证券研究报告 2025 年 5 月 6 日 星期二 【新股发行跟踪（20250506）】 从周度上市新股表现来看，上上周无新股首日破发。 表 1：周度新股上市概况 | 期间 | | 新股上市数（主 | | 首发募资 | 首日破 | 首日涨超 | 首日涨跌幅范围 | 首日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 板/双创） | | （亿元） | 发率 | 100%数量 | | 均值 | | | 4-28 | 至 4-30 | 0 | (0/0) | 0.00 | 0% | 0 | (0.00%，0.00%) | 至 4-28 | 4-30 | | 4-21 | 至 4-25 | 3 | (2/1) | 48.02 | 0% | 1 | (24.06%，179.39%) | 至 4-21 | 4-25 | | 4-14 | 至 4-18 | 3 | (2/1) | 11.71 | 0% | 3 | (165.08%，312.58%) | 至 4-14 | 4-18 | | 4-7 至 | 4-11 | 3 ...

Core Points - Company will participate in the "2025 Qingdao Listed Companies Investor Online Reception Day and 2024 Annual Performance Briefing" to enhance investor interaction [1] - The event will be held online on May 12, 2025, from 15:00 to 17:00 [1] - Key executives, including the General Manager and Financial Director, will engage with investors regarding governance, development strategy, and operational status [1]

天眼查资料显示，赛轮集团股份有限公司，成立于2002年，位于青岛市，是一家以从事橡胶和塑料制品 业为主的企业。企业注册资本328810.0259万人民币。通过天眼查大数据分析，赛轮集团股份有限公司 共对外投资了12家企业，参与招投标项目117次，财产线索方面有商标信息202条，专利信息2015条，此 外企业还拥有行政许可43个。 专利摘要显示，本实用新型提供了一种轮胎胎面结构及具有其的轮胎。其中，轮胎胎面结构的多个纵向 沟槽沿轮胎的周向延伸，并沿轮胎的宽度方向间隔设置，以将胎面分隔为胎肩花纹部和多个中间花纹 部；轮胎胎面结构具有面积 S1，轮胎与行驶面的接触部分具有面积 S2，多个纵向沟槽的总面积为 S3， 面积 S1、面积 S2 及总面积 S3 之间满足：0.68S1≤S2≤0.74S1，0.21S1≤S3≤0.23S1；第一凹部，设置在胎 肩花纹部上，第一凹部包括相互连通的第一子凹部和第二子凹部，第一子凹部相对于第二子凹部靠近中 间花纹部设置；其中，第一子凹部的深度小于第二子凹部的深度，以使二者的连接处形成台阶面。本实 用新型有效地解决了现有技术中轻型载重汽车的轮胎无法兼顾操控性、舒适性及长里程的技术问题 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][5]. Core Viewpoints - The company has made significant progress in multiple new product layouts, including nuclear power hoses, data center liquid cooling hoses, and ultra-high pressure food sterilization equipment, which are expected to contribute to future growth [1][4]. - The company's revenue for 2024 is projected to be 484 million yuan, with a slight decline of 0.32% year-on-year, while the net profit is expected to be 107 million yuan, down 19.82% year-on-year. However, a strong recovery is anticipated in 2025, with net profits expected to grow by 16.30% to 125 million yuan [6][8]. - The company has achieved a gross margin of 43.26% in 2024, although it has decreased by 4.58 percentage points compared to the previous year. The increase in orders for high-value products, such as acid fracturing hose assemblies, has contributed to a recovery in performance in the first quarter of 2025 [4][8]. Financial Performance Summary - The company reported a revenue of 48,383.81 million yuan in 2024, with a net profit of 10,721.42 million yuan. In the first quarter of 2025, revenue increased by 23.14% year-on-year to 12,426.35 million yuan, and net profit surged by 86.13% to 3,564.10 million yuan [4][6]. - The projected financial indicators for 2025-2027 include a net profit of 1.25 billion yuan in 2025, 1.44 billion yuan in 2026, and 1.67 billion yuan in 2027, with corresponding growth rates of 16.30%, 15.70%, and 16.10% respectively [1][6]. - The company is expected to maintain a healthy financial position with a projected total asset of 1,025.62 million yuan in 2025 and a total liability of 227.41 million yuan [7][8].

Core Viewpoint - The report highlights the recovery of LITONG Technology's performance in Q1 2025, driven by increased orders for acid fracturing hose assemblies and a rebound in domestic demand for construction machinery [1][2]. Financial Performance - In 2024, the company reported operating revenue of 483.84 million yuan, a slight decrease of 0.32% year-on-year, and a net profit attributable to shareholders of 107.21 million yuan, down 19.82% year-on-year [1]. - For Q1 2025, the company achieved operating revenue of 124.26 million yuan, representing a year-on-year growth of 23.14%, and a net profit attributable to shareholders of 35.64 million yuan, up 86.13% year-on-year [1]. Product and Market Development - The company has seen an increase in orders for acid fracturing hose assemblies, contributing to a rise in gross margin to 43.26% in 2024, despite a decline of 4.58 percentage points from the previous year [2]. - The company has obtained API17K certification for its products, facilitating its expansion into the marine engineering hose market [3]. - Multiple new product developments have progressed, including 43 types of nuclear power hoses and a high-pressure food sterilization device, indicating a broadening of the company's product portfolio [4]. Future Growth Prospects - The company projects net profits of 125 million yuan, 144 million yuan, and 167 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.30%, 15.70%, and 16.10% [4]. - The market potential for the company's main products, including hydraulic rubber hoses and industrial hoses, is significant, with new product lines expected to contribute to future revenue growth [4].

Core Viewpoint - S Jiatong's performance in 2024 was relatively stable, but a significant decline in net profit of 48.92% was reported in Q1 2025, primarily due to fluctuations in raw material prices [1][4]. Financial Performance - In 2024, S Jiatong achieved operating revenue of 4.668 billion yuan, a year-on-year increase of 12.11%, and a net profit attributable to shareholders of 174 million yuan, down 4.76% year-on-year [1]. - For Q1 2025, the company reported operating revenue of 1.126 billion yuan, a year-on-year increase of 4.8%, but net profit dropped to 23.66 million yuan, a decline of 48.92% [4]. Dividend Distribution - S Jiatong distributed a cash dividend of 0.32 yuan per share (including tax) to all shareholders in the first three quarters of 2024 and plans to distribute an additional 0.59 yuan per share, totaling 309 million yuan in dividends, which accounts for 177.52% of the net profit for the year [1]. Production and Sales - The company primarily produces and sells automotive tires, with a total production and sales volume of 17.4965 million and 17.5218 million tires in 2024, respectively [2]. - Sales volume for semi-steel radial tires increased by 16.5%, while sales of all-steel radial tires rose by 3.9% in 2024 [2]. Raw Material Impact - The fluctuation in raw material prices, particularly natural rubber, significantly affects the profit margins of tire manufacturers. The price of natural rubber has increased from 11,000 yuan/ton in April 2023 to 19,000 yuan/ton in October 2024, before dropping back to around 14,000 yuan/ton [5][7]. - S Jiatong's gross margin decreased from 20.09% in 2023 to 18.46% in 2024, and further to 14.03% in Q1 2025 due to rising raw material costs [5]. Shareholder Dynamics - S Jiatong remains one of the few companies in A-shares that has not completed its share reform, with no approved reform plan as of now [8][10]. - The company has made three attempts at share reform since 2005, all of which were rejected by shareholders [11][14][16]. Market Position and Strategy - S Jiatong has a foreign sales business that accounts for approximately 35% of its revenue, leveraging a multi-brand strategy and partnerships with major automotive manufacturers [2]. - The company is exploring further expansion plans despite the ongoing challenges related to its share reform status [25].

Group 1 - The core viewpoint of the articles highlights the significant growth in revenue and profit for Kanglongda in Q1 2025, driven by the operational success of its Vietnam production base [1][2] - Kanglongda reported a revenue of 380 million yuan in Q1 2025, representing a year-on-year increase of 42.18%, and achieved a net profit attributable to shareholders of 114 million yuan, marking a turnaround from losses [1] - The Vietnam production base, which includes multiple production lines for disposable nitrile gloves and labor protection gloves, has commenced operations, contributing to the company's substantial performance improvement [1] Group 2 - Kanglongda is one of the earliest companies in China to industrialize ultra-high molecular weight polyethylene (UHMWPE) fiber, currently operating two dry production lines and three wet production lines [2] - The company has achieved breakthroughs in various technologies related to UHMWPE fiber, which is increasingly being used in robotics applications, indicating potential for future growth [2] - In the lithium battery materials sector, Kanglongda's subsidiary produces materials widely used in various lithium-ion battery cathodes, with applications in electric vehicles and energy storage [2] Group 3 - The company plans to continue its dual strategy of "lithium salt new materials + hand protection" and "domestic + Vietnam" dual base development, aiming to drive new product research and business expansion through both organic growth and acquisitions [2]

Core Viewpoint - The company Aiai Precision (艾艾精工) is set to resume trading on April 30, following its cash acquisition of Taizhou Zhongshixin, which is expected to enhance its revenue and profit through diversification into the supply chain for consumer electronics components [1][4]. Financial Performance - In 2024, Aiai Precision reported a revenue of 168 million yuan, an increase of 8.35%, but a net profit of -3.99 million yuan due to non-recurring losses [2]. - The company aims to improve its financial situation in 2025, focusing on enhancing its core business revenue and profitability [2]. - In Q1 2025, Aiai Precision achieved a revenue of 47.64 million yuan, a year-on-year increase of 30.18%, and a net profit of 5.41 million yuan, reflecting a significant growth of 338.97% [2]. Acquisition Details - Aiai Precision plans to acquire 50.2008% of Taizhou Zhongshixin for a total of 125 million yuan, gaining control over the company [3]. - Taizhou Zhongshixin specializes in the research, production, and sales of precision metal structural components and has recently entered the supply chain for fruit chain customers [3][4]. - The acquisition is expected to allow Aiai Precision to enter the consumer electronics parts market, diversifying its business and enhancing its sustainable development capabilities [4]. Future Commitments - The sellers of Taizhou Zhongshixin have committed to achieving net profits of no less than 18 million yuan, 25 million yuan, and 37 million yuan for the years 2025, 2026, and 2027, respectively, totaling at least 80 million yuan [4].

股票代码：600469 股票简称：风神股份 公告编号：临 2025-027 风神轮胎股份有限公司 关于 2025 年第一季度主要经营数据的公告 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》要 求，风神轮胎股份有限公司（以下简称"公司"）现将 2025 年第一季度主要经营 数据公告如下： 一、主要产品的产量、 销量及收入实现情况 | 主要产品 | 生产量（万条） | 销售量（万条） | 产品销售收入（万元） | | --- | --- | --- | --- | | 轮胎 | 145.32 | 136.72 | 156,674.75 | 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 公司 2025 年第一季度产品平均销售价格，环比下降 9.82%，同比上升 0.15%。 2、主要原材料的价格变动情况 受天然胶等主要原材料价格波动影响,公司 2025 年第一季度天然橡胶、合成 胶、炭黑、钢丝帘线、帘子布等主要原材料综合采购成本，环比下降 ...

青岛双星（000599）公告，2025年第一季度营业收入11.35亿元，同比下降3.89%。净亏损1.04亿元，去 年同期净亏损2160.19万元。 ...