上个月转债市场整体表现未能跑赢指数，主要原因在于科技和消费两条主线未 能显著提升风险偏好。尤其是与电子相关的标的，如豪鹏、东材、伟测和韦尔， 受到贸易战影响，上游成本逐步累加，导致下游消费电子产品价格弹升。这些 标的估值处于回调阶段，收益贡献较弱。然而，从消费标的来看，新润、中宠 等表现较好，尤其是中宠在估值上行赛道上表现明显，其业绩预期较为稳定。 从指数变化来看，上个月各类指数表现如何？ 上个月大盘和小微盘涨幅良好，但中证 500 等偏中盘指数表现略差。一些平衡 型标的整体表现较弱，而银行板块涨幅突出。部分银行转债面临触发强赎，大 概率会强赎，这可能导致转债供给收缩。此外，由于银行减值准备规模较大， 也带动了指数上涨。 均衡配置推荐银河证券和伟测。银河证券或触及强赎，伟测估值合理， 正股弹性好。农林牧渔行业边际好转，猪价变化和政策催化带来投资潜 力。 华康股份是功能性糖醇龙头，木糖醇和麦芽糖醇市占率高，毛利率稳定。 舟山基地投产将带来增量，并储备阿洛酮糖产能，有望成为新消费亮点。 估值持续压缩，掘金消费成长 20250605 摘要 消费电子上游成本累加推升下游产品价格，相关标的估值回调，收益贡 献减弱。新润 ...

Financial Performance - In 2024, the company achieved a total revenue of CNY 1.58 billion, representing a year-on-year growth of 19.65% [1] - The net profit attributable to shareholders was CNY 227 million, up 3.45% year-on-year [1] - The first quarter of 2025 saw a revenue of CNY 423 million, a 27.21% increase compared to the previous year [2] - The net profit for the first quarter of 2025 reached CNY 72.58 million, marking a significant year-on-year growth of 78.51% [2] Product Line Performance - Tool products generated CNY 1.191 billion in revenue, accounting for 75.40% of total revenue, with a growth of 14.26% [2] - Grinding and polishing materials achieved CNY 151 million in revenue, reflecting a 30.70% increase [2] - Smart CNC equipment revenue was CNY 54.89 million, growing by 15.55% [2] - Functional film materials saw a revenue of CNY 155 million, with a remarkable growth of 72.84% [2] Profitability Factors - The significant profit increase in Q1 2025 was attributed to product structure optimization, internal efficiency improvements, and reduced expenses [3] Market and Production Capacity - The company currently has a domestic monthly production capacity of 85 million drill bits, which is fully utilized [6] - The Thai production base has begun to ramp up, with plans to adjust capacity based on market conditions [6] - Overseas revenue reached CNY 92.67 million in 2024, a 96.95% increase year-on-year [9] Strategic Initiatives - The establishment of a subsidiary in Germany aims to enhance technical collaboration and local service networks in Europe [10] - Future growth drivers include technological innovation, expanding downstream demand, global strategic layout, and smart manufacturing upgrades [12] Employee Incentives - The company has implemented an equity incentive plan to motivate employees and enhance competitiveness, with performance targets set for 2025 [12]

机构简介： 西藏合众易晟投资管理有限责任公司成立于2014年月9月。经营范围：私募基金管理、私募资产管理、 证券投资。于2015年1月通过中国证券基金业协会备案，备案号：P1005943，取得私募证券基金管理人 资格。本公司由一批具备优秀投研能力的专业从业人士组成，团队核心负责人具有20年以上的二级市场 投资经验，15年职业投资历程；团队投研人员均具有丰富的行业研究经验。本公司致力于利用自身的专 业优势为客户带来可持续的复利收益。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及5月15日披露的机构调研信息，知名私募合众易晟近期对1家上市公司进行了调研， 相关名单如下： 1）欧科亿 （西藏合众易晟投资管理有限责任公司参与公司国金证券制造+消费专题策略会） 调研纪要：数控刀具处于国内进口替代及海外出口替代的黄金阶段，公司通过技术研发、产品结构调 整、并购等方式应对行业周期性波动，提升盈利能力。2025年一季度营收3.02亿元，同比增长14.32%， 归母净利润766.32万元，同比减少74.33%。公司新项目产能爬坡预 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with significant growth in both revenue and net profit due to improved downstream demand [1][2]. Financial Performance - In 2024, the company achieved revenue of 759 million yuan, a year-on-year decrease of 4.43%, and a net profit attributable to shareholders of 107 million yuan, down 32.26% [1]. - For Q4 2024, the company reported revenue of 175 million yuan, a decline of 15.57%, and a net profit of 30 million yuan, down 42.78% [1]. - In Q1 2025, the company achieved revenue of 222 million yuan, a year-on-year increase of 30.48%, and a net profit of 29 million yuan, up 70.00% [1]. Margin Analysis - The company's overall gross margin for 2024 was 39.46%, down 6.01 percentage points year-on-year, while the net profit margin was 14.09%, down 5.79 percentage points [2]. - The decline in gross margin was attributed to insufficient capacity utilization due to weak demand, a decrease in the revenue share of higher-margin products, and rising prices of raw materials like tungsten carbide [2]. - In Q1 2025, the gross margin was 35.5%, down 1.8 percentage points year-on-year, but the net profit margin improved to 13.2%, an increase of 3.1 percentage points [2]. Cost Management - The company managed to reduce its expense ratio in 2024 to 20.51%, down 0.63 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios [2]. - In Q1 2025, the expense ratio further decreased to 16.5%, a significant drop of 7.2 percentage points year-on-year [2]. Future Outlook - The company is projected to achieve net profits of 150 million, 200 million, and 270 million yuan for 2025, 2026, and 2027 respectively, with a compound annual growth rate of 22% in revenue over the next three years [3]. - The company is recognized as a leading domestic manufacturer of CNC tools and is rated as "hold" [3].