资料显示，飞龙股份成立于2001年1月，主营业务是汽车领域热管理部件和民用领域热管理部件的制 造、销售。 所属行业：汽车–汽车零部件–底盘与发动机系统 瀚川智能：控股股东收到江苏证监局警示函 5月15日晚，瀚川智能（688022）发布公告称，公司控股股东苏州瀚川投资管理有限公司及实际控制人 蔡昌蔚因未及时披露股权质押合同及可能影响公司控制权的重大风险，收到江苏证监局警示函。该质押 行为可能导致公司控制权不稳定或实际控制人变更，对公司证券交易价格产生重大影响，属于应立即披 露的情形。公司将加强内部管理，提高信息披露质量，并按要求及时报送书面报告。 资料显示，瀚川智能成立于2012年11月，从事汽车电子、医疗健康、新能源电池等行业智能制造装备的 研发、设计、生产、销售及服务，助力制造行业客户实现智能制造。 飞龙股份：全资子公司收到热管理模块定点通知函 5月15日晚，飞龙股份（002536）发布公告称，全资子公司近日收到某知名自主品牌汽车公司的《项目 定点通知函》，成为该客户某项目水侧热管理模块的供应商。根据该通知函显示，生命周期内预计销售 收入达到披露标准（基于双方保密协议约定，不便披露具体金额）。 陕西黑猫：拟 ...

Core Viewpoint - Shenzhen Wole Material Co., Ltd. (Wole Material) is planning to list in Hong Kong while experiencing a significant leadership change with the resignation of Chairman Zhou Wenhe, raising questions about the potential connection between these two events [2][7]. Company Overview - Wole Material focuses on electronic communication and new energy power industries, with operations divided into five main business categories: electronic materials, communication cables, power, new energy vehicles, and wind power generation [3]. Financial Performance - In 2024, Wole Material achieved a revenue of 6.927 billion yuan, a year-on-year increase of 21.03%, and a net profit attributable to shareholders of 848 million yuan, also up by 21% [4]. - The overall gross profit margin for the company was 31.73%, a decrease of 0.9 percentage points compared to the previous year [5]. - Electronic materials and communication cables showed strong performance, with gross margins of 40.52% and 17.11%, respectively, both increasing from the previous year [5]. - Conversely, the power, new energy vehicles, and wind power segments experienced declines in gross margins, with the new energy vehicle segment down by 3.06% [5]. Market Dynamics - The company's primary revenue sources are from the South China and East China regions, contributing over 71.07% of total revenue, but both regions saw declines in gross margins [5]. - In contrast, overseas operations improved, with gross margins increasing by 5.3 percentage points to 29.36% in 2024 [5]. Leadership Changes - Zhou Wenhe's resignation was unexpected, occurring just as the company announced its plans for a Hong Kong listing, leading to speculation about the implications for corporate governance and management stability [7][8]. - The company has been without a controlling shareholder since 2019, which may complicate its listing process and governance structure [6][7]. Listing Plans - Wole Material's board approved a proposal to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image [8]. - The company is currently working with intermediaries to advance this issuance, although specific details remain under discussion [8]. Industry Trends - The trend of companies seeking to list in Hong Kong has increased, with 130 companies having applications in process as of April 30, 2025, indicating a shift from A-share listings due to regulatory constraints [9]. - The financial data shows total assets of 10.919 billion yuan, with significant accounts receivable and short-term borrowings that could impact the listing process [9]. Shareholder Activity - There has been frequent share reduction by shareholders since August 2024, leading to investor dissatisfaction, particularly as a 2% reduction plan was disclosed shortly before the annual report [10].

维斯塔斯风力技术涨9.2%，领跑一众成分股。 明晟公司MSCI北欧国家指数涨0.1%，连续第三个交易日走高，报355.13点，创4月1日以来收盘新高， 北欧工业板块领跑。 ...

Core Insights - The "2025 State-Owned Enterprises Luoyang Action" event resulted in 43 cooperation agreements with a total investment of 118.1 billion yuan [1] - The signed projects cover various sectors including infrastructure, green energy, advanced manufacturing, green chemicals, modern logistics, cultural tourism, commerce, and finance [1] Group 1: Investment Agreements - 43 cooperation agreements were signed, with a total investment amounting to 118.1 billion yuan [1] - Key projects include the Southwest Storage and Logistics Base, shale gas exploration, and the Southwest International Automobile Consumption Park [1] Group 2: Investment Opportunities - Four investment opportunity lists were released, covering new productive forces, energy and chemicals, transportation logistics, and modern services, totaling 207 projects with an investment of 227.7 billion yuan [1] - Recent investments from central enterprises in Luzhou exceeded 75 billion yuan, while provincial state-owned enterprises invested nearly 30 billion yuan [2] Group 3: Future Collaborations - Future collaborations will focus on modern infrastructure, industrial transformation, and ecological protection [2] - Sichuan Energy Development Group plans to invest approximately 10 billion yuan in Luzhou, emphasizing coal power generation and 220 kV line construction [2] Group 4: Industrial Development - Luzhou is developing a leading industrial structure with a world-class quality liquor industry cluster and a significant green chemical base [2] - The city is also focusing on sectors like equipment manufacturing, electronic information, advanced materials, and biopharmaceuticals [2]

Core Viewpoint - The company,沃尔核材, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand image while improving core competitiveness and management levels [1][2] Group 1: H-Share Issuance and Listing - The board of directors approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange [1] - The company aims to complete the issuance within 24 months, considering the interests of existing shareholders and market conditions [1] - The issuance requires approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1][2] Group 2: Business Performance - In 2024, the company achieved a revenue of 6.93 billion yuan, a year-on-year increase of 21.03%, and a net profit of 848 million yuan, also up by 21.00% [2] - The first quarter of 2025 saw a revenue of 1.76 billion yuan, representing a 26.60% year-on-year growth, with a net profit of 250 million yuan, up 35.86% [3] Group 3: Business Strategy and Market Focus - The company focuses on the electronic communication and new energy power sectors, with plans to strengthen its competitive edge through automation and digital management [3] - The product matrix includes electronic materials, communication cables, electricity, new energy vehicles, and wind power, providing a robust foundation for growth [3] - The company is actively expanding production capacity, including new bases in Malaysia and Huizhou [3] Group 4: Market Demand and Supply Chain Management - There is a growing demand for high-speed communication lines driven by increasing AI computing power, which is positively impacting the company's revenue [4] - The company is monitoring fluctuations in raw material prices, particularly copper, to mitigate impacts on pricing and costs [5]

相关报告 证 券 研 究 报 告 超配（维持） 公用事业行业双周报（2025/4/25-2025/5/8） 分析师：苏治彬 SAC 执业证书编号： S0340523080001 邮箱： 国家能源局发布《中国氢能发展报告（2025）》 2025 年 5 月 9 日 投资要点： 电话：0769-22110925 suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 公用事业 公用事业行业双周报（2025/4/25-2025/5/8） 行 业 周 报 行 业 研 究 分析师：刘兴文 ◼ 行情回顾：截至5月8日，近两周申万公用事业指数上涨0.9%，跑输沪深 300指数0.9个百分点，在31个申万行业中排第22名；年初至今，申万公 用事业指数下跌1.3%，跑赢沪深300指数0.8个百分点，在31个申万行业 中排第21名。 ◼ 分板块来看，近两周申万公用事业指数的子板块涨多跌少，其中6个子 板块上涨，热力服务板块上涨3.4%，光伏发电板 ...

Group 1 - The core viewpoint of the article emphasizes the implementation of a VAT refund policy for specific sectors, allowing for immediate refunds on VAT exceeding certain thresholds [2][5][9]. - Software products developed and sold by general VAT taxpayers can benefit from a VAT refund policy for the portion exceeding a 3% tax burden [2][4]. - Financing lease services and sale-leaseback services for tangible assets provided by approved general VAT taxpayers are also eligible for the same VAT refund policy [5][7]. Group 2 - Pipeline transportation services provided by general VAT taxpayers can receive VAT refunds for the portion exceeding a 3% tax burden [8][9]. - Aircraft maintenance services are subject to a VAT refund policy for the portion exceeding a 6% tax burden [9][11]. - New wall materials sold by taxpayers can enjoy a 50% VAT refund policy if they are included in the specified directory [15][17]. Group 3 - Wind power products sold by taxpayers are eligible for a 50% VAT refund policy [16][17]. - General VAT taxpayers selling products related to resource comprehensive utilization can benefit from a VAT refund policy, with refund rates ranging from 30% to 100% depending on the product type [17][19]. - Employment of disabled individuals by businesses can lead to a VAT refund based on the number of disabled individuals employed, with specific limits set by local government standards [19][23].

三一重能 20250429 摘要 • 三一重能 2024 年营收 177.92 亿元，同比增长 19.1%，但归母净利润同 比下降 9.7%至 18.12 亿元，主要受政府补助减少和谨慎性资产减值影响。 综合毛利率提升至 16.9%，期间费用率降至 10.13%。 • 公司研发投入 7.77 亿元，占营收 4.37%，在陆上、海上及海外机型方面 取得突破，包括 131 米叶片下线和 15~16 兆瓦双馈发电机设计，35 兆瓦 级六自由度整机试验平台已投入运行，助力双海战略。 • 2024 年新增装机容量 9.15GW，同比增长 23.5%，国内市场占有率提升 至 10.52%，新增订单超 20GW，在手订单超 24GW。海上订单实现突破， 海外市场新签项目近 2GW，中亚地区获取吉瓦级绿地项目开发权。 • 三一重能通过发电设备实现发电量约 1,358 亿千瓦时，减少二氧化碳排放 7,287 万吨。发布气候行动白皮书，获 Equator 银牌认证，韶山叶片生产 基地获世界经济论坛灯塔工厂认证，践行绿色转型。 • 公司预计 2025 年国内外风电装机容量将达历史最高水平，同比增长约 30%。海外市场显著增长，尤其 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue was CNY 9.47 billion, an increase of CNY 2.49 billion year-over-year [14] - The comprehensive profit margin for Q1 2025 was 21.78%, down by 3.11% compared to the previous year [15] - Net profit attributable to the owners of the company was CNY 1.568 billion, growing by 17% [16] - The weighted average return on equity was 1.48%, an increase of 0.2% [17] Business Line Data and Key Metrics Changes - In Q1 2025, total external sales from the WTG segment were 2,587.65 megawatts, growing by 80.16% [9] - The wind turbine order backlog reached a historical high of 51.09 gigawatts, with 39.9 gigawatts from signed contracts [10] - The attributable under construction wind capacity was 4,117 megawatts [12] Market Data and Key Metrics Changes - In Q1 2025, China recorded 40.6 gigawatts of new grid connections, down by 5.7% [5] - Public tendering in Q1 totaled 28.6 gigawatts, growing by 22.7% [6] - The offshore public tendering was 0.8 gigawatts, while onshore was 27.8 gigawatts [7] Company Strategy and Development Direction - The company aims to optimize its asset liability ratio and improve the delivery cycle while controlling expenses [23] - The focus remains on enhancing the growth of the WTG segment and expanding international market orders [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the public tendering market is booming, indicating strong growth momentum [6] - The company expects continued improvement in profitability and operational cash flow due to favorable government policies supporting renewable energy [8][25] Other Important Information - The cash to total asset ratio improved to 8.75% year-over-year, attributed to prepayments for wind turbines and operational funds [24] - The interest-bearing debt accounted for 43% of total liabilities, remaining flat compared to the previous year [20] Q&A Session Summary Question: What are the expectations for the growth of the WTG segment? - Management expressed confidence in the WTG segment's growth, supported by a strong order backlog and market demand [10] Question: How does the company plan to manage its debt levels? - The company plans to optimize its debt structure and control the asset liability ratio while improving receivable collections [23] Question: What impact do government policies have on the company's operations? - Management highlighted that recent government policies have positively influenced the renewable energy sector, leading to increased public tendering and project opportunities [8]

节能风电（601016）公告，2025年第一季度营业收入13.08亿元，同比下降1.33%。净利润3.92亿元，同 比下降10.22%。 ...