华通线缆 20250508 摘要 • 华通线缆海外收入占比高，2024 年海外收入占比达 67%，毛利占比达 73%，显示出海型企业在全球贸易摩擦背景下的抗风险能力和竞争优势， 优于单纯的出口型企业。 • 公司在非洲安哥拉的电解铝项目利用当地廉价水电资源，显著降低生产成 本，预计吨铝利润较国内高 2000 元人民币以上，一期 3 万吨产能预计每 年可增加三个多亿利润。 • 预计 2025 年华通线缆主营业务利润可达 4 亿元以上，加上安哥拉电解铝 项目一期产能带来的近 6 亿元利润，总体利润预计接近 10 亿元，未来几 年总利润有望达到 20 亿以上。 • 安哥拉总统高度重视华通线缆项目，将其视为国家重要工程，并在 2024 年 3 月访华期间接见了公司董事长，显示该项目对中安两国合作具有战略 意义，具备较高确定性。 • 2023 年华通线缆传统业务净利润为 3.6 亿元，2024 年因汇兑损失降至 3.2 亿元。预计 2025 年，在汇兑平稳及韩国、巴拿马新产能释放下，传 统业务净利润可达 4 亿元左右。 Q&A 华通线缆的核心业务和盈利情况如何？ 华通线缆的核心业务包括传统的线缆业务和油服工程。公司主业的 ...

Group 1 - Yangtze Power maintains a high dividend policy, indicating that future dividends may exceed 70% [1] - The company has a 10-year dividend commitment established in 2016, set to expire at the end of 2025 [1] - The management's open attitude towards dividend continuity reflects a commitment to shareholder interests [1] Group 2 - Beiken Energy plans to issue up to 54 million shares to Chairman Chen Dong, raising a maximum of 356 million yuan for working capital and debt repayment [2] - This issuance will result in a change of control, with Chen Dong becoming the new controlling shareholder [2] - Investors should monitor Chen Dong's strategic plans and performance under his leadership [2] Group 3 - The silicon industry is experiencing weak demand, with some companies considering early maintenance or adjustments to production loads [3] - The price range for n-type granular silicon is reported at 35,000 to 37,000 yuan per ton, with an average price decrease of 2.7% [3] - The market's reduced acceptance of high-priced silicon materials suggests potential short-term adjustments in the industry [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-033 烟台杰瑞石油服务集团股份有限公司 关于回购股份方案实施进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要提示： 烟台杰瑞石油服务集团股份有限公司（以下简称"公司"或"杰瑞股份"）于2025年4月23日召开第六届董 事会第二十三次会议审议通过了《关于2025年度回购股份方案的议案》。公司拟使用公司自筹资金及股 票回购专项贷款，以集中竞价交易方式回购公司发行的人民币普通股（A股），用于股权激励或者员工 持股计划，资金总额不低于人民币15,000万元（含）且不超过人民币25,000万元，回购价格不超过49.00 元/股，实施期限为自公司董事会审议通过回购方案之日起12个月内。具体情况详见公司披露于巨潮资 讯网的《回购报告书》（2025-032号公告）。 根据《深圳证券交易所上市公司自律监管指引第9号一一回购股份》的相关规定，回购期间公司应当在 每个月的前三个交易日内披露截至上月末的回购进展情况。现将公司截至上月末的回购进展情况公告如 ...

阿波罗全球管理公司（Apollo Global Management）首席经济学家托斯滕•斯洛克（Torsten Slok）主导宏 观经济与政策研究，聚焦美国及全球市场趋势分析。托斯滕•斯洛克的多维度预警，实质揭示了美国在 战略资源整合、制度弹性、技术领导力等软实力维度的系统性衰减。以下是基于邓正红软实力思想的托 斯滕•斯洛克经济观点深度解析。 托斯滕•斯洛克多次警示，特朗普政府若延续高关税政策（平均税率从3%飙升至18%），将直接导致美 国GDP缩水4%，相当于抹去加州经济总量。这一决策暴露了美国在战略协调能力上的双重困境。内部 治理失序：关税政策未充分考虑企业与消费者的适应性，导致供应链中断风险加剧（如边境州与加、墨 贸易关系恶化）；外部信任崩塌：与90国同时重谈贸易协议，相当于在全球经济治理中制造"系统性梗 阻"，削弱了美国作为自由贸易秩序维护者的软实力。 邓正红理论指出，软实力依赖于规则制定权与风险缓冲能力，而美国当前政策正将硬实力（关税工具） 凌驾于战略平衡之上，加速国际话语权流失。 油价持续走低迫使美国油企减产裁员，暴露能源行业技术储备与资本韧性的脆弱性。斯洛克强调，这一 趋势将引发连锁反应。上游 ...

积极面： Q1财报已公布四分之三，这些是市场抓到的趋势 随着第一季度财报季已完成超过四分之三，以下是卖方研究中一些最值得关注的要点。 整体情况： 截至目前，第一季度财报表现远好于预期，盈利增长达到+12%，是原先预期+6%的两倍，也明显优于 去年同期7%的每股收益增长。 企业普遍不愿提供前瞻性指引，即使有也维持现有水平。只有17%的标普500公司提供了下季度指引， 略低于平均水平；而有45%的公司提供了全年（FY1）指引，基本符合平均水平。在提供FY1指引的公 司中，维持之前指引比例高于平均。我们认为这种现象部分反映了企业在关税政策不确定性下，不愿贸 然调整指引。例如，部分公司在财报电话会议中提到其最新指引尚未反映关税影响（如 ABBV、 LKQ、MMM）。 利润率好于预期（尽管市场已预期较高），是目前正面惊喜的主因，平均每股收益超预期幅度为5%， 而销售额仅为1%。利润率通常是衰退的领先指标（利润率下滑往往意味着成本削减增加）。 负面： 高盛的销售与资本支出预测修正广度追踪指标显示，不确定性开始影响需求与投资（尽管还未达到最近 几次衰退的水平）。高盛预期市场对一致预期将进一步下调，但由于投资者已普遍意识到当 ...

贝克休斯油服：美国钻井公司三周来首次削减石油和天然气钻机数量。 ...

Core Viewpoint - The company, Giant Tide Offshore Oil Services, reported a decline in revenue and net profit for the fiscal year 2024, while showing significant improvement in cash flow from operating activities [2]. Financial Performance - The total revenue for 2024 was 2.106 billion yuan, a year-on-year decrease of 19.69% [2]. - The net profit attributable to shareholders was 185 million yuan, down 27.42% compared to the previous year [2]. - The net cash flow from operating activities was 477 million yuan, reflecting a year-on-year increase of 66.25% [2]. - The basic earnings per share were 0.0904 yuan, and the weighted average return on equity was 8.75%, a decrease of 4.73 percentage points from the previous year [2][23]. Valuation Metrics - As of April 30, the price-to-earnings ratio (TTM) was approximately 6.93 times, the price-to-book ratio (TTM) was about 0.59 times, and the price-to-sales ratio (TTM) was around 0.62 times [2]. Revenue Composition - The revenue composition for 2024 included segments from oil and gas industry equipment engineering and comprehensive services, as well as new energy and refining industry equipment engineering and comprehensive services [13][18]. Cash Flow and Financial Position - The net cash flow from financing activities was -374 million yuan, a decrease of 210 million yuan year-on-year, while the net cash flow from investing activities was -79.01 million yuan [27]. - As of the end of 2024, accounts receivable and notes receivable decreased by 74.57%, while cash and cash equivalents increased by 5.72% [37]. Liabilities and Ratios - The company saw a significant reduction in contract liabilities by 90.61% and long-term borrowings by 86.59% [40]. - The current ratio was 2.05, and the quick ratio was 1.94 as of the end of 2024 [43].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - In 2024, the company is expected to achieve an operating revenue of 4.14 billion yuan, representing a year-on-year growth of 10.8%, while the net profit attributable to the parent company is projected to be 730 million yuan, a decrease of 10.6% due to increased financial expenses from currency exchange and interest costs [1] - In Q1 2025, despite a decline in Brent crude oil prices, the company achieved a net profit of 230 million yuan, reflecting a year-on-year increase of 33.0% due to its integrated capabilities [1] - The company signed development contracts for oil and gas blocks in Iraq, with significant geological reserves identified [2] Financial Performance and Forecast - The company’s revenue is projected to grow from 3.73 billion yuan in 2023 to 8.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 23% [4] - The net profit attributable to the parent company is expected to increase from 809.88 million yuan in 2023 to 1.76 billion yuan in 2027, with a notable growth rate of 74.81% in 2025 [4] - Earnings per share (EPS) are forecasted to rise from 1.75 yuan in 2023 to 3.82 yuan in 2027 [4] Production and Cost Analysis - In 2024, the company’s crude oil production is estimated at 655,000 tons, with a sales revenue of 1.93 billion yuan from domestic crude oil sales [2] - The average realized price for crude oil is calculated at 3,368 yuan per ton, equivalent to 67.7 USD per barrel, while the unit cost for domestic crude oil operations is 1,407 yuan per ton, or 28.3 USD per barrel [2] Strategic Developments - The company’s subsidiary signed contracts for the development of the EBN and MF blocks in Iraq, with substantial oil reserves identified [2]

作为新疆首家北交所上市公司，科力股份凭借其在油田技术服务领域的技术优势和市场地位，展现了良 好的成长性和盈利性。报告期，公司深入挖掘自身竞争优势，取得了显著的成果，实现营业收入3.80亿 元，净利润5376.34万元；同时，公司加大研发投入，提升油田水处理、原油脱水等关键技术研究、防 腐材料研发、关键零部件制造、油田装备高端集成等方面的专业能力，在新材料、新工艺、新技术等研 发与应用上实现持续突破。在下游市场方面，公司通过先进的技术及良好的服务质量，与下游客户保持 了良好的合作关系，随着新疆区域油田的不断深入开发，公司也将获得更多油田环保、油田服务相关产 品及服务的业务机会。并利用公司在哈萨克斯坦的品牌优势、自身的技术优势以及成本优势，积极开拓 哈萨克斯坦石油市场，拓展伊拉克、阿联酋等西亚、中东等市场业务，以加拿大科力为支点，积极开拓 加拿大、苏丹、委内瑞拉等市场业务，为未来业务的发展打下坚实基础。 报告期，科力股份以节能环保和油田增产增效技术开发为重点，取得了油田污水处理技术、油田含油污 泥处理技术、超稠油采出液油水分离技术、提高采收率技术等一系列创新成果。其中油田污水处理技术 在新疆油田多个采油厂作业区得 ...