 billion yuan, respectively, with corresponding valuations of 26 and 20 times [8].

一、主要产品的产量、销量及收入情况 2025 年第一季度公司营业收入为 10,376.20 万元，其中主营业务收入为 9,304.14 万元，其他业务收入为 1,072.06 万元。 证券代码：603378 证券简称：亚士创能 公告编号：2025-017 亚士创能科技（上海）股份有限公司 2025 年第一季度主要经营数据公告 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个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将亚士创能科技（上海）股份有限公司（以 下简称"公司"）2025 年第一季度主要经营数据公告如下： | 类别 | 单位 | 2025 年 1-3 月 平均单价 | 2024 年 1-3 月 平均单价 | 同期变动 幅度 | 2025 年 3 月 环比变动幅度 | | --- | --- | --- | --- | --- | --- | | 乳液 | 元/公斤 | 5.66 | 6.10 | -7.21% | -3.68% | | 钛白粉 | 元/ ...

一、主要产品的产量、销量及收入情况 2024 年 度 公 司 营 业 收 入 为 205,248.10 万 元 ， 其 中 主 营 业 务 收 入 为 190,500.26 万元，其他业务收入为 14,747.84 万元。 产品类别 产品种类 2024 年度 产量 2024 年度 销量 2024 年度销售收 入（万元） 收入同期 增长幅度 功能型建 筑涂料 工程涂料（吨） 232,158.86 230,467.70 85,236.25 -48.64% 家装涂料（吨） 20,400.60 20,710.97 9,686.76 -32.52% 配套材料（吨） 183,028.21 177,347.61 17,619.31 -39.79% 小计 435,587.67 428,526.28 112,542.32 -46.30% 建筑节能 材料 保温装饰板 （万平方米） 468.10 469.25 31,021.01 -25.37% 保温材料 - - 9,029.04 -26.82% 配套材料 - - 9,421.48 -21.92% 小计 - - 49,471.53 -25.01% 防水材料 防水卷材 （万平方米） ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved significant revenue growth in Q1 2025, with a revenue of 424 million yuan, up 40.50% year-on-year, and a net profit attributable to shareholders of 50.14 million yuan, up 77.35% year-on-year [1][2] - The growth in profits outpaced revenue growth, indicating improved profitability driven by product structure optimization, price transmission, and cost control [1][2] - The company has a strong market position in the container coating sector, ranking second globally, with a market share exceeding 22% in 2024 [2][3] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 424 million yuan and a net profit of 50.14 million yuan, with a significant improvement in operating cash flow to 23.34 million yuan from a negative 128 million yuan in the same period last year [1] - The basic earnings per share increased by 80.77% year-on-year to 0.47 yuan [1] Container Coating Sector - The container coating revenue reached 309 million yuan in Q1 2025, up 41.39% year-on-year, with a price increase of 4.05% quarter-on-quarter [2] - The company sold over 111,400 tons of container coatings last year, achieving a revenue of 1.726 billion yuan, a 195.54% increase year-on-year [2] Wind Power Coating Sector - Wind power coating revenue was 114 million yuan in Q1 2025, up 47.00% year-on-year, with a sales price of 31,600 yuan per ton [3] - The company has maintained a leading position in the domestic market and made breakthroughs in overseas markets, including certification from German giant NORDEX [3] Expansion and New Products - The company is advancing in the ship coating and photovoltaic coating sectors, with significant milestones such as obtaining certification from the Norwegian classification society [4] - Capacity expansion is ongoing, with new capacities being added in Shanghai and Zhuhai, which will support future business growth [4] Earnings Forecast - The report forecasts revenues of 2.159 billion yuan, 2.412 billion yuan, and 2.743 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 257 million yuan, 316 million yuan, and 385 million yuan for the same years [6][10]

1、行情 业绩增长股表现亮眼，渝三峡A、鸿博股份3连板，华阳新材2连板，今创集团、道道全、申科股份、得润电子、蓝帆医疗、博创科技 （20CM）、奥拓电子、精进电动、柳钢股份、三孚股份、利欧股份等先后涨停； 此外，人形机器人、AI医疗、化妆品等有局部强势表现，此前强势的电力板块大幅回落，ST板块持续大跌。 截至收盘，沪指、深成指双双微跌0.05%，创业板微跌0.13%，市场超3500股上涨，1600余股下跌，两市成交量依旧保持在万亿级别。 2、ST板块 随着年报的正式发布，多只公司披星戴帽。 复牌后基本都是一字跌停，早带帽的一批公司有不少都是连续一字跌停下来。 另外，昨日还有多只发布年报后今天停牌的ST股，将于明天复牌，进一步壮大ST板块对于跌停板的"霸榜"。 今日有34只ST股吞下跌停，其中比较有知名的有宝塔实业、川大智胜、赛为智能、返利科技、岩石股份等，还包括了18年的超级大牛股——恒 立实业。 又是令人昏昏欲睡的一天。 题材方面，PEEK材料概念大涨，中欣氟材、聚赛龙（20CM）、新瀚新材（20CM）、大洋生物先后涨停，富恒新材、中研股份、华密新材、 同益股份、沃特股份等集体大涨； 其中，短期跌幅最大的当 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved significant revenue and profit growth in Q1 2025, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 420 million, 50 million, and 46 million yuan respectively, representing year-on-year increases of 41%, 77%, and 105% [1][2] - The growth in container coatings is attributed to a low base effect, while the wind power coatings benefited from high demand in the downstream wind power industry [2] - The company's gross margin improved to 23.8%, up 3.4 percentage points year-on-year, and the net profit margin increased to 11.8%, up 2.4 percentage points year-on-year [2] - Cash flow from operating activities showed significant improvement, with a net cash flow of 20 million yuan, an increase of 150 million yuan year-on-year, primarily due to improved collections [3] - The company has made substantial progress in new business development, including breakthroughs in the overseas wind power coatings market and the acquisition of important assets in photovoltaic glass coatings, which may contribute to revenue and profit in 2025 [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 420 million yuan, with container coatings, wind power coatings, and other industrial coatings generating revenues of 310 million, 110 million, and 1 million yuan respectively [2] - The sales volumes for these segments were 19,006 tons, 3,617 tons, and 46 tons, with year-on-year growth rates of 29%, 67%, and a decline of 84% respectively [2] - The average prices per ton were 16,000, 32,000, and 21,000 yuan, with year-on-year changes of +10%, -12%, and +8% respectively [2] Profitability and Margins - The company’s gross margin for Q1 2025 was 23.8%, reflecting a year-on-year increase of 3.4 percentage points [2] - The net profit margin improved to 11.8%, up 2.4 percentage points year-on-year, supported by a reduction in impairment losses [2] Cash Flow and Receivables - The net cash flow from operating activities was 20 million yuan, a significant increase of 150 million yuan year-on-year, indicating improved collection efficiency [3] - As of the end of Q1 2025, accounts receivable and notes receivable totaled 1.33 billion yuan, an increase of 350 million yuan year-on-year [3] Future Outlook - The report anticipates continued growth in revenue and profit driven by the low base effect and high demand in the wind power sector [3] - The company is expected to see contributions from new business developments, including overseas market expansions and acquisitions [3]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 48.40 RMB [7][8] Core Views - The company achieved Q1 2025 revenue of 424 million RMB, a year-on-year increase of 41%, but a quarter-on-quarter decrease of 43%. The net profit attributable to shareholders was 50 million RMB, up 77% year-on-year but down 29% quarter-on-quarter [1] - The decline in container paint sales was a key factor for the lower-than-expected net profit, but the growth potential in wind power and marine coatings is promising [1][4] - The company is expanding its overseas market presence and expects new projects to contribute to revenue starting in 2025 [3][4] Summary by Sections Sales Performance - Container paint sales in Q1 were 19,000 tons, a year-on-year increase of 29% but a quarter-on-quarter decrease of 52%. Revenue from container paints was 310 million RMB, also up 41% year-on-year but down 50% quarter-on-quarter [2] - Wind power paint sales saw a significant year-on-year increase of 67%, with Q1 sales reaching 3,600 tons and revenue of 114 million RMB, a 47% increase year-on-year [2] Profitability - The overall gross margin for Q1 improved to 23.8%, up 3.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter, attributed to the increase in container paint prices [2] - The company expects net profits for 2025-2027 to be 261 million, 310 million, and 382 million RMB respectively, with corresponding EPS of 2.42, 2.87, and 3.54 RMB [4][6] Future Outlook - The company has established a sales and R&D team in Europe and is entering the supply chains of major global companies, indicating a strong potential for market expansion [3] - New product developments, including a high-performance coating project expected to be completed by June 2025, are anticipated to contribute to revenue growth [3][4]

Core Viewpoint - The forum on carbon peak and carbon neutrality emphasizes the importance of promoting green and low-carbon development to support China's modernization efforts, highlighting the need for dialogue and experience sharing in achieving a comprehensive green transformation of the economy and society [1] Group 1: Product Development and Innovation - The company is actively adjusting its product R&D direction to meet green development demands, increasing investment in low-VOCs water-based coatings and high-end sealants [1][2] - The company has developed a series of high-performance, lightweight adhesive products for the new energy sector, such as the silicone foam adhesive F6351, which meets stringent safety and environmental standards [1] Group 2: Carbon Emission Reduction Measures - The company has implemented various measures to reduce carbon emissions, including achieving national-level "green factory" status and being recognized as a "waste-free factory" [3] - The company has adopted clean energy sources, with a photovoltaic power generation project that produced 206.76 million kWh, reducing CO2 emissions by 1,697.52 tons [3] - Production process optimizations have been made to improve energy efficiency, including the use of energy storage batteries instead of diesel generators [3] Group 3: Green Supply Chain Development - The company recognizes the importance of green supply chain construction, which helps reduce environmental risks and enhance market competitiveness [4] - A comprehensive supplier management system has been established, with 531 suppliers in a network that meets various environmental management certifications [4] - The company has implemented a green procurement management system to ensure that raw materials and products meet environmental standards [4] Group 4: Market Expansion and Brand Building - The push for carbon peak and carbon neutrality has created new market opportunities, particularly in the green industries such as new energy vehicles and energy storage [5][6] - The company has formed partnerships with major manufacturers like BYD and Dayun Automotive, enhancing its market share in the green product sector [6] - The company has received multiple accolades for its green initiatives, improving brand recognition and reputation [6] Group 5: Strategic Collaboration for Green Transformation - The company emphasizes collaboration with upstream and downstream partners to promote green transformation in the industry [6] - Strategic alliances with suppliers are formed to ensure the provision of environmentally friendly raw materials and to enhance sustainability [6] - The company actively participates in industry exchanges to share experiences and promote technological innovation for green transformation [6]