通用股份（601500）公告，2024年营业收入69.58亿元，同比增长37.39%。归属于上市公司股东的净利 润3.74亿元，同比增长72.81%。基本每股收益0.24元／股，同比增长71.43%。公司2024年度不进行利润 分配，也不进行资本公积金转增股本或其他形式的分配。 ...

Group 1: Company Overview - The company is Chengdu Shengbang Sealing Components Co., Ltd., and the investor relations activity was conducted on April 29, 2025 [1] - The meeting was attended by representatives from CITIC Securities, including Deng Haozhu and Zeng Haoxun [1] Group 2: Business Development - The company’s main business areas include automotive, electrical, aviation, and nuclear protection sectors [1] - The company aims to adhere to the "Same Heart, Diverse" development philosophy, focusing on the field of rubber polymer materials [1] - The company plans to continue deepening its automotive and electrical businesses while expanding product applications and enhancing product value [1] Group 3: Future Growth Strategies - In the aviation and nuclear protection sectors, the company will focus on nurturing these business segments to promote growth and improve technical capabilities [2]

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.44 RMB [8][9]. Core Views - The company achieved a revenue of 31.8 billion RMB in 2024, representing a year-over-year growth of 22%. The net profit attributable to shareholders was 4.1 billion RMB, with a year-over-year increase of 31% [1]. - In Q1 2025, the company reported a revenue of 8.4 billion RMB, a quarter-over-quarter increase of 15%, and a net profit of 1 billion RMB, slightly below expectations due to high raw material costs [1]. - The company plans to implement a mid-term dividend in 2025 and has announced a share buyback plan of 500-1,000 million RMB by its controlling shareholders [1]. Summary by Sections Financial Performance - In 2024, the company achieved tire sales of 72.16 million units, a 29% increase year-over-year. The average price per tire decreased by 4% to 423 RMB, while the gross margin remained stable at 27.58% [2]. - For Q1 2025, tire sales reached 19.37 million units, with a quarter-over-quarter increase of 17% and a year-over-year increase of 6%. The overall gross margin was 24.7%, impacted by product mix adjustments and high raw material costs [3]. Market Outlook - The company is expected to benefit from new production capacity and recovering overseas market demand, which will help achieve record sales in 2024 [2]. - Despite short-term uncertainties due to U.S. tariffs, the company is positioned for long-term growth due to its competitive pricing and diversified production bases [4]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards by 14% and 16% to 4.5 billion RMB and 5 billion RMB, respectively. The projected net profit for 2027 is 6.3 billion RMB, with year-over-year growth rates of 11%, 10%, and 27% for 2025-2027 [5]. - The company is valued at a 12x PE ratio for 2025, reflecting its overseas expansion advantages and brand strength [5].

Core Viewpoint - The company, Changzhou Langbo Sealing Technology Co., Ltd., reported a significant increase in revenue and net profit for the year 2024, reflecting a positive trend in the automotive industry and the company's strong market position in rubber sealing products. Group 1: Company Overview - The company operates in the automotive sealing industry, producing rubber sealing components primarily for automotive air conditioning systems, power systems, and braking systems [10][11]. - The company has established long-term relationships with major clients, including well-known domestic automotive air conditioning compressor manufacturers [10][11]. Group 2: Financial Performance - For the year 2024, the company achieved operating revenue of 231.37 million yuan, an increase of 17.45% year-on-year [15]. - The net profit attributable to shareholders was 27.92 million yuan, reflecting a year-on-year increase of 39.35% [15]. - The net profit after deducting non-recurring gains and losses was 24.59 million yuan, up 60.04% year-on-year [15]. Group 3: Industry Context - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, marking a year-on-year growth of 3.7% and 4.5% [6][7]. - The production and sales of new energy vehicles surpassed 10 million units for the first time, with a year-on-year growth of 34.4% and 35.5% [8]. - The export of automobiles reached 5.86 million units, a year-on-year increase of 19.3% [9]. Group 4: Future Outlook - The automotive market is expected to continue its positive trend in 2025, supported by government policies aimed at stabilizing the economy and promoting technological innovation [5]. - The company plans to utilize part of its idle raised funds for cash management, aiming to enhance the efficiency of fund usage and generate additional returns for shareholders [16][20].

坚持全球化战略，海外墨西哥和印尼基地稳步推进。过去几年海 外多个国家和地区对中国生产的多种轮胎产品加征关税、进行反 倾销调查或者提高准入门槛以限制中国轮胎出口。为更有效的应 对国际贸易壁垒，公司坚持全球化战略，目前已在青岛、潍坊、东 营、沈阳及越南、柬埔寨建有轮胎生产基地，并正在建设墨西哥、 印尼等生产基地。印尼基地规划了 300 万条半钢胎、60 万条全钢 胎和 3.7 万吨非公路轮胎，墨西哥基地规划了 600 万条半钢胎， 目前两大基地均在建设中，预计今年能够完工投产，完善公司全球 化布局的同时也将推动公司业绩增长。 事件 2025 年 4 月 28 日公司发布了 2024 年报和 2025 年 1 季报，2024 年全年营业总收入 318 亿元，同比增加 22.4%；归母净利润 40.6 亿元，同比增长 31.4%。2025 年 1 季度营业总收入 84 亿元，同比 增长 15.3%，环比增长 2.9%；归母净利润 10.4 亿元，同比增长 0.47%，环比增长 26.8%。 经营分析 轮胎产销量规模快速增长，成本压力下经营业绩仍然稳健。2024 年公司轮胎产量为 7481 万条，同比增长 27.6%； ...

Core Viewpoint - The company demonstrated strong revenue growth and improved profitability in Q1 2025, with a focus on expanding its automotive business and leveraging new opportunities in the market [1][2]. Financial Performance - Q1 2025 revenue reached 840 million, a year-on-year increase of 27.2% - Net profit attributable to shareholders was 53 million, up 30.3% year-on-year - Non-recurring profit was 52 million, reflecting a 30.5% year-on-year growth [1]. Profitability Analysis - Gross margin for Q1 was 17.5%, showing a slight decline of 0.2 percentage points year-on-year, primarily due to product mix effects - The period expense ratio was 9.2%, an increase of 1.4 percentage points year-on-year, with management and R&D expense ratios decreasing by 0.3 and 1.3 percentage points respectively - Other income increased by 4.34 million due to enhanced VAT input tax deductions, while asset impairment losses rose by 6.22 million due to increased inventory write-downs [2]. Business Development - The company is expanding its automotive sealing business, leveraging existing customer resources from sunroof sealing strips to enter the complete vehicle sealing systems market - Collaborations with major automotive manufacturers such as GAC, SAIC, Changan, Great Wall, and Li Auto are underway, indicating a potential growth trajectory for the complete vehicle sealing segment [2]. Strategic Partnerships - The company has developed a new short edge frame product for photovoltaic modules, which reduces aluminum material usage and costs - A long-term supply agreement with LONGi Green Energy for 8GW of short edge frame products is expected to drive significant growth from June 2025 to June 2027 [3]. R&D and Innovation - The company is continuously investing in R&D through various platforms, including national-level postdoctoral research stations and joint research labs with universities - New product developments include lightweight designs for convertible vehicles and waterproof sealing solutions for major infrastructure projects [4]. Investment Outlook - Projected net profits for 2025 and 2026 are estimated at 210 million and 300 million, corresponding to P/E ratios of 29 and 21 times [5].

前十大流通股东累计持有： 30883.76万股，累计占流通股比： 38.31%，较上期变化： -0.10万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0400 | 0.1000 | -60 | 0.0900 | | 每股净资产（元） | 3.57 | 3.37 | 5.93 | 3.36 | | 每股公积金(元) | 1.13 | 0.66 | 71.21 | 0.66 | | 每股未分配利润(元) | 1.31 | 1.62 | -19.14 | 1.62 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.94 | 9.3 | -3.87 | 8.89 | | 净利润(亿元) | 0.33 | 0.69 | -52.17 | 0.65 | | 净资产收益率(%) | 1.09 | 2.76 | -60.51 | 2.71 | 数据四舍五入，查看更多财务数据>> 二、前10名 ...

Financial Performance - The company reported a basic earnings per share of 0.1400 yuan for 2024, a decrease of 30% compared to 0.2000 yuan in 2023 [1] - The net profit for 2024 was 0.17 billion yuan, down 32% from 0.25 billion yuan in 2023 [1] - Operating revenue increased significantly to 9.58 billion yuan, representing a growth of 71.38% from 5.59 billion yuan in the previous year [1] - The return on equity (ROE) decreased to 2.88% from 4.16% in 2023, a decline of 30.77% [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 45.75 million shares, accounting for 38.06% of the circulating shares, with an increase of 1.4238 million shares compared to the previous period [1] - Shenzhen Kechuang Xinhua Technology Co., Ltd. remains the largest shareholder with 22.10 million shares, representing 18.39% of the total share capital [2] - New entrants among the top shareholders include Guangfa Multi-Factor Mixed Fund and Yin Hua Digital Economy Stock Initiation A, while several previous shareholders have exited [2] Dividend Distribution - The company announced a dividend distribution plan of 0.8 yuan per share (including tax) [3]

1 主要产品 产量 销量 营业收入（元） 橡胶 V 带（A 米） 36,986,954.48 35,744,192.87 88,599,996.38 输送带（平方米） 8,504,830.07 9,792,034.46 295,209,141.81 聚酯切片（吨） 40,452.82 42,510.54 226,911,692.82 涤纶工业丝（吨） 28,132.73 27,110.21 209,248,563.60 BDO（吨） 55,903.49 59,072.19 405,805,617.74 电石（吨） 103,884.62 41,280.46 98,594,848.72 金额单位：万元 截止 2024 年 12 月 31 日，在手未签合同的中标通知书共计 3,691.88 万元。 2024 年第四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。 证券代码：603033 证券简称：三维股份 公告编号：2025-022 三维控股集团股份有限公司（以下简称"公司"）现将 2024 年第四季度主要 ...