2025 年 05 月 05 日 鼎龙股份 (300054) —— 25Q1 业绩符合预期，电子材料布局多点开花 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 29.80 | | 一年内最高/最低（元） | 32.40/18.31 | | 市净率 | 6.0 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 21,700 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 4.96 | | 资产负债率% | | 34.47 | | 总股本/流通 A 股（百万） | | 938/728 | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01- ...

随着上市公司2025年一季报披露，A股超级牛散、百亿私募等实力资本的动向逐渐明朗。 证券时报记者统计发现，二者投资方向存在较大差异：牛散在第一季度的加仓目标以算力、人形机器人等个股为主；百亿私募增持个股则主要集中在材 料、资源行业。一季度，章建平大举加仓算力概念，新进杭钢股份（600126）、奥飞数据（300738）、海南华铁（603300）、中坚科技（002779）四家公 司前十大流通股东名单，并增持寒武纪。上述公司中，中坚科技系人形机器人概念个股，其余四只股票则身披算力概念。 沃尔核材成为被多只百亿私募偏爱的个股。截至一季度末，该公司前十大流通股东名单中有玄元科新109号、通怡投资旗下四只产品、阿巴马元享红利88 号(新进)等百亿私募的产品。同时，大型私募盈富汇智的两只产品也重仓沃尔核材。沃尔核材主营电子、通信线缆、电力、新能源汽车及风力发电相关材 料业务。 陈发树第一季度新进成为亿联网络（300628）第八大流通股东，期末持股630.47万股，目前市值约2.1亿元。亿联网络主营会议系统，系企业通信龙头。魏 巍的投资相对分散。其一季度新进江南新材（603124）、海博思创，加仓中矿资源（002738）、S ...

-30% -10% 10% 30% 50% 70% 90% 4/24 7/24 10/24 1/25 4/25 生益科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 [Table_StockNameRptType] 生益科技（600183） 公司点评 生益科技：业绩高速成长，充分受益于算力时代 [Table_Rank] 投资评级：买入（维持） 报告日期：2025-05-05 | [Table_BaseData] 收盘价（元） | 24.29 | | --- | --- | | 近 12 个月最高/最低（元） | 35.38/16.47 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2371 | | 流通股比例（%） | 97.61 | | 总市值（亿元） | 590.1 | | 流通市值（亿元） | 576.0 | [Table_Chart] 公司价格与沪深 300 走势比较 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 生 ...

作为安阳市"十四五"规划的重点工程，截至4月底，安新高速公路安阳至鹤壁段、安阳至罗山高速公路 豫冀省界至原阳段项目建设已完成年度投资计划的41%，超时序进度完成目标任务。 位于内黄县的河南省宋都老倔厨食品有限责任公司，以生产花生休闲食品为主。其产品畅销国内20余个 省份，并出口加拿大等10余个国家。在"万人助万企"活动等措施助力下，企业积极扩大国内市场销售渠 道，并在新厂区加紧建设3条生产线，进一步扩大生产规模，提升品牌影响力。 为确保"双过半"目标实现，安阳市于4月25日召开全市动员部署会，向各级各部门再加压、再鼓劲；4月 28日出台《奋战二季度确保"双过半"若干政策措施》，拿出30条举措推动二季度经济持续回升向好；在 持续激发消费活力方面，安阳将开展"乐购安阳·品质生活"二季度促消费活动，推进"畅行安阳""美味安 阳""文创安阳""美宿安阳""乐游安阳""演艺安阳"等专项行动；在积极扩大有效投资方面，开工红旗渠经 济技术开发区铁路专用线等工程，加快弓上抽水蓄能电站和华润内黄200兆瓦、大唐内黄100兆瓦风电等 项目建设，实施10个源网荷储一体化项目，力争2025年上半年新增可再生能源发电装机15万千瓦。在 ...

春深时节，郑州一处安静的小院里，91岁的魏德忠老人用布满沟壑的手掌抚过一张张照片，讲述着60多年前 那些动人心魄的往事。 1960年春节刚过，河南日报年轻的摄影记者魏德忠到林县（今林州市）采访。当他背着相机攀上太行山崖 时，看见一排20岁出头的后生只系着一根草绳在绝壁上打炮眼。 "这不就是愚公移山吗，这不就是大禹治水吗？我一下子呆住了。"红旗渠修了十度春秋，魏德忠也拍了十度 风雨，用镜头表达对红旗渠建设者的敬意。 此刻，200多公里外的林州红旗渠纪念馆，全息投影将魏德忠拍摄的《凌空除险》投射成3米高的立体影像， 观众仰头看着凿渠人在绝壁上荡秋千般的身影，发出阵阵惊呼。纪念馆展墙上，魏德忠等记录者们的400余帧 老照片如时空隧道，将观众瞬间带回那个"一锤一钎一双手"的年代。这些照片镌刻着太行山崖的凿痕，更定 格了一个民族战天斗地的精神图谱。 今年是红旗渠总干渠通水60周年。山河为证，初心如磐，红旗渠精神正以全新的姿态跨越时空，完成一场震 撼人心的"重逢"。 "红旗渠是一锹锹挖出来的，咱们的变化也是一天天干出来的。" 魏德忠曾说过，红旗渠是在一个不可能的时间、不可能的地方修建的不可思议的工程。 把"不可能"化为" ...

Financial Data and Key Metrics Changes - Q1 sales were $191 million, slightly lower sequentially, primarily due to foreign exchange rate changes and seasonality in the portable electronics market [8][22] - Gross margin for Q1 was 29.9%, a decrease of 220 basis points from the previous quarter, attributed to utilization headwinds and unfavorable product mix [24] - Adjusted EPS decreased to $0.27 from $0.46 in Q4, reflecting lower gross margin [22] Business Line Data and Key Metrics Changes - Advanced Electronic Solutions (AES) revenue increased by 2% to $104 million, driven by higher ADAS and aerospace and defense sales [23] - Electronic Materials Solutions (EMS) revenue decreased by approximately 4% to $83 million, impacted by lower portable electronics, EVHEV, and aerospace and defense sales [23] - Sales in the ADAS and industrial markets increased, while EVHEV sales declined in both AES and EMS business units [11][12] Market Data and Key Metrics Changes - The company noted a meaningful increase in opportunities with Chinese OEMs in the ceramic power substrate market [9] - Portable electronics sales declined sequentially due to normal seasonality [14] - The company expects Q2 sales to range between $190 million and $205 million, indicating a 4% increase from Q1 [29] Company Strategy and Development Direction - The company is focused on securing new design wins and improving operational efficiency while navigating the challenges posed by tariffs [31] - A local for local strategy is being implemented to mitigate tariff impacts, with plans to manage inventories and source materials from other countries [16][31] - The company is also prioritizing capital return to shareholders and exploring synergistic M&A opportunities [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market challenges due to a strong balance sheet and global manufacturing footprint [7][31] - There is uncertainty regarding the impact of tariffs on sales in the second half of the year, but management remains optimistic about long-term growth in the EVHEV market [17][52] - Customer conversations have been constructive, with a focus on collaboration to mitigate potential tariff impacts [45][46] Other Important Information - The company has implemented significant cost improvements, expecting net savings of $25 million in 2025 [20] - Cash at the end of Q1 was $176 million, an increase of $16 million from Q4 [26] - The company plans to reduce capital expenditures to between $30 million and $40 million for the full year [27] Q&A Session Summary Question: How much of the $25 million cost savings is in the Q2 guidance? - Most savings in Q2 are associated with the reduction force and are expected to be around $3 million [36][38] Question: Expectations for Q3 performance? - Improvement in Q3 is anticipated, contingent on portable electronics ramping and inventory issues in the power module market abating [39][40] Question: Customer sentiment regarding tariffs? - Customers are feeling resilient and are open to collaboration to mitigate potential tariff impacts [45][46] Question: Update on the ceramic opportunity pipeline in China? - The company is making good progress with the Kramer facility and has several design wins in the pipeline [50][52] Question: Insights on gross margin expansion in Q2? - Gross margin expansion is expected due to improved mix and ongoing cost management efforts [53][56]

Rogers (ROG) Q1 2025 Earnings Call April 29, 2025 05:00 PM ET Company Participants Steve Haymore - Senior Director of Investor Relations & TreasuryColin Gouveia - President and CEOLaura Russell - CFO, Senior VP & TreasurerDaniel Moore - Director of ResearchCraig Ellis - Director of ResearchDavid Silver - Senior MD & Director - Equity Research Operator Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rogers Corporation First Quart ...

证 券 研 究 报 告 福斯特（603806）2025 年一季报点评 推荐（维持） 胶膜盈利能力保持领先，电子材料业务发展 可期 事项： 评论： 公司发布 2025 年一季报。2025Q1 公司实现营收 36.24 亿元，同比-31.89%， 环比-8.78%；归母净利润 4.01 亿元，同比-23.08%，环比+709.79%；毛利率 13.10%，同比-2.18pct，环比+1.48pct；归母净利率 11.07%，同比+1.27pct，环 比+9.82pct。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 19,147 | 21,297 | 24,474 | 29,081 | | 同比增速(%) | -15.2% | 11.2% | 14.9% | 18.8% | | 归母净利润(百万) | 1,308 | 1,680 | 2,171 | 2,717 | | 同比增速(%) | -29.3% | 28.5% | 29.2% | ...

Core Insights - The company reported a revenue of 975 million yuan for Q1 2025, representing a year-on-year growth of 17.94%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 1.8% [1] Business Analysis - The electronic materials business is operating steadily, with ongoing customer collaboration in catalytic materials. Despite the impact of the Spring Festival, the company maintained stable operations, continuing to develop new products to meet high-end market demands [2] - In the catalytic sector, the company is advancing customer collaborations, particularly in the honeycomb ceramic field, where major overseas players like Corning and NGK dominate the market. The company leverages its stable domestic supply and cost-performance advantages to develop commercial and passenger vehicle clients, gradually entering a volume growth phase [2] - The biocompatible materials segment is taking shape overseas, with the precision ceramics business continuing to expand, becoming a future growth driver. The company is expanding its product range and upgrading existing products, with overseas sales channels improving and increasing overseas sales proportion [2] - The precision ceramics sector is seen as a sunrise industry, with ceramic balls gradually gaining traction alongside the 800V fast charging applications in new energy. The company has established a full industry chain layout for ceramic substrates, which will enhance product profitability and serve as a key support for mid-term business growth [2] Market Impact - The real estate sector has negatively impacted the company's building ceramics, with a 14.3% year-on-year decline in completed real estate area in China as of March. The company is expanding overseas markets and textile dyeing businesses but faces certain constraints [3] - The new energy sector remains highly competitive, with the company's alumina and other materials experiencing pressure from industry dynamics, leading to a Q1 overall gross margin of approximately 36.77%, down about three percentage points quarter-on-quarter [3] Profit Forecast - The company has lowered its 2025 revenue forecast by 15%, projecting revenues of 4.631 billion, 5.557 billion, and 6.391 billion yuan for 2025-2027, with net profits of 699 million, 870 million, and 1.03 billion yuan respectively. The corresponding EPS is expected to be 0.70, 0.87, and 1.03 yuan, with current price-to-earnings ratios of 24, 19, and 16 times [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603256 证券简称：宏和科技 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 √适用 □不适用 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人毛嘉明、主管会计工作负责人黄郁佳及会计机构负责人（会计主管人员）胡利保证季度报告 中财务信息的真实、准确、完整。 单位:元 币种:人民币 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 ...