截至7月31日，新风光股东户数6310.00，较上期减少8.08%；人均流通股22285股，较上期增加8.80%。 2025年1月-6月，新风光实现营业收入8.70亿元，同比增长24.29%；归母净利润6016.57万元，同比减少 20.64%。 分红方面，新风光A股上市后累计派现3.07亿元。近三年，累计派现2.09亿元。 责任编辑：小浪快报 融券方面，新风光8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，新风光电子科技股份有限公司位于山东省汶上县经济开发区金成路中段路北，成立日期2004 年8月10日，上市日期2021年4月13日，公司主营业务涉及大功率电力电子节能控制技术及相关产品研 发、生产、销售和服务。主营业务收入构成为：电能质量监测与治理类48.09%，电机驱动与控制类 27.37%，储能系统14.05%，煤矿智能控制装备4.13%，其他4.01%，高端变流器类1.67%，其他(补 充)0.68%。 8月26日，新风光跌0.97%，成交额7468.13万元。两融数据显 ...

新风光公告，2025年上半年营业收入8.7亿元，同比增长6.57%。净利润6016.57万元，同比下降 23.70%。 ...

证 券 研 究 报 告 川仪股份（603100）2025 年半年报点评 强推（维持） 25Q2 利润降幅收窄，盈利能力企稳回升 事项： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,592 | 7,666 | 8,795 | 10,148 | | 同比增速(%) | 2.4% | 1.0% | 14.7% | 15.4% | | 归母净利润(百万) | 778 | 795 | 929 | 1,093 | | 同比增速(%) | 4.6% | 2.2% | 16.8% | 17.6% | | 每股盈利(元) | 1.52 | 1.55 | 1.81 | 2.13 | | 市盈率(倍) | 14 | 14 | 12 | 10 | | 市净率(倍) | 2.5 | 2.2 | 1.9 | 1.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 22 日收盘价 公司研究 电力电子及自动化 2025 年 08 月 2 ...

Group 1 - The stock of Kewell (688551) closed at 43.20 yuan on August 8, reaching the daily limit with a trading volume of 3.10 billion yuan and a turnover rate of 8.72% [2] - The stock was listed on the trading board due to a price increase of 15% at the close of the day [2] - The top five trading departments accounted for a total transaction of 1.25 billion yuan, with a net buying amount of 29.97 million yuan [2][3] Group 2 - The main capital inflow for the stock was 58.95 million yuan throughout the day [3] - The largest buying department was Kaiyuan Securities with a purchase amount of 17.70 million yuan, followed by Zheshang Securities with 16.79 million yuan [3] - An institutional proprietary seat was the largest seller, with a selling amount of 14.70 million yuan [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Views - The company has established a dual pillar structure with its industrial automation and new energy vehicle (NEV) businesses, which are expected to drive growth. The NEV segment is particularly highlighted for its rapid expansion, while the industrial automation sector maintains a strong market position [4][9]. - The company aims for a sales revenue growth of 10%-30% and a net profit growth of 5%-25% for 2025, reflecting its optimistic growth strategy [4]. Financial Performance - In 2024, the company achieved a revenue of 37.041 billion yuan, a year-on-year increase of 21.77%, while the net profit was 4.285 billion yuan, a decrease of 9.62% [4]. - The first quarter of 2025 showed a significant revenue increase of 38.28% year-on-year, reaching 8.978 billion yuan, with a net profit growth of 63.08% [4]. - The company's revenue from the NEV and rail transit business reached 16.642 billion yuan in 2024, marking a 67.76% increase year-on-year, contributing 44.93% to total revenue [4]. Business Segments - The general automation business remains a leader in the market, with a domestic market share of approximately 28.3% for general servo systems and 18.6% for low-voltage frequency converters [5]. - The NEV business is a key growth driver, with sales revenue of around 16 billion yuan in 2024, reflecting a growth of about 70% year-on-year [6]. - The company is actively pursuing the development of humanoid robots, focusing on core component R&D and manufacturing, which is expected to become a third growth engine in the medium to long term [8][9]. Market Position - The company holds a strong competitive position in the NEV sector, ranking second in the domestic market for electric motor controllers with a market share of 10.7% [6]. - The report emphasizes the company's ongoing efforts to enhance its capabilities in the process industry, which is expected to grow faster than the overall automation sector [5]. Financial Projections - The company forecasts revenues of 45.195 billion yuan for 2025, with a year-on-year growth of 22% [11]. - The projected earnings per share (EPS) for 2025 is 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 34.5 for 2025, 28.4 for 2026, and 24.5 for 2027 [13][15].

Investment Rating - The report assigns an "Add-A" rating to the company, marking its first coverage [1]. Core Insights - The company has established a dual pillar structure with industrial automation and new energy vehicle (NEV) businesses. It is expected to enhance its market share in high-end scenarios and process industries while also expanding its NEV business, particularly through the progress of its joint venture, United Power, towards domestic listing [10]. Financial Performance - In 2024, the company achieved operating revenue of 37.041 billion yuan, a year-on-year increase of 21.77%. However, the net profit attributable to the parent company was 4.285 billion yuan, down 9.62% year-on-year. The first quarter of 2025 saw a significant revenue increase of 38.28% year-on-year, reaching 8.978 billion yuan, with net profit rising by 63.08% to 1.323 billion yuan [4][5]. - The company aims for a sales revenue growth of 10%-30% and a net profit growth of 5%-25% in 2025 [4]. Business Segments - The NEV and rail transit business generated revenue of 16.642 billion yuan in 2024, up 67.76% year-on-year, contributing 44.93% to total revenue. The gross margin for this segment was 17.12%, an increase of 0.57 percentage points [5]. - The general automation business reported revenue of 15.243 billion yuan, a modest increase of 1.36% year-on-year, with a gross margin of 42.03%, down 1.93 percentage points [5]. - The smart elevator business faced a decline, with revenue of 4.939 billion yuan, down 6.65% year-on-year, and a gross margin of 25.86%, down 2.88 percentage points [5]. Market Position - The company holds a leading position in the general automation sector, with a market share of approximately 28.3% in general servo systems and 18.6% in low-voltage frequency converters, both ranking first in the domestic market [6]. - In the NEV sector, the company ranks second in the domestic market for electric motor controllers with a market share of 10.7% and fourth for electric drive assemblies with a market share of 6.3% [7]. Future Outlook - The company is focusing on enhancing its capabilities in digitalization and large PLC fields, anticipating that the growth in process industries will outpace the overall automation sector [6]. - The projected earnings per share (EPS) for 2025-2027 are 1.98, 2.41, and 2.79 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 34.5, 28.4, and 24.5 based on the closing price of 68.30 yuan on May 19 [10].

Financial Performance - The company's basic earnings per share decreased by 66.67% to 0.08 yuan in 2024 from 0.24 yuan in 2023 [1] - Net profit fell by 66.43% to 1.89 billion yuan in 2024 compared to 5.63 billion yuan in 2023 [1] - Operating revenue dropped by 36.49% to 30.44 billion yuan in 2024 from 47.93 billion yuan in 2023 [1] - The return on equity decreased significantly by 67.46% to 2.72% in 2024 from 8.36% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 137,017.86 million shares, accounting for 58.87% of the circulating shares, with a change of 1,273,200 shares from the previous period [2] - The largest shareholder, Yangzhou Oriental Group Co., Ltd., holds 73,882.78 million shares, representing 31.74% of the total share capital [2] - New entrants to the top ten shareholders include Chen Huijun and Cao Xianrun, while Wang Zonglong and Morgan Stanley & Co. International PLC exited the list [2] Dividend Distribution - The company announced a dividend distribution of 0.21 yuan per share (including tax) [3]

Group 1 - The company reported a net profit of 73.1242 million yuan for 2024, representing a year-on-year decline of 47.26% [1] - The operating revenue for 2024 was 972 million yuan, showing a year-on-year growth of 17.70% [1] - The company plans to distribute a cash dividend of 1.66 yuan per 10 shares to all shareholders, totaling 18.729 million yuan [1] Group 2 - The company will not conduct a capital reserve transfer to increase share capital or issue bonus shares for the 2024 fiscal year [1]